Roll the dice on how to start a franchise

Roll the dice on how to start a franchise

by Pinaz on 09/02/2018
Starting your own business is not the only stepping stone into the realm of e-commerce. You could find a successful business which excites you and takes it forward as your own. Wondering how? Simply by starting your own franchise. Did you know that a new franchise opens every 8 minutes on any business day*? The franchise business globally is witnessing a steady growth since the past decade and you could make the most of it.

The greatest advantage of starting a franchise is that you don’t need to begin from scratch, since the business is already in existence. All you need to do is, find effective ways to improve the profitability of the established products. The journey may seem daunting at first, but here’s a quick checklist on what you need to consider carefully:

Identify your interests and expertise. Research to understand the demand, and then choose the franchise accordingly.

Check the reputation of the product in the market before investing your effort into it.

Send your application to the owner to submit your interest on starting a franchise.

As soon as you qualify, proceed onto the next steps of setting up your business. Documentation is a mandatory aspect of protecting your franchise. Here’s a guide on the step-by-step documentation process:

Permission – The most important step is to obtain the requisite permissions from the business owner of the products and complete all the legal processes related to it.

Director Identification Number (DIN) – Obtained by directors who can register and avail it. File an application form DIN – 1 on www.mca.gov.in. It will issue a provisional DIN immediately, and a permanent one on verification of all the documents.

Digital Signature Certificate – Directors need to obtain the DSC to represent the business. It can be availed from one of the six private agencies authorised by MCA. The directors must submit the application form, fees, and the proof of address and identity.

Company name registration – Submit up to 6 desired names for your business online on the MCA website. As soon as it’s approved, it will reflect there.

Company documents stamping – The Memorandum of Association (MAA) is must when sending the request for stamping. This should also include the fees. These are stamped and returned by the superintendent.

Certificate of Incorporation – E-filing of forms needs to be completed on the Ministry of Company Affairs website; e-form 1, e-form 18, and e-form 32 are required. The Registrar of the Company examines the documents, and issues the Certificate of Incorporation.

Seal of approval – Though not mandatory, a seal is required for documents, and for issuing share certificates, etc.

PAN – Form 49A is used to apply for the Permanent Account Number and the PAN card is delivered post the same.

TAN – Form 49B is used to file for the Tax Account Number, and submitted at any of the Tax Information Network (TIN) Facilitation Center. On verification, the details are sent to the Income Tax Department and the TAN is issued. The same can be availed on the National Securities Depository Limited (NSDL) website.

Goods and Services Tax registration – The standard GST registration is mandatory for any business turnover that exceeds INR 20 lakhs (for a few states, it is 10 lakhs). A visit to the GST portal can give more details.

Ready to take the plunge? But, starting your own franchise offline may require a huge effort in finding a space, investing big with business loans, costs of marketing and advertising, etc. Ditch the offline mode and switch to an online platform to get rid of the heavy lifting, have minimal investment and maximum success. Choose Amazon as your gateway and give your new business the visibility to crores of customers. Register now as a seller and become a franchise owner today.

*Source: Live Career: Franchising Pros and Cons: Is Franchising Right for You?

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