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Digital transformation is not just a matter of capital investment but it’s also about developing strategies, executing, and addressing the challenges and opportunities associated with it.

An Ardent Leader Making a Breakthrough with Digitization

Spandan Mahapatra is the Chief Technology Officer, HiTech & Professional Services Industry and Global Head- Digital & Enterprise Transformation Unit at TCS. In his current role, he is responsible for all digital portfolios for the high-tech industry vertical, which is led by a senior management team that is focused on products, platform development, engineering, customer-centric innovation, enabling sales, delivery and competency, and leadership development with a digital revenue target. Spandan drives The OKRs with his special FTE global team of more than 150 professionals, comprising enterprise architects, domain consultants, pre-sales solutions team, technology experts, and business solutions labs in Cincinnati where Spandan and his team are leveraging a comprehensive suite of digital technology platforms. TCS also serves certain unique areas of the computer platforms, consumer devices in the industrial electronics sector. Some of the key areas of focus within the high tech companies are the accelerated movement towards resilient value chains, data-driven Cx and XaaS offerings for larger customer lifetime value (CTV), device or cyber-as-a-service, pervasive servitization, visibility with actionable intelligence that is driving the need for control towers with the supply chain control tower and TCS talent control tower, a renewed focus on e-commerce, industry clouds by peripheral companies (IoT managed services), and creating cloud ecosystem convergence with hybrid and poly cloud management solutions and services.  

Emphasizing the Industry Verticals with Technology

Spandan has more than 22 years of experience across multiple industry verticals, which enabled him to appreciate the value of applying technology to realize cross-domain and multi-industry use cases. Spandan has always focused on applying technology for moving the needle on a customer’s growth and transformation initiative by either shaping or accelerating their transformation agenda. Over the past decade, he has initiated multiple solution portfolios built on different data platform reference architectures with a huge focus on interoperability as a part of his role of incubating the business solutions unit and the labs in the TCS Cincinnati Advanced Technology Centre. Spandan started the in-memory computing practice on one of the leading enterprise software platforms at TCS, which drove innovation and industry adoption through a use case and outcome-focused approach. He also subsequently incubated multiple other uses case-centric practices focused on several leading industries as well as the new platforms. Spandan believes that innovations in the HiTech and professional services industry stems from deep aspiration and develop the intent to solve industry problems in all industry sectors.  

The Challenge of Merging Business and Tech for Tailored Automation

Spandan shares that one of the key challenges he faced during the beginning of his career was the composite of the resistance to change in teams, as well as the dynamics at customer organizations with multiple stakeholders who were emphasizing different priorities, which were not always aligned. “Creating contextual knowledge and continuously developing and curating a knowledge corpus on multi-domain business and technology focus areas by keeping customer-evolving dynamics is a tough task. In some situations, there is a relentless focus on driving extreme automation as automating might become a bad process and bad behaviour is the worst thing to do. Therefore, focusing on the business roadmap and developing a tailored automation strategy linked to outcomes is crucial,” says Spandan. Spandan highlights that in some scenarios, there is also a tendency to adopt a new technology based on market buzz and pressures that derails the whole focus of an enterprise from its own business priorities. He feels that adopting a particular technology for the sake of perfecting product engineering or for the sake of being compliant with the latest technology gear is sometimes not aligned with the go-to-market impact needs for a business and the business model that changes the paradigm.  

Striking a Balance Between Innovation and Disruptive Market Trends

Spandan opines that the role of a CTO has evolved with the need to strike a balance between enabling and shaping up customer business platforms powered by proactive internal platform investments and technology capabilities build-out. A major portion of the CTO’s responsibilities in the past was centered on the technology adoption curve, technology reference architectures, and technology horizon planning and implementation. Real-time intelligence and the contributions of the new data-powered businesses-as–a-service are the bedrock of the current platform shift initiatives at every enterprise a combination of digital technologies with pervasive artificial intelligence with data governance and explainable AI. He adds that today’s innovation is focused on driving the next-generation experience for all stakeholders. It requires a tapestry of many technologies. According to Spandan, the role of a leader is greatly focused now on aligning these multi-skilled teams on common goals for agility and time to value. Spandan presumes that until now, TCS has dealt with artificial intelligence and data services, which were singular transactions at a point in time. He asserts that eventually, the industry is going to witness multi-turn technology interactions starting with multi-turn AI, truly preserving the context of a conversation, a business transaction through the exchanges as the humans do. Spandan underlines that the emergence of GPT-3 type of AI and ML technologies will accelerate the speed at which these technologies will become mainstream and be available for more widespread adoption in all types of use cases that were not imagined before.  

