WRITE YOUR BUSSINESS PLAN
PICK YOUR BUSINESS LOCATION
FUND YOUR BUSINESS
CHOOSE BUSINESS NAME
REGISTER YOUR BUSINESS
TAX ID'S
APPLY FOR LICENSES AND PERMITS
OPEN BUSINESS BANK ACCOUNT
1)MARKET RESEARCH -It will help you to know if there is an opportunity to turn your idea into successful business. Research the potential about the customer, Also your's and others business, brand and industries in your area or locality to understand in which business you can achieve more success. gather all the information and take advantage for your business plan also you can collect information through people staying in that locality to understand their needs and then start that business to earn more profit like monopoly.
2)WRITE YOUR BUSINESS PLAN -First of all writing everything helps you in remembering exactly what you should do. make a proper structure about your business plan and also make a future assumption for profit and loss both. Always be ready for both if loss occur be calm and start again with some new ideas.business is all about dealing with all situations, all ups and downs. If any Make a note that how many partner you are going to involve. Or else an individual can alone start a business.
3)PICK YOUR BUSINESS LOCATION -It is the most important part Or a decision you will make whether it's small or a big business idea. The choice you would make could effect your taxes, legal requirements and revenue.
4)FUND YOUR BUSINESS -As per your business plan you will get an idea on how much fund is going to be require for your business. You will need to raise or borrow funds as per requirement for your business. Many banks and institutes gives loan for your business plan if they found your idea fascinating.
5)CHOOSE BUSINESS NAME -Its not easy to pick the perfect name. the name you choose should reflect your business.also be sure the name you choose should not be name of someone else business or brand name .
6) REGISTER YOUR BUSINESS -Its time to make it legal and protect your brand. so that no one else would use the same name or the name of your business should not match anyone else brand or business name orelse registrar will cancel your application for registration. You have to give 5 names for registration whichever would be available the registrar will register it for your business or brand name .
7) TAX ID'S -First you have to get EMPLOYER IDENTIFICATION NUMBER and TAX ID number.There are the table to pay tax in every country. In india it is :-
Age of 1 to 60
If you earn amount
0 to 2.5 lakh the tax rate is 0%
2.5 to 5 lakh the tax rate is 5%
5 to 10 lakh the tax rate is 20%
10 lakh and above it's 30%
Age 60 to 80 (senior citizens)
If you earn amount
0 to 3 lakh the tax rate is 0%
3 to 5 lakh the tax rate is 5%
5 to 10 lakh the tax rate is 20%
10 lakh and above the tax rate is 30%
Age 80 and above (super senior citizens)
If you earn amount
0 to 5 lakh the tax rate is 0%
5 to 10 lakh the tax rate is 20%
10 lakh and above the tax rate is 30%
REMEMBER - THIS SLABS ARE NOT ONLY FOR BUSINESS PEOPLE BUT FOR EVERYONE .YOU SHOULD ALWAYS FILE A RETURN NOT NECESSARY IF YOU ARE A BUSINESS PERSON OR NOT ,TAXABLE OR NOT YOU SHOULD FILE A RETURN .
7)APPLY LICENSE AND PERMIT -As per your location, state and country you have to see how many license or permit you would require for your business.Business license and permit are issued by government agencies that allow individual and company to conduct business within government geographical jurisdiction. It is an Authorization for you to start a business in your location without any obstacles.
8)OPEN BUSINESS ACCOUNT -This account is made in any bank.This account is made to keep the business transaction record and also to keep business and personal finance separate. Business account comes with special conditions related to business.
9)OTHER NECESSARIES - MUST APPOINT CA ,CS OR HAVE ONCE A COMMUNICATION WITH THEM RELATED TO YOUR BUSINESS IDEA, AS THEY WOULD HELP YOU IN ACCOUNTING AND TAX BENEFITS AND CS WOULD HELP YOU IN LEGAL REQUIREMENTS .
❤️😊👍HOPE THIS WAS HELPFULL FOR YOU
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