What are the viable options to start, self-fund and develop your startup venture? There are different funding options to raise startup together with online money making ideas to help individuals know how to earn money online. Through these online business ideas, entrepreneurs have higher chance of making money fast and easy.
All successful businesses started small and now earning big bunch of money. Different business models like online business has great potential and can be easily funded through different strategies..
How to setup your startup tips : 7 Actionable Tips to Follow When Setting Your Startup
How to setup your startup is no easy task, but LuoVita listed some tips when setting up your startup. As an entrepreneur, it is natural to put your blood and sweat into it especially if you are eager to make money fast and easy. That’s all part of online evolution. At the beginning, you simply have an idea and some creativity on how to develop it. Yes, money making ideas are really exciting.
Stamina, patience, and endurance go a long way in setting up a strong base for your startup. But these qualities in isolation are not enough.
You need to formulate strategies that can effectively save time and money, thereby launching your startup in the best possible manner. Here are some tips that could benefit you:
How to setup your startup tip #1 : Recruit good freelancers
Startups need good content and features on their website especially if your business is very much dependent to online engagements like advertising business through internet marketing. For this, you want to hire efficient freelancers who can enhance the appearance of your company’s website or you may read some resources about how to start a website and how can you make money online.
Full-time writers and web developers can be expensive and considerably weigh on your budget.That is why professional freelancers are a better option. Not only do they save sizeable expenditure but also help advance your project in a meaningful way which I think is one of the best way to invest money.
In this manner, your startup can have experts in various fields, which will help add credibility to the company where you can make money over the internet.
How to setup your startup tip #2 : Choose automation where possible
You may want to choose automation in the spheres where possible as it will enable you to accomplish more. For example, if you want to build a home business to make money online, you will undergo a very long process and there are systems offered to help you automate.
Automated regulation instead of manual controlling can greatly reduce the hassles involved in management of your startup. Once you identify the parts of your company that can be automated, you want to invest in marketing assets that will build the automation.
For example, if you seek to develop email automation, you want to write the message templates and build the required assets then you may already start reaching online advertising market.
How to setup your startup tip #3 : Network with customers and influencers
Building your presence is necessary for startups through advertisements such as online ads and other physical promotions. Interacting and networking with the right people can work miracles in setting up your startup. This is how online advertising market work. People who wants to make big money online are experts in using this strategy. You may want to use face-to-face networking or direct interaction with influencers in your company’s area of specialization. Your network can also determine your success, because broader network ha higher potential of getting more customers and earning big money.
This will help you connect with influencers, whose good word or opinion can go a long way to promote your startup.You also want to reach out to your target audience in person, through flyers and brochures as well as social media platforms.
Crowdfunding or crowdsourcing to raise money to start your business is also a good idea. You could use a crowdfunding site to generate the necessary funds as well as create awareness and involvement among your donors/supporters.
How to setup your startup tip #4 : Focus on social media platforms
Effective use of social media can bring a lot of earning to your business. Social media also has immense potential to spread the word about your startup. Hence, social media platforms need to be capitalized on effectively. Social media is one of the best way to invest money when you want to make big money online.
Quotes about success : Effective use of social media can bring a lot of earning to your business. Social media also has immense potential to spread the word about your startup. Hence, social media platforms need to be capitalized on… Click To Tweet
They provide a good interface to display information about your company, the range of products or solutions offered, the mission and vision, and so on. Moreover, since the Internet has no regional boundaries, social media platforms can enable you to publicize your startup to people across the globe. A lot of social media influencers really make money over the internet.
However, trying to master all social media accounts could be challenging. This is because a full-time team, which can manage multiple social media accounts, is generally absent in startups due to the limitation of funds.
Hence, you may want to concentrate on just one social medium at a time. Only when you have a strong following for your brand, move on to the next platform.
How to setup your startup tip #5 : Strike a balance
You’ll have a long list of task in setting up your startup. You can definitely make money when you well execute your plans and done timely.
However, it is easy to get overwhelmed by various things that need to be done when bootstrapping your startup. You tend to feel pressured by all the work that’s in front of you especially if you are bounded to make money working online.
It is important to strike a balance and put the various aspects of your work in perspective.You may want to set milestones for your startup, track your business regularly, and revel in even the small achievements you make.
Hence, there is a need to strike a balance between various activities. You do not have to be too hard on yourself but need not be too laid back either. Hence, it is important to prioritize the various items on the “to do” list and balance accordingly.
How to setup your startup tip #6 : Add value to your startup
As you start planning for your startup, you will also think about how long do you want to be in business and of course you want to add value to your startup so that it is looked upon as a reliable resource in the market.
For this purpose, it is a good idea to regularly write a blog. By actively participating in blogging, you can establish yourself as a thought leader and increase your startup’s online searchability.
It is also a good platform for pitching new ideas and opinions and receiving immediate feedback in the comments section. Though blogs are time-consuming, great content in a blog provides huge upside potential to the future of your startup.
This is because good blogs effectively earn the trust of the target audience.
How to setup your startup tip #7 : Be different to stand out
Stop working so hard to fit in, because everyone has the chance to standout. You will make the identify of your startup, identity that people will recognize, patronize as you aim to continue doing the business and have financial freedom. A lot of people are venturing to build a home business to make money online, there’s so much competition.
There are lots of startups out there and you need to make a mark. So, it is important to be unique for all the right reasons. Your product range needs to have some distinct characteristics that differentiate it from other similar products in the market.
