A few tips and tricks I have learnt
Manage your money:
Check your finances tab to make sure your wage bill does not exceed your income. It can be very tempting to all the best coaches for huge wages but you will bleed your team dry. Players wages are also very important. I am finding expencive coaches at the moment are quite ineffective.
Elo and reputation only matters for sponsors:
At the moment, elo and reputation only matter for sponsors, since your team only need 1 player with a high elo to get the star elo sponsorship, you could have a single player playing solo queue gaining elo while you coach the rest of the team. If you are close to renewing one of your sponsors but any loss to your elo or reputation would mean you couldn't get the highest paying sponsor available then to reduce risk, you could sit out playing a solo-queue game and resume playing ranked when you are not at risk of losing a sponsor.
Starter tactics:
You can create a fairly decent starter team using the Acadamy alone. With your starter $30'000, you can buy 1 sponsorship slot and buy 5 players with a $2'500 initial investment and $10 development wage, pick up Dell and HP as sponsors and you will get players with around lv10 starting stats, the $3'900 from sponsors should cover the wages. From there I would recomend buying another sponsor slot when you reach 1207 star elo and picking up Volkswagen. This sponsor slot pays for itself in about 7 days.
Set your team up:
I write down all the stats of my players and decide who would best into each position. I then pick a style of play and pick a team compostion around that. The tactics are fairly rudementry right now but I expect there will be updates soon. In testing phase 1 my tactic was to ban out the best 2 adc's and 1st pick the last one. This generally resulted in a win unless the enemy picked my adc before me or banned it away as well. I haven't worked out a best stratergy as of yet but I have one myself which I feel is quite solid. Games tend to be decided quite quickly and usually the team who gets the 1st inhibiter when both teams group wins.