Requirements To Launch Your Business

Starting a business is a cumbersome process and requires a lot of work. Once you have that one great, amazing idea, you need to be familiar with all the steps needed to get your company up and running. Everything from naming your company, to meeting the legal requirements, to setting up your office is a task and it can be confusing and overwhelming. Use the following as a basic checklist and a guide to lead you through every stage of the process.

Research is everything

Research, research and research some more! For your company to be successful, it should have the ability to solve problems and meet the demands of the market that aren’t being met by your competitor. So, find out everything about your business- who your target audience are, why they need your product, who your competition is, how will your product be superior to your competitors making your target audience want to avail yours instead of the ones already in the market and if it is a product based company then research on where you’ll get the materials from and where your factory, is going to be. These are important questions that need to be answered if you want to establish your business the right way.

Prepare a plan

Once you’ve done your research the next step is to write down a business plan. The written business plan will contain all the answers to the research with the addition of what your business’ end goals are and how you will finance your business. New businesses are enthusiastic about their venture and are always in a rush to get it up and going, that they fail to plan for the present and the future. This leaves them wondering how to cope after a downfall, as they don’t have an exit strategy. A business plan is one of the most vital steps that your business will need to figure out where your company’s going, how you will sustain it and how will it overcome the hurdles and obstacles in its way.

Assess Finances

Every business whether it is small or large needs access to enough financial resources to start it and sustain it. It is a known fact that it usually takes a few months until a business can witness a turnover. So to push through the first few dry, difficult months, you will need some money to keep it going and if you have staff, then to pay your staff. To help you with all your financial requirements it is advised to go old school and use a spreadsheet. You can jot down all the expected expenditure to start your business like licenses and permits, insurance, legal fees, inventory, trademarking, branding, etc as well as anticipate how much you’ll be spending to keep your business going for the next year like for rent, advertising, travel, employee salaries, utilities, etc. The total number you get is approximately the amount you will need to start and sustain your business.

Choose a Business Structure

Before you register your business, you will need to decide what kind of business it is. Your small to medium business can be a partnership, a sole proprietorship, a limited liability company (LLC) or a corporation. For a start-up or small company, the most advised business structure is LLC, where the company can get legal protection from bigger corporations while enjoying the tax benefit of a partnership. This can be changed as and when your business grows. But this step is crucial, as this will affect everything from the name of your business to how you file your taxes. If you are struggling to figure out which category best suits you and your business’ needs, it’s best to invest in a lawyer or CPA as they can guide you through the process.

Brand it

Based on how you wish to project your business and based on its goals, your design agency will curate a brand strategy that’s apt for it. As everyone knows, every company has a name, a logo and a tagline. These need to be worked on relentlessly as they set the tone for your business. Everything from the colours used to the fonts employed holds immense meaning. Some businesses wish to have a serious tone of voice while some others wish to have a fun one. All this can beportrayed in your branding, enabling your identity to stick in the minds of the customers. Your brand is the face of your business and as your business is going to be around for a long time, you must be careful to do it right the first time.

Meet Legal requirements

It’s vital that all the legal requirements are met. Ensure that you obtain a Director Identification Number (DIN) and a digital signature certificate. You must reserve your company online and the approval of the name must be done electronically. Another important legal aspect that must be taken care of is the stamping of all the company’s documents. Also, a certificate of incorporation must be filled and sent electronically to the ministry of company affairs. Once this is done, you must make a seal for your business, which you will employ in share certificates and in other documents. Following this, a Permanent Account Number (PAN) is obtained along with a Tax Account Number (TAN). Finally, you will need to register with the office of inspector, for GST, for profession tax, and for medical insurance.

Build your team

Once all the legal requirements are met, ready your workspace and build your team. Everything from your furniture to the office equipment should be bought or leased before you start building your team. Unless your business is a one-man army, you will need a work space. If you do not have your own space, consider leasing a property, as this will work out better financially. Once the office is set up, you can go ahead and hire an awesome team who will work together to achieve your company’s goal and take it to greater heights. Roles and responsibilities should be defined for each employee and everything in the HR checklist should be ticked off for your business’ smooth sailing.

Register with the Office of Inspector, Shops and Establishment Act

Within 30 days of the opening of any establishment, it must be registered locally. A statement should be sent to the local inspector with the company’s name, manager’s name, employer’s name, postal address, and category along with the applicable fees.

Promote it

In this age of technology, it is imperative that every brand has a strong digital presence as well. Before you open your doors to the public, you can promote and market your brand through the various social media platforms available like Facebook, Instagram, Twitter, YouTube, etc. which has linked together billions of people worldwide. The way to get attention in this sea of people is by employing smart and innovative marketing content. Promoting your business with the right agency will help you in your venture to establish your company in the minds of your target audience. A couple of good reviews and some influencer integration will take your brand to the next level in no time. While doing all this also remember to have a strong website for your company. This is where people will get their first impression of your company along with everything they need to know about it. More importantly, websites help with SEO, which will drive more traffic to your brand.

Being patient is the key to starting and running a company and always be ready and prepared to adjust, to think outside the box and to solve problems. This can be for when you, your business, your employees or your products/services run into unforeseen problems, which are bound to happen. At the end of it all, not everything will always go according to your plan but it will all be worth it!