and few things should you should never do when you are a new startup
You want to look big on the very first day of your startup journey. For this, you decide a company name, a super nice logo. A professional looking website with a glossy look with a new visiting card is added by you in your basket. This is how every start-up founder begins his journey.
I decided to write this article after I have already messed up with so many things in life. Some great men say that you should also learn from failures and I thought to share my failure story of managing company compliance.
Never register a Private Limited company if you are new
A private limited company is a company limited by shares distributed among few people appointed as directors. For such companies, the government ask you a list of documents and accounts you should maintain. For a new startup, time is important. Initially, when capital and time both are important, you should never spend your precious capital and time in managing those things.
There are better options available and you will still be called a good company
Adding a private limited in your company name doesn’t add up value to your company. Never think that it is going to benefit you in initial days. There are better options available like MSME registration where you can pay a one time cost for a nominal registration. MSME registration is economical and you can focus more on team building and improving your product.
Its the team, product and service quality that counts and not the name
Time is precious for a startup. You can utilize this time in things that really matter. Your customer always gives feedback on your product. They are never interested in your company name. So to get better feedback, don’t spend your time in company compliance maintenance. Spend time in improving your product.
Never spend too much time to design a logo when you are new.
All big companies you know today never had a logo which will make you say wow in their initial days. Just like your name, your clients are not interested in your logo. They are interested in the product or service they are about to consume. Do make a decent logo with less number of colours in it. Once you make a logo and finalise it, never change it until and unless you are rebranding. Hire a rebranding company or you can get a few freelancers also with good reviews on websites like Freelancer and Upwork.
As always , comments and suggestions are welcome. You will find more related stuff in other articles.
– Ankur Kumar
I am the founder of brands like TNP HOST and ShopTwiz. I am also a Linux system administrator. I spend most of my time studying analytics. I manage multiple blogs, websites and forums.