5 tips for surviving your startups first year

One of the riskiest  time  for however any kind of  business is when it has just begun. In the first two years, however  three of the every ten startups generally  expire . Thus, By five years, half of  those  startups are however  history.

It has thus  been noticed that often , the  newbie retailers sign a one-year lease. They generally  hang on 12 months since they're however  obligated in order  to pay the rent that long anyway. Then the minute that however expires, they thus  dry up and also  blow away.

The purpose of this article is to make the reader aware of the 5 tips for surviving the startup’s first year .

In order to improve the odds that your startup will however survive that tough first year , Here are however the  five key steps to take:

  1. Talk to customers. 

Doing  of  market research at the start can however  help the entrepreneur in order to  avoid so many mistakes. The entrepreneur will however have the right offer, at the right price, in the right market.

  1. Choose your location carefully. 

Despite of the fact that is a great website URL that's however easy in order  to remember or thus  a retail location with enough foot traffic, the person must however make sure that his  business is where it however  needs to be.

 

  1. Keep the expenses down. 

The person should however look for every possible way in order to save. This will thus allow him in order  to keep going longer, hopefully until revenue starts in order  to cover the  nut. He should however  Hire interns, trade services, postpone purchases, or either  pick up a broom and then must do it himself . He should however Do it all himself, for as long as is thus  needed.

 

  1. Plan for problems. 

The only thing which is however as sure as death and taxes is that the unexpected issues will however crop up with the baby business. He must however sit down and must however  think about everything that could however  go wrong -- then, he must thus make a plan for how one  will survive each possible scenario.

 

  1. Analyze how it's going. 

Even though it's thus  hard in order  to find time in those crazy startup days, it's thus  important in order to stop and look at the  numbers in order  to see where the business is thus  headed. Is that where he wants to go? If not, then he must change his course. Most successful startups however  went through multiple iterations before they however  found their groove.

 

This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for GST software, GST Return Filing, GST Registration, section 8 company registration, Nidhi company registration, IEC registration


About LegalRaasta
LegalRaasta is a technology platform to simplify legal and business related matters. We are committed to helping startups and small business owners in solving legal compliance related to starting and running their business.Our mission is to offer affordable, quick and automated professional services to clients. Through technology, we bring numerous government/ legal forms at one place and have simplified them to be fully understood by common man. 
Our Services

GST Software
GST Return 
GST Registration
Company Registration
File ITR Online
E-TDS Return Online
GST Return Filing
GST Registration
Business Loan
Loan Against Property
NRI Return
Revise Income Tax Return
Business Income Return
Bulk Return Filing
Food License
ISO Registration
LLP Registration
MSME Registration
Patent Registration
Importer Exporter Code
Apply Trademark Online
ESI Registration
Copyright Registration

We have a team of experts, who will help you in