Starting a manpower consultancy company in India requires a bit of know hows. When i started i thought starting a company legally is going to be very time consuming with lot of formalities. Because most of my friends asked how i started mu company and requested to write a post on how to start a consultancy company, i am writing this post.
I will be very straight forward and will write the points in steps for better understanding.
1. Decide a name for your company: Deciding name for the company is very important as this is the brand for which you will be working for the rest of your life. You should like the name and you should be able to relate yourself to the company.
2. Buy a domain name: You should buy a domain name for your company. Its compulsory because no body would trust a company who doesn’t have a good website and domain name is very important for having a website. Domain names are cheap around Rs. 450 /year and you can register a domain easily from this link and you can even check whether you company name is available or not by clicking this link?
3. Get your website Designed and Hosted: Next step is to get yourself a professional website design for your company. Designing could start from Rs. 7000 but i would recommend you to invest a little in website designing and hire a professional website design company . Professional design could cost you starting from Rs. 15,000 and basic Hosting for your website could cost you around Rs. 1000 per year.
4. Choose the type of company you want to open: Deciding which type of company you want to open is something which you have to do. There are 4 types of company which you can form in India.
- Sole Proprietorship : A sole proprietorship also known as a sole trader, or simply proprietorship is a type of business entity which is owned and run by one individual and where there is no legal distinction between the owner and the business. All profits and all losses accrue to the owner . All assets of the business are owned by the proprietor and all debts of the business are his debts and he must pay them from his personal resources
- Partnership: A partnership is a type of business entity in which partners (owners) share with each other the profits or losses of the business. Partnerships are often favored over corporations for taxation purposes, as the partnership structure does not generally incur a tax on profits before it is distributed to the partners
- Private Limited: A private company is a type of company incorporated under the India. It has shareholders with limited liability and its shares may not be offered to the general public, unlike those of public limited companies
- Public Limited: A public limited company is a type of limited company in the India which is permitted to offer its shares to the public.
5. Starting as a sole proprietorship firm: If you are starting alone i recommend you to start as a sole proprietor, because its easy to start and total control is in your hands. There are not much formalities for this kind of firm, you just have to get a current account ready in your name and you are ready to do business. However, if you company turnover reaches 10 lakhs per year, you will have to register for service tax.
6. Open a current account in any Bank: Opening a current account is the most important part of business. If you are opening a sole proprietorship firm and have your service tax registration done, you can open account in any bank you want. But if you have not applied for service tax registration, you can opt for government banks to open the account. You can look for IDBI bank as opening current account is quite easy in that bank. For opening a current account you will need a company letterhead, Visiting card, and company stamp.
7. Buy naukri or monster login: You have to buy naukri or monster login to supply candidates to your clients. This is the costly part of consultancy business but you have to buy this to get started. Naukri login costs around Rs. 60,000 for 3 months and monster is almost around Rs. 35,000 for 3 months. You can buy it anytime but i recommend you to buy it once you get your first client. Don’t forget to negotiate as who knows you can get a better deal.
8. You are ready to do the business. Just go ahead and start searching for clients.
Grass Always Looks Greener on the other side of the road!
After so much efforts and tiring work, i started my own consultancy firm in Lucknow. Soon, i realized that it was not very easy to survive in Lucknow. Lucknow had its own consultancy trend, where the Job consultancy company charged money from the candidates instead of the companies. I never liked this trend because i still remember the days when I was student. We were given limited money and it was very hard for us to pay membership fess to the job consultancies for jobs and sometimes we even fall prey to some of the fake consultancies who charged us money promising jobs but we never received interview calls from them.
I know how much it troubled me. Even after paying fee to many consultancies, jobs weren’t guaranteed. What was guaranteed was just tension for jobs. I wanted to do something, something for the students. I wanted to provide appropriate jobs for them without charging any fee from them. But it wasn’t so easy. When every consultancies charged money, and you decide not to charge any money from students you have to have some backup plans for survival.
Survival with the above decision was really tough, but not impossible. Initially companies were not wiling to partner with Gs Job Point for their Jobs requirements because GS Job Point charged them whereas other companies did not charge them. Many companies suggested us to charge money from candidates, but i was firm that GS Job Point will never charge money for jobs. from students. Soon, Companies started realizing the difference between GS Job Point and other job consultancies and they started to come themselves to partner with us. In just one years time, GS Job Point was counted among the top consultancies of Lucknow
What i learnt is that Its important to have a vision for your company. I had the vision to help students and to change the trend that is prevalent in Lucknow. Although it takes a huge lot of patience to convert your vision into reality, Its always worth the effort. GS Job Point has already placed hundreds of students free of charge and will continue to do so even in the future.
Happy Friendship Day to every GS Job Point Visitor
Friendship Day celebrations take place on the first Sunday of August every year. The tradition of dedicating a day in honor of friends began in US in 1935. Gradually the festival gained popularity and today Friendship Day is celebrated in large number of countries including India. On this day people spend time with their friends and express love for them. Exchange of Friendship Day Gifts like flowers, cards and wrist bands is a popular tradition of this occasion.
Friends are really one of the most important asset of any one’s life. You are lucky even if you have only one good friend. It does not matter if you have thousands of friends, what matters at the end of the day is whether you have any good friend or not? So, if you have any good friend, take the occasion to tell him how important he/she is for you.
bye bye and take care.
Everybody has dreams. I also had. But what is required to convert dreams in reality is ACTION. Most people dream and they continue dreaming, I never wanted to be one of the them. So, I finally decided to quit my job and wrote a resignation letter to my boss. It took a huge lot of courage to write the resignation letter that time.
I finally took action to convert my dreams into reality. Taking action is always hard and it was very hard for me also because i was just another Joe in the classroom and i was always an average student. Most of my friends thought i was not capable of starting my own company and they always advised me not to give resignation. Many friends even told me that i was ruining my growing career. I thank all those friends for all the discouragement they gave me, because that made me more stronger than ever to go for my dreams.
I came back to Lucknow to start my own firm. As a beginner, I was quite tensed and confused on how to go ahead starting a company. I talked to my friends for help, some friends did not help and some ignored me so that i may not ask any help from them. It’s well said ” friend in need is friend indeed “. I realized the truth of the statement, i was very confused and broke.
But i always believed in the almighty, I believed in him as i knew he will never let me down. When most of my friends did not help, some of my friends whom i have never expected came forward to help me out. they are still with me for any help and support i need. After discussing with my friends, i decided to launch my company. The first thing they suggested was to decide a name for company.
I love my father a lot, so i wanted name of the company to be something in the name of my father. After much thinking, I decided “GSJOBPOINT” as the name of my company. It was put on the name of my father, whom i love a lot. Starting a company formally was another difficult step which every aspirant has to undertake. I will write about the steps of opening a consultancy company in India in my next post.
I never thought there are so many things in starting a new company, but trust me starting your own company is a very satisfying experience. I will continue in next post, till then bye bye.
Warm welcome to the visitors of my blog. This is Sangita Singh, Owner and Director of GS Job Point. A revolutionary HR Consultancy agency headquartered in Lucknow.
I have seen many ups and down’s in my entrepreneur career. A journey as an entrepreneur is never easy, but after all its always fruitful.
My main aim of building this blog is to share ramblings of my life as an entrepreneur. I wanted to share what i did for my survival and what were the shocking parts of business. I have met good people and bad people, its another thing that bad people always out numbered good people :).
I will put together my whole experience in this blog, may be that will serve you as a guiding star. So don’t forget to visit often.