Startup Advice
6 months ago
Hello, I have a startup idea. Me and my team of 3 (1st year college students) are refining and developing the business idea from last 1 week.
My question is what are the next steps to be taken to implement the idea .
As per the knowledge I have gained from past some weeks I think we should register as a pvt ltd company. But we don't have funds to pay the fee of registration.
If we don't Register the company we will not be able to gather a team, can't do crowdfunding and can't even start marketing.
Btw we don't even have a office address to mention in registration and PAN.
So It will pe appreciable if someone give us advice and a direction to move on.
A.Dear Client,
Create a detailed business plan outlining your product/service, target market, revenue model, and growth strategy. A well-thought-out plan can help you attract investors or secure funding later on. Instead of jumping straight into company registration, focus on building a prototype or MVP to demonstrate your idea's feasibility. This can be done with minimal investment. Look for team members who share your vision and can contribute their skills to the project. You don't need to register a company to collaborate with others. Consider bootstrapping your startup initially. Use your personal savings or seek support from family and friends to cover initial expenses like prototyping, development, or marketing. Once you have a prototype or MVP, explore crowdfunding platforms to raise funds from the public. While registering a Private Limited Company is a common choice for startups, it's not the only option. You can also consider registering as a Partnership or LLP (Limited Liability Partnership). These structures require fewer formalities and lower costs. You can use your residential address as the registered office address for your company. Alternatively, consider virtual office services or co-working spaces that provide business addresses. You can apply for a Permanent Account Number (PAN) for the company once it's registered. Having a PAN is essential for tax purposes. You don't need a registered company to start marketing your product or service. Use social media, online platforms, and personal networks to create awareness and attract customers. In India, there are various government schemes and programs to support startups. Research and see if you qualify for any of these initiatives.
Create a detailed business plan outlining your product/service, target market, revenue model, and growth strategy. A well-thought-out plan can help you attract investors or secure funding later on. Instead of jumping straight into company registration, focus on building a prototype or MVP to demonstrate your idea's feasibility. This can be done with minimal investment. Look for team members who share your vision and can contribute their skills to the project. You don't need to register a company to collaborate with others. Consider bootstrapping your startup initially. Use your personal savings or seek support from family and friends to cover initial expenses like prototyping, development, or marketing. Once you have a prototype or MVP, explore crowdfunding platforms to raise funds from the public. While registering a Private Limited Company is a common choice for startups, it's not the only option. You can also consider registering as a Partnership or LLP (Limited Liability Partnership). These structures require fewer formalities and lower costs. You can use your residential address as the registered office address for your company. Alternatively, consider virtual office services or co-working spaces that provide business addresses. You can apply for a Permanent Account Number (PAN) for the company once it's registered. Having a PAN is essential for tax purposes. You don't need a registered company to start marketing your product or service. Use social media, online platforms, and personal networks to create awareness and attract customers. In India, there are various government schemes and programs to support startups. Research and see if you qualify for any of these initiatives.
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A.Dear Client,
The Pradhan Mantri Mudra Yojana(PMMY) for startups offers loans to small and medium businesses through non-banking financial companies. Depending on Mudra loan eligibility for startups, you can opt for a loan amount of up to ₹10 Lakhs. Any Indian Citizen who has a business plan for a non-farm income-generating activity such as manufacturing, processing, trading or service sector whose credit need is up to 10 lakh can approach either a Bank or NBFC for availing of MUDRA loans under PMMY. The applicant for the start-up business financing should be above the age of 21 years and should be below the age of 65 years. Proof of the individual must be provided in the form of a driver's license or Aadhaar card. Apart from this, to help MSME business that needs working capital to start a business, the Indian government introduced the MSME Loan Scheme. Under this entrepreneur loan scheme, any new or existing enterprise can avail itself of a loan up to Rs. 1 crore. Usually, it takes around 8-12 days for the loan processing to be completed. So, get in touch with a PSU Bank or NBFC for more clarification on the subject and follow the procedures to avail of the loan for a start-up business.
The Pradhan Mantri Mudra Yojana(PMMY) for startups offers loans to small and medium businesses through non-banking financial companies. Depending on Mudra loan eligibility for startups, you can opt for a loan amount of up to ₹10 Lakhs. Any Indian Citizen who has a business plan for a non-farm income-generating activity such as manufacturing, processing, trading or service sector whose credit need is up to 10 lakh can approach either a Bank or NBFC for availing of MUDRA loans under PMMY. The applicant for the start-up business financing should be above the age of 21 years and should be below the age of 65 years. Proof of the individual must be provided in the form of a driver's license or Aadhaar card. Apart from this, to help MSME business that needs working capital to start a business, the Indian government introduced the MSME Loan Scheme. Under this entrepreneur loan scheme, any new or existing enterprise can avail itself of a loan up to Rs. 1 crore. Usually, it takes around 8-12 days for the loan processing to be completed. So, get in touch with a PSU Bank or NBFC for more clarification on the subject and follow the procedures to avail of the loan for a start-up business.
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