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How to Start a New Company in Five Steps?

Vikram Brahma has over a decade of corporate working experience. By profession, he is a Digital Entrepreneur, Blogger, Writer and YouTuber.

Introduction

Are you getting bored sitting at home? Have you ever thought of starting your company? Do you know what steps are involved while setting up a new company?

Well, starting a company in today’s time is not as hard as you may think. But yes, it takes time to reach breakeven once you start your company.
If you want to start a small digital marketing firm related to specific services then it is easier then starting an offline business.

In this article, I will share overall examples of how to start your company in five steps. And I hope after you complete this article you will have more clarity. So, let’s begin and understand the complete process.

Brainstorm is required

Brainstorm is required

Brainstorm And Identify A Problem

In the first step, we have to brainstorm among business partners. If you want to start a company then first you have to identify some specific problems. Look around in your society, read the newspaper and observe people around you.

What kind of problems you can identify? Can you solve those problems? Will you be able to generate a good source of income by solving those problems? During the brainstorm, you have to come up with ideas and problems as much as you can. Think locally but if you want you can act globally.

Find A Great Solutions

In the first step I hope, you have identified some issues around your city. Now, in the second step, you must identify what kind of solutions you can provide. To solve those problems you can offer either some product or services.

Make sure your product or service is backed by some research. In simple words, people must be looking for such a product or service to solve their problem.

For example, by using Uber and Ola customers get the benefit of travelling in the car by paying a reasonable amount. In the same way, companies like Amazon and Flipkart gave freedom to people to shop anytime and from anywhere, even at a discounted rate. So, come up with some good solutions for your costumes.


Look out for right investors

Look out for right investors

Find The Right Investor

If you have a big project and want to start huge then you will need some angel investors. Otherwise, it’s also advisable to start small and grow your organization gradually.

When you meet different investors, make sure they show the same excitement which you have for your project. You will have to go through the process of the agreement. Before you meet your investor always do your proper homework. Prepare your project report in details.

Investors are more interested in whether their investment will be safe and how much return they can make. Remember an investor is a smart bunch of people. They are wealthy because they know how to invest and where to invest. So, speak openly with them without hiding anything except if it is medicine formula.

Complete Business Registration And Tax Part

Getting a business registration and formalities related to tax is a messy part. But as per new government rule in India now registrations are getting complete within one working day.

The best part is now registration can be done online. You need to submit the required documents. In the case of India, you need to procure licences from various state and central government departments wherever it is mandatory. Always remember to pay tax as per your country law and on time. Don’t evade or hide your sources of income.

Select Your Location And Get Started

In the final stage, before you start working you have to decide the location for your business. Build office infrastructure, hire required employees and start your business.

Make sure when you select your location it’s good for your business. Make sure you hire the right kind of employees because they will be going to change your business. Try to set organizational ethics. Once you start your company you will have more power and but great power comes great responsibilities.

Conclusion

Many people had a dream to start their organization. There is no school out there who can teach you the exact formula. You have to get your hands dirty, learn by doing and implement as you progress. Many big organizations need at least three to five years to reach breakeven. I have shared what steps you need to follow to start any offline organization. Hope you have understood this topic well.

This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.

© 2020 Vikram Brahma

Comments

Vikram Brahma (author) from Assam, India on August 07, 2020:

Thank you, Liz, that you like the article. Just trying to reach my goal through writing articles.

Liz Westwood from UK on August 07, 2020:

This is an encouraging and positive article. I am in awe of your productivity in terms of articles.