Tips for Starting Your Own Yoga Business
Business of Yoga is growing all over the world because yoga helps to people by maintaining their physical and mental strength. There are many successfully yoga business and If you want to start your own yoga business then you have to take care of some legal registration which is required like business registration and Pan Card registration for income tax filing and other registration so your business will be protected under the laws.
How to start your own Yoga business
- You have to create a business plan for your yoga business because without planning you may have to face failure in your business. Before starting your yoga business you should conduct a market research so you will know many things about this business and then you should make a business plan so it will help you. You should conduct a research about required legal registration and important registration so your business will be protected under the laws. After making a business plan you can execute the plan.
- Choose a perfect location for your yoga classes because people will attract to your yoga classes only if they find it convenient. So you have to choose a good location for your yoga classes and then you have to promote your yoga classes in local area and social media so it will increase customer base.
- You have to get a certificate for from a recognized authority because without getting certificate you cannot provide service of yoga classes.
- If you are thinking proper business of yoga then you should register your business as it will give your protection under the laws. You can register your yoga business as private limited company, Limited liability partnership, partnership firm, one person company, sole proprietorship firm or whatever you want.
- If you have a partner with you then you can start your own Limited Liability Partnership (LLP) Firm. Incorporation of LLP firm is very easy and simple and it is a separate legal entity from its partners which means a partner will not be liable personally and LLP will be a separate legal entity which can sue or can be sued. LLP has many benefits and also there is no much compliances required for a LLP. LLP registration can be done under the Ministry of corporate affairs and all compliances should be done in prescribed time.
- LLP registration can be done through online mode and you have to visit the official website of ministry of corporate affairs where you can file your LLP registration form/Incorporation form. Process of LLP registration is very simple, first reserve the name through LLP run service which is available on the website of MCA then you have to file your incorporation form along with documents. After successfully submission of your incorporation form you will get your incorporation certificate.
- Filing of income tax return of your LLP is also important and mandatory because in case of failure of filing income tax return you may have to face legal consequences so you should file income tax of your LLP firm in prescribed time. Before filing income tax return you have to apply for PAN card for your LLP firm. You can apply for PAN card through online mode and it is very easy you have to fill the application with the required documents like identity card, address proof, business proof and other required documents then you have to submit the form online then after few day you will get a pan number for your LLP firm.
As you can see in above article that legal registration is very important for your yoga business because it will be protected under the laws and incorporate of LLP will give you many benefits like your business will be a separate legal entity and you will not liable personally for other partner’s negligence. An LLP can sue or can be sued on its name because it is a separate legal identity. LLP registration can be done through online mode and you should apply for Pan Card for your LLP because it will give you benefits under the tax laws. So you should consider the above given points and register your business under recognized authority.