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Business Plan

When planning a new venture it is important to plan out everything in detail and prepare a detailed written plan stating the main objectives, goals, organizational structure, policies etc. to achieve such objectives. This intricately laid out written document is known as a Business Plan.

Business plan provides a roadmap for better management and growth of organization. Business plan provides a much required support in an organization’s formative years as well as in case of any expansion plans and new ventures. It helps in following manner:

To check whether the business idea is actually feasible enough to be executed in the current business conditions.

to prepare an effective work flow for execution of plans

To impress and secure funds from prospective investors.

Why is Business Plan Required?

Many wonder if there is an actual requirement for hiring professionals for preparation of business plan or to prepare an actual business plan at all. The answer to such a question is yes. When exploring a new area of operation it is important to do proper research and preparation on our part. It prepares us in dealing with uncertainties in a better way.

Business Plan helps in persuading the investors to understand your vision and securing investments for such future ventures. A compelling business plan is the key to success as the investment package is in direct proportion with the feasibility of such business plan.

While the plan is in the development stage the factors that are to be kept in mind are:

If the plan is in sync with the organization’s visions and main objectives.

As the business plan is a sales document, it must be precise still effectively reflect the complete business strategy to achieve its goals in an effective way.

While preparing a business plan various factors are to be kept in mind like;

Thorough Market Research

Preparation of marketing Strategies

Identification of target audience

Staffing on management and official levels

Goals, long term as well as short term

Obstacles that the business might face.

Why hire a consultant?

In order to develop a detailed and effective business plan a lot of time as well as expertize is required. Expertise can be found in house but time is one luxury which budding entrepreneurs do not have. All the time that they have is invested in business development, market analysis and identifying the right partners.

In such scenarios, Business Plan Consulting plays a key role in taking over the business plan development part through their professional expertise in such field of work.

Hiring a professional business plan consultant has following benefits:

Customized Business Plans: They understand your business needs and help in development of customized plans.

Experienced Service ensures quality: As the consultants professionally provide such services, they have expertise in development an enticing business plan.

Extensive market Research: They have team of experts who first understand the insights of your business and conduct market research on the basis of that. This helps in development of a more viable business plan.

• Consultancy Services: business plan consultants not only help in just development of business plans, sometimes they also provide additional consultancy services or can even help you connect to prospective investors.

Source url - http://entersliceindia.emyspot.com/blog/why-is-business-plan-consulting-required.html

To carry on the particular trade or business, permission is required to be obtained by applying for trade license. Trade license gives permission for only those trade related activates for which it has been obtained and not other than that. Before starting manufacturing activities by an establishment it is required to obtain fundamental license from the license department.

Trade license is applied on the basis of the premises therefore it has to be obtained for all locations from where the business activity is carried out. An application has to be filed prior to the 30 days of commencement of such activities by the establishment. Its main purpose is to regulate trade in the country along with the safety guidelines prescribed by the government.

Trade License Requirement

Its main purpose is to regulate improper trade activities and to ensure that citizens are not adversely affected by health hazards & nuisance.

It provides safeguard.

It ensures that activities are carried out in accordance with the rules & regulations prescribed by the government.

It helps in building image of the establishment that no illegal activity is carried out.

Trade license is obtained from concerned State Government or Municipality or corporation where the place of business is situated. State government lays down the provisions of trade license and besides this, it is also responsible to manage and regulate the trade within a city.Each state has its own set out of rules and regulations in relation to trade license. Therefore before applying for trade license an applicant must be aware about the rules & regulations pertaining to trade license and also the jurisdiction under which an applicant operates. There are different names of this license in different states like in Maharashtra it is known as Gumasta License. Trade license prevents establishments from penalty & prosecution. In India, carrying business activities without obtaining trade license is an offence punishable.

Documents required for Trade License

In case of company or LLP, PAN card of establishment;

Cancelled cheque with bank statement;

Certificate of Incorporation of company (MOA & AOA);

Address proof of establishment;

ID proof and address proof of all directors and their passport size photographs;

Front-Face Photograph of the establishment and display of goods;

Site plan of the applicant.

Trade License Application Scrutiny

On receiving the application for trade license renewal, concerned officer shall verify the suitability of business and possibility of danger or nuisance. After scrutinizing an application, trade license is issued. In some of the states, in person verification is done by the concerned authorities. This process usually takes around 10 to 15 days after submission of an application.

Trade License Renewal

After the issuance of trade license, it is required to be renewed on annual basis. Trade license is issued for the period of one year in some states however an application can be made for license renewal at the end of the each year on the payment of prescribed renewal fees.

NGO Registration and its purpose

As we can figure out from the name itself, a Non Government Organization is established independent of any kind of government or state authorities. They work independently for the benefit of society in general. Their main objective is to contribute to society in any way including education, trade, art, culture, skill development or any other social welfare activity.

NGOs do not operate with profit earning motive, their main objective is to support the under privileged, social welfare etc.  This is the reason they are also known as non profit organizations.

