Through this post, we will let you know tips on how to boost the productivity of startups. We know how much your startup means to you. Starting a business from scratch is an incredible accomplishment for any entrepreneur. Watching your company thrive and grow is surely your ultimate dream. Nobody said it was going to be easy, though. The success you dream of will not happen overnight. Rather, it happens over time. It takes a lot of consistent effort, teamwork, the right communication, and a goal-oriented approach to make your startup a success. You will have to take one step at a time and one day at a time to build your startup to its fullest potential.
You need to make sure every step of the way is clear by avoiding obstacles and reducing mistakes as you move forward on your path to success. As an entrepreneur, you can do so much to boost the productivity of your startup. So, if you want to know how to boost the productivity of your startup, keep reading to find out all about it.
How to Boost the Productivity of Startups
1. Early Customer Feedback
As you know, customers can make or break your business. At the end of the day, your products and services are for customers. So, it is crucial to listen to their feedback. Taking customer input can help you figure out the issues with your products. Their constructive criticism can be useful to fix those mistakes and issues.
Integrating your customers’ user requirements early could help you get rid of unwanted features in your product. However, the main purpose of integrating user requirements is to make the product functional in the way the customers require it to be. If you know for sure what your clients think, you can save your time, effort, and money by discontinuing any features they do not need.
That is why it is essential to refine your perspectives as soon as your product develops. Maybe you plan on making revisions later. But we recommend doing revisions earlier instead. That way, only a few aspects of your designs will be affected. Who knows-maybe the ideas you think are less important will turn out to be the deal breakers for the majority of the consumers.
2. Increase Your Efficiency Via Technology
Unclear tasks can cause a lot of stress among employees. Automating tedious tasks can help lessen stress on your employees. That way, they can focus on activities that require rigorous deliberation. You can do this easily thanks to the variety of technology available nowadays. One type of software we recommend you use is the field service management system.
A field service management software lets you optimize a task by providing a workspace that can set schedules, perform inventories, update customer details, and so on. Make sure to pick a software program that can streamline repetitive processes like tracking, performing analytics, and scheduling.
Also, keep in mind that it is essential to effectively manage your time and resources to ensure your productivity. Remember not to assign your employees too many tasks. It is not a good idea as it will overwhelm your workers rather than encourage them. As a result, it can cause them to miss out on tasks with higher priorities. That should not happen when you want to boost the productivity of your startup. So, to avoid such mishaps, you can get help from technology to manage tasks of lesser significance to boost your employees’ efficiency.
3. Adapt to a Smart Routine
As a startup business, you may have loads of work to do. We can imagine that your to-do list is overloaded with all kinds of tasks. It is understandable, as you have to make connections, attend meetings regularly, make decisions, solve problems, and more. Plus, you have to monitor your team, search and appoint people to different job roles, and create presentations, and perfect pitches.
Aside from all that, you have to build your social media presence as well. That is a lot of work, and it sounds overwhelming. You may feel like you are running errands 24/7 without even having time to enjoy a decent meal. However, being busy doesn’t always mean being productive. Not to undermine your hard work and efforts, but productivity does not come from being overwhelmingly busy.
Instead, productivity focuses on the outcomes that contribute to your aims and goals. That is why working smart and not hard is the best strategy to follow. So what is working smart exactly? Here, you need to prioritize tasks that you know can assist you in achieving your goals.
With this strategy, you may have to scratch unnecessary meetings off of your list. Whenever conducting a meeting, make sure the agenda is clearly outlined. You have to set time limits for yourself and be disciplined when following your schedules.
4. Provide A Remote Environment For Your Team
If you want to try another tip on how to boost the productivity of your startup, you should try providing your team with a remote environment. Giving them the chance to work remotely allows them to be more flexible. A software solution can streamline your operations, but a remote setup will boost collaboration by allowing remote access to their workspace. Plus, with this method, the team members do not have to commute either.
Apart from that, when you allow them to work from home, it minimizes social distractions like gossiping among coworkers and unnecessary phone calls. But that is not all. You can also save more office resources, such as electricity, workspace, and parking area, by creating a remote environment for your team.
5. Create A Positive Work Culture
Another important tip on how to boost the productivity of startups is by encouraging a positive work environment. Understand that if your team is unhappy, they will fail to do their best at work. They may exert minimal effort or not be up to date with the tasks. When their productivity decreases, it affects your business, causing it to fail eventually.
On the other hand, if your employees are satisfied with their jobs, they will work enthusiastically and do their best. Happier team members are more likely to excel at their roles, which can help uplift and maintain the positivity of the entire workplace. So you have to create a positive work culture if you want to boost the productivity of your business. Now, how can you do that? What steps can you take to create a healthy work setting? We described some valuable tips you can use to build a positive work culture. Take a look.
Choose and appoint the right people to the job roles. Make sure to consider their qualifications, skills, and experience when adding them as team members. Organize events and activities that promote teamwork from time to time. Not only would it give them time to relax, but it would also bring the team closer as well. Consider the following factors, too:
Celebrate milestones of business progress with your team.
Give recognition and appreciation to your team members.
Set some policies in place against harassment and mobbing. Your employees should feel comfortable at all times.
Encourage your team to speak honestly. Hear their honest feedback on issues they notice and ideas on how to improve the startup. It will not only make them feel they’re indeed a part of the team but also help when making changes for the better.
6. Train Your Team Members
Another tip on how to boost the productivity of a startup is to help your employees reach their fullest potential. Of course, it is important to hire the best for your team. However, even the best of the best can improve with new skills and be up to date with knowledge. If you help them develop their skills further, they can improve, and, in turn, your company will grow. You can make this happen by providing your team with adequate training depending on the field you operate in.
Some may benefit from improving hard and technical skills (such as programming, analytical skills, utilizing and working with software, etc.). On the other hand, you can also focus on developing their soft skills (such as listening skills, effective communication, customer service, etc.), which are essential for team members to grow.
You can help your employees understand how to manage time and resources better and how to express opinions and thoughts in ways that don’t negatively affect coworkers. It will build better work performance, team morale, and overall productivity.
7. Review the Plans for the Work Ahead and Outcomes Often
You cannot undermine the value of time. As a startup business owner, you cannot take time for granted. Every day should contribute to attaining your goals. While working towards your goals, you have to be mindful of tasks you have completed and tasks that are yet to be completed. Evaluate your tasks often. This will help you stay focused on the priorities you have set for the business. We suggest making a road map of your achievements or making an achievement list.
Tick off the ones you have completed and focus on the next task while moving forward. Always evaluate the outcomes again and again and discuss them with your team.
There you go! We hope you found this post helpful in understanding how to boost the productivity of startups. Remember that your startup team’s performance depends on various factors, apart from the employees’ work experience and skills. That is why you have to try out these tips and improve the overall productivity of your business.
Always work smart, keep track of your tasks, and focus on your goals. Also, be sure to provide your employees with the necessary training to develop their skills. If you implement these tips, we are certain that you will be able to maximize the productivity of your startup business.
How to invest in NFTs? Non-fungible tokens, a.k.a. NFTs, can be defined as unique cryptographic assets that could represent either digital or other forms of assets. Basically, NFTs digitally symbolize ownership. The most well-known examples are avatars and collectibles. However, non-fungible tokens can symbolize ownership of almost anything.
Do you want to know how to purchase NFTs? Or maybe any potential risks of investing in them? Most of all, do you wonder if NFTs are the right call for you? And if it is, then how do you get started? You can find answers to all these questions and more if you scroll through this post.
Everything You Need to Know Before You Invest in NFTs
First of all, we have to establish the following fact. Just because you are investing in NFTs does not mean you have earned a one-way ticket to being rich. Sure, some lucky NFT investors have experienced unimaginably good returns. But, you have to know that it is not the case for everyone. Everyone’s experience is different. There’s no guarantee that your specific digital asset will make you money. It may or may not happen or keep its value. Before you sign up, you have to understand that there is a chance that NFT could drastically drop out its original value.
Remember that you have to be knowledgeable about cryptocurrencies and computers to invest in NFTs. At least some basic understanding is essential to managing your digital assets well. Otherwise, you are at risk of losing access to NFTs.
How to Invest in NFTs: step-by-step process
Step 1: Create a compatible cryptocurrency wallet
Let’s kickstart with getting a cryptocurrency wallet. If you already have one, you can simply skip this step. If you don’t, you have to create a wallet, as it holds the cryptocurrency that you require to buy the NFT. Also, remember that not all digital wallets sync well with every cryptocurrency. So make sure you have a digital wallet that is compatible with the cryptocurrency needed to buy the NFT you chose.
Some of the biggest NFT marketplaces use ETH, a.k.a. Ethereum’s cryptocurrency. Considering that, it would be best to establish a wallet compatible with Ether. Creating a digital wallet is pretty simple. All you need is a computer or a phone, and you can simply create a digital wallet for free. Coinbase Wallet, MetaMask, and Ledger are wallets with support for NFTs.
Step 2: Select the NFT that you want to purchase
The second step is a fun step, which is shopping for the NFT that you wish to purchase. You will come across collections or sets of creative and unique NFTs. Take your time exploring the marketplace. Choose the NFT wisely to start off your collection.
We can recommend some of the major NFT marketplaces to shop at. They include Rarible, OpenSea, or Axie Marketplace. Note that most NFT marketplaces offer NFTs only with cryptocurrency. Therefore, make sure to take note of the cryptocurrency that you need to purchase your non-fungible token.
Step 3: Pay for your digital wallet
Next, you can fund your digital wallet with fiat money to buy the cryptocurrency that you need for the NFT. For example, you can use US dollars here. As we mentioned earlier, the biggest NFT marketplaces use Ethereum the most. However, maybe the specific NFT that you chose is only offered in a different digital currency than Ethereum.
Remember that most of the time, the allowed currency for an NFT purchase is the cryptocurrency corresponding to the blockchain of the NFT. For example, if the blockchain of NFT is Ethereum, then the allowed cryptocurrency can most probably be Ether.
Step 4: Connect your wallet to a reputable NFT marketplace
At this point, your digital wallet is created and funded. So, you are ready to connect your crypto wallet to the digital marketplace listing the NFT. When you connect it, you will be able to see your wallet’s cryptocurrency balance that is available for buying NFTs.
Step 5: Own an NFT
Now you are ready to purchase NFTs. All you have to do is click the “buy” button. You will notice that NFTs can have a fixed price. Or else, sometimes you may have to bid for it against the highest bidder to purchase it.
Suppose you chose ETH for the transaction. Then, you will need to make a “gas” payment to the Ethereum network for the transaction to process. Usually, this fee can vary according to the network congestion on the Ethereum platform. Sometimes, it may rise to hundreds of U.S. dollars. To estimate the potential gas fee, you can get assistance from websites like Gas Station.
Step 6: Confirm the NFT transfer to your digital wallet
Now that you have clocked the “Buy” button, you officially own an NFT. Keep in mind that once you click “buy”, there is no going back. You cannot cancel or reverse blockchain transactions. The NFT is yours to keep until you sell it.
You will have to wait a while, until the transaction processes. Then you will see the NFT in your digital wallet. Note that the blockchain network that supports the specific NFT needs to confirm and verify the transfer of the NFT to your digital wallet for it to complete.
Once the transaction is complete, you will be able to see the NFT in your digital wallet.
Understand the Risks of Investing in NFTs
Note that, as a new asset class, NFTs should be considered risky. One of the major risks is that it is associated with investing in cryptocurrencies. Sure, cryptocurrency is not a new concept. It has been here for over a decade. On the other hand, digital money is still a relatively new investment option with high volatility. The cryptocurrency value could decrease with no prior warning. It could happen due to difficult market conditions or government decisions.
