Essential Tools for Startups: Finance and Offices

Starting a new business can be a daunting and expensive procedure. There’s marketing, finance issues, office space, insurance and many other seemingly complex factors to consider. It is understandable that many aspiring business owners are discouraged from their dream of owning their own business.

It must be similar to how Roy Hodgson felt at the start of the World Cup!

With our help, hopefully you can do a bit better than he did.

Two of the largest barriers to entering the market are conquering the financial challenges associated with starting up a new business and securing a premises for a business venture.

In this article we give you alternative ways of ensuring that your new business is prudent financially in its initial setup and finds a premises which is both suitable and affordable.

Two For The Price Of One: Your Accountant As Business Advisor

The days are long gone when an accountant simply balanced the books. Now, an accountant’s role is significantly more than that. Gurpreet Sandhu, of London based accounting firm 3 Wise Bears, agrees: Any accountant must have an “analytical and consultative role more akin to a business advisor than a bookkeeper”.

photo credit: Alan Cleaver

This means an accountant can actually assist with the initial setup of the company. They will supply invaluable advice about registering your business and how to craft a sensible business plan. They will advise you regarding pensions and payroll and also help with budgeting, forecasting cash flow and other general financial advice.

A good accountant will also be able to train small business owners in the use of up to date cloud accounting technology, enabling the small business owner to stay completely on top of their financial affairs from the start

Finding The Ideal Business Office

Choosing an office can be a tricky venture – especially if you’re just starting up and have no real idea of how your space will need to work for you as you grow.

Small office setup
photo credit: Tobias Mikkelsen

In the first phase, there will be many things to take into account: location, room for the business to develop, convenience and accessibility for clients, and whether you actually need a physical office or not.

Luckily, there are a wide variety of options available when choosing office space for your new business.

First, consider whether you actually require an office at all. Many companies that rent out offices now offer the option of a virtual office. If you will be mostly on the move and don’t have any permanent employees yet, this might be most sensible option in your formative phase.

You should be provided with a telephone number with your calls being forwarded to you or answered by a receptionist onsite. Additionally, you will have an impressive address and mail forwarding if you choose.

If you do require a physical office, there a huge amount of serviced office providers throughout the country. “You should ensure they offer flexible terms with no long term commitment, combined with essentials like internet connection, access to meeting rooms, and the use of business lounges or breakaway space,” advises Charlie Smith from i2Office who have business centres across the UK.

Whether you decide to administer your new business from home or choose the virtual office option, there is always the option of hiring meeting rooms to impress prospective clients. Make sure that staff are on hand to provide service. Some spaces also include complimentary tea and coffee services.

With finance and offices sorted out, at least two of the fundamentals of starting your own business should be taken care of. Best of luck with the rest!