Sunday, 8 May 2016

Why Online Business Registration/ Traditional Business Fails in India (7 Point Guide)

Thousands of entrepreneurs start their journey but very few of them make it big. Apart from Luck factor, which is not in your control, there are few things you can do correct.

1-    Have a clear plan and stick to it for atleast 3 months before evaluating it and making any changes in it if required. Too frequent a change can be confusing for you as well as your employees and clients
2-    Watch out closely at your Cash Flow. At any time, you should have a cash flow of atleast 8-9 months if not more
3-    BootStrap, bootstrap, bootstrap till as long as possible. It is easy to spend money on things which are not your immediate concern. Who said entrepreneurship is easy!!!
4-    Focus on getting First 200 clients if you are a B2B enterprise and 1000 unique transactions if you are into B2C venture. They will form base of your growth. Serve them well.
5-    If you already do not have a Private Limited Company Incorporated or LLP Incorporated, get your Online Company Registration done as soon as possible. This will definitely help you in long run and especially for raising funds
6-    Hire Right. Never Hire on speculation of future business growth (apart from Business Development or Marketing guys). It will be an undue pressure on your resources and would not be just on the employees also
7-    If you have a LLP Incorporation or a Firm Registration or a One Person Company Registration or a Private Limited Company Registration Online, it is critical to follow regular accounting and book-keeping practices.
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