Let us explain this to you with an example. Suppose your NFT is priced in Ethereum. Due to unfortunate circumstances, the value of Ethereum dropped by 50%. As a result, the value of your NFT could also drop by 50%, or sometimes even more. Basically, there is a chance of effectively losing your whole investment in NFTs or cryptocurrencies.
The Advantages and Disadvantages of Investing in NFTs
You get to be involved in cryptocurrency and blockchain technology.
The investments are anonymous and generally safe.
Depending on the investment, you are at risk of potentially large financial losses.
You are required to manage a digital wallet.
Gas Fees can be expensive.
You get to be involved in cryptocurrency and blockchain technology
When you invest in NFTs, you automatically gain exposure to a relatively new asset class and technology.
The investments are anonymous and generally safe
You have the chance to purchase NFTs securely and keep them safe in a securedigital wallet of your choice.
You are at risk of potentially large financial losses
Cryptocurrencies and NFTs are high-risk and volatile investments. You have the possibility of losing all the money you invested in an NFT.
You are required to manage a digital wallet
Maintaining a digital wallet requires you to have at least some IT skills and a basic understanding of the process. You need the knowledge to maintain the digital wallet to buy, store, and sell NFTs. If you are not up to learning these new skills, then you might find the process challenging.
Gas fees can be expensive
As we mentioned earlier, you may have to pay over a hundred dollars as Ethereum gas fees to procure an NFT. Keep in mind that this amount is in addition to the transaction value.
How to Start Investing in NFTs: Beginner-friendly Steps
Are you a first-time investor and new to cryptocurrency and NFTs? If so, we listed some beginner-friendly steps for you to follow when investing.
Establish a Digital Asset Wallet
You require a standalone digital wallet to hold NFTs, preferably one that is compatible with Ethereum. You can choose your crypto wallet to be either a hardware device that you physically keep or software that you downloaded.
Hardware wallets are relatively safer, while software wallets are the most convenient option.
Choosing The Right NFTs To Buy
Explore NFT marketplaces online to find the NFT that you want to purchase. You can look through a variety of short videos, images, and creative artwork to find the right one. Usually, NFTs are available in sets or collections. The price of a single NFT could be free or thousands of dollars per unit. Make sure to choose one that you like and that also has a bigger chance of gaining value (this might not possibly be done by the investor himself and he might need consultancy.)
Complete Your First Ever Transaction
You first need to connect your digital wallet to the marketplace where the NFT is listed before you can officially own an NFT. It is required to open an account with the NFT exchange (which is the marketplace) before initiating the transaction.
You will find that most NFT marketplaces work like auction sites such as the auctions on eBay. You may have to wait a couple of minutes or a few hours for the NFT transaction to finalize.
What to Know After You Invest in NFTs
You can choose to keep purchasing and selling NFTs back to back. This option is best if you want to make a short-term profit. On the other hand, you can choose to buy, store, and keep collecting NFTs for the long term.
You are allowed to make the call about your investment approach. It is entirely up to you. However, remember to keep a close eye on your NFTs. Also, remember that both selling and purchasing NFTs can cause a capital gain tax liability.
Make sure to keep track of your cryptocurrency and NFT capital gains. You will also have to record and report the gains on your tax return each year. NFT taxation can be confusing because they can be considered collectibles. As a result, you could be subjected to a larger capital gains tax rate of 28%.
Treinetic’s Final Words: Should You Invest in NFTs?
Now for the big question: Should You Invest in NFTs? Well, NFTs are undeniably a potentially profitable investment. But is it right for you? Suppose you are looking for an investment plan that is non-volatile and stable. Or maybe you are not technically inclined. In such cases, NFTs might not be able to serve you well.
If you wish to get into NFTs, you should be knowledgeable and comfortable with the process. Consider the risks and your skills to manage a digital wallet. Weigh the advantages and disadvantages carefully before deciding to invest in NFTs.
Do you want to make your own 3D NFTs but need some help from a pro? Get in touch with the 3D experts at Metafylabs, who are also experts in blockchain technologies related to digital arts.
People are so keen on investing in startups. Maybe people around you invest in startups as well. Or maybe you hear fellow investors around you talking about investing in more and more startups. That must have gotten you interested in learning more about investing in startups as an investor. So, why invest in startups? Keep reading to find out all the reasons behind the interest in investing. This post will also give you important tips that you should know before investing in startups, which will help you as a first-time investor.
Well, first you need to know that investing in startups comes with a bunch of pros. Such advantages are why most people are keen on investing in startups. They can be beneficial to you personally or even to society at large. So let us discuss them one by one.
Why invest in startups? Top reasons
1. To support innovative entrepreneurs
Usually, startups are focused on innovative methods and coming up with new technologies. Startups can come up with new and better solutions that large firms fail to offer. So, being an investor in such a company provides you with the opportunity to support their efforts and even provide your insights and opinions in addition to startup funding. And suppose the startup succeeds in the solution. Then large companies that see that they can leverage those solutions to expand their businesses will want to purchase them. So, if the startup you invested in sells at a high price, you will get to enjoy high returns on your investment.
2. To help create jobs through your investments
Did you know that many new jobs created come from organizations that are less than five years old? It can be surprising, but it is true. If you start to invest in startups, it allows you to support the creation of such job opportunities. It also benefits the economy of your country while also diversifying your personal portfolio. If you like the idea of supporting job creation, investing in startups is a great way to do so.
3. To enjoy the benefits of diversification
Diversifying your portfolio increases its performance. Incorporating private equity and venture capital into the investment plan is a great way to do so. Usually, the startups’ performance is not affected by macro-level market shifts as much. One reason for that is their ability to pivot. In that case, there is not much correlation between the behavior of the entrepreneur and the overall market. and newer private-sector organizations. So, suppose you decide to keep at least a small portion of your portfolio in startups. Even if it is a small amount, it will assist in minimizing risk while increasing returns.
4. Make a positive impact with your investments
You may not realize it at first, but investing in startups can bring more intangible pros. You can have a profound impact on society. This is great news, especially if you are a socially conscious investor. As you know, startups are a way of innovation and problem-solving. It is a great way to come up with new solutions for unsolved problems. there are problems that bigger firms are even not aware of, possibly due to their indulgence in a bigger range of problems. So, as an investor, you have the chance to promote and be a part of the success of those products and services. It would be great for you to partake in projects that benefit the consumer or solve problems for society at large. This participation also leads to personal satisfaction.
Factors to consider before investing in startups
Now you know the pros of investing in startups. As we discussed, there are many advantages to investing in startups. Before you hop on board, though, you need to know a bit more about investing as a first-time investor. There are certain factors to consider to prevent any risks involved with investing in startups. Scroll through to read more about that.
1. Look into the industry and market conditions
This step is essential when choosing the startup company you want to invest in. Remember to carefully look into the industry and the market conditions. That way, you can get a clear understanding of which industries are the best options. Apart from that, take an extra step and educate yourself about society’s/community’s needs and familiarize yourself with them.
Trust us—it can make a big difference when you invest. For example, say you work in the medical field and are familiar with medical-related startups. In that case, you can make smart decisions on which startup to invest in as you are knowledgeable about the issues in the field and the solutions needed.
2. Know it all about the startup
If you want to invest, you should always be a smart investor. Before investing money, make sure that you are fully aware of the company’s financial records. Also, do not forget to learn about the organization’s management team, mission, and work ethics. The more you know about the company, the better your investment choices will be.
3. Make sure to diversify your portfolio
We cannot stress this enough—diversify your investment. As a startup investor, it is a good idea to do so. Remember that diversifying your investments will reduce the risk of financial loss. Plus, it also increases potential returns. What you can do is choose to invest in startup companies with a variety of backgrounds. You can go with companies that are from different markets, industries, and lifetimes.
4. Keep supporting the company
Of course, your funds support the startup’s growth. But your work doesn’t have to end there. As an investor, there are more roles to pick up on to help the organization after investing. For example, you can mentor the startup company’s management team or take a position as a board member. This allows you to be fully involved in the organization you invested in. It helps you to have a positive effect on the company.
Why invest in startups? – Wrapping up
Why invest in startups? Well, now you know the reasons for being an investor in startup businesses. As we discussed in the post, investing in startups brings you many benefits. It will help you achieve personal goals, such as diversifying your portfolio. Likewise, it can also allow you to help in job creation and make a positive impact on society. So why not? Before you invest in startups, though, remember the tips we discussed to minimize the potential risks that come with it.
How to name your startup for optimum long-term results? The success of your startup may very much depend on choosing the appropriate name. Even worse than failing to connect with consumers, the wrong name might create insurmountable commercial and legal obstacles. The opposite is also true: your marketing and branding activities may benefit greatly from a powerful, memorable name.
How to name your startup properly?
Entrepreneurs focus heavily on raising funds for their startups, yet some fail to recognize the significance of the startup’s name. Although giving your startup a name may seem insignificant, it’s really one of the most crucial and underrated aspects of your business. This name will be the identifier of the brand’s reputation for years to come. It would be best if you started off on the right foot.
If not, future attempts to replace your name may present some difficulties. You won’t want to have to cope with that headache. In light of this, we wanted to demonstrate to you how you might make this procedure simpler. These are the main suggestions to keep in mind when naming your startup.
Winning tips on how to name your startup
There are many things to consider when determining “how to name your startup.” Below, we have a quick explanation of them.
Never use names that are difficult to spell
Finding your company online will be even more cumbersome if the name you give is harder to spell. You probably don’t want to be the one who always has to set the record straight on how to spell your name properly. Ensure simplicity.
Choose a name that won’t restrict your company as it expands
Selecting a name that is too specific might lead to future issues. Consider what might have happened had Jeff Bezos chosen “OnlineBooks” rather than “Amazon.” You shouldn’t restrict your company to a certain product or location.
Run a comprehensive Internet search
In this guide on how to name your startup, this step is considered to be one of the most significant tasks. Do a web search for the name after you’ve chosen the one you like. You will most likely discover that another person is already using that company name somehow. That won’t completely steal the show. However, it should make you think twice.
Obtain the.com domain
It is strongly recommended that you use a “.com” domain name for your company instead of a domain extension like.net,.org,.biz, or any other option. However, there are instances where other extensions are preferred over the.com extension. For example, a cinematography studio might prefer.studio extensions over the.com ones.
A .com names often conjure up images of established firms in customers’ minds. Your .com name will undoubtedly already be registered to someone. However, many domain holders are open to selling their names for a fair price.
Consider purchasing the desired .com domain as an investment in your company. On websites like GoDaddy.com or NetworkSolutions.com, you may check whether a domain name is available. Using the “Whois” service at GoDaddy, Network Solutions, or ICANN, you may often find the domain name’s owner if the name is already taken and inquire about their willingness to sell it. An alternative that would work in some cases is using prefixes or suffixes for the domain name chosen, which might be available at the moment.
Don’t forget to establish your preferred company name on well-known social media platforms like Facebook, Twitter, and Pinterest.
Choose a name with some significance
The perfect company name should suggest something significant and uplifting about your business. Can consumers quickly understand what your company does? While catchy but meaningless names like “Google,” “Yahoo,” or “Zappos” may attract some attention, it can go the other way too.
Conduct a trademark search and a Secretary of State search
To see whether you can register a trademark or service mark for the name, search for it at USPTO.gov. You should check the Secretary of State’s records to be sure your name won’t be confusingly similar to a business name that has already been registered since you’ll probably want to organize your company as a corporation or LLC.