Trailblazing Initiatives at the Core of Business Development

Spandan says that he fundamentally communicates every discussion with each of his customers about where they should be going on their business journeys and how technology can lead the way. He mentions that he has focused on questioning the status quo of where and how human intelligence needs to be a part of the new business model development or problem-solving areas and where the appropriate platform and automation-driven approaches should be deployed. Spandan declares that he is a big believer in human-in-the-loop systems. Designing systems for human engagement with rapid feedback for creating more relevant systems has helped him to stay honest with the target audience. Spandan utters that he formulated the concept of ‘TCS Evolutionary Engineering’. While talking about this concept, he states, “Organizations are continuously evolving because of the rapidly changing business cycles and the imperatives of staying relevant for rapid consumer behaviour and aspirations, which in turn is fuelling the need for technologies and for releasing metaverses in each industry. Businesses are evolving very fast, so organizations need to evolve at a much more rapid pace in their engineering behaviour and cycles. TCS Evolutionary Engineering focuses on enabling organizations to achieve growth and transformation objectives by continuously evolving their capability matrix across people, processes, data, privacy, and security management by leveraging technology.”  

Characteristics of an Ideal CTO

Spandan says that in the current technology-led business innovation cycle, talent is the primary fuel for innovation. The right talent will deploy accurate technology to drive innovation. The CTO is responsible for developing and incubating core capabilities in the organization. He states that the key attributes that every CTO should possess are to continuously learn and be hands-on especially on key technologies relevant for the firm to appreciate and appropriately plan the product roadmaps with the ability to understand and predict business disruptions and plan technology-led innovation by designing, iterating and co-creating the technology strategy and blueprint with stakeholders. Spandan suggests that every CTO needs to have the patience to engage and listen to his or her architects and the core development team. “It is crucial to play the role of the enabler because most of the time, the team is more deeply skilled than the CTO in their respective areas. A CTO needs to foster a culture and environment of collective problem solving and willingness to engage with business stakeholders in joint ideation sessions with an open mind to drive business initiatives” he claims.  

The Road Ahead: Forecasting a HiTech Future

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Infogain: Propelling Frontiers For Sustainable Business Acceleration Via Digital Transformation

Infogain is a Silicon Valley-headquartered company with software platform engineering and deep domain expertise in travel, retail, insurance, and high technology. The company accelerates the delivery of digital customer engagement systems using digital technologies such as cloud, microservices, robotic process automation, and artificial intelligence to its clients. Infogain’s unique engagement approach of “Listen-Curate-Deliver” helps to accelerate the innovation journey of 5 of the world’s largest 50 companies and 24 of the Fortune 500 companies, with several relationships of over 10 years. This helps the company to deliver positive business outcomes using rapid prototyping and a solid foundation of DevOps-based software platform engineering that ensure high-quality and on-time delivery.

Mission to Innovate and Drive New Value for Organizations

Infogain Mission is ‘ALIVE’. This constitutes the important aspects like being: 1. Agile- Flexible & fast 2. Large- Large teams, large customers & large deals 3. Innovate- Think differently 4. Visualize- Visualising our tomorrow today 5. Execute- Get it done, In time Infogain aims to transform into a strong mid-tier company providing innovative technology solutions in the digital transformation space. This is backed by a strong focus on: 1. Creating client value in order to enable enterprises become high-performance businesses. 2. Growing together — openness, collaboration, and empathy provides a foundation for personal growth and professional growth. 3. Delivering excellence — work as a team to deliver outstanding quality of work to the clients, shareholders, and colleagues. 4. Innovate — challenge conventional wisdom, take risks and speak out for continuous innovation. The company delivers business outcomes to enterprises based on the five pillars of Cost Reduction, Innovation, Risk Reduction, Revenue Generation and Speed to Value.  

