Starting your own business? That’s nice but before you too make mistakes that many other owner make in starting phase here’s my blog with 5 common mistakes to avoid with your new business to ensure smooth flow of your business.
- Not getting your business registered
One of the biggest mistake businesses makes is not getting their firms registered just in order to avoid extra expenses. However, this cost much in long run.
Not only you lose the chance of getting benefits from funding schemes, but you also can’t get FDI when unregistered and you don’t earn trust in the market as there is no legitimacy of the business entity. You can’t avail loan if your business isn’t registered
- No proper compliance organisation
In the starting phase of firms, many a times owners try to do everything by themselves this leads to overall unorganisation of the firm such as too much workload, haphazard working and ignoring day-to-day task of the company which includes accounting, finance and payroll
Let’s take example – if your financial issues aren’t taken care off then you would miss the deadline of payment. This would cost you a fine to pay and if you keep paying fines it would mess up your records also goodwill.
Taking professional help from companies like us Wazzeer would lead to the smooth and easy flow of your business as we take care of legal, accounting and financial matters keeping your records clean.
- Avoiding trademark/IP registration
We all know how important is a business name and it’s brand. That’s the first thing your customer notices hence you wouldn’t want it to be copied by your competitor and for that, there’s a need of getting trademark/IP registration. It also prevents others from misrepresenting their products with your mark.
To get the protection of trademark rights one has to register the trademark under Trademark Act 1999.
For example- the logo of a tick sign for Nike or a jumping wildcat for Puma etc help the customers to recognise the brand and the brand value in one minute.
- No tax planning
If you want to lessen your tax you need to plan it but instead, business owners tend to evasion of tax which no doubt is illegal and crime.
Thus, when you get a professional help from team like us Wazzeer we help you with tax planning which would reduce your tax liabilities and optimally utilize tax exemptions, tax rebates, and benefits as much as possible.
We would also help you in making financial and business decisions to minimise the incidence of tax. This helps you legitimately avail the maximum benefit by using all beneficial provisions under tax laws.
- No contracts signed
A proper contract should be drafted with anyone firm has made a deal be it employees, suppliers, etc. Doesn’t matter how much promises were made verbally things should every time be drafted into a contract mentioning all conditions in detail.
This contract would also act as proof when someone breaches the agreement. Contracts are also important because they outline expectations for both parties, protect both parties if those expectations aren’t met.
- No licenses acquired
When you start your business lot of licenses are required which becomes tedious and confusing and thus owners try to skip them.
Sometimes they also postpone it untill they start making decent earning but if you continue avoiding them then later on it would create problems like no legal protection of business, no credibility in the eye of customer, no receiving of funds etc. Hence reach out to us Wazzeer and we would do this tedious task for you and help you in requiring all necessary licenses.
Conclusion
We hope you enjoyed reading this article on 5 mistakes to avoid while starting your business. If you want to set up a company in India and need assistance with your incorporation, please feel free to contact us anytime at enquire@wazzeer.com. Thank you for reading, we are always happy to be able to provide useful information on topics like this!