The Secretary of State may refuse to let you register it if it is too similar to an already-registered name. You may carry out this sort of search with the aid of your business attorney.
Evaluate the name’s catchiness
Choosing a name for your company shouldn’t be too “out there,” but you also don’t want it to be dull. Without hesitation, your workers should be able to identify their place of employment. Also, you want your brand to be recognized by your intended market.
Ask for opinions on the name
Without this advice, this tutorial on how to name your startup won’t be as helpful as it might be. Ask friends, relatives, and reliable coworkers for feedback after coming up with five or ten names. Ask your targeted audience for their opinions as well, which can be very helpful. Additionally, check to see whether the name has any negative connotations.
Ensure that the name sounds nice when spoken aloud
When spoken aloud, names may sound terrible while looking OK on paper. Also, if it’s said out loud, watch out that it’s not pronounced incorrectly.
Utilize the available tools at your disposal to come up with startup names
Many websites may aid with name generation, such as:
You must have read several articles on how to name your startup, and each one gave you valuable advice on how to do it correctly. Regardless of what the experts suggest, you must also be pleased with the startup name. Why? You must love the name and think it will connect with clients since you’ll be stuck with it for a long time as the company owner. Please give it some thought and start off correctly.
Why is it so crucial to emphasize how to name your startup, and how should you go about doing so? Just what does that name mean? Your new identity will be the name of the new business you’re starting. Don’t go about this work carelessly.
Use this guide to help you make a selection, whether you’re having trouble coming up with a name or already have one in mind but aren’t sure how to continue. It is preferable to take your time and be certain of your decision now instead of changing or modifying your name later.
Whether we are new to fundraising, experienced pros, or somewhere in between, we have all made mistakes in fundraising at some time or another. The worst mistake of all is not having learned from your experiences, if you think you haven’t. Let’s then all learn together. While many of the below-listed typical fundraising mistakes are timeless, a few are especially relevant in the present strategic, social, and economic state.
Are there any of these that you or your business can relate to? Keep reading until the end to understand more about these mistakes and how to prevent them.
Why should you avoid these fundraising mistakes at all costs?
Obtaining capital is one of the essential aspects of every venture-scale startup. Building anything significant that shocks the world takes a lot of time, effort, and money. So, making fundraising mistakes is disastrous in several ways.
And although not every company can (or should) take outside investment into account, the overwhelming majority of businesses trying to change the world may benefit greatly from some outside funding, at least if they go about it the proper way. If you’ve ever wanted to be “better” than your contemporaries, you’ll understand the lure of funding. It’s both a public relation (PR) and a personal ego boost, and it may be rocket fuel for your firm. But for entrepreneurs, the investment may also result in huge issues and serious hassles.
What is startup fundraising?
Obtaining funds to assist a business endeavor is known as “startup funding.” The types of funding vary depending on the company’s maturity, but the vast majority of businesses participate in some kind of fundraising to increase their capacity for expansion. There are several methods for businesses to get financing. The fundraising you read about in the media the most is funding rounds, which is when money is raised via outside investment. In certain circumstances, investors exchange money for equity or a firm share.
The majority of investors flock to high-potential businesses. However, the funding comes with a catch: they often get half ownership and participate actively in business decisions.
Fundraising mistakes to avoid at all costs
Now that you know its objective, let’s review the most common fundraising mistakes to avoid.
1. Starting the fundraising process too soon
One of the most common fundraising mistakes entrepreneurs make is this time factor. It would help if you start the fundraising process at the proper time. If not, you will be unable to raise funds for your startup as you had intended. It would help if you had a solid investment plan that foresees the ideal capital-raising period.
If you raise funds too soon, investors may get disgruntled and may decide to withdraw their money from the firm, leaving your capital to stagnate in the bank. Your reputation might suffer if you ever need to raise money again.
2. Not doing due diligence on the investors
Not researching the investors is one of your biggest fundraising mistakes. You must first present your ideas to an investor to raise money. You should know someone’s investment profile before choosing them at random.
Verify how your business will fit into their funding strategies. Additionally, you may utilize the knowledge you’ve obtained to improve your chances of receiving funding. When you simply consider your business’s income generating process, you can find yourself arguing with the investors a lot over the funding process through a critical analysis. Finding someone who shares your interests in the niche will be easier, and raising money and advancing your cause will be simpler.
3. Raising funds in insufficient or excessive amounts
Two situations manifest themselves most often in the world of startups. One occurs when they raise insufficient funds, while the other occurs when they raise excessive amounts. You won’t have the necessary resources if you raise too little funding. For example, hiring a new employee or implementing new business technologies would be difficult for you.
Investor pressure increases when you raise an excessive amount of cash. You’ll be forced to make snap judgments, which are often bad ones. Therefore, when you raise money, be reasonable. You simply need to request the amount you need, plus a little bit more to cover unforeseen expenses.
4. No plans for the future
Scaling your company is what we mean by “future plans.” Only a few businesses grow into unicorn businesses. They all make detailed plans in advance to overcome common financial obstacles. Keep your scaling concepts in mind while you are raising money. Verify that your financiers are prepared to invest in your business.
Alternatively, if you have well-thought-out strategies, you may be able to raise the initial funding needed. You must, however, always look for methods to grow. When a business continues to expand, it becomes a more reliable source of income.
5. The absence of a backup plan
What if your efforts to raise money fall flat? What are you going to do to safeguard your startup under such circumstances? These are the concerns your contingency plan has to address. Have other sources to get the needed funds to be used under these conditions. These additional options might assist you in sustaining your motivation. Spend enough time on planning what you will do if your current strategy fails. Always talk it over with knowledgeable advisers.
6. Being too eager to get the funds
We are aware of how important the fund is to your growth. But when dealing with investors, go slowly and never hastily. Establish relationships on social networking websites to establish your reputation.
The investor may not have the right impression if you ask for money when you first meet them. Take the long way around instead. Through your clients, demonstrate to them that you can effectively employ their money and it should come as no surprise that investors will be eager to support your startup.
7. Avoiding professional advice
Numerous specialists, including independent contractors, can assist you with your financial strategies. You will clearly see your position when you get a second opinion on raising funds from a professional in the business/funding field. And how will you come across to the investors?
Be receptive to suggestions on how to improve your pitch. Additionally, you may work with independent financial consultants who can assist you in precisely calculating the amount of cash required. These specialists can help you avoid critical fundraising mistakes.
8. Providing the investors with excessive room
Always maintain your investor’s ownership stake in check. Some could even attempt to steal your idea after you achieve success with it. As a result, they always set explicit limits on what entrepreneurs can and cannot manage. Owning a business guarantees that your startup and any earnings you make remain yours.
9. Giving up too soon
When you seek funding, rejections are inescapable. Even your entrepreneurial soul may be drained by it. But don’t be afraid. Almost every successful business you see today has suffered rejection at some point.
For instance, it was difficult for the Google founders as a startup. Even the idea of selling the business for $1 million crossed their minds. However, it took them five months to raise the $25 million. Today, Google is among the most valuable companies in the world!
10. Withholding information
Everyone who wants to invest in your company wants you to show them everything. Concealing factual data can only harm your reputation in the long term. They could stop investing if the problems are discovered only later. Therefore, always be truthful and transparent with them.
There is no secret formula for effective fundraising. Fortunately or sadly, it is a fact that your organization will have to put in a lot of effort to fulfill its fundraising objectives. There isn’t a quick remedy.
Making mistakes while fundraising is common, and you can’t completely prevent them. For your business, everything is a process of learning and development. Do the little things consistently. Make sure to prepare for fundraising meetings by doing your research. If you lack the knowledge, hire someone to develop your fundraising strategy.
In this day and age of the internet, “How to Create NFT” has become a popular subject of conversation. This is because NFTs have become a cultural touchstone over the past few years. They are always in the news because of the revolutionary concepts that follow. For example, NFTs provide a digital identity for any artifact. While it can be challenging to predict whether or not they’ll be popular again after a downturn, there are many reasons why someone would want to give it a go. Who could ever reject a sector of the economy where innovators have earned millions?
Before we go into how to create an NFT, let’s go over some of the fundamentals of what an NFT is and the choices you may have to make before opting to sell one of these.
So, what exactly are these NFTs?
It would help if you have a solid understanding of the fundamentals before you could go on to learn how to create an NFT. Then, what exactly are NFTs? You may think that non-fungible tokens, which have taken the world by storm, are more sophisticated than they are, but they’re not. Cryptographic assets on a blockchain with unique identifiers and information are known as non-fungible tokens (NFTs). They are not exchangeable or tradable at parity, unlike cryptocurrencies. A fungible token, on the other hand, such as a cryptocurrency, may be used as a means of exchange for commercial transactions since each one is identical.
The potential to own, sell, and even profit from future sales of one’s digital creations makes NFTs potentially revolutionary for artists. You can create NFTs on your desktop or laptop computer and mint NFTs on your mobile device, such as a smartphone. For example, if you’re on the road and want to make an NFT, monitor how your collection is doing, or track NFTs on other blockchains.
How to create NFT: a step-by-step guide
The following is a simple step-by-step explanation of how to create NFT.
1. Pick your item
Let’s get the fundamentals out of the way first. If you haven’t already done so, you’ll need to figure out what one-of-a-kind digital asset you want to transform into a non-fungible token. It might be original artwork, pictures, pieces of music, collectible items from a video game, memes, animated GIFs, or even a tweet. An NFT is a digital artifact that belongs to a single person. The item’s rarity determines the NFT value.
Verify that you are the owner of any intellectual property rights associated with the item you want to transform into an NFT. Making an NFT for a digital asset that you do not personally own might lead to legal issues.
2. Pick your preferred blockchain
The “how to create NFT” guide includes this as one of the most important steps. It’s time to start minting your unique digital asset into an NFT after you’ve decided on it. The first step in doing this is figuring out which blockchain platformyou want to utilize for your NFT. Ethereum is by far the top choice among artists and producers. Cosmos, Tezos, Polkadot, and Binance Smart Chain are a few of the other notable choices.
3. Set up a digital wallet account
To get started with your NFT, you’ll need to create a digital wallet and deposit some bitcoin into it. The wallet will allow you to access any digital assets that you have stored in it. AlphaWallet, Trust Wallet, Metamask, Math Wallet, and Coinbase Wallet are some of the best available NFT wallets.
The first thing you’ll want to do after setting up your digital wallet is buy some bitcoin. Ether, the native cryptocurrency of the Ethereum blockchain technology, is welcomed on the vast majority of NFT sites. It would help if you connected any cryptocurrency you already have in your possession from another source to your digital wallet so you could use it to buy and sell NFTs.
4. Choose your market for non-fungible tokens
It’s time to start creating (and, perhaps, selling) your NFT after you have a digital wallet and enough bitcoin. You will need to choose an NFT marketplace to do this. To help you with “how to create NFT,” here are some marketplace suggestions: OpenSea, Axie Marketplace, Larva Labs/CryptoPunk, Nifty Gateway, Mintable, and ThetaDrop, NBA Top Shot Marketplace, Rarible, SuperRare, and Foundation.
To pick a platform that’s a suitable match for your NFT, you’ll need to do research on each NFT marketplace. For instance, the Axie Marketplace is the online store for the most popular non-fantasy trading card game, Axie Infinity. On the other hand, NBA Top Shot is a marketplace emphasizing basketball. It is also essential to remember that some markets need the use of the marketplace’s native coin. Rarible, for example, needs Rarible (CRYPTO: RARI).
