For a while, let us think you wanted to start your business or you are fascinated by an idea to be implemented in the future. You are ready to take related risks like leaving your job, investing your personal revenue for a while. Still, you tend to take a back step – The reason?
You don’t have sufficient money needed to set up a startup. This might haunt you or this seems like a major problem. But insufficient capital should not stop you from pursuing your dreams. It is all the way possible to start your business with nil capital when you know what you’re doing!
Firstly, why do one need money?
There is no constant startup fee for building a business, so different businesses have different investments. So, first analyze how much money you need to sell your product.
Consider the following requirements for starting a business:
Licenses and permits
Associations and subscriptions
Employees and contractors
After considering this, you have been left with two paths of starting a business with less money – lowering your costs or increasing your available capital from outside sources. For this, try following these options to suit your business.
1) Reduce your needs
Your first option is to change your business model so as to demand fewer needs as listed above. For instance, if you are starting a company of personal trainers, you can reduce the employee costs by being the sole employee at first.
Until and unless you require an office space to work, try working from home. You can also cut out entire product lines that are too expensive to produce at the outset.
However, there exist few expenses that you won’t be able to avoid.
According to the SBA, a micro business can get a start with less than $3000 and home based startups need less than $1000.
Your second option solicits the idea of a ‘warmup’ period for your business. Just start with the basics instead of going straight into a full-fledged business mode. However, you can start as a self-employed individual, by this you can avoid some of the biggest initial costs.
Once you start filling in your pockets, build the business you imagined piece by piece rather than all at once.
Your last left option is to outsource the funds. There are many potential investors surrounding you, once you have hit the right button, you are likely to get started. Here we name few potential investors for you.
Family and friends
Government granted loans
With one or more from these three options, you should be able to reduce your personal financial investment to almost nothing.
Some small sacrifices such as starting small, taking debts or accommodating partners come in your way. But if you are confident about your idea, then none of these should stand in your way.
Five Ways To Build An Effective Startup Team
No matter how strong your idea is, the ultimate fate of your startup lies in the strength of your final team. It takes only one weak member to topple all your hard work and in order to avoid that, it is extremely important to make sure you have crossed all your T’s and dotted all your I’s. Here are a few tips you could follow to get the perfect team for a startup which could change the world.
1. Identify The Positions
Before you start the hiring process, identify the positions you need for your startup. Be sure to prioritize. Figure out which position to fill first and balance out the hiring. It does not make sense to hire five project managers and not a single programmer. Be sure to have enough money or customers to pay for staffers before you start hiring them.
2. Envision The Bigger Picture
When you go out to hire people for your startup, let your vision drive you. Why were great thinkers like Steve Jobs or Verghese Kurien so successful? Because they had a dream and they let the world know their dream. The people they hired believed in their passion and because of that, their companies are still rock solid.
3. Adopt A Game Management Approach
Great cricket, football and basketball coaches always talk about watching films and studying the competition. As a new startup founder, you should do the same thing. Identify the competition. Understand where their strengths and weaknesses are. This helps get a clearer picture of where you are as a potential game changer. Just like our favourite coaches and quarterbacks, having a head start always helps increase your chances of winning!
4. Get A Consultant
Every movie has the main guy and the Right Hand Guy to help with the more serious work. A consultant is also just like that. They will tell you things you do not want to hear and they will get the job done for you whether you like it or not. Get one! Play the game safe and play it right.
5. Post Hire
Once the entire process has been finalised, it is important to do a background check on the people you are hiring. What if they look really good on paper but have serious flaws within? To avoid issues like hiring an employee with a police case or a fraud case on them, do a background case and avoid all the hassle.
Your company is as good as the people you hire. Hire the right kind of people and who knows, you could become the next Microsoft or Swiggy!
Relationship Between Manager And Employee
The relationship between a manager and employee is extremely vital to the entire mood of the office. A poor relationship brings down the entire moral and effects the productivity of not one but every employee. On the other hand, a good relationship breeds positivity and fosters a functional work environment.
According to multiple studies, more than half the employees were unhappy with their direct supervisors. This friction between management and staff not only manifests itself in poor attitudes and work culture, but it can also have a deleterious effect on a company’s productivity and revenue. What employees lack in the workplace is one simple thing, cooperation.
Managers are successful only if they keep reinforcing the fact that performance at work is not always about competition. While healthy competition is always encouraged, it goes against the overall work atmosphere of the company if the competition becomes too negative too soon. Performance is about coming together to serve a common purpose: that of delivering a brilliant product at the end of the day. As a manager/employee, once you convey this message to your team and tell them you actually mean it, the work flow makes more sense.
As a manager/superior, you can create a positive work life by simply charting out certain details. Delegate specific responsibilities to certain employees and make sure each responsibility is linked with the next in a ceaseless effort to provide exceptional products. Find ways to bring your team together. Hold workshops, have constant feedback meetings and create goals for each team with a reward incentive at the end of a successful task.
Workers without a career advancement or a near goal in mind are usually demotivated. Develop and guide talent to ensure you have a loyal and stable workforce that can fill the needs of the present and future. In short, do not, at any point, make your employees dread coming to work. Get the pay cheques rolled out on time, ensure you have enough number of holidays planned for the year and make sure you and your employees always have a strong connection.
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