Partner Article

Realistic start-up tips

With a simple Google search on ‘start-up tips’, you’ll immediately be bombarded with a plethora of articles harping on about how your idea needs to be original, and how you should really ‘do your homework’ on the local competition. Don’t forget the other typical lines like: - ‘learn from your mistakes’, ‘do different’ and ‘give it your all’.

Don’t get me wrong, I do not mean to disrespect these articles, as they can provide guidance to young people who are uncertain of the correct steps to take in order to venture into the world of entrepreneurship and can also serve as a valuable checklist to somebody who often lets their ideas run away with them. However, for those who are certain of their business plan and for those who have even taken the initial steps of their business ventures, here are some useful tips you may overlook during the foundation of your start up.

Hiring Approach It’s clear that you’re going to want to expand your business at some point, but it’s necessary to be fully prepared for when you need to make that step. An option is to establish some strong relationships with different types of talent pools, such as nearby universities or join networking groups to scope out potential clients or future employees. It’s all part of getting the word out about your business, and finding the best suited candidates for your business.

Accountancy When money matters (which is always the case in entrepreneurship, especially in a business’ infancy), it’s of the greatest importance that you have a good accountant on your side. Norwich accountants, Farnell Clarke, comment, ‘Most people starting up in business do so because they have a good business proposition and the enterprise and commitment to see it through. However, they may not be experts in the legal and financial aspects of running a business.’ Having a competent accountant can help you decide on the best structure for your business as well as implementing cash-flow plans, budgets and forecasts. They’ll also be able to take the responsibility of book-keeping and payroll off your hands.

Office space The location of where you’re going to operate your start up from is an important consideration to make. It’s more than likely an entrepreneur will use their living quarters as a base for operation in the fledgling months, but if you’re lucky enough to have the funds to spend on rent and other related payments, then it may make sense to give your business its own home. The rate that your business grows and if your workforce begins to expand are also factors which will indicate whether you’ll need to relocate. However, the most important thing to bear in mind is the price tag rather than the location. Until you get a solid notion of how much you are going to grow and your annual profit margins, it’s best not to live beyond your means and look around for the best deal rather than looking at where you want to operate. As long as the public transport links to your office are strong, don’t put location over price in the foundation years. Slow and steady wins the race after all.

These are just one or two options you should keep in mind throughout the start-up process and with any luck they can act as sound advice compared to yet another bold article ‘inspiring’ you to ‘find your niche.’

This was posted in Bdaily's Members' News section by Chloe Hashemi .