6 Financial Tips For Startup Entrepreneurs

Financial Startup Tips

Entrepreneurship is no joke. You will need every single tool you can get at your disposal. Thousands of companies are opened every day, and only a few of them actually survive for more than a year. Every aspect needs to be held under control, from getting the right people, to keeping your finances in order. And this is where this article comes in.

Below you will find some financial tips that can really get your startup going. For some people, these tips are completely new information. But for others, it will serve as a nice refresher course, a way to get the basics down perfectly.

Always work on your cash flow management skills

It's pretty obvious knowing that cash flow is everything when it comes to your company. No ifs or buts about that. But, what most people forget is that managing your cash flow is a skill that you will hone for years and years. It's debatable whether you're born with it or not, but what is definitely certain is that it can always improve.

Track everything

We know that when you first open up your startup's doors that things are just crazy. A million things to keep in mind, a thousand licenses, stacks of paperwork, all the while having people interrupt you every few minutes. That's why we understand if it's difficult to track everything. Still, you need to always be on the ball when it comes to your spending. Delegate if you have to, but know that you need to keep track.

It's a sad fact that most employees in a startup need to be jacks of all trades, since that's just the most efficient way of doing things. Only later do you get the luxury of specialization. That's probably why you can't just get an accountant to do literary everything for you regarding money. We recommend downloading some apps, or just going old school and writing everything down physically in a moleskin.

Keep your expenses reasonably low

This one seems like a no-brainer, and yet, a lot of people simply don't adhere to it. When you start your own business, you're fixed expenses should be low. Be honest with yourself - do you really need that huge rental area in your city's luxury district? Will it really attract customers, or is this just your ego talking?

Saving money can be expensive

On the other hand, being too frugal can actually cost you money in the long run. For example, saving up on furniture and appliances in your office can come back to haunt you. A name brand espresso machine may cost twice as much as some random off-brand hunk of plastic, but it will last ten times as much. The same goes for office chairs, laptops, uniforms... Furthermore, you may think that skimping on employee bonuses will save up some money. But, it will just lead to you losing valuable assets, and sinking employee morale. It will destroy productivity and efficiency, completely.

Be frugal with your time

Think of your time as just another resource. The most valuable thing you have is your own time. This means spend it wisely. You use your time to make money, to improve your finances, to get them under control. This means time management is key. Know when you're wasting it, and when you're spending it wisely. Look at all the ways you can invest it, and then choose appropriately.

Set very clear targets

Know exactly what you want, and how to achieve it. Set very clear deadlines and milestone that you need to meet and achieve. These will keep you on track, both regarding your motivation, and your spending. Furthermore, it can help you know exactly what to focus on how to save up enough money.


And there you go folks, the best tips you can find on getting your startup up and running. Don't ever forget how much your time is worth, always set clear targets, and try to be frugal. By being always honest with your investors, you will nurture a long lasting business relationship, and tracking everything will keep you on solid ground.

Guest Author

David Koller

David Koller is a passionate blogger and copywriter for Media Gurus, mainly interested in SEO and Digital Marketing.