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Published on July 10, 2019

How to Start a Startup Fast: 5 Essential Steps

How to Start a Startup Fast: 5 Essential Steps

With the United States currently enjoying an unprecedented period of economic prosperity, millions of entrepreneurs are eagerly tugging at the leash to launch their own startup in the hopes that it will garner them millions. Starting a startup is easier said than done, however, and most businesses which try to get up and running inevitably fail within the first few years.

Don’t let the dispassionate cruelty of the market sink your startup’s prospects before it ever gets a chance to shine. Here are the 5 essential steps you’ll need to follow if you want to start a startup fast.

1. Start by Plotting out Your Vision

The first and most essential step in launching a successful startup is to thoroughly plot out your commercial vision. Many entrepreneurs have a rough idea of how they want to foray into the market, yet few of them draft up comprehensive business plans which will steer them through the tumultuous starting period that all startups must endure.

You can’t content yourself with vague details regardless of how ambitious you are, as even the most dedicated entrepreneurs need a roadmap to follow if they don’t want to get lost or outcompeted in the open marketplace.

Those who want to set up a high-growth business can’t simply snap their fingers and expect the profits to start rolling in. You’ll want to review this comprehensive business planning manual that’s been made publicly available by the commercial gurus are McKinsey, as this will elucidate the fine details you dare not ignore if you want your startup to be prosperous sooner rather than alter.

This manual and similar guides will help you as you draft a business plan that’s tailor-made for your startup, but remember that there’s no one-size-fits-all approach to commercial success. Manuals of this nature are excellent for giving you a general overview of what’s expected in a business plan, but you’ll also want to remember that your startup must chart its own course with its own specific strengths and weaknesses in mind.

This is an excellent time to plot out how you intend to lure in investors, too, as most of the investors you seek out will inevitably want to see some business plan or similar document which details the inner workings of your ambitious startup. If you can’t convince investors and prospective employees that you have a comprehensive vision of where your startup is going to be in a few years’ time, then your commercial ambitions are effectively doomed from the start.

Now that you’ve plotted out your vision for your startup, you can move onto the next crucial step; assembling a team of professionals who will help you attain financial success.

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2. Launch Your Recruitment Efforts

The second crucial step towards starting a startup fast is launching your recruitment efforts early on in the process; the sooner you get some stellar employees on your side, the easier a time you’ll have of navigating the marketplace.

Investors will be attracted to startups which have attracted talented specialists, especially since having the best human capital available is a surefire sign that your startup is going to stand apart from the crowd and become a dominant market actor one day.

Furthermore, workers will help give your startup a sense of legitimacy that’s sorely missing when you’re the sole employee, as few customers and investors will take you seriously if you’re a one person operation.

Phrases like “recruit the best human capital” may sound savvy, but how can you go about actually doing it? After all, the best workers usually demand hefty salaries in exchange for their expertise, and most startups seldom have excess cash to burn. This is one of the most difficult aspects of starting your startup quickly; you’ll have to determine how much you’re capable of spending on talented workers without bankrupting your company, understanding all the while that too much penny pinching can result in lacklustre recruitment drives that drum up meagre talent at best.

Every industry is different, so your startup can’t necessarily rely on the hiring models used by others. Nevertheless, it’s worthwhile to conduct market research on your competitors to determine how they’re scooping up talented workers to see if you can copy their techniques.

In addition to scoping out what your competitors are up to, you should also be enlisting the help of technology; any 21st century startup which isn’t tech savvy is going to struggle to attain success, so consider investing in human capital management tech which can expedite the hiring, training, and management processes.[1]

If you can’t afford to invest in expensive management software, consider doing things the old-fashioned way and searching for talent on today’s social media platforms. After all, the next generation of tech savvy workers is constantly online, rendering most popular social media platforms an ideal recruitment environment for your ambitious startup. This strategy will also enable you to gain a more comprehensive understanding of the personal lives of your prospective employees, which will help you determine if they’re an adequate fit for your aspiring business.

3. Learn to Master Differentiation

After you’ve assembled an elite team of professionals who will help you launch your startup, you need to give serious consideration to how you’re going to differentiate yourself from competitors in your local marketplace. By their very nature, most startups are venturing into hostile territory for the get-go; when trying to climb to the top of your local market, you’ll face stiff headwinds from established businesses which don’t want to cede an inch of their turf to your nascent company.

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Rather than stand idly by as major companies try to stomp on your still-growing startup, you need to take action to separate yourself from the masses and make yourself more attractive to new customers.

