Before We Start Our Business Idea Execution
Posted: Feb 10, 2015
Today starting a business is every second person’s passion. It is about our youth and our generation that they are not comfortable with the job profile they are in. Our youth is so energetic and impatient about their passion that they can’t wait for market to collapse for the opportunity they are into. But what they miss out is the complete study and analysis of what they are going to start.
A complete study and its review of the implication about their business road-map enables the entrepreneurs to start their business with a full-proof plan which leads the promoters and their business for what they had the vision about their business.
Choosing your Business Structure and Organizational Body is a very important step behind a successful run of a Business. We should must chose and design our business structure on the basis of our priorities and requirements. Following are the few factors which we should consider to finalize our Business Structure Type:-
Business Name Significance and its legal complications.
Tax Saving Management and its implementation
Legal Contractual Obligations for our Business Need
Copyrights, Trademarks and other Intellectual Property Rights (IPR)
Work Force Requirements of the Business
Business’s Financial Requirements
Business’s Infrastructural and Workplace Requirements
At eFiling Portal, we here discuss these factors with the entrepreneurs so that there would be a smooth flow in the business and its processes. The business needs an extra care in its starting phase, so we make the promoters understand what is best for him in that particular time.
It is not about the business incorporation but it is also about the post-incorporation compliances which are needed to be fulfilled for the regularity of the business. These compliances and their cost must be considered for the selection of Business Structure. The compliances filed also does matters in terms of how professionally they have been filed. So every step should be considered keeping professionalism in mind.
Business Registration can be in any form it can be a Private Limited Company limited by Shares or Limited Liability Partnership (LLP) or a Proprietorship Business or it can be a Partnership Business form. But what matters is your requirements and your priorities based on that requirements. So a feasibility Study needs to be done in very beginning of the entire process. Feasibility Study should be in terms of real ground level testing, or a trial run would be much more recommended. Even TATA Ambani’s do a trial run for their billon dollar projects, then why we don’t.
So this what we can summarize that we should have a roadmap of what we have vision before starting up the business and after considering each and every small factors we should make any decision.
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