Starting your own business can be scary. It will take a lot of hard work, planning and executing the plans, problem resolution etc which means a lot of late nights and some anxious moments. t may feel like a lot to take on, but this guide will surely make your way a tad bit easier. It is well known that only half of the startups can survive for more than 5 years. Hence, you would be better off if you took the time to educate yourself on some of the key things that any startup founder should be aware of.
- Location
The first thing you’ll want to do is find a location for your business. If you plan on working from home, make sure that the location complies with all regulations. If you plan on renting a space, then do ensure that you get a consent letter for GST registration before you start your venture. Visit Khatabook to learn about the consent letter.
- Create a business plan
A business plan is a written document that describes your business idea in detail, including an explanation of the problem your business will solve, how you will generate revenue, and how you intend to grow your business.
If you have a specific product or service in mind for your business, describe it in the plan. If you don’t have a specific product or service idea yet, you should still write out your business idea and plan so that you can refine it once you do have an idea.
- Fix the finances
Securing financing for your start up is often more difficult than getting the business off the ground. While you’re developing your business plan and perfecting your product, you’ll need to think about how to finance it. It’s important to establish a strong relationship with a financial institution that you can rely on for funding when needed. Let’s look at some options for getting financing for your start up:
- Friends and family
- Angel investors
- Venture capitalists
- Bank loans
- Business credit cards
Friends, family, and angel investors are all sources of capital that don’t charge interest. Venture capitalists and banks usually require repayment in instalments over time with interest – but they may be willing to fund your start up if they know it will generate high returns. Business credit cards are another option to consider because they aren’t secured by your assets should you default on payments.
- Legal processes
Before you start drawing up plans for your new venture, there are a few legal steps you should take to give yourself the best chance at success. These include things like getting a license, registering the business name, opening bank accounts, GST registration, learning about GST bill format, getting acquainted with industry regulations and making contracts. Along with a business license, you may also need to apply for additional permits depending on the type of work you will be doing. Registering a trademark is also important when starting a new business. Your trademark is a key part of your brand identity and is an effective way to distinguish yourself in the market. Make sure you register your trademark before launching your company.