Welcome to our channel sonamgeda and company
We offer all the legal and regulatory services all over in India.
So today we are going to understand how to start a business.
MOST of the entrepreneur BEGIN BUSINESS owing to their passion, so WHAT ARE YOU PASSIONATE ABOUT?
Let’s understand it step by step
Steps for the startup
1. Conduct market research
By conducting a market research you will gather information about the business and the market. It will also help you to understand the business opportunities, customers and competitors. Do not forget to have a clear observation because then you will clearly understand the mistakes that other businesses have done so that you don’t do the same mistake and also you can understand the customer complains about the product and services by which you will get the clear vision of the business environment which will help you in the next step
2. Write your plan
Write your business plan clearly step by step. As it is going to be the roadmap for the success of your business. Writing down the business plan will help you in the later stages of the business.
3. Decide the source of fund
Funding plays a huge role in starting your business. If you do not have enough capital for the startup then you have to start looking for the source of funds. For the funding purpose, you can have two choices either you can raise it from investors or borrow or take a loan from banks. There are various sources available in the market.
Choose a Business structure
Here you need to choose which kind of business entity is good for you like sole proprietorship /Partnership firm/ Limited liability Partnership( LLP) / Private limited Company/ One person Company.
The chosen business structure must involve perfect balance of legal protection and benefits.
In case of sole proprietorship, single owner has unlimited liability for any debt or losses in business and for Partnership firm, Partners are jointly and severally liable for unlimited liability.
In case if you want to have separate personal liability from the company’s liability then it’s better to choose Limited liability Partnership( LLP) / Private limited Company/ One person Company.
For more detail about it, you can watch our video on comparison in different kind of business it will be linked down below.
4. Decide the business name
To be recognized in the market you need to have perfect brand name with a logo and get the trademark registration for your business brand which will help the people to identity your business. It will also help you in brand awareness among customers.
To know all about Brand registration, you can watch our video for Trademark which covered all aspects of it.
5. Registration of Business & take necessary license and permits
Here comes the important part you need to get your business registered. It helps you to conduct the business legally. Business People and your customers will have more faith in you if your business is registered as so many frauds are happening these days. It will also help you to raise fund.
taking necessary license and permits for the business are depends on two factor,
- state in which business is registered
- nature of activity of business
STATE IN WHICH BUSINESS IS REGISTERED: any kind of business entity must have shop establishment registration and trade license in the state in which business is registered and it is like for driving vehicle, we must have driving license so in order to run business legally and smoothly, Business entity must have both license.
NATURE OF ACTIVITY OF BUSINESS :Some license and permits are depends on the business activity carry on by the entity . for example if it’s food business then FSSAI License is also required to be take , if it’s Pharma business then Drug license will also to be required .
We have separate video on all business registration and licenses required.
Our company offers all the legal and regulatory work required in the business. We also do the business registration for all type of businesses. We have gained so many happy clients till date who are satisfied with our work.
If you are looking forward for registering your company we will be honored to help you.
To know more about us you can visit our website www.sonamgeda.com
And if you want to know more about why registration is important do watch our other video I will link in down below.
7. Open a business account
Opening a business account will help you to manage the business money flow and it will also help you keep separate the business and personal expenses.
8. Promote your business
Promoting your business will help customers to know about your business offering. There are various media available where you can promote your business like facebook, instagram, youtube, blogging, google ads and so on. Do not forget to use the logo and name of your business because thats how people will recognize you easily.
Start your business : it is never too late or early to start a business. This is the right time.
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