These could be the features, the make of the product or its utility. In other words, the product should strike the target audience as unique. This will enable the company to make a strong impression, thereby helping to set the startup successfully.
You want your startup to stay not just for tomorrow or the next few years but forever. Hence, to create a business of permanent impact, there are various aspects you need to consider.
The aforementioned, seven tips can significantly help establish your startup in the long run. The American author and motivational speaker Zig Ziglar once said, “Success occurs when opportunity meets preparation.”
It drives the importance of the small but necessary preparatory steps that all of us, especially entrepreneurs, need to take to soar up to the sky.
You may also want to read
In venturing startup, a good question to ask is “Where to get your business funds?”.
You might have a great idea for a new startup business, but the thing is, getting your idea off the ground isn’t as straightforward as a lot of young entrepreneurs think it is. It is not that simple as wanting to make money fast and easy.
In spite of having a solid business plan, a sound marketing strategy and a host of other details in place, a lot of your time will probably be spent on thinking about the ways to fund your new venture.
Since, money is the bloodline of any business, it isn’t a surprise that in the initial launching phase of startups all entrepreneurs come across the common question of “Who is your investor by the way?”
And, investors are not at all interested in funding your idea or your brilliant business plan. What they are looking for are startups with a proven product/market need and a demonstrated evidence of the founder’s ability to run, grow and sustain a business.
Indeed, it is a big challenge.
Although, the kind of funding you require depends largely on the nature and the type of your startup business, there are many viable ways by which you can raise a capital for your idea and give it the foundation of a business.
5 Viable Options to Self-Fund Your Startup Business Venture
5 Viable Options to Self-Fund Your Startup Business Venture #1 : Bootstrapping
From the popular idea of individuals “pulling themselves up by their bootstraps”, comes the word “bootstrapping” also referred to as “self-funding” in the dictionary of entrepreneurs.
To put it simply, Bootstrapping refers to the various methods that entrepreneurs can use to fund their startups without outside help, like either taking small business loans from financial institutions or going hat-in-hand to rich investors. How to invest money must intelligently considered to have a better future for your startup may it be an online home business to make money or others where you can make money online.
From the definition itself, it is obvious that there isn’t just one way of bootstrapping. Bootstrapping can offer entrepreneurs opportunities to be creative and flexible in funding their own business on their own terms.
It gives you the freedom of improvising by bringing together a variety of revenue streams in order to give your startup a stable financial foundation.
Building a company from personal savings can save you the trouble of additional stress which comes from borrowing the money from outside. To add to the pressure of building a successful company, there is a constant tension of repaying the loan back and what will happen if you can’t repay on time.
With self-funding, all these probabilities and possibilities go out of the window and you can also enjoy larger profit margins by avoiding dilution, that you would have otherwise.
5 Viable Options to Self-Fund Your Startup Business Venture #2 : Crowdfunding
If your startup is gaining some sort of popularity, both among investors and potential customers, you can give a shot at this method of fundraising. In layman’s terms, crowdfunding is taking a loan or contribution or an investment, from more than one person at a time. Influence your potential crowd on how to invest money and slowly convince them why investing their money on your home business is a good investment.
This is how it works:An entrepreneur puts up a detailed report on the type of business he or she is planning to begin, on a crowdfunding platform. From what are the goals of this business, plans of making profit to how much funding is actually needed and for what reasons, everything is put up meticulously, in an understanding way in front of the consumers.
Now, if they like your idea, they will give the money; as simple as that. The people who are thinking of funding your business, have to make online pledges of pre-buying your product/service or giving you donation.
From the crowdfunding platforms, anyone and everyone can contribute for any business if they believe in the core idea of the business.
The added advantage of crowdfunding is that apart from raising funds, it can also generate interest for your startup and can contribute directly in the field of marketing for your startup.
This way of fundraising can cut out professional investors and brokers from the chain by putting the power of funding in to the hands of common people.If you have a successful campaign on the crowdfunding platforms, down the line, you can even attract venture capital from financial institutions.
5 Viable Options to Self-Fund Your Startup Business Venture #3 : Angel Investors
Investors with surplus cash and a keen interest of investing in to upcoming startups are in literal sense called “Angel” Investors.Mostly these investors work in groups or networks so that they can collectively consider the proposal before investing the big bucks.
Alongside capital, these investors also offer mentoring or advice on which are the probable ways, suitable to your business, you can go by to make it reach the height of success.
As you can see, there is outside interference in this method of fundraising.Leave alone the mentoring and the advice that you are going to receive from others, these angel investors have a knack of taking risks in investing where they see a higher return and therefore, at the very early stage of your business growth, they expect as much as 30% of equity.
Although, many prominent companies like Google, Yahoo and Alibaba have received help from angel investors, this method has its fair share of flaws too. A thorough research along with a strict scrutiny of terms and conditions is necessary, if you are thinking of bringing down the “Angels”.
5 Viable Options to Self-Fund Your Startup Business Venture #4 : Venture Capital
Venture capitals are professionally managed funds which get invested in companies, who have huge potential.Investors who provide venture capital deal with business in a very simple way.
They invest in a business against equity and take the exit door when the business gets an IPO or an acquisition. VCs provide expertise and mentorship, and also act as litmus test of where the organization is heading, by evaluating both the sustainability and the scalability of the business.
