5 things low-income salaried employees should keep in mind while starting a new business
There is no better job than having your own business. You can walk in and walk out, whenever you want. Take leaves as you wish. And, most importantly, whatever you make goes straight into your pocket. However, to quit your job and start a new business could be risky.
There is no better job than having your own business. You can walk in and walk out, whenever you want. Take leaves as you wish. And, most importantly, whatever you make goes straight into your pocket. However, to quit your job and start a new business could be risky. Monish Anand, Founder & CEO, Shubh Loans believes that salary should not be the factor to stop people from living their dreams since fintechs have revolutionised the entire concept of monetary assistance. "Fintech platforms educate people who are looking to borrow money about seeking fair and formal loans. These companies also assist them in understanding the importance of having a good credit score and to maintain it by repaying their loan amount on time. Besides this assistance, a few more things should be considered at the time of starting a new venture," he said.
Here are 5 things you need to keep in mind while starting a new business, according to Anand -
Evaluate Your Capital Requirement
Capital investment is the foundation of every business while evaluating how much amount is required to make such investment is equally critical. Undefined finance requirement may disinterest investors to invest in your business and may lead to rejection of your loan application as well.
Search for crowdfunding platforms
Crowdfunding platforms are reshaping the entrepreneurship experience of raising funds. Such platforms allow you to get connected with people who not only support your business endeavors financially but also become brand advocates in your business journey.
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Examine Your Market and Challenges
Before putting the foundation stone of your new business, in-depth knowledge about market trends, competitors and challenges are a must. An investor would like to know about the uniqueness of your business idea and the vulnerability of it to get copied by competitors which might make them reluctant to invest in the business.
Credit a small business loan if required
There are many loan lending platforms which assist new entrepreneurs to start their business. These new-age lending apps and portals have made loans easily accessible. Creditors with a good credit score can seamlessly get loans to meet their financial needs within a few days at a fair rate of interest.
Business Loan Interest
If you have a small business loan, a business credit card, or a mortgage, you’ll make interest payments on what you’re borrowing from the lender. This might come as a surprise, but those interest payments are deductible on your small business taxes. No one likes paying interest on what they borrow, but those payments are a little easier to swallow if you know you can deduct them on your taxes. Research your tax deductions thoroughly and take the time to weed through the ones that you can take advantage of—and the ones that you can’t.
Finance and investment need thorough planning even if you have surplus monetary resources. It may seem challenging but following the right approach by seeking guidance and professional advice, you can find concrete steps to take you to your dream trajectory.