The previous steps are directly related to this one; if you have a stellar workforce that’s composed of talented individuals, for instance, your startup will have an easier time proving to customers and investors alike that it’s different from others in its industry.

Learning to master differentiation takes more than hiring a few good workers, however – if you want to garner sustained attention for your brand, you need to make it clear that you’re unlike anything customers or investors have ever seen before.

There are a number of techniques that aspiring startups can rely upon to differentiate themselves with. Pricing your goods and services in a competitive fashion is an age-old tactic that’s worked for countless businesses in the past, but this isn’t always an option if your startup is desperate for cash and finds itself in need of higher rates to keep the lights on. If cutting costs in order to offer cheap prices isn’t a possibility, your other option is to offer goods and services of unparalleled quality to your customers and clients in hopes that they come to associate your brand with excellence.

Reviewing a list of ways that startups can differentiate themselves[2] is a must for any entrepreneur who doesn’t want their new business to flounder in the market. If you’re offering new and intriguing services like a blockchain service which is unlike anything presently available, your startup is much more likely to garner positive press for itself while attracting talented individuals in its industry who want to be a part of the best up-and-coming company around.

Businesses which fail to differentiate themselves will inevitably fail, particularly now that we’re in the era of specialized services which are tailor-made to meet consumer demands. Ignore differentiating your startup at your own peril, as doing so will relegate your company to the dustbin of history before it ever gets a chance to prove itself.

4. Know How You’re Going to Leverage Tech

After you’ve drafted a stellar business plan, recruited talented employees, and figured out how you intend to set your brand apart from others in the market, you can address the pressing issue of how your startup is going to leverage tech as it attempts to establish itself.

Most entrepreneurs who are eager to launch their own business have a simple tech strategy; digitize your operations to the greatest extent possible in order to cut costs.

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In reality, however, this is far too vague a strategy to base your entire startup on. You need a specific, tech-centric plan that addresses how your company will leverage digital technology to make a name for itself while keeping operational costs under control.

Establishing an IT budget as early on in the startup process as possible is a good place to start. If you don’t have an allotted amount of cash set aside to spend on your digital operations, you’ll likely find yourself overspending or underspending, depending on your industry. Getting your startup up and running as soon as possible is important, but you need to understand that rushing the establishment of your digital operations is a surefire way to permanently weaken your startup’s market prospects.

Who you hire is an important part of knowing how you’re going to leverage tech for success. If you rely on third parties to manage your digital operations, for instance, you’ll end up saving money but will lose important autonomy.

Taking into consideration your startup’s industry and the local market conditions, you need to determine how much you’re willing to spend and whether you’re willing to have dedicated IT specialists as members of your permanent team. While tech gurus frequently command high salaries, they’re often a worthwhile investment, particularly if your startup needs to establish a strong digital presence for itself to lure in new customers and attract potential investors.

Marketing is an important part of this process, too; in this day and age, virtually all marketing is conducted through digital mediums which demand IT expertise to truly master, so having some digital gurus on your side will doubtlessly bolster your outreach to customers. Knowing how to use tech[3] to take your startup to the next level may be the deciding factor that determines your overall success.

Don’t be afraid to do your IT homework before continuing if you want your business to make it in the long run.

5. Understand That You’ll Soon Have to Scale Your Business Upwards

Perhaps the most egregious mistake that many entrepreneurs make when leading their first startup business is ignoring the fact that they’ll one day have to scale their business upwards.

Startups are tiny by their very nature, but some startups grow at a ravenous, insatiable rate that quickly sees them outpacing competitors and growing to such an immense size that scaling upwards is a necessity if you want to keep operating.

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You may think you have a plan for when you hit profitability and gain some extra spending money, but the truth of the matter is that, scalability must be considered from the earliest days of your startup if you don’t want to flounder once you start hitting the big leagues.

When establishing your company’s IT network, for instance, consider how scalable your digital operations are and whether the tech investments you’re making right now will be useful if your startup suddenly expands. Make sure you have adequate commercial insurance[4] in place to protect yourself against cyber attacks and other issues. Some software services are ideal for tiny startups, for instance, but simply insufficient once your business grows and finds itself in need of more complex digital services.

Furthermore, your hiring model needs to take into consideration the fact that you may suddenly need to recruit more employees to appease consumer demand or convince investors that you can keep growing.

This final step of starting a startup quickly is fundamentally tied to the very first step – when envisioning your startup’s future, you must consider what you would do if you were to attain success beyond your wildest dreams. This is because businesses plan extensively for failure yet seldom consider what their next step will be if they actually achieve their goals under budget and ahead of schedule.

