Answer These 3 Questions Before Setting Up a Startup

Business StartupTired of working for someone else? Feel like you’ve done your time and now you have enough experience to try things out on your own? Perhaps this is the time to start your own business. Here are some reminders to help you set it up:

Where will you set up your office?

Of course, the garage office is popular among startups. Thanks to billion-dollar companies like Apple and Google, many became inspired of humble beginnings that started in garages. If this is the best option right now based on your budget, there’s no harm in going this route. There are other options if you look around, though. Look for co-working spaces that you can share with other digital startups like yours. These spaces allow daily, monthly and yearly rents.

As your business takes off, you can try locations like the Paya Lebar Commercial Hub where you will share 500,000 square metres of commercial floor space with other tenants.

How will you fill in positions?

Another concern for startups is the cost to hire employees. Most have two or three like-minded individuals, sharing the initial work based on an idea. When you have to divide too much work amongst yourselves, however, that’s when the challenge comes in. One way to answer this is to hire temporary employees or open your doors to interns from a local university. Interns are often willing to work for free and you might even encounter someone with enough talent and vision to become a part of your team.

Where will you get the funding?

This is the part where you think about the future. You may survive on whatever allowances you may get or come up with, but this is not viable for any business. Your future depends on how attractive you make your product to investors. Of course, investors also want a fat payday, so make sure you have an exit strategy in your business plan that will give them that payday. Selling and going public are two of your options. You may have to talk to a lawyer to come up with a good plan.

Startups are hailed for being the hope of the economy just about anywhere. There is no better time than now to take your piece of the action.