Small businesses that are beyond the startup phase and are generating revenues, can actually benefit from venture capital as here the bets are high. Fast-growing companies like Flipkart and Uber have already earned millions of dollars by having a well-thought out exit strategy in place on how to invest money and now they can invest that money in networking, investing and in growing their company quickly.
VCs typically invest in companies that are a bit more stable and have a strong team of people along with good traction. This is because they are not looking for a loyal relationship with your business, but their only concern is how to recover the investment within 3 to 5 years.
So, if you are still at the building stages of your startup, this might not be the right option for you. Again, if you don’t like to give up control and are not interested in receiving mentorship, venture capital is not the way to go.
5 Viable Options to Self-Fund Your Startup Business Venture #5 : Bank Loans
Banks are the established financial institutions where entrepreneurs go in the first place to finance their business.
There are two types of financing which the bank provides for any business. Working Capital Loan and Funding. The loan which is required to run one complete cycle of revenue generating operations is known as Working Capital Loan.
The limit gets decided on hypothetically evaluating stocks and debtors. On the other hand, funding from bank involves the usual process of sharing the business plan, the valuation details, the project report and based on all these parameters, the loan gets sanctioned.
These loans normally fall under the category of SBA (Small Business Administration) loans or SME (Small and Medium-sized Enterprises) Finance and are offered through various programs which have lower interest rates and plenty of other manageable options.
Bootstrapping, crowdfunding or going to the banks—raising funds for startups means different things to different people.
If you have a fat bank account, you can go for self-funding. If you have some rich relatives or friends with good intentions, you can ask them for the funds, obviously if they are willing to invest. There are even some good contests held by several brands that can help you raise the money for your home business to make money online or any other businesses where you can really make money.
You can enter a contest where you have to sell a product and a business plan and if you win the competition, the brand will invest in your idea. There are also “Pitch Contests” where a good pitch can attract a good investment.
If options are few, you still have got the banks with different financial schemes. If you have a big house, putting it to rent for some months can also help your cause.
So, there is a whole plethora of borrowing options and you simply have to choose which is the easier and the best way for your business to grow conveniently and responsibly.
Also before I forget, we prepared a course that permits to test your Idea before implementing, this will save you a lot of time and FUNDS !
The Benefits of Crowdfunding to Entrepreneurs
There are surprising benefits of crowdfunding that we will revel for you. As an entrepreneur, you want to translate your idea to reality in the best possible way. However, entrepreneurs are often pressed for funds. In building a home business to make money online may require big capital.
This is where crowdfunding plays a major role in supporting your dreams and making it possible to reach out to customers with your plan. It is essentially a useful means of enhancing your business.
What is crowdfunding?
Crowdfunding is mainly about persuading individuals to donate a small amount (it could be $10, $100, or maybe more). Once you get thousands of donors, you have a good amount of cash in hand to fund your project or your home business to make money online.
This has all become possible in the recent years due to a burgeoning of websites that enable businesses, non-profit organizations, musicians, and artists to raise funds.
The benefits of crowdfunding for an entrepreneur are as follows:
1. Compels you to revise your idea into a well-formulated concept
Before approaching others for funds, you need to have a polished, tested concept instead of just a rough idea. You want to properly develop and prove that you have something that is truly innovative and worth the people’s money.
Hence, crowdfunding forces you to properly plan out the details of your idea such that it is a convincing concept. In a way, crowdfunding acts as a catalyst for your business ideas. It helps you put off procrastination and formulate your idea into a perceivable, workable plan.
2. Pools the necessary funds to make your dream a reality
It is no secret that every great idea requires resources to become a reality. In the times before crowdfunding, entrepreneurs had to tread a difficult path to attain funds.
Their methods included borrowing money from family members and friends, using their own savings, applying for business loans from banks,searching for grants, and pitching their ideas before venture capitalists.
Crowdfunding, on the other hand, ensures the collection of funds with the support of an involved community. It also enables a speedy launching of your idea into a profitable business that can make money online or in different business model.
3. Helps build a group of loyal customers
An effective crowdfunding project automatically brings for you a loyal group of customers. These people believe in the potential of your idea and are advocates of your innovative concept and ideal lifestyle.
This would not have been possible had funds been arranged by any other means. The group of supporters helps you to start or continue to grow your business, which enables you to effectively become successful.
You can actually count on these customers for boosting the prospects of your product and company.
4. Gives valuable insight from customers
One of the advantages of crowdfunding is that as an entrepreneur, you get a lot of valuable insight from your group of supporters and fans. Since they are personally and actively engaged in your product due to their own investment, they freely express their ideas and inputs.
These. are extremely useful as they widen your scope as an innovator. You can revise and refine your idea such that there is a best possible outcome. It enables you to implement your idea to create the maximum impact.
5. Validates your idea effectively
If you have a novel idea but do not feel sure about how it would fare in the market, crowdfunding effectively helps validate your dream. From the number of supporters who are willing to fund, you get an estimate of the size of your audience as well.
Hence, crowdfunding helps to infuse you with courage and confidence, which is a positive factor in the long run as it gives the willpower to push forward. Many supporters often pre-purchase the product, which affirms the feasibility of your idea.
6. Generates quick publicity about your idea
Crowdfunding can introduce your ideas to fans from around the world. This greatly increases the market potential for your product and contributes to an effective campaign that can generate or make money online.
