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NRIs - The health Of India!! Take care before you begin - 10 Simple but Important points for you

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NRIs - The health Of India!! Take care before you begin - 10 Simple but Important points for you 

We all know that the COVID pandemic is creating a serious disturbance in the life of people, also in business life!!

Most of the Indians who work abroad always want to settle in India, their home country.

So most of them aspire to set up a business back in their hometown. What all to be taken care of when you start a business in India, especially those who are entering into Entrepreneurship for the first time !!

Let us have a quick look at the below 10 simple points which can be a lifesaver for the entrepreneurs of the next generation

  1. Present Financial Status: - Have you analyzed your present financial status? An NRI who is returning must know his/her present financial status. It's always better to write down and analyze this before taking a decision on starting a new business. One must be fully aware of his assets, liabilities, earnings & cash available which can be pumped to business as the capital of his business
  2. Assets: - Most of us park money in Fixed Assets. NRIs are no exception. We must take a record of the assets we have acquired. It can be land, buildings, shares of other companies, Mutual fund investments, Commercial buildings or Vehicles which may be leased or rented out for a monthly rental income. We must value the pros and cons of bringing self-owned assets to the business and the opportunity cost of such decisions.
  3. Liabilities: - Don’t you think assets create liabilities as well? List down the loans and other liabilities you have already availed. Home loan, vehicle loan, personal loan, agricultural loan, Gold loan and any other. Whether these loans are deployed on assets that generate some revenue? Are you in a position to bear further EMIs or will your CIBIL score support you in getting business Loan?
  4. Emergency fund: - The most important factor. The majority ignores this. Business & Entrepreneurship has an element of risk in it. Especially if you are starting a new venture and you are not from a Business family or lack market presence and experience in this competitive world. So let us also have a Plan B. Can you keep an amount equal to your estimated 12 months running expense in a Bank Account? At this point in time, it's very important to set aside some money in ready cash convertible assets or as cash by an entrepreneur for his family. Nowadays, it's even preferred to be deposited in a nationalized Bank even though the interest rates are much lower. Safety is a priority.
  5. New Venture & Feasibility: - If you are not joining with an existing business, study the market, competitors, and analyze the viability before starting. It's better to understand the market before starting. What's the impact of your new business on the community? Does this business give any value addition to the targeted customers? Has any market feasibility for this business been done before? A learned entrepreneur creates value quickly.
  6. Project Report and Financial Planning: - Once the feasibility study is completed and convinced, it's important to have a detailed project report. The report can be done with the help of experts in the field. Identify the revenue mode and capital structure. Sourcing of materials, inventory management, and the return of investments can also be detailed. The project report will be helpful not only to understand your business but also to have the projections documented and can be used if you are looking at the investment from banks or financial institutions or even individual investors.
  7. How to start? - Please make sure that you consult an expert at this point in time. The government has permitted many business formats to start a business in India. You must choose the right one for your venture. Every model has its own merits and demerits. It can be a sole proprietary, LLP, Partnership, or as a company. It's always advised not to mix up personal finance and business. Don't run your business only from your hard-earned money parked in your savings bank account. A proper debt-equity mix is always recommended.
  8. Contracts and its importance: - Every business runs on mutual trust. Trust with its customers, vendors, employees, and even to the Government and the regulators! This is not enough when it comes to Business in its real terms. The contracts with your business partners are very important to ensure each party's responsibilities, liabilities, and percentage of return based on risk, investment, time and effort put into by each partner to the business, which will save you in the future if there arises a conflict of interest. Employment contracts for protecting your trade secrets are equally important with your staff as well. Raw materials have to be sourced for a certain period of time on a pre-fixed rate and this has to be properly documented so as to make it concrete. To ensure timely & sufficient material is supplied to production, ensure orders are pre-planned and minimum order quantity is maintained are some of instances of requirement of contract and even decides the Price and the time by when the product will be made available in the market! Hence the terms of a valid contract and its execution shall ensure to have a long term business relationship with the supplier, staff, and clients.
  9. Business Registrations: - Nowadays everything is digital. A single click makes information available. Easy registrations make life easy. At the same time, every information relating to your business is available to the regulators as well. Let us be compliant with the system and get all the necessary registrations as and when it's due. GST, PAN, PF, ESI will help to do business with adequate social security and give peace to the promoter.
  10. Status: - Decided to continue here in our homeland? NRI status can be changed to Resident Indian as the case may be.

Well begun means half way has done!! Hope you agree with US!!

Vijay Sreenikethan

Company Secretary & Business Consultant
Bequip Advisory

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