- Having viable business Idea: Entrepreneurs are the people who take the innovation ahead, having business idea is essential to the startup journey and the idea should be such that it is possible to make it viable in the current market. Entrepreneurs may take survey from potential customers.
- Having a Good Website: As everything is now internet based, a good website is something where you can start off. Start by creating website, a website must have blog and social media presence to describe the products and services to visitors through contents.
- Registration as private limited company: This is essential if you want to go big, private limited company is different legal person from the founders. Founders starts working under legal entity and all the accounts of the business are separately managed. You need payment gateways and other things for which a registered business is essential legal requirement.
- Founders Agreement: Yes, this is must, your new project must be having co-founder; let say one for tech and other for operations, one for capital and other for tech etc… founders shares equity ownership and control in the registered business entity.Through founders agreement they divide their roles and responsibilities in startup, this can be through oral mean but a written agreement clearly defines roles of founders in the startup.
- Business Operation : Yes Start Doing the Entrepreneur hard work, Do not stop , get your first customer , second third ….so on.. Create better pricing plans. Provide services or sell products raise invoice invoices and invoices. Create systems at every stage.
- Sales Tax , Services Tax and Trademark : Now if you have stated making some revenue , don’t wait take services tax registration, if you are providing services or sales tax registration (TIN) if selling products. Apply for trademark ( Check for availability of trademark is essential before launching your startup , search it trough www.ipindia.gov.in ) Applying trademark will protect you from infringement of your mark and you can take legal ready against the person making infringement of your mark.
- SALE SALE SALE : Nothing more focus on generating revenue, revenue.. have proper accounts and fun..
- Business Legal Compliances (Take it seriously ) : Nothing much file Company Annual Accounts, Annual Returns , Income Tax Returns, TDS returns sales and services tax returns. Yes this should be done on timely basis; otherwise you will be facing lots of additional fee and penalties. Compliance Management System is Essential is necessary for every business entity to survive.
- Don’t Mind Cost of Compliance: Yes, Compliance is essential part if you want to grow your business, Not only business that are fully legally complied have big brand images but also have big competitive advantage over others.
