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How to Start a New Business

How to Start a Business in 2018: Guidelines for Startup Enthusiast

“India’s ranking in the World Bank ease of doing business survey for 2018 climbed a record 30 notches to 100”, when our Honorable PM shared this report with a tweet, he received all round applaud.

Yes of course this is a good news for all Indians and especially for the one’s who are aspiring to be known as ‘entrepreneurs’. The passing year has opened many gateways for start up enthusiast with innovative ideas, who were flooded with ideas to bring in revolution in education, healthcare sector etc.

The Goverment broght revolution in the governement process of starting/registering a company in India. The e-SPICe form revolutionised the way the company registration process was carried out for ages. The ‘Simplified Proforma for Incorporating Company Electronically’, known as SPICe form reduced the company registration time to 7-10 days and in few cases even less than that.

The year 2018 is estimated to ease out the process more and bring in more revolutions. The Government is calling entrepreneurs to start/register business in 1 day…yes. Well, that practically sounds impossible but the Government’s intentions are very clear.

This is the time for young entrepreneurs, women entrepreneurs and all those who have till now surpassed their dream of being on own. While all the external factors seems positive and encourages to start on own, few lines of caution to be kept in mind. These lines of caution are my personal opinion and not necessarily meant for all budding entrepreneurs ;

Ask yourself following questions before you venture out on own;

1) What is my key stregth? Whether the strength lies in getting new clients,handling business sitting at one place or being innovative bring me happiness?

2) Am I a risk taker? Am I willing to work for more than 10 hours a day? Am I willing to give away a routine life?

3) How is the financial position and back up plans?

4) What about knowledge on legal and taxation matters? The designation of “Director”, comes with a lot of responsibilities, accountability and yes stress. Willing to take that load on your head?

Every wanna be entrepreneur have to make a detailed plan well in advance with respect to legal formation,financial projections, apart from determining viability of the products or services he is proposing to launch. Moreover a clear and structured marketing and business execution plan will ease the process from the beginning.

The failure of success of business though is not restricted to merely starting out but a focused Business plan will act like a mentor, which is crucial at all stages.

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