Skepticism finds no substance when we say that startups are the ones stealing the spotlight in the twenty-first century. We are encompassed by startups and on the off chance that you take after the news, you probably framed an image of a startup as a gathering of folks who started an extraordinarily innovative business in their garage with some groundbreaking business strategy.
Yet, this is only a cinematic perspective of startups. A real startup is totally unique in relation to the one you have in your psyche.
What Exactly Is A Startup?
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A startup is a business structure created to tackle an issue by conveying another item or administration under states of outrageous uncertainty. Many business visionaries and prestigious business magnates characterize startup as a culture and a mentality of building a business upon an innovative idea to comprehend critical pain focuses. Paul Graham, the originator of Y Combinator, has additionally rearranged the meaning of the startup and associated it with development. According to him-
A startup is a company intended to develop fast. Being recently established does not in itself make a company a startup. Nor is it necessary for a startup to chip away at innovation, or take wander subsidizing, or have a type of “leave.” The main essential thing is development. Everything else we associate with startups takes after development.
In this manner, the key focuses to note while categorizing a business as a startup are:
That distinction is the reason there’s a distinct word, “startup,” for companies intended to develop fast. In the event that all companies were essentially similar, yet some through fortunes or the endeavors of their originators wound up developing fast, we wouldn’t require a separate word. We could simply talk about super-effective companies and less fruitful ones.
Be that as it may, in fact, startups do have an alternate kind of DNA from different organizations. Google is not only a barbershop whose organizers were unusually fortunate and hard-working. Google was not the same as the start. – Paul Graham
One thing that differentiates startups from different organizations is the relationship between their item and its demand. Startups have items that target a largely untapped market. Startup business people know the ideal strategy to create an item that the market wants and to reach and serve all of them. This triggers the fast development.
A startup is a registered business substance. Any unregistered substance is only a work in advance or only an idea. A startup has an organizational structure regardless of how horizontal it may be, has representatives on payrolls, and have shares partitioned among shareholders.
Another business is viewed as a startup if, through its item or administration, it reveals another wellspring of utility for its clients. By and by, innovation isn’t restricted to item or administration advertised. Many startups don’t innovate in the item measurement at all, yet they:
- Give an existing item through various innovative channels (e.g. web based business)
- Devise a similar plan of action with added value
- Turn into an aggregator of existing items and administrations
- Target new markets with existing items or administrations.
Innovation is a risky procedure. There are many internal and external factors that affect the fate of the startup. Since most startups don’t manufacture their plan of action on existing market demand, their survival, over the long haul, is uncertain.
The setting on which innovation happens is what separates a startup from a small business. The issue can be existing or can be incited. Keep in mind how the demand for packaged drinking water was created by persuading individuals about the dangers of drinking regular tap water?
What isn’t a startup?
The most ideal way to decide whether a company is a startup is to compare it with those which aren’t. That being said, we’ve thought of a pragmatic approach to categorize a business as ‘not a startup’. The categories include:
Plan of action
Startups are known to have unconventional and unripe plans of action. The demand for their item is still at a nascent stage, making their plan of action a work in advance where there is as yet a degree for many new income streams.
There are many new companies that start-up with replicated plans of action or as a franchise. These companies aren’t categorized as startups.
The item or administration the startup deals in is still in the presentation or nascent stage of its lifecycle. Many new companies obtain or deal with some existing items in the market. These companies aren’t considered startups except if they innovate in different channels of the business.
A startup usually doesn’t have in excess of 100 workers. Be that as it may, this aspect can’t be utilized exclusively to categorize a business as a startup.
This is a standout amongst the most debated characteristics of a startup. According to the Indian government if a company is good to go for over 5 years, is anything but a startup anymore.
A startup isn’t a startup anymore in the event that it has reached a point where its turnover is more than $50 million.
- Do your research and establish a solid business plan
- Name your company and apply for a business license
- Decide how many employees you will have, their job requirements, what you will pay, and what your benefits will be
- Budget your operating costs.
- Invest in a company wheels to get to and from jobs
- Build up relationships with your clients
- Becoming a housekeeper sounds simple. You apply to clean jobs on sites like Care.com and slowly start to build a group of clients who pay you to clean their houses.
But if you want to make a good living in this career, you need to stop thinking like a housekeeper and start thinking like a small business owner.
Setting up a small business can be a daunting challenge and most people don’t know where to start. There are start-up costs, business licenses, advertising, etc. — all before doing any actual cleaning.
Delores Garcia, a housekeeper in Las Vegas, and Tammy Wright, a small-business owner in Denver, have been through it all. Garcia started out working in various casinos as a housekeeper before deciding to open her own business. After two years, she almost has more clients than she can handle. Wright runs a small housekeeping business in Denver, Colo. She went into the field fresh out of high school because, as she puts it, she is “just a bit OCD,” and can appreciate her client’s cleaning needs. After seven years of working for others, she decided to branch out with a couple of friends to start her own business and “has never looked back.”
