Starting a business can be an overwhelming experience. If you are a budding entrepreneur, here are a few tips and ideas that will help you start-up.
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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.
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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.
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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The company website must have mandatory information as per the Companies Act 2013 and as per the SEBI Listing (Obligations and Disclosure Requirements) Regulations, 2015.
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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.
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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.
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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.
Contracts are generally agreed upon for a fixed term. A contract may also be extended. In this case, a new contract needn’t be created. The date of termination of the contract is simply pushed further.
The provisions concerning deposits are covered in Sections 73 to 76 of the Companies Act, 2013, which are generally read with the prescribed Rules. Read this article for more information.
Companies that are incorporated outside India (foreign company) have the option to have offices in India depending on the requirement of the company and subject to the regulations of RBI.
Valuation of shares is primarily determining the value of a business. The underlying asset is the business of the company and the price per share must be computed to arrive at the valuation.
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.
The appointment of a Director requires a board resolution to be passed in the General Meeting. When a person wants to be a Director, he must give his consent by submitting the requisite Form. Additionally, the Director must also have a Director Identification Number(DIN)
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.
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.
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udayamregistration.gov.in login is the official Government portal for registration of MSMEs. ClearTax gives you here all the Latest Updates happening on udyam registration gov in at one place.
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.
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.
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’
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.
Trademarks can be transferred to another person by way of assignment or transmission. The Trademarks Act, 1999, provides details and rules of assignment and transmission.
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.
Trademark Office issues scrutiny report or discrepancy notice when they need additional clarification or documents relating to applications filed to them.
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.
The Ministry of Corporate Affairs (MCA), recently introduced SPICe form or Form INC-32 that helps incorporate a company with a single application for reservation of name, incorporation of a new company and/or application for allotment of DIN.
Franchising involves a business owner or the franchisor licensing to a third party or the franchise, the right of operating a business or distributing the goods or services using franchisor’s brand for an agreed time period in return for a fee.
Due diligence is a process of research and analysis is initiated before an acquisition, investment, or bank loan, to determine whether there are any major issues involved. Such findings are then summarized in a report which is known as the due diligence report.
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.
