Introduction to starting your own business.
You want to start your own business with little money/less experience .Whenever I hear about entrepreneur, Freedom, courage and passion are the terms that come to my mind, to start your own business. you can get inspired by a lot of things. Maybe you are passionate about something and it's your dream since your childhood. Maybe you don't want to work under someone and wish to be your own boss. Maybe you got inspired by our Prime Ministers words and wish to open your shop. The reason could be anything, I will tell you everything from the start to end that you need to know to start your own business you can become an entrepreneur in India. Let's see.
First Step (to Start your own business or startup).
So friends, the first step to start your business or startup is that you must know what exactly do you wish to do. What's your idea?
Many people think that I need to think of an idea which no one has ever thought of. But according to me, its a wrong thinking. Reason??
Reason??
There are two reasons for this:
1) First is that there are very fewer chances of thinking of such an idea which no one has ever thought about. because there are more than a billion people in the country hence there's a very less chance of it.
2)And the second and more important reason why you shouldn't do this is that to start a business where there is no customer base established, no source of revenue and no one has done trial and error no experiment that to do this business, such kind of revenue comes or problems arise, then its a very new thing and a very risky work.so I would recommend you to not think of an idea which no one has ever thought of.
Q.
What You Have To Think (to Start Your Own Business)
*In fact, you have to think is that what do you yourself like to do.
Here I would recommend you to focus on two things first,
1)what's your passion, your interest what do you like to do.
2)How can you give value to people from your work and how can you benefit people and give value that they will give you money in return.
When these two things are clear, you can see which business already exists which coincides with these two things. then study what kind of such businesses are already in the market and how do they run. For example: imagine if you love adventure sports like river rafting that's the first thing then the second thing is how can you give benefits to people then here you can start an adventure sports company this satisfies you then look what all kind of adventure sports company already exists in India.
*How do they function, study them, call and ask them about their business and study their business model. next step after this is to create a business plan.
How To Create Your Business Plan?
* Suppose if you are starting your business from tomorrow, then prepare the budget report of full one year from tomorrow to the year-end. how much money will you need to start the business? How much capital and investment will be required? and in the whole year how much will be the expenses and what will be the profit that you will gain. and where will you get the required capital and money that you will need? will you borrow from your friends, ask your family or take a loan from the bank. start a business where you don't need to take a loan from the bank or any third person.start a business where your family is able to afford the initial investment. because if you get into banks and your business fails then you will have to face a big loss and lots of problems.so think of a business where you are able to invest yourself and you have the capital. or your family or friends are ready to give you that amount.I'm suggesting this for the initial stage, once your business is established then you can think of taking a loan to move it to the next step.
Business Plans Can Minimize business risks?
This will the risk can be minimized. You can borrow the money from anywhere friends but the business plan that you have made for the year should be as detailed as possible.so that the investors will get convinced that this business will surely work and if we invest in this then we won't incur any loss.and will gain only profit from the business. Now that you have made your one-year business plan then we can move on to the next step.
Register Your Business With Government.
* Next step is to register your business with the Government. According to the type of your business, there are different ways to register these different ways are called as business entities will not be able to tell you all, but I'll tell you the main ways.
First, the oldest and the easiest way to register your business is a sole proprietorship. A sole proprietorship is a way to register your business where the business owner is you whatever will be the profit or loss of the business will be your own profit or loss.so in a way you are personally liable for everything that's happening with the business.small business owners like a shopkeeper use this way and register their shop as a sole proprietor you want to become a pakode wala then you will register your business as the proprietorship there are many benefits of proprietorship
How to register your business
To register your business as a sole proprietorship you have to go to the local authority. If I live in a city then you have to go to the municipality and if you stay in a village then to the Gram Panchayat. This is available even online in few cities whereas not in some.This will cost around 1000 rs and 1-2 days to register but also keep in mind that you may be asked for a bribe as you are visiting the local authority and you know the scenario of our country.so be prepared for this.You can apply for a Sole proprietorship only if your company is a small scale and not more than 4 people are employed because it becomes very risky if it's on a large scale.
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size="5">If Business is big (for registration)IF now your business is bis so,Imagine your company is of crores and you have incurred a profit in crores then it will be your own loss of crores. You would not want this hence in this case you should not do a sole proprietorship.But there is another way OPC
One Person Company(OPC)
and if you want to keep your profit and loss different from the profit and loss of the company and want to keep separate legal entities, in such case there are different ways to register so there's another way called OPC, (One person company). Here you are not personally liable if there's something happening to the company.so here they can't come to your house and ask you to leave your house, car to repay against the failure of your company the registration cost of this is around 6000 rs and more or less indifferent companies will take 8-10 days to get registered and since this is a one-person company you will have to be the director and shareholder of this company. Once you have done the registration of your company as OPC then if your company's name is Chikara Pakodewala then it will be Karachi Pakodewala Pvt ltd and OPC in the brackets next way to register your company is Pvt ltd company here a minimum of 2 shareholders and 2 directors are required. maximum limit of shareholders here is 200 and if you want more than that then you have to make a public limited company.If you do so then the trust of customers and clients on your company and the trust of banks increases manifolds if your company has pvt ltd handwritten starts up registers their company as pvt ltd or tries to do so as it's easier to get loans from the banks and also the seeds funding, the investors investing in the company becomes easy.
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very best article
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