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Startup

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The coworking space has always been home to the startup. Since its inception years ago, fledgeling businesses have flocked to these enclaves that have formed communities in and around New York City. The office space is cheap and the conversation lively, but the workspace provides businesses with the type of support not seen by other office formats.

The coworking space has evolved to the point that spaces offer professionals a variety of perks, and then the online community has expanded to include coworking wikis, which provide freelancers support and a platform for collaboration. Then, there are the white-shoe coworking spaces like Servcorp, a 5-star coworking space with 85 workstations nestled in One World Trade Center. Five-star coworking spaces do more for businesses than just reside in some of the most exclusive buildings in the world.

Keep reading to learn about what a 5-star coworking space can do for your business.

Significantly Reduce Overheads

One of the major features of a 5-star coworking space is that it can manage to provide businesses with all of the necessities of a corporate office without the excessive price tag. Excellent Wi-Fi is always appreciated but providing clean workspace in a prime location is very important to a world-class fit out. A 5-star coworking space should provide businesses with the basics plus perks but still be able to from a place of affordability.

Provide Professional Workspace

A 5-star office typically is furnished with the finest in corporate office furniture. The buildings are in excellent condition, as is the case of the WTC. Usually, the buildings have the latest in technology, and in the case of older, historic buildings, they are retrofitted for newer technologies.

These offices also tend to be located near historic or financial business districts. Whether they are a part of landmark financial districts or cultural enclaves that have been gentrified, they always give businesses access to concierge services and products. Ultimately, the receptionist and support staff all have been trained in excellent customer service and support.

Provide A Platform For Community

The coworking space also provides businesses with a platform to network with others. Again, the space’s initial mission was to provide start-ups with a platform to collaborate with others in a positive environment. Most communities provide a social platform, and whether they plan social events in the space or they bring experts into the community, most coworking spaces have an events calendar with opportunities for businesses to get together.

Provide Flexible Leasing

A world-class fit out really is determined by the details in the contract. The lease’s terms should reflect that the business is current as it relates to office space solutions, which means their leases are flexible enough for the times. For example, many coworking leases have forgone the protracted, lengthy leases for shorter ones that allow businesses versatility.

In exchange for leases that typically run anywhere between one year to seven, these coworking spaces have leases that run as short as a month. In addition, the leases transition easily into other formats if the renter decides coworking is not a good fit or if their business grows. Finally, if the leasing organisation has offices in other locations, then the leases are transferable, and the coworking professional can avail of the use of space in other locations if they need to travel.

Startup Success

The standard for a good coworking space goes up a level when the leasing organisation has a great grasp of what businesses need in the modern office. Five-star fit outs give businesses all of the essentials of modern-day work while making room for the extras that make work exciting. In NYC, there are numerous coworking spaces, and while many of them are engaging, finding the 5-star gem is the challenge.

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Image source Pixabay

There’s a lot of chatter about how startups are changing the business world. This can be seen across industries. Pretty much anything is vulnerable to disruption by a well-intentioned startup.

In the past, starting a business meant you had a lot of starting capital to put toward building facilities. This is no longer the case in the digital age. While some businesses still require a lot of upfront money, this is no longer necessary or the norm. A startup is basically a business in its incubation period, before it has received large amounts of money and started selling on a large scale.

With lower stakes, it’s possible for entrepreneurs to fine-tune their ideas into something groundbreaking – even if the operations originate in a small studio. Of course, no one wants to stay in their dorm room or parents’ garage forever. Here are five ways to help turn a startup idea into a real business.

Find Mentors

Have you taken a startup idea and turned it into a full-flung business on your own already? Then you probably know a few tricks of the trade. For everyone else, the best thing to do is to find somebody who has undergone the startup experience before. Preferably, this will be someone who has turned their startup into a legitimate brand.

Then again, there are benefits to learning from people who tried and failed to build out their startup. They will likely be able to tell you things that did – and didn’t – work for them along the way.

Have a Scalable Product and Idea

At the end of the day, your startup won’t be able to cut it if your product doesn’t provide something appealing to consumers. One of the most important steps in fleshing out your startup is to have a minimum viable product (MVP).

An MVP allows you to test the product in its most basic form, while receiving input from the people who are most interested in using it. By taking that feedback and incorporating it into later versions of your service or good, you will be able to create something that’s actually desirable to people. You also want to ensure that you’re making something that scalable. Consider this in terms of consumer demand, as well as production costs.

