When it comes to financial advice for company startup owners, typically you will be given tips on what you can and should be doing. However, at themoneyhub.co.uk we also understand that there are things you definitely should not do or even consider doing and so when we offer advice on finance, we hope to help you avoid mistakes, as well as find ways to finance a fledgling business. Over time, this is the best financial advice we have compiled for startup owners like you.
Let’s Start with What You Should Avoid at All Costs
One of the major mistakes that company startup owners make is devaluing their human assets! The people you have on your team, working with and for you, are your greatest capital investment so always value their efforts and input. Remember, in the word of the great John Donne, “No man is an island.” You cannot do everything by yourself and with a team who feels valued, you can do great things. Looking to quickly and strategically grow your startup? You are only going to be as good or as fast as your team. Remember that as truer words were never spoken.
Now onto Financial Advice – What You Can Do Personally as the Owner
One thing to always be aware of is never to get in over your head with debt. Go step by step and plan out according to your business model. If you need to personally finance your startup by mortgaging your home or taking out personal loans, that is all well and good. However, don’t borrow unnecessarily and only what you know you can repay. You don’t want to be bankrupt before you are off the ground!
Business Angels and investors
Sometimes you can network to find business angels and investors who are willing to fund your new venture for a future share of profits or a bit of interest when the loan is repaid. Either way, this is a great way to gain financial assistance while also growing excitement about your new company. Remember, if someone is excited enough to invest in your startup, they will also be some of your best brand ambassadors! They may even find other investors who will generate enthusiasm and start a snowball effect of those looking to get in on the ground floor.
Always Begin with a Solid Business Plan!
So now you know where you can find a bit of financial help when starting a new company, but one thing to always be aware of is your business plan. If you have any hope of gaining funding, investments or loans of any type, the person holding the purse strings will want to be assured that you have a plan for making a profit. They will want to see timelines, expenses and what you hope to realise in the way of profits.
As one last bit of financial advice, why not look around you at those people who have inspired you to go out on your own with a company startup? Find a mentor who has gained success in his or her own field, listen to what they’ve done and learn from them. The best financial advice is to learn from the mistakes and victories of others. From there, you have a path to follow. Here’s wishing you well on your journey to success.