When you start a business from scratch, other than just an idea, there are many things about which you need to watch. Here you will get a proper idea step by step guide to start a business and grow it. You start a business before going to legal things, and a few more points are needed. These things are courage, passion, and continuity.
You have to keep in mind the inspirations that helped you to start this. It can be your childhood dream or anything, or you want to be your boss. Your inspiration source can be anything, but you will get the ultimate guide for your path to success. Let’s start the journey of becoming an entrepreneur.
Have a realistic idea to start a business
You are maybe thinking about a unique idea which no one ever tried. But it doesn’t matter how an individual is your opinion. It will be more beneficial for you if you are using a previously tried idea. Because in that case, it will be much risky than using a yet tried idea.
Be ready for the next one year for business plan
It would help if you had proper financial plans for one year, and along with that, you must have the necessary funding for one year. You can go for bank loans and can collab with your family members or friends for financing or speak to a specialist business plan accountant. Besides funding, your one-year business plan should consist of each detailed point to be ready for all obstacles and problems.
It is sure that, in reality, everything will not go according to your plan, so you also adapt and update your project based on the situation. But don’t lose the primary focus for that adapt new plans only for upgrading your business.
Be legally ready to start a business
Now the time is to register your business to the government to be legally safe. Based on the nature of your business, you have to register your business to the government. The types of registration about which you need to know I am sharing below. But it is a crucial matter, so decide after considering all of the aspects of your business.
- Solo Proprietorship
- One Person Company (OPC)
- Private Limited Company (Pvt. ltd.)
- Limited Liability Partnership (LLP)
Now here I have just shared the main types on which most of us need to register.
Registration for TAX | Business Map |
After completing your company registration now, you have to register for various types of TAX registration. It’s one of the most important steps, so you can also take help from legal experts. Other than that, here I am sharing the necessary pieces of information about it.
- GST REGISTRATION: if your turnover is more than the fixed limit that is 20 lakh, you must go for this registration. Other than that, if your business is E-commerce related or doing business with outer states or countries, you also have to register your company for GST.
- Import Export Code (IEC Code): If your business is also dealing with import and export from outer states or countries. Then again, you need to have an Import Export Code.
- MSME Registration ( Udyog Aadhar ): It’s not mandatory to go for MSME registration, but if you can register for this, then it will help you to get priority on few things like TAX, Bank Loans, etc.
Get to know about returns and accounting
Just register your company for TAX and all things is not enough. You also need to know about the returns and accounting audits you need to file monthly and yearly.
Final Thoughts:
As we have almost covered all of the topics to start your own business, my only motive is somehow, and this article should help you with any aspects of your growth.