In most cases, OpenSeais an excellent place to begin. It is the market leader in selling NFTs and gives users the ability to mint their own NFTs. Just in August 2021, the NFT market generated sales of $3.4 billion in NFTs.
After making your choice, you must connect your chosen NFT marketplace to your digital wallet. This will make it possible for you to pay the fees required to mint your NFT and keep any revenues from sales.
5. Upload your file
You are currently at the point where you can finally mint your NFT. Your preferred NFT marketplace needs to include a detailed tutorial on submitting your digital file to their platform in a step-by-step format. Using that procedure, you can transform your digital file (in the form of a PNG, GIF, MP3, or another file type) into an NFT that may be sold.
6. Establish the procedure for making sales
The decision as to how you will make money off your newly minted NFT comes at the very end of minting NFTs. You may be able to, depending on the platform:
An offer is for sale at a predetermined price
You may sell your NFT to the first individual prepared to meet the predetermined price by setting the price at which it will be sold.
You should have a timed auction
A timed auction will provide individuals interested in your NFT with a restriction on the time they have to make their final bid.
Start an unlimited auction
There is no time restriction in an unrestricted auction. On the other hand, you can call a conclusion to the auction anytime you see fit.
The exclusive advice from Treinetic on how to create NFT
If you decide to host an auction, you must choose:
The minimum bid price
The number of royalties you want to continue receiving if your NFT is sold again on the secondary market.
The duration of the auction (if timed).
When determining the minimum price, it is important to consider any applicable fees.
Otherwise, you risk incurring a loss on the sale of your NFTs.
Unfortunately, the costs involved in minting and selling an NFT may be both complicated and expensive. You may be charged with
NFT minting fee
Commission on the sale
Also, a transaction fee for moving money from the buyer’s wallet to yours, depending on the platform and price. Because of the volatile nature of cryptocurrency prices, fees may also be subject to change. As a result, it is essential to do an in-depth analysis of the expenses associated with the production and sale of your NFT to determine whether or not they will be profitable.
So, that’s the end of our guide on how to create NFTs. Make sure you follow all the steps provided to make your efforts result in productive outcomes.
The blockchain is changing the way that we think about art and collectibles, but this is just the beginning. It would seem that NFTs will be around for the foreseeable future. Another topic to consider is whether NFTs will endure the test of time and retain their value. Despite the unique value propositions of each NFT collection, in the end, their worth is determined by how much a buyer is prepared to pay.
Given enough time, the vast majority of the NFTs that have ever been generated will eventually lose their value completely. However, some will only increase in value and popularity. Who knows? Perhaps your next NFT will turn out to be the next Mona Lisa!
Working with a professional like Metafylabs, one of the top NFT creators in the world, is an option if you want to create your own NFTs but lack the required knowledge.
Has it always been your dream to be an entrepreneur? Do you wish to set up a startup business in the U.S.? If so, your dream can come true if you take the right steps. Emphasis on the “right”. As a startup entrepreneur, you want to make all the right choices and take all the right steps. Sure, mistakes can happen. However, if you can avoid as many mishaps as possible, the journey toward your dream can be a lot less stressful.
So, how do you set up a startup business in the US? What exactly are the right steps you have to take? Well, we are here to unpack it all to help you out. We plan to discuss the procedure for U.S. citizens and the process for non-U.S. citizens to set up a startup business in the US.
You could be a U.S. citizen or not. Regardless, you will find the path to your dream if you scroll through.
How to Setup a Startup Business in the US: Procedures for US Citizens
So, are you a U.S. citizen who wishes to set up a startup business in the U.S.? If so, there are a few steps you have to take. Whatever your level of experience, this tried-and-true guide to starting a business will assist you through the whole process, from selecting and verifying your money-making concept to determining the best delivery method and launching your product or service. The purpose of this checklist is to help aspiring business owners grasp the fundamentals of getting their venture off the ground.
Step 1: Figure out your business idea
The first step is obvious, isn’t it? Well, it is, but it is also the most crucial step you have to take first. Take time to figure out what you want your business to be. That is the first step to starting out in any business. We would recommend generating small business ideas in your case. Also, note that the business idea should be well-defined and the boundaries of the business must be portrayed.
Step 2: Make Notes on Your Business Plan
As long as you’re aware of all of your “known unknowns,” you don’t have to worry about finding a solution at this moment. Maybe you are not sure how to start writing it. Do not worry, though. We can help you plan what to include in your business plan. Make sure that the following are in your notes:
Your startup’s name and a description of what it is
Management and organization
Products and services you want to provide
Your marketing plan
Logistics and operations plan
As you know, your business name is a crucial part of the startup. The name you choose is what your business is going to be called. And that is how your customers identify it. So you better take careful consideration of what you want to call your business. We would recommend it be something simple, memorable, and short.
Think about some of the successful startup businesses in the market. The names are easy to remember, simple, and have an instant click when you hear them. That is what you need for your startup as well. Do not forget that the name you pick should also reflect what your business is about. It would be great if it gave an insight into the mission and vision of your startup as well.
Conduct thorough market research
What is your target market? What sort of services and products are potential customers looking for? Also, who are your biggest competitors? What do they offer to the customers? You can find answers to all those questions through proper market research. A startup business needs to conduct a market analysis to come up with the perfect business plan.
What is the potential opportunity size?
Are you one of those entrepreneurs who are quite dismissive of small markets? Maybe you are, like most entrepreneurs. However, we urge you to think differently on this matter. For instance, suppose a product category has few active customers. Still, the product’s cost could be relatively high. It could even require re-purchase. In that case, you would agree that it is a brilliant opportunity that entrepreneurs focused on market size might miss.
Understand your competition
Do you notice a lot of competition in the market? Suppose there are many competing businesses in your niche. It indicates that the market is well established. Being aware of that makes you realize that there is a demand that exists. However, it is also a sign for you to identify what you can bring to the table. How can you determine what you have to offer to earn a loyal customer following? That is something to think about and find answers to.
Understand your target audience
It is essential to figure out your target audience. Understanding them is one of the first steps you need to take to build a successful startup. Knowing what your potential customers need makes it easier to sell the products and services effectively.
You can also attract new customers to check out your services. Make sure to engage more in social media and run promotional ads. It will help understand and build a good relationship with your customers.
Step 3: Secure Financing to Fund Your Business
The business plan you craft will give you an idea of how much funding you will need to run the business. Once you know that, you have to find ways to fund your startup. We listed some of the methods you can use to get the money you need for your business. Take a look:
Grants are usually offered to startup businesses by considering factors such as minority-owned, specific for-profit, veteran-owned, and women-owned.
Suppose you have earned a good personal credit history. In that case, you can expect to get a business loan from a lender to fund your startup.
Maybe you are not a fan of the traditional funding route. In that case, you could always crowdsource money from a group of people online.
You can also get funds from VC or angel investors, which is a common method used by startup entrepreneurs. Apart from that, you can ask for money from your friends and relatives, if it is not a burden to them, of course.
Step 4: Figure Out Your Business Structure
Next, you have to pick the perfect business structure for your startup. So, what is it exactly? Well, a business structure is about balancing the legal and financial protection your business requires. Here, the catch is that you have to consider the flexibility offered by different options. Remember that it is a crucial decision you have to make cautiously before you launch your startup.
A limited liability corporation, a.k.a. LLC, is a common kind of small business entity in the US. It works by offering liability protection to you, the business owner. That way, you are not financially responsible if any legal claims come up against your startup business.
You can get an LLC as the only owner of the business or even if your business has multiple partners. Note that LLC policies change depending on the location of your startup. For example, it could differ from California or Texas. Remember to check the state-specific guidelines for your state.
Are you the only person in charge of the startup? If so, you can opt for a sole proprietorship, which works great for such cases. Plus, it is relatively the lowest-effort structure to pursue. However, it leaves you personally liable for your startup business and its functions.
If you choose to be a sole proprietor, you have the chance to hire employees. To do that, you are required to get an employer identification number (EIN). That means you have to register your startup business entity.
Generally, a C corporation refers to a business structure where proprietors get taxed separately from the entity. Here, the shareholders have ownership of the business and each has a fractional share of the business. Usually, C corporations benefit large, multinational corporations. Nevertheless, they can be leveraged by small businesses that wish to garner investment by issuing stock.
Let us discuss legal structure factors now
What type of business is your startup?
Remember that your business scale matters when choosing a structure. Certain structures work best for startups of a certain scale or within a certain industry. Over time, you might need to consider restructuring when you go on to create partnerships. For example, a lot of large businesses request that their partners or suppliers be incorporated.
The number of people involved
Suppose you are a solo founder. In that case, you will have the chance to look at streamlined options. However, let’s suppose you have one or more business partners or co-owners in the company. Here, you will have to take a slightly different route. You will have to consider more advanced options to make sure things are set up and shared correctly.
Step 5: Obtain Federal and State Tax ID Numbers
Federal Tax ID (EIN)
A federal tax ID, a.k.a. an employer identification number (EIN), is assigned to businesses and organizations by the IRS for tax purposes. The nine-digit number helps identify your business, working similarly to a Social Security number.
So do you need an employer identification number? Well, it depends. You will need to obtain an EIN if you meet the following circumstances:
If your business is incorporated,
If you have any business partners,
If your business has any employees apart from yourself,
If you take over an existing business, either through inheritance or purchase,
If you have a solo 401(k) retirement plan or a retirement plan for self-employed workers like a keto plan,
If you wish to set up a bank account,
If you file for bankruptcy,
Suppose you have an employer identification number. How does it help you and your startup? Take a look at the list of benefits you can obtain:
It helps you when you file taxes.
It helps keep your personal information safe.
It helps you establish credit.
It protects you legally.
State tax ID
Now let us talk about state tax ID. A state tax ID differs from an employer identification number. As we mentioned earlier, the federal IRS assigns the EIN. On the other hand, a state tax ID is obtained through your state.
So, how does a state tax ID work? Well, it serves a pretty similar purpose to an EIN. A state tax ID helps your startup business comply with state laws. Keep in mind that different states have different regulations, requirements, and tax laws. That is why you must do your research on your state’s laws to determine if your startup needs a state tax ID or not.
You can get the necessary information from your state’s taxation department, department of treasury, or secretary of state. That will help you understand the state tax requirements for your business.
Step 6: Obtain Business License and Permits
As an entrepreneur hoping to set up a startup business, you have to look into what local, state, and federal licenses you want to obtain to operate legally. Sure, it can be confusing if you are not that familiar with the law. In that case, we would recommend getting advice from a small business lawyer on this matter before officially starting your business.
Your startup needs to align with the laws governing businesses in your region, as well as laws and regulations specific to your industry.
Step 7: Create a Business Bank Account
You can manage your funds easily by opening a bank account specifically for your business. Once you open a business bank account, you can get a business credit card. It would make things far easier for you if you kept your personal and professional finances separate. For instance, you will be able to handle your taxes easily. Plus, it can also help you automate some of the financial steps of running a business.
Step 8-Obtain Business Insurance
One of the best proactive measures you can take to keep your business safe from any potential harm is getting insurance. Remember that laws regarding insurance differ from state to state. Some states do not even require obtaining insurance. Despite that, we would suggest that you get your startup insured. It is never a bad idea to take steps to keep your business as safe as possible.
If you hope to obtain insurance, you should be aware of the type of insurance you need. There are a lot of business insurance types. So, why don’t we go through each one of them to understand what they each offer?
