One doesn't need a college degree, bank balance or even business experience to become a great business entrepreneur or to start something that could become the next big thing. Though, what you do need is a definite plan and the drive to see it through.
Things to remember and need to start a business/company
Select a Name and Legal Structure:
There are four types of legal structure/organization, are there you can select any one of them.
- Sole Proprietorship
- Limited Liability Company (LLC)
- Corporation or S-Corporation.
Thorough research of the market:
Is someone already doing what you are planning to start? If not, Why?
Start researching the thing what you have decided to start and collect the information, also, contact people who experienced or have some knowledge about your idea and can help you in this matter.
Writing the Plan:
A written summary of how your business will evolve and from when it will start - to the finished product.
- Title page: Start with the name of your business, which is harder than it sounds.
- Executive summary: The high-level overview of what the plan includes, the description of the company, the problem the business is facing, the solution, and why now.
- Business description: What business do you intend to start? What does your industry you are entering into look like? What will the industry look like in the future?
- Market strategies: What is your target market? How can you sell your best to that market?
- Analysis of competition: What are the strengths and weakness of your competitors, How can you beat them?
- Development and design plan: What is your product or service and how you will develop it? Next, create a budget for that product or service.
- Management and Operations plan: How does the business function daily?
- Financial Factors: Where is the money going to be coming from? When? How?
Learn as much as you can about the production, development of Business/company, so that you can improve the process and hiring decisions in the long term.
Obtain PAN Number from the Income Tax Department: If you are set up as an LLC, Corporation, or Partnership, apply for a PAN Number from the Income Tax Department.
Opening Company Bank Account: Select a bank of your choice and open the company bank account.
Lease Office, Warehouse or Retail Space: Depending on the type of your business, arrange for office space to be purchased, leased or rented. Contacting a commercial realtor in of your area can be helpful here. And arrange for utilities and office furniture.
Obtain other Licenses and Permits:
- Obtain Director Identification Number (DIN)
- Obtain Digital Signature Certificate
- Reserve the company name online
- Stamp the company documents
- Get the Certificate of Incorporation
- Make a seal
- Obtain a Permanent Account Number (PAN)
- Obtain a Tax Account Number (TAN)
- Register with the Shops and Establishment Act (State/Municipal)
- Register for GST
- Register for Profession Tax at the Profession Tax Office (State)
- Register with Employees' Provident Fund Organization (National)
- Register for Medical Insurance
Hire Employees: Recruit smart and talented individuals and professionals. Keep a balanced team with entrants and experts and delegate tasks based on their experience.
Set up an Accounting System: Set up an accounting system for keeping accounts of the business and timely payments of tax, salaries to employees and other financial transactions
Develop your Business Identity: Make your own logo, letterhead, business cards, and other promotional materials of your business.
Marketing: Now that you've set up the company, you have to get the word out to reach your customers. Develop a marketing plan for your products and services that target your ideal customer.