Startup Essentials – a quick read
Successful entrepreneurs know the commitment they required for their startup. It is huge and exhausting at times. Starting business doesn’t just require an idea, it is the easy part. What comes after the idea phase is critical. We have looked at importance of Market Research and a Non-Disclosure Agreement in our earlier posts as initial steps for your startup (You can find the link here).
Once you have completed your initial research and you are sure you want to proceed further, it is now necessary to put your commitment to the next level –
Create a project plan for your Startup
In simple words, a project plan involves outlining of your startup objective and goals.
- Your opportunity area
- how and when will you achieve your goals
- products/services offered
- financials of revenue, budgets and calculations
- resources
- milestones and much more
A project plan will provide you an insight on how your business will trend, if it goes as planned. Whether you need to make changes to your plan? Is it profitable? Is it scalable? What revenue you will make? What investments and support you will need, etc.
A lot of inputs will come from your market research analysis. Making a project plan is another cumbersome exercise that needs penning down information in details.
If you intend to go for funding, then make sure you have a robust project plan.
There are plentiful of service providers in the market that can help you with project plan. However, if you need professional help and looking for quality output, you can contact STARTR by clicking here
2. Turning your commitment into a Startup Company
Once you have the project plan ready and you are happy with it, as next step, we recommend to have a legal entity – a company. It could be a private limited, limited liability partnership or just a partnership firm.
Having legal entity especially Private Limited or Limited Liability Partnership gets you key benefits –
- Recognition of authentic business as it is registered with Indian Ministry of Corporate affairs
- This also gives you a investor preference for funding
- Allows you to register under Startup India schemes and initiatives
When you register a company, there are some annual compliances to be maintained. However, the benefits you reap from registering a company are higher then efforts of compliances which can be easily managed through a professional help.
If you would like to register a company, get professional help from STARTR by clicking here.
If you complete the above critical steps, you have already set the ball into motion. This is a significant accomplishment towards your startup success. We will continue to discover the next steps in our upcoming posts.
Hope you find this post helpful. Do contact us on STARTR if you are keen to know more or need professional help.
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