Are you thinking of starting a business? Or do you already have a running start-up? Things might get overwhelming at times as start-ups require a lot of long hours and hard work to be successful. However, one should always keep the goal in sight and finance in check.
You need to make sure that you have an efficient system running that allows you to be the most efficient with your capital. You don't want to be one of those startups who burn through their cash before their product was even mass adopted.
We’ve come up with a list of five important steps that you should incorporate in your startup to minimize your cost.
While starting a business requires a lot of capital, there’s an efficient way that you can go about it. Rather than taking up large and unnecessary expenses, you should analyze what’s beneficial for your business in the long run. A cost-benefit analysis is extremely important for you when it comes to spending. Is the expense you’re planning on making going to be beneficial for you? Will the benefit exceed the cost? These are all the questions you need to think of before spending on anything for your startup.
Opt for coworking spaces
The coworking community has been in high demand recently. It’s efficient, effective, and it allows you to get your work done while incurring a lower cost. Coworking has been proven extremely beneficial for startups as it helps the business owners to reduce their costs. Shared space allows you to share rent according to the floor space you occupy while giving you access to other great people as well! You can now work side-by-side with other startups and learn from them while trying to establish and grow your business.
Secure a minimum viable product
A minimum viable product (MVP) refers to something that is like a prototype of the product you wish to provide in the market. Having an MVP allows you to get first-hand feedback from customers and get to know what exactly needs to be improved before launching the actual product into the market. The customers who get this product are limited. Thus it provides business owners with a test-run that helps them figure out how to modify and improve the actual product.
It might be a smart idea to outsource when you are building the first product. If you are unsure if the product will do well, having a permanent employee could be stressful. The market is filled with people who freelance. You can easily find people that meet the job description for your startup using different websites. Avoid high costs and stress by paying freelancers specifically for the project they do!
Use free marketing channels
Marketing could be done free or at a lower cost than you think. You can easily do this by using social media as your medium to market your business. Switch to SEO marketing later for quicker and more cost-effective results and conversions!
Startup life is already stressful enough, but it would be more stressful without money. You need to make sure that you avoid high costs so that you don’t become a victim of a cashless company.
Check out our coworking space to save you money this year!
Freelancing could be a great idea for people who do not want to subscribe to the traditional form of employment. Self-employed as a freelancer means you have flexible hours and could work from anywhere. Freelancing is popular these days as the internet allows everyone to connect from anywhere. However, it could make it hard to separate work and life and, thus, challenging to establish a work-life balance.
As a freelancer, there are constant deadlines to establish projects. The best feature of freelancing is that the person can get started quickly, and they can choose the amount of work as per their convenience. But with the rise in the cost of living, many freelancers opt in to work themselves harder. It is more than necessary for freelancers to take care of themselves.
Let's take a look at some self-care tips for freelancers below.
Start working as a freelancer with a mindset that you are a human being and should not force yourself to work for 24 hours. You should manage your time effectively and set the schedule of how and when to work with the best energy.
Change of Environment
It is important to switch places and change the environment regularly, which is very important for mental and physical health. Working while sitting at home for hours can be tiring and exhausting for the freelancers. Once you are at home too much, you could be distracted by the smallest things, even dishes and dust become a problem. Going to a coworking space or a cafe to change up the environment.
Take Care of Your Health
It is important to take care of your health. Skipping meals and sleep for work ends up in low and poor productivity. Hydrate yourself from time to time and get enough sleep that can increase your productivity.
Learn How to Say No
To reach your goal and not be taken advantage of by others, you must say no to some opportunities. Sometimes there is a requirement for some rest and a day off. Never pile up a lot of work. Fulfill your commitments timely and have enough courage to say no when there is a need for rest.
Manage the work and time smartly by saving time and energy and earning more. Try to finish the work before the deadlines and never procrastinate.
Ask for Assistance when Needed
Always have the courage and confidence to ask for help with the client. Whether it is related to extending the deadline or more details of the work required, communicate it to your client as early as possible without any hesitation.
Interact With Other Freelancers
Interact and communicate with other freelancers. Ask them for guidelines and inquire about their work styles. Learn from them to add value to your freelancing career and profile.
