Legal Checklist For Starting a Business in India

Starting a business is not a child’s play and also it is not a very difficult task either. The key to setting a new business is to be organized and most importantly to prepare a checklist. The items on your Legal checklist will help you start your business and run it efficiently and effectively. A checklist will help In keeping track of the work completed, work that requires attention and work that is pending.

There are specific legal aspects and Formalities that an entrepreneur needs to know about and must be accomplished and compiled by the entrepreneur. You can create a checklist using a simple pen and paper of you can also take the help of websites, software, and apps.

In this article, we will show you how you can draft a checklist and what items are to be included in the Checklist.

So now I will inform you of the items that are to be included in the checklist, that is as follows:

1. The Entrepreneur Checklist

In The entrepreneur Checklist you have to include the following items:

1. Why do you want to be an entrepreneur?
2. Do you possess the required business skills?
3. When you ask yourself these questions you will need to run an analysis about yourself, you will have to analyze your strengths, weakness and personal skills and You will have to prepare a SWOT about yourself – identify your strengths, weakness, opportunities, and threats.

2. The Idea Checklist

In The Idea checklist, you have to make a list of your passion, talents, and skills that you possess, Decide which industry or business  you will join, Then you have to make a list of ideas that come to your mind, you have to see if you can invent a new way to use already existing product and services, Innovate a new idea or business model, look at what your potential rivals and competitors are inventing or introducing and find out  how you can modify or create product and services that will compete with their products and services

3. The market analysis checklist

Market analysis is the most deciding step in setting up a new business. Here you have to put the idea into action and Test the product or services you wish to offer to the potential customers.  In This step, you have to check if there is a demand for your business Idea in the Industry.  you should work further to carry out the technical analysis, manpower requirement analysis, financial requirement, etc to launch your Idea into the market.

Execute a SWOT Analysis to check the level of competition you will have in the area where you will establish your business and analyze threats and opportunities for your business and work. Check the other risk, legal, environmental and Managerial factors that your business can face.

4. The business plan checklist

Now that you are done with the checklist above it is time to make a Business Plan that is always important while forming a Business In any country of the world and India Also. In this checklist you have to make a Tick mark list of Choice of a business name for your venture, Prepare a brief and Best introduction about your business, Prepare a mission and vision statement, Summary of marketing and business model, Compile financial and other cost estimates and customer and target audience profile etc. You have to create a report and you have to cross all these items off your checklist.

5. The Finance Checklist

Funding is a very influential part of Business. You need money to start a business, Promote a business, Manufacturing, and production of good and services, payoff salaries and operate a business etc. so this checklist is of high priority in business. here you have to make a list cash requirement, identification of sources of a fund that may include bank loan, friend and family borrowing, venture capital funding and seed funding, gold loan or micro-finance and finance companies etc.

6. The Legal checklist

In this checklist, you have to make firm choice and decide on factors like deciding on which business entity to choose and get registered with, which can be a private limited company, limited liability partnership, sole proprietorship, one-person company, startup, or any other form of business entity.

You also have to determine whether you require GST registration, whether your business requires trademark, copyright, or patent registration, and whether you need any other special licences like food licences (FSSAI), Udyog Aadhar registration, SSI and MSME registration, Shop and Establishment Act licence, Import Export Code, etc. that can be a Private Limited Company, Limited Liability Partnership, Sole Proprietorship, One Person Company, Startup or any other form of business entity.

Do you require GST Registration, Does your business require trademark or copyright or patent registration and You have to Identify need for any other special licenses like food lIcense(FSSAI), Udyog Aadhar Registration, SSI and MSME Registration, Shop and Establishment Act License and Import Export Code etc That is required from regulatory authorities in India. You have to look after Accounting and Filing income tax as well.

Conclusion

In this article, we have just discussed the Business checklist and Legal checklist. There is also Some more Checklist that you need to make when you commence business, which we will discuss in future articles. I hope you will create these checklists and follow them to start your business in India.