If you get liability protection insurance, it will cover your startup for legal actions caused by injuries, accidents, or negligence.
Insurance for commercial property
Commercial property insurance comes to the rescue when property damage occurs. It could be due to theft, storms, or fire. It helps you pay to replace or repair the damaged property and equipment you lost.
Commercial auto insurance
Commercial auto insurance can cover damage caused to or by vehicles you use for your business. It includes moving trucks, delivery vehicles, forklifts, and more. This type of insurance will provide funds for medical and legal bills and property damage if it is one of the vehicles you use that caused the accident.
Workers’ compensation insurance
This type of insurance pays for the lost wages or medical care of employees who get injuries on the job. When you do your research, you will find that many states expect employers to have some kind of workers’ compensation insurance. For that, you have to consider the number of employees you employ.
Professional liability insurance
Professional liability insurance is also known as errors and omissions insurance. This type of insurance protects employees who are in service-related jobs. It offers them protection from liability for negligence or malpractice. Bartenders, aestheticians, and hair stylists are some examples.
Product liability insurance
Product liability insurance offers protection to manufacturers, distributors, retailers, and wholesalers. Suppose a product they create or sell turns out to be unsafe for someone. For example, a makeup product that causes allergies. Product liability insurance offers protection from liability.
Business interruption insurance
Another type of insurance is business interruption insurance, which provides operating costs if it has to move or shut down. For instance, suppose a business had to shift due to a fire explosion. In that case, business interruption insurance will offer to pay for relocation, paying rent, and paying employees.
Cyber liability insurance
Cyber liability insurance offers liability coverage to startups that suffer data breaches. Some insurers even cover the cost of informing customers about the data breach and going on to assist customers who are victims of identity theft due to the cyber attack.
Umbrella insurance offers you extra coverage to help pay for anything that may have exceeded your policy limits on other types of insurance.
Now you know the most common types of insurance and what they offer. So now it is time to decide on which ones to pick for your startup. We know it could be a difficult decision to make. What you can do is understand the risks of the industry you are in. That could help you choose the right insurance for your business.
Once you find the types of insurance your business requires, you can shop around. You can check out different insurance companies that offer a variety of insurance with different policies. The options can be endless and, I’m not going to lie, you may even feel overwhelmed. So, to avoid any stress, you can consult a reputable licensed agent to help you out.
The agent will be able to find you policies that match your business’s requirements and are also cost-efficient. We would recommend working with a reputable agent because it can help save you a lot of stress and energy. Plus, you can make an overall good decision on which type of insurance to pick.
Step 9: Take Advantage of Tools and Software
No startup entrepreneur should underestimate the value of good software. Why? Well, it does a lot more than you think. Suppose there are repetitive tasks that do not require you to make many decisions. Well, entrepreneurs usually use software for streamlining or automating these kinds of tasks. Plus, you can even deploy software early to support the marketing and sales work of your business as much as possible.
Below, we listed some of the software that you can benefit from to manage your startup.
You can benefit from accounting software from the very beginning of your startup launch. Accounting software is an important tool for managing the financial data of your business, from simple invoicing and billing to tax calculations and project management. Additionally, it aids in managing customers, reconciling bank accounts, and generating analytical financial reports that assist in growing your business steadily and constantly.
You can benefit from setting up welcome email sequences even before you make your first sale. An email list comes in handy as it provides direct contact with your customers. Here, there is no third-party involvement. So that is a plus.
Running ads can help attract a larger audience to your business. Make sure to create ads that speak volumes to customers without so many words. Basically, your campaign should be simple but effective.
Remember that having one place to plan your work and keep track of important tasks can help you be on schedule. This applies to sole proprietors as well. You can rely on tools such as Asana and Trello. They can also help you stay in touch. Furthermore, you can get assistance from automation tools like Zapier. These apps help to stitch together and automate your common workflows. So try them out.
Website or online store
You can look for a website builder or an eCommerce platform that helps you take care of all the activities involved in operating your startup business. Find a theme that works with your product lines and lets you deal with orders conveniently.
Step 10: Hire employees
So far, we have discussed how to set up a startup business in the US. The next step is to find your team of employees. This is an essential part of your startup because the employees you choose will play a huge role in your business.
Think of how much work you need to do. What skills do you need to get your startup up and running? You have to carefully consider the answers to these questions. That is because they will guide both your level of investment and your timeline in the beginning.
Suppose you wish to do everything all by yourself. However, you are limited by the time you have to invest. Maybe you hope to build a team of employees. In that case, you will need to account for those costs—as well as the time involved in finding and onboarding freelancers or employees.
You might think you can handle all the work on your own. You may see hiring employees as an extra burden. However, you have to realize that there are so many roles to play, even in a small business. And it can be difficult to handle all those responsibilities all by yourself. That is when you can benefit from a competent team of employees. You can hire people for roles in your company, such as:
Customer service coordinator: in charge of solving customer concerns and problems.
Social media manager: in charge of growing your social presence
Ads specialist: in charge of generating traffic to your official website.
Graphic designer: in charge of creating assets for your marketing material
Marketer: in charge of planning and writing content for your website and advertisement campaigns
Step 11: Market Your Business
Now it is time to market your business. For that, you have to brand your business.
We know that building a brand from scratch can be challenging. However, it is not like it has never been done before. Branding will help your business to stand out in the market. Note that a brand is not just the name and the logo of your business. It is how your customers see you whenever they interact with your startup.
Here are some of the elements to consider when building a brand:
A logo is a specific visual representation that identifies your business. You can include text, colors, and images and make it your symbol. If your logo is effective, then it will express your vision and showcase what your business is all about in a simple way.
Your company’s colors and fonts
The colors and fonts you choose play a major role in your visual identity. Use them wisely to create yours.
Your voice, tone, and message
Keeping a consistent voice across all the touchpoints makes your brand sound more reliable. Ultimately, it helps you connect with your audience on a personal level more effectively.
A brand position shows clearly who you want to serve. It tells your target customers why you are the best choice for them. Plus, it also shows what your products and services offer and how you stand out from the rest.
Create a website or online store
We would recommend starting launching an official website or an online store for your business. It is a smart way to gain profit and popularity among your customers. Having an online presence will gain credibility with potential customers and make it easy for them to access your business versus going to a physical store.
How to Setup a Startup Business in the US: Procedures for Non-US Citizens
Maybe you are a non-citizen with the dream of becoming an entrepreneur in the United States. You do not have to be a citizen or a resident to start a business in the U.S. You can make it happen. However, you may have to take a few extra steps as a non-citizen to reach your goal. Generally, the process is pretty similar to what a citizen goes through when starting a business.
From this point onwards, we hope to discuss how to set up a startup business in the US as a non-citizen. So keep reading to find out.
Step 1: Obtain the Necessary Federal Approvals
As you may already know, foreigners do not need a green card to own a business in the U.S. Similarly, a green card is not needed to be listed as a corporate officer or director of a U.S. company and earn profits from it if they pay taxes.
However, the process is different when you are a foreigner who works in a business that you have invested in. In that case, you should obtain approval from the U.S. government either via an E-2 Treaty Investor Visa or an EB-5 Visa. Let us learn a bit about them.
E-2: Treaty Investor Classification
How do you get approval to get E-2 Treaty Investor classification as a non-immigrant, non-citizen investor? Well, let us find out. Take a look at the following requirements:
You should be a national of a country with which the U.S has a treaty of commerce and navigation.
You should be active in the process of investing or have previously invested a substantial amount of capital in a bona fide American company.
You should be in (or wish to be in) America for the sole purpose of developing an investment enterprise. Remember that you will need to show 50 percent ownership of the business. Alternatively, at least you need to show that you have operational control via a managerial position or some other corporate device.
Suppose you obtained an E-2 classification as a non-immigrant investor. Then it will allow you an initial stay in the U.S. of up to 24 months. You can expect to get extended stays of up to two years in increments. Luckily, you can request an extension as many times as you want. There is no limit to that. Despite that, E-2 investors should intend to leave the U.S. once the E-2 status expires.
Another important fact to keep in mind is that as an E-2 treaty investor, your business can operate the work you got approval for only once E-2 status has been granted. So suppose you are a non-citizen, non-immigrant, business owner. Then, you should be careful with your involvement in the startup.
It would be better to do your own research and be clear about the regulations. You can easily find all the details you want from the U.S. Citizenship and Immigration Services (USCIS) website. You can find out about the process and the forms you need to fill out to obtain E-2 classification.
EB-5 Visa Classification
The EB-5 visa program offers foreign investors who invest a particular amount of capital in a new commercial enterprise in the U.S. and create a minimum of 10 jobs the opportunity to apply. Suppose you want to invest in an area with high unemployment, which is called “targeted employment areas,” or TEAs. In that case, you have to invest $1,800,000, or $900,000. If you are a foreign investor who can obtain an EB-5 classification, you may become eligible for permanent U.S. residency.
Other than that, you can obtain EB-5 classification by investing through designated EB-5 regional centers. So what are EB-5 regional centers? Basically, they are economic units, public or private, in the United States. These units work to promote the economic growth of the country.
As we mentioned, you can expect to get conditional permanent residency in the U.S. thanks to the EB-5 visa. It is granted to you, the investor, and your family members. Usually, it lasts for 2 years. When it is 90 days before the two-year period expires, you can request for the conditional permanent resident status to be changed to lawful permanent status.
You can find out more about the process of obtaining EB-5 investor status by visiting the USCIS website. You can also get the necessary applications there.
Step 2: Choose a Business Entity Type
As a foreign entrepreneur, you may have certain limitations or restrictions regarding the business structures of your U.S. company. For instance, nonresident entrepreneurs may not form an S corporation. Why? Well, because every shareholder has to be a citizen. Otherwise, you should be a permanent resident alien, which refers to someone who is a permanent resident of the U.S. but does not have citizenship.
Usually, people choose the Limited Liability Company (LLC) and the C Corporationbusiness entity types. That is because those entities provide personal liability protection for entrepreneurs. Plus, they offer some flexibility.
Whichever entity you choose, you have to file business registration paperwork in the state where your startup is set to function. They may have plans to operate the business in more than one state. You should file registration documents in all the states you wish to operate your business in.
Let us learn about each entity first.
C Corporations are regarded as separate legal entities (referred to as “shareholders”). As a result, entrepreneurs’ personal assets are protected from the financial and legal debts of the organization. Generally, the organization reports its losses and profits on a corporate tax return. Note that most financial institutions and outside investors usually choose to invest in companies set up as C Corporations rather than other kinds of entities. Why is that? Well, that is due to the compliance checks that are in place to make sure they are functioning well.
There are some cons when it comes to the C corporation structure as well. For example, the paperwork and deadlines required to stay in compliance. Other than that, double taxation is a potential downside as well. Note that sometimes the corporation’s profits are taxed twice. For example, the corporation pays taxes on the profits. Then, individual shareholders pay taxes on the dividend funds they get from the business.
LLCs are separate legal and tax entities from the business owners (referred to as “members”), so they offer personal liability protection for owners. LLC members get the luxury of choosing how they wish the business to be taxed. For example, they can choose the business to be taxed as a C Corp or have the losses and profits pass through to the entrepreneurs’ personal tax returns. Similar to C Corps, LLCs should fulfill ongoing compliance requirements. However, it does not have to be to the same extent.
You have to pay income taxes to the U.S. IRS and the state like other business owners.
Step 3: Appoint a Registered Agent
Note that C corporations and LLCs should designate a registered agent in every state where they have filed forms to accept service of process on behalf of the organization. So what does “service of process” mean? It is about legal notifications, correspondence from the Secretary of State, and any other government notices.
