If you have an amazing business idea that has been supported by big people in the industry, then it is great! Go ahead, launch your business, get a rocking team, pay them, hire more people, expand your business operations and also aim your name in the startup awards. However, if you are a simple guy or girl who has a simple business idea that needs no major funds but just efforts to get it running, then never get into this TRAP of ruining your business.
1) Don’t look for investors in the initial stage:
Well, I may sound cynical to some when I am saying not to ask for money from the investors. But if you really want to have a surviving and sustainable business model and work in the industry for the next 30-40 years (at least you can aim that way), then you would have to invest your hours and energy into your business and not the money. When money comes in, then your main ideation of the business at the ground level takes a back seat. You feel like you are the boss and you would just be on the marketing side of the business, helping it end its run sooner than the expected timeline. So, in the initial years of your early-stage business, focus just on good clients, getting regular payments from them, giving your best in terms of quality work, and also good word-of-mouth publicity that will help you to work on the basics well first.
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2) Never run your business without THESE important things:
It is important to keep your documents in place. Do you have a Udyog Aadhaar? Do you have a Shop License? Do you have a Current Account that is registered on your business name? Do you take the payments only through your bank account? Do you have a registered stamp for your business? Do you have valid identity proof of being a proprietor? Do you declare your income and expenses by filing your income tax returns on a yearly basis? Do you have a qualified Chartered Accountant who can come to your rescue if there is an unwanted happening in your life? Do you prepare invoices for your clients? Do your clients get into a contract with you if it is a long-term or short-term project? Do you collect cash from your customers and if yes, is there proof that you give them like a bill? Do you have CCTV cameras installed in your small office? Do you ask your clients to give you in writing their expectations of your work? Well, if these things are not in the proper place, then you are not really running a business but doing timepass. When things go haywire, these are the important things that will back you up and help your business operations go smoothly, remember that quite well.
Last but not the least, never trust anyone blindly (including your relatives). Your client and your customer, are the two important pillars because of which your business is running. If you disrespect them in any manner and listen to anyone without cross-checking the facts, then you are in doom.