Here are their eleven tried-and-true steps for setting up a successful house cleaning business:
Name Your Business
Choosing a name can be tricky — look for something interesting and catchy to draw the interest of considered clients. Before you even begin brainstorming, you’ll have to pinpoint your focus: Will you clean homes or serve corporate clients? This could affect your name. Google prospective names to make sure no one else had the idea first. Search profiles of other housekeepers and cleaning companies near you, to make sure yours stands out.
Hone Your Skills
You may want to think twice about starting a house cleaning business if you haven’t touched a vacuum in two years, or you’ve only cleaned your own home. This is a business and clients will expect expertise. Get practice by offering to clean the homes of friends and family. Practice techniques such as spot or pet-stain removal, polishing chrome or silver, oven cleaning, floor polishing or treating furniture. Experiment with different cleaning products and equipment to find the most cost-effective and efficient methods.
Procure a Company Vehicle
Outfit a business van or car with professional signage, including your business name, logo and phone number, plus the fact you are insured, licensed and bonded. Wright attributes having two vans outfitted in company colors and logo with providing “thriving outreach to prospective clients,” adding that “your logo is one of the first things that clients notice.”
Create a Budget
Wright stresses the importance of slow growth and budgeting. Determine all the costs associated with your business and allocate how much money, resources and time you have to dedicate to each. For example, insurance and transportation are costs that must be considered, in addition to stocks, labor, and advertising. Always be on the lookout for ways to save. Purchase cost-effective cleaning equipment that can multitask, such as a steam cleaner that can remove gum, eliminate allergens and act as a wet and dry vacuum.
Investing in accounting software can help you manage your appointments, payroll issues, expenses, and income. Garcia relies on spreadsheets, saying the “one thing we don’t cut costs on is service. We are thorough, keep a checklist for each client and store individual expectations on a spreadsheet on the computer, so that when we return clients’ call, or when we have recurring homes that we serve, we already know the expectations and personal quirks.”
As a skydiver and a glider pilot, I know risks must be assessed before getting into the air. Once there, the whole experience might be frightening sometimes but always amazing. My first business cost $200 to start and crashed after only 12 months of continuous operation. The start-up was based in Hong Kong and it was a great learning experience about entrepreneurship for me.
However, as a candidate for graduate study in Entrepreneurship and Innovation Management at Nottingham University Business School in China, I am eager to expand my knowledge and committed for my next higher stake venture to take off.
After graduating in Communication and Multimedia in France, I decided to live in the United Kingdom to improve my English. I discovered that learning and teaching a language could be very interesting and exciting work. In fact, the greatest satisfaction I had professionally came from teaching in China, as my students could significantly enhance their life due to language skills. This experience sharpened my natural curiosity into value creation for others.
Hence, I created a website to resell Western films dubbed in Chinese because I knew those materials would interest many Mandarin learners worldwide. Thus, I turned my attention to business, spending countless hours reading blogs and books in order to educate myself. As I knew the demand was there, I registered a company. However, I learned the hard way that Hong Kong and Mainland China have separate copyright regulations, so I had to cease operations a few months later.
Nevertheless, this experience was an eye-opener and a true call towards entrepreneurship. During those twelve months, I had the unrivaled experience of running a small business; from choosing a product, testing it, to the thrill of sales and the gratitude of a satisfied customer. Although I made many mistakes, I was passionate about every step as they were all part of the bigger picture: “A successful business.”
When I returned to France, I was determined to run my own business the right way. I joined an entrepreneur club and searched for profitable ideas. I finally found my next challenge due to those years of personal reflection, research and social interaction. Indeed, I will create a business selling high-quality French lavender products to a growing niche market in China, whom are interested in looking after their appearance and health. I already have an ethical, trustworthy manufacturer, and partner, who is ready to enter the Chinese market. I am now seeking to transition into a full time entrepreneur and business owner.
I believe your program at Nottingham University Business School China will provide me with a firm foundation for my future enterprises and business skills. Besides its excellent reputation and all the core skills taught, to create and run a new venture, Nottingham University Business School China is the perfect place to have in-depth and hands-on experience about Entrepreneurship in Greater China.
It is a unique combination of British education with Chinese characteristics, which connect together international teachers and like-minded students, who have strong interests in turning viable ideas into real businesses in China.
My varied work and life experiences in three countries over the last decade helped me to be very open-minded, adaptable, dynamic, and self-motivated. As a candidate in your program, I will bring my cross-culture perspective, excellent communication skills, perseverance and dedication. Currently, I am studying Mandarin (HSK4) and I enjoy the challenge of learning. I am confident that this graduate course will help me strengthen my skills in entrepreneurship and the business plans I will write at the end of the year will be key to my new venture’s and success.
I sincerely believe that entrepreneurship is one of the best way to contribute to global economic growth. Thanks to globalization, more and more new businesses are created than ever before. My ultimate goal is to make an impact by joining this global changing entrepreneurial trend.