You should remember that requirements for registered agents differ according to the state. We will let you know the general requirements that apply to all states. They are:
The agent should be over 18 years of age.
They should have a physical street address within the state.
They should be available at that physical address during business hours.
You can find companies that offer registered agent services. We recommend visiting the Secretary of State’s office in the state where you created your U.S.-based startup. That way, you will be able to obtain the details of companies that are authorized, registered agents.
Step 4: Get an Employer Identification Number (EIN)
According to IRS regulations, all U.S. businesses must have a Taxpayer Identification Number (TIN). Note that it is EIN for corporations and LLCs. As per a recent policy, the IRS only allows people with an ITIN or SSN to be the “responsible party” on EIN applications.
As you know, foreign entrepreneurs do not have Social Security numbers. So, they can request an Individual Taxpayer Identification Number (ITIN).
Suppose you obtained an ITIN. Then, you can apply for an EIN using Form SS-4.
Step 5: Open a Business Bank Account in the U.S.
So you wish to create an entity based in the U.S., right? Then, you have to set up a bank account based in America.
Unfortunately, the process of opening accounts in the U.S. has become complicated for foreigners. That is because of the USA Patriot Act, which was passed recently. However, do not lose hope. If you have official documentation and proof of identification, you will be able to open a bank account.
Below we have listed what you will need for the process. Take a look:
Official corporation paperwork that includes your official business address in the U.S.
EIN and ITIN numbers
Step 6: Get Required Licenses and Permits
You have to apply for licenses and permits related to your business activities, industry, and the regions where the business operates. You will have to check with the Secretary of State, local government authorities, and county clerk to figure out the requirements for your startup.
Step 7: Stay on Top of Ongoing Compliance Tasks
As an entrepreneur, you have to complete certain compliance formalities. Usually, it depends on the entity type and the location of your business. You are expected to file and pay your taxes on time. Remember that you may have to provide annual reports to the state, hold shareholder or member meetings, or renew licenses and permits as well.
It is important to stay on top of all your daily tasks. Suppose you fail to comply with reporting rules and pay the required fees. Then, it can cause you to receive penalties. Plus, you could lose your personal liability protection and business license.
There you go! You learned how to set up a startup business in the U.S. You could be a U.S. citizen or a non-citizen. Either way, you can start your business in America. We explained the process that U.S. citizens have to take and the route that non-citizens have to take. Of course, if you are a non-citizen, you may have to put in some extra effort and take a few extra steps. However, you can always consult trusted professionals to guide you through the steps. That would make things a lot less stressful.
You can get assistance from accountants and attorneys who have experience assisting foreign entrepreneurs start businesses in the U.S. Even if you are a U.S. citizen, you can use the additional help that the experts bring to the table.
Raising a healthy funding round is a huge milestone for entrepreneurs, which is why a robust startup fundraising process is critical. Without money, even the smartest startup founders have trouble making prototypes of their products, testing their assumptions about the market, and getting enough investors interested in their business to get future funding.
It is no easy task to persuade a knowledgeable investor that your team has the guts and perseverance to produce a next-generation product or service. Therefore, the most well-funded businesses are aware that fundraising requires thorough research and strategy. A business must show its value proposition, traction, and how it will deliver a favorable return on investment to attract investors. So, do your research before you get into the game. Here’s a timeline of the startup fundraising process to help you keep track.
The following are the steps in a typical startup fundraising process:
1. Assumptions Validation and Prototyping
Assumption validation is the assertion of the facts that we assume about the business environment through a well defined process. You may do this by putting your theories to the test using actual data and the comments of the people you are trying to sell to. This is critical information since no one wants to put their money into a firm or product that no one wants.
After validating assumptions, we have to do the steps of requirement analysis and system design with prototyping, where the system is evaluated iteratively. You develop a minimum viable product (MVP) to evaluate your hypotheses and get feedback from actual consumers. Then, you utilize their use statistics and many key performance indicators (KPIs), such as churn rate, client lifetime value, and acquisition costs, to determine whether your product has viability.
However, this process applies only when the project is being undertaken and not beforehand. Therefore, evaluating whether the suggested solution meets user requirements has to be done using different techniques such as storyboarding, videos, etc. Then, once we validate that the proposed system satisfies user requirements, we can continue on to funding, depending on at what phase the funding is required to be done.
2. Pitch Deck Development
Your startup’s pitch deck serves as the company’s initial point of contact with prospective investors. You will utilize the pitch deck to showcase your company to prospective investors during the startup fundraising process. The slides used in this pitch deck provide an overview of your company, staff, target market, product, and go-to-market plan.
It also contains slides about your business model, income generation strategy, and financial predictions. The purpose of this pitch deck is to pique the enthusiasm of possible investors so that you may continue discussing the possibilities with them.
That’s why you should emphasize producing a successful pitch deck. To succeed, your business must make a compelling, well-articulated, and well-researched case for its potential. Rather than a pitch for a product, it would help if you approached this as an investment opportunity for the investor. It describes the problems, how you intend to address them, and why you will succeed where others have failed. All of this is supported by evidence showing how an investor might benefit from investing in this problem.
3. Investor Selection & Research
Not all angel investors and venture capitalists are interested in the same business. This stage entails research to identify the most suitable investors for your startup. You can also use services like AngelList, Crunchbase, and Gust to find potential investors. These are excellent tools for identifying and investigating investors.
Additionally, you may use LinkedIn to find and contact potential investors. You may think of “potential investors” as anybody willing and able to invest in your starting business. The ideal investor for your business would be:
With problem domain expertise,
Those who had invested in businesses of comparable size to yours?
Ideally, in the same geographic region as you,
Lastly, who is enthusiastic about the problems you’re trying to resolve?
4. Introducing Yourself to the investor
A typical investor gets about 500 pitches a year, while a well-known investor like Sequoia Capital gets about 10,000.
A cold pitch rarely works in this situation because your email will likely get lost in the flood of emails. Being able to connect with someone personally is a huge asset in this situation as well. It would be best to find someone the potential investor knows and trusts to introduce you to them.
Be cautious about doing thorough research before requesting an intro. If it is a friend, you may immediately ask them. But if it is a colleague or someone more significant or senior, you must be ready with pertinent facts about your organization and a brief elevator pitch.
5. Initiating a Conversation
After establishing a connection with the investor through a mutual connection, you must create a warm introduction to gain access to their email inbox. Herein lies the importance of your email deck. An email deck is a cut-down version of your pitch deck, with no more than ten slides and just the most important aspects. It typically contains less text than the pitch deck itself.
Your objective is to present your startup to the investor so they can evaluate it and decide whether or not to invest in your opportunity. Typically, the email deck is concise, well-structured, and straightforward, with a call to action requesting that the investor review and discuss your pitch deck in person.
Additionally, you may incorporate a video pitch with your email deck to boost its impact.
6. Investor’s Meeting and Presentation
This is a significant step in the startup fundraising process since it is the day you meet with the investor and present your business. Before the meeting, you conduct thorough research on:
The investors you’re meeting
Their portfolio companies
The domain they’re interested in
Any other pertinent information?
Typically, the meeting is brief, with 20–30 minutes allotted for the presentation and another 15–20 minutes for questions. It begins with a personal introduction, an explanation of your business plan and its potential, and then an investment proposition.
This meeting aims to attract the investor’s attention and secure their commitment to invest in your startup. Typically, negotiations on the investment type, amount, valuation, and equity follow the presentation.
7. Investment Agreements and Due Diligence
The talks don’t stop with the initial meeting, unless it’s a demo day hosted by an accelerator or incubator, when businesses get to present in front of many investors. Typically, many further meetings are necessary to agree on the investment amount and other crucial aspects. To reach a mutually beneficial agreement, both sides must participate in giving and taking.
During the due diligence process, the investment team examines all areas of your startup, including financials, revenue model, competitors, team strength, and even the founders’ previous job history.
Upon the successful conclusion of this step, the final negotiations commence. At the pre-term sheet stage, you are expected to understand the investment kind (equity, debt, convertible note, or SAFE), quantity, value, and equitable distribution among the company’s founders. In this case, a competent investment attorney can help you understand the legal ramifications of the investment term sheet and safeguard your interests.
8. The Term Sheet
A “term sheet” is a contract that outlines the conditions and investment structure. In general, it consists of the following three sorts of terms:
This includes details such as vesting, excise period, anti-dilution, valuation, price per share, and the amount of investment.
These stipulate the shareholder’s rights and responsibilities, protective provisions, board seats, and the drag-along agreement.
They include, among other things, dividends, rights to redemption, rights to assets, and other rights.
A term sheet is an agreement that is not legally binding, and a more comprehensive due diligence process often follows it. And this ultimately results in the formation of a legally binding agreement, known as the shareholders’ agreement.
9. Post-Term Sheet Diligence
The Post-Term Sheet Due Diligence is one of the most critical steps of the startup fundraising process. Why? Because the term sheet is just the beginning of your due diligence. Now, the investment team is conducting a more thorough review of your business. This phase is more crucial since it covers several laws, including assessments of employment contracts, intellectual property, business organizational papers, and other commitments.
Additionally, the investor’s attorney becomes engaged at this stage to guarantee that the legal requirements outlined in the term sheet are followed. During this phase, the investor team focuses on the following:
Financial statements and bank statements
They scrutinize the financial health and market valuation of the startup.
The investment team evaluates each founder’s history and reputation in the market.
It is a legally binding agreement between the business and its shareholders that describes the investment’s terms and conditions.
The debt agreement
This legal document stipulates the sum that must be repaid-with interest at a certain time.
After signing these contracts, you are free to begin your startup’s journey toward success.
Treinetic’s Final Thoughts on Startup Fundraising Process
The startup funding process has a number of stages, as has been mentioned. You have to follow all the steps to:
Kickstart your startup fundraising process.
Maximize your startup investment potential.
Scale your business to all-new heights.
Several entrepreneurs also enroll in programs that aid with financial due diligence, investor engagement, and other tasks to expedite the startup fundraising process. Some ecosystems provide a thorough, tested program for startup funding—Spark Services. The single biggest competitive advantage a company may have is shortening the fundraising timeframe by securing funding from strategically suited investors.
The real work starts after you’ve raised enough money to get your business off the ground. Our warmest wishes are with you.
A new wave of interest in non-fungible tokens (NFTs) is taking hold. It may be time for those businesses that have yet to embrace this new technology to get up and smell the coffee. This is because there won’t be just information printed on cards or coins anymore. There will also be tangible items with their own unique identifiers, which may hold various pieces of data, such as who built them and when they were dropped. And with everything out of the way, let’s finally go into this whole NFT business. An NFT is something you’ve probably heard of, but do you know what it is? And how does NFT create value?
What exactly are NFTs?
Before we talk about “how NFT creates value,” let’s talk about what NFT is. A non-fungible token, often known as an NFT, is a digital token that is held as a financial security that cannot be recreated, such as a cryptocurrency token or a token representing a digital asset. In contrast to typical fungible tokens, each NFT is unique, similar to a rare collectible card. On the other hand, fungible tokens can be exchanged with one another and represent individual units of a single asset or service (like loyalty points, for instance).
NFTs are non-fungible because they are unique tokens for digital assets. Moreover, they are distinguishable from one another. Essentially, this implies that each token has its own history of ownership, which is recorded on the blockchain and cannot be changed. Anything, from limited-edition shoes to virtual land in online games to the right to use a blockchain app, might be represented by NFTs.
