How to start business

             How to start business 

 

The first step, to start your business or start up is that you must know what exactly you wish to do. What is your idea?There are two reasons for this. First is that there are very few chances of reasoning of such an idea which no one has ever thought about.Because there are more than a billion people in india, hence there is very less chances of it.The second reason you shouldn't start a business is that if there are no customers, no income source, and no previous experience or testing, it's a new and risky venture. I suggest not pursuing an idea that no one has tried before. Instead, focus on what you enjoy doing.

Step 1: Idea and planning 

 I suggest you concentrate on two main things. Firstly, think about what your passion is, your interests, and hobbies. How can you help people with your work and provide value in a way that they would pay you for it? Once you have these two things clear, you can explore existing businesses that match these interests and values.

Then study what kind of such business are already in the market and how they run. For example, imagine if you love adventure supports like river rifting. That is the first thing.Then the second thing is how can you give benefits to people?Then here you can start an adventure support company. If this satisfies you then look at what all kinds of adventure supports companies already exist in India. How do they function? Study them. Just give them a call, ask about their business, and take a good look at how their business works.

The next thing to do is make a plan for your business. Suppose if you are starting your business tomorrow, then prepare the budget report of all one year from tomorrow to the year end.That how much money will you need to start the business?How much money do you need to start? What will your expenses be for the year, and how much profit do you expect to make? Where will you get the money you need to start your business? Will you borrow from your friends? Ask your family.Or take a loan from the bank.She taught a business where you do not need to take a loan from the bank or any third person.Start a business where you 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 of friends are ready to give you that amount. I am 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 setup. 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 the investors will get conventional 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.

Step 2:  register your business.

Now that you have made your one year business plan, then we can move on to the next setup. The next setup is to register your business with the government. According to the type of your business. There are different ways to register It. these different ways are called business entities, I will not be able to tell you all but I will tell you the main ways.The first, the oldest, and the easiest way to register your business is sole proprietorship.

In the realm of entrepreneurship, one of the simplest forms of business ownership is the sole proprietorship.A sole proprietorship is when one person owns and runs the business all by themselves. This form of ownership is common among small businesses due to its ease of establishment and minimal regulatory requirements. In a sole proprietorship, the owner has complete control over the business decisions and retains all profits generated by the enterprise.

ADVANTAGES

One big benefit of a sole proprietorship is that it's simple and easy to manage. Setting up a sole proprietorship typically involves minimal paperwork and lower startup costs compared to other business structures. Additionally, the owner has full autonomy over business operations, enabling quick decision-making and flexibility in adapting to market changes.

DISADVANTAGES

 

However, sole proprietorships also come with certain drawbacks. One significant disadvantage is that the owner bears unlimited personal liability for the business's debts and obligations. This means that personal assets, such as savings or property, are at risk in the event of business losses or legal claims against the company. So there's another way called OPC 

One person company (OPC)

An OPC, or One Person Company, is a special kind of business where one person can start a company with limited responsibility. In an OPC, the single owner gets the advantages of having a separate legal entity, which keeps their personal things safe from the company's debts. This setup lets entrepreneurs enjoy the perks of having a company while still being in charge as the only decision-maker. OPCs are well-liked by solo entrepreneurs who want to make their business official without taking on too much personal risk.

Private limited company (pvt ltd)

A private limited company is like a business where a group of people can start a company together, and they are only responsible for the money they put into the company. The ownership is divided into shares, and the people who own shares are not personally responsible for the company's debts beyond what they invested. This setup lets the company raise money by selling shares privately and has some tax benefits. Private limited companies are popular among medium to large-sized businesses because they offer flexibility in ownership, management, and chances for growth.

Limited liability partnership (LLP)

A limited liability partnership is a type of business where the partners have limited liability, which means their personal assets are protected from the business's debts and liabilities.

These four ways which I have told you are the main ways and most of you will require this

Step 3: tax registration 

GST registration is at no one.GST registration is when you officially register your business with the Goods and Services Tax authorities. It's like getting your business on the GST system radar for tax purposes.

If you have import-export business you also need to get import-export code registration done.there are other types of registration which you should have done according to your business and needs.

Step 4: yearly compliances

the last step friends, ! Every year, businesses have to do some mandatory things to stay compliant with the rules. These are called yearly mandatory compliances.

At last I would like to tell you some personal tips from my own experiences.

My number one tip will be that always think how can you give value to the people.so, if you are going to focus on the value then your business will run good.and somewhere I fell value can be given only when you enjoy working.so only do such business where your interest lies and you enjoy working.