The First 5 Steps That Begin Your Entrepreneurial Journey

Introduction
if you are thinking of starting a new business than you should keep in mind some important things so it will help your business and you don’t have to face trouble for validation of your business. This article talks about some important aspect for your new business so it will help you.

Entrepreneurial spirit 1200x768 1024x655 - The First 5 Steps That Begin Your Entrepreneurial Journey

The First 5 steps for starting your entrepreneurial journey

  1. The first step for staring your business or startup is you have to conduct market research because without conducting market research you may not able to make a business plan. Making a business plan is the initial step for every business and before making a business plan you have to conduct market research. During market research you will know about many things like competition, competitor, market price, cost of production, profit generation, and many other things about business and all these findings will help your business and when you start making a business plan these finding will help you to make a good business plan.
  2. Business registration is important and mandatory for you because without business registration you cannot start your business. Business registration can be done under various recognized authorities. You can start your business as a partnership firm. Sole proprietorship firm, Limited liability partnership firm, Private limited company, One Person Company and other business entity. All these entities have their different registration process and required compliances to be filed under different authorities and all have their own benefits so you have to choose wisely.
  3. Location, Your location will be playing an important role in your Journey. Make sure you pick the correct field as per your location requirements.
  4. If you don’t have the capital for your business and want to get a loan from bank then you can apply for registration of your business with Udyog Aadhar it will give you many benefits under various government schemes. Udyog Aadhar registration can be done online and it is issued by the Ministry of Micro, small and medium enterprises. After registration under Udyog Aadhar, you will get many benefits like a loan on low-interest rates, subsidy under various government schemes, and other benefits.
  5. ISO certification is also important for your business because the mark of ISO on your products will increase your customers. ISO registration or ISO certification in India improves the credibility of your business and helps you get more business. ISO certificate is also required for getting government tenders because without ISO certificate you cannot apply for the majority of government tenders. ISO certificate will help you to build credibility in the international market. You can apply for ISO registration online and you have to submit the required documentation along with registration application. Required documents for registration are PAN card, Passport size photograph, a copy of Aadhar, two copies of sales bill, certificate of business registration and other documents.
  6. Pan card registration is also important for your Entrepreneurial journey because it is the most important document for you and it is issued by the income tax department of India. PAN number is important for filing income tax return because without PAN number you cannot file your Income tax return and it is mandatory to file your income tax return in prescribed time. So you should file your income tax return in prescribed time because in case failure of filing income tax return you may have to pay a huge fine or you may get punishment.

Conclusion

As you can see in above article that business registration, ISO certificthe ate and Pan registration is important for you because PAN number is required for making various documents and it is required for compliances under various recognized authorities. Business planning is also important for you and before this you have to conduct a market research so you will get, to know about many tngs like competition, competitor, and market pricing and other things. For your Entrepreneurial journey you have to keep in mind that you must register your ,business under recognized authority so it will validate your buunder-recognizedan see above ISO certificate is important for generating trust of customers and after getting ISO certificate your business credibility increase in global market. So if you are thinking of starting a nethe w business than you should consider the above given points.

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