Crowdfunding, in other words, helps generate awareness about your idea, which is of immense benefit in promoting your product. It paves the way for thoughtful marketing and an engaged audience.
Your idea or concept gathers the much-needed attention, which can help increase your target audience exponentially.
7. Brings a greater number of investors
Crowdsourcing generally garners more number of investors compared to other methods of gathering funds. Earlier, entrepreneurs were likely to find only a few investors interested in their company.
The latter were willing to invest a considerable amount of money in the home business to make money. In other words, you had a smaller audience with high stakes. Crowdfunding, however, is the binary opposite.
You don’t need to find wealthy investors and decide how you are going to impress them.All you need to do is find like-minded people who can donate a small amount of money each.This is relatively easier to do with the help of the social media.
8. Enables investors to see your company grow
In case of crowdfunding, investors can directly interact with their counterparts from other parts of the country or the world. They can also see how much money has been raised and how it is being used by you as an entrepreneur.
It can be difficult for an entrepreneur to get the ball rolling and retain the faith of investors. However, in crowdfunding, investors can see for themselves how the money is being utilized. Hence, it facilitates transparency between entrepreneurs and investors, which is useful to the former for gaining trust and credibility.
Crowdfunding, therefore, makes it possible to pitch a business plan to the masses. Entrepreneurs do not have to be subject to the caprices of benevolent individual investors or bank loan officers.
It not only provides your business with the required cash, but creates a customer base that feels as though they have a stake in the business’ future. Overall, it is a boon to the modern-day entrepreneur.
A Step-by-Step Guide to Forming the Right Team for Your Startup
When venturing new business, one should have a great team working on it. Let us help you by giving you a guide to form the right team for your startup.
This old African proverb has its own significance in today’s Startup culture where a troubling statistic is that within the initial 3 years of launching, a whopping 92% of all Startups fail because they simply don’t have the right team.
This is basically part of online evolution. A lot of things change with time and Startups must know how to adapt quickly to this change.
“If you want to go fast, go alone If you want to go far, go together”
“If you want to go fast, go alone If you want to go far, go together” Click To Tweet
All entrepreneurs know the fact that for every startup success story, there are probably a thousand more that never make it out of the garage and although there are many reasons why more than 90% of Startups burn out, having a wrong team is 3rd among the top 20 reasons why many startups do not turn into a successful and sustainable business.
Having a customer base along with a thoughtfully documented business strategy to take your brilliant idea to them, that will solve their problem, is just not enough as you need the right people to make your dream a reality.
Be it a startup or an already established business, the people you choose to work with have the ability to either make or break your business. And nobody who has ever scaled a business from the ground up did it alone. In fact, there is no such thing as a solo entrepreneur.
One thing you need to remember is,Entrepreneurial success never comes from conceiving a brilliant idea as the people whose needs you are looking to cater to have no interest in your idea. They only want to see the end result which comes from the founding team’s never-say-die attitude and relentless execution.
To have a successful startup that will at least be 10 times better than your peers in a highly competitive and volatile market, in terms of impact, the composition of a founding team along with the hires is crucial.
While synergy among the founding members is important, diversity within the core team is also critical. The successful startups are those who find the accurate balance between the two which turns their dream into an award winning established business.
And it goes without saying that in the initial stages of your startup, when you are already tackling a lot of challenges, coming across a lot of hurdles, being surrounded with like-minded people who have the guts to take on the challenges head on and come up with innovative and creative solutions, is a blessing upon you.
Or else, you have to put out fires at every step of the way all by yourself and this will surely kill your aspirational entrepreneurial dreams.
Before going into the nitty-gritties of how you should go about choosing the right person for your startup, there are some strategies that you need to think of beforehand that will take you a long way in giving you a clear idea about team building exercise.
Let’s look at every startup, irrespective of the industry and the market it caters to, through the lens of the sports industry.
If we consider the breakdowns of a successful sports team, we will find the following:
- There is an inspired coach who has a world class plan to be No. 01 in the championship
- In order to achieve this dream, he has recruited, trained and motivated skilled athletes
- The athletes have more than willingly set their egos aside for the good of the team
- Working in harmony with a single purpose and dedicated effort, the coach together with his players achieve greatness in their sport.
Now, if we look at how this successful sports team operates, more or less we will find the following:
- Every team member has a role assigned to them, which is their primary concern
- Every team member is accountable for their own performance
- Every team member is trained to adapt to switch up the play as the game changes
- Analysis on opposition is a vital part of training
- Nobody loses sight of the driving force that is winning over opposition
If you were wondering before about the similarities between any business and the sports industry, I believe by now, you have got your answer.
All the above principles apply to any business, where to be successful you need to have a wonderful team and you need to put them in a position to succeed.
All the above principles apply to any business, where to be successful you need to have a wonderful team and you need to put them in a position to succeed. Click To Tweet
- Every person in your team should bring a new set of skills to the table that you or your company would miss otherwise. Dissimilarity in terms of personality and expertise among different members, if not completely polar, is a blessing that needs to be cherished.
- Everyone should not only be focused but hyper-focused on their particular roles. Team rapport is no doubt important, but it won’t come together if people are not performing on an individual level.
- You and your team members together should have the necessary skills and flexibility to deal with the ever-changing landscape of business. If you do not have the ability to cope up with the trend, soon you will be left out of the competition.
