Company Formation in India, Corporate & Commercial Law
How to start a Company from Scratch?

How to start a Company from Scratch?

Starting a company from scratch doesn’t have to be technical or complicated, but it requires a lot of planning and organization of various tasks. Here is the list of steps to be followed when you desire to start off a company from scratch.

Do an Honest Evaluation of Yourself

One needs to assess his core capabilities and caliber as well as should ascertain the weak areas where he/she might need to seek professional help.

For instance, you may be good at public speaking which can help when raising money, but bad at accounting which just means that you’ll need to find some kind of help with that area of the business.

Evaluate Your Idea

If your business idea involves the formation of a new product or service (or even an enhancement to an existing product or service), it needs to be ascertained and evaluated this is technically called market research of a product or a service.

There are firms whose core area is doing market research for new products, but if you are on tight budgets, you can do this yourself.

Therefore one must develop such kind of idea that will help its business to grow and help in achieving the goals and objectives in an effective and efficient manner.

Make a Business Plan

Basically, you can think of a business plan as an outline or blueprint of your business. A good business plan should have the following elements:-

  • Executive Summary – This should lay out the business’s product or service and the problem that it solves for the consumer.
  • Market Evaluation– This should talk about the market you are serving. Is it an expanding market, and how does your product better fulfill the consumers in that market.
  • Market Strategies– How are you going to penetrate the market and sell your product?
  • Operational Plan– How will the company run from day today? Who are the key employees and what their specific rolls are. Do your key players have specific goals set for them in advance?

A final word on making a business plan: while lying is never acceptable especially when you are using the business plan to raise money, it is acceptable to “put your best foot forward”.

Playing up the positives while minimizing the negatives is almost expected in a business plan.

Besides, banks, as well as professional investors, will both do a more in-depth analysis before investing any money into your idea.

Execution of a Business plan:-

After the Business idea is evaluated and planned accordingly the last step is the execution of the plan. The goals that were initially planned out will now be brought into the operation. In case of any deviation or discrepancies arises corrective action will be taken.

Contact the Best Company Formation / Setup Branch Office in India, ADR Law firm in Delhi today, LEGALLANDS LLP will help you with all the matters relating to FEMAFDIADRCorporate & CommercialFamily LawIPR, International Trade & TaxOther Advisory Services, and Business Setup advisory in India and Abroad. Contact today at +91 11 46045777 or connect@legallands.com

Leave a Reply

Your email address will not be published.

Related Posts

New UAE Citizenship Law

UAE’s New Citizenship law Policy has approved it’s Golden Visa’ Program allowing up to 10 years of residency. The United Arab Emirates has announced its new

Read More »
Start typing to see posts you are looking for.
en English
X

YOU ARE WELCOME!

We, the LegalLands LLP , are a family of exceptional professionals with expertise in the fields of law, taxation, business administration, consultation services, etc. We understand your problems and work to the best of our abilities, tailoring our knowledge and expertise to your specific interests and needs, to arrive at the best suitable solutions to your problems. Our aims are to cater to your needs rather than viewing these needs as opportunities to enrich ourselves at your cost!
We have a great and enthusiastic work culture that promotes and invests in our Human resources, turning them into our assets, by carefully nurturing them in a process of symbiosis, thereby deriving benefits to the firm, the personnel, and the clients.
LegalLands LLP, and its team of professionals over a very short span of time, have amassed a huge plethora of achievements, knowledge base, expertise, and client base that stands second to none in the varied fields in which we offer our professional services. We thank all those who were part of our journey and progress through these years and we especially thank our client base for their continuous and unwavering faith in us.
We look forward to many more engagements with you which keep adding value to your lives.
Together and onwards we march on toward new milestones in our illustrious journey.

RAJIV TULI

Managing Partner

Legallands LLP