What are the key business startup benefits?
Many employees consider their office perks just as important as their annual salary. A Glassdoor survey found that 55 percent of employees rate perks and rewards among their top priorities when deciding whether or not to accept an employment offer. If you were offered a great promotion or lucrative salary, it might be time to start looking at business startup benefits.
Employees who enjoy the startup culture enjoy working in an open, collaborative environment. This helps foster a strong work environment and helps employees learn how to work productively with others. By helping build the startup culture in new businesses, they can benefit from other employee benefits offered by their company. Many companies also help with the culture-building essentials such as fun team building activities, employee appreciation events and the like. These activities can help employees transition from traditional jobs to the exciting world of startups.
marketing and branding
Another startup expense that most startups need to plan for is marketing and branding. It’s common for new businesses to run small campaigns to promote themselves. However, a Glassdoor survey found that most businesses fail to budget for these activities. When employees hear about the startup expenses they have to pay, many are surprised at the amount of money needed for marketing and branding.
A large startup may not have access to a traditional bank, but they still have options for borrowing money and securing a small business loan. Many startup owners turn to angel investors to provide seed money. Angel investors are private investors who are usually wealthy individuals who believe in the vision of the new businesses. However, working with an angel investor can require knowing the ins and outs of small business loans and personal credit.
Financing should be considered before entering into any financial agreements
If a business owner is successful enough to secure traditional financing, they should be prepared to cover all startup costs. These include office rent, software, hardware, computers, phone bills and any other fixed costs. Most banks will not provide loans for startup companies until the business owner becomes a success. However, for some, securing traditional financing is the first step to ensuring their success. Financing should be considered before entering into any financial agreements.
As the business owner grows, they can use their personal credit to secure financing for startup costs and growth. However, personal credit can also be used to finance minor operations that eliminate a monthly payment. For instance, a business owner can use their personal credit to purchase a car or pay off a debt. Either way, when the business succeeds, they should be prepared to pay back the loan using their personal wealth.