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.
Have you been bootstrapping your company? There are many ways through which you can bootstrap your business for your valuable resources and finances. It is one of the easiest ways to get started with your business if you have had savings. Of course, there were other examples such as Tim Ferriss, who used his credit card debt to bootstrap his business. However, only do the credit card option if you have a tremendous amount of confidence in your hustle and your new company. However, as your business grows and scales, you should probably consider injecting fresh capital into it.
This process takes time. You cannot raise your money and business funds the very next day you have started your business. You need to be patient enough and give time to your business. You need to make sure that you think about the long run of your company. And that is why you need to read every clause to ensure the policies. Make sure that you follow the below-mentioned tips to maintain your patience for fundraising and bootstrapping.
Tips for Maintaining Patience for Bootstrapping and Fundraising:
As fundraising and bootstrapping is a challenging part of businesses. Therefore, a high level of patience is required at every step of the business process. You may find it challenging to convince investors to fund your business. This is because investors look for well-established companies to invest in rather than taking a risk by investing in unproven startups. Therefore, ensure these tips and maintain patience.
Align With the Investors:
Always make sure that you align your business with the right investor. You might find an investor even after months or years but maintain your patience. Do not stress out. Give time to the investors to think about your company as well. After all, you don't want to appear too desperate and codependent.
Do Not Get Frustrated So Quickly:
Now that you have a business to grow, try to manage stress, and your level of frustrations. This is because you might make a wrong decision or deal if you are stressed. Give time to analyze the investor and then make a final decision.
Always Set A Clear, Focused Plan:
You must set a focused plan before starting with the fundraising process. This will help you to convince your investors and set a positive impression on the venture capitalists. Do not just make a deal with anyone who offers. Take time to make the right decision.
Set Achievable Objectives:
Always set realistic and achievable goals. Always talk about the future objectives clearly with the fundraisers. This is because the fundraisers are mainly concerned about the future profitability of the company rather than the current state.
Never Over Promise for Anything:
This is one of the biggest mistakes that company owners make by being impatient. Only promise about those outputs that you are sure about. Do not over-promise on things that you cannot deliver on time.
You cannot achieve all the goals and objectives together. You need to be patient and try to focus on one goal at a time. Be wise to choose the right fundraiser. The right funder will appear given time and patience.
To reduce your burn rate while maintaining your patience, cowork with us! Check out our space by scheduling a tour today.
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.
Experiments for startups are necessary in the fast-paced world. Experimentation requires business owners to be open-minded with the results. The results will then suggest what to do for products, marketing, customer engagement, just to name a few. It helps business owners to set their planners by establishing relevant goals and then follow them smartly. These experiments in startups allow them to run at low costs and stay agile.
As businesses are short of funds in the initial days, that is why these experiments are the best solution. These experiments should tell you who your customers are and what do they want from you. You get to know their needs, which will give you an idea of what to produce next. These are the basics but pivotal to running a business.
That is why we will discuss some reasons why experiments make startups cost low. Experiments will also help you to understand your audience and derive the right insights. These are the reasons why you should run experiments with everything you do:
Reasons Why Startups Cost Low:
Inexpensive experiments that are employee-driven tend to be more innovative. These experiments bring positive outputs and establish the company's position. Results also convince many investors to fund the business to that some real action can take place.
Get to Know the End Users:
You might have started your business, but you are still unclear about who your actual end-user is. This happens with most of the entrepreneurs. They fail to understand their final customers. That is why these experiments include such activities that tell you more about your end-users. These experiments are low cost, but they are building the roots for your business.
Provides an Understanding on how to Invest Innovatively:
Businesses always figure out expensive ideas on how to invest innovatively. These ideas, at times, fail due to a lack of information about the real market demands and emerging trends. That is why low-cost experiments help entrepreneurs to invent habit-forming products that generate a high level of need among the customers.
Generate an Insight to Work On:
Without insight, there is no purpose in the business. Insights can never be driven out by investing a huge amount of money. You can only figure out insights by ensuring low-cost experiments. These experiments tell you to capture the need and then work on that. They give you an idea of what can be the next emerging need of your customers.
