Things to Keep in Mind as an Indian Entrepreneur
India is known for its young population when compared to more developed nations. As per Financial Advisory Firms in India, the country has seen tremendous growth in entrepreneurial ventures in recent times. Youngsters are leaving their desk jobs and are willing to take risks to get their business ideas off the ground. With the recent reforms in taxation, the current government has provided the ideal opportunity for startups to grow.
Below are some tips by leading Financial Advisory Firms in Mumbai to ensure success for budding entrepreneurs in India:
Understand the Intricate Legal Procedures
It is common for an entrepreneur to remain preoccupied with planning and strategizing how he/she can take their products/services to market. While increasing the scope of exposure should be the primary objective, it is crucial that one takes the time out and gets familiar with the legalities of running a business in India. It is best to get in touch with a professional firm that provides Financial Advisory Services in Mumbai to make sure that loss of money and time are kept at bay.
Conduct In-depth Research
Research is everything when it comes down to running a business, be it in India or abroad. It is crucial for an entrepreneur to ask themselves who is their competition and what is the level of success of their rivals. Information is everything be it a battlefield or the struggle to stay afloat in the corporate world. When one invests their time and energy on focusing their efforts to understand better their competition, half of the battle is already won. It gives them the necessary data points on what exactly their customers might be looking for in a service/product. Inventing something new is what an entrepreneur is all about, but one can also take an existing idea, make it even better and take a leap at the front of the long run!
Don’t Hold Back on Marketing
When it comes to running your business, it is always advisable to dedicate a separate fund for advertising and marketing. Marketing is the only way one can ensure brand awareness, brand positioning, and loyalty amongst the target audience. If one takes the example of successful businesses all around the globe, it is tough to miss the fact that they have invested a lot of their resources in marketing their brand worldwide! In short, the more you invest in strategizing your marketing campaigns, the stronger you get regarding competitive advantage!
Don’t Let Compliance Trip You Up
Accounting, taxation, company law, FDI, employee protection – the list of compliances applicable to the average Indian business is extensive. A start-up team is usually unable to manage all of this in addition to scaling up, especially in the first few years when the volumes are low. Additionally, a start-up would rarely have a dedicated employee for financial and tax purposes who is familiar with the entire spectrum of requirements. Instead of trying to do it all yourself and running into problems with regulators, it is much better and cleaner to approach an outsourcing agency and have them execute this in its entirety.