Keeping an eye on the future and understanding that scalability must be considered from the earliest days of your operations is an imperative part of making it as a successful entrepreneur.

Final Thoughts

Building a successful startup fast isn’t easy – you’ll need to make difficult hiring decisions, invest prudently in the technology your company will be reliant upon, and must constantly be read to change course if things go south.

Furthermore, ever-changing market conditions can thrust your otherwise prosperous startup into jeopardy despite the fact that you did everything properly. Remaining flexible and fostering a persevering spirit are thus essential parts of being a successful startup leader – keep that in mind, and everything else will naturally fall into place.

More About Starting a Business

Featured photo credit: Austin Distel via unsplash.com

Reference

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Chris Porteous

The CEO of Grey Smoke Media / My SEO Sucks, helping entrepreneurs to grow their businesses.

Effective vs Efficient: What’s the Difference Regarding Productivity? Effective Employee Onboarding (The Complete Guide) 11 Organizational Skills That Every Smart Leader Needs 12 Effective Time Management Skills for Managers How to Start a Startup Fast: 5 Essential Steps

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Last Updated on December 10, 2019

7 Strategies to Keep Employee Motivation High

7 Strategies to Keep Employee Motivation High

Highly motivated employees are essential to the success of any business. Most people spend a third of their lives at work.[1] That’s a significant amount of time away from home, apart from the people who make us happy and the things we love to do. So keeping employee motivation high is essential for creating an office environment that gets the best out of our people.

But do you know what motivates your people?

It’s simple:

  • Is their work stimulating?
  • Does it challenge them?
  • Is there room to grow, a promotion perhaps?
  • Do you encourage creativity?
  • Can they speak openly and honestly with you?
  • Do you praise them?
  • Do you trust your staff to take ownership of their work?
  • Do they feel safe in their work environment?
  • And more importantly, do you pay them properly?

Every one of these factors contributes to the general happiness of your employees. It’s what motivates them to come into the office each day and work hard, hit goals, and get results.

In contrast, an unmotivated employee is typically unhappy. They take more sick days, they’re not invested in seeing your business succeed, and they’re always on the lookout for something better.

Stats show that 81 percent of employees would consider leaving their jobs today if the right opportunity presented itself.[2] So it’s up to you to set aside time and energy to create a work environment that benefits every one of your employees.

These seven strategies will help you motivate your people to consistently deliver quality work and, more importantly, to stick around for the long term.

1. Be Someone They Can Rely On

You rely on your people to turn up to work each day, to come to you when they have a problem they can’t solve, to be honest, and to always engage professionally with customers.

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But this is not a one-way street. You, too, need to be someone your team can rely on. They trust you to have their backs when a client is unreasonable, to know that the decisions they make are in your best interest, and to make good on your promises.

If you say you’ll attend an important meeting, be there. If your company makes a profit and you’ve said you’ll pay a bonus, pay it. The goodwill of your people is something you never want to test, let alone lose.

Be reliable; it’s astounding how much this motivates your people.

2. Create an Awesome Company Culture

There’s no denying that company culture trickles down from the top. Your leadership and attitude massively influences the attitudes, work ethic, and happiness of your staff. If you’re always stressed-out, overly demanding, and unreasonable, it’ll create tension in your office which will adversely affect your employees’ motivation levels.

In fact, the HAYS “US What People Want Survey” found that 47 percent of staff who are actively looking for a new job, pinpoint company culture as the driving force behind their reason to leave.

So if you have high staff turnover, you need to determine whether your company culture might be the motivating factor behind your churn rate.

Here are four ways to build a culture that keeps your employees highly motivated.

  • Be conscious of the image you present. Your body language and attitude can positively or negatively impact your employees. So come to work energized. Be optimistic, friendly, and engaging—this enthusiasm will spill over to your people and motivate them to be more productive and efficient.
  • Appreciate your people and be reasonable. Celebrate your team’s achievements. If they’re doing a good job, tell them. Encourage them to challenge themselves and try new things. And reward when deserved. If they’re struggling, help them. Work together to find solutions and be a sounding board for their ideas.
  • Be flexible. Give your people opportunities to work remotely—this is highly motivating to staff, particularly millennials. They don’t want to be battling traffic each day on their way to work. They don’t want to miss their kids’ baseball games or ballet rehearsals. Stats show that companies that offer flextime and the ability to work from home or a coffee shop have happier and more productive employees.
  • Create employee-friendly work environments. These are spaces that inspire and ignite the imagination. Have you ever been to Google’s offices? No headquarter is the same. From indoor slides and food trucks, to hammocks, and funky work pods on the wall, gaming rooms, and tranquil interior gardens, there’s something for everyone. It’s a space where people want to be, catering to their need for creativity, quiet, or team building; you name it.

