Startups are organizations set up to assist new businesses in getting off the ground specifically. And, in recent years, governments have also reinforced support for young entrepreneurs by promoting tie-ups between business schools, universities, and the private sector. Indeed, now is an ideal time to venture into building businesses.
However, that’s not all. There are also programs available for the cultivation of a professional mindset to secure not just sales and profit but also longevity for the startups. So, if you are thinking of starting your own business, knowing all the useful provisions to tap into can help you achieve success. To help you and the business shape up to get things rolling, here is a list of programs to consider:
Executive coaching programs are designed to educate you thoroughly on the role of a leader and mover-shaker. It can improve your confidence in decision-making, as well as help you shape your personality as a capable authority figure.
Studies reveal that most startups that go under less than two years after launching suffer from ineffective leadership. Therefore, to reduce the likelihood of short-lived operations, grab the opportunity to hone your leadership skills.
2. Financial assistance programs for startups
Another reason why so many startups fold right away is the depletion in operational funds. In most industries, the fixed costs can be too much to bear for business owners in the startup phase. And, the low sales and profits for a new business cannot cover the fixed costs.
Most entrepreneurs face the possibility of personal financial ruin at this point. Fortunately, there’s a growing number of financial assistance programs for new businesses. These make business loans accessible, and at the same time, these offer low-interest rates and attractive payment terms. These allow startups to approach expansion and strategic marketing without worrying too much about funding and paying off the loan. Look into these to manage the costs of your operations.
3. Rental matching system
A rental matching system is one of the new and innovative solutions offered to startups. What this program does is it makes establishing a place for operations more financially manageable for entrepreneurs with a conservative budget.
Through this program, business owners get to share commercial space with another business and also use other resources such as work equipment and access points such as the business address (for correspondence) and phone number. This arrangement frees startups from high setup costs, allowing them to save on a lot of expenses and fund operational goals.
But, at the same time, this allows the partner business, which is the true owner of the rental space, to gain passive income in the process. Examples of these include cafes and bookstores, or flower shops and cafes sharing space.
4. Employee workshops
Investing in employee skills is another effective tactic for the success of startups. According to Biz Trends, the expertise employees possess in what they do is key to ensuring the productivity and performance quality of startups.
Not only do skilled employees know how to maximize their time, they, later on, become teachers and mentors to the company’s new hires, too. It is worth mentioning, as well, that with employees who are the masters at what they do, a business can increase its fees or rates.
The quick establishment of a reputation as an industry authority is a reliable marketing strategy. It develops loyalty and trust so that customers or clients do not mind paying a premium for. Therefore, invest in learning opportunities for employees such as workshops and training courses.
5. Smart POS system
POS systems do not only expedite processes, but they also collect different kinds of data that startups can study for the improvement of various aspects of their operations. A restaurant POS system, for example, collects data on the preferences of customers and other factors that determine their buying behaviour.
According to startup specialists, such information derived from POS systems can help businesses come up with their own programs effectively to boost sales and lock in customer loyalty. The data can also direct them to develop new products that are sure to generate sales and increase profit.
6. Creative workshops or open innovation system
Creative workshops are big companies opening laboratories for entrepreneurs. Here, those with innovative ideas get all the technical support they need to turn their ideas into reality. For instance, Sony’s Creative Lounge provides entrepreneurs access to the company’s facilities, expert staff, and specialized equipment such as 3D printers and laser cutting machines.
Through these workshops, startups do not need to bear the full burden of financing ambitious pursuits. With a clear business plan, they can access the resources of established, well-funded organizations to bring forth high-quality products that the world has never before seen.
Those are just six of the provisions that startups can take advantage of. Some of these are focused on a shared economy, which is a concept that appears to be fuelling the startup sector effectively. Which of these can your new business venture benefit from?
Salma El-Shurafa is an experienced Executive Coach and founder of The Pathway Project. She is a Professional Certified Coach by the International Coaching Federation (ICF), a Certified Professional Co-Active Coach from The Coaches Training Institute (CTI) and a graduate of CTI’s Co-Active Leadership program.