Checklist for opening a new textile store

1. Preface

Planning to open any type of store?  There are many planning to do before you start one. It must be done in a certain order so it turns out well and can make a space for itself in the market. We just cannot buy the products and stock them up and open a store all of sudden and start selling things. There are certain rules and then comes managing your business and finding ways to progress.

Therefore here are some of the checklist that you need to prepare for opening a textile store:

2.  Checklist for opening a new textile store

a.) Choosing a name

Owning anything first thing we do is name it so the first point in the checklist will be to name your store. Make sure the name is something catchy, sounds unique, easy to remember, relatable with your business and is classy and short.

b.) Registering your company

To register your company submit an application to the inspector from your respected area before in between 30 days after you start your company. The application must have the following contents along with the fees prescribed:                                           Name of employer and manager

Postal code

The name of your store

And other details if any

After the application is verified by the inspector you can use it for 5 years and then renew it.

c.)  Prepare a lease deed for your shop

Lease deed is an agreement for your shop with the landlord where your store will be established. It consists of the lease date, the information about your store with the phone number, name of the landlord, tax, the definition of your business, intent of lease, leased premises, term, rest, use and occupation, quiet enjoyment, distress, overholding, additional rights or reentry, tenant improvements etc.

d.) Buying a domain

Buying a domain will require you to register the name of the domain you want to with a registration fee. It is better to register for Domain from Domain itself rather than some websites. Make sure that your Domain name goes with your business type. It helps you set up a website for your company so you have more ways to let your business known to people.

e.) Buying an accounting software

Make sure that you get an accounting software for yourself as an accounting software helps in better business. Accounting software makes sure all your accounts are saved in a systematic order and takes care of your business from every side. While getting an accounting software you need to make sure that it customizes with your business and tracks all the business so you have an account of everything in your business. There are various accounting software available in the market some of them are Marg, Tally, Reach, Quickbooks etc. Read more

f.) Buying a billing software

Getting a billing software for your business is also very important for faster billing. We see the trend of using the software in the business have come up a lot, therefore, to make things easier it is better to use a software than a hand.Billing software makes it easy to bill all the products by scanning. So you can have better business and your customers stay calm as well. (Click on billing software for 15 days free trial)

g.) Set up an e-store

E-stores are highly in trend, as the world has moved to online shopping in recent years. You can make more benefit from having an e-store as well. So you have a double profit by setting up an e-store where people can make orders from.

h.) Register with VAT

Value added tax unlike income tax it is paid by your customer and passed on to the government. VAT can be considered as an indirect tax. Registering with VAT gives your company a recognition and you don”™t have to pay income tax instead you can deduct it from what the customer paid you.

There are certain formalities that you need to fill out before you register for VAT and certain documents which will be available in VAT”™s information.

i.) Register with shops and establishment act

It provides statutory obligation rights to employees and the employers in the unorganized sector of employment for example shops and stores and also the regulate the conditions of work and employment. It includes the entire rules and regulations an employer and employee must stick to. And it is compulsory to register with this act. If any of the rules or regulations are crossed it includes penalties as well as per the government rules.