All You Need To Check before you Start a Business
If you are thinking of starting a new business then all our best wishes are with you and if you have already decided then Congratulations on making the big decision. Bringing your business idea to a concrete ground needs a lot of efforts and patience, and thus you might feel snowed under the items on your to-do list. But you do not need to worry at all. The eFilingPortal.in is here to make sure you’ve checked all the boxes in your list to the top.
1. Testing the Waters You will have to be totally honest and sincere to yourselves when making the initial decisions of the kind and mode of business you are going to opt for. Keep in mind the contemporary market trends, economic situation and social environment.
2. Form a business plan A good business idea is one that brings maximum profit and is a good fit for you personally. It should complement the social scenario and also utilize the best of your talents and abilities.
3. Locate finance
Accumulation of finances should be clearly planned significantly before commencement of the business. Estimate the cost of start-up and decide upon the mode of acquiring your finances. It may be personal finances, loans, money from investors, money from friends and family, crowd-sourced finances, or some other source.
4. Choose a business name You will need to have a name which is unique and fitting to the type of your business. Brainstorm until you have enough names to choose from. Make sure that the name you want is not a trademark already.
5. Go legal!
Before you start doing business, you have to make sure all the legal formalities have been taken care of. Decide on a legal business structure and register your business name along with a domain name that matches your business name. Obtain the required Tax Registration or Incorporation Certificates with CIN (Company Indentification Number).
6. Have on-line presence
In today’s digital world you may get a website and set up on the major social media channels mainlyFacebook, LinkedIn, and Twitter. Being online will make marketing a lot easier and wide approaching.
7. Arrangement of premises
Find the perfect business location in your area. You may choose from renting land or buying your own premises. Also make sure the size, location and other parameters of the land or building suit perfectly to your business.
8. Open a business bank account and set up your accounting system
Once you have your bank account set up, choose the latest accounting program for your business. It will make the work a whole lot easy and effective.
The type of insurance you will need depends upon the type of business you are starting. Consult your insurance agent to have an easy and smooth walk through the process.
10. Marketing and launching
After all the preparations have been made it’s time to start getting people hyped up about your opening day. You’ll also need to create a marketing plan. You may create your marketing materials like Shop signs Stationery, invoices, Brochures and flyers along with a website.
The work to be done may overflow this business bucket list but prioritizing all that you can take care of down the road will make the work easier without getting on your nerves.
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