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Have you ever thought of becoming an entrepreneur on your own and having a fabulous career for yourself that is going to make you financially independent? Well, then you are not alone. Plenty of people want to become an independent entrepreneur on their own but do not know how they are going to start their careers. Here is a brief guide on becoming a successful entrepreneur.
Brainstorm creative ideas for your business
Before you actually start with your business, you will need to come up with some good ideas about it that matches with your interest levels. Instead of just doing something that you think might bring you money, explore your interests and come up with ideas that can you can work on. Also do some market research to understand other companies that operate in that specific niche to have a clear idea how you may take your business to greater heights of success.
Develop a unique business plan
Developing a business plan involves thinking about the purpose and nature of your business. Who are the end users or customers that you need to target for your enterprise? What are your plans when it comes to managing your business finances? How you will manage the production or supply aspects of your business?
Assess your financial condition
To start your business, you will need to make critical financial decisions from the start. This involves deciding on whether you will need to finance your startup by yourself or you are going to loan money from a bank. You can also seek crowdfunding support, but for that you need to make sure that your business idea is something highly unique and others are also going to benefit from it greatly.
Determine the structure of your legal business
Business firms can be of many types, such as a partnership business, a sole proprietorship business, or corporations such as an LLC or limited liability corporation. You will need to decide the structure of your business from the very beginning so that it caters to the specific goals that you have in your mind.
Register your business with the government
In order to be recognized officially as an independent business entity, you will need to register your business with the government of you country. Your incorporation document is going to include a range of information such as business name, corporate structure, business purpose, stock details as well as crucial information relating to your company. You can also simply register your business with a unique name and trademark it to obtain extra legal protection.
Choose technology for your business
Every kind of business requires a range of technical tools to function efficiently. This may just include software systems for invoicing, accounting, presentations and point-of-sale functions. You can also invest in developing apps for your business that your end users can use to get in touch with you. The other thing that you will have to decide on is the production techniques and the machines or systems you are going to need for it.
Primarily, a business entity is created to either sell a product or service. Under commercial laws, these entities are formed and there are many types of it. In all of these, in India, the private limited company business entity is widely popular. Business persons have accrued huge wealth due to these companies. Apparently, this gives a reason why its acceptance is much higher as compared to the others like Limited Liability Partnership (LLP), Cooperatives, and Corporations and so on.
What is a private limited company (or “Pvt. Ltd.” as we hear daily)?
By definition, it is a small business entity held privately, restricting the number of shareholders to 50, limiting the business owners only to their shares, and not allowing the shares to the general public. The phrase “Private Limited” means limited liability only for the owners, unlike the public limited companies where the shares can be sold or traded with the general public.
Why registration of a private limited is important?
For an entrepreneur, it is always tough to decide on the type of business entity they want to start with. To that, the experts suggest them starting a private limited company. However, there have been several skeptics too who offer their volley of questions, raising doubts and suspicions over this. Regardless of what they say, private limited company registration in India is highly beneficial in more than one way. It is important because it helps in attracting funding, limits business assets to be only at risk and not the personal assets and opens up multiple opportunities.
What are the advantages of a Pvt. Ltd. Registration?
Quite a flurry of questions downpour regarding the advantages of a private limited company. Here, we’re doing a bit to showcase only “some” of them:
Similarly, there are many more like these that the private limited companies have been enjoying after registration.
How to register the private limited company?
The procedure to register a private limited company is a lengthy one. It includes obtaining the Director Identification Number (DIN) from the MCA or Ministry of Corporate Affairs, Search and apply for the company name availability, application of incorporation, document verification and finally, the certificate is issued.
The documents needed for registration include: