07 Feb 2016
In India, thousands of people all over the country start their own businesses every year. This decision asks for too much hard work and many people fail with it. However, for those who win, all the obstacles they face on a journey to success are worth it. Do you feel you are ready to begin your own business? Here are the steps you should follow in sequence.
1) Think of ideas
Every start up begins with a particular idea. There might be something you are good at, or perhaps passionate about. You might have a unique idea that is non-existent in the market. Whatever your idea is, you must ensure that it is a plausible one. You could also choose to take up franchises of a company that is already established.
2) Prepare a business plan
After forming an idea, there are certain questions you must be asking yourself. The purpose, selling, end goals and funding the startup are some concerns you must have. These aspects can be clearly laid on a proper business plan. This business plan will help you in figuring out everything about goals and ways of overcoming plausible difficulties.
3) Plan your finances
Every startup has a price. Hence you must determine how you are going to fund those costs. You must think if you can fund the business yourself or have to borrow money. If you plan to turn the startup into your full time job, it is better to wait until you have invested certain money in the startup and the startup has sustained.
4) Know the legal business structure
Before you get into the company registration, you must determine what type of entity it will be. Your business structure can legally affect every aspect from filing your taxes to personal liability in case something goes wrong. If you own the business all by yourself and decide to be held responsible for loans and obligations, you must register for a sole proprietorship. If you have to put aside your personal liability from liability of the company, you might have to choose to form a corporation.
5) Register with the government and IRS
To turn into an official business entity, registration with the government is to be done. Business incorporation in India takes certain steps. You would need to have articles of documents of incorporation that includes, name, corporate structure, business purpose, stock details and other required information about your company. The next step is to obtain Employer Identification Number given by the Internal Revenue Service. You will have to fill up forms to get done with obligations of state income tax.
6) Build a team and start branding the company
You will need a proper team that is efficient enough to materialize your ideas for the business. A well carried out team work is sure to succeed. You can go on to advertise your company and let people know about what new you have got to offer them. This will turn your business into a brand.
7) Develop your business
If you have to make consistent profits and stay in the game, you must continuously grow your business. Collaborate with other established brands in your market and push yourself ahead.
With proper planning and determination, Even a risky job like a startup will surely pay off!
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