Always Make Improvements to Grow:
The inexpensive experiments also tell you a way how to grow. They tell where you went wrong in your implementation process. You can easily correct yourself by making rapid improvements. You can only get to realize if you conduct a small experiment before the final launch. That is why businesses always test their products before launching them to the end customers.
Experiments are never a waste of time for your business. You might think like that, but you do not realize that these experiments set the basics for your business. That is why experiments are the most important part. If you have zero knowledge about your customers, then there is no use of your business objectives.
Brand differentiation is a way for a business to be recognized in their field. A company could easily stand out at the top because of its unique and differentiated products, as well as its value proposition. However, another company could be playing on cost rather than implementing product differentiation. Managing your cost is important, but it doesn't promise you consistent growth if you are in a perfect competition market. This is because sooner or later, there will be a competitor that would offer a price lower to yours. Cost and product differentiation are both important in any industry. You must try to experiment with your products to ensure you provide the most unique and cheapest products in the industry.
Why Is There A Need For This?
The world is changing at a fast pace, and consumers are continually looking for unique products for their lifestyle. The first thing a company should look out for is its consumer. You have to satisfy your consumer or else your products won't be around the market for a while. You should work on how to better serve your customers rather than squeezing every nickel and dime for yourself. However, companies are reluctant to bring in change, especially the older ones and they are too used to the way they do things. Customers would rate those older companies as an innovation-less company. They would not buy your products for the future and this would defame your company.
You Lose Customer Following:
In the worst scenarios, the company might lose its followers. This is a dark phase for the company. As this time era is all about your reach, losing following pushes you in the back of the line. If you are planning to bring in changes in product for the future, you would have a negligible audience to promote that change. As the customers would still consider you with zero innovation, this can damage your current and future growth.
Less Differentiated Products Are Prone To Be Replicated:
Do you really want to be basic? Of course, we all believe in the comfort of being basic, but you and your company must get out of the comfort zone to grow. That might mean stop being basic! Being a basic company with basic products means competitors that easily can replicate your products. Because you are not habitual of bringing in frequent changes to your products, they are easily copied. Competitors can replicate the parts of your product and can find them at lower prices. As they would be paying lesser than you, this would cause them to have a lower cost price. Since you aren't backing your higher rates than them with innovative products, people won't buy from you. You lose your market share and profit just by practicing the routine items for several years.
Experiments Lead To Innovations:
This phrase is very true when you are experimenting with your products. A planned experiment would help you to identify what changes you can bring to your product as well as how to potentially lower your price to stay competitive. This would add distinguishing features for your product. No matter how small these features might seem, they are for sure noticed by customers and considered whenever they make a purchase. Even if you don't end up getting an innovated product, there would be learning for your next try. You can put these learnings in your next experiment and end up getting an even better product than this. So, you must never stop experimenting even if you fail, as this would at least help your learning.
It is 2020, a new year, a new decade, and maybe time for a new career for you! Although the grass always seems greener on the other side of the fence, it is not a piece of cake to start a company. Every step needs time to work in the right manner. Not only is it a challenge when you are not able to find the right investors for your business, but it could also be a challenge assembling the best team. You need to implement your expertise at every stage because every stage is a challenge. But no worries, it is normal as the initial days of the business are why you might face a lot of difficulties. It would be best if you were smart enough to use your expertise and knowledge at the right time. At times you even have to face a situation where you do not know the best way to be chosen. For this reason, your accumulated knowledge will always be the best solution.
Knowledge is Always the Key to Success:
To be active or be dead? That is the one question you must ask yourself daily. Some people spend all day watching TV instead of learning new skills. But have you ever thought that would this be beneficial in the long run?
Well, at some point, this perception is proven to be wrong. For example, Malcolm X was arrested at the age of 19, and instead of wasting his time in prison, he chose to stay alive and educate himself in the prison library. He could've been dead and do nothing instead of learning, but he chose to study, which exposed him to learn how to read and eventually even start a movement.