- The driving force of each of the team members should be known to you. If you know what drives them, you know which button to push that will get the best performance out of that person.
The bottom line:
A crystal-clear strategy before hiring anyone is imperative in order to achieve what you want to achieve with the hired individual.
When you have a sound strategy in place, let’s look at the things to be kept in mind when forming a team for your Startup.
Start with You
Self-awareness is the foundation of anything and everything good. It may sound as cliché as it is but when it comes to forming the right team for your startup, this is the adage you should not only go by but also, live by.
Self-awareness is the foundation of anything and everything good. It may sound as cliché as it is but when it comes to forming the right team for your startup, this is the adage you should not only go by but also, live by. Click To Tweet
High self-awareness leads to better team performance when it comes to decision making, co-ordination and conflict management and therefore, the formidable team you are looking to build starts with you and only you.
It is obvious that you do not possess every skill that it requires to scale up a startup and so, it is important that first you evaluate yourself, objectively.What is your specific skill?
What are you a master at? What is it that you lack? What are your values and beliefs? What is your personality? Take all these things into consideration.
Until and unless you are clear about yourself, you should not start thinking about your team. Think what you are great at and then find the competent people to take care of the rest.
Once you are sure about the things that you are going to bring to the table, you can identify the positions where you need people to keep your startup running successfully.
Before hiring anyone, think and settle on the departments that you want your startup to have. Think about the decisions that you need to take to keep the departments functioning and also think about the distinctive elements that you are thinking of bringing to each of those departments that will make your startup stand out in the crowd.
Put pen to paper. Write everything down in details to avoid any confusion and misconception. With everything written down, you know what you have and what you need.
If you are a technical expert, bring in a person who is a marketing wizard.People and their talents should complement each other in a balanced way and this balance is paramount as you do not want to hire five designers and only one developer.Balance is the cornerstone of anything successful—be it business, job or life.
So, identify the positions that you need people for, in terms of priority and achieve that perfect balance.
People who know the industry, the trends, the competitors, the market place, the customers, the products, the service, the trader and the investor are the people you need to make your business successful.
People who are surrounded with workers and managers from your field of industry, have years of experience with them who can provide you with vital information and deep knowledge and are more than willing to share what they know about the industry that can benefit you vastly.
With their guidance and wisdom on what works and what doesn’t, you can expect results that show high productivity and few mistakes. Inexperienced and unseasoned workers may have the passion that you are looking for but their inexperience in terms of solving a real-world problem can hamper you ambitions of achieving success.
When you are investing on something, it better come with guarantee of some sorts.
“Hire Slow Fire Fast”
This is a phrase that has been in use in the corporate world for a long time. Startups can interpret this as a quick way to get rid of people who do not buy into the vision of the company or fit in the company culture.
It is imperative that you take time to consider the people who you are bringing onboard. Not only hiring someone through thoughtless evaluation will cost you more as you will have to spend more time and money to look for the replacement, but also the poor fit will make a dent on your bigger picture as he or she will keep on making mistake after mistake.
All the above trouble can be simply avoided by spending a bit more time with the recruitment process. Once you have got a person in your team who is not making any contribution in terms of positive impact of your startup, you have to spend more money and time cleaning up the messes rather than focusing on growing of the business.
So, when both your personal and professional costs can be devastating, why take time to fire the bad hire?
Choose the Right People & Better, If You Know the Person
Although, there is no full proved formula or protocol that allows you to distinguish between people who should versus people who should not be hired for your startup, nevertheless it remains a gospel truth that you should choose the right people to make your startup a success.Now,Who are the right people? And how do you know they are the right people for your startup?
People who are motivated and committed, people who are free of any anxiety of failure, people who believe in your vision of success and people who are experts in their respective fields and who know how to play well with others.It is important that everyone is in the same boat and rowing in the same direction.
Get a deeper understanding of the different personalities that you encounter with during the hiring process. When each individual is different and requires a different approach, a greater insight into the personalities of people will help you know what is it that intrigues the man and what do you need to do to make them intrigued.Don’t just hire a person you dislike because of the presence of a specific skill that you fear will be otherwise absent if you do not have the person onboard.
It is amazing how some like-minded people can get together and find solutions to difficult problems, creatively, even if they do not possess the technical know-hows of the matter.
So, you don’t need that person at all.In the early stages of your startup, when delivery is crucial, hiring people you know will help you immensely as then, you don’t have to worry about everything if you can trust the team to work together and get the job done.When you have trust in people around you, you know that the end result which is beneficial for the customers, will be delivered to them in a way as efficient as possible and this will make you a lot more comfortable.
Bringing on new people can add important skills, but it will take considerable time to build trust in each others’ activities.
These are the basic principles that you should go by when hiring for your startup team but to give your great business idea a solid foundation, building your founding team with the right balance of personalities is crucial.
The right founding team could determine the path and the outcome of your startup and is more than important than any decisions that you make in the lifecycle of your company. It is the skills and the characteristics of a startup’s founder team that are irreplaceable and therefore, it is important to get it right at the very onset.
The founders have the ability to handle a situation as it comes and can make the startup reach the unscaled heights of success by taking it through several ups and downs.
Here are some tips to form your core founding team irrespective of the industry you are looking to serve:
Maintain Diversity & Avoid Homogeneity
It is no rocket science.All you have to do is picture a team in your mind which is similar in every possible way.
