When you are planning for your own Startup – Part III

Thus Post deals with HOW Stage of doing your Start Up.This the last post in the series , earlier posts WHY and WHAT .

WHY and WHAT address the Reason and Business line selection. How will discuss about planning and preparation before you actually open shop.

HOW

Preparing for launching a startup required a lot of legwork. I will list some small and more important points here, from Indian Perspective.

Registering a company

This the first step towards launching your business and required some work:

  1. Selecting a name: The name should be unique and preferable include the nature of business like tech, services , media, lawyer, health etc.
  2. Deciding on LLP vs Private limited. if you opening a small business where turnover may not exceed a few lacs per year, go for LLP. If you think business will Scale for above 50-60 lacs, select private limited company
  3. Hire a Company secretory on retainer to do the paperwork and file with govt .
  4. Identify the directors and Shareholding pattern and Seed capital . Seed capital is the worth of your company at the time of registration.
  5. On a successful registration , you will get company PAN, TAN, certificate of incorporation, MOA , AOA.
  6. GST number is mandatory to run the business in India now. However, GST enforces many compliance’s to be adhered to. These will stretch your resources. you have sometime at hands before you can start commercial transactions, delay filing for GST number.

Office Space

  • Locate and take on rent office space
  • choose a decent location as per your budget
  • Purchase and install Office Boards
  • Get a company seal
  • Get bare minimum Infra. like laptop for all the partners.
  • Keep the reciepts of all the expenses. like hard ware, office lease and rent, Fee to the CS, Govt fee for registering the firm etc

Bank Account

Open a bank Account for the company. You will needed every thing described above : Company documents, Office address, company seal. Directors details and KYC documents etc.

With everything in order , opening a current account is a fairly simple process in India. After verification of address , you will be sent a joining kit with account number, check book and ATM card.

important point to note is transaction limit. 25 lacs is a decent limit to start with.

Then comes seed capital. The seed capital needs to deposited in to company account from the directors bank account , in the ratio of their share holding pattern.

Now you are all set to launch your startup. First order of business is to establish online identity . This almost mandatory in today’s world , irrespective of nature of your business.

Creating Online Identity

Creating an online presence is really easy , even for uninitiated . All you need is a domain name for your business like mystartup.com , a website , content explaining yourself business , value proposition and products that you offer .

Contact us forms and Privacy policy declaration is a must these days . You can buy domains very easily . There are a number of domain resellers like godaddy.com ( where this domain was purchased from ) , network solutions , hostgator etc . Just google for buying a domain and you will find many . A domain will cost you may be a 1000 rupee a year . You should also buy domain privacy to protect your name , phone number and email being exposed to public . The bigger problem is that most of .com domain names are already taken and you will have to become creative to find the name of tie choice . We will explain the website creation in a separate post .

Other than building a website , you need to build identity in social media to allow people discover you. Facebook and LinkedIn are good places to start with.

For initial days, you can create a basic logo for your business to avoid costs . Canva is one such app that helps you build your own logos .

I will keep adding to this post as i find time

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