There is no doubt that NFTs are distinct from all other assets. Moreover, they’re not quite “assets” in the conventional sense, and hence, they instantly create an anomaly. They may produce value and raise their price, but they lack any inherent function or purpose. There’s no way to generate value from an NFT unless it has an audience that wants to engage with it, just as there’s no way to generate value from a cryptocurrency whose usefulness is similarly up for question.
Want to release a 3D NFT collection that is the best in the world? A competent team like Metafylabs that has previous expertise working in the NFT industry will unquestionably be a godsend for you.
How NFT creates value
Now that we know what NFT is, let’s understand how NFT creates value.
1. NFTs’ impact on the value chain
This is a key subject when discussing how NFT creates value. As a result of the NFT speed (NFTs facilitate the efficiency of transactions) and convenience, the transfer of wealth has been revolutionized. No longer will you have to wait for days while your crypto-wealth slowly crosses borders! You just need one transaction to be able to send them anywhere on the whole planet.
The goal of NFT is to cut out the middleman and speed up the transfer of value. People may now transfer assets directly amongst themselves without the need for a middleman like a stock exchange or broker. This emergence of NFTs has already had a positive impact on our society!
2. NFTs’ relevancy to marketers
Marketers greatly benefit from knowing how NFT creates value. The use of NFTs opens up a plethora of possibilities. Unlike cryptocurrencies, which are usually seen as a way to store or exchange value, NFTs will be useful and offer marketers who want to offer unique experiences around high-value objects in their portfolios a chance to do so. They could provide more context for a current product, or they might even be able to replace it!
With NFTs, we may use them not just for their practical value but also to create new experiences centered on high-valued artifacts. It has been said that these technologies constitute the most significant new technology to emerge since the Internet. Nevertheless, we are unquestionably at the beginning of this journey to understand what these currencies and crypto assets worth trillions of dollars signify in the real world.
3. Intellectual property as an NFT
As a direct result of the growing popularity of blockchain technology, there has been a huge surge in the number of innovative use cases and applications. NFTs are one example since they allow the creation of intellectual property and smart contracts on physical assets utilizing permanent data spread throughout the code layer or product description of each individual item.
Blockchain technology will be critical in the future of luxury goods since it will allow companies to track the ownership of their items accurately. This is critical in protecting the intellectual property (IP) rights of enterprises selling these assets throughout the globe since it lets consumers know precisely where each item originated from and whether or not it is real.
4. Value of NFTs in the gaming industry
The gaming industry is highly interested in “how NFT creates value.” Many creators choose to sell their games because of the difficulty of acquiring assets required for developing the game. As a result, NFTs allow consumers to purchase or exchange digital commodities for crypto tokens that have unique features, such as in gaming and fine art auctions, where scarcity is important.
The applications of non-fungible token (NFT) technology extend well beyond the realm of video games. Nowadays, it is being used in a wide variety of industries, such as banking and asset management, as well as billion-dollar trading platforms (via decentralized exchanges).
5. Versatility in NFTs
With NFTs, the possibilities are endless. Non-fungible tokens might be used to tokenize access rights or claims to something more abstract, such as a stake in event tickets (NFT).
NFTs are a revolutionary new approach to representing anything. For example, one sort of non-fungible token may be used to tokenize an individual’s access rights or claim on something more abstract, such as a share in event tickets. What this thing is used for will always have a different shape depending on how it’s utilized, whether it’s digital assets like Bitcoin or tangible collectibles like CryptoKitties, where users can buy OX Finch cards picturing cartoon characters from Netflix, which have been a huge hit with consumers.
Our final thoughts on “how NFT creates value.”
The value of NFTs is increasing as more people use them. There are various ways that NFT developers might generate income for themselves. However, because of the high cost of minting and selling NFTs, not all will be sold or generate any money for their creators.
Because of the high development expenses, you should budget for the possibility of a loss on your NFT project. This is vital. An easy way to avoid losses is to sell an NFT that others would value and to establish a minimum price that is more than the costs associated with the transaction.
Startup project management is critical. Why? Every day is different in the startup sector. Despite this, many business owners fail to see the need for effective project management for their budding businesses. But it is true that when project management is done well, there is no chance of making a mistake. With so much to accomplish and so many hands in the pot, there is a lot of pressure on everyone involved. Startups have a team-first ethos, which means that everyone on the team is eager to pitch in and help get the work done. Even though the horizontal leadership structure may help build a sense of community, the day-to-day tasks and responsibilities of owning and finishing a project can get confusing and messy.
When nine out of ten businesses fail, and every minute and dollar spent in the beginning is important, wasting time may be expensive. To reduce the chance of failure and achieve that elusive startup success, it is necessary to have the appropriate tools in place. And these may include project management software that keeps the whole team focused and on target.
Startup project management: why is it critical?
Startup project management can be difficult, but no business owner can overlook it. In fact, every business, no matter how big or small, needs to be able to manage projects well. However, startup project management and efficiency may not be at the top of your priority list when you’re just starting. However, as your business expands, these considerations should rise to the top of your priority list. These aspects of a business are critical to the accomplishment of a project and the execution of a business strategy successfully.
A structured approach to startup project management may appear pointless, restrictive, and unnecessarily demanding in today’s fast-paced, entrepreneurial startup environment. However, establishing project management practices and using a software product at the outset can help your company survive as it grows. Method and structure for the project can coexist with flexibility for changes in them, and a software application for project management may help with both.
Startup Project Management Tips for Entrepreneurs
1. Set attainable startup project management goals
Entrepreneurs must not “just” have objectives; they must also be worthwhile objectives. Setting and attaining realistic objectives will provide you with contentment and well-being. Start by making a solid base for establishing goals.
Recognize your clients.
Make a solid plan for the project.
Possess a can-do attitude and an adventurous spirit.
Think about the following:
What is my long-term goal’s most basic purpose?
Evaluating the feasibility of the long-term goal.
How to build on what you’ve done?
Regardless of where you want the startup to be, you should set goals that you can achieve and, more importantly, that the startup is required to achieve.
2. Turn failures into success
A business owner’s life is what they create from the beginning. The ups and downs of being an entrepreneur are something that most of you probably aren’t aware of. But you’ve probably heard about the “flowery life” of being an entrepreneur.
The smooth running of the project will be made difficult by complaints from stakeholders, heated discussions within the team, missed deadlines, and challenges with the project’s financial resources. Therefore, it is up to you to choose how you will react to the obstacle and transform it into an opportunity for business development. What do you think about the failures you encounter?
3. Start with yourself (self-evaluation).
On your way to becoming an entrepreneur, you’ll need to stop and think about where you are and where you want to go. So, what motivates you to start your own company? As a source of additional income? For a greater sense of liberty? For passion? Is that what you want? Find out the answer for yourself. Prepare yourself for a follow-up question like:
Do you have any special skills or talents?
Are you a person who takes responsibility?
What excites you the most about life?
Have you got enough energy to work on the weekends?
How much money do you have?
Are you clear on what you need to do?
Which lifestyle do you plan to pursue in the future?
Are you ready to be your own boss?
4. Preparing for Milestones
A milestone may signify a shift in development. It can help you let people know what is going on with your project. One of the most important parts of your project plan is showing you how you work on your project. Establish the ideal benchmarks for your team to reach. Discuss the significance of each milestone with your team to keep everyone on track toward the desired outcomes. From the start of your startup’s project management, there are also things you can do to make sure that all of your goals and objectives are met.
Find and eliminate project risks.
Set progress reporting
Use calendars to keep track of important dates.
Keeping tabs on the progress of a project’s deliverables is essential.
Think about the support of your stakeholders.
Prepare yourself for the long haul.
It’s important to start increasing the ambition of your milestones over time so that your initiatives would always be a success.
5. Talk to your team regularly
To successfully communicate with the relevant people, you will need to understand the communication process. When it comes to startup project management, better communication means everyone understands the importance of good project management. Every day of communication within the team helps maintain the requirements under control. As the project progresses, you’ll be able to keep your team up to date on everything.
Communication is more than simply a two-way exchange of ideas; it requires an awareness of the project’s ins and outs. You need to be available to everyone, know what problems the project will face, get everyone involved, and be able to explain your vision clearly.
6. Set a budget, and a deadline
Have you given any thought to the significance of the three constraints for startup project management? This is an essential aspect of the project since it monitors the administration of the startup project. Time allocations are of the essence if you want to launch your product or project on time successfully. Therefore, you must have a system that allows you to estimate the length of time required to complete each job. You can easily compare the amount of time spent on a work or project using free Gantt chart softwarethat includes project management capabilities.
Defining a project’s scope is important for managing it. It is necessary to make a decision on the scope of the product or project. It provides an explanation of the predetermined criteria that must be met in order to finish the project on time and without exceeding the specified budget.
Cost budgeting establishes a foundation for future costs. Money is the reason many businesses fail. Therefore, you must organize your resources to avoid running out of money. Using project management software, you may acquire an understanding about an accurate estimate of your budget by assessing the variations in costs.
7. Set Up a Team That Isn’t Going to Sink Your Company
Research on why startups fail shows that having the wrong team is one of the top reasons. Entrepreneurship is not a lonely endeavor. You can not do it alone.CBInsightssays that 23% of businesses fail because they don’t have a strong staff with the right skills.
Here’s how to find a great team for your new business:
Look for experience that matters.
Create a shared understanding of the values and norms that guide your team’s conduct.
Make sure they are all going the same way.
Explain to them the importance of providing excellent customer service.
Convince them of the value of what you are trying to do.
8. Startup project management tools
There are many high-level bucket features in project management tools. Some examples of what you can do with a tool are:
Keeping track of what has to be done
Keeping track of documents and files
Budgeting and sending bills
These online project management tools can help you stay organized as you embark on your company adventure. You can also compare project management tools and their detailed features to find the best fit for your organization. Here’s a list of startup project management tools to consider:
Remember that project management at your company doesn’t have to be unnecessarily complicated and demanding. The right tool will also help you in many ways, including:
Make the most of your limited resources.
Keep your customers and the team happy.
Offer you the necessary skills and procedures to bring projects through to success.
Many entrepreneurs have sought answers to the question “how to pitch your business idea to investors” at some point along their journey. Why? Because to start a business, you’ll need to know how to pitch your idea to investors so they’ll fund it. In order to obtain funds for a new business start-up, all entrepreneurs must be adept at making pitches to both clients and investors. There are a lot of TV shows that make it look like pitching is all about having an amazing business idea that could make millions in the first year. The truth is, though, that it doesn’t always work out that way.
If you want funds to start a company, real business plans and ideas are what serious investors are looking for. The best way to get money for your start-up is to show that you have a great business idea with a great pitch.
What Is a Business Pitch?
To pitch your business idea to investors successfully, you must first understand what it means by a “pitch deck.” When an entrepreneur wants to encourage someone or an organization to invest in his or her business concept, he or she must provide a credible argument on why the investor should do so. Business pitches come in many ways. It can range from a short sales pitch that lasts 20–30 seconds or the length of a short elevator ride to an hour-long slide show.
Ideally, a business pitch should be concise and persuasive while also highlighting the value of your company and the product or service you are selling to potential customers.
How to pitch your business idea to investors properly?
Making a good pitch starts with a well-thought-out business plan. In the next step, it’s your job to figure out what makes your business valuable and worth your money. Despite the fact that you may have several pages of documented financial history and have conducted a thorough study of how you compare to the competition across a wide range of sectors, you simply cannot cover all of the bases.
