Starting a new business is a no mean feat. Taking a plunge to start an enterprise by itself a great step to start with. But there are a number of challenges that beckons every businessman along the way. Be ready for a long journey ahead, for it is after all “survival of the fittest “even in the current scenario. From innumerable regulatory compliances, permissions, finding the right manpower and talent; name it, and the list seems to be endless. To be business-ready means to be able to overcome the surprises that you are in for that you face along the way. Here are some of the challenges that every businessman faces during the course of business.
Getting loans and Finance: Getting funding and continual cash flow is something what small businesses have to ensure. Beginning from government start-up fund, there are angel investors, venture capitalists and loans from other financial and NBFC’s that you can opt to get funding from. Businesses like Gyms, To know more, read on https://www.spiderg.com/is-your-business-eligible-for-government-start-up-fund-a-z-of-small-business-loan/
Managing cash flows: managing everyday finances, the inflows and the outgoings, reconciliation of accounts, follow-up for overdue amount and keeping track of the dues requires eye for detail and meticulous accounting system. Fortunately, there are certain online billing apps like SpiderG that keeps track of the finances, thereby creating transparency by providing complete access to business accounts and individual finance.
Regulatory compliances: Mandatory compliances under The Indian Companies Act, 2013 such as incorporation, calling for board meetings, filing of balance sheet, registration for service tax, VAT, GST, professional tax is pertinent. Besides, there are registration under the Shops and Establishments Act, local Municipal guidelines and labour and employment legislations that are to be complied with.
Upgradation of technology and technical know-how– Is a must for any businessman. Use of business-friendly apps like an online billing app such as SpiderG can be a powerful tool for administration and finance control is concerned. Such apps that are developed for the benefit of small businesses aim at saving time, energy and costs and overheads.
Marketing and advertising– Attracting new customers and retaining the present customers is a challenge. All it takes is newer strategy and marketing techniques to gather the right target audience. But how to go about it and how to crack it right is a challenge that one needs to understand. A combination of advertising and promotions at local levels, publicity across digital media with a generous present across social media platforms can be of some help
Tips to ensure you get it right
-Maintain a good credit history as this can increase your creditworthiness.
-Take one thing at a time-Make notes of the important tasks to be complete and maintain track of the same
-Aim right, get real and get going is the new mantra
-Know and get in touch with the government officials, such as Income Tax, Service Tax officers at the local level as well as professionals who can guide you from time to time
-Acquaint yourself with the business laws for small companies such as the Indian Companies Act, 2013, Intellectual Property Laws, Labour Laws, Securities Regulations Act, Contract Act, Dispute Resolution Rules such as Arbitration, Mediation.
-Sign up and be present across all social media platforms, use local listings for effective publicity, hoardings, posters and fliers in the vicinity can be of great help for small businesses such as gyms, fitness classes, catering services or travel agencies
-Get help from apps to manage your everyday finances and accounts- free billing software and Apps like SpiderG can ease out your life significantly as they can help you get your finances on track.