So take a look at your company culture and ask yourself, Is my business an attractive workplace for talented professionals? Does it inspire commitment and motivate my people? What could I do to improve my company culture?

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3. Touch Base with Your Team Weekly

Make time for your people, whether you run a remote business or work in an office, set aside time each week to talk to your people one-on-one. It’s non-negotiable.

When there’s an open line of communication between staff members, work gets done. Don’t believe me? A study by Gallup found that 26 percent of employees said feedback from their leaders helps them to do a better job.[3]

Your people want to feel trusted. They want to take ownership of their work, but they also need to know that when they have a question, they can reach out and get answers. If you’re unwilling to make yourself available, your team will quickly become unmotivated, work will stagnate, and your business will stop growing.

So block off time on your calendar each week to touch base with your people, even if only to let them know that what they’re working on matters.

4. Give Them the Tools They Need to Do Their Jobs Well

Imagine trying to run your business without electricity. How would you contact your clients? What would happen when your phone or computer battery died?

Technology is super critical to the success of your businesses. It allows you to work more efficiently, to be more productive, and to handle matters on-the-go. That’s why you need to give your people tools that will make their jobs easier.

Make sure their equipment is in good working condition. There’s nothing more frustrating than a laptop that takes ages to boot up. It’s got to go. Replace outdated software with new software. Don’t make your designer work in Coreldraw; give them access to the most up-to-date version of Adobe Creative Suite. Take it a step further and buy them a subscription to Shutterstock or Getty Images.

Make working for you a pleasure, not a pain; and watch your employees’ motivation levels rise.

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5. Provide Opportunities to Learn and Upskill

Would you believe me if I told you that 33 percent of people cite boredom and a need for new challenges as the top reason for leaving their job?[4] If you want to retain your talent, you need to upskill.

Thanks to technology, we live in a rapidly evolving world that demands we change with it. A copywriter is no longer just a writer; they now need to be experts in SEO, Google Adwords, CRMs, and so much more.

A pastry chef needs to be a food stylist, photographer, and social media manager. An entrepreneur needs to be a marketer—or at least take ownership of the marketing message for their business—if they hope to scale.

Technology makes all of this possible. No matter your location, your people can continuously expand their knowledge and gain new skill sets—something that’s highly motivating to employees. They want to know that there are opportunities to grow and develop themselves.

If you won’t invest in your people, then your business becomes just another job to tide them over until they find where they truly belong. So be the company that sees value in developing its people.

6. Monitor Their Workload

Overworked employees tend to be unproductive and unhappy. Your people cannot be at full capacity every day, month to month. Something’s got to give. They’ll become deflated and their work will eventually suffer, which will negatively impact your business.

What I like to do is implement a traffic light system. It helps me to keep a finger on the pulse of my business. So there’s red, yellow, and green:

  • Red means they’re fully loaded.
  • Yellow means they’re busy, but they can potentially take on more.
  • Green means they haven’t got enough to do.

I use this traffic light system because I don’t want my team members to be stressed out of their brains all the time. If they are, they won’t make good decisions and they won’t do good work.

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If my people are regularly overloaded, I have things to think about. Perhaps I need to hire a new person to help ease the load or take a closer look at what projects are good to go, and which can take a back seat.

And this is why #3 is essential. If I’m regularly engaging with my people, I’ll know that while they’re coping with their workload, it is impacting their performance and health, and I’ll take action.

7. Don’t Mess Around with Your Employees’ Pay

Never mess around with your people’s salary. As a business owner or high-level manager, it’s easy to forget that most people live from paycheck to paycheck. Delayed compensation can mean a missed bill payment, which could result in costly penalties they can’t afford or hits to their credit score.

So it’s your job to ensure that you pay your people on time.

The Bottom Line

A motivated team is an asset to any business. These people never give up. They get excited about coming to work each day and can’t wait to test a new theory or tackle a particularly tricky challenge. They’re proud of the work they do. And more importantly, they have no reason to leave.

Wouldn’t you rather be part of their success story than the business that drove them away?

More to Motivate Your Team

Featured photo credit: Emma Dau via unsplash.com

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