It is very easy to incorporate a business and start operations but it is very difficult to maintain a smooth path for business. Everyday thousands of startups are born and at same time; hundreds of startups are closed. Only innovation and ideas can’t draw good fate to a business. There is one more important thing which is capital and most business fail at arranging sufficient capital for operations.
There are several financial missteps for startup failure which entrepreneurs must avoid to tackle financial crunch in startups:
- You must provide quality better than existing products and services in market at best possible rates that your consumer can afford. If you follow this step your business will find its way itself.
- Startup must spend cash mindfully. They must have sufficient cash reserves for business operations in tough times.
- Entrepreneurs must have various funding channels such as Venture Capitalists, Banks, Investors and friends. So that you can utilize them when you need.
- Marketing is an important factor in business growth. May be you have an innovative product with best quality and affordability but if nobody knows you in public; it is worthless.
Your reputation is more important than your paycheck and your integrity has more worth than your careerRyan Frietas; Co-Founder of About.me
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