Ingenious Brand of Leaders

 Infogain has benefitted from a superior leadership team with decades of experience in the industry. The team comprises of:   Kapil Nanda, Founder, and Chairman Emeritus Infogain Corporation was founded by Kapil Nanda in 1990. Prior to starting Infogain, Kapil was working at Intel where, he was instrumental in Intel’s transition to the microprocessor technology and worked with Bill Gates, one of Intel’s first clients and founder of Microsoft. Kapil holds a bachelor’s degree in engineering from Punjab University, India; a master’s degree from the University of Kansas and an MBA from the University of Southern California.   Sunil Bhatia, Chief Executive Officer Sunil is a visionary and leader with a chief goal of establishing Infogain as a leader in the Digital Transformation space. As CEO, he creates value for stakeholders and nurtures relationships with clients and investors. Previously CEO and Managing Director of Blue Star Infotech, Sunil has over 25 years of experience in senior executive positions with IBM, Accenture and Tech Mahindra in the US and Asia. In addition to the completion of executive programs from Wharton and INSEAD, Sunil holds an MBA from Mumbai University.   Ayan Mukerji, Chief Operating Officer Serving as President and Chief Operations Officer, Ayan supports and executes on Infogain’s vision of “engineering business outcomes.” Worked previously with Wipro, he brings nearly a decade of senior executive leadership experience to Infogain. Most recently, he served as President & Board Member at Zinnov where he consulted with Fortune 500 companies and Top 20 global system integrators. He helped them to understand the impact of digitalization for their customers, competition and their organizational strategy for Product Engineering and IoT. Ayan is a graduate of the Indian Institute of Management (IIM), Calcutta and Indian Institute of Technology (IIT). He serves on various boards in Silicon Valley.   Nishith Mathur, Chief Solutions Officer In his previous roles, Nishith was a Partner at IBM in Silicon Valley, a Partner at Accenture and also the leader of the Hi-Tech business for Mahindra Satyam (now TechM). Nishith received an MBA from the Indian Institute of Management, Ahmedabad and a chúng tôi from the Indian Institute of Technology, Delhi.  

Redefining Brand and Corporate Identity

Infogain had announced the launch of its updated corporate brand, featuring an updated logo with a new tagline and redesigned website last year. The new tagline, “Engineering Business Outcomes” was chosen to reflect the company’s commitment to delivering clear and tangible business outcomes for its clients. The website redesign and messaging further showcase that the company, founded 28 years ago, delivers business agility through robust software engineering combined with deep domain expertise in technology. Also, with an eye toward company’s digital future, Infogain remains unique in driving customer success through domain-based software platform engineering using technologies like artificial intelligence (AI/ML), cloud, microservices, and mobility.  

Creating Roadmap for Digitally Sound Space

At Infogain “digital transformation,” means business model transformation. Infogain delivers a competitive and digital framework for a scalable, sustainable business that is continuously optimized. This involves a complete digital transformation roadmap for business modernization and implementation of digital technologies. Infogain understands the organization’s push toward the Digital Enterprise. With it’s Big Data, Mobility, Robotic Process Automation (RPA) and cloud service offerings, the company helps accelerate the delivery of high-value digital solutions. Infogain has done significant investments in building engineering capabilities and, alliances and its RPA practice has already helped organizations optimize their current manual processes and create a roadmap for Intelligent Automation. “Technologies like Cloud Computing/IoT/ Big Data Analytics/Artificial Intelligence/ Deep Learning/ Machine Learning/ Computer Vision/ Automation/Robotics are transforming our lives today in ways more than we can imagine. AI is currently going through a deep of research as well so that its use and potential can be fully tapped. Simply put, ‘Internet of Things’ is a concept of connecting any device which has an on and off switch to the internet, and in addition, if it has also been allocated an IP, Sunil said. He further cites McKinsey report which expects by 2030, there will be close to 600 million people who will reside in Indian cities. This will require huge infrastructure to support the ever-expanding urban population, through the smart city projects. It is also estimated that there will be a need for investment worth US$ 1.2 trillion as capital expenditure in cities in the next 20 years, required to meet the expectation of the ambitious plan.  

Challenges Pushing Innovation-Evolution Graph

Sunil believes today all deals are about innovation, understanding of technologies. The company is focused on engineering business outcomes that include being engineering-oriented, designing and creating new systems, applications, and technologies for its clients to produce compelling outcomes — increasing revenues, reducing cost and timelines, improving client satisfaction, etc.

The Role Of Ceos In The Successful Digital Transformation

Digital transformation has become a core component of enterprise success in the modern era The Role of CEO Appointing Suitable Experts for the Transformation

The CEO needs to become the company champion for digital transformation

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Publicly displaying buy-in will not only encourage people working within the organization to get on board, but it will also show all external stakeholders that the CEO, and therefore the whole company, is truly committed to transforming the company to fit modern times. By giving full support to the journey, CEOs will embed themselves in the knowledge of how the business strategy will change and what tweaks or major modifications need to be made to the company business model. They will then be able to communicate clearly to employees and be able to answer questions. 

