Gotchas! If you are a budding Startup!
February 23rd, 2008
A Gotcha is defined as “A hazard that warrants a reduction in speed, usually hidden.” - and when you are a budding startup, be extra careful about them.
Book that domain! - Its gone in 60 seconds!
When you have that ultra cool idea in your mind, all cooked up, to be served hot on the platter, make sure you get the right name you are looking for. The odds are that the domain name you are looking for would have already be gone. So if you already have a name, act fast - or find an available domain name first & then weave the startup’s name around it. We were lucky when we finalized Four Fractions - but ApnaBill.com required a real thought process before we finalized what we wanted. Domain Suggestion Tool from DomainTools.com is a nice service you can use - though you might need to scratch your head to get all those keywords right!
Chose the right Hosting Partner
If your startup revolves around a website, pick up the hosting partner very carefully. Sluggish support and incompetent staff can leave you helpless. You might end up spending a bit extra on your hosting - but trust me, that extra penny would be all worth it at the end of the day. Shaky foundations cannot build strong houses! We are very happy that we hosted ApnaBill.com at RailsPlayground
Register your Firm A.S.A.P
If you have a legal proof backing your organization’s existence - organizations would find it easier to associate with you. When you have all the documents in place, suddenly everyone will start taking you seriously! Timely procured Income Tax Identification (PAN Card in India) would prove a big help in all the steps you take thereon.
Banking Accounts
If your startup is planning to do any type of online/offline transactions - even if its a donation, make sure you initiate the procedures to open up proper bank accounts. If you are in India, you’ll need a current bank account. The reason I’m stressing upon this is because procedures related to banks take awfully lot of time. So the earlier you start, the earlier you finish.
Partner-up with a good Chartered Accountant (CA)
Most of the technology startups are initiated by techies. People like us are best when managing projects and writing code. When it comes to handle government related formalities - it can be a pain in the neck. So make sure you have someone competent enough to breeze you through such formalities. A good CA can give you a number of suggestions which at times can be very beneficial. For example, in India - opening a partnership firm is 10 times easier and cost effective then starting with a Pvt. Ltd. Company. Though both have their own advantages & disadvantages, a good CA can really help you make that decision.
Leave your emotions back at home
Ever seen someone so sluggish that to close a deal you actually end up bashing them up on email? It does works but its not good when building good & long lasting relationships. Not everyone can be as energetic as you are for your startup. For them, it might be just usual business - for you, its your dream. I admit that I’ve done this personally & I sincerely apologize to that person.
I hope that this tiny article helps those who are in a similar position we at ApnaBill.com are today in.
Just remember - more than the end result, its the journey that you’ll enjoy!
Note: None of the names mentioned above have sponsored this post.
Posted in ApnaBill, Startups | Comments (3)
February 27th, 2008 at 6:42 pm
Track your pan card application online - http://www.utitsl.co.in/pan/
April 14th, 2008 at 7:50 pm
Thanks sir,
its really a very nice artical and helpful too
April 14th, 2008 at 10:27 pm
I’m glad that you liked it Kashif