Thinking of starting your own venture? Here are a few quick tips
India is full of people with rich knowledge, amazing work ethics and a firm belief to make it big one day. How many people do we know that are already on the way to realizing their entrepreneurial dreams or are entrepreneurs-to-be? Well the answer is quite obvious. There are quite a few.
Before starting a business, we tend to spend countless hours speaking to lawyers, key finance people, and other entrepreneur friends. We can now save those countless hours and look at it from a different perspective by getting five things straight before starting off with our own venture:
1. Select a name: Get a name that is available with a trademark and has an internet domain name. Failing this, you could put your fledgling business at risk. You could end up losing your precious time and money if you chose a name already in use by someone else. Do not get carried away by the fact that your business name wasn’t trademarked just because you couldn't find it on the internet. Somebody could have used that trademark for their business without your knowing about it, or filed for it, but never used it!
2. Know the rules: This is very important. You need an in-depth knowledge about the various rules licenses & taxes relevant for your new business. Once you have decided to go ahead with your idea, consult a few lawyers and accountants to validate your understanding. Here are a few things you'd want to know: 1) Are you charging the correct amount of tax your business is promoting and 2) How to procure proper licenses needed to run your business at the minimum. Also top it with admin details to make sure your business is a ‘hit’.
3. Are your savings enough to last you in rainy days? Well you have already decided on your business and set it all up. But is it fulfilling YOUR living requirements? Mortgages, rent and insurances- are they all being covered? There are a few expenses that you will need to curtail. These are usually the ones that you can do without. You need to ensure that you take into account all unforeseen and unexpected expenses by adding a little flexibility into your budget just so you meet with one of those emergency situations.
4. Where are you standing in life? Entrepreneurs and entrepreneurs-to-be have a different DNA altogether. Starting your own venture takes a lot of courage, thinking and countless never-ending hours of hard work. When you're running your own company, your ‘to-do’ list never ends, it just keeps getting bigger and bigger everyday! You need to be very focused and attentive in your next move.
5. Plan your expenditure: Your new business venture can be incredibly draining for you financially. You will have to learn what to spend and where to spend. It is extremely important to knowing where not to waste those precious seed dollars and at the same time knowing where to invest whenever necessary. The golden rule is that you have to spend money to make money. Don’t cutback on necessary expenditures. Track all your expenses. Value your time and it will give you the right return.
Before starting a business, we tend to spend countless hours speaking to lawyers, key finance people, and other entrepreneur friends. We can now save those countless hours and look at it from a different perspective by getting five things straight before starting off with our own venture:
1. Select a name: Get a name that is available with a trademark and has an internet domain name. Failing this, you could put your fledgling business at risk. You could end up losing your precious time and money if you chose a name already in use by someone else. Do not get carried away by the fact that your business name wasn’t trademarked just because you couldn't find it on the internet. Somebody could have used that trademark for their business without your knowing about it, or filed for it, but never used it!
2. Know the rules: This is very important. You need an in-depth knowledge about the various rules licenses & taxes relevant for your new business. Once you have decided to go ahead with your idea, consult a few lawyers and accountants to validate your understanding. Here are a few things you'd want to know: 1) Are you charging the correct amount of tax your business is promoting and 2) How to procure proper licenses needed to run your business at the minimum. Also top it with admin details to make sure your business is a ‘hit’.
3. Are your savings enough to last you in rainy days? Well you have already decided on your business and set it all up. But is it fulfilling YOUR living requirements? Mortgages, rent and insurances- are they all being covered? There are a few expenses that you will need to curtail. These are usually the ones that you can do without. You need to ensure that you take into account all unforeseen and unexpected expenses by adding a little flexibility into your budget just so you meet with one of those emergency situations.
4. Where are you standing in life? Entrepreneurs and entrepreneurs-to-be have a different DNA altogether. Starting your own venture takes a lot of courage, thinking and countless never-ending hours of hard work. When you're running your own company, your ‘to-do’ list never ends, it just keeps getting bigger and bigger everyday! You need to be very focused and attentive in your next move.
5. Plan your expenditure: Your new business venture can be incredibly draining for you financially. You will have to learn what to spend and where to spend. It is extremely important to knowing where not to waste those precious seed dollars and at the same time knowing where to invest whenever necessary. The golden rule is that you have to spend money to make money. Don’t cutback on necessary expenditures. Track all your expenses. Value your time and it will give you the right return.
( "This is a contributory article from Knowlarity, the pioneers of cloud telephony in India" )
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