Search
  • Devansh Lakhani

How to start a business?


Starting a business involves planning, making key financial decisions, and completing a series of legal activities. Scroll down to learn about each step.


1. Conduct market research


Market research will tell you if there’s an opportunity to turn your idea into a successful business. It’s a way to gather information about potential customers and businesses already operating in your area. Use that information to find a competitive advantage for your business.


2. Write your business plan


Your business plan is the foundation of your business. It’s a roadmap for how to structure, run, and grow your new business. You’ll use it to convince people that working with you — or investing in your company — is a smart choice.


3. Fund your business


Your business plan will help you figure out how much money you’ll need to start your business. If you don’t have that amount on hand, you’ll need to either raise or borrow the capital. Fortunately, there are more ways than ever to find the capital you need.


4. Pick your business location


Your business location is one of the most important decisions you’ll make. Whether you’re setting up a brick-and-mortar business or launching an online store, the choices you make could affect your taxes, legal requirements, and revenue.


5. Choose a business structure


The legal structure you choose for your business will impact your business registration requirements, how much you pay in taxes, and your personal liability.


6. Choose your business name


It’s not easy to pick the perfect name. You’ll want one that reflects your brand and captures your spirit. You’ll also want to make sure your business name isn’t already being used by someone else.


7. Open a business bank account


A small business checking account can help you handle legal, tax, and day-to-day issues. The good news is it’s easy to set one up if you have the right registrations and paperwork ready.


About Devansh Lakhani

Director of Lakhani Financial Services, and a Chartered Accountant, he helps start-ups raise funds from his network of investors. He guides and advises start-ups to scale up by providing efficient sales, marketing, team building, and business management strategies. He has executed fundraising by block deals on the stock exchange and conducted IPOs and right issues on the SME platform to the tune of over Rs. 50 Crore. He is currently working with start-ups from various sectors to help them channelize their business models and investments.

2 views

Quick Links

Reach Us

333, 1st floor, Narsi Natha Street,

Katha Bazaar, Masjid Bunder, Mumbai, Maharashtra

+91 99201 94885

001-quora.png
002-linkedin.png
004-instagram.png
003-youtube.png
005-facebook.png
006-twitter.png

© 2020 Lakhani Financial Services 

Website Designed and Developed by: