San Francisco had been making headlines for being the most expensive city in the United States. However, many still try to build their startups here. Let’s look at the status of the city and check why this is still a great place for your startup.
As a startup founder, you might need the following for your company to run smoothly.
San Francisco is a hip city where college graduates want to move to. What does that mean to your startup? It means there is a huge pool of talent to recruit from.
People are excited when you tell them about your startup. This doesn’t happen much anywhere else in the world. The excitement leads to contribution and idea exchange. You could also find like minded people by attending Meetups and events according to your startup interest.
Since WW2, San Francisco had been the most diverse city in the United States. This means you could test your startup idea with the diverse community here. If your startup does well in a diverse environment, there is a higher chance it will go well once it is scaled out of this town.
Funding can make or break your startup. By April of 2018, 157 San Francisco startups reported raising a seed or angel round totaling around $200million. The median deal size for seed company also set a new record in 2018 for $2.2 million. This is a 30% jump from 2017’s median deal size of $1.69. With so much available investment laying around, there is no wonder why startups still bear with the high cost of living in San Francisco.
Young Adult Dwellers
More favorable place for new ideas and businesses. This is a factor of your success as you could test your ideas better with young adult dwellers who are open minded. A young open minded person is more likely to test out your app or the latest gadget. This leads to faster progress and growth.
Hopping startup scene
A lot of people move to SF to engage in startup activities. There is no better feeling than being surrounded by like minded individuals who are building their startups as well
Since the Bay Area is still filled startups, there are still great communities for you not only professionally but also personally. Of course, living in the middle of Idaho could be cheaper in terms of costs, but what kind of connections would you be building?
There are reasons why SF continues to house the most amount of startups. Despite the high cost of living, bad public transits, there are still companies everyday being started in San Francisco. Be a dreamer and doer and start your company in San Francisco today.
A right startup needs to be at the right environment. Come check out Treehouse Society for our latest private office deals.
Coworking is great for combating loneliness, looking more professional, and social innovation. A lot of small business owners, freelancers, social enterprises, startups, and nonprofits turn to coworking as an office need not only to spark new ideas, but also to reduce cost. Also, coworking benefits range from reducing carbon footprint on your transportation to shared kitchen appliance to reduce electronic waste.
Here are a few reasons why coworking could save the environment.
No wonder coworking is the most trendy way to work. Not only does it come with professional benefits, it also helps the environment to reduce the speed of global warming. Come by Treehouse Society for a tour to help with the environment!
Every company should have a human resource department. But some startups are way too small for it, and they skim HR department thinking it is unrealistic until it is too late. There is a semi-efficient way to get out of this issue. An employee handbook might be what every company needs, small or large, big or small. It has details that thoroughly show every activity taking place in a company’s office. This can be from recruiting to firing, and even the dress code.
The process of writing a handbook can be long and tiring. However, its importance in a company makes it well worth it to have one because a company is made out of humans. Humans all have flaws and limited amount of memory, so this employee handbook can help as a guide.
Below are the 5 reasons why you need an employee handbook.
Protect Your Company in an Employment Lawsuit
In the event that someone is taking legal action against your business in regards to employment, your lawyer will require this handbook. This is because each and every employee has read and adhered to everything written therein.
Once an employee signs the acknowledgment section in the handbook will show that he or she was privy to all rules regarding the company. Thus, the lawsuit exercised against you will be in your favor. This is very helpful since the employee accepted to follow all policies inside the handbook.
Adherence to Federal and Government Law
Every company that has employees is required to comply with all state and federal laws. This will involve having an employee handbook that follows all employee and labor laws in the state in question.
Provided an employee who is on a leave, they will be aware of his rights as they are clearly stipulated in the handbook.
Merits provided by the Company
All employee benefits should be clearly shown in your handbook for all your employees, from paid vacations to pensions. These merits can motivate both the employer and employee to take advantage of said benefits.
The human resource team will have less of a workload since they won’t have to explain everything to new employees.
Treating Workers Fairly
If by any chance a company does not write down its rules employees will feel that they are being treated unfairly. Having a handbook will clear all doubts about unfair treatment as everyone is aware of all the benefits they are to receive.
The handbook could also include a time frame of when a merit is to be offered and to whom in regard to a position.
Setting a Standard for Employees and Employers
Everything in the business will run smoothly if everyone knows what is required of them. This can be anything from what to wear within the premises to what time to arrive at work. This will often help to avoid time wasting and increase the productivity of the business.
Especially if a manager requires dealing with a business issue and the owner is unavailable, the handbook will direct him or her.
All in all, an employee handbook is supposed to help employees feel comfortable in their workspace. Whenever a problem arises or they don’t what to do in a particular situation they can find answers in the handbook.
