A proper germinated and conceptualized Startup can over a period of time survive, succeed and thrive once it starts calling up according to its strategic initiatives.
After the initial commencement of business, and market growth and success, Startups look to scale through other different options available in the market to spread its reach.
- New customer acquisition,
- Newmarket entry,
- New features and offerings to scale customer lifetime value.
Most startups focus on the successful expansion of the business through the below variables:
- Marketing the product to reach the customer through digital marketing and various other modes of branding
- Technology plays a vital role in the emerging business, to be successful in the market, we have to keep updated to the changes in technology
- Successful launch of the product with product upgrades and market fit for new geographical locations
- Last-mile product implementation and continuous client support strategies.
Apart from all the above, there is one key element that every Startup needs to remember.
Being Compliant to the various laws, rules and legislation relating to their industry and the market that they prefer to establish their Brand in.
Yes, Compliance is the most important factor in the success and continuity of each Startup success story
When Startup scales to multiple heights, there are numerous business variables at play.
Each of those variables would impact the corporate, and legal understructure of the company.
Lets take a case study of an online e-commerce Pharmacy:
When you are operating a pharmacy e-commerce Startup that is extending into Omni channel operations, then you need to adhere to different statutory acts and norms under healthcare as well as shop and establishment acts.
Similarly for a Case study of a Cab aggregator, where you are mainly looking to support customers deal with different vagaries of these offerigs, providing a convenient way to commute then the law changes from cab operational sector itself.
Suppose if you are entering a new market with an expansion of the business, then you might have to adhere to the geographical centric establishment as well as labour law compliance norms.
Moreover, state, central are as well as panchayats norms and regulations are plenty and fluid apart from the numerous category and industry-specific norms.
If a Startup fails to align with statutory norms, it will lead to business operation interruptions, penal consequences, imprisonment of directors, financial liabilities and even business closure.
Though scaling is important for startup success, for the scaling to be a success one needs to scale in tandem with the law.
But there is nothing to worry about, as long you’re guided by a professional consultant like Aparajitha, India’s No.1 Compliance partner, bring to you Compfie “cloud an e-compliance platform” a simple plug and play software which maps all the relevant statutory norms to be followed by your startup as well as helps you stay 100% compliant with its plethora of features as you scale your startup
Get a free demo of Compfie for your startup or your Pan India spread organization.
Contact us at
+91 99524 06408