Young Upstarts

All about entrepreneurship, intrapreneurship, ideas, innovation, and small business.

Reducing Risk And Ensuring Success In Startups

Anyone that tells you business is easy has no experience or is telling porky pies.

Starting a new enterprise can be incredibly difficult. In the initial months, not having enough cash to cover costs is a real concern and often people are not able to buy assets such as desks, computers, telephone systems outright.

But don’t despair — we’ve devised a list of tactics that you can adopt as a new business owner to make the most of your limited cash.

Leasing Equipment.

One of the most cost-effective ways to save money is to lease your equipment. In the short term, this will allow you to reduce costs as you are not required to spend large amounts of money buying expensive items in bulk.

Secondly, you know exactly how much money is required to cover the cost of the lease agreement each month because it’s laid out in the contract — being aware of your overheads is critical to your continued business success.

Thirdly, most leasing agreements have a maintenance element included, which means that if your equipment ever needs repaired or upgraded this is completed free of charge — allowing you to be at the forefront of technology and as a result more efficient. If you want to investigate leasing equipment further with a specialist, visit Hardsoft Computers.

Staying Compliant.

As a business owner, you’re responsible to a lot of different stakeholders and customers and staff are amongst the most important.

There are several government legal requirements that you must meet as an employer in order to avoid fines. For instance, Health and Safety, tax regulations and Human Resources policy are all areas that you must be above board with.

Taking Health and Safety as a pertinent example, you should have all your electrical equipment inspected to ensure that it is not at risk of fire or other hazards. We suggest that you use CJ Connally for all your inspection needs — compliance should only be handled by an experienced firm.

Shared Work Spaces or Remote Working. 

One of the biggest expenses as a business owner is the cost of renting  premises to work from.

For a lot of businesses this is a necessary expense — but if you think outside of the box, it might be cheaper than you think. Since the turn of the millennium there has been a rise in office space that can be rented with other companies for a fraction of the price of an exclusive arrangement. These shared workspaces are often adopted by the digital sector, but they can prove useful for many diverse industries.

Alternatively, you may consider using cloud-based computer solutions such as OGL Computer  to allow your employees to collaborate while working from home. If your business model allows for working remotely, then this is obviously the cheapest option as it eliminates the rent overhead completely.

These are our three tips for reducing risk and ensuring success in startups! Share your own tips in the comments section.

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Young Upstarts is a business and technology blog that champions new ideas, innovation and entrepreneurship. It focuses on highlighting young people and small businesses, celebrating their vision and role in changing the world with their ideas, products and services.

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