I’ve been through the roughest patches when I was starting out my business through digital platforms! It is a messy jungle out there with so many choices and decisions to make. So where does one start? The life of an entrepreneur has lots of up’s and down’s so before you make those wrong choices, I’d like to share some quick tips that I’ve learned (and hopefully you get to avoid!) from my journey so far: Make sure you deal with legitimate and credible transactions This isn’t rocket science—we all know by now that the online world is also full of fraud! There will be parties soliciting critical information, asking for money, or faking identities.
When dealing with business partners or companies that are referrals from acquaintances, I always make sure I validate their identities first. I look at reviews and ratings. I also see the frequency of their transactions (the volume can speak about trust). Don’t just rely on conversations done via e-mails or SMS—personally meet them when you can too after thoroughly researching them online. There are many online platforms today that allow you to validate people’s identities first. Check their history, their testimonials, and their experiences.
When selling online, choose platforms that have minimal upfront costs Every budding entrepreneur will have their first infusion of capital spent from their own savings. It’s a painful and risky thing to do, but costs are always part of business! When you’re at this stage, it pays to spend wisely on your investments—the gadgets that you buy, the employees that you hire, and the fees you pay for operating your business. If you’re selling your items online—carefully consider the costs you are paying: are you paying too much for what you can sell?
For instance, avoid selling your items on websites that charge you set-up fees—even when you’re not selling yet! If you are cost-sensitive for now, there are sites that allow revenue sharing once you start selling. Or better yet, look for websites that offer no set-up fees at all! It’s a unicorn to find such these days but a recent discovery of mine: UnionBank’s GlobaLinker. com (bitly link here of GlobalLinker) allows you to do so! It’s the best platform I would recommend for young digital entrepreneurs who want to spend their investments wisely.
When posting on social media, timing is everything So your store is now ready, and you want to make some noise on social media. You’re eager to put up your online posters, banners, videos, and photos. But are you posting them also at the right time? Remember that posting is also an art of catching your audience WHEN they’re online.
Be strategic: post during the peak hours when the algorithm of social media sites is on your side. Usually, these are during the morning and afternoon commute hours (when everyone is glued to their phones while waiting in a car or train!), lunch break, and the primetime hour of late-after-dinner-and-right-before-you-sleep (about 8:00 PM to 10:00 PM). If you want a higher chance for exposure of your posts, schedule your content at these times.
Don’t let social media eat up all your time selling Promoting online is important—but it’s not the only thing you that will be busy about. You’re the business owner. You got inventory to manage, taxes to file, employees to manage, the list is endless! Along the way, you might get caught spending too much time on posting (because yes, it does take a lot of time), at the expense of compromising other deliverables.
Don’t just work hard, work smart too. Before you start posting your content, consider creating a daily calendar of what you need to post. And once you’ve itemized each post, remember that you don’t need to wait for the hour to be in front of your phone or laptop—there are many apps and sites today that allow you to schedule them (and thereby post them even while you’re sleeping). My favorite app which I use for my business is Posfity (postfity. com).
I also use Canva (canva. com) for quickly designing my posters or advertisements online! At the end of the day It won’t be an easy walk in the park, but entrepreneurship is always an exciting journey that can be rewarding when executed well. Remember that your first moves and choices can significantly affect the long-term vitality of your business, so it pays to take time and consider your options well. I wish you the best of luck!
Example #5 – Interesting ideas
First check with your local city/county board of public works. You will need to get a city retail license (probably), You will need to contact the state and get a retail merchant license.
You should also consult a small accounting firm to see how you want to set up the company as far as tax purposes. You may need a federal ID # or an EIN *employer identification number.
The accountant can also advise you on how to set up your business. This will determine if you pay quarterly tax estimates and so on.
It is important to separate this new company from your personal accounts.
It sounds like a lot to do, however, if you just take one step at a time, it is not too bad.
As far as the business, starting small is nothing to be ashamed of. You do need to price your items so you can make a profit – in other words, don’t be too cheap. Visit your competition and see what you are up against. I can tell you from experience that the accessories will give you the most profit.
Also, you need to display at least 3 of each item to provide the best displays. Having just 1 or 2 items hanging on a peg hook looks like your not really serious about stocking parts, access.
Another hint is to keep the empty boxes from items you sell and stack them up in the showroom (even though they are empty) it makes it look like you have a lot of stock.
Ask vendors for any banners, counter mats, catalogs, to spruce up the store. Also, we buy to fill in items from amazon.com. You would be surprised at how cheap you can find the same stuff your distributor wants to charge you 30% more for.
Have regular hours and stick to them. Nobody likes the 10 am – 4 pm on Mon, Tues, Friday, and different hours on Wed and Thurs. Be consistent.
Keep the inside and outside of the store looking good.
Always press your distributor for the best pricing possible, sometimes they will try to get you to buy stuff that isn’t selling well (don’t fall for this because it will just sit in your store). Always ask if you can send something back if it does not sell within 6 months. Many will let you do this if you then order something else. This is called an offsetting order. Take any decals, flags, pens, pencils your suppliers will give you.
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