Am I ready to startup?

Helping you avoid those unexpected startup setbacks

Are you startup ready?

Are you startup ready?

Our final article in the tech tools and tips series helps you think about some of those additional teething problems that your business could encounter.

Late Payment Protection

Whether you’ve been working for years as a freelancer or just starting out, late payments can always prove an issue. To cover every eventuality, factoring potential late payments into your monthly or yearly budgeting and setting money aside can really help you plan and budget so you don’t run out of money before you have the chance to get your business going. 

Outlining payment periods and your late payment penalties in contracts with clients from the outset, while they might seem onerous when you’re trying to make friends and win business, can also help avoid any lax client payments.

Secure and streamlined invoicing can also be a great way to keep track of what you send and keep consistent records in case you encounter an issue. Whether you send invoices on the go via apps like Albert, and Invoice by Wave, or keep records on PayPal they can all help you manage convenient and regular invoice tracking.

An alternative solution to help you as you grow your business might be an invoice peer-to-peer lending service like MarketInvoice where people in essence buy your invoices from you you can get funding or loans with the invoice itself as security.

And in the instance that you think you aren’t going to get paid at all, sometimes it can be worthwhile simply giving a friendly reminder, no matter how far down the line or how much of a lost cause you think it is. As an example, a friend of ours who has a startup did some work for a large supermarket chain, and months later still had not been paid. We suggested the company had maybe just forgotten, rather than not wanting to pay it, and as it turned out after he made a friendly call to enquire, that’s exactly what had happened and his invoice was paid. Happy days!

Backing Up Your Data

It may sound obvious but in the rush of setting up and managing your company, it’s easy to lose track of data management and security. Backing your data up daily to a hard drive could be the key to keeping your day’s hard work protected, as well as keeping your laptop virus protection up to date.

Applications like Google Drive and Dropbox can also be downloaded for backing up your phone and tablet as well as your laptop. Syncing any business correspondence onto one drive can allow your whole team to easily access everything, even if on a daily basis it may be shared between any number of electronic devices!

Finding That International Time Frame

At City Virtual Hub we know that working with international clients can require a flexible schedule in order to find overlapping business hours. Particularly if this is one of your earliest or most established clients, those slim hours of business could prove the key to your finances. In the same way you could find that your remote work force is difficult to manage when your working hours don’t overlap.

The book Remote by the guys from 37signals (who made the applications BasecampHighrise and Ruby on Rails) gives some great tips on how to manage your remote or virtual office and workforce.

There’s plenty of software out there these days that can improve communication, particularly with a remote workforce. Whether you use the classics like Skype or more business orientated tools like HipChat, Slack or Yammer, ensuring that you have easy access during those overlapping hours can prove essential.

Keep us posted on how you are getting on this 2016!