Freelancers generally stay in one place while working for hours and do not get to meet a lot of people. It is essential to take some fresh air and socialize with other people. This will affect our mood and will increase productivity. Our coworking space is perfect for you to socialize as our members are down to earth people.
Freelancing is chosen as a career to give you freedom. However, it is necessary to take care of ourselves and manage to have a balance between work and private life. If there is no proper balance between the two, it will end up affecting both work and private life.
If you are sick of working from home with no work-life balance, try out our space for a week today!
Overthinking is generally considered a negative trait in any scenario because of the negative impact it has. If you’re someone that suffers from overthinking when it comes to decision-making at your startup, then let’s get something clear. If you’re overthinking about details and taking too long to make decisions, then you’re going to lose out on many opportunities. This causes analysis paralysis, which is what a lot of brilliant founders fall into that trap. Overthinking causes problems that you probably don’t even exist in your startup. We’ll be discussing a detailed list of everything that goes wrong in your startup because of overthinking.
Leads to Procrastination
Have you ever wondered why you’re unable to mark all your boxes on your checklist on time? One possible reason for this is your overthinking behavior. Once you start thinking about something, it isn’t very easy for you to stop analyzing it. This results in you only thinking about what could be done rather than taking any actions and getting work done. The initials days of startup make or break your business. If you’re going to be overthinking about things that are minute or don’t require too much time to resolve, then you will lose out.
Lower levels of productivity
Once you’ve become a victim of overthinking, you’re bound to be less productive at your work. How are you supposed to grow your startup if you’re unable to focus your energy and time on important matters? The more you overthink, the less productive you become, which in turn results in low or negative growth levels.
Clogged mind with less creativity
Having your mind stuck on a particular issue usually blocks all sorts of ideas. If you’re constantly overthinking about petty issues in the business, then you’re bound to be less productive. Overthinking plays with your ability to be creative and produce new content for your startup to grow. There are slim chances of growth if you can’t think of new strategies and game plans to improve your productivity and growth.
Loss of business opportunities
Overthinking leads to you losing important and futile business opportunities for your startup. The inability to decide whether a certain partnership or contract will be beneficial for you will leave you facing a loss. What you need to do is accumulate all the possible beneficial business opportunities and develop your startup.
Someone with determination to grow their startup has a sense of responsibility, and they’re quick with decision making. They’re optimistic. If you’re stuck in a loop where you’re procrastinating with low levels of productivity, you’re bound to be pessimistic. Pessimism is a negative trait to have when conducting business, and you need to have a positive outlook and take upon every challenge.
Overthinking stops you from becoming a good entrepreneur. Your hyper-planning and excessive thinking only waste your time and resources. Learn how to be comfortable in making your decisions and then committing to them. Otherwise, your overthinking is likely to kill your startup as it rids you of all the opportunities to grow!
It's a new decade, new year. There must be new ideas for new ways to do things. As many get convinced and excited about their new ideas, they form their new companies, often without a plan or a roadmap.
Importance of a Road Map for the Startup
A business should never be started without a destination or exit strategy. A roadmap could lead you to the goal. This roadmap defines company objectives, policies, values, expected direction of growth in the form of chart, strengths, weaknesses, threats, and prospective opportunities. This roadmap can be used as a guideline for investors and customers as well. The road map gives a base for formulating policies and strategies for product marketing and launching. It helps in analyzing and reviewing future threats and the current situation of the market.
Roadmaps help in setting goals and assist in implementing the rules and policies with efficiency. The roadmap should be timely reviewed by the founders and directors of the startup and can be altered if needed. Roadmaps should also define in detail the role of every department in the startup and expected growth of that department to help human resources in the future manage their expectations.
The road map of the startup consists of short term and long term goals and timelines set by the founders. Other details such as how the resources are allocated, what are the sources of the capital, contingency plans, how to penetrate the market, and compete with the competitors are also defined in the road map. It could also help you figure out your burn rate to ensure your startup doesn't run out of money anytime soon.
How to Develop a Roadmap
A step by step guide is discussed below that will help in developing a practical roadmap for the startup.
Identify the Problems
The first most important step while developing a roadmap for the startup is to identify the existing problems prevailing in the market. Because once these problems are identified, it gives you a big picture of the overall market, and it will be easier to formulate strategies to avoid such problems while entering into the market.
