Are you thinking to start your own business?THAT’S EXELLENT!go ahead and feel good about yourself.You are going to do something which everyone doesn’t do.
SOME QUALITIES YOU SHOULD HAVE AND IF DON’T GET USED TO THIS:
7.Good sense of judgement
8.Control on self-emotions
11.Mentally strong even in weak situations
12.Good speaker and good listener
I assure you that the following article will be worth your time reading it.We present you the most basic and valuable things you need to do when starting your own business.
Let’s list the things we need to do:
1.What type of business?
2.Financial requirement(be very very clear about it)
3.Legal issues involved in it.
4.Tax issues are involved
5.Which type of incorporation is best suited?
6.What would be the pitfalls?
7.How am i going to manage funds?
8.How do I market my business with least spending?
9.What are basic accounting concepts?
10.set a particular target
What type of business?
What type of business are you going to do?
2.Partnership with others.
The second case we will discuss later.
If you are starting one person or self-employment kind of business, then its always better to start it from your home also called as a proprietorship firm.The benefits of proprietorship firm are that all you do is at home, so you will not have any burden of municipal taxes and you can manage your daily expenses.Many of my friends do it:).It is most suitable for photographers, painters, artists.Once your business starts taking a peak move to some commercial place and by the time you will have some fund in your pocket.
Financial requirement of your business:
You have got a great idea and also you have a plan but unless you have needed hard cash you cant put your idea into reality.
Estimate the amount you need for starting your business.Find the sources that are going to provide you with the funds.Once you are out with all these answers you are ready to put a step forward.
Legal issues involved:
Your business name:
Before giving a name to your business check if someone is already using that name.You can do this by searching name in an appropriate state agency , generally its office of the secretary of the state.If your chosen name is not used by someone else reserve it for a particular period of time at secretary’s office.
Decide the business structure which best suits your business.It can be….
-a limited liability company
Considering your business choose the best-suited type for your business.
Considering your business type you need to register many licence and permits.At least you need the tax registration licence for your business.
Some areas are not business friendly or in other words, you are not permitted to start your business in such areas.If your business is small you can work at home and sell it in shops which are in business-friendly zones.You cant run a business in residential zones ar you have to try to re_zone the areas under business-friendly zone.
If you are making financial agreements with your contractors or suppliers they may ask you the information you want to keep private.Sign an agreement by them of non-disclosure of information and keeping it strictly private.
Tax issues involved:
Know all the tax issues involved in your business.Make sure you do everything legal.
To view complete tax-related issues in India, see the below link
Which type of incorporation is best suited:
|C-CORP||S-CORP||LLC||GEN. PARTNERSHIP||SOLE PROPRIETOR|
|Owners have limited liability for business debts and obligations
|Created by a state-level registration that usually protects the company name
|Business duration can be perpetual
|May have an unlimited number of owners
|Owners need not be INDIAN citizens or residents
|Maybe owned by another business, rather than individuals
|May issue shares of stock to attract investors
|Owners can report business profit and loss on their personal tax returns
|Owners can split profit and loss with the business for a lower overall tax rate
|Permitted to distribute special allocations, under certain guidelines
|Not required to hold annual meetings or record meeting minutes||·||·||·|
Be prepared for pitfalls:
Always keep the foresight, its the most important quality an entrepreneur should have to become successful.Before starting the business thing over the problems that can arise before you and find the appropriate solutions to that problems so you don’t panic in future.
How are you going to manage funds:
You should have enough funds you need to raise your business or you should know the trusted sources which can help you.Try to curtail as much as you can while spending.You may also find some investor in your business.