ECONOMY AND FINANCE :TOOL BOX REQUIRED TO START YOUR BUSINESS

BY ROBIN GHOSH,

ECONOMIST AND BUSINESS MENTOR

KOLKATA, 31 OCTOBER 2024:

Business has two fundamental coordinates.

One is the destination and the other is the vehicle to reach the destination.

Creating a business, a successful and sustainable business is like a journey, where you have to fix several glitches, short circuits, breakdowns and repair them to keep the entrepreneurship journey on. And move forward.

Like a technician, you have to be ready with your toolbox with essential accessories to speed up the repair as fast as possible to save downtime. And minimize the loss and improve productivity.

So, keep your TOOL BOX ready. Before you begin your journey — your entrepreneurial trek — you must have an idea what tools and accessories you should have to save cost and time.

We will talk about 2 TOOL BOXES.

TOOL BOX1 AND TOOL BOX 2.

TOOL BOX 1 should have the following:

1.Ownership Documents: Proprotiership/ Partnership/ LLP/ Pvt Ltd.

2.Trade License.

3.Bank Account Details

4 Adhar Card Details of Promoter/ Promoters.

5 Pan Card of Promoters

6 Pan Card of Business Unit.

7 Udyog Aadhar Registration

8 Income Tax Registration

9 GST Registration

10 Fire License

11 Fssai license

12 Rent Agreement

13 Income Tax Return

14 Startup Registration certificate

15 Audited Balance Sheet

16.Projected Balance Sheet for three years.

17. Fire Insurance.

18 Trademark Registration Certificate.

19 Current Year Sales

20 Short Resume of the Promoter/ Promoters.

TOOL BOX 2

1 Business Model

2 Business Plan

3 Marketing and Brand Promotion Plan

4 Application for Mudra Loan

5 Creation of Logo

6 Creation of Website

7 Creation of E commerce site.

8 Creation of Social Media Campaign.

9 Creation of Team/ HR Plan

10 Creation of IT support system

11 Creation of Financial Management Architecture / Performance Management/ Monitoring.

Well, what I have described is quite comprehensive. This covers 90% of the tools required for your entrepreneurial journey.

Good Luck.

Entrepreneurship is an adventurer’s journey. It is like riding a tiger. Be brave yet be humble.