Target the Audience
Formulating effective marketing strategies and targeting a specific group of audience according to the nature of the product is the second important step. It can be done by delivering high-quality content that appeals to the target audience about the product and the startup.
Professionals from different fields such as finance, law, IT, etc. should be hired so that they can take care of the matters related to their fields. Because one single person cannot be an expert in all fields at the same time.
Define Mission, Vision, and Strategy
Define the startup’s mission vision and business plan in detail in the roadmap. This will serve as a ground for building up future business plans and strategies. These statements can be reviewed and altered from time to time, as and when needed.
The roadmap provides a line of action for the startups. Therefore, it is always important to create a roadmap before starting the business and entering into the market. It will always help in making better choices and decisions by the founders. It will always guide the audience to understand the aims and objectives of the project.
A huge amount of people, no matter young or old, are joining the startup community. However, it doesn't matter the age; we all have different experiences that could help each other.
For those who are new to the startup world, it could be difficult to navigate. One does not need to reinvent the wheel or to navigate a system that has been crossed by others already. Here are some other reasons why do you need to get help and advice for your startup.
Preparation to Confront the World
In today's day and age, there is an entire crowd of youngsters who have such innovative and creative ideas that one is unable to understand the failure of their startup. The biggest reason why many startups face a downhill is that they are being led by young men and women who are not aware of what the outside world has to offer them. They enter the world with a fresh mind that yet has to learn the ways of the world. Having a mentor prepares them with what is ready to tackle them down. Having a controlled and refined vision helps in making a startup successful.
Oftentimes, one cannot assess oneself clearly. The decisions you make may be wrong, and you may not realize that until someone tells you. A mentor can tell you about your mistakes. If you lose the right track, a mentor can hold your hand and take you back on it by guiding you. However, one needs to be humble to take criticism from others.
When it comes to financing, it can be challenging to start a business with huge amounts of profits from day one. One has to invest a tremendous amount of money for the business to reach a place where one can call it stable. Mentors do not only help with advice but also financing a company that can grow in the future. This not only builds a relationship of trust but boosts one's confidence, which is needed to run a newly formed business.
As a business starts running, it cannot lead on with the same idea with which it started. In order to stay competitive, the entrepreneur should be aware of different ways to keep the customers loyal and develop a strong name in the market. The mentor is not there so that you can get your business into running but also for how one should be recruiting new employees to the organization.
When you start a business, you invest your own money and time. In order to be successful and not have your time and money wasted, you need to have guidance. Experienced people know business strategies that can help you earn more than you invested. Only a skilled person can tell you this.
Awareness of Future Hazards
A novice will not have the same knowledge as an expert. A person with experience will have learned from downfalls and mistakes. He can guide a newbie what mistake not to make and how to remain wary of possible dangers. An early warning can save you from a disaster.
There are countless reasons as to why a mentor is needed, and to be formal, it might not even be the most formal mentorship process. In a coworking space, there are lots of people who have already had startup experience. To save your time and money, it would be the best idea to find your next mentor or just someone to bounce ideas with at a coworking space! Take a tour today.
Coworking is all about different professionals coming together and working in a shared space. It is becoming a popular choice for smaller companies, startups, nonprofits, freelancers, and consultants. Coworking comes with some general etiquette that one should follow. Following these etiquettes would help one not only be well-liked in a coworking space but also make a coworking environment more productive.
Coworking is beneficial in many ways including being able to establish your network easily. You have access to different types of professionals some of whom can be turned into friends and acquaintances. You want to make sure to have a positive and friendly stance to make connections. This may also help you in your career sometime in the future.
Be careful of what you say
Your access to different professionals means you need to be able to talk to them that is respectful not coming off as rude or ego-centric. Initially, you don’t know what kind of temper the other person has. In order to avoid issues, make sure you think your conversations through. Do not say things that make upset someone. Humor is a good thing but use it only when you know whether the other person would appreciate it. Don’t be going around trying to be funny and offending those around you!
Respect everyone’s personal space
Keeping your nose out of other people’s business is considered a good trait. No one wants you to overstep your boundaries while making conversation with them. Respect your coworker’s personal space and privacy. They will appreciate you for this trait and would be more comfortable in making connections with you.
Keep your volume down
The general rule is to keep your volume down in every business setting. Your coworkers do not want to hear what you’re talking about on the phone. Make sure to avoid a loud tone as you might be disturbing someone.
