{"id":507,"date":"2022-04-28T06:57:47","date_gmt":"2022-04-28T06:57:47","guid":{"rendered":"https:\/\/www.bbnc.in\/blog\/?p=507"},"modified":"2022-04-28T06:57:47","modified_gmt":"2022-04-28T06:57:47","slug":"avoid-these-5-mistakes-while-starting-your-business","status":"publish","type":"post","link":"https:\/\/www.bbnc.us\/blog\/advisory-info\/avoid-these-5-mistakes-while-starting-your-business\/","title":{"rendered":"Avoid These 5 Mistakes While Starting Your Business"},"content":{"rendered":"<div id=\"pl-507\"  class=\"panel-layout\" ><div id=\"pg-507-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-507-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-507-0-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<p>Starting your own business? That\u2019s nice but before you too make mistakes that many other owners make in starting phase here\u2019s our blog with 5 common mistakes to avoid with your new business to ensure smooth flow of your business.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-69d3e3e653711\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-69d3e3e653711\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.bbnc.us\/blog\/advisory-info\/avoid-these-5-mistakes-while-starting-your-business\/#Mistake_1_Not_Getting_Your_Business_Registered\" >Mistake 1: \u00a0Not Getting Your Business Registered<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.bbnc.us\/blog\/advisory-info\/avoid-these-5-mistakes-while-starting-your-business\/#Mistake_2_No_Proper_Compliance_Organisation\" >Mistake 2: No Proper Compliance Organisation<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.bbnc.us\/blog\/advisory-info\/avoid-these-5-mistakes-while-starting-your-business\/#Mistake_3_Avoiding_TrademarkIP_Registration\" >Mistake 3: Avoiding Trademark\/IP Registration<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.bbnc.us\/blog\/advisory-info\/avoid-these-5-mistakes-while-starting-your-business\/#Mistake_4_No_Tax_Planning\" >Mistake 4: No Tax Planning<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.bbnc.us\/blog\/advisory-info\/avoid-these-5-mistakes-while-starting-your-business\/#Mistake_5_Having_No_Contracts_In_Place\" >Mistake 5: Having No Contracts In Place<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.bbnc.us\/blog\/advisory-info\/avoid-these-5-mistakes-while-starting-your-business\/#Mistake_5_No_Licenses_Acquired\" >Mistake 5: No Licenses Acquired<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Mistake_1_Not_Getting_Your_Business_Registered\"><\/span>Mistake 1: \u00a0Not Getting Your Business Registered<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>One of the biggest mistake businesses makes is not getting their firms registered just in order to avoid extra expenses. However, this costs much in long run.<\/p>\n<p>Not only you lose the chance of getting benefits from funding schemes, but you also can\u2019t get FDI when unregistered and you don\u2019t earn trust in the market as there is no legitimacy of the business entity. You can\u2019t avail loan if your business isn\u2019t registered.<\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Mistake_2_No_Proper_Compliance_Organisation\"><\/span><strong>Mistake 2: No Proper Compliance Organisation<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In the starting phase of firms, many a times owners try to do everything by themselves this leads to overall un organization of the firm such as too much workload, haphazard working and ignoring day-to-day tasks of the company which includes <a href=\"https:\/\/www.bbnc.in\/services\/Bookkeeping.php\">accounting<\/a>, finance and <a href=\"https:\/\/www.bbnc.in\/services\/Payroll.php\">payroll<\/a>.<\/p>\n<p>Let\u2019s take an example \u2013 if your financial issues aren\u2019t taken care of then you would miss the deadline for payment. This would cost you a fine to pay and if you keep paying fines it would mess up your records also goodwill.<\/p>\n<p>Taking professional help from companies like <strong>BBNC<\/strong> would lead to the smooth and easy flow of your business as we take care of legal, accounting and financial matters keeping your records clean.<\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Mistake_3_Avoiding_TrademarkIP_Registration\"><\/span>Mistake 3: Avoiding Trademark\/IP Registration<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>We all know how important a business name is and it's brand. That\u2019s the first thing your customer notices hence you wouldn\u2019t want it to be copied by your competitor and for that, there\u2019s a need of getting <a href=\"https:\/\/www.bbnc.in\/services\/Trademark-Registration.php\">trademark\/IP registration<\/a>. It also prevents others from misrepresenting their products with your mark.<\/p>\n<p>To get the protection of trademark rights one has to register the trademark under Trademark Act 1999.<\/p>\n<p><em>For example<\/em>- The logo of a tick sign for Nike or a jumping wildcat for Puma etc helps the customers to recognise the brand and the brand value in one minute.<\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Mistake_4_No_Tax_Planning\"><\/span>Mistake 4: No Tax Planning<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>If you want to lessen your tax you need to plan it but instead, business owners tend to evasion of tax which no doubt is an illegal and criminal offence.<\/p>\n<p>Thus, when you get professional help from a team like BBNC we help you with <a href=\"https:\/\/www.bbnc.in\/services\/Tax-Planning.php\">tax planning<\/a> which would reduce your tax liabilities and optimally utilize tax exemptions, <a href=\"https:\/\/www.canarahsbclife.com\/tax-university\/articles\/tax-rebate-vs-tax-refund-how-to-get-tax-refund-and-tax-rebate.html\">tax rebates<\/a>, and benefits as much as possible.<\/p>\n<p>We would also help you in making financial and business decisions to minimise the incidence of tax. This helps you legitimately avail the maximum benefit by using all beneficial provisions under tax laws.