How to Start a New Business

If you want to start a new business and be successful, then you should work on your ideas, not on the ideas of others. To work on your ideas, it is very important that you train yourself in such a way that only good ideas keep coming into your mind. 

For good ideas, it is important that you convert yourself into a machine developing ideas. Now your question will be how to convert yourself into an idea machine?

First of all, if you think of any ideas to start your own business/startup, then you have to pay attention to these important points:

• First of all, decide in which sector you want to do business/startup. To do business, choose a sector about which you are so knowledgeable that you can design your product keeping in mind the future needs.

• Every business institution firm has different tax provisions, tax laws, legal provisions. So in which business entity firm you want to do your business/startup, you have to think specifically.

• After finalizing your ideas, make a business plan. In this plan, mentions how much manpower will be in your business in the initial phase, how much capital you will have to invest.

• You also need to see and understand how hard it is to get land, labor, and capital where you are thinking of doing your business.

• Every business person is worried about how he will raise finance and investment for the business. In such a situation, first of all, decide how much money you will need in addition to the capital you have.

• Start gathering the necessary resources, such as taking over the office of the hirer, hiring the employees, hiring the necessary machinery, preparing the infrastructures, finalizing the delivery system, etc.

• Start the promotion and create a  marketing strategy for your business a few months before launching the business. This will increase the curiosity about your business among people.

• Try to pay special attention to the demerits of the business in advance and fix the demerits as soon as possible, which will improve your business strength.

Now, Are you want to run your business in a legal way in the future as well? If yes, what business you have thought to do, you can register that business in various types. Various types here mean "Business Entity or Business Structure". 

When you are making business ideas, then you will definitely keep these Business Entity or Business Structure types in your mind. Otherwise, all your hard work can be wasted if you do not pay attention here. Keeping these business entities in mind first, when you will start a new business.

The various types of  Business Entity or Business Structure are:

1.    Sole Proprietorship: 

Sole proprietorship is a way or business structure to register a business in which you are the owner of the business itself. Whatever the profit and loss of the business will be your net profit and loss, it will be your own profit and loss. So you can say that in this you will be responsible for your own business profit and loss. Many small merchants use it, such as a small shopkeeper who sells groceries, to register his business in a Sloé proprietorship. You should register the Sole Proprietorship only when your business is very small or there are less than 5 people in your business.

The cost of registration for Sole Proprietorship is around 2500 rupees. In other states, this cost keeps going up and down a little bit.

2.    One Person Company (OPC): 

If you want to keep your personal profits and losses away from your company's profits and losses, then you can register your business with One Person Company. If your business gets submerged tomorrow, then no one can come and tell you that we will recover the company's losses from your personal property. There will be only one director and shareholder in one person company who will be himself and pvt in front of your company name. ltd. (OPC).

The registration cost of OPC is around 5500. In this also, In other states, this cost keeps going up and down a little bit.

3.    Private Limited Company(PLC): 

The biggest difference in a private limited company is that there should be a minimum of 2 shareholders and directors and there can be a maximum of 200 shareholders. Private Limited has the limited liability of any shareholders. If the company ever suffers a loss due to some reason, then its shareholders will not have to bear the loss personally. Private Limited is a very reputable and credible way to register your company. If you register your business in a private limited company, then the trust of banks and your clients in your company increases if the private limited is written in the last name of your company. The biggest advantage of Private Limited is that you can easily get a loan from banks. Other investors are also willing to invest in your business.

The registration cost of PLC is around 6500.

4.    Limited Liability Partnership: 

Limited Liability Partnership is used when you are a professional in any field like an engineer, doctor, lawyer, etc. It is used when you form a company for a limited time, which you have to close after work.

For Example: Suppose you are a builder and you have to build a building, for which you opened a company and hired some workers, engineers, and architects. When that building is completed then you don't need that company, then you closed that company. So here this Limited Liability Partnership is used.

Conclude: If you are thinking to start a new business, then pay special attention to all these important points. In our next blog, we will show you the easy way to register your company in a legal way. This means that you can register your business by sitting at home.