Basics that you need to start your own business
Deciding to start your own business is a big step in your life. While it is an exciting endeavor, it can also be equally challenging. So what do you need for starting a business?
Drafting the business plan: A business plan will comprise on what kind of business you want to do, which products/services you will offer, your operating model, the current competition in the market, and short and long term goals and your approach to marketing. A business plan is a must especially when you are looking to get a loan to kick start your business.
Defining the structure: Once you have drafted the plan and decided on the kind of business you are going to setup, the next step is to decide on the structure of your business. The structure here refers to whether you are going to open a partnership business or a sole proprietorship one, etc.
Getting your work area ready: Getting your office set up in the right area matters more in improving your business. For instance, a flower shop near a temple will do well than in any other street.
Incorporation or registration: A very crucial step in running a business is to get yourself registered with the Municipality in your area. This ensures that your business is legally operated and also provides a certain amount of protection to your assets.
Creating your card and logo: The logo and your business card is the front running materials establishing the identity of your company. It helps to build a brand and makes it easy for consumers to remember you.
Get a website: There is no business in this era which is not online. To ensure that you are not left behind in the competition, get a domain for your business and register it immediately. Ensure that your website is up and running responding to customer queries promptly to have a successful business.
Other tax and documentary requirements: Apart from the above, you also need to get different tax and legal documents like PAN card, TAN for paying the IT, licensing documents, etc. You would also need a current account to make your transactions seamless along with company seal.
Above requirement is a checklist of what you need to start a business but it is not comprehensive. There will be many more business specific approvals and documentations that you may need to procure. It will help to employ a professional to help you.