Ways to Register a Non Profit Organization

In India if anyone is willing to set up a nonprofit organization, then they can do so legally in three different ways. Following are the ways to incorporate a NGO:

• Trust under Indian Trusts Act, 1882
• Society under Societies Registration Act, 1860
• Section 8 company under Companies Act, 2013

Anyone willing to establish a NGO can choose the legal status of their NGO registration from the above mentioned three choices depending upon the following factors:

• Level of operation
• Structure of organization
• Purpose of Operation etc.

All the three set-up including Trust, Society and Section 8 company are legally recognized under different Acts and have different features and benefits.

Key Features of Trust, Society and Section 8 Company

• TRUST 

A Public Trust can be registered under the Act with charitable purpose as a NGO. Such trust registration can be involved in welfare services relating to healthcare, education, upliftment of under privileged etc.

Features

• No prior name approval requirement in case of Trust
• Trust are regulated by respective state Acts. If no set State Act is there then Indian Trusts Act 1882 of center will regulate it.
• Minimum one settler and 2 trustees are required.
• No provision is available to dissolve registered trusts.
• SOCIETY

Societies are membership based organizations. Societies with Charitable objects can be incorporated with a view to promote science, arts, literature or any other kind of charitable non-profit objective.

In order to register a society, its rules and regulations must be listed out in organizations memorandum of association.

Features

• Prior name approval is not required. However the applicant must make sure that no Society is already registered with same name in concerned jurisdiction.
• Societies are regulated by Societies Registration Act 1860. Many states interpret it in different ways.
• At least 7 members are required to incorporate a society. However, if it is a national level society then 8 members will be required from different states.
• The members also have an option to dissolve the registered society.
• Section 8 Company

Anyone can incorporate a company with charitable objects under Section 8 of Companies Act, 2013. Their main object must be like any other nonprofit organization. The basic difference between a private company and a Section 8 company is that, section 8 company is not allowed to pay any dividend to its promoters and all the profits are utilized for furtherance of its main objects.

Features

• Prior name approval is mandatory; an application for the same is to be submitted through RUN service.
• They are registered and regulated by Companies Act, 2013.
• Minimum Requirement; 2 promoters and 2 directors. Promoters and Directors can be the same people.

Source url - http://enterslice.over-blog.com/2018/06/how-to-register-an-ngo.html

The MSME which stands for micro small and medium-sized enterprises and also known as SSI which stands for small scale industry. These are common and profiting businesses that receive many benefits from the government as the government itself promotes it. Once you have decided to have your own business of this sort, you will require getting the MSME Registration or SSI Registration.

The MSME enterprise that is into manufacturing sector has its own categories depending on the monetary investment that is made to start them up. Those categories are as followed:-

• The micro-enterprises, these are the one in which the investment is less than the Rs 25 lakhs in their business's machinery and plant.
• The small enterprises are the ones in which the entities that are investing would be in an amount between Rs 25 lakhs Rs 5 crores on their plant and the machinery.
• And finally the medium sized enterprises, the entities invest the monetary amount between Rs 5 crore and Rs 10 crore.

The other category of MSME enterprises would be in the service sector. And this category is based on the amount invested in the equipment.

• In this sector again, we start with micro enterprise that has entities investing less than Rs 10 lakhs.
• The small-sized enterprises with an investment by entities being more than the amount of Rs 10 lakhs, however, less than the amount of Rs 2 crores.
• The final category of medium-sized enterprises, here the entities invest an amount between Rs 2 crores and 5 crores.

Instructions on How to fill an online form for MSME Registration?

• Fill 12 digit Aadhaar card number that was issued by the government of India to the applicant.
• Fill in the name of the applicant has been mentioned on the Aadhaar card.
• Then select your social category from the given options in the online form.
• Then select your gender from the 3 options provided.
• Mention whether you are physically handicapped.
• Fill in the name of your enterprise or the business for which you need the MSME Registration certificate for.
• Next, selection of the kind of organization your MSME or SSI is. This will be printed on your MSME registration certificate or your SSI Registration certificate.
• Now fill in the 10 digit PAN card number if in case you are involved with limited liability partnership or something like a co-operative society or a private limited / public limited. This step of PAN card number is optional in the case of proprietary firm where solo business is handled as a self-help or a unit like Hindu undivided family.
• Fill the regional location of your MSME or SSI plant.
• The address of your main office which should the address other than the plant location.
• Your email address on which you can be contacted.

We provide many services such as expert consultation, follow up, preparation of your document required, delivery of certificate and much more. You can completely rely on our online legal services related to the government. We are the preferred choice of our customers so don’t hesitate in leaving a mail to us, our representative will shortly contact you. If you are facing any trouble in MSME Registration then don’t waste your time simply reach us to get the complete guide and support of our experts. We are constantly available to help you in any circumstances.

Source url - http://enterslice.over-blog.com/2018/06/how-to-apply-for-msme-registration-in-india.html