Well, how to Establish a New Company with No Money | Education
|Well, how to Establish a New Company with No Money|
I don't have any Money, So How can I Start a New Business?
A certain amount of capital is needed to start a new firm. Depending on the business model and business plan, the amount of capital required to start a business will vary. The amount of money invested in the company, on the other hand, has little to do with its success or potential size. For example, Infosys, which began with a $250 (Rs.15000) investment in 1981, has grown to become a global firm worth $8.64 billion (Rs.54000 crores). As a result, if you're a budget-conscious entrepreneur, you can start a firm by following the steps below.
Step 1: Registration for a Limited Liability Partnership (LLP) with an EMI Option
Incorporating a new company entity is the first step in beginning a new business. The incorporation of a corporate entity would make it easier to create a bank account for the company, receive tax registrations, and invoice customers. At Rs.8000, an LLP (Limited Liability Partnership) can be formed.
Step 2: Ecommerce Portals are a great way to get your products out there
It's simple to become a Flipkart or Snapdeal seller after the company is registered. To become a vendor on a well-known eCommerce platform such as Flipkart, Snapdeal, or Amazon allows you to reach a large number of potential buyers quickly. Additionally, because the eCommerce platform handles marketing, technology, and logistics, you may quickly begin earning money.
Step 3: Start Selling your Services
Establishing a service-based firm usually costs little capital and maybe readily grow. Businesses like Digital Marketing Agency, Healthcare, Website Designing, Teaching, and others can be started with very little capital and infrastructure. Also included are several fantastic home-based marketing ideas. In addition, until a company's yearly turnover surpasses Rs.10 lakhs, the government of India exempts it from paying Service Tax. As a result, small firms that would provide skills are exempt from collecting service tax from clients, giving them an advantage over larger corporations. On sites like Freelancer, you can also find a lot of clients if you want to establish a service business.
Step 4: Create a Fantastic Business Strategy
If you have a wonderful company concept but no money to put it into action, creating a business plan is a good place to start. With so many investment firms and venture capitalists looking to fund the next big idea, money is no longer essential to start a business. As a result, it is critical to producing a solid business plan as well as a pitch presentation to convey the concept to friends, family, and potential investors. Also, frequent pitch presentations are held by forums such as Tieton, CII, FICCI, and others, in which you can simply reach out to potential investors. Therefore, if you really want to open a business with no money, write a business plan and get ready to pitch.
Step 5: Find Schemes of the Government for start-ups
A variety of programs have been established by the federal government and state governments to encourage first-generation entrepreneurs. These programs provide entrepreneurs with seed financing as well as the necessary bank loan to establish a firm. Owners with a limited budget can also contact their local MSME office to inquire about government seed funding programs and get ideas for launching a new firm with no money.
Courtesy: Komal Sharma, Direct News 99