Retail business, on the face of it, looks like a very easy venture which any novice can indulge into. Though it is undoubtedly a profitable one, if done with the right business acumen, there goes into its certain pre-conditions. These pre-conditions are the mandatory, legal procedures to be followed by a law-abiding citizen of obtaining certain licenses, permits, and certificates for the smooth running of the business.
Steps to start a retail business:
As soon as you have landed upon the idea of starting a retail store, you need to keep aside the necessary capital required for the startup.
Next is to find a unique name for your business. The trademarked name has to be unique in the sense it must not be by some other entity otherwise you cannot use it.
Then decide if it has to be a sole proprietorship, a partnership firm or a corporate entity.
The Registration procedure for the appropriate body has to do accordingly.
Next is obtaining Tax Id for your Business which is known as the TAN number. These are similar to the PAN number obtained for individuals. It is the Tax Deduction and Collection Account Number which is vital for every existing or newly started business.
Then is the opening of a Bank Account in the name of the business. Here the bank will require the applicant to submit various supporting documents. Also, details regarding the mode of account operation and transaction limit will also be specified.
If the business needs to be done from a physical location, then you have to lease or buy the appropriate property in consultation with a real estate agent or lawyer.
Next is obtaining the Local Municipal License for operating the business from the specified address.
Depending on your business location and the nature of the same, the other applicable licenses and permits to be obtained are as follows:
Resale license / Sales Tax license.
City or country business license or permit.
‘Doing Business As’ (DBA) registration.
Fire department permit.
Health Department license.
Fixing upon the Employee's Wages and working hours.
Generate an employee handbook which lists all the company policies and procedures to be followed.
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