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6 Things To Be Kept In Mind For Budding Startups

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6 Things To Be Kept In Mind For Budding Startups
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You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Startup business is a business trying to mark its presence in the most competitive marketplace in India. For any startup business of any domain, there are different requirements and points to be considered. Out of which raising funds comes on the top when it comes to make any business successful.

If you are an entrepreneur, there are so many risk factors and uncertainties involved with your own startup. You should rethink before committing long-term contracts, leases or many recurring costs. So you need below to follow things to take care before startup any business:

1. Always get an accountant on board:

Before starting any business, you should do a lot of groundwork to understand the essentials of a new business you are planning for. Do not forget to analyze the risks involved in the business. Most of the people understand why they should consult an accountant before starting a business due to its multiple advantages.

2. Conduct survey of your target market to analyze all pros and cons of your planned business.

3. Each and every business needs a proper plan to reach their target audience; all you need to do is to decide which medium you choose first to penetrate in the market.

4. Always get legal counsel: Counseling with a legal expert is also mandatory when you are planning to start a new business due to the involvement of so many legal factors in it. A proactive legal groundwork is the best way to set your business on continuous, long term & a hassle free successful path.

5. Set your marketing budget: Don’t let your business down due to your low marketing budget, use all best possible medium for marketing which will definitely help your business to grow.

6. Should have sufficient funding: As per survey stats, most of the startups face failure due to the shortage of funds. So, you should have sufficient funding to operate your business smoothly for a long time.

A sufficient funding is highly essential for every startup business running in the market. There are several resources for getting the fund; some of them are banks, investors, financial institute etc. But it is not easy to get funds from these resources since they include numerous legal procedures and documentations which become tough for everyone.

Another mistake that entrepreneurs usually commit is to give more thoughts on branding. Usually, as the time goes you keep on raking value to your brand. It is better to think of the best possible brand names at the start & it’s very important that the name should be not be conflicting. Changing name later on, leads to dilution of branding.

As a budding entrepreneur, it is better to strategize your today with a view of the future. If your business is unsustainable in present, it won’t take you to future. Having right mix of short term and long term goal is very important. Make sure you are great at what you do then only you can lead.

Edition: December 2016

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