Management, H. (2017, May 16). Paycor:8 Reasons You Should Have a Company Handbook. Retrieved May 5, 2018, from Paycor: https://www.paycor.com/resource-center/8-reasons-your-organization-should-have-an-employee-handbook
Msiza, T. (2017, August 15). How to Write a Human Resource Manual. Retrieved May 8, 2018, from wikiHow website: https://www.wikihow.com/Write-a-Human-Resource-Manual
Nguyen, C. (2015, August 25). Amity Law: Top 5 Reasons your Company Needs an Employee Handbook. Retrieved May 5, 2018, from Amity Law: http://www.amity-law.com/blog/2015/8/25/top-5-reasons-your-company-needs-an-employee-handbook
Are you feeling stuck with the year end to do list? You might be feeling like you need this holiday season to escape your tasks. Honestly, even if you escaped by going on a vacation, spa, binge watching the latest Netflix series, your to do list is still here.
Real talk here: spa, vacation, binge watching, and etc. are not what you need. You need a real self-care day where you take care of your to-do list because no amount of spa is going to wash your to-do list away. Taking care of your to-do list is the ultimate way of self-care.
I have met founders who are still working on their 2016 tax returns, or have been avoiding that phone call to a customer for the past 3 months. You want to avoid that thing on your list because there is a mental barrier to it. Then you start procrastinating and start doing other things that might not be high on the priority list. Then you return home physically exhausted but still feel unfulfilled as your to-do list is still there. Now, you are mentally overwhelmed and physically exhausted and maybe it is time to go to a spa or go on a vacation to escape your task. STOP! Don’t do it! Again, escaping is not going to save you. It is not real self-care. Self-care is when you finish all your tasks so you can finally relax. It sucks to be on a beach somewhere thinking about your tax return from a year ago. Trust me, I have been there.
So, a few months ago, I started a routine of having a to-do list to prioritize what needs to be done. So this is what goes down: I normally have a to-do list, and if there is an item on it that I have not crossed out in 3 days, I know I have a mental barrier to this task, and would try to eliminate the mental barrier by just easing myself out as I perform the task. Most of the time, it is emailing or calling someone. I know many people who are the same way. And maybe you are one of them who is currently overwhelmed by the thoughts of your tasks.
These are the detailed steps for getting that mental barrier out of the way.
*You don’t have to be a founder to show up. You can be a consultant, freelancer, or anyone who just needs to come in for self-care day to get that task crossed off.
Related: Entrepreneurship Ideas in Action
Many start a business after being sick of working for others. Many start business without knowing some of the basic rules. It might be important for you to learn some of the ground rules. Sometimes, having a successful business is not just about doing things you love, it is also about obeying certain entrepreneurial rules.
1. Have a goal in mind
One of the first and most important rules of starting a business is to have a goal. Setting up a business and just expect success to come might be a naive move. A successful entrepreneur always have a mission statement and a goal so s/he has something to work toward. When starting your business, try to define one for your business and make sure you know what you want to achieve in a year or so. Setting a deadline for your goal is just important as setting up the goal.
2. Your product or service must create value or solve a problem
If your product does not produce value for your customers, rethink your business.
3. Your must know as much as you can about your target customers
Start by Googling the demographic that you are targeting. Then set up a landing page to gather emails for your target customers and start surveying them.
4. You must have a sizeable market.
While you are Googling about your target audience, find out the size of the demographic. You probably don't want to only sell to a couple hundred of people.
5. You must make your target market aware of the value you have created.
Brand awareness is important. But more importantly, make sure your target audience knows what your company provides.
6. Delegate your tasks
No one is Superman or Wonder Woman here. Even super heroes might get tired from their tasks. Learn to delegate. You do not want to spread yourself too thin and leave the money on the table. Try to get as many people as possible with your business within your budget. Do what you know best and leave the rest to others. If you want to be planning and marketing your business, don't waste time developing the products too. Think about the best use of your time and learn to rely on others.
7. Learn the laws of your industry
Read more relevant information here. Besides laws, learn if there are current unions and activists in the industry that your business is disrupting that could cause trouble for you.
Review these rules of starting a business, and do not fear them. Use them as tips to guide you through your journey!
Related: Why Coworking Space is Vital for a Solopreneur
Growth is a risky but necessary task for startups to survive. Growth may be assessed in the context of employees, customers, revenue, liquidity, profit, geographic locations, and a variety of other dimensions. Regardless of the growth type, hurdles always exist. An entrepreneur who understands the risks, and knowingly takes them, will have a chance to grow; whereas one who is not willing to take risks will not.
