Before going to into the details about how to build your new business, let’s discuss one of the vital locations where you should look for an opportunity to start your venture. A study on the financial position of India showed us that Mumbai is becoming the next ultimate entrepreneurial hub it has already counted more than 10,000 start-ups.
The actual reason behind this effect is set up ofnumerous government and private organizations in Mumbai recently.Yet, despite the vast possibilities and assistance, you will have in Mumbai, during your start-up years, there are a few necessary steps which you need to take before starting your business:
• Market Research is a must: Even if you are opening abranch office in India, creating only a selling platform will not attract customers. The first necessary step is to study your potential market. Spot the group of people who need what you are offering. Is there enough space for your product or it is saturated? Is it a niche? Is it a national market? These are the basic question that has to be answered even before you plan to setup your business.
• Capital planning: Before you take any step on the construction of your building start writing your business plan and practice your pitch. Do research on the costs associated with your business.
• Hire an efficient accountant: An accountant will work hand-in-hand with your lawyer and be influential in determining the best form of ownership. You should look for an accountant who is familiar with the handling of the laws as every state has its own intricacies.
• Plan a business structure: Your choices include sole ownership, partnership,Limited Liability Partnership or privatelimited company. Opt for the services offered by direct tax consultants in Mumbai. They will prepare your tax returns and they will closely work with you throughout the year and ensure that your tax liability is getting minimized. In all settings, they are expected to execute duties which include:
• Setting up your tax returns
• Doing research on tax laws
• Getting advice from experienced financial advisors: It’s best if you consult financial advisory firms in Mumbai. Which help clients in both short terms as well as in long-term financial goals in business ventures.
• Collect all essential licenses and permits: It is bestto engage a consultant who can handle all necessary compliances on an ongoing basis along with maintaining all the necessary documentation.
There are several essential steps such as hiring a technical expert and setting up an online portal for your business apart from the ones mentioned above. Setting up a business in India is difficult and the legal compliances can be confusing to many. It is important for entrepreneurs to be able to remain focused on growing the business and therefore all the other work should be outsourced to experts.