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Starting a business is never easy. Before you even begin, you need that one big idea. You need to find that niche or unexplored opportunity in the market. If not a niche, you at least need a way to do an existing business in a better manner than the current players. The whole idea of starting a business gets overwhelming right there only at the ideating stage.

This article covers the following:

 

But if you do have that brilliant idea, congratulations to you. You have crossed one major hurdle. And now if you are wondering how to turn that idea into a business, you have come to the right place. We will help you not only with starting your business but also managing it.

 

start a business

Here are some important points that you should keep in mind before you jump ship from your job and plunge headlong into the business world.

Assess the market accurately

Often, a business idea seems to be brilliant on the outset but may not turn into a feasible business. You need to do adequate research to understand the potential market of your business. Is there really a need for the product or service you are looking to sell? How many customers will you need in a month to sustain your business? What kind of customer base will you need in 2 years to be profitable? Are there similar businesses already in the country? If yes, then what are they doing? If no, then why not? These and many such questions will help you assess the market and help you arrive at the feasibility of your business idea.

Formulate a business plan

Businessmen who are looking to build the business with their own money often forget the importance of a business plan. You should have a solid business plan even if your venture is going to be bootstrapped and won’t require funding. A business plan will essentially cover what you need to invest, to begin with, what you need to spend on a month-on-month or quarter-on-quarter basis and how soon you will be able to make money. Your first business plan does not have to be very detailed, but you should have something, to begin with at least.

Register your name

The name of the business is often the face of the business. Prospective customers judge the business by its name. The name should be easy to understand and recall. Make sure your name is catchy and speaks about what your business is offering. Of course, the name shouldn’t be already in use either. To ensure no one else takes up your business name, you should get it registered and trademarked if required.

Select a business structure

Depending on the people involved in the business, it can be a sole proprietorship, a limited liability partnership or a partnership firm. You need to choose the structure properly. Setting up a business in any one of these structures requires documents, compliances and legal formalities. Make sure you get the help of an expert while selecting a business structure and getting paperwork done for the same.

Acquire the talent you need

Much like a cricket team, a good company is also only as good as its team. Even if you are building a revolutionary tech service, you need people to help you build it. You might not go on a hiring spree, but you will need a few supporting hands even at the nascent stage. Hiring is anyway a long process, which is why you should begin to find the talent you will be requiring as soon as you can.

As mentioned before, starting or managing a business is not easy. But it is a lot of fun and very satisfying if you can do it well. So while you focus on building the product or service you wish to offer, allow us to focus on the legalities and compliances for you. Check out our services for businesses and reach out if you need help.

