All businesses start with an idea. The idea and vision of the Entrepreneur then drives action which turns into a business. Starting a new business and turning business ideas into reality is one of the most rewarding journey a person can undertake. IndiaFilings can help you in this journey acting as a mentor and guide throughout the process - offering you various tools and services to help build a sustainable business.
The first step in starting a new business is the ideation stage. In this stage, the entrepreneur must look for various ideas or be inspired to start a new business. Once an idea or aspiration develops in the mind of the Entrepreneur, time must be spent in trying to understand the market, the product/service offered, existing competition, availability of manpower, funds, infrastructure, etc., Once the above research is complete, the Entrepreneur can fully-develop a business idea into a plan of action.
Choosing an Advisor and Entity
Before beginning to invest into the new business, it is important to consult an Advisor with experience in helping startups. The Advisor can then understand your business plan and advice you on the choice of legal entity, licenses, funding, taxation and compliance.
e-DiNero. Group specialises in providing Startup Advisory support. We have helped start over 20,000 businesses across India in every industry possible. Our Advisors are available 24/7, 365 days and can help answer various questions you may have with respect to legal formalities, business licenses, funding, income tax, GST and labour law compliance.
Registration of Business
Once you have selected the right Advisor, the next step would be to register the business. It is important to register the business before purchasing or investing, as the investments can be accounted under the entity.
Today, an Entrepreneur has various choices for legal entity ranging from proprietorship firms to limited companies. For most Entrepreneurs who wish to build a professional business with long-term value creation - a LLP or private limited company would be the right choice. On the other hand, if an Entrepreneur wishes to start a small business with limited scope of operation - a proprietorship firm or partnership firm would suffice.
Every type of legal entity has various advantages and disadvantages. Hence, it is important for the Entrepreneur to discuss his/her plan for business with an Advisor and select the one that fit his/her requirement the best.
Once the business is registered and operating, it will require continuous support in terms of compliance to scale up. At e-DiNero. Group, we provide a comprehensive suite of services for startups ranging from income tax filing to GST compliance.