3 traps to watch out for when founding a start-up
Founding a start-up is the dream of anyone with a bit of entrepreneurial blood. As a new player on the market, you may be at the forefront of a groundbreaking adventure. But it can also go wrong, due to an accumulation of bad luck and wrong decisions. We wouldn't wish that on anyone. Therefore, here are some financial tips that will help every start-up and avoid unplaesant surprises.
1. Recruiting: don't act in a rush
The success of any start-up is its staff. Everyone must pull the same cart with equal dedication. And that only works if there is a click between the different team members. It is important that they complement and support each other, in several domains. When recruiting new employees, it is therefore not only important to thoroughly screen a job candidate for skills, but also to check whether there is a cultural fit between the candidate and your start-up. Only then there will be a good match. So do not rush to work, but take all aspects into consideration.
2. Financial management: go for transparency
A financial hangover can happen easily. While a multinational can usually still call on a 'war chest' in that case, there is less financial room with a start-up. Often only a small reserve has been built up, which means that a downward spiral entails major risks. These risks can of course never be completely ruled out, but with transparent accounting and an equally transparent financial policy you can prevent a lot of disaster. Communicate clearly and honestly with your customers and stakeholders and do not let the difficult files take their course.
3. Don't let non-payments affect your cash flow
The biggest risk of a start-up? Unpaid invoices. In the case of undisputed financial debts, Go Solid, as a service hub, ensures optimal cooprtation between the judicial officer, insurance partner and lawyer. that way you can collect your money quickly and - yes - free of charge.
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