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  1. To protect the rights of the music creators, numerous licenses are required by the users of the music. These licenses are required for obtaining performing rights of the music and/or all the associated literary work. The non-compliance of which can lead to huge penalties.
  2. CDSCO is the regulatory authority for the regulation of manufacture and import of drugs and cosmetics. A registration under CDSCO is required for importing or manufacturing any drugs.
  3. Battery import license can be obtained from the concerned Central Pollution Control Board/ State Pollution Control Board by the applicants who wish to import batteries into India.
  4. A collective investment scheme is where a group of people come together and pool their money into an asset. The returns earned on the asset is then divided amongst the group based on the proportion of their investment.
  5. Liquor laws and the rules and regulations pertaining to it differ from state to state. It is imperative that one is aware of the same that is applicable in that particular state where the business is intended to be set up.
  6. Depository operates through Depository Participants. A Depository Participant executes the services of the depository and acts as a link between the depository and investors.
  7. A globally recognised system of encoding the products so as to ease the movement through the supply chain of the product is Barcoding. The registration of a barcode is an online process.
  8. To ease money transfers, RBI has undertaken various measures, Payment wallet license being one of them. These instruments permit the purchase and sale of goods and services via mobile wallets or internet banking.
  9. Businesses that provide goods and services that affect the health of the consumers must obtain a health trade license from the municipal corporation of the state in which the business operates.
  10. RERA Registration - To bring about professionalism and standardization in the real estate sector, all promoters and real estate agents who operate in the real estate sector must obtain registration under RERA.
  11. Form 15CA is to be submitted by a remitter as a declaration of the remittance made to Non - Residents. The Income Tax department has mandated submission of the form 15CA and the same can be uploaded online.
  12. The Prime Minister announced a special economic package to help the MSMEs overcome the COVID-19 pandemic situation on 12 May 2020. The details of this package are discussed in this article.
  13. The Government of India has come up with many loan schemes to provide loans and financial assistance to MSMEs. Each scheme has its eligibility criteria and different nature of assistance.
  14. Labour is one of the largest assets of any organisation. The statutory laws that govern the labour force must be complied with since they are placed for the protection of the labour class.
  15. Trademarks are protected under the Trademark Act, 1999. It is the most effective way to secure a brand from trademark infringement. However, there are limitations to the protection it offers.
  16. The contribution towards ESI is made both by the employer and employee. The deduction is made on the wages paid to the employee.
  17. Employees State Insurance is a scheme in which all the employees in the factories or establishments, to which the Act applies are insured as per the rules of the Act.
  18. Form 15CA is a declaration made by the person remitting the money wherein he states that he has deducted the tax from any payments so made to the non-resident. Form 15CB is a certificate issued by a Chartered Accountant.
  19. The registration for FSSAI is done through the online registration system of FLRS on the FSSAI website. On 1st June 2020, FSSAI launched FoSCoS FSSAI to replace FLRS for FSSAI registration.
  20. ROC search report is the report prepared by CA, CS or Advocates after inspecting the records maintained or documents filed with the ROC. It can be done by visiting the ROC or through the MCA website.
  21. Section 185 of the Companies Act, 2013 provides conditions, restrictions and exemptions where a company can grant loans to its directors or persons in whom the directors are interested.
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  26. Investing in stocks listed on foreign markets can raise doubts on the implications and taxability of the gains derived from there. The nuances of such transactions need to be fully understood in order to avoid any surprises later on and make it worth the effort of investing overseas.
  27. The Trademarks Act, 1999 provides grounds on which a registration can be refused in India. It provides the absolute and relative grounds on which the registration can be rejected.
  28. A Nidhi Company is a non- banking finance company that performs lending and borrowing operations for its members. Read this article for more information.
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  31. When two or more persons or entities own a trademark together, they become the joint owners of the trademark. The Trademarks Act provide for joint ownership of the trademark.
  32. Every company needs to appoint an auditor. If an auditor does not want to continue in the company, he can give a resignation letter to the company and intimate his resignation to the Registrar.
  33. The Trademarks Act, 1999 provides grounds on which a registration can be refused in India. It provides the absolute and relative grounds on which the registration can be rejected.
  34. Copyright of a song can be obtained under the Copyrights Act, 1957 in India. An application is to be filed to the Registrar of Copyright to get the copyright of a song.
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  36. A trademark owner in India can voluntarily cancel his registered trademarks. The trademark owner can file an application to the Trademarks Office to get his trademark registration cancelled.
  37. A director is expected to perform his tasks and duties with diligence and utmost care and integrity, failing which he/she could be disqualified or ousted. Directors have a fiduciary responsibility towards the shareholders and the public, at large.
  38. ISO 17442 defines legal entities that are eligible for LEI, which includes government entities. LEI ROC published a consultative document for adding ‘general government entities’
  39. International Finance Corporation issued Masala Bonds in India in November 2014. These bonds help Indian companies to raise money in local currency from foreign investors.
  40. Cryptocurrency is a digital asset and hence is difficult to counterfeit because of security features. The introduction of LEI can assist in providing the identity in Blockchain transactions.
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  42. The Companies (Amendment) Bill, 2020 was introduced in Lok Sabha. It contained the proposed amendments to be made to the existing Companies Act, 2013 in India.
  43. Trademark Office issues scrutiny report or discrepancy notice when they need additional clarification or documents relating to applications filed to them.
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  46. www.mca.gov.in login is an official website managed by the Ministry of Corporate Affairs (MCA). Know all about the MCA portal and the services it provides.
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  56. SARFAESI Act 2002 - regulate securitization & reconstruction of financial assets, enforcement of security interest. To rapid recovery of non-performing asset