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What Makes Startup Studios Successful? By Startup Studio Insider

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What Makes Startup Studios Successful? By Startup Studio Insider

So you’ve heard the buzzword “startup studio,” but what exactly does it mean to be a startup studio? Here are the answers you need about why startup studios are becoming a popular model for entrepreneurial success and how this trend is changing corporate innovation.

What is a Startup Studio? 

Startup Studio Insider defines a startup studio as an organization that provides investment, resources, and guidance to startups in order to build and launch successful startups in various industries. Some people call it a venture studio, others call it a startup factory or startup studio. No matter what you call it, this startup model is quickly gaining traction in helping launch startups everywhere. 

Startup studios allow founders to focus all their time and energy on developing every aspect behind their business idea, while studios are dedicated to minimizing any challenges that come along the way. By offering a wide range of resources, industry knowledge, and the funding required to build, launch, and support a startup (even after post-launch), startup studios are becoming a game-changing solution for rising startups.

From Atomic to Wilbur Labs and eFounders, numerous startups are being built around the world and gaining major traction along the way. Deciding the best path to found and build a company can be a daunting task. To help you understand the unique offerings of startup studios, here are some of the most important benefits startup studios offer:

What Makes Startup Studios Successful? By Startup Studio Insider

How Startup Studios Protect Startups – Graphic by Startup Studio Insider

  • Strategic Counsel

Startup entrepreneurs oftentimes lack the necessary experience to anticipate the roadblocks that come along with building a business. In addition, the expertise level of a founder doesn’t always cover all grounds including marketing knowledge, product development, testing, and research. That is not a problem for startup studios, as they provide a wide spectrum of tools and resources to build a perfect strategic plan. In addition, studios have access to a wealth of knowledge in technology tools and trends, business operations, human resources, and more, which become part of their core team to help startups succeed. 

  • Core and Shared Resources

Out of all the investment platforms, studios take the most hands-on approach and provide the most resources. With this, startup studios are able to provide access to the largest amount of top-notch resources to help enhance the vision and goals of the startup and cut down the launch time that could usually take a couple of years to about three months. 

  • Human Capital 

Usually, the vast majority of startup companies are made up of small teams. This is why getting the perfect fit to support the launch and operations needs of your business is crucial. Startup studios help tackle this problem by recruiting the right team with diverse backgrounds and broad skills to handle the immense workload that comes with the challenge of launching a startup. 

  • Funding 

Building a startup from the ground off can be exhausting and cash-consuming. What frequently goes wrong is that startup management fails to achieve the next milestone before cash is exhausted. Startup studios are able to solve this problem by refining the needs and expenses required to prepare for the launch and avoid the risk of becoming insolvent by providing funds even after post-launch. This is one of the major differentiating factors of startup studios compared to their competitor founding models out there. 

  • In-Depth Market Research

According to Startup Studio Insider, startup studios are highly selective, and as a result, will not launch a startup without substantial research and data to prove that there is a market and potential for success. This in-depth market research ultimately leads to better decisions when preparing for the launch and can help mitigate any risks in the long run.  

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What To Do After a Car Accident

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car accident what to do

When you’ve been in a car accident, it may be difficult to remain calm and take the necessary steps. Knowing about these ahead of time can actually help you do what you must if you ever find yourself in a difficult situation. So read on to learn what to do after a car accident.

Make a Survey

When the first shock of the accident subsides, make a quick survey of yourself, your passengers and your car. Check with everyone else in the vehicle, and get a sense of possible injuries and damage so that you know how to proceed.

Get to Safety

Next, get to safety. This might mean driving off to the shoulder if your car will still move. Otherwise, get out of the car and away from traffic if at all possible.

Call for Help

As soon as you’ve gotten to safety, dial 911 for help. A car accident is usually an emergency, and the police and paramedics should come to provide assistance and at least check you over for injuries. If the accident is only a fender bender and there are clearly no injuries involved, you might call the non-emergency number for your police or sheriff’s department. Don’t skip this step even if the other driver would prefer not to get the authorities involved. You need an official record of what has happened.

Exchange Information

Exchange information with the other driver. Write down names, addresses and phone numbers. Get insurance company names and policy numbers. Record the make, model and year of the car or cars involved. All this will be helpful later on.

Watch What You Say

As you talk to the other driver and the police, be mindful of what you say. Don’t admit to fault, even if you think you probably caused the accident. Also, be careful not to lose your temper. Stay calm, and remain circumspect.

Document Everything

Even when you’re still at the scene of the accident, you should begin to document everything. Take plenty of pictures showing damage to the cars. You might also use your phone to voice record your impressions, descriptions of what happened and notes about injuries and damage. Later, write down full accounts of the accident, and keep track of medical appointments, car repairs and other accident-related occurrences.

Call Your Insurance Company

Call your insurance company as soon as possible after the accident. You’ll have to talk to the claims department to get the process started. When you call, have all of your information and documentation in front of you. Be aware that working with the insurance company could take some time and effort, and you might run into difficulties. Keep a log of communication with the company, noting when you called, whom you talked to and the response you received.

Talk to a Lawyer

Finally, if you experience major issues with your insurance company or other aftereffects from the accident, you may need to consult with an accident attorney. Do an online search for lawyers in your area, and read some reviews. Then choose one who offers the services you need. A car accident can be a mere annoyance or a life-changing event, but you should be prepared to take the right steps no matter what.

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Key Customer Engagement Metrics to Track in 2022

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rules of customer engagement

Wouldn’t it be nice to be able to read your customers’ minds? While mind reading may not be doable, there is a way to know exactly what your customers think of your service or product. Not to mention, it’s a bit more accurate than mind reading.

We’re talking about customer engagement, which is how brands build lasting relationships with customers across multiple communication channels. Engaging customers in ongoing dialogue is one of the best ways to get to know your customers and learn about where you can improve.

Below, we dive into why customer engagement is important for understanding today’s customer and offer examples of metrics you can use to track the effectiveness of your customer engagement strategy.

H2: Why Is Customer Engagement Important?

Customer engagement is one of the best ways to take the guesswork out of what your customers are thinking. While many customers like to approach the online purchase process on their own or by referencing self-service information, many would like the opportunity to chat with someone from your organization to answer their questions and steer them in the right direction.

By adding in multiple touchpoints and communication channels between your team and your customers, you can help nurture customer relationships and create a more fulfilling customer service experience.

Listening to your customers and gauging areas for improvement can also help you develop loyal customers who can become brand evangelists, bringing other customers your way via word of mouth.

H2: Key Metrics to Track the Success of Your Customer Engagement Strategy

While your business goals may vary, these KPIs will help you measure the success of your customer engagement efforts through customer-driven data.

H3: Leading indicators

Leading indicators fall into the category of “soft KPIs,” meaning they focus on qualitative measurements rather than the objective, measurable data nature of hard KPIs. These are helpful in pinpointing areas of improvement to focus on.

Leading indicators include:

  • Email open and response rates
  • Text read and reply rates
  • Social media engagement
  • Repeat visits to your website or monthly active users (MAU)
  • Time spent on your website and on specific pages
  • Conversion rates
  • Call talk time with customer service

H3: Lagging indicators

Lagging indicators take a retroactive look at what’s already happened within your organization and can be used to show progress over time.

These metrics include:

  • Customer satisfaction (CSAT)
  • Net Promoter Score (NPS)
  • Customer effort score (CES)
  • Customer churn and retention rates
  • Customer lifetime value (CLV)

Customer engagement is a key metric to nurture and develop in today’s competitive market. For even more inspiration on how to create a lasting customer engagement strategy, this infographic from Sinch outlines examples of brands that are knocking customer engagement out of the park and shares lessons learned from successful brands.

/>Customer Engagement

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Pros And Cons Of Buying Property Abroad

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Buying Property Abroad

Buying property has always been a popular investment opportunity. It gives people the opportunity to earn money over a long period of time. Investing in property abroad also gives you this opportunity but with some extra added benefits too. As with any investment, there are pros and cons and risks attached to the investment. There is no guarantee when investing, so you have to be prepared for any eventuality. Investing in property overseas also comes with many risks. As such, you must ensure that you research properly to avoid wasting your money and gaining nothing in return. If you are considering buying a property abroad but you are still on the fence about it, then here is a list of pros and cons to help you decide.

Pro: Good Long-Term Investment

One major advantage to buying a property abroad is that it is a good long-term investment. While some people invest to make some quick money, others would prefer to put their money in and wait a few years to see any return. Investing in property overseas gives you the opportunity to relax a little while you wait for your investment to make a return. The process of buying a house can be stressful as you have to wait for your finances to be approved and ensure that you secure a UOB home loan, so, once all that is finished it will once to sit back and wait for the investment to pull through. Additionally, while you are waiting for your property investment to gain some money, you can spend time putting your money into some other, short-term investments. Having multiple investments on the go is a good way to make money and give yourself some security.

Con: Volatile Housing Market

One con of investing in a property overseas is that the housing market is volatile. It can be very easy to keep up to date with the housing market of your local area, but if you are not anywhere near the property that you have invested in, then it can be a little difficult to stay up to date with everything. This is why investing in a property overseas can be risky because there is no accurate way to predict the housing market. Covid was a major issue that had knock-on effects within the housing market and that was something that no one could have predicted. Now, we’re not saying that Covid is going to happen again, but it is clear that it is impossible to predict how the housing market is going to swing. There are risks with any sort of investment, but if you are investing in property overseas, you will likely face some more risks. So, just make sure you have an idea of what the housing market is like and perhaps have a contact in that country who can give you updates.

Pro: Opportunity To Rent Out Or Have A Holiday Home

Another pro to investing in a property overseas is that it gives you the opportunity to rent out the property or have it as your own private holiday home. This is a great opportunity as no matter which route you decide to go down, you will always get something out of it. Renting out a home abroad has become very popular over the last decade, thanks to the rise of Airbnb. Now, regular homeowners can rent out their homes to potential tourists, so they have a secure and cosy place to stay while they are on their travels. Additionally, it means that you can make some good money on the side through the rent you are charging. However, if you decide to go down the holiday home route, then you now have your own gorgeous property overseas that you can make into your second home. This means that when you do go abroad, you do not have to fork out money for a hotel.

Con: Upkeep And Refurbishment Can Be Expensive

The final con on this list is that buying a property overseas can often come with a lot of added expenses. While your property may look great in person, once you have actually taken the time to fully explore your property, you may find that it needs some refurbishments, for it to be up to your standard. Whether you are choosing to rent out the property or keep it for yourself, you will likely have to make some changes to the property for it to be ready for someone to stay. These refurbishments and renovations can end up costing you a lot of money, so you need to be prepared for that before you invest in a property overseas. Just make sure you have a clear budget; this will stop you from overspending.

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