Dear Seniors, I want to set up my own HR outsourcing firm, so please brief me on the process for the same. What documents and legal formalities do I have to complete before that? Where do I have to register the firm, and what necessary steps do I have to take first? Please guide me step by step. Looking forward to your valuable guidance on the same.
From India, Alwar
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5From India, Alwar
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What kind of services are you going to provide? Recruitment, Contract Staffing/Temp Staffing, Payroll Process Outsourcing, or all? For recruitment partnership registration, shop & establishment and Service tax registration are enough. However, for other services like Contract Staffing, you have to register PF, ESIC, etc.
From India, Mumbai
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From India, Mumbai
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I am planning for recruitment, payroll processing, training & development programs, and other HR support services like mediclaim, legal liaison, etc. Please provide me with all the details if possible. Looking forward to your kind assistance on the same.
Regards
From India, Alwar
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From India, Alwar
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Conduct a Thorough SWOT Analysis
Start first with a thorough SWOT analysis of both yourself and the business idea. After that, put together a very detailed and comprehensive Business Plan that sets out exactly how the business is going to be set up, what funding you have, how you will operate, how you will market, and where the clients will come from.
From reading CiteHR, it seems that half of India is setting up businesses in HR Outsourcing.
Differentiation and Client Acquisition
What is going to be different about you and your business? How are you going to find clients when all the other outsourcing businesses around you are seeking the same clients?
Financial Planning and Sustainability
How are you going to support yourself (and your family if applicable) while you try to establish the business and make it profitable to pay you a salary? What capital and ongoing finance do you have to start this business, hire and pay staff, rent office accommodation, pay for marketing and advertising, etc.?
How many other similar businesses are there right now in Gurgaon and Delhi that you will be competing with?
As a general rule of thumb, you need to work out what your total living expenses are for a year and put that money to one side. That relieves the pressure to some extent while you try to establish the business. At least you can then maintain a roof over your head, continue to eat, and pay for all your living expenses, though of course, you may need to live more frugally.
Cost Estimation and Business Viability
Secondly, you will need to work out what it is going to cost to set up the business from scratch, then how much money you will need to run the business for at least a year. Very few businesses ever make any money in the first 12 months, so if you are counting on this generating income as soon as you open the doors, then I seriously advise you to rethink this idea NOW.
We have so many postings here on CiteHR of people who have started their businesses and are now desperately seeking clients, etc., because the business is failing. I'll guarantee that none of these people did any research first or made sure they had funds in place to live on.
FAILURE TO PLAN IS PLANNING TO FAIL.
From Australia, Melbourne
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Start first with a thorough SWOT analysis of both yourself and the business idea. After that, put together a very detailed and comprehensive Business Plan that sets out exactly how the business is going to be set up, what funding you have, how you will operate, how you will market, and where the clients will come from.
From reading CiteHR, it seems that half of India is setting up businesses in HR Outsourcing.
Differentiation and Client Acquisition
What is going to be different about you and your business? How are you going to find clients when all the other outsourcing businesses around you are seeking the same clients?
Financial Planning and Sustainability
How are you going to support yourself (and your family if applicable) while you try to establish the business and make it profitable to pay you a salary? What capital and ongoing finance do you have to start this business, hire and pay staff, rent office accommodation, pay for marketing and advertising, etc.?
How many other similar businesses are there right now in Gurgaon and Delhi that you will be competing with?
As a general rule of thumb, you need to work out what your total living expenses are for a year and put that money to one side. That relieves the pressure to some extent while you try to establish the business. At least you can then maintain a roof over your head, continue to eat, and pay for all your living expenses, though of course, you may need to live more frugally.
Cost Estimation and Business Viability
Secondly, you will need to work out what it is going to cost to set up the business from scratch, then how much money you will need to run the business for at least a year. Very few businesses ever make any money in the first 12 months, so if you are counting on this generating income as soon as you open the doors, then I seriously advise you to rethink this idea NOW.
We have so many postings here on CiteHR of people who have started their businesses and are now desperately seeking clients, etc., because the business is failing. I'll guarantee that none of these people did any research first or made sure they had funds in place to live on.
FAILURE TO PLAN IS PLANNING TO FAIL.
From Australia, Melbourne
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Setting up a business requires careful planning and years of dedication. It is essential to have a good understanding of the competitive market landscape and current trends. Additionally, being knowledgeable about the various types of business ventures is crucial for success. For detailed information on how to set up a company in India, you can visit https://ahlawatassociates.com/settin...pany-in-india/.
Thank you.
From India, New Delhi
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Thank you.
From India, New Delhi
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
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