Our passion towards assisting small business owners in advising registration required to start a new company in Chennai and thereafter giving guidance for their tax and accounting helped us a lot in understanding critical points to take care before starting a business in Chennai.
Final Decision for starting a business – Before making final decision to leave your current job and start a new business you should complete market analysis and prepare a budget to start and run your business, you also should make sure that you have enough money to sustain until your estimated time required for developing your business.
Also, read about things you should know before starting new business
Forget about borrowing for starting a new business – One should not think of borrowing to start a fresh business, but however, this can be reconsidered if you are starting franchise business or buying an existing business which is having good sales revenue. Invest your money from the point of seeking assistance of company registration service agents
Stick to plans – Planning is most vital part of any business, and executing actions as per plan is yet another most critical part, adjust your action only when necessary and do not try to prepare new plan unless it is completely failed or there are sufficient reasons to stop the plan, “Don’t try to change when it is not wrong“.
Concentrate on phase by phase development
Phase 1 – In initial stages try to reduce loss and avoid unnecessary losses, concentrate on improving sales to meet monthly fixed expenses like rent, salary, maintenance etc.
Phase 2 – Once you are having enough revenue to meet fixed expenses, try to maintain it and without disrupting it you should increase the revenue to attain profitability.
Phase 3 – Concentrate on ways to retain existing customers effectively before stepping into the expansion, you can also test your expansion strategy on a certain number of loyal customers and rework based on their feedback. Never ever try to ignore your staffs who stood with your till this point, staffs who initial contributed to the company growth will always a gem for development.
Phase 4 – Plan for expansion without affecting existing profits, do not wipe off profits earned completely for expansion, we suggest not more than 25 % reinvestment of profits.
All the best for starting new business registration in Chennai
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