If you want to be a knowledgeable business owner, then you need to understand the importance of getting knowledge. You need to understand how knowledge can make you a skillful entrepreneur. Especially with the world-changing at such a rapid pace, you need to stay alive and learn new skills daily and be adaptable.
Be Skilled and Use Your Expertise:
It is important to be a highly skilled entrepreneur. You need to show your expertise at every step to face all the challenges. One of the biggest and the common mistakes that most entrepreneurs do is that they do not implement their skills at the right time. Many entrepreneurs were experts in a field before striking out to start his/her company when the realization of the potential for a tremendous change for the industry crosses his/her mind. This is why it is ok to be an expert in a field before starting a company as no one knows a field better than the experts in the field.
Build And Grow As Much As You Can:
Never miss an opportunity to grow. You are always presented with hundreds and thousands of opportunities. You need to be vigilant enough to figure them out. You need to build a strong trust for your customers. Especially if you own online business, then trust-building is extremely crucial. You should also spread your audience and grow them as much as you can. Always remember, the higher the reach, the stronger is the brand awareness. Your expertise in communication skills is a must.
Your level of expertise can make you a successful business owner. You just need to implement it in the right manner. It would be best if you determined your potentials to grow yourself. Remember, if you are dead if you stop growing
REFERENCES AND CITATIONS:
Although Google might not be the best thing that has happened to your privacy, Google Adwords could still be a gamechanger for your business. Google still has a huge market share in search engines. You definitely want your business to come up after your potential customer searches for it on a search engine.
You may have heard of Google Ads and know a little about how it can drive more customers to your products/services, but you still hesitate to use it because it seems difficult or unfamiliar. This article will walk you through the nitty-gritty of putting your business on Google Ads and bring you one step closer to more sales, more leads, and more web/app traffic.
Before we get our hands on, let us grasp a basic understanding of the structure of Google Ads. In Google Ads, a campaign is where you hold all your ads for a specific group of products/services/pages with the same goal. For example, you want to increase the traffic of individual pages of your website; you should put the ads for these pages under the same campaign. Under each battle, you can create different ad groups. An ad group is where you host the ads for the same or similar products/services/pages. One ad group usually contains at least three final ads and dozens of keywords to serve for the final ads. You want to make sure that the products in the same ad group are similar to each other, so it is much easier for you to tailor the keywords and ads to fit the products. In a nutshell, there are three layers in Google Ads: campaign - ad groups - ads and keywords.
After we gain a big picture of Google Ads, we can start to work on your first ads on Google Ads now. First of all, you need to have your own landing page(s) ready to land your potential customers acquired from Google Ads. People who see and click your ad on Google will go directly to the landing page you assigned to that certain ad. After you have your landing page(s) on hand, go to the Google Ads homepage (https://ads.google.com/home/) and click the “Start Now” button. Input your email and your website URL. If you do not have a website, you can use your landing page(s) instead.
If your email is not Gmail and you do not have a Google Account, you will be asked to set up your Google Account first (shown below). If you have a Google Account that you want to associate with your Google Ads, you can click the ‘Sign In’ to log in to your Google Account.
After you set your Google Account, you are ready to choose the budget for this campaign. Remember that you are only charged when someone clicks your ads. You can start with a low budget and see which ads and keywords are performing well and invest more gradually.
Then you need to select the location, network, and keyword to reach your target audience. The location ranges from local to worldwide. If you are a local business, you probably wouldn't want the global option to waste advertising budget. The network decides whether your ads will only be shown under Google search results or also be shown in Google partner’s sites. In the keywords section, you can come up with some keywords that your target audience would use to search for your products and products similar to yours, or keywords that best describe your product/services/pages. You do not want your keywords to be too broad and general since this will attract many visitors who are actually not interested in your products but mistakenly click your ads and cost you money.
You can leave the ‘Set your bid’ part as it is. For the fourth section, you need to brainstorm your headlines and descriptions for your first ad. Remember to include one or two keywords in your headlines. You can see the preview of your ads on the right side in real-time.
Congrats! This is the last step!
Once you have finished all these, you can save and continue to the payment page. After that, you can access your Google Ads account and start to play with it.