The team consists of people who have the same personality, who work the same way, driven by the similar things and all of them think the same.It is as boring as it sounds. There is no creativity and the team as a whole is a disaster.
If everyone on the team conforms to the same identity, there will be no new ideas and no new innovation as like strength, everyone has the same weakness and the same blind spots.There will be no one to check on each others’ performance and mistakes will be made.
To avoid devastation for your startup, build a team as robust in operation as possible.
The Prima Donna Genius, The Superstar & The Leader
These are the three musketeers that any startup board must have.
Let’s look at the role of each of these individuals: Every company starts with an idea and it is the idea of the Genius that everything else is built upon. If your startup is based upon your idea, you are probably that Genius, that diva.It is safe to say that when this Genius came up with the idea of the startup, he or she is the person who will challenge the team members at every step and ask for things that the others aren’t sure how to get done.
This person is filled with passion and is often considered to be the high-risk member of the team who is not afraid to try and experiment with new things.
The Genius is the dreamer and the visionary who brings drive, inspiration and excitement to everyday work. He or she will not only come up with the purpose of the company but also, will hold the organization to it.
The Superstar is the executer who gets down to business and accomplishes the task. A bundle of eccentricity, nerdiness and charisma who performs everything from ordering office supplies to keeping the entire network running.
The job of the Superstar is to pinpoint problems and articulate their solutions. Whatever roadblocks your startup encounters, to keep the dream intact you need someone who is good at highlighting only the positives that will keep your mission on the path to success.
The Genius and the Superstar can be the same person because adding the trait of performing crucial daily tasks, responsibly, to any person is nearly impossible.The Leader is a person who is the doer.
To achieve success, your dreams need to made real and the Leader has the expertise and the diligence to make your dream real by taking complete care of a project from the stages of foundation to completion.
The Leader lets others learn and grow by providing a culture of integrity, honor, self-reliance, innovation and camaraderie.People follow him, love him and will do anything for him or her.
Having a strategist on the team is a critical element to ensure prosperity.
When the Genius, the Superstar and the Leader are busy doing day to day business by making sure that the company is making money and the right decisions are being taken along with the delivery of the right product or service to the customers, keeping the employees happy, they fail to take notice of the ever-changing world of business.
It is not abnormal for them to lose grasp on the emerging industry trends and the rising competition. Therefore, to maintain and grow the business, there has to be someone in the organization who needs to be assigned the job of looking into the crystal ball and report on what he or she sees.
The strategist needs to research, comprehend and report on both opportunities and the challenges that lie ahead down the road.
Failing to have a good strategist on the team can be catastrophic to your company as you don’t want to find out waking up one beautiful morning that your startup has gone into the debris of expired businesses.
The Financial Expert
All successful businesses have an experienced and talented financial officer.
The importance of this critical role can never be overstated. No company ever survives without someone who understands accounting, finance, strategy and cash flow management. There has to be someone in the organization who can be trusted with funds, both received and dispersed by the company.
The person who has this key responsibility should know that the health of the company at every minute depends on the availability of cash and therefore, this should always remain at the top of his or her mind.
A good trusted relationship between the financial guru of the company and the leaders is mandatory which should be encouraged through regular meetings so that everybody knows where the company is financially and what must be done to sustain viability.
The Customer Champion
Last but not the least. The End Users.Your customer is keeping your company running by giving you the cash to count.
Since, your customers are the people because of whom you are earning a living, it is paramount that you have somebody in your organization who is purely focusing on users’ needs making sure that every contact point with the customer is as intuitive, simple and clear as possible.
User feedback is an integral part of your startup’s success and having someone who is attuned to the feedback and has deep knowledge about the demands and needs of the customers, allows your startup to improve continuously based on market research.
CONCLUSION A great company starts with a good team.
If you are the founder of a startup, you need to attract the best players with your vision and have them work together towards the common goal of winning.
If the players you select for the founding team or the hiring team do not buy into your vision, the milestone of achieving success through an established business will not only be a long way away from you but also it will be impossible to achieve.
People will only believe in your vision if they are themselves passionate about the job that they are going to do in your startup. If you match jobs to people’s strengths, building a successful team will be much less of a pain.
Giving people responsibilities according to their specific skill set will make them comfortable and they will enjoy taking the extra responsibility to produce quality outcome. Even when considering yourself as a part of the team, do not give your job position a fancy title until the skills required matches your expertise.
If you have the funds available, you can go for a professional recruiter firm instead of choosing your best friend who lacks the important skill to hold the position that you are offering to him. A bad decision in the stage of team building can be the pivotal point of either making or breaking your business.
Your job as a founder isn’t to reach the goal but build a team and be the ideal ringmaster who empowers the team to achieve something bigger than just reaching the goal. If you choose well, they will be successful and will make you successful as well.
If you take the strategies discussed in this article and apply them to your team building exercise, I assure you that the quality of team that you will be able to bring together will have an instrumental impact on your business, taking it from the ground to the heights of success.
Wondering how to improve your start up process?
Launch and Build Your Startup with These Effective Tools
Do you know that there are effective tools in building your startup?
The startup culture is all about taking your business from point A to point B, where A is the brilliant idea existing in the mind of the entrepreneur and B is the subsequent state where the brilliant idea is an established and secured business and it is making real money.
There is no doubt that the journey from A to B is tough, especially when you have a limited amount of resources at your disposal. This is part of online evolution as it helps entrepreneur achieve greater heights.