To maintain a good relationship with everyone, make sure you adopt a courteous tone. Have a gentle tone when talking to people and ensure that you listen to them patiently. This creates an understanding between you and those around you which leads to higher morale and productivity. Put in the effort and maintain good gestures by greeting them politely or opening the door for them.
Avoid using strong scents
Strong smelling perfumes are a big no when it comes to coworking. You aren’t aware of what preference the other person has. There is a possibility that someone may be allergic to a particular scent. Make sure to avoid using obvious and strong scents. Go for lighter scents or no perfume at all if your coworkers are not okay with it. You can also always ask your coworkers whether they’re okay with you using a particular kind of perfume.
Working with other people can be an extremely pleasant situation when certain etiquettes are followed. It doesn’t have to be a hostile scenario where people don’t like each other. Coworking etiquettes are easy to follow as they are general concepts that should also be followed everywhere. Keep the mentioned etiquette in mind to have a peaceful and happy coworking environment.
Originally posted on http://www.wynd.hk/all-you-need-to-know-before-starting-up-in-hong-kong/
Considering one of the best cities for building your own business, the number of registered local companies in Hong Kong has approached 1.4 million in early 2018 while around 43,000 newly registered companies are added to the list during the period of 2016 and 2017. The statistics are stunning, and it has proved the attractiveness of Hong Kong’s business environment. Further to the government resource, nearly 160,000 local companies have been registered in 2017 and the result matches the third position held by Hong Kong in the World Bank’s report on “starting a business” internationally.
Isn’t it exciting to start a new business in Hong Kong? If you have a fantastic idea wanted to start with, don’t wait until the last moment, come to know more about how to start your own business in the most competitive city in the world.
Company Name and Type
Well begun is half done. A good business always starts with a great name which is better to be precise and easy to be familiar with. You should be careful with the duplication issue and you have to check through the Companies Registry’s Cyber Search Centre or the Company Search Mobile Service to ensure the legality of your chosen name. You should also make your consideration according to the guideline from the official.
Besides, depending on your needs and requirements, you need to consider the business entities of your company. In general, there are several types of entities available in Hong Kong, including limited company (public or private), sole proprietorships or partnerships. You may select the most suitable type for your start-up after clear understanding and careful consideration. Our team (WYND Co-working Space) is always ready to help with if there are uncertainties or confusion with the registration process.
Company & Business RegistrationThe application of a company in Hong Kong has been simplified throughout the years. The following required documents can be hand in via, the online E-Registry, “CR e-Filling” mobile application in App Store or Google Play Store, or in-person to the Shroff on the 14th floor of the Queensway Government Offices :
** Details of the business registration fee can be referred to this link for further information.
Further up-to-date information for both registration processes can be found in Company Registration as well as Inland Revenue Department or you may hold a meeting with WYND team, we are eager to help and explain all you are not clear with.
After Successful Registration
With well-prepared planning, the online and mobile application for company and business registration can be completed within around an hour. Once the request is approved, the certificate can be downloaded and printed accordingly from the email received from officials.
With the hard copy application, the process of evaluation will take 3-5 working days. Moreover, the corresponding certificates will be issued or faxed out within 4 working days. If you are WYND‘s member using our address for business registration, our team can help to collect and display the certificate to avoid any delay or legal issues.
Rules and RegulationsConcerning some special business forms sat, specific permits or licenses may be required for your company, more details can be found in import and export operations or other business operations.
For start-up operators, you must be familiar with the taxation system and labor legislation in Hong Kong in order to make sure that your business is legally running with proper management with rules and regulations specified by the Hong Kong SAR Government.
Although setting up a new business in Hong Kong is relatively easy compared with other cities in the world, there are still basic responsibilities and duties needed to be understood and followed, for instance, Intellectual Property, Code of Practice on Employment or MPF system, you can find out more detailed information on GovHK. Moreover, as a start-up founder, you can also easily have the administrative assistant in a co-working space, like WYND to have professional consultation services for any problems with a start-up business.
Hong Kong as the Pearl of the Orient has its own attractiveness for start-up entrepreneurs who wish to become the most outstanding one. After your completion of the registration process, you have now become a newcomer to the Hong Kong market, yet you still have a lot of challenges needed to be faced and solved respectively.
