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Start-ups are ventures that are focused on a single product or service that the founders want to bring to market. These companies typically don’t have a fully developed business model and, more crucially, lack adequate capital to move onto the next phase of business.

Most of these companies are initially funded by their founders. Many start-ups turn to others for more funding, including family, friends, and venture capitalists.  Start-ups can use seed capital to invest in research and to develop their business plans.

Market research helps determine the demand for a product or service, while a comprehensive business plan outlines the company’s mission statement, vision, and goals, as well as management and marketing strategies.

Following are the six main types of start-ups:

  • Scalable Start-ups:

Companies in a tech niche often belong to this group. Examples of such start-ups include Google, Uber, Facebook, and Twitter. These start-ups search for investors to boost the development of their ideas and to scale up.

  • Small Business Start-ups:

These businesses are created by regular people and are self-funded. They grow at their own pace and usually have a good site. Grocery stores, hairdressers, bakers, and travel agents are perfect examples.

  • Lifestyle Start-ups:

People who have hobbies and are eager to work on their passion can create a lifestyle start-up. Let’s take dancers, for instance. They actively open online dance schools to teach dance and earn an income.

  • Buyable Start-ups:

In the technology and software industry, some people design a start-up from scratch, only to sell it to a bigger company later. Giants like Amazon and Uber buy small start-ups and develop them over time.

  • Big Business Start-ups:

Large companies have a finite lifespan since customers’ preferences, technologies, and competitors change over time. As a result, they design innovative products that can satisfy the needs of modern customers.

  • Social Start-ups:

These start-ups exist despite the general belief that the main aim of all start-ups is to earn money. There are companies designed to do good for people. Examples include charities and non-profit organizations like Code.org.

Why are Start-ups Important?

Start-ups are essential because they break moulds, fix problems, and empower individuals to build the future. They provide fresh innovation and services, that may be more relevant to the planet’s needs. Without cutting-edge start-ups, we would be stuck using typewriters at photocopying machines. Here is why they are critical for progress:

  • Innovation

They are the main driving force behind economic development and the increase of productiveness in a knowledge-based society. Start-up companies are the most suitable form of implementing inventions and consequently the best mechanism for commercializing new technologies.

  • Jobs and Growth

In the long term, start-ups create a large portion of new jobs and contribute to a country’s economic growth. Considering that start-ups are based on innovation, they potentially represent a healthy core of economy.

  • Competitive Dynamics

Start-ups are the most dynamic economic organisations in the market since they provide additional dynamics and competitiveness to the economic system. This means that the economy stays healthy, vital, and diligent.

  • Proactivity

Start-up entrepreneurship changes the values of a society, bringing new mind-sets that are in line with a society based on knowledge and creativity.

Specialized PFOC Services for Start-ups  

  • Bookkeeping Service
  • Commodities Day Trading
  • Expense Reduction Analysis
  • Stock Day Trading
  • Tax Preparation and Filing
  • Peer-To-Peer Lending
  • Retired Presidents Service (networking)
  • Real Estate Appraisal
  • Management Training in Finance and accounting

PFOC: Start a New Chapter of your Life with PFOC

PFOC eliminates the need to search for an all-encompassing accountancy and finance firm. Our corporate headquarters in Johar Town, Lahore provide practical and efficient solutions to all your accounting and financial needs.

The skilled tax and finance professionals at PFOC, work diligently to make your life simpler by reducing financial stress and making business models more lucrative and efficient in accordance with up-to-date regulations.

Expert Advice

Aurangzaib Chawla
Consultant

An idea is only worth a dime if its properly operationalized and scaled. Many startups fail at the inception because of subpar decisions critical to business survival.
My decade long experience in dealing with startups from diverse industries can prove helpful to a startup like you and save you costly missteps. Book a consultation with me today to know more.

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