When you embark on the startup journey you do not know what to tackle first in your long list of problems.
Thankfully, today you have the technology to help you solving all those problems, taking care of all the necessary tasks that you need to complete at the initial phase of your journey.
Whether you are looking to incorporate your business or growth hack your startup’s press coverage, technology has some amazing tools for you. So, it is important that you take the right approach and if you don’t, soon enough you will realize that the competition is passing you by.
This post is about some of the best tools that are available in the market today that can help you build your startup and make your launch a runaway success.
The tool that you can use to know where to get the press coverage from.
Just launching your startup is no good if people don’t get to know about it. After building a great product that you have concentrated on for so long, it is time for you to gain the right traction. And to gain public acceptance, you have to focus on how to get your story out to the people. Comes in, the press.
Finding the press coverage that is right for your start up can be a difficult task if you do not know where to look for. Submit.co is an effective tool to help you with that.This is an online platform that contains a list of tech-related media sites sortable by Alexa Rank and the number of Twitter followers to help you get access to the best media outlets that can give you a great press coverage.
The list can also be sorted by the type of content, region and platform to narrow down your list and provide you with the media outlets that specifically deal with your kind of startup.
However, the online platform has one drawback. It doesn’t do all the work on your behalf as you still have to find the specific journalist contacts to give you the required coverage. Submit.co is actually a great starting point for your initial outreach that can save you a lot of time planning the first phase of your PR strategy.
A free searchable database to find specific journalists for your Startup.
It is a searchable database of tech journalists, which has hundreds of thousands of articles written by thousands of writers to help you find the journalist who cares and covers startups like yours. And it is as simple as entering a keyword.
After you enter a keyword, comes out a list of relevant writers along with the articles that they have written and their contact details. To see all the other features of Hey Press, you simply have to create an account and log in.
This is a smart way to start and run your micro business.
LeapIN is the online platform that brings together the complete set of functionality and tools to help you run your startup remotely from the very first day. It has all the necessary paperwork and bureaucracy that not only allows you to incorporate your business easily but also helps you to set up a bank account and start accepting payments from customers all over the world.
With LeapIN on your side, you don’t have to be a professional lawyer or an accountant to run your startup.If you have a global customer base, this is the platform for you.
Tax and guidance on the legal front can be a headache in the early stages of your startup life and therefore, LeapIN can be a great solution that can save you a lot of time and pain.
This is a platform where you can find a curated collection of growth hacking tools.Growth Tools is that curated resource list which offers you a robust set of tools that are meant to help you grow your startup.
Everything from smart analytics to content marketing optimization tools; you name it and Growth Tools has got it.This is a very useful platform as even the particular sections of the list can be filtered down to your specific requirements, which are present there as subcategories.
Even when you are not looking for more tools, an overall browsing of the site can give you some amazing growth strategy ideas that you haven’t thought of before. If you want your startup to achieve a rapid and sustainable growth, this is the best platform out there.
With this platform, you can create a viral waiting list for your product in just 60 seconds.A super simple highly effective tool built to help you create curiosity and attention during the launch of a new product or service.
You can simply create a widget which is essentially a waiting list with a built-in referral system, in a mere span of 60 seconds and embed it onto any web page.
The added incentive for future customers is that they get rewarded by getting higher up the queue, whenever they get their friends to sign up. This platform is definitely a must if you are planning to launch your latest book, service, product or you are planning to organize an event.
Good Email Copy
A platform where you can find email copies from great companies.Email is the most effective way to build and engage the customer base of your startup and good email writing still remains as one of the most difficult marketing tasks ever.
If you want to skip this tedious task, you need to have a look at Good Email Copy. The platform has a collection of emails from companies like Slack, Trello, Pinterest, Basecamp, Everlane, Eventbrite, Shopify and many more.
You can sort by tags like welcome, thank you, new features, billing issue, invitation, upgrade, etc. which makes it easy for you to find sample copies related to the particular kind of email that you want to write.
Using Signup! you can get text messages when users sign up to your product.If you do not want to keep some metrics analysis tool open all day to track which customer signs up for your product or service, this platform is there to let you know right away when somebody does sign up.A text will arrive on your smartphone as soon as a registration happens.
All you need to do is create an account and attach a snippet to your webpage. You can realize how helpful Signup! is, when you are busy with an important side task and you don’t have time to track customer acquisitions.
You can follow the health of your customer base in real time with this platform.
When it takes so much time to sort through contacts, figure out who to call and keep a track of user interaction, Salesmachine helps you alleviate the wasted time by telling you exactly which customers you should focus on by creating tasks and sending you notifications to keep you up to date on activity and health of your customer base.
With the ability to track your customers in real time, you can optimize trial conversions, upselling and churn reduction. It is basically a CRM that allows you to spend a limited amount of time on tracking and planning and the maximum amount of time on understanding and delighting your customers.
This platform is to keep all your documents safe and secure with you, anywhere you go.A smart thing that you can do for your startup is secure all files, documents and relevant content in one place.
But just making many copies of the same document does not make it secure as it only makes the process of protection all hodgepodge. This is where you can take the help of pCloud.
It is a data security tool that can help your startup manage and organize all the files and documents in a secured cloud storage space, keeping plenty of space on the device that you use.
The security system allows you to grant different permission to users who are trying to access your shared files which makes it very difficult for someone who wants to steal.