Growth helps startups to establish legitimacy, creating new options to grow. Larger companies are statistically less likely to fail given the amount of resources they have. This is why larger companies have more potential investors and customers. It is during and right after a period of growth that companies find it easiest to acquire investment capital. Companies which are perceived as having crossed their initial startup hurdles are seen as being stable. Normally, with size comes an increase in profitability and liquidity for the company. This gives it history, which partners and investors are more willing to trust. Assets and finances will thus become more attainable than they were before. With growth, the company forms new connections and is able to access new markets. This results in an increase in sales, profitability and influence.
An entrepreneur is normally faced with different challenges and different needs at each phase of the business development process. Advisors, investors, or potential customers sometimes provide support throughout the entire business development cycle for growth. Depending on how fundraising is done, crowdfunding or traditionally investment, those are the type of support group that an entrepreneur could depend on as these people are invested in the company.
Within a neoclassical economics framework where things are produced by combining inputs in a production function, the most straight forward way is to get technological change to produce it. Research and development can be undertaken by combining land, labor, and capital to produce technological change. The successes attributable to investment in research and development are indisputable, but research and development expenditures cannot be the whole story because once the research is done, the results need to be applied to make production cheaper or in some cases, to produce goods and services that have never been produced before. This is the role of entrepreneurship.
Labor economists have highlighted that mid-level opportunities are being stripped out of today's organizations at a remarkable pace. This leaves a greater number of people with the prospect of working either in dream jobs or lousy jobs, which sit at the polar opposite of the job market. The impression here is that a lot of people are being pushed into self-employment partly because of a lack of decent job opportunities and partly because those jobs that do remain are becoming less attractive. Yet this is only one part of the story. Rather than forcing people into self employment, many of these organizational shifts should instead be seen as the 'trigger' that is pushing people toward their entrepreneurial ambitions.
One of the major drivers of the microbusiness boom existing today is a sign of an aging society that needed to be improved upon. Technological progress is not the final but a crucial ingredient behind the boom in self-employment. While the broader impact of the internet age may be questioned by some, its transformative effects on the world of business are easy to see.
At Treehouse Society, we really believe in growth of companies. This is why we have membership ranging from open desks to private offices. Take a tour today!
Related: 5 Ways to Get Entrepreneurship Funding
Naming your business can be a stressful process. You want to choose a name that will last as well as embodying both your values and your company's characteristics. You also want to have a creative name that no one else has so you can trademark it later on without any difficulties. However, with so many companies and startups in the world, this process is starting to get more difficult. Here are some ways to make the process easier.
Enlist Expert Help to Start
Coming up with a good business name can be a complicated process. You might consider consulting an expert, especially if you are in a field in which your company name may influence the success of your business, which are most industries. There are companies where their only job is to create new names and they know trademark laws really well. They can advise you against lousy name choices. The downside is cost. Naming services can charge as much as thousands of dollars. But sometimes, spending a reasonable amount of money early for quality expert advice can save you money in the long run.
Brainstorm a List of Names
Start with a few keywords you have in mind. If you don't, think about what your company offers as well as your target customers. Think about what your target customers will put into Google and use keyword planner to come up with a list of words you could use for your company name. Think about it a bit more, and you will be sure to come up with a great name with the list of words.
What's in a Name?
Start by deciding what you want your name to communicate. It should reinforce the essential elements of your business. Your work in developing a niche and a mission statement will help you pinpoint the features you want to emphasize in your name.
The more your name communicates to consumers about your business, the less effort you will need to exert in explaining it later. According to naming experts, entrepreneurs should give priority to real words or combination of words over fabricated words. People prefer words they can relate to and understand. That's why professional namers universally condemn strings of numbers of initials.
Test Your Name
After you've narrowed the field to four or give names that are memorable and expressive, you are ready to do a trademark search. Not every business name needs to be trademarked as long as your state government gives you the go-ahead and you aren't infringing on anyone else's trade name. But you should consider hiring a trademark attorney or at least a trademark search firm beforehand to make sure your new name doesn't infringe on another business's trademark.
Most entrepreneurs arrive at a final decision by going with their guts or by doing consumer research or testing with focus groups to see how the names are perceived. You can doodle an idea of what each name will look like on a sign or business stationery. Read each name aloud, paying attention to the way it sounds if you foresee radio advertising or telemarketing in your future.
Keep in mind that professional naming firms devote anywhere from 6 weeks to 6 months to the naming process. You probably won't have that much time, but plan to spend at least a few weeks on selecting a name. Once your decision is made, start building your enthusiasm for the new name immediately. Your name is your first step toward creating a healthy company identity, one that should last as long as you are in business.
Related: 5 Ways to Get Entrepreneurship Funding
The success of a new startup idea is largely dependent on how well the end product or service sells. This cuts across all kinds of startups even for a non-profit, you still have to sell your product or idea to benefactors, investors, volunteers, etc. New startup ideas for the most part usually have very little validation and many assumptions are inherent in them. Testing out your new startup idea is critical to its successful execution. If you have read Lean Startup by Eric Ries, you should know that you need to have business-hypothesis-driven experimentations, iterative product releases, and validated learning. Your startup should be analyzed objectively to prevent great loss of resources. However, this can become costly in the real world especially with user testing. A coworking space can make this easily achievable. Coworking allows for innovative collaboration with individuals who bring new and critical feedbacks to projects that you may have either overlooked or never considered. Various ways exist to test your ideas in a coworking space.
Coworking spaces thrive off networking. Networking events at coworking spaces are often centered around showcasing innovative talents and new startup opportunities. The audience is usually fully packed with investors, startup founders, potential users, as well as sponsors in the market for a new idea that could benefit their bottom line. This is a great opportunity to get you startup idea in front of other people. You could pitch your start up idea or do a live demo to make everyone at the event to at least be aware of your product. At Treehouse Society, our past events include pitch night, startup showcase, pop up shop, happy hour, investment firm office hours, and other networking events. All of our events are free for members to attend making it even easier for your startup.
Get your coworking mates to test out your idea(s)
Whether your startup idea is a product or service, testing out your start up idea by running it through your coworking mates is a great way to start. This is because creativity flows in coworking spaces, unlike most other conventional leased office spaces. Organize your coworking mates together and make a presentation of your new startup idea where you could then receive immediate feedback as part of a group discussion. This allows for constructive criticism which drives critical thinking to enable you to decide if the idea is viable. A survey is another effective tool that can be used to gather information about your startup idea. The information gotten from carrying out a survey in your coworking space can then be analyzed to draw inferences. With their feedbacks, you could come up with alternative versions of the same product before you launch the most successful version of your product.
For new startup ideas, technical hires who can visualize the idea and turn it into a business venture are usually in high demand. Recruitment remains one of the biggest bottlenecks that is holding startups back from achieving their business goals. A coworking space is the perfect place to find talented, goal-oriented, and hardworking individuals. These are definitely the kind of people you will need to test out your new startup idea. The best way to attract talents for your new startup idea is to discuss your vision, goals and driving force. Inform your coworking about the type and level of competencies that are needed, while simultaneously giving an outline of your project objectives.
The coworking space provides the right kind of environment to test out your new ideas. Leverage on the richness of a coworking space and succeed in the transforming your new startup idea into a profitable business venture.
Next: 5 Reasons Why Coworking is Perfect for Your Startup
About 50% of U.S startups prefer to operate their business from home, however, your home may no longer be a suitable environment especially when your business starts to grow and you need to meet with customers or bring more people on board. Moreover, separating home from work life can be very challenging, and this can increase your risk of burnout.
This leads us to coworking spaces which are actually open offices with a huge number of independent and shared desks where startups, freelancers, and early stage companies can work. Some coworking spaces also offer private offices for your company's privacy.
Why should you consider coworking?
Improved facilities for your home office or local coffee shop
Let's be honest, a coffee shop or your home office can exhibit a few challenges to professionalism such as nonbusiness interruptions and noise. However, with coworking spaces you are provided with all that you have to complete your work such plenty of desk space, an abundance of power sockets, functional furniture, and high-speed Wi-Fi connections which come standard in most coworking spaces.
Flexible and cost-effective solution
A conventional office space rental can help you with your startup needs, but they usually require a long term commitment regarding finance. However, coworking enables your startup to be agile as it develops and changes.
You can make use of the space as and when you have to on a daily or monthly basis. You can also rent meeting rooms when you have to. You would likewise be free from being stuck on a lease you are not ready for.
Networking on a whole new level
Cooperating spaces are utilized by a group of entrepreneurs, freelancers, and small businesses; therefore there are a lot of networking opportunities with individuals who are also endeavoring build a business.
Access to lots of business advice
A coworking space can provide you with the opportunity to receive advice on your startup. First, there is a community of coworkers with varied skills and experience that you can have access to. Second, these spaces are often managed by a group of enthusiastic community managers who can lead you the correct way, help you think logistics through or give you some advice.
Coworking grows as your business grows
Another reason why you should consider a coworking space is that you can scale up as at when you have to. Whether you abruptly require more facilities to employ more staffs to assist you when you are busy or match a peak in demand, it's more likely that a coworking space can be more flexible and nimble than a traditional office.
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