Are you looking to move to this south Asian country and start your own small business? Maybe you are already in the country, native or not, looking to develop a successful business. Fear not, and keep reading to learn twelve steps on how to start a small business in India!
1. Decide on a business idea
You need an idea before you start anything. Different small business sectors are available, like defense, aerospace, hospitality, tourism, manufacturing, and agriculture. Anyone can launch a small business, Indian residents and foreigners alike.
2. Get more training and experience
According to your expertise and education, launch what you will know how to run and own. Your skills decide the success rate of your business. Learn as many tricks as possible before and during your job. In addition, try some specialized or vocational course, or learn an additional skill to help you in the field, especially while still starting.
3. Writing it down: The Project Report
Success is also decided by the uniqueness of what you offer. Make sure to study both the domestic and international markets for the distribution of what you will offer. Every detail related to your business is important, so read as many fail and success stories you can find. This report has to contain the name, age, and qualification of the owner(s). Relevant experience and certificates should also be attached. Finally, include a revenue model with details of cost and sale prices, taxes, delivery charges, etc.
4. Finalize your source of funds
Most of the small businesses in India are self-financed, or they use funds from friends and family. Estimates are needed in order to start a business. Therefore, calculate the finances you need to keep the business running until it is profitable enough. If you need funding, turn to one of the many different funding methods or loans.
5. Decide on your location
To start a small business in India, you have to own either a second home, or a small shop, stall, workshop or an office. You then have to register your business at the local municipality or village administration. You will receive a permit from the body to run your business from this establishment. You will not be able to get power and water without the permit, so it is important to do it first.
6. Business registration and legalization
This is the annoying, messy, and part for each and every entrepreneur. It can be very exhausting and lengthy to register a small business in India. However, because of the new direct instructions from Prime Minister Narendra Modi, the Ministry of Corporate Affairs only takes one working day to do it. You can do everything online, and all the necessary information is on their website.
7. Get yourself tax registered
You will also need a Permanent Account Number (PAN), as well as a Taxpayers Identification Number (TIN). The Income Tax Department issues both of these, and it is easy to get them. Just submit the forms and attach the necessary information and documents. Pay a small fee, and you will gain both within the next 30 working days.
8. Launch a website
A small business in India falls into one of these three categories: Online, online and physical, and physical (store/ office/ workshop). An online presence is of utmost importance in the modern world. Even a page on a popular social media platform will do. You need recognition and reach, and the Internet is the best way to do this.
9. Grab a market position
Use your full creativity with the launch of your small business. Give it a unique and easy to remember a name, hire a pro designer to make a fun and simple logo, and chose a fun and relaxed workspace design and color scheme. In addition, print everything necessary for your business with the logo, brand, company name and contact details on it.
10. More money matters with banks
Now that you have everything, you will need the bank of your choice to open a current account. Ask around for the best bank that will fulfill all of our needs. Check the bounce check policy, as well as the details on loans and other benefits and fees before making the final decision.
11. Getting staffed with low wages
This is one of the most important areas of your new small business in India. Most entrepreneurs launch a one-man business at first. In some, family members like spouses, grown-up kids, siblings or parents tend to help. If this is not possible, beginner salaries are the best way to go. Look for qualified staff looking for entry-level jobs.
12. Publicize your small business
TO make it on the ever-competitive market, you must advertise and publicize your new small business. Severe advertising requires tons of money, so start it off with social media like Facebook, Instagram, or Twitter to introduce your company to the world. Post some videos and pictures, and a description of what you will offer. Traditional ways still work as well, like newspapers, radio ads, and pamphlets.
There you have it, twelve easy and important steps to go over, consider, and do when starting a small business in India. We wish you luck in your new endeavor, and hope you become a successful entrepreneur!