“The way to get started is to quit talking and start doing” – Walt Disney
Have you ever sat down and thought, “How I wish I had a business of my own”? Or for that matter was there a time when you as an employee were let down, after which you said, “If I had my own company, I’d make sure this never happened.” For all those of you who mentally said yes for these two questions, well probably it’s time to quit wishing or thinking, and just doing it!
There comes a time in almost everyone’s life where we think about the if’s and how’s of starting a small but our very own business. And, most of the times when this thought appears, we think that it is too late. It is true that starting a business is no cakewalk, and it requires a lot of planning and organization. But, true to this very thought is a contradiction that stares at all our faces!
According to Forbes magazine, the youngest billionaire in the world is just a 22 year old, and the tenth richest comes at the age of 31. If these numbers are not enough to get you thinking, let us surprise you a little more! According to the Forbes 2018 World Billionaire Rankings, there are roughly 63 billionaires under the age of 40! So what have these numbers got to do with the topic of starting a startup business? Plenty is the answer! After all, Facebook did not become Facebook overnight, and the age at which Mark Zuckerberg started he was just 23!
All we are trying to say is that irrespective of your age, you can start a successful business as long as you have the sight and dream of doing it RIGHT. So, what is it that leads to the materialization of so many new startup businesses? The answer is ‘a great idea’! However, in reality, just the idea is not enough to kick start and operate a successful startup business, for after the idea comes the part of the execution.
One of the most common reasons as to why the execution of startup businesses fail is because business people almost forget or neglect the compliances. Compliances are nothing else but certain actions that a business takes to comply with a certain wish or command. In other words, the act of obeying a certain order, rule or request is known as compliance.
Listed below are a few compliances which every existing and future startup business owner should and must take note of! Please note that depending on the country where you plan to establish your startup, the industry laws and compliances will vary.
START IT RIGHT: You may have an amazing concept and also the right kind of funds to get your project up and rolling. However, even before you get into calculating the profit and loss statements or for that matter hiring a team of skilled people to work for you, the first thing you need to take care of is registering your company. Without this, there is absolutely no way your business will last. There are so many startups and established companies which later run into deep waters due to not getting their company registered.
BANK THE CASH: To run any business and keep a check on the profits against the investment made, it is crucial that you operate a legitimate bank account. For those startups that will work on the modus operandi of trade, getting a payment will become tedious if you don’t have a bank account opened in the name of your registered company. For some people, deciding the genuineness of a company comes when they see a professional bank account.
BOARD THE DISCUSSIONS: Startup companies are mostly private limited. Compliance for these startup businesses is to ensure that they are formed by different board members, who in turn must conduct board meetings regularly as authorized under the specific countries Company Act.
COURTING THE AUDITOR: One of the best practices to follow for a startup is to appoint an auditor. It is the auditor’s job to come and check the book of accounts and see whether all the legalities and compliances are being followed ethically.
FILE THOSE RETURNS: Based on the guidelines of the country you are in, one of the most mandatory things to do is to make sure you file your returns. This becomes more crucial at a time when the governing bodies are following up on all those who have missed out or worse have cheated by not paying up. Just another note of caution is that failure of filing the returns is a big noncompliance issue, for which your startup can be shut down.
TAKING THE NECESSARY PERMISSIONS: It is very important that every startup takes the necessary permissions by applying for the necessary permits and licenses. The first license that one needs is the business license which gives you permission to carry out that business. Following this, there are several other documents that you need such as fire department permits, sign permits, federal licenses and health department permits.
Behind every startup business lays the thought and hard work of many. When so much has been put in, why risk it all by not following the basics that can easily be followed and adhered to? There are certain times when the noncompliance will not impact your business immediately, but sooner or later you will get caught. It is best to be safe today than to be sorry later.
Author Bio: Kristy Murphy is a content marketing professional at GoAssignmentHelp. She is a champion of writing articles on, how could develop your business. Her articles concentrate on instructive substance in regard to the development of business by giving an engaging read.