Putting up Funds

It will cost money and time to digitally transform any company – big or small – effectively, and teams will need to have access to funding and resources they normally do not. The role of the CEO here is to free up investment and allocate accordingly. When assigning roles and responsibilities to business leaders, the CEO will also need to talk about realistic financial models to prevent leaders from becoming detractors if they lose funding for their initiatives. Clear priorities should be set early in the digital transformation program by the CEO so that all business leaders and employees are aligned on what needs to happen first. The CEO will also need to free up people from different departments to leave their current jobs and dedicate all their time to the digital transformation program. This will probably entail removing top performers who are important to achieving short-term business objectives. The CEO will have to articulate why these people are better suited elsewhere to help the company accomplish long-term goals.

Troubleshooting the Challenges

Digital transformation programs essentially change management programs, and as such, come with the same obstacles – many people resist change, and others want to change things too quickly. The CEO will need to step in and make sure that the chosen transformation leadership team is regularly meeting with all members at every level of the company to openly discuss how the program is going and give employees the opportunity to raise any problems or complaints. It is important for the CEO to be seen to be a part of some of these discussions and to be a part of the team that helps to resolve these issues.

Establishing a Proper ERP

An enterprise resource planning (ERP) system, often regarded as something that just runs in the background, is a fantastic business management tool for a CEO to have a birds-eye view of what is going on in the company and to identify the gaps in the business where exponential value can be added. By implementing a

future-fit ERP solution,

organizations can easily incorporate new, emerging technologies such as machine learning, artificial intelligence (AI), and Digital Citizens, into their operations. This will not only make the digitalization process easier but also open the door to greater efficiencies and growth as well as expose opportunities to innovate. Using an ERP system means greater and more efficient controls. This ensures the CEO has accurate and real-time information and assists management to maintain a firm grip on operations.

C-suite and ERP Support for the Digital Strategy

Hybrid Cloud Management A $3.6 Billion Business By 2024

Hybrid cloud deployments are attractive to many enterprises in that they offer the best of both public and private cloud approaches.

The move to hybrid is part of the evolution of cloud, according to IDC Research VP Mary Johnston Turner. It’s an evolution that will require a new generation of IT management technologies.

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“We see increasing interest in open standards based heterogeneous and hybrid cloud architectures,” Turner said during a Red Hat sponsored webcast this week. “A couple of years ago, we mostly saw tactical cloud initiatives, focused on enabling fast self-service deployments for relatively specific needs.”

The early focus with cloud involved rapid setup and teardown of cloud computing. In contrast, Turner noted that today increasing numbers of organizations are approaching cloud as a strategic evolution of their IT architecture and management strategy.

According to an IDC survey conducted this month, approximately half of the survey respondents indicated that they are planning on a private cloud strategy while the other half plan on rolling out a hybrid public and private cloud approach.

“It’s going to be a very diverse and complex environment out there for a number of years,” Turner said.

That diversity includes the use of different virtualization hypervisors as well as underlying operating systems. Turner noted that according to recent IDC research, over half of enterprises plan on introducing new hypervisors into their cloud environments.

She added that 47 percent of enterprise cloud customers have also told IDC that they expect to increase their open source and Linux spend over the next 12 months. Additionally, IDC research found that 72 percent of enterprises identified open source and open standards as being a key factor when it comes to evaluating cloud software options.

Cloud Management

When it comes to managing the cloud, Turner stressed that virtualization management technology alone is not enough.

“Successful cloud management has to be thought of as more than just virtualization management or a provisioning portal,” Turner said. “IT decision makers are finding that they need new management approaches that can really consistently monitor, optimize and provision across complex multi-tier environments.”

IDC research also indicates that 75 percent of enterprise IT buyers currently believe that the cloud will require them to buy new management software beyond what they already have in place. That need will propel the cloud systems management business to $3.6 billion in revenue by 2024, according to IDC

Turner suggests there are a number of steps for success when it comes to hybrid cloud deployments. She recommends that enterprises embrace an end-to-end services view of management and operations.

Enterprises also should consider a scaled approach to embracing the cloud.

