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STEPS FOR NEW BUSINESS

While starting any business entrepreneur always faces first question that how to start. Without any guidance there are chances of various mistakes in process of start-up. So lets take a look on what steps to be taken for start-up.

1. Selection of Business

Business selection is vital part of start-up. Choose business which is suitable for you. Never go with anyone blind suggestions or watching other’s business profit or watching other’s success stories. Every business is good, you need to check what is suitable for you. There are primarily three categories of Business Manufacturing, Trading & Service.  

Manufacturing include all manufacturing business. Trading means any type of trading, retail, shop, showroom, franchisee, distribution, C&F, Stockist etc. Service business includes all types of services like hotel, repairing, consulting and so much more.  

Your first step is to choose sector. After selection of sector nest step is to choose which product is suitable for your. Your products or business selection is depend on various factors, i.e. your investment capacity, experience, education, your nature, time, capacity, personal contacts, location of business, local needs, space availability, surrounding, personal background etc. So choose business carefully. Its first step of your success. 

2. Registration

 After selection of business start registration process. registration is depend on business. For manufacturing need to register UdyogAadhaar, or for trading or shop shop establishment registration require, or may register pvt. ltd. company, or partnership firm etc. Registration is depend on business nature. 

3. Bank Account opening – 

After registration open your current account in bank on your business name. After account open start all transaction from the same account & not from other personal accounts. To get all banking related service click here 

4. License or Certificates

 If your business require any license or certificates apply for the same. Ex. Food license, pollution dept. license etc. Which license, certificates you require is depend on business. To apply for license, certificates click here 

5. PMEGP Subsidy Scheme application (For Manufacturing & Service only) – 

If you are entering in manufacturing or service industry then you can apply for PMEGP subsidy. You can get up to 35% subsidy for your project. BUt for PMEGP scheme you need to apply before project start. After verification you get approval & then you have to apply for loan in bank. After sanctioning of loan & completion of project bank claim your subsidy. To apply for PMEGP scheme login to https://www.kviconline.gov.in. For more details about PMEGP subsidy click here 

6. Legal formalities – 

If there are any legal formalities required to complete get it as early as possible. Legal documentations, agreements etc. has to complete before business start. Do not forget to complete any legal formalities. For compliance legal formalities click here.

7. Taxation – 

Get all registration regarding taxes. Apply for GST, Profession tax etc. For compliance of taxation process click here. 

8. Brand Development –  

Choose unique brand for your product. Get logo designed by professionals & apply for Trade-Mark registration. Also make website of your business. To design logo Click here. To design your website click here. To apply for Trade-Mark click here 

9. Machinery & Raw material finding (For Manufacturing) – 

After basic formalities start searching for machineries, raw material, packing material & other accessories suppliers. Must verify suppliers before any deal. Visit their existing clients, get information about their service quality etc. Get quotation. 

10. Material sources –

 If you are planning to enter in Trading industry then you need to search for suppliers. Search for wholesalers, manufacturers etc. Visit their offices. Check quality & proceed. 

11. Project report – 

If you are planning to apply for loan then Project report is must requirement. Try to prepare PR by chartered accountant (CA). Collect all documents for project report.  For CA approved project report click here.

12. Apply For Loan – 

After preparation of PR apply for loan to any nearest (nationalise) bank. Your loan proposal may take some days to sanction. 

13. Project setup –

 After approval of loan your project setup work start. For trading after connecting all suppliers project setup work start. Design your unit properly. Get help from good designers. For Shop, Showroom, Franchisee must designed from interior designers. 

14. Appointment of labour & staff – 

Appoint experienced & skilled labour & staff. Provide them complete training & knowledge. For retail skilled them for customer handling.

15.  Apply for Subsidy Schemes –

 There are so many subsidy schemes available for Manufacturing & Service industry. Except PMEGP for all subsidy application must be filled after project setup. To know more about subsidies click here. 

16. Marketing & Sales – 

The final & most important step is Marketing & sales. After project setup & production start your most important step is to work for marketing & sales. Appoint experienced & skilled employee for sales. Start connecting your expected market. Setup your Sales Chain. Your most of the time must be spend for Marketing & Sales.

Work hard, Work smart. 

HOW TO CHOOSE BRAND NAME

Brand Name is very important for any business. While choosing name for your business or product make sure that it has not used before for same product or industry or sector. Brand Name should be unique & easy to use. Also search its availability for trade mark by public search in IP India website. If it is not available for trade mark then do not use it for your business.

So many times brand availability done by searching domain availability for website. It is wrong process. Domain & Trade mark is different. Many companies register their TradeMark but did not make its website.

If you find domain available & start using your brand & some other companies have already registered it, you may face legal action for TradeMark violation. So if you are planning to register TradeMark in future, or planned to work on big platform you must search your brand availability before finalising it. 

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