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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.

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Last Updated on March 31, 2020

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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