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Things To Consider Before Starting A Business

2017-08-10 11:44:59 | Legal Services
Things to consider before starting a business
“I am convinced that about half of what separates the successful entrepreneurs from the non-successful ones is pure perseverance.”
-Steve Jobs
Starting a business may sound easy but there are number of things you need to consider before starting one. There are number of questions you need to ask yourself and number of tasks you need to complete before starting your own business, irrespective of the scale you are starting your business on. There will be legal as well as practical issues at your hand even before taking your first step towards starting your own business. It may be about registration or creating a plan-of-action. It may be as simple as creating a name for your company or choosing the ideal customer for your services. Therefore, it becomes an immediate requirement to lay down certain ideas and get a clear view of how things work before starting your business and not after it. So, Let’s discover these small yet important things you need to consider before putting your idea in action.
The first step you need to take after deciding that one idea which will make a change not only in your life but everyone associated with you may be directly or indirectly is to ask these questions to yourself.
1. Is my idea original, or is it already being used by someone else?
It may happen that your mind gives you a perfect idea to start your business and make it a hit but what if someone has already established his business on the very same idea. The best way to avoid this kind of situations is to search online if such type of company or business already exists. You may continue with your idea even if it is already being used but keep in mind that it should be somewhat different and should not repeat the same mistakes already been made. In short ‘Be Creative.’
2. Is your business in sync with your interests?
One of the most important factors in starting your business is whether you like it or not. It shouldn’t be like that you see profit in certain kind of business and you go for it. It will create a mess for you in long run. Profit can be made in any kind of business if you know what you are doing and it’s mandatory that you should love what you are doing in order to achieve success.
3. What should I call my company?
Once you are ready with your creative idea that involves your immediate interests you need to select an appropriate name for your company. You may ask that why should name matter that much, simply because it’s the root of your business. You need to keep in mind that all your future interactions will be made under the name of your company. It will become your identity and hence it should be unique so that it leaves a long lasting impression not only on your clients but anyone who listens about your company.
4. What kind of Legal Structure do I need?
Sole proprietorship, partnership, private limited company, public limited company, One person company, or limited liability partnership. Choose smartly, each kind has its own pros and cons but also it depends on the person you will be teaming up with. Again choose wisely.
5. Do I have an effective business plan?
A business plan without any doubt plays a major role in the successful running of your business. It helps in the systematic and smooth running of your business and also prevents you from getting into any confusion.
6.What or who are my competition and How do I attract the target crowd?
Before starting your business you should be aware of all the other companies already in the race. To be the best you need to know who your competitors are and how you can overrule them all. Also, your target audience is very important. You should be smart enough to indulge in right kind of marketing hence leading to positive publicity. It will give you more potential clients and help expand your business.
7. What about licensing and legal issues?
In order to make your business big, it should be genuine. To make your business legally genuine you need to follow certain steps also including license and ownership details. There are certain firms like LegalRaasta itself to help you with legal problems and give you reliable solutions. These also includes paying up taxes, registration (VAT, TIN, TAN, PAN, DSC, DIN) abiding by all the laws (regarding business and liability issues), insurance of business as well as employees.
8. How should I choose the best location for my business?
In order to make yourself and your company is known it’s very important to choose a proper location. It depends on certain factors like ease of traveling, productivity and convenient, low-cost, utilitarian surroundings.
9. How do I create my company’s website and how do I choose a domain name?
Just as your company name should be unique your website and domain name should be unique too but somewhat should match your company so that it is easy to remember for everyone. There are certain online portals who can help you to create your own website and select an appropriate domain name depending upon availability such as All domains.
10. What about the capital?
All the answers to the above questions are highly dependent on the answer to this one small yet the most important question. Before starting your business you should be clear about how much money you can invest without maxing out your credit cards or drowning in bank loans. Again for that, you will need someone reliable who can help you to use your money wisely and in the correct way.
You need to understand that as an entrepreneur you are expected to think in a smart and carefully calculated way. Starting your own business may consider as playing a game of chess where every move counts and a wrong move can change the whole game leading to your destruction, literally. So, think smart and seek smart help where ever you need it.

This article has been contributed by Simmi Setia, Content Writer at LegalRaasta, an online portal for Section 8 company registration, Nidhi company registration, IEC registration.

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