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Have you done basic checks for your Startup ?
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Have you done basic checks for your Startup ?

The Quintessential Checklist for Budding Startup Entrepreneurs

If you have decided to launch a startup in 2016, you must have spent a massive portion of last year in planning and plotting or looking for online courses. You must have made a detailed report about the total value of your business, a list of competitors, how to go live and when will be the opportune time to hunt for investors.

Entrepreneurship gives you a sense of owning something. It makes you feel like a boss but many startup founders and budding entrepreneurs learn the hard fact that expectations hardly comes parallel to the reality.  For example, when you think you are fully ready to launch a startup you realize that you are not.

Here are a few things in a point-wise structure that will help you realize your goal of launching a startup with success and ease:

  1. Meetings and Meet-Ups – Launching a startup is like a rollercoaster ride, especially for the newbie. In the beginning days, you have to meet investors, industry gurus, successful entrepreneurs, and virtually anyone five times a day to generate contacts and holds. To establish your business in the buzzing market, you need to sell your ideas and collect feedbacks from as many people as possible.
  2. Get a Grip on Legal Norms – Are you legally venturing into a business like that of a pharmacy? As a word of caution, pharmacy is a regulated industry and there are many entrepreneurs who seek out to this industry without knowing the compliances and rules. In any country, licensing is very important, so what you can do is check the internet and find out the perfect kind of license your business needs.
  3. The Three Bigs – To maintain a startup, you will need a chartered accountant – who will take care of your accounts, balance sheet, p/l statement, tax returns; a lawyer – to help you understand M&A related stuffs and your legal compliances and a company secretary – who will take care of your legal affairs and provide you wise advice.
  4. Complex Nature of Laws And Effects of Non-Compliances – Startups need to manage their taxes effectively, otherwise the income tax officials will be right on their tail. Hence, appointing a lawyer becomes a necessity due to the complex laws and division of central and state government.

Lastly, you need to think about funding and how to raise capital, but in the process don’t lose focus from the key area of work. You will find many startup companies that have raised millions of dollars, but soon had to shut the operations. So, project your entire energy to form new ideas and strategies. Also, you can consider Coachunt online courses to get started with your professional venture.

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