Angel investors and venture capitalists don’t usually have a lot of time to hear your pitch when you’re pitching for the first time. So, here’s how to successfully pitch your business idea to investors:
1. Make a presentation
A pitch deck (PowerPoint presentation) is one of the critical things you must have at your disposal when you pitch your business idea to investors. First, make your pitch deck. Creating a deck that gets investors interested about your business is the ultimate aim. It’s important to keep this in mind: You should have a short version (mind map) that you can speak to in 10 minutes and a longer version that includes everything you want to show investors.
If you want to get started, you can use a PowerPoint pitch deck template to get started and look through available galleries of industry pitch decks on the Internet. You can also look for online resources to assist you in preparing a flawless presentation if you’re having trouble bringing it all together.
2. Get some practice with your pitch
It’s important to practice your pitch and improve your ability to speak clearly and concisely to get investors to back your business idea. You can’t use any of the other tips on this list unless you can quickly talk about every aspect of your business. Too many entrepreneurs think that just because they know their business, they can quickly and concisely explain its value, which is not true at all. And this results in their arriving at pitch sessions with nothing planned.
At the beginning, you may say, “I only need 5 minutes of your time.” But you will soon find yourself blabbering for 20 minutes, having only made it to slide 5. To improve, simplify your message, keeping only the parts that help your business, and practice a lot before you do the presentation. Don’t waste your time on anything else.
3. Tell a story about the problem to show how it’s going to happen
A good story is a good way to start your pitch. Investors tend to pay more attention to the story you tell when you do the presentation rather than to a set of facts. Make sure it talks about what you’re trying to do in the market. In the beginning, this will get people excited about what you’re going to say. There should be some actual data here if you’ve done any surveys.
Even better if you can relate your story to your target audience—in this scenario, the investor. What businesses have they previously invested in? How do their previous business ventures make them feel? Research the investor so you can adapt your pitch and storytelling to their interests and concerns.
4. What is your solution?
You might be in love with your business idea. Your product prototypes are all outstanding, and you’re happy with the direction your business plan is taking you. In the end, if your product accomplishes nothing for consumers, investors won’t be excited.
Describe how your solution addresses the problem you described in the preceding slide and how it does it in a unique way. The investor would appreciate it if you kept it brief and simple to understand. Keep jargon out of the equation unless your investors are well-versed in your sector. It’s also a good idea to plug in survey results here to make your solution seem more credible.
5. Demonstrate your knowledge of small business concepts
Investors are more likely to have faith in your business plan if you have real-world experience and a competent management team behind you. You should back up your idea with two things that will make you feel more confident:
Show that you have money coming in, that you have a good track record with customers, that you have testimonials, and that you did market research. Investors are more likely to give money to a company that can show that it can make money.
Show them what you’ve done
Prove that your business is in competent hands with an experienced management team that is familiar with the industry. So, they all have previous experience operating or working in comparable firms to those in which you are investing. The skills you show on your CV or that of your team, if you have one, are important. They include accounting, marketing, sales, and other things.
6. When you show off realistic forecasts, people will believe them
Investors aren’t looking for a get-rich-quick plan, so don’t pitch your business idea to investors that way. A lot of “sensible” investors won’t believe that you can make a lot of money and be profitable. Stating realistic revenue growth forecasts and including three potential outcomes (the worst case, the medium or projected scenario, and the best case in terms of revenue) is a better method.
Check to see if there is any evidence to back up your revenue forecasts, such as market data and competitor analysis. It is also possible to use regression and time series analysis in this context for predictions and estimations. Moreover, make sure you clearly explain the assumptions you used to come up with your revenue forecasts.
7. Keep your startup expenditures as minimal as possible
You shouldn’t come up with costs that are too high when trying to raise funds for a business idea. New businesses that concentrate on cost management are sought out by investors who are aware of the need to keep expenses in check. Avoid giving yourself a big salary, and try to keep capital expenditure down. For example, don’t buy the newest PCs with expensive features you don’t need. Ensure that you have a financial buffer in your marketing and operational budgets but keep your expenditures to a minimum.
Treinetic’s special note on how to pitch your business idea to investors
Investors like it when you show that you can deliver. You should show that you can make things on a smaller scale first, or that you can deliver your services to a small group of regular customers, before you try to get money for a big business. Having success makes you more confident. So, if you can show that you can deliver, then you’re more likely to get the money you need to grow your business even more.
Consider how you can make improvements no matter what the result of your pitch is: whether you obtain financing, a second meeting, or rejection. Do not hesitate to ask for feedback and incorporate it into your future pitch. Avoid pressuring the investor if they aren’t willing to provide any feedback. It’s a delicate balancing act because you’ve already spent their time, and now you’re asking for more of it from them..
Have another member of your team take notes and discuss them with you after the event if at all possible. Look for areas where you slipped up or slides where the investor expressed displeasure. Keep refining and practicing, no matter how good the pitch is that you have now.
Isn’t it cool to buy an online piece of art and then get a digital token that proves you own the work of art? Isn’t it great? Thanks to NFTs, there is now a chance to do that. So, what is NFT?
NFTs(Non Fungible Tokens) are now sweeping over the worlds of digital art and collectibles in a big way. Much like Bitcoin, NFTs are being marketed as the digital currency of the future for collectibles, much like everyone thought Bitcoin was the future of currency. So, digital artists’ lives have changed because of the huge sales to a new group of people interested in crypto. NFTs are attractive to people who want to learn more about them. This is the place for you. “What is NFT?”
What is a Non-Fungible Token (NFT)?
There are cryptographic tokens on the blockchain called NFTs, which stands for non-fungible tokens. They have unique ID codes and other information that makes them different from each other, and NFTs also provide a public proof of ownership. They cannot be traded or exchanged for equivalency, in contrast to other types of cryptocurrencies. This is different from fungible tokens like cryptocurrencies, which are all the same and can be used for commercial transactions because they can be bought and sold at the same time.
What is NTF: The History?
Kevin McCoy and Anil Dash started making his non-fungible token “Quantum” on May 3, 2014. It was a pixelated image of an octagon filled with indicating circles, arcs, and other shapes that all had the same center and were hypnotically pulsing in fluorescent colors at the time. For $7 million, the “Quantum” art piece that was only made in 2014 was sold to someone else. In MacCoy’s opinion, NFT is an integral part of the art world because it combines art with creative technology to get people excited about art.
Need to know more about NFT?
NFTs are non-replicable cryptographic tokens that exist on a blockchain.
In the real world, NFTs can be used to show things like art.
Tokenization makes it easier to transfer the ownership and trade of these real-world tangible assets. Fraud is also less likely as a result of this.
NFTs may represent a variety of other concepts as well, such as a person’s identity, property rights, and so on.
How are NFTs used?
A blockchain is a distributed public ledger that keeps track of changes (transactions) of the assets. NFTs are on the blockchain. You probably know the term “blockchain” as the process that makes cryptocurrencies possible. For the most part, NFTs are built on the Ethereum Blockchain, but they may also be built on other blockchains, such as Bitcoin.
NFTs are created to represent various assets, including::
Videos and sports highlights
Virtual avatars and video game skins
In fact, even tweets are sold using NTFs. Jack Dorsey, Twitter’s co-founder, sold his first tweet for more than $2.9 million as an NFT.
Now that we have addressed the fundamentals of “what is NFT,” we can go further into the deeper aspects of the best NFTs available. To buy NFTs for yourself, you need to know how this type of blockchain works.
Fungible vs. Non-Fungible
Every day, we use fungible dollars and cents to make transactions.
For example, you could say that:
You’ve got a $20 bill, but it doesn’t work with the vending machine because it only takes $1 bills.
Then, you ask someone to change your $20 bill into small amounts.
You get a $10 bill, a five-dollar bill, and five one-dollar bills from the cashier.
However, even though your $20 bill has changed hands, it still has the same value as it did before.
This is because you still have a total of $20 to work with.
In the context of the preceding example, cold-cash cash is a fungible asset type. All of the cryptocurrencies that are out there today are also like that.
NFTs, on the other hand, are non-fungible asset classes, as we have demonstrated before. Because each token is unique, you can’t exchange one NFT for another and expect to get the same value out of it.
People like to do this. For example,
In this example, let’s imagine an artist coming up with a new piece of art.
The artist then chooses to develop an NFT to symbolize the worth of the given artwork.
This implies that the NFT is unique to each artwork and cannot be duplicated or imitated.
Once again, this is because each NFT is authenticated by using a unique transaction hash to determine its authenticity.
There is no limit to what NFTs can represent, and we’ll go into that in more depth later. A virtual painting, house, car, or sports moment can all be yours with NFTs. You can store ownership of these things digitally.
NFTs are used for what?
Our “what is NFT” guide is about to get a lot more interesting. Using blockchain and NFTs, artists, real estate agents, content creators, etc., have a unique way to make money from their work. Many artists don’t need galleries or auction houses to sell their art anymore because they can do it independently. Instead, the artist may sell it straight to the customer as a non-traditional item, allowing them to retain a larger portion of the revenues. It also helps if artists plan for royalty payments. When their art is sold to a new owner, they’ll be paid out part of the money. This is a good thing for artists because they usually don’t get any money back after selling their art.
People can make money with NFTs other than through art. Charmin and Taco Bell have auctioned off NFT paintings based on their brands’ identities to raise funds for charity. Taco Bell’s NFT art sold out in minutes for the highest price of 1.5 wrapped ether (WETH), or $3,723.83, while Charmin named their offering “NFTP” (non-fungible toilet paper).
Nearly $600,000 was paid for Nyan Cat, a 2011 GIF portraying a cat with a pop tart body. In February, it sold for almost $600,000! In addition, NBA Top Shot produced more than $500 million in sales by the end of March. Over $200,000 was paid for just one NFT highlight featuring LeBron James.
As NFTs become more popular, even celebrities like Snoop Dogg and Lindsay Lohan are enjoying the fun. They’re releasing unique memories, artwork, and moments as secure NFTs.
Want to make your own NFT portfolio? Hire a top-notch 3D team like Metafylabs for your project.
How do I buy NFTs, then?
Now that you understand “what is NFT,” you might want to buy them. To start your own NFT collection, you’ll need to buy a few things first. These things are:
A digital wallet that lets you store NFTs and other types of cryptocurrencies is the first thing you’ll need to get. There is a good chance that you’ll need to buy some cryptocurrency, like Ether, based on the currencies your NFT provider wants to accept. You can use a credit card to buy crypto on Coinbase, Kraken, eToro, PayPal, and Robinhood to buy crypto on different platforms. After that, you’ll be able to transfer the funds from the exchange to your preferred digital wallet.
Fees are an essential consideration when evaluating your options. In general, most exchanges charge you at least a small percentage of the amount you buy crypto from them.
Some of the most popular NFT marketplaces are:
The NFT sites are all over once you’ve got your wallet set up and money in it. Today, the largest NFT markets are:
Is it a good idea to get NFTs just because you can? Due to their unclear future and lack of historical precedent, NFTs might be risky investments. On the other hand, people buy NFTs for many reasons. Those who want to own the underlying asset are very interested, while others see value in the asset being tokenized into an NFT. Some people buy NFTs to learn more about blockchain technology.
As a general rule, it’s probably not a good idea to invest in anything just because it uses cryptocurrencies. The basics of investment continue to apply regardless of whether a blockchain shows the ownership of an asset has been established or not. To be a good investor, you should think about what you want to own and then do everything you can to get it. If you are interested in the Blockchain technology, read our article on how can Sri Lanka benefit from Blockchain.