Not knowing this about business is making you lose lakhs of rupees | By Rahul Bhatnagar

I wish I knew these Pillars when I got started with my Business

1.) Never work with friends or relatives

People who have seen you since your childhood will keep reminding you about what you couldn't do in the past & show you the flaws you have

Further, when you come up with any new plan, they will be just focusing on how will you be benefitted & they'll not focus on their benefit

Thus don't take your friends & relatives either as your team members or your clients

2.) Strong paperwork

There have been times when clients backed out & did not give us our money after taking the services

Some clients delayed the payment for 3 to 4 months. This indeed is a huge loss as I couldn't invested money at the right place & at the right time

Have a written agreement and get the notary done if required

3.) Good know-how about Taxes & Investment

Today, when we buy any technical products which is an expense in my work, the entire GST can be claimed

If we do an event, I'll never get the billing done on food but rather on the rooms & halls because of which I can claim the GST

Learning legal ways to save taxes is a must

4.) Researching the Business idea

I'll send some traffic to my website, get a survey filled & ask for feedback from the audience

This will give me a thorough idea of

- Who is my Perfect Customer?

- Where will I find out my Perfect Customer?

- How will I Reach-out to my Perfect Customer?

5.) Life Time Value of a consumer

If you're happy with one product of a particular brand, you'll end up buying a lot of products from the same brand

Trust factor will help you generate more money

It is rightly said, you make more money from the repeat purchases

This can only happen when you provide more value to your consumer compared to the money you charge

6.) Take advice from the right people

You can't take advice from people who are not doing that work

Maybe the wrong person will demotivate you by giving examples of people who couldn't succeed in something similar

7.) Hiring the right people

The initial people you hire in your team should be those who have different skills than that of yours & should be aligned to your vision

8.) A long-term vision & a revenue model should be in place

Even if you're not going to get revenue immediately, it is fine but having a revenue model in place is a must

9.) Choose your clients wisely

One bad client can literally ruin your reputation

The amount you invest in convincing one bad client can actually help you get 5 new clients

Some elements might seem tough to implement in the first go however it is going to help you ease your work and grow your business to the next level

Thank you so much

Love & respect
Rahul Bhatnagar
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