“I think we’ll find organizations plan for a deployment that can start small, deliver a quick ROI, and scale up quickly as needed,” Turner said.

Sean Michael Kerner is a senior editor at chúng tôi the news service of the IT Business Edge Network, the network for technology professionals Follow him on Twitter @TechJournalist.

Hashedin: Driving Digital Transformation With Intelligent Saas Products And Platforms

Digital transformation is disrupting businesses in every industry today. Smart organizations are utilizing technology to optimize internal processes, enhance customer experiences, build new business models, process and platforms. This transformation is bringing in connectivity and visibility into every aspect of their operations. HashedIn, a product development and services company has been at the forefront of driving digital transformation, leveraging its expertise and experience in building intelligent SaaS solutions and platforms  

An Ode to a Path-breaking Journey

HashedIn began its journey with an aim to be the next-generation deep-tech SaaS solution provider. The company’s solution-oriented approach in understanding the business nuances, has made it the go-to technology team for its clients. Over the years, it has developed some innovative reusable modules, proprietary tools, and processes that help realize the client’s idea faster, giving them a competitive edge. HashedIn firmly believes that the customer experience, people, process, and culture plays a crucial role in tech-enabled transformations. The company’s product portfolio includes MeetNotes (a SaaS-based meeting assistant) and RDB tools (a memory optimization tool). HashedIn continuously invests in developing new technologies to make software products more integrated, customer focused, analytics-driven, and AI led. The company’s key focus areas include: •    Building intelligent SaaS solutions •   Cloud Infrastructure •   Artificial Intelligence & Machine learning •  Business Analytics & Data Engineering •   Modernization of legacy applications •   Digital Transformation  

The Trailblazer of the Company

The company is led by Mr. Himanshu Varshney, CEO, and Co-Founder. He is an alumnus of IIT Guwahati and has been an active leader and volunteer for the IIT-G Alumni Bangalore Chapter. Having started his career at Trilogy Software, he comes with industry experience of 15+ years. In his capacity as the Director, he headed the delivery team for Trilogy Inc. He was largely instrumental in driving 100% customer success rate and in bringing guaranteed outcomes to businesses. In his current role as the CEO, he wears multiple hats at HashedIn and has led the team from inception. He follows the philosophy of “Lead by Vision”.  

Mastering the Craft of Digital Transformation

One of the main challenges for many enterprises today is to modernize existing software assets. HashedIn’s modernization offering is focused on ‘Re-inventing’ existing software assets to make them more aligned with Digital Business needs. This is done by focusing on SaaSifying and Cloudifying the product, enhancing Agility through DevOps automation, transforming UI/UX and the complete rewrite of the application code by leveraging HashedIn’s RAPiD framework when required. HashedIn’s Product Innovation offering enables customers to partner with them. Here, HashedIn brings in the value of Product design thinking, Agile delivery, Modern software engineering, and DevOps best practices. These steps are coupled with a lot of experience in crafting digital products for customers via an Agile squad as a service; to help conceptualize, launch and scale great products.  

Establishing Benchmarks Through Disruption

Over the years of its association with AWS, HashedIn has helped 50+ organizations in creating reliable, scalable and robust cloud infrastructure. HashedIn has also played an important role in educating and migrating multiple legacy enterprises to AWS. Few of company’s applications hosted on AWS handles around 1M+ hits per day.  

Leveraging Latest Innovation Through Strategic Partnerships

HashedIn thrives in a culture of innovation and partners with firms like Amazon AWS, Redis Labs and Salesforce to build high-performance SaaS products. Redis Labs – HashedIn is the only Consulting and Implementation partner in the Asia Pacific. Salesforce – Consulting partner with expertise in Heroku platform.  

Proud Moments to Cherish

HashedIn has been honoured with various awards and recognition over the years. Some of the notable ones include “Great place to work” and “Best Startups to Work for” by Red Herring.  

Client Testimonials

“HashedIn team has worked diligently with us to design the Morpheus desktop website. The team delivered an intelligent design and robust solution against a challenging schedule. They accommodated many new requirements and gave impressive results with every task.”   “HashedIn developers got assimilated very quickly into the core development team at Nutanix, anticipating our needs quickly. Having done this successfully, they are continuing to deliver stellar service.”  

Future Roadmap

How To Start A Business: A Step By Step Guide For 2023

Consider franchising.

Another option is to open a franchise of an established company. The concept, brand following and business model are already in place; you only need a good location and the means to fund your operation.

