Major Challenges faced by Start-ups
The first thing which comes into mind when starting any business is the word “Finance”. Many start-ups don’t have adequate finance to start their business and they are often not supported by banks and financial institutions due to a lack of security and capital investment. Capital is needed to fund software (or product) development, building network, marketing, office space, and much more. To get rid of these issues, new business accountants plays a vital role in arranging funds for you.
Apart from growing your business as a start-up, complying with laws and regulations are also equally important. As your business grows, its size increases and there will be a need to register your company, prepare accounts, submit taxes and much more. Therefore, you will need a start-up accountant who will take responsibility for all of these and you can concentrate on your business. Complexities in accounting and taxation are increasing day by day which need dedicated start-up accountants and tax professionals who will take away this pain, otherwise, if you are indulged in these things, it would be difficult to do justice with the growth prospects of your business.
Lack of Planning
The majority of start-ups fail because they don’t plan. Planning is key to success and the main areas which require focus are branding, product development, marketing, staffing and funding. With the increasing competition for new businesses or start-ups which are emerging, your growth prospects could stop, so you need to have a great plan in place if you want to convert your start-up into a big bull. Our start-up accountant will develop an efficient business plan for you.
The world is going digital and your business needs to adapt. We have talked about marketing but how will customer come to know about your product or services? Almost every person uses the internet today, so you need to reach them by market your product digitally. If you don’t use digital marketing channels you will stay behind. These digital marketing channels include email marketing, network marketing, social media marketing, search engine optimisation, and much more. You need to put your hands in everything to grow your start-up.
There are only two pillars of success in business: product and marketing. If you have a great product but nobody is there to procure it, then it’s ineffective to develop such a great product and have the whole business idea collapse. Marketing plays an important role; you need to understand that marketing doesn’t mean selling anything, rather it focuses on selling your product to your target customers. So, there is a common principle to success: “sell the right product to the right people at right time”.