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6 Startup Costs You Should Never Cut

6 Startup Costs You Should Never Cut

Running a startup on a limited budget is problematic. You need to cut costs and exist on minimal funds. That doesn’t mean you should make cuts everywhere, however. You must be able to make cuts in the right places, otherwise you could cause a lot of damage to your business.

These are just some of the startup costs you should never try to cut.

1. Your Product

Your product is your main offering. This is the ultimate factor that determines whether your company will succeed or whether it will fail. Put as much money as possible into your product because cutting corners will reduce the attractiveness of your offering.

That doesn’t mean you should make stupid spending decisions, but it does mean that your product, and the prototype, should get the absolute best money can buy. This could determine the fate of your business.

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2. Product Testing

Now that you have a great product, you need to test it out. This is where so many companies fail. Testing your product before it goes to market could prevent a lot of embarrassing feedback later. It’s amazing how many startups have released products that simply don’t work.

Invest in product testing and leave yourself some funds to go back to the drawing board if things don’t work how you intended.

3. Your Website

These days you can’t succeed without digital skills. And your website should be at the forefront of your thinking when it comes to a new startup. It’s your best, low-cost platform.

Your website must be user-friendly and, above all, your website must be mobile friendly. With over half of all traffic originating from mobile devices a simple desktop website is no longer enough.

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4. Your Social Media Presence

These days, social media is very much a pay-to-play platform. It’s no longer possible to simply rely on organic reach, unless you’re in the lucky few that happen to go viral. For everyone else, you must master social media advertising if you’re going to get noticed.

This means you should get started as early as possible with testing. Set some money aside to do this because it’s your best option for grabbing those first few customers.

5. Your Plan

Creating your product and marketing are crucial parts of your formula. But without a plan, you’re going to struggle to avoid wasted dollars and general confusion.

For example, let’s say a tech company has brought out its first app and it wants to target parents who need help budgeting. General social media advertising, not talking to your target market, and no timescale is only going to lead to disaster.

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But if that same company has a plan things change. Their marketing efforts are targeted at parents. They know what this audience responds to, so they’re not throwing things at a wall and hoping they stick.

6. Bringing in Talented Professionals

Some startup owners think that they have lots of time and no money, so they need to use time because it’s their greatest resource. Taking on every task in-house might seem like the best option, but that’s not so if you want to get your startup off the ground.

Doing everything yourself is a long trial and error process. And creating that consistent brand isn’t going to happen anytime soon. But by outsourcing some of the more menial tasks, you give yourself more time to focus on the things that really matter.

Many companies started out like this, as Tony Messer, CEO of Wizz Hosting Ltd says, “We made sure to bring in accountants, designers, and marketing experts on a part-time basis when we first got started. It meant spending more money, but we started to make money faster than we would have done.”

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Last Word – Even Bootstrapping Startups Never Cut Costs

The fact is that bootstrapping startups never cut costs where it matters because they know the result will be less progress, less ambition, and a poorer result in the long term. Don’t just think about the money you could save now. Think about the money you could gain in the future.

Where do you think is the best area to put money into, rather than taking it out?

Featured photo credit: Pexels / Startup Stock Photos via pexels.com

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Annie Qureshi

Entrepreneur

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Last Updated on November 5, 2019

How to Use Visual Learning to Work More Effectively

How to Use Visual Learning to Work More Effectively

Knowledge is essential to become successful in life, your career and your business. Without learning new concepts and becoming proficient in our craft, we cannot excel in our chosen careers or archive knowledge to pass down to the next generation.

But content comes in various forms, and because how we learn influences how much we know, we need to talk about learning styles. This article will focus on how to utilize visual learning to boost your career or business.

The Importance of Knowing Your Learning Style

Knowing your learning style enables you to process new information to the best of your ability. Not only does it reduce your learning curve, you’re able to communicate these same concepts to others effectively.

But it all starts when you’re able to first identify the best way you learn.

As a college student, I soon figured out that taking online courses without visual aids or having an instructor in front of me led to poor retention of concepts.

Sure, I got good grades and performed excellently in my online exams. However. I discovered that I couldn’t maintain this performance level because I forgot 80 percent of the course content by the end of the semester.

There are several types of learning styles known to mankind. To give an idea of how visual learning stacks up against other learning styles, here’s a brief mention of some of the different types of learning styles we have.

The four most popular types of learning styles are:

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  • Visual learning style (what this article talks about).
  • Aural or auditory learning style (learning by listening to information presented).
  • Verbal or linguistic learning style (learning that involves speech and writing).
  • Tactile learning style (learning by touching and doing)

But for the purposes of this article, we will be focusing on using visual learning to boost your career or business.

