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.
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.
In this article, we enlist all the important documents required for Sole Proprietorship Registration in India. Also, proprietor can use their PAN for opening bank accounts as also Income Tax filing, and for obtaining license/registrations in the name of the firm.
The pivotal feature of securities is that they are transferable and that makes them the most sought after investment. However, share transfer is a voluntary act, while the transmission of shares is operational by law.
When a suit or application is not filed before the court or respective authority within the time prescribed for it, the court or respective authority can condone the delay and accept the suit or application.
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.
Different types of ration cards are present in India - Antyodaya Anna Yojana, Priority Household, Ration Cards Under TPDS, Below Poverty Line, Above Poverty Line and Annapoorna Yojana . Each card has different benefits. This article states of each card and its benefits.
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.
The government launched the Start-ups Intellectual Property Protection (SIPP) scheme in 2016 to facilitate the startups to file their IPR applications. Learn more about Start-Ups Intellectual Property Protection scheme.
The persons or businesses having a Youtube channel can obtain a trademark for their channel name or logo to protect it and prevent its use by others. Learn more about obtaining trademark registration for your YouTube channel.
Learn about Domain Name Protection and Trademark Rights in India. The domain names can obtain trademark registration under the Trademarks Act, 1999 in India. They have the same functions online as a trademark offline.
The DPIIT created the Startup India Seed Fund Scheme (SISFS) to provide financial assistance to startups to develop their proof of concept. Learn more about Startup India Seed Fund Scheme 2021, eligibility criteria, application, procedure and latest updates.
An encumbrance certificate is one such piece of paper that holds significant merit in the world of property papers. It signifies that the property is free from any monetary or legal liabilities whatsoever and thus has a clear title.
It is the IRDAI that grants the permit for different classes of insurance businesses, including life insurance, fire insurance, and marine insurance. If the selling of insurance business is on an interstate basis, a license is required in every state where the business is carried out.
An insurance broker is a professional who represents customers, ensuring they get the best insurance policy suited to their needs. It is these insurance brokers that form the bridge connecting insurance companies and the general public.
Value is attached to every asset and investment. The value depends on multiple factors, and hence it is relative. Business Valuation depends on the concept of value that is defined so as to ensure uniformity in valuation.
Business Valuation and Appraisal may be used interchangeably, but primarily they are not the same. There are some key differences between the two, and understanding the same will assist owners in making informed decisions.
Organisational structure encapsulates a hierarchy that outlines the roles and responsibilities of an organisation. The type of organisational structure adopted is mainly dependent on the size of the business, and the way it operates.
Being a startup with no traction can put entrepreneurs in the ‘Catch 22’ situation, which is not being able to raise capital due to lack of traction and not able to generate traction for lack of capital.
Partner Relationship Management (PRM) is a combination of software, processes and strategies that companies use in order to enable smooth business relationships with those business partners that help market and sell their products.
Venture Capital is a form of private equity finance provided by venture capital firms to startups and emerging companies with high growth potential. Startups can raise capital through venture capital funds.
RoDTEP stands for Remission of Duties and Taxes on Export Products. It is a new scheme that is applicable with effect from January 1st, 2021, formed to replace the existing MEIS (Merchandise Exports from India Scheme).
The Tax Information Exchange System (TINXSYS) was formulated to assist the Commercial Taxes Departments of the various States and Union Territories in keeping track of inter-state transactions in an effective manner.
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.
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.
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.
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.
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.
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.
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 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)
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.
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.