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Identifying the Small Business Precaution before starting your own unit: i) Is it viable business proposition on your area. ii) Does it match local cliental iii) Make market research iv) Consult with experts v) Look out for competition vi) Is it sunrise industry vii) Evaluate your business opportunities viii) Project conceptualization
Strategy of a core business plan: Think competitively throughout Be realistic Involve people Factual & Succinct
e) Project Profile:
Information heads in a project profile: Introduction Promoters Background Product description Market &marketing Plant &machinery Manpower required Cost of production & profitability Means of finance
Decisions on Constitution
A) Sole Proprietorship: Vast majority in India Relatively free from formality No legal distinction between you and your business Easy to set up Your own boss
b) Partnership(1932 Act.):
Association of two more presons but less than 20. Effective collection of sole-prop. But face losses due to others. All partner contribute capital equally and share profits and losses equally Raise the level of capital
d) Cooperatives:
Enterprises owned & controlled by the people working init. One person one vote Stipulated qualification members must benefit primarily Once in danger of extinct helped by 2002 act.
e) Franchising:
Half way house laying between entrepreneurship & employment Attraction of running business whilst at the same time eliminating some more unappealing risks. Franchising of a product or service Franchising of an entire business enterprise product or service
2.Registration
Obtain SSI Registration Provisional registration certificate Registration formalities Permanent Registration Certificate Benefits of registration Features of Reg.
5.Arrangement of Land/Shed 6.Arrange for Plant & Machinery 7. Arrange for Infrastructure