Starting your own company is the greatest form of empowerment!

I mean when I say this. For quite some time I spent working for others, this thought of becoming free from the bondage of a salaryman job had been nagging. But I could never get myself to doing it. Nowadays, I ask my dad to follow in my footsteps, but he too faces the same hurdle. I have been living in a country that glorifies service-based jobs. But is it really that great? I don’t put the onus on my hard-working countrymen, but this mentality has got to change! To enumerate a list of reasons why running a business is far better than a service job:

  1. No boss!
  2. No need to report status to anyone (unless you take on investors)
  3. No annual reviews
  4. You keep all the profits of the business (after taxes, of course)
  5. Take a holiday anytime (and however long) you like! 🏖️
  6. Get to learn how to manage a company

It all sounds too good to be true, although it isn’t all sunshine and rainbows. If you are starting out, you’ll be alone, so you’ll have to deal with things alone. That sounds good to some. Also, it could also be that your company doesn’t take off.

Before incorporation

In any case, if you want to start your own company, here’s what you’ll need

  1. An accountant to file your taxes and other documents (mostly a CA)
    1. There are many available, just reach out to one who is well versed with dealing with companies.
    2. You can open different kinds of companies from Private Limited to OPC (One person company) to Proprietorship if you want to go solo. Each type has its own benefits, so select whichever one fits you best.
  2. While filing the documents for your company’s incorporation, you’ll be asked for your organization’s email id. I suggest you do not give your personal email, as it will be listed as your company’s email address. Especially when it comes to starting online business, it’s essential to have a domain associated with the business (Google Play asks for this). So, first buy a domain, then you can purchase a mailbox subscription with sufficient storage which comes to around 500 Rupees per annum that you can use as your company’s mailbox or your mailbox as an employee in your company. NiXi offers a free mailbox with 10GB storage if you are buying an .in domain! Check out my post on this.

After incorporation

You’ll need to open a bank account within 30 days of incorporating your company. Not a savings one, but a current account. Do some research on the different features that banks are offering if at all you need them in your business.

This is mostly all you’ll need. Get out there and make it big!