Hello,
I am planning to start up my own company, a small firm, and I would like to know what would be the best type of business to start, such as consultancy or any other business. Additionally, if you have any ideas on the cost structure, please mention it.
Looking forward to your suggestions pouring in.
Regards,
Devaiah A M
From India, Gurgaon
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I am planning to start up my own company, a small firm, and I would like to know what would be the best type of business to start, such as consultancy or any other business. Additionally, if you have any ideas on the cost structure, please mention it.
Looking forward to your suggestions pouring in.
Regards,
Devaiah A M
From India, Gurgaon
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Hi Devaiah,
Good on you for setting up your own business. I am not sure of the demands regarding consultancy where you are, but here in the UK, there are a lot of them. I would suggest you specialize in particular areas and then do a bit of research on what other companies charge for those services. Your cost structure may be a bit of a mixture depending on what service you are providing. If it is training, then I would charge a set daily amount with material costs on top. This will ensure you know what you are getting money-wise regardless of the number of people who attend your event. If it is more of a personnel service such as advice, then an hourly rate would probably be more appropriate.
Hope this helps.
Regards, Mandy
From United Kingdom, Northampton
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Good on you for setting up your own business. I am not sure of the demands regarding consultancy where you are, but here in the UK, there are a lot of them. I would suggest you specialize in particular areas and then do a bit of research on what other companies charge for those services. Your cost structure may be a bit of a mixture depending on what service you are providing. If it is training, then I would charge a set daily amount with material costs on top. This will ensure you know what you are getting money-wise regardless of the number of people who attend your event. If it is more of a personnel service such as advice, then an hourly rate would probably be more appropriate.
Hope this helps.
Regards, Mandy
From United Kingdom, Northampton
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Hi Devaiah, In the first place you need to mention what is your area of interest and expertise. Only then it cna be said what should you look in for. Regards Manas Das
From India, Delhi
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3From India, Delhi
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Hello Devaiah,
It gives me immense pleasure to note that you are interested in becoming an entrepreneur.
As you are aware, for every business, you need capital, and that resource should not cripple you in any worst-case scenario.
As per RBI directions, banks can lend a loan amount of up to 5 lakhs to set up a small-scale industry (SSI) without any collateral securities.
You need to register your industry at your district industries center, which may cost you Rs 100. Then, prepare a project report and approach any bank. Usually, all bank managers are prejudiced and have little technical knowledge. The first thing they will do is discourage you from doing business and suggest seeking employment. They may also scare you by telling all kinds of stories. These bank officials tend to disburse loans to medium-volume industrialists with a good track record of significant outstanding liabilities to the bank (This is the root cause of our industrial problems). Never listen to these naysayers; go ahead with your plans. You can also acquire land for your SSI from a local industrial area at a reasonable price. Repayment of the loan starts from the 12th month after production, and your product may also enjoy concessions in ST, CST, AST, or VAT.
The district industry center can also help you get trained in specialized projects.
Find a suitable market and sell your product.
In case of any unfortunate event, you can file your case with BIFR or SIFR, who will review your case and may waive off some of your liabilities to the bank.
The Indian Government has provided enough plans to support the flourishing of SSIs, but some officials, such as bank managers, hinder India's progress.
So, go ahead and set up a small-scale industry.
Remember, the SINTEX water tank company started its business as an SSI.
Karunadasp
From Oman, Muscat
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It gives me immense pleasure to note that you are interested in becoming an entrepreneur.
As you are aware, for every business, you need capital, and that resource should not cripple you in any worst-case scenario.
As per RBI directions, banks can lend a loan amount of up to 5 lakhs to set up a small-scale industry (SSI) without any collateral securities.
You need to register your industry at your district industries center, which may cost you Rs 100. Then, prepare a project report and approach any bank. Usually, all bank managers are prejudiced and have little technical knowledge. The first thing they will do is discourage you from doing business and suggest seeking employment. They may also scare you by telling all kinds of stories. These bank officials tend to disburse loans to medium-volume industrialists with a good track record of significant outstanding liabilities to the bank (This is the root cause of our industrial problems). Never listen to these naysayers; go ahead with your plans. You can also acquire land for your SSI from a local industrial area at a reasonable price. Repayment of the loan starts from the 12th month after production, and your product may also enjoy concessions in ST, CST, AST, or VAT.
The district industry center can also help you get trained in specialized projects.
Find a suitable market and sell your product.
In case of any unfortunate event, you can file your case with BIFR or SIFR, who will review your case and may waive off some of your liabilities to the bank.
The Indian Government has provided enough plans to support the flourishing of SSIs, but some officials, such as bank managers, hinder India's progress.
So, go ahead and set up a small-scale industry.
Remember, the SINTEX water tank company started its business as an SSI.
Karunadasp
From Oman, Muscat
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Hi Karunadasp,
I am also in the process of setting up a new manpower consultancy. The information provided by you was quite useful. Thanks a lot for that. Can you also tell me in detail how to go about the registration of my consultancy? From where do we get the forms required for that and what do we need to do further? Please help me. I need this information very urgently.
Thanks a lot in advance. Looking to hear from you soon.
Regards,
Sudha
From India, Hyderabad
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I am also in the process of setting up a new manpower consultancy. The information provided by you was quite useful. Thanks a lot for that. Can you also tell me in detail how to go about the registration of my consultancy? From where do we get the forms required for that and what do we need to do further? Please help me. I need this information very urgently.
Thanks a lot in advance. Looking to hear from you soon.
Regards,
Sudha
From India, Hyderabad
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