Best tips on how to start a new company / business firm
In this article, I will explain how to start a new and successful business or enterprise without committing some ordinary mistakes at the start. This article also contains description of important tips and strategies which you should apply before starting any good and secure business firm.
Introduction
It is rightly said that a business man learns from his mistakes but if he starts committing mistakes right from the beginning in his business related works then he can experience huge amount of loss in near future and if you really wish to not experience loss in your business then you should take up some preventive steps. By following these tips you can give a good cover to your business and earn good gains in your professional life.
Insurance is must
Business sector consists of huge risks and it has been seen that people who starts a new business in a excitement forgets to do general insurance of the products and they can experience huge loss due to natural calamities or accidents. You should also do insurance of employees, commercial properties and related products to cover the loss and risk factor. Insurance will provide you cover and security with relief while facing intensive loss due to natural hazards or accident.Everything is about name
You should be creative while selecting name for your company it should connect to you product and consumer directly, the name of your business should not be very easy going you should think about it strictly and be careful about it that your name of business firm or enterprise should not match with other enterprise it should be unique and consumer friendly, the name of enterprise or business firm is most important as the development of the brand for your company's products.Budget should be more
Business contains lots of some other expenses which are not required and is miscellaneous hence you should always give increment to your actual estimated budget and it should be greater than it by some amount so that you can manage with starting loss or slow pitch of your products or services sold by your business firm. Your actual investment budget should be 15 to 20 percentage higher than the estimated budget for your firm.Do not under estimate yourself
Some times it has been seen that while starting a new business the owner of the firms under estimate about their products and services and in the name of competitive market they offer low rates compared to current business firm of the market. By lowering your rates you can sell one or two products to new customers but you can make a long term and promising client for future. So, whenever you are going to start any business then you should analyze the rates of the products in current market and do not think to lower down your rates for fetching high volume of introductory clients.Do not forget to do registration
Legal procedures should not be forgotten while starting any new enterprise or business firm you should register your company as per rules and regulations of ministry of company affairs and tax department of India, you should prepare all legal documents and finish your registration within estimated time period for smoother run in your professional life. If you are thinking that your scope of business is very small and you do not require any registration for it then you should beware of any fraudulent charges etc pressed on you and this decision can cost you a lot.Always pay your tax
Do not forget to include taxation while you are selling or preparing manufacturing cost of your products, if you are not paying your tax in time then you have to pay heavy penalty to tax department in future and it will give you extreme loss in your business. You should also inquire about types of taxes applied on your products such as service tax, income tax, sales tax etc and prepare your documents and tax filling accordingly.Hire good man power
You must hire talented and deserving employees in your business firm or new enterprise while hiring a suitable employee you should also observe his attitude and personality rather than just looking over his resume. Your human resource is back bone of your business firm and if you are having less efficient man power team then you are going to receive less productive results in the start of your business firm. Employee you are hiring in your company must be a good team player and you should also check his background and records in past company. Customer's satisfaction and feedback
This is one the most important aspect in while running a business enterprise you should analyze over your consumer market and their interests. Before introducing any new product or service by your business firm in the market you should do a assessment survey of your consumers and always take their feedback regarding your product or service for more improvements in near future. If you are not able to satisfy your clientele then you may suffer through bad relationships with future upcoming clients and it will give your company huge financial loss. Your marketing and promotional strategies of your product should connect to your consumers and they should look consumer friendly always.Conclusion
This statement is right that mistakes give you a chance to learn for having a prosperous future but it is not necessary to commit such mistakes due to negligence and just for the sake of learning. Some ordinary mistakes while starting your business can give you huge loss and you may not recover from it in a longer period. Hence, you should always prepare a good financial, legal and insurance cover for a secure and full proof business firm or a enterprise.
This is good resource that will be helpful to anyone that want to start a business film. The best thing that an investor needed is a good company where he could invest money without doubt that the money will be embezzled. A good company also can be known by the members of the board of director and the profile of them.