Today we will take about major difficulties for Indian startup business & small business.
Learn about how to overcome these challenges.
Learn about challenges that will face after starting the business.
Starting a business in India has bright futures ahead but this not easy as we thought before starting the ventures. You will face so many unseen & never thought challenges that’s why today we will explore the major difficulties for Indian startup business & small business.
Major difficulties for Indian Startup Business & Small Business.
Legal Entity Selection Difficulties.
As a startup and small business in India, you will feel confusion while choosing the legal entity of business to start trade.
There are so many ways you can start a business like Sole Proprietorship Business, Partnership Business, LLP, Pvt Ltd, Ltd.
Most of the startup founders and small business owners failed to choose the right legal entity for their business and get trapped in so many legal issues.
There are so many compliances for LLP, Pvt Ltd, Ltd so choose very wisely. In the world of a startup business, you will deal with so many ups and downs.
Team & Co-founder Selections.
Another major difficulty you will found to choose the right team and founders for your startup business. As we all know startups run on the spirit and enthusiasm.
Team selection is very important for your business growth in the right direction. One wrong step brings your startup danger zone at any point so be cautious while choosing the team.
Fund Raising Challenges.
Businesses can’t be run without money in the digital era at all. You need money to invest and compete with your competitors all around.
If you have enough fund to run a business at own money for a long time then go ahead because there are difficulties to raise money from investors and other financial institutions like Banks.
To impress investor you need traction and traction won’t come without investing money in the business either your business plan should be out of the box.
If planning to raise funding from Banks and all then this is very difficulties for any startup and new business to raise. Banks will ask you so many papers to produce with collateral at high-interest rates.
Sectioning from the bank will become another venture for you to run successfully for a long time to get a great return.
Pricing Factors Challenges
As we all know the Indian market is considered as a price-sensitive market so there are difficulties you will face determining your pricing for products and services.
Business USP Challenges.
Startup business failed to analyze the actual product and services USP. USP plays an important role in business success and failure.
Due to so many challenges and funding related crisis in business at all the time founders forgot to focus on USP.
Marketing Strategy Making Challenges.
Another key factor and difficulties for startup business & small business to make an effective marketing strategy for their products and services.
Not all the startups and small business owner has expertise in marketing. They even can’t hire a marketing expert to advise time to time and make a highly effective business plan at all because of tight budgets.
Taxation & Compliances Challenges.
Indian small business owner faces so many difficulties related to taxation and compliances. Like GST Registration & filling, MCA annual filling and day to day notifications compliances, State level licensing ETC.
So be wise while choosing the right legal entity for your business.
As a startup business, you need a flexy business environment to work. This kind of surroundings is very important for a small business in India.
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