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Starting Business in India
The only stop you need to make before your business takes off!
Contrary to the popular notion that Business is for the elite, we are committed to breaking this stereotype
by taking you through a step by step journey into starting your own business and
everything you need to know to sustain in the business eco-system.
Step 1- Decide your business Idea.
For every business the idea is the seed that further nurtures into a timeless deep-rooted tree that provides resources that beings around can use. Hence it is important to know kind of seed you want to be and what resources/value you want to provide to your customer.
Step 2- Pick the name of your company.
Like everything else, your business too needs an identity. To establish and run a successful business, it is important for you to name your company under which name the business shall function. The name of your company can either be solely for trade purposes or can be a brand in itself.
Step 3- Choose a business a business structure which fits your company.
The business structure determines which income tax returns you'll have to file and the scale of business you're looking to launch. Some popular structures are proprietorship, Corporation, LLC etc. The company also needs to adopt a strategic and viable business model Thus the business structure and model determines the scale and growth the company is aiming to achieve.
Step 4- Make a financial plan for your business.
Finance is ultimately the key to success of your business, the very pillar that hold your business together while enabling it to grow. A good business needs to have a fool-proof financial plan. Key to every successful business mostly lies in their financial plans and how they choose to implement those plans. Financial planning helps you determine your short and long-term financial goals, & to create a balanced plan to meet those goals you've set for yourself in your business venture.
Step 5- Register your business.
The first real step in realizing your business dream is to have your business registered. A registered business has far more value than an un-registered business.The registration of business is a mandatory process in order ensures the business is in compliance with the law and it includes procuring Digital Signature Certificate (DSC), Director Identity Number (DIN) and filing for an e-form.
Step 6- Apply for your Business PAN / TAN number.
The Business PAN/TAN number is a unique 10 digit Alphanumeric that is issued to businesses.Every business needs a PAN/TAN number in-order to carry out any major financial transactions in the country. The PAN is mandatory for business pays in order to pay their taxes duly and without fail. Notably, the PAN can't be changed or given to someone else.
Step 7- Open a bank account on your business name.
All your business transaction needs a bank account with your business name. This is very crucial as all the financials linked to your company will be reflected in this bank account.This essentially acts as a record for all your inward and outward transactions and is the very basis on which your company’s tax liabilities and performance will be rated
Step 8- Register with the office of inspector, Shops and Establishment act ( State / Municipal ).
In a vast business eco-system, businesses require different certifications from various recognized houses of Govt and Govt officials. The certification issued at various levels depending on the business is to ensure your business is in compliance with the legal trade practices as prescribed by the govt. To conduct any legitimate business it is necessary to obtain the required certificates by registering with the local authorities or local point of contact of the govt.
Step 9- Register For GST.
In order to be able to bill/invoice a product or service offered by any business it is mandatory for the business to register for GST. Upon registering for GST , you will be issued an unique GST number through which you will be paying the government all the taxes collected from your consumer for selling your product or providing a service.
Step 10- Get Your team ready and Start your business.
" Team Work Makes The Dream Work " , It is through your team and their collectives efforts coupled with your leadership can you grow your business. Every employee or team member associated with your business is an asset that needs to be cared for and is ultimately responsible for the growth of your business. Pick your best team and get straight to the Battle field !