<\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Mistake_5_Having_No_Contracts_In_Place\"><\/span>Mistake 5: Having No Contracts In Place<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A proper contract should be drafted with anyone firm that has made a deal be it employees, suppliers, etc. Doesn\u2019t matter how many promises were made verbally things should every time be drafted into a contract mentioning all conditions in detail.<\/p>\n<p>This contract would also act as proof when someone breaches the agreement. Contracts are also important because they outline expectations for both parties, and protect both parties if those expectations aren\u2019t met.<\/p>\n<p>&nbsp;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Mistake_5_No_Licenses_Acquired\"><\/span>Mistake 5: No Licenses Acquired<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>When you start your business lot of licenses are required which becomes tedious and confusing and thus owners try to skip them.<\/p>\n<p>Sometimes they also postpone it until they start making decent earnings but if you continue avoiding them then later on it would create problems like unwanted penalties, notice from govt departments and sometimes you will have close down the business as well. Hence reach out to us at <a href=\"http:\/\/www.bbnc.in\">bbnc.in<\/a> and we would do a complete audit of your business and help you in acquiring all necessary licenses.<\/p>\n<p>&nbsp;<\/p>\n<p><b><span style=\"font-size: 18.0pt; font-family: 'Segoe UI',sans-serif; color: black;\">Conclusion:<\/span><\/b><\/p>\n<p>We hope you enjoyed reading this article on 5 mistakes to avoid while starting your business. If you want to <a href=\"https:\/\/www.bbnc.in\/services\/Foreign-Subsidiary-Company.php\">set up a company in India<\/a> and need assistance with your incorporation, please feel free to contact us anytime at\u00a0<a href=\"mailto:info@bbnc.\">info@bbnc.<\/a>in. Thank you for reading, we are always happy to be able to provide useful information on topics like this!<\/p>\n<\/div>\n<\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>Starting your own business? That\u2019s nice but before you too make mistakes that many other owners make in starting phase here\u2019s our blog with 5 common mistakes to avoid with your new business to ensure smooth flow of your business. Mistake 1: \u00a0Not Getting Your Business Registered One of the biggest mistake businesses makes is [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":508,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10],"tags":[66],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Avoid These 5 Mistakes While Starting Your Business | BBNC<\/title>\n<meta name=\"description\" content=\"Are you starting a business in India? here are 5 mistakes that every entrepreneur must avoid while starting their first business.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bbnc.us\/blog\/advisory-info\/avoid-these-5-mistakes-while-starting-your-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Avoid These 5 Mistakes While Starting Your Business | BBNC\" \/>\n<meta property=\"og:description\" content=\"Are you starting a business in India? here are 5 mistakes that every entrepreneur must avoid while starting their first business.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.bbnc.us\/blog\/advisory-info\/avoid-these-5-mistakes-while-starting-your-business\/\" \/>\n<meta property=\"og:site_name\" content=\"BBNC\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-28T06:57:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.bbnc.us\/blog\/wp-content\/uploads\/2022\/04\/5-Mistakes-you-should-avoid-while-starting-a-business-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1440\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Khyati Ajmera\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Khyati Ajmera\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.bbnc.us\/blog\/advisory-info\/avoid-these-5-mistakes-while-starting-your-business\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.bbnc.us\/blog\/advisory-info\/avoid-these-5-mistakes-while-starting-your-business\/\"},\"author\":{\"name\":\"Khyati Ajmera\",\"@id\":\"https:\/\/www.bbnc.us\/blog\/#\/schema\/person\/037c1e51c7020267f055fc0aba808912\"},\"headline\":\"Avoid These 5 Mistakes While Starting Your Business\",\"datePublished\":\"2022-04-28T06:57:47+00:00\",\"dateModified\":\"2022-04-28T06:57:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.bbnc.us\/blog\/advisory-info\/avoid-these-5-mistakes-while-starting-your-business\/\"},\"wordCount\":711,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/www.bbnc.us\/blog\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.bbnc.us\/blog\/advisory-info\/avoid-these-5-mistakes-while-starting-your-business\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.bbnc.us\/blog\/wp-content\/uploads\/2022\/04\/5-Mistakes-you-should-avoid-while-starting-a-business-scaled.jpg\",\"keywords\":[\"Business set-up\"],\"articleSection\":[\"Business advisory &amp; Information\"],\"inLanguage\":\"en\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.bbnc.us\/blog\/advisory-info\/avoid-these-5-mistakes-while-starting-your-business\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.bbnc.us\/blog\/advisory-info\/avoid-these-5-mistakes-while-starting-your-business\/\",\"url\":\"https:\/\/www.bbnc.us\/blog\/advisory-info\/avoid-these-5-mistakes-while-starting-your-business\/\",\"name\":\"Avoid These 5 Mistakes While Starting Your Business | BBNC\",\"isPartOf\":{\"@id\":\"https:\/\/www.bbnc.us\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.bbnc.us\/blog\/advisory-info\/avoid-these-5-mistakes-while-starting-your-business\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.bbnc.us\/blog\/advisory-info\/avoid-these-5-mistakes-while-starting-your-business\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.bbnc.us\/blog\/wp-content\/uploads\/2022\/04\/5-Mistakes-you-should-avoid-while-starting-a-business-scaled.jpg\",\"datePublished\":\"2022-04-28T06:57:47+00:00\",\"dateModified\":\"2022-04-28T06:57:47+00:00\",\"description\":\"Are you starting a business in India? 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