Often, startups or small business find themselves sinking and unable to sustain themselves in the rising competitive market in the country. Startups in India are on the rise because of the substantial support and assistance from the Government, ease in norms, and readily available assistance in setting up and executing their business.
However, in the past decade, more startups in India have been forced to shut down shop than the number of startups establishing themselves in the market. Due to their limited experience and struggles to match the competition, new businesses face numerous difficulties and have a short lifespan.
These problems range from internal mismanagement to external direct or indirect factors. There are numerous problems faced by startups in India that force them out of business, which include:
- The business model implemented by the startup fails.
- The business faces market issues, i.e. increase in competition, the economy of the country, etc.
- It is unable to deliver the products or services in demand by the consumers. This creates an imbalance in demand and supply equilibrium.
- The business runs out of cash due to poor financial management.
Many of these problems faced by startups in India arise due to lack of proper guidance and support for handling the multitude of business requirements, i.e. legal, financial and taxation support. A new business that does not have adequate support for these compliances gets occupied in managing them on its own and loses focus from its business goals.
Even if a business has good ideas, the lacks of guidance and knowledge from a seasoned expert can lead to slow growth or no growth of a business. Having a startup mentor helps firms in preparing for even the worst and face any obstacles smoothly.
LetsComply is an all-in-one solution for startups in India. We provide all kinds business-related legal, financial and taxation support to help businesses manage their ROC compliances, prepare for any business hindrances and avoid any unforeseen issues that may arise in the future.
To avail LetsComply’s services, call us at +91-9717070500 or send us an email at firstname.lastname@example.org.