Financial tips before starting a business
Finance is a field that deals with the study of investments. It includes the dynamics of assets and liabilities over time under conditions of different degrees of uncertainty and risk.
1. Gain financial and accounts related knowledge: You need to learn the technicalities about the accounts and financial system so that you could perform better in the market and take better financial decisions.
2. Research before investment: Sometimes you thing you are acquiring an asset but it turns out to be a liability, to avoid this you need to research before putting stakes.
3. Make financial plan: Planning is very important aspect and you must plan how to you are going to spend the capital.
4. Make provisions: You need to make provisions for the future situation to float you enterprise easily it will be a boon for the company.
1.Try new locations: For expansion of your business you need to open more branches at different places to cater more market share and it will lead to expansion in profit.
2. Diversify: Diversification is very important you need to provide the complementary goods and services as well as you can do CSR [corporate social responsibilities] activities.
3. Target other markets: You need to increase the radius of your target group like Cadbury Dairy Milk did they’ve enlarged their audience from kids to whole family and result is in front of you it has replaced the traditional Indian sweets culture to the rich chocolates.
4. Joint Ventures: You can merge you firm with others so that it will make a complete one stop shop.
5. Online representation: Now days everything is online why not your business give your business an E-Commerce edge and social media presence to fit in your target audiences mind.
5 Tips to expand your start-up
Thinking of Start-up is like fairy tale but is a piece of cake; it has a lot of complications like financial management, marketing strategies and most important legal issues. Following are few tips to avoid legal struggle.
1. Founders Agreement: An agreement between co founders to resolve future problem with help of this piece of paper to avoid internal disputes, which can affect the company.
2. Secrecy agreement: In the starting of the firm as an entrepreneur you need to disclose the ideas with your employees, and you need to make contract so that they wouldn’t share your information with others.
3. IPR: Intellectual property rights are for those ideas or formulas which are made intellectually are only present in mind and intangible. And you need get them copyright so that no one can use them.
4. Post-Incorporation Compliance: Having registered you company doesn’t mean that work is done you need to do a lot Post-Incorporation formalities, to avoid consequences.
5. Privacy Policy: All the web portals have their terms and conditions which would aware the reader or visitor on website to excuse the future consequences.
Legal considerations before starting new business
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