How to Know If You’re a Visual Learner?

When it comes to boosting your career, business (or education), a visual learner is one who would most definitely choose shapes, images, symbols, or reading over auditory messages.

I’m talking about preferring to read an actual map when navigating to a new place over listening to verbal directions. I’m talking about discovering that you actually have trouble remembering what your manager said at the meeting because there were no graphs or illustrations to support the points raised.

Most people who struggle with learning probably aren’t leveraging their best learning styles. The earlier you identify how your learning style can boost your success, the less struggle you will encounter with processing new information throughout your career.

However, visual learning in particular CAN 10x your career or business whether it is your preferred learning style or not. And here’s why:

Several studies have arrived at the conclusion that the brain retains more information with the help of visual aids. In other words, images are directly processed by our long-term memory which helps us store information for longer periods of time.[1]

While some lessons can be performed orally, several concepts can only make sense if you have an image with an explanation of sequences (i.e learning about the human DNA).

Visual learning does use a different part of the brain and visual cues are processed by the part of the brain known as the occipital lobe.

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By engaging more parts of the brain during learning, you’re able to have a fuller understanding of concepts and facilitate better interaction with your immediate environment.

How to Use Visual Learning for Success

Here’re 4 ways to use visual learning to boost your career or business:

1. Bring back the to-do list. Then add shapes and colors to boost productivity.

We live in an age where computers have taken over virtually every aspect of productivity and most human functions. But written lists are making a comeback, and with an endless number of important tasks to complete, having a to-do list of tasks in order of importance can improve your productivity.

While coming up with a list is initially challenging, adding colors and shapes to written lists that you personally write and manage gives you an extra layer of assurance and boosts aids recall so that you actually get stuff done.

I have tried this technique in my work as a registered nurse and discovered that adding shapes and colors to to-do lists helps me delegate tasks, recognize where more work is needed, and makes it easy to cross off completed tasks at the end of the day.

2. Add graphs, charts and symbols to your reports.

Yes, it seems like more work cut out for you. However, graphs enable you monitor the heartbeat of your business.

Graphs and charts help you trend your finances, budget, and pretty much any data overtime. With the help of free and premium software available on the market, it has become easier to take plain data and in a matter of seconds, have relevant information displayed in different shapes and images.

As an entrepreneur, you can make predictions and allocate funds wisely when you’re able to see whether your efforts are rewarded. You can use colors and charts to delegate actions to members of your team and track performance at the same time.

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And when broken down into monthly, quarterly, bi-annual or annual goals, graphs and charts communicate what ordinary text cannot.

3. Effectively brainstorm with mind-mapping.

Mind-mapping is not new but I don’t think it’s been talked about as often as we do to-do lists.

With mind mapping, you’re organizing information accurately and drawing relationships between concepts and pieces from a whole.

Think of a mind map as a tree with several branches. For example, the tree can symbolize healthcare while each branch stands for nursing, medicine, laboratory science, and so on. When you look at nursing, you can further branch out into types of nursing; pediatric, women’s health, critical care, and so on.

It’s an interesting relationship; the more ideas you’re able to come up with for your chosen subject, the deeper you get and the stronger the association.

Mind maps really show you relationships between subjects and topics, and simplifies processes that might seem complicated at first glance. In a way, it is like a graphical representation of facts presented in a simple, visual format.

Mind mapping isn’t only limited to career professionals; business owners can benefit from mind mapping by organizing their online learning activities and breaking down complex tasks into simple actions so that you can accurately measure productivity.

4. Add video streaming to meetings.

What if you could double the productivity of your team members by video streaming your meetings or adding flash animation to your presentation at the same time?

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When you offer video as an alternative method of processing information to colleagues, there is a greater chance of retaining information because we recreate these stories into images in our minds.

For organizations that hold virtual meetings, it can also be an effective way to enhance performance during if people can see their colleagues in addition to flash animation or whatever form of video is provided during the meeting.

Is Visual Learning Better Than Other Learning Styles?

No, that is not the point. The goal here is to supplement your existing dominant learning style with visual learning so that you can experience a significant boost in how you process and use everyday information.

You might discover that understanding scientific concepts are much easier after incorporating visual learning or that you’re able to understand your organization’s value when projected on a visual screen with charts and graphs.

The overall goal is to always be learning and to continue to leverage visual learning style in your career and business.

More About Learning Styles

Featured photo credit: Unsplash via unsplash.com

Reference

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