In the world of business today, there are as many types of companies as there are industries. But one business model that seems to have a foothold in the global job market is that of a startup! Startups are defined as companies in the very early phases of business and growth. They usually comprise three to thirty employees.
It often takes a while to get funding for your business which is why startups rely on a multitude of sources such as crowd-funding, investors, hedge funds and small business incubators. It should be noted that not all startups are solvent in the first two to four years and that is okay! If you are thinking about starting your own small business, here is why you should consider following the startup model.
Working For Yourself
It goes without saying that if you are the head of a startup, you have the opportunity and privilege to work for yourself. You can choose your own hours and your own management style. You do not even have to have physical offices!
Many startups have gone completely remote since late 2020. This not only allows you to work from the comfort of your own home office or co-working space but it opens up the hiring pool on a national or international level. You can seek out talent from every corner of the earth all the while being your own boss.
Vibrant and Upbeat Culture
For those who have worked in startups before, they will be able to tell you that the upbeat culture is cliché but not to be taken for granted. Startups usually attract the young at heart because they are typically founded around niche or tech-savvy concepts.
This opens the door for a younger workforce with flexible hours and nothing but creative ideas that they are ready to share. It is not uncommon for co-workers in startups to also be friends outside of work. Startup culture somewhat rejects the mundaneness of office life and encourages a healthier work environment.
Open and Lucrative Industry
Lastly, the world of startups can and is rather lucrative. When getting funding for your business you can seek money from a massive pool of venture capitalists, international investors, hedge funds, and crowdsourced funds. Although the phase of fundraising can be quite taxing and stressful, it is an incredible way to network and share your ideas with like-minded individuals. And luckily, one does not have to fundraise every year. Depending on your company’s size and targeted growth rate, you will only need to fundraise every 18 to 36months.
There you have it! If you were thinking about which business model to follow and are interested in a vibrant model full of potential, startups might be the best option for you