About the Author:
WYND Co-working Space is located in Central district, in Lan Kwai Fong and near SOHO. The vicinity is the most diverse and vibrant neighborhood in the prime core of Hong Kong. It is the stronghold of international corporations and distinguished local businesses. A place where top talents worldwide gather to live their dreams in career and leisure. Wynd is a platform to synergize the talents and opportunities offered by the city for entrepreneurs, innovators, and pioneers alike.
Being the leader of a company that has so many potentials of growing and doing your best to stay in the path of this growth, you get to face some kinds of anxieties that hang under the surface of your daily tasks
You probably are already treading the water regularly and you do not have the mental energy to deal with another thing, but one thing you need to consider is where do you want your company to work from? After all, unless you already have robots running your company, your company is built by humans, but even West World robots need a place to be based out of, so maybe your team of robots and humans need an office. However, having an office lease is a big commitment.
Bear in mind that, any bad office lease decision will waste no time in killing the dreams you have of your startup before killing the startup in real-time.
Although, when you need the space, it seemed like a wonderful idea it is likely not beneficial to your company over time.
Tips To Avoiding Office Lease Issues
In a bid to avoid all of these office lease issues, there are tips to take along with you for you to keep your startup dream alive. These tips include:
Always have an idea of what your next move will be even though it will happen either in some years to come or even months. Especially in San Francisco where permits process takes an unusually long amount of time. Plan plan plan!
The fact is that a good broker will work with you in a bid to be aware of your priorities when seeking out an office space and also understand your business plus its space needs.
Moreover, the ideal broker will have an idea of the buildings available in your area and have a good relationship with some of the owners plus an insight into the exact time that space will be vacant.
All of this will make things easier and less of a hassle for your business at the main time.
Too much space or even a space that is little can turn out to be a killer mistake. This happens most especially when you have not negotiated the ideal terms on the office space lease.
Also, you should embark on learning about what is known as a target amount of people to hire and try applying it to your educated guess.
This is because you could land on the hook for thousands of dollars worth of repairs or maintenance should anything go wrong in the space you occupy. A good broker will help you avoid such trap terms as well.
To Wrap It Up
As mentioned earlier, an office lease can contribute to killing your startup before you even think of making necessary expansions. The amount of liability is huge with a traditional office space. A useful tip to consider is to consider some of the shortest lease terms deals possible. Or you can try coworking! Whether if you are a solo founder who just needs a desk or a small startup seeking a private office, or a corporation needing a satellite space, we might just be the perfect choice for you.
Choosing Treehouse Society means that you can save time thinking about office space for your team and focus on what you do best. Take a tour today!
Sometimes the difference between a good coworking space and a great coworking space is all about the community and relationship. This is essential for fostering a good working environment for everybody.
Knowing fully well that these different sets of individuals who work for different organizations are in the same space as you require some extra effort to bond. So, how do you make your stay in that coworking space work? Highlighted below are five ways through which you can bond with your remote coworkers as a remote worker:
Communication between you and the other members fosters for improvement in the level of privacy required for your respective jobs. You can easily work up to your fellow members to discuss issues that could be affecting you from their actions if the avenue for communication has been created.
You must attend these coworking space activities to create and maintain the bond between your remote coworkers. These activities which could include exercises, extended invitation to their organization programs, mental health activities, and so on may also be useful to you.
This method of increasing the bond level that exists between you and your other remote coworkers might develop into an unexpected friendship. Your meeting could be at the activities organized by your coworking space or at an invited company retreat.
Through conversing, you might discover others who share your passion or have similar interests as you do. It is a good medium to network and improves your field of knowledge. Through this medium of bonding, there could be a collective structuring for a better corporation in the coworking space.
A coworking space can be the best place for you to work in if you like a community. You should try some of the points highlighted here to help you improve the bond that exists between you and the other members. Our kitchen in Treehouse Society is always a perfect place where our members enjoy coffee or lunch together and share updates of their creative journey.
It is important to arrive at your destination as quickly and as safely as possible. Thankfully, we have navigation systems that you can easily download on your iPhone and have on you at all times. It is also very crucial that the map apps you are accurate and have features that will make your journey easier. Here are a few of the best map apps you should consider using: