Starting a new business is a rewarding journey, but it requires perseverance and luck as much as skill. The majority of new companies will fail, with the bulk of these doing so in the first year or two. If you want to maximize your chances of survival, you need to have the right tools at your disposal.

Entering into the electronics market is a difficult proposition, but it is by no means impossible. However, if you are going to stand a chance of competing with all the established brands on one side and cheap white label generics from big retailers on the other, you need to play your cards right. Here are the essential weapons that every new electronics business needs in their arsenal.

Hootsuite

Establishing a strong social media presence can be a real boon for a new business. Social media platforms offer an affordable and effective medium for marketing a new business.

Hootsuite is among the best social media management tools available for businesses. You can use Hootsuite to compose and schedule posts to any social media platform. It also provides you with detailed ROI information that makes it easy to keep track of your campaign’s success over time.

PCB Design Software

If your business is working with PCBs in any capacity, you want to have good design software. PCB designers can save you time and money by enabling you to streamline the design and prototyping phases of product development.

Altium is considered the industry standard for PCB design. It is arguably the most capable and powerful PCB design software on the market. However, it comes with a hefty price tag. Subscriptions start at over $7,000.

Octopart

Octopart is an electronic component search engine with listings for an enormous range of electronics. From rotary switches to optocouplers to BJTs, Octopart has just about every component you could possibly want. Octopart lists suppliers for each component and provides information about their pricing. You can also use the site to find datasheets for components that contain detailed specifications.

If your business needs to order electronic components for any reason, Octopart is an essential resource. For electronic startups, this is a platform that you will want to keep checking back to again and again. Their information is up to date, and their database includes new entries into the market.

MailChimp

Some people think that email marketing is outdated simply because it has been around for so long. On the contrary, email marketing not only still works, but it is a more powerful tool than ever.

MailChimp provides users with all the features they need to craft razor-sharp email marketing campaigns and send them to the right segment of your audience at the right time.

With these tools at their disposal, any new electronics business can maximize its chances of surviving and growing. These tools aren’t silver bullets; they won’t eliminate the risks inherent in starting a new business. But equipping yourself properly will make a significant difference to your chances of survival.