For more secured file sharing you can even set expiration dates on password and shared links. pCloud also offers encryption of sensitive information which you can have access to from anywhere at any time using either their desktop version or iOS app.
When it is a lot cheaper than other cloud storages out there, there is no reason for your startup not to use it.
This can be the online invoice software that you can use for your startup.Managing the finances can be a very stressful task when you are in the phase of launching your startup.
To help small businesses and startups manage their accounts and billables, developers have developed the platform of Hiveage.Not only it allows you to create elegant branded invoices, but also it helps you to track your expenses, time and mileage by enabling you to issue bills to your clients in a smooth and hassle-free way.It eliminates the need for multiple accounts and lets you manage multiple teams and businesses by allowing you to create different access for your employees.
But what actually makes it perfect for your startup is that the platform is cloud-based which cuts down your cost by almost half, saving you the time required to deal with unnecessary billing, invoicing and doing administrative tasks.
This is a real cheap web hosting platform that your startup simply can’t ignore.No startup launch is ever complete without a fast, reliable and well-functioning website that can attract traffic, promote services and most importantly connect with your customers. However, getting an affordable and trustworthy hosting provider that can give you a good start is not as easy as it sounds.
Therefore, Hostinger is your perfect tool for your dream.It not only provides affordable and high-quality hosting with their best hosting options, but it also has a 24/7 customer support, easy and fast website builder and only one email account to manage all your requirements.
Even the premium plan comes at a very affordable price which comes with even more benefits including unlimited bandwidth and SSD disc space for a faster web page loading, an entirely free domain name, fast optimization speed for WordPress and free SSL certificate to provide you with a more legitimate website, protecting your customer data and increasing your SEO ranking.
This is a platform to help you build your new website.After you have got an affordable hosting provider, it is time for you to build a website for your startup that can attract millions of people who can be your potential clients.
IM Creator can be your state-of-the-art website builder that allows designers and developers at any level to create a stunning, user-friendly and responsive website. It has a huge range of readymade templates, including those for blogging and a broad range of fully-equipped e-commerce solution for your website so that you can have your online store up and running in just a few clicks.
The package comes with a professional check-out and analytics console to help you eliminate high cost which is generally associated with running an e-commerce website.In addition to all this, the templates are all mobile-friendly that include awesome animation effects to make your website look amazing.
You can customize all the templates, add different effects, colors, images and videos and they have an extensive library of icons, which are absolutely free to use. It also offers full SEO control and clean templates that can help in faster loading of the website.
This is an inbound sales CRM for your startup.A startup can only be successful if you have a strong customer relationship. Therefore, it is very important that you track and measure the overall performance of your company based on customer relationship.
Teamgate is the expert at this job.It offers a broad range of tools that include their CRM services as well, to help you track your performance, activities and daily team goals by providing data-driven insights to take you one step closer to achieving your big goal.It is very useful for startups as it also helps in automating the lead capturing process.
The lead calendar helps you set reminders to follow up on leads by allowing you to easily track the sales process using their well-designed sales pipeline dashboard.
A designing platform to help you create decent visual content for your startup.If you can’t afford a professional graphic designer and do not want your social media posts to look like something made by a Montessori kid, then you need to get a hang of Canva. This is the simplest graphic designing tool that you can ever use and it’s mostly free.
It is a simple and addictive way to create amazing and beautiful graphic designs that can make your content stand out in the crowd. They have templates that can help you get started with whatever you want to create, and all the tools are very easy to use.
Using the available tools, you can create a graphic design in a matter of minutes without having the professional knowledge of designing.
A simple way to improve your website and collect feedback and suggestion from customer.Every business be it big or small needs customer feedback.
But for feedback if you are solely depending on surveys, you are wasting a lot of time in an exhaustive process where you also need the respondents to go through a process of stress by compelling them to answer all the questions present in the questionnaire.
With Typeform, the time-consuming process not only becomes easy, but it also becomes fun and enjoyable for your team and your clients who you want to collect feedback from.It is very simple to use, and it allows you to create visually appealing and engaging surveys that the respondents would want to complete.
Typeform also offers ready-made survey templates where you just need to provide all the necessary questions and leave the rest to the intelligently developed online platform.This is the perfect tool to collect user feedback with a high completion rate.
One place where you can find the best free stock photos.Pexel 2.0 has a large database of free photos with the help of which you can make some great additions to your website.
You can browse through interesting categories, colors, popular photos and upload as many as 10 photos every day on this platform.If you subscribe to Pexel 2.0 through their enhanced bi-monthly newsletter, you are going to get 40 exclusive photos each day and a lot more like RSS feed, internal improvements etc.
Launching your startup can be a tough job. But if you use the right tools, you can get your business up and running as smoothly and quickly as possible.
You can use the above-mentioned tools regardless of the size of your startup and the industry you are in. It’s not at all mandatory for you to implement each and every tool, but you should attempt to use as many as possible because each of them has a unique quality that it can bring to the table.
All startups that are big and successful today have definitely used some of these tools, if not all, to be where they are today.
When the Internet is full of thousands of resources, you need not have to worry about either the slow process or the mediocre result. Irrespective of your stringent budget, just one click can give you quality solutions to all your problems.
So, get on the Internet, look for these effective tools and have a splash with your startup launch.
If you need more ideas on how to revamp your start up process, consider going through Building your Home Business
Check out our shop with all these resources: