It’s a new age for entrepreneurs, where anyone with a dream or a hobby can turn it into a reality and start a new business. With competition growing, the longer you wait, the less chance you have of getting there first. With a low budget, it can be further difficult to establish a business quickly and fight the competition.
Here are some of the key new rules that can help you to start a new business in India:
- Incorporate a business, but keep it simple: You must complete the business incorporation process, but you do not need to choose a complicated business structure with a lot of compliances and formalities. Do a measurement of pros and cons of different legal structures and choose the one which is simple and suits your business.
- Create a business plan: Too many entrepreneurs still think plans are for investors, and investors are required to build a startup. It is important for a small business to create a business plan and not just chase after investors to raise funding.
- Reduce business expenses: You do not need an expensive office or rent a large corporate building. Cut your expenses by choosing co-working spaces, which you can rent. When you start a new business, you need to find alternatives to high expenses and eventually grow out of the initial phase.
- Register Intellectual Property online: To establish your brand and prevent competitors from copying your name, you need to get your IPR registration done as soon as you start a new business. Trademark, Copyright and Patent registration can be completed online easily through LetsComply.
- Use virtual assistants online: Get services from Virtual CFO and Virtual Legal Counsel to get your financial and legal management done efficiently at low costs. Hiring an outsourced CFO can help you in avoiding extra costs of onboarding an experienced CFO that may charge you lakhs. Read: Virtual CFO
- Use low-cost software: Find budget-friendly software to handle your cloud storage and computing requirements. Match the cost of the software with the size of your business before opting for one.
- Take advantage of social media: Many entrepreneurs build and maintain their websites with powerful tools. Site marketing is easily extended through blogs, Twitter, Facebook and social media. Don’t sign up for outside search-engine optimization, public relations or other experts until your business is generating revenue.