Brainstorm your business name.

Regardless of which option you choose, it’s vital to understand the reasoning behind your idea. Stephanie Desaulniers, owner of Business by Dezign and former director of operations and women’s business programs at Covation Center, cautions entrepreneurs against writing a business plan or brainstorming a business name before nailing down the idea’s value.

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Clarify your target customers.

Desaulniers said too often, people jump into launching their business without spending time to think about who their customers will be and why those customers would want to buy from them or hire them.

“You need to clarify why you want to work with these customers — do you have a passion for making people’s lives easier?” Desaulniers said. “Or enjoy creating art to bring color to their world? Identifying these answers helps clarify your mission. Third, you want to define how you will provide this value to your customers and how to communicate that value in a way that they are willing to pay.” 

During the ideation phase, you need to iron out the major details. If the idea isn’t something you’re passionate about or if there’s no market for your creation, it might be time to brainstorm other ideas.

Tip: To refine your business idea, identify your “why,” your target customers and your business name.

2. Write a business plan.

Once you have your idea in place, you need to ask yourself a few important questions: What is the purpose of your business? Who are you selling to? What are your end goals? How will you finance your startup costs? These questions can be answered in a well-written business plan. 

Fledgling business owners can make a lot of mistakes by rushing into things without pondering these aspects of the business. You need to find your target customer base. Who is going to buy your product or service? What would be the point if you can’t find evidence of a demand for your idea? 

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Ask yourself: How much revenue do I need to generate to cover all my expenses? Which products or services turn a profit, and which ones are sold at a loss?

Price a product or service. When most people think about pricing, they consider how much their product costs to create and how competitors are pricing their products.

Ask yourself: What are the fixed rates, what are the variable costs, and what is the total cost? What is the cost of any physical goods? What is the cost of labor?

Analyze the data. Consider the volume of goods or services you would have to sell to be profitable.

Ask yourself: How can I reduce my overall fixed costs? How can I reduce the variable costs per unit? How can I improve sales? 

Watch your expenses.

Don’t overspend when starting a business. Understand the types of purchases that make sense for your business and avoid overspending on fancy new equipment that won’t help you reach your business goals. Monitor your business expenses to ensure you are staying on track.

“A lot of startups tend to spend money on unnecessary things,” said Jean Paldan, founder and CEO of Rare Form New Media. “We worked with a startup with two employees but spent a huge amount on office space that would fit 20 people. They also leased a professional high-end printer that was more suited for a team of 100; it had key cards to track who was printing what and when. Spend as little as possible when you start, and only on the things essential for the business to grow and succeed. Luxuries can come when you’re established.”  

Tip

Using accounting software can streamline your expense tracking. Read our reviews of the best accounting software to learn more and find the right platform for your needs. Try starting with our Intuit QuickBooks Online review — this vendor is our top pick for small businesses.

Key Takeaway

Financially, you should perform a break-even analysis, consider your expenses and funding options, and choose the right bank for your business.

What is the easiest business to start?

The easiest business to start is one that requires little to no financial investment upfront, and no extensive training to learn the business. A dropshipping company, for example, is one of the easiest types of new business to launch. Dropshipping requires no inventory management, which saves you the hassle of buying, storing and tracking stock. 

Instead, another company fulfills your customer orders at your behest. This company manages the inventory, packages goods, and ships out your business orders. To start, create an online store by selecting curated products from the catalog available through partners.

Key Takeaway

Check out our list of businesses you can start quickly for ideas on how to launch your next business with ease.

Which types of businesses can I start from home?

In today’s world of remote work, you may be thinking of an online business idea. Any online-only business that doesn’t require inventory should be easy to start from home. Ideas that fall within this category include but aren’t limited to copywriting businesses, online tutoring operations and dropshipping businesses. Anything you’re good at or passionate about that you can do from home, and for which demand exists, can make for a great home business. 

When is the best time to start a business?

Each person’s ideal timeline for starting a new business will be different. Start a business only when you have enough time to devote your attention to the launch. If you have a seasonal product or service, then you should start your business one quarter before your predicted busy time of the year. Spring and fall are popular times of year to launch for nonseasonal companies. Winter is the least popular launch season because many new owners prefer to have their LLC or corporation approved for a new fiscal year.

Max Freedman and Skye Schooley also contributed to this article. Source interviews were conducted for a previous version of this article.

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