All leading business corporations in today’s world started with something really small. They had their share of failures and success, ups and downs, profits and losses but they fought their way out through the storms to create a successful brand name. Recently, there has been quite a few startups in India most of which are relatively small business ventures. There are a lot of things which one needs to consider before starting such small businesses in India. Let’s have a look at some of the steps which we need to follow for starting a business in India A Proper Business Plan:
Firstly, we need to come up with a business idea. There are a large number of business ideas present on the website of MSME and Make in India, which might help us come up with a proper idea for the business. We have opportunities for small business in various sectors of defense and aerospace, hospitality and tourism, agriculture and manufacturing industries under the Make in India campaign. The business should be launched in a domain with prior experience or after making extensive research about the sector so as to ensure better results. Then, we need to come up with a Project Plan after a proper feasibility study of the business and the market. This also includes a revenue model which captures the anticipated revenue for the next two to three years. Funding and Location: One needs to figure out and finalize the source of funds for the business. Many small businesses in India are either self-financed or financed by family and friends. We need to create an estimate of the funds required to launch the business and the source of these funds. Entrepreneurs can also seek funds from sources like Banks, Cooperative Credit Societies, Community Development Funds, Crowd Funding, and Angel Investors. We need to finalize the location before setting up business in India. This serves as a place where the business operated and is also required while registering the business with local authorities. Business Registration and Legalization: In order to start your business, one needs to register the same with the concerned ministry, the Ministry of Corporate Affairs. The company’s name needs to be registered along with the logo or trademark if applicable. Most of the documentation for this purpose are available online nowadays. The necessary licenses for setting up the business needs to be obtained from the State and Central government. A business also needs to get tax registered by obtaining a PAN and TAN. This can be a time-consuming step and may take a few weeks for the entire process to get completed. Create a Brand Name It is recommended to set up a website for the business, as the latest trends in the industry demand this. Social Media pages can also be set up if the business is purely physical, for one needs an online presence to match competitors. The name and logo of the business should be decided in such a way that it gets maximum customer attention. An easy to remember brand name and an impressive logo can be a major factor while starting a business venture. With ever-increasing competition, a business needs proper advertising so as to create maximum leads. Optimal use of social media platforms can play a major role in online advertising. Traditional ways of promotion like newspaper ads should not be ignored. EndNote: These are the steps which one needs to take in order to start a small business venture in India. We can simply not afford to miss out on any of these steps if we aim to create a legal and successful business. Experience comes in pretty handy while setting up a business, we should make optimal use of all the content related to business experiences of people available online to make sure we learn from their mistakes and make sure our business venture is a successful one.
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6/27/2023 12:19:51 am
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