Get a Good Website

A business in today’s world needs to have a solid web presence. You don’t need to spend thousands dollars building your website—especially if you’re a startup. However, you should consider how to build a website for business. It should be easy to navigate, with the most important information or features for prospective customers or investors at the forefront.

The most affordable and flexible option is to leverage website builders catering specifically to small businesses. Services like Yahoo Small Business offer a variety of website themes than can be edited to fit your content and branding.

Be Serious About Social Media

Once you have a live website for your startup, you’ll need to build out your social media presence. Even if you don’t use Facebook or Twitter personally, you should understand that it’s a way for your brand to interact directly with consumers. This is an extremely powerful ability.

In order to really take your startup to the next level, you’ll probably want to hire a dedicated social media expert. They’ll know what’s best in terms of what and when to post. Additionally, you can work with social media influencers to extend your reach to people with interests specifically related to your startup.

Don’t Lose Momentum

It’s easy to get discouraged when you’re just starting out in the business world; especially when money is tight, staff is stressed and operations regrettably go haywire. Even some of the most successful companies find themselves in the midst of a major upheaval from time to time. The key is to not panic when these things do inevitably happen. Keep your eyes on your goals – and figure out what you have to do in order to meet those expectations.

There are few things in life more difficult than starting a business. In fact, about half of businesses fail within the first five years. Don’t let this discourage you, though. There are plenty of opportunities for people willing to put the work into building their startup into a real (and profitable) business.

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So, you have a great idea for a business and you want to get it rolling. Having that kind of initiative is already a step in the right direction, but it’s not going to be enough to help you succeed. A great startup needs a great team behind it. Owners and partnerships are what can help you truly get the best start in the business.

bar, business, conference

Pic by unsplash.com

The money person

You might not have money as the primary goal of your business. The doesn’t change the fact that money is going to play the most important role in the day-to-day operations of the business. See if you can get a financial wizard on your side as an owner. Otherwise, consider how an accountant could be one of the first and most important hires for your business.

The facilitators

Another problem that a lot of new entrepreneurs have is finding the steps to make their business a reality. You might have the idea and even the investment money ready. But you could have some complaints about how to actually turn your idea into a reality. To businesses like World Patent Marketing, complaints like those can be quickly solved. Consider looking for engineers and designers. Look for partnerships that can turn your idea into a patentable business opportunity. It’s just as important for protecting your intellectual property as getting your own ball rolling.

The mentor

It’s not something that every entrepreneur is going to consider at first. However, by finding a mentor, you have the opportunity to avoid many of the pitfalls you might make early in your business life. Not only can they offer advice and expertise, a good mentor can offer contacts, too. They can help you link up with suppliers and distributors, or even make the process of getting funding all the easier.

The admin genius

Any business that’s running well is likely to produce a boat-load of administration work. It’s not always a great idea to give that admin work to the creative kind of people. Instead, you need to be able to identify and convince an administrative genius to come on board. Every business needs a person to whom disorder is their worst enemy and their organizational abilities are just the weapon needed. Put a lot more value in those who keep your company ticking over like that.

The rockstar

Administrators are all about keeping things cool, collected and neat. Rockstar marketers are quite the opposite. They rely on their gut, on finding opportunities and mining them for every potential gain they can get. They need to be your top salesperson and the one who helps you spot different angles for marketing. You need someone with their finger on the pulse of public perception. Someone who really knows people should be the one in charge of your branding.

As well as the dreamers, you need the people on the ground. The facilitators and administrators who are going to make sure you’re running the most efficient machine you can. So start looking for the people who can make a real impact on your chances.  

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Building a business from the ground up is remarkable. It’s not just about reaching for your goals and sticking to a vision. Rather, it’s about knowing how much hard work you still need to do and what problems you must learn to deal with to keep the company going. That’s how growth happens. Growing pains, though, can hurt a young company if they aren’t managed properly. Not sure how to keep the company growing without spreading your resources thin? Here some some of the most common challenges startups get that you can easily solve with video conferencing:

 

Lack of Talents

Plenty of companies in the U.S. have trouble sourcing for the right talents. U.S. News says America’s lack of STEM students spring from the fact that the education system focuses more on basic proficiency instead of training students for academic excellence. That leaves a lot of low-ability talents with nowhere to go, contributing to the country’s unemployment rate, while job vacancies for high-skill positions in many industries remain. One way companies are circumventing the gap is by widening their talent pool through online video solutions. By interviewing and getting talents from all over the globe, Human Resource teams can now have their pick of qualified applicants without needing to shortchange their hiring goals and standards.

