Our top tips for New Businesses & Getting the Finance You need

When you’re setting up a new start-up, there are a million things to consider and put together. You don’t realize how many things you need to sort out until you’re faced with this problem. Where do you get office space, and how much do you need? How difficult is it to get funding, and who is going to help you get it? Are there any business tools that will make the process easier and ensure the business is running smoothly from the start? Here are our top tips for new business start-ups and how you can set them up properly from the beginning.

new start-up

1.    Renting Office Space

When you’re big enough to get out of your one-bedroom apartment and ready to have a dedicated office for your business, you know you’re on your way to making it. However, finding a suitable office space isn’t as cut-and-dry as you would think. You need to figure out how much space you need, where your ideal location is, how much it’s going to cost, where to start looking, etc. The easiest way to rent office space is to use the services of a company, because that takes the guesswork out of it and leaves the hard work to the professionals.

2.   Getting Funding

Now, funding is a bit trickier, because it’s one of the most important aspects of your new business. There are several ways to go about getting funding, and it’s essential that you do it right from the beginning, so there are several tips we can talk about here.

  • Don’t go for the first offer

A lot of small companies make the mistake of being short-sighted or getting over-excited. They seek funding and receive an offer from an investor and just take it, without considering other options. That’s a mistake because there are always better offers out there. You need to have a budget in mind and then browse for financing. Shop around, see what kind of interest you can generate and how much you can get.

  • Ask for advice

No one knows more about this than experienced investors. Even if they aren’t willing to offer you the finance you need, they can provide some valuable insight and advice. Networking helps tremendously, because you get to know these important people who have the experience you can benefit from in the long-run. Get all the free advice you can get from experts.

  • Put together a kick-ass business plan

Before going around asking for money, you need to put together a great business plan that shows investors what you’re going to do with their money and how you’re going to make it profitable. This needs to be clear as day, otherwise no one is going to money for a project they don’t trust.

3.   Hiring Talent

The other overwhelmingly important aspect is the talent you are hiring. You want people who are passionate about what they do, who have an open mind and are willing to learn, but who are also experienced in the field. Training young graduates is great, but you also need a few experienced people to be the pillars of the company. They will know everything that’s happening, what they’re doing, and what moves are necessary to take the company to the next level.

4.   Using The Right Business Tools

The right tools and software can make your life easier and make processes much simpler, especially when it comes to project management. Project and task management tools such as Asana, Pipefy, Trello, Orange Scrum, and others help you stay on top of the workload, due dates, and current status of your tasks. Especially when you’re working with a team – maybe even remotely – an easy way to organise everyone and all their tasks is essential.

In conclusion, there are multiple aspects you need to be careful with when it comes to new businesses, but luckily, you have these great tips to help you get started. Just think about all the basic and important aspects of setting up a new business and make sure you do everything thoroughly. If in doubt, refer back here and get inspired to learn what you can do to ensure the success of your brand new start-up. Good luck!