After roaming the internet, entrepreneurial brains, and referencing PaymentEvolution’s own history for start-up tips, we compiled a list of the 5 most popular suggestions for start-up success below. Number one on our list is ….
- Benefit from Employee benefits
Your employees want benefits. It is one of the best ways to retain talent your start-up needs to be successful. Offer your employees the compensation they want and deserve. Think of the characteristics of the employees that would fit your team best. What type of benefits might this group of employees want? Gym memberships? Dental coverage for themselves and their families? An attractive compensation package will attract serious, dedicated employees and serious, dedicated employees will help your start-up grow.
Tip: We offer personalized benefits packages that can fit your company and your employee’s needs to help you retain your talent. For a quote or for more information, email: firstname.lastname@example.org
- Two Heads Are Better Than One
It’s no secret that teamwork goes far. This applies in the workplace as much as it applies to sport teams, relationships, and anything else that involves human interaction. Start-ups require an overwhelming amount of teamwork to manage the plethora of duties and responsibilities that come with a start-up: funding, growth, marketing, product maintenance, accounting, hiring and human resource management such as … running payroll! It is no wonder then, that start-ups with more than one founder, or start-ups that delegate work evenly within a team are lucrative and grow steadily.
Tip: Share the administrative duties associated with HR and Payroll through PaymentEvolution. Add a colleague/peer/employee as an administrator so that they can run payroll for you, manage time sheets, create customized rules to process your benefits when running payroll, etc.
For more information, see the link below:
- Bring out the Budgets
Budget budget budget! Successful start-ups spend money carefully, and only as required. Each expense should have its own budget that is strictly adhered to. Expenses should be as predictable as possible and money must be available for when it is needed.
Tip: We offer one of the most affordable self-service payroll solutions on the market. We follow our own advice when we recommend spending money only when necessary by offering you competitive prices. Our plans do not include charges for services a client might not use. For example, if you want to use direct deposit, we allow you to make the decision about whether you would like this additional feature. We do not include additional features in the fees associated with our plans to give your start-up more control over how you spend your money.
- The Green Grass Grows all around
Steady growth is important to avoid stagnancy and burn out. Startups need to pace themselves by taking on work as it can be managed, while still pushing the limits of your business in pursuit of your entrepreneurial goals.
Tip: Select each business plan in PaymentEvolution as required. You have the ability to upgrade your plans at any time so that your payroll solution meets your needs as your business grows, at your own pace. We are there for when your business starts small, and for when your business grows to 25+ employees.
- Notch out a few niches, but not too many
Having a niche means you can become an expert in a field. Finding more than one niche in that same field means being an expert in a field for multiple markets. Being a well – versed expert in a specific field will strengthen your business.
Tip: We understand that different fields will have different modes of employment and payment as per the niche they work in. Some work relies on contracted employees, others, salaried, and for some businesses, business owners are their own employees. In terms of earnings, some may be commissioned based, some earn tips, and some may work overtime. PaymentEvolution provides the ability to create a variety of tax slips, pay rules, and earning types that can accommodate your business’ niche and the associated work culture.