29 Mar Starting A New Business? Here’s What You Should Do First.
If you are starting a new business and have come across this article, congratulations. Let us guide you on things you should do you get your business started.
Things You Should Should Do When Staring A New Business
1. Validate Your Business Idea
If you are starting a new business, chances are that you have already thought of an idea for the business. But will your business idea work? If you are employed with some company, starting your own business will mean resigning from work. If you have a good financial backing or lots of money saved to last you for a long time, you can leave your job now. If not, leaving your job will be a big risk and you might not be able to afford it. The best way is to test if your business will work by running your business part-time or on weekends. See how much efforts you put and how much you are able to profit from it.
2. Think Of A Good Company Name
People will recognise your company by your company name. Think of a name that will be unique but easy to pronounce and remember. Get opinion of your family and friends and keep an open mind.
Also check if a .com website address is available for that name. Use domains.google or instantdomainsearch.com to search if the website address that you want is available (if not in .com then in other extensions such as .net, .sg, .in etc). If you are planning to incorporate your company (Limited Liability or Private Limited) check it the name if available to get your company registered. Take help of a professional consultancy if needed as they will be able guide you properly.
3. Get Your Company Registered For Filing Tax Returns
No matter how your company is formed (Sole Proprietor, Partnership, Limited Liability Company or Private Limited), get it registered for relevant taxes. If your company falls under tax exemption or below taxable turnover (since you just started the company) make sure you have relevant papers to get a bank account.
4. Get A Bank Account
You can’t do business without a bank account. Apply for a good business account at a preferable bank.
5. Get Your Corporate Identity Professionally Designed
Don’t tarnish your business identity from the first day. Get help of a profession branding agency or a professional graphic designer. Create you company logo, business cards, letterhead and envelopes. If you feel its going above budget, negotiate with them but you get your corporate identity designed by professionals only. If your budget permits, get your website designed as well.
6. Create A Social Media Presence
7. Secure Your Trademark
Invest some money in securing your trademark. If you make it big, it shouldn’t happen you are late to register your trademark. Losing your business will be like losing your face.
We know of a case where a company in India didn’t do business worth a single penny in 2 years but where able to sell their business name for ₹ 10,00,000 (approx. $15000) just because they had registered their business name and the buyer didn’t want to wait till they got a new name registered.
8. Register Your Domain Name
Buy your domain name or website address. This is an annual subscription and you will need to renew it every year. Even if you aren’t using it, it will be worthwhile that you buy it so that you don’t lose it to someone else. You can’t image how valuable good domain names are. You can get your domain name registered from GoDaddy.
That’s it! You are all set to do business.
If you are starting a new business, tell us about it.
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