Go Big with Videoconferencing

Go Big with Videoconferencing

 

Managing Offsite Teams

The apps also make it easy for you to handle all your remote teams. You can set up your management team anywhere in the world—so long as there’s steady, reliable internet to back you up—and hire the rest of the team from all over. Daily face to face meetings or huddle sessions can happen online. If you need to beef everyone up on new security protocols, have a town hall meeting or do a quick one on one with a staff member, you can easily do all these things via handy communication tools. Wherever your team is, you won’t have a problem getting and staying in touch with them.

 

Stress for Your IT

Enterprise video for IT from Blue Jeans is one of the best things to happen for your IT team. Remember the days when IT experts had to deal with everything—from keeping your communication channels running without a hitch to setting up a phone patch for you? These days, using online conferencing for your business doesn’t mean you have to use up all your IT resources on installing and managing the system. With easy to use solutions, you can even download, install and use the app yourself, all with little to no assistance from your resident experts. That means you can deploy video at your company, all without having to add more work and stress for them. This gives your startup incredible advantage, allowing you to do so much work for less.

 

Lack of Trust and Teamwork

It makes for an excellent way for your teams to meet and see each other regularly. That helps tremendously. After all, everybody knows people work better when it’s with someone they trust. And they trust people they see more than they do a name off their email contact list. A likely reason for that seems rooted in how we communicate with each other. Susanne Jones, University of Minnesota’s associate professor of communication studies says that about 65 to 75 percent of what we say is non-verbal in nature, Small Business reports. So there is a huge loss of non-verbal messages and cues when people resort to emails, chats or calls. That’s what the system’s face to face contact brings back to the table. With online interactions, you help foster camaraderie and teamwork among your staff, essential to a lot of companies and exceedingly vital for startups. Because startups start small, there’s a need to rely on a core group. If yours is strong, then you have a much better chance at lasting long enough in the business to gain success. Helping trust develop among your staff allows you to move a few steps closer to your goal.

 

Storage Problems

Companies of yore used to rely on expensive servers to store and manage data. These can come at a hefty price tag. Hardware upgrades, too, could cost an arm and a leg. That posed a lot of problems for many startups, at least until online storage was invented. With cloud applications, it’s easier to store and keep your data protected. There’s no need for fancy hardware or costly upgrades, and there’s less stuff to worry about. With an efficient solution, rendered at incredibly low cost, you can keep your startup’s operating expenses low, allowing you to leverage your capital in a better way.

 

Conclusion

Startups have a ton of challenges to overcome, but these video conferencing apps help you deal with those challenges in the best way possible: one that’s efficient and cost-effective. It’s a great start.

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You have an idea, and that’s where it will all start. One single idea can blossom into a successful business. It may be a simple vision of a product or service that makes someone’s life easier. And your ambition is to turn that into a profitable venture. Dreams of fame and fortune, accolade and adoration all creep into the mind when you know you have something special. But that doesn’t mean your startup will be plain sailing. Many entrepreneurs of note have tried and failed to get their startups off the ground. So what are the hazards and highs of following your dreams into entrepreneurship?

Money

Some would say ploughing money into a new business idea is a lot like gambling. There is certainly a degree of risk involved. Others would say that it is a calculated risk. After all, why would you throw your hard earned cash at something you didn’t truly believe in? Anyone with good business sense knows to research their investments thoroughly to be sure of a good return or profit. However, without that initial investment, it’s nearly impossible to get your startup off the ground.

money

Image provided by Flickr.com

Every business needs an initial investment. It may be in the form of raw materials, or simply business stationery. You may need formal premises so there is rent, rates, and utilities to consider. It takes money to make money. And this investment can appear in many guises. You may feel it is necessary to gain further qualifications to help boost your confidence and skill set for your business. Or you may just need a little bit of cash behind you while to feed your family while you’re getting things started.

Family

Your family will miss you when you leap into the world of the entrepreneur. There will be many occasions when you need to travel for meetings. This could involve a lot of overnight stays in strange cities away from your family. You’ll miss mealtimes because you’re busy calculating a profit projection. And attending soccer games and recitals could become a thing of the past. It’s easy to feel guilt when you need to prioritize your business over your family life. But you know that you’re doing this now to secure your family’s future.

If you have a partner, chances are they are incredibly understanding and supportive of your new role. They know this business is important to you, and they will do what it takes to make your home life worry-free. Of course, you want to spend time with your family. And if this start-up goes well, you may have a lot of time when you can retire early! But right now, your family may have to take a back seat. This can be incredibly challenging for all of you to cope with.

Lifestyle

Your lifestyle will also change as you work harder and harder to get your business off the ground. Social engagements may be put off for weeks or even months. Those lazy Sunday mornings could become a thing of the past as you leap out of bed to prepare the next contract. You know that your time is money. So many other things in your life, like hobbies and interests, have to be put aside for now. Life has become fast-paced and focused. And it’s all on you to keep up with it.

meeting

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You may find you are living out of a suitcase more and more as you travel for work. Strange beds and strange cities become the norm very quickly as you try to secure more clients. Eating in restaurants or rest stops may also leave you missing the taste of a home-cooked meal. And you may not remember the last time you went for a leisurely walk.

Health

All this hard work, convenient meals, and lack of exercise will quickly take its toll. You may feel you don’t have enough time to sleep. But a lack of sleep will impair your cognitive function. This can lead to poor decision making and mistakes. Stress will also quickly take its toll on your health. High stress levels can lead to high blood pressure. This can be incredibly hazardous for your heart.

Hard working people who don’t give themselves the breaks they need can appear older too. Deep lines and wrinkles may start to appear. You may even start to gain weight now you can’t make it to the gym as frequently. Of course, health problems may motivate you to work harder. You want to provide for your family, so you’ll work hard while you can to make sure life is easier for them. You can look here for info about how one entrepreneur uses his own mortality as a motivator to push for success.

Economy

No matter how hard you work, the economy is going to affect your business. It doesn’t matter if you’re in the startup phase or you have a multinational, billion-dollar enterprise. A good entrepreneur is aware of the potential for crash and boom. Staying up to date with business and economy issues is easy. There are plenty of websites, online publications, and newspapers to detail the trends and movements.

strategy

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A tough economy needn’t be one that beats you, though. Preparation for the tougher times will help prevent disaster for your business. We can’t all run businesses that are recession-proof. But we can tailor our companies to the needs of the customers as their spend needs to fluctuate. Cheaper versions of the products we sell or providing products to a new market that is less influenced by the economy could be a way to manage tough times.

Competitors

Your competitors will also be working just as hard as you to make sure you don’t steal their market share. One way to overcome this is to create a new market. Of course, everybody would love to have the ability to do this! Finding a completely new product that has zero competitors is almost impossible these days. Instead, we have to settle for a share of what may already be a pretty crowded marketplace.

Drawing a competitor’s customer toward you to increase your market share is the secret of success. It can feel a little cut-throat, but healthy competition is considered best for the consumer. The choice is important for the consumer. If you can provide the service, product, and access they desire then why wouldn’t they come to you?

Marketing

It all comes down to marketing. You may have the most incredible product idea in the world. You may even have found investors to mass produce it. But the stock will sit in the warehouse forever if you don’t let the paying consumer know they can have it. Product and brand awareness are enormously important if you want to sell anything. You need to carefully craft your marketing strategy to reach the maximum number of people that will want what you have.

Many entrepreneurs have a clear idea of the channels they wish to exploit. You may need to hire an agency to manage the creation and placement of your marketing messages. This can be incredibly expensive. It’s no wonder that the bulk of startup investment funds goes on marketing. However, no customers mean no sales. That will quickly translate into another failed business.

Hiring

As well as contracting outside agencies, you will undoubtedly need some staff working for you to build the business up. Sales, production and administration, are the most common areas that startups struggle to cover. You may need skilled machinists. Or perhaps you need a good closer to secure those big corporate clients. Don’t believe for a second you can go from zero to global without some help. Hiring can be expensive. You might prefer to use temps or freelancers in the beginning. Be wary of taking on staff if you are not well versed in the legal implications of doing so.

Business Meeting

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Contracts And Deals

Your business relies on the goodwill of suppliers, business partners, and customers. And your customer relies on your assurances about the product quality and service you provide. Contracts between your business and others will define the expectations. They also give you legal backing should disagreements arise. Some suppliers will expect payments in a timely fashion. And you should make sure your contracts bring in the cash flow you need to honor them.

Making a deal with another business could be the boost your business needs to go from startup to successful corporation. Always use legal representation to ensure good deals don’t go bad. If all of your income is derived from just one or two key clients, you could be setting yourself up to fail.

Your Future

Some may say that the success of a business relies on hard work and luck. In reality, this may have an element of truth. But it is down to the entrepreneur to carefully navigate all the hazards and highs of running their startup. Without you and your good health, your company could fail. And without your due diligence, your business could fall foul of any number of hazards. Take care of you and your business to better your chance of success.