5 Things to Avoid When Setting up a Small Business Online

Once you have set up your small business, it is time for you to launch it online to grow and expand it further. As you will be reaching out to more and more customers by being online, it is essential to take care of or avoid the following things when Setting up a Small Business Online.

Neglecting the protection of your business name and trademark

Legal formalities are the most important factors that should be not be neglected and should be attended to even before you start your small business online. If you are using a business name similar to any other business, you may land up in legal allegations and may even have to rebrand your entire business from the beginning. Therefore, it is advisable to check online before choosing a business name for your startup. You can check for any similar business names on search engines, social media sites, and the MCA website. Once you select a business name that is unique from other businesses, you can register your company online via Simplified Proforma for Incorporating Company (SPICe-INC-32), with eMOA (INC-33), eAOA (INC-34) (Ministry of Corporate Affairs, Government of India). In addition, you also need to register your trademark, which includes your company’s logo, shape, colour, or a mix of all these things. We, at GoTax file can help you to register your business name and trademark effortlessly based on your preferences. Thus, by entrusting on us you can save your hard-earned money in building your business and not spending it on legal litigations. Besides, you can be assured that you will acquire a unique business name and trademark.

Registering your company in India

Before registering your company or setting up small business online, you need to decide the business type for your company, your goals and aspirations, the type of business you are into and so on because each business structure has its own legal consequences. You can choose one of the following business structures for registering your company in India:

Sole proprietorship – It is the simplest business structure wherein a single person owns the business.

One-person company (OPC) – The OPC structure allows a person to incorporate a company, be the sole director, and own the entire company.

Limited liability partnership (LLP) – An LLP is a flexible business structure because it bifurcates personal liabilities from business liabilities.
Private limited company – A private limited company can have a minimum of two members and a maximum of 200 members. It cannot issue it shares publicly to raise funds for its business operations.

Get in touch with GoTax file to get detailed information about which business structure best suits your business.

Do not ignore your website once you design it.

After establishing your venture or registration of small business, you can think of taking it online. A visually attractive and an easy-to-browse website is ideal for a small online business. Targeting the right customers and figuring out what your customers ideally want from their online experience is very crucial. Some visitors to your website may just be carrying out online research while others may want to order some of your products online. GoTaxfile can help you to set your e-commerce website and increase your sales. If you already have your startup’s website, connect it to GoTaxfile to elevate your marketing.

Web designing could be costly even for a small business. GoTaxfile’s team can help you tailor make your website and update it at competitive prices. Once your website is up and running, we can also assist you in raising the finances needed for business expansion through crowdfunding.

Neglecting customer service

In an online business, most of your business transactions occur online. Consequently, you may forget that customers will only return to your website if they have had a good experience. Thus, you need to interact with the viewers of your website through any of the forms, such as emails, phone calls, live chat, or questionnaires. Furthermore, brand sentiments can be taken care of by keeping a check on social media sites for both positive and negative reviews. It is also best to reach out to customers with negative reviews, which will help you to improve your products and services.

Not having a business mentor

Most of the startup owners begin their business without having a mentor. However, most of the successful entrepreneurs do have had a mentor when they started off their business. For instance, Facebook’s Mark was groomed by Steve Jobs and Steve Jobs was under the mentorship of Mike Marrkula, who was an early investor and a manager at Apple.

As a startup owner, opting for a business mentor can offer you the following benefits when Setting up a Small Business Online:

Get experience not available in books

Many authors do not share all their real-life experiences in books. However, when shared in-person, such experiences can help inexperienced entrepreneurs in running their businesses strategically. Business mentorship is an excellent way of acquiring valuable experience.

Network prospects

Investors usually gain confidence in startups that are endorsed by friends. A business mentor will commonly have an extensive corporate network, which can have a positive impact on your business prospects. Such an opportunity cannot be availed if you are not in contact with a successful mentor.

A mentor will help to have a resilient emotional intelligence

An entrepreneur needs to be emotionally intelligent for being outstandingly successful in business. Young entrepreneurs have a higher restraint over their emotions when guided by mature and efficient business mentor.

GoTaxfile offers business mentorship at affordable prices to young and budding entrepreneurs who aspire to take their business to new heights.

Not opting for a virtual CFO

An outsourced service provider who offers advanced financial help and assistance to startups is known as a virtual CFO. The services offered by a virtual CFO include reviewing your accounting, bookkeeping, expense management, business forecasting, strategic planning, attending board meeting, client meeting, work with your Bankers and external stakeholders and many more.

Why to opt for virtual CFO services?

Virtual CFO services are particularly important for small businesses and startups because:

It helps startups to better manage their finances

New companies usually encounter problems in their bookkeeping and may lose track of their expenses. Virtual CFOs help such companies to keep track of their account records and guide them to make smart investments.

Virtual CFOs help entrepreneurs in improved decision-making

As a young entrepreneur, you may be lacking the required experience in some areas of business. As a new startup, you might be uncertain of the next steps to take for effective business management. In such situation, virtual CFOs can assist you in making realistic decisions, thereby leading to the overall development of your business.

We at GoTaxfile have several years of experience in offering virtual CFO solutions to small and large companies. We not only help you in administrative and bookkeeping tasks but also offer assistance in basic licenses and statutory compliances. Therefore by partnering with GoTaxfile, you can think creatively to leverage your potential skills in growing your business.

References

Ministry of Corporate Affairs (N.D.). MCA Services, Ministry of Corporate Affairs, Government of India. Retrieved from https://www.mca.gov.in/MinistryV2/incorporation_company.html