None of the corporate giants is born overnight; it needs a lot of patience and expertise. It must have taken somebody’s concept, plan, raised funds and then launched a small venture or a startup in India. Uniqueness, commitment and superior service must have nurtured it to make it a brand. Today, entrepreneurs are coming forward to fulfil their entrepreneurial dream and establishing micro, small and medium enterprises.
Steps to Start a Small Business in India
Here are the steps to start a small business in India that might help you make a solid blueprint of your business:
Decide on a business idea
You may have your business idea. But to start a business, you need to answer yourself for what, why, how, for whom. You should be analyzing what type of business you want to start, for whom you are establishing, which directly indicates who will be your target customers. Not only this but also on how and why you are going to start your business in India.
Get more training, experience
You must launch your business as per your expertise as your skills decide the success or failure of a business. Try to learn, explore and get more training like a vocational training course. Your experience never goes in vain, and it always helps you learn many new aspects and tricks of trading and business.
Finalize your source of funds
Most startups in India are self-financed or launched either with the funds accumulated from family or friends. To start a business in India, you need to calculate all the cost that you need to keep the company afloat until it becomes profitable. Also, you may arrange funds from various banks, cooperative credit societies and Venture capitalists that offer easy loans to entrepreneurs who are launching micro, small and medium enterprises.
Business registration and legalization
Business registration is a must under Indian laws, but it’s a daunting job for an entrepreneur. It is a lengthy and perplexing process, but it can be done online. Licenses from various state government along with the central government are compulsory when starting a business in India (depends on the nature of the business). Some enterprises need trademark registration, so don’t forget to get it done as soon as possible.
Get yourself tax registered
While setting up your business, you need to procure a Permanent Account Number (PAN) along with Taxpayers Identification Number (TIN) for your business entity. In the eyes of the law, business is a separate legal entity, so PAN and TIN of the company are to be issued by the IT department. PAN and TIN numbers are needed when paying income tax each year to the government in the name of the business.
Launch your website
If you are all set to establish your business in India, you can launch your website upon the nature of your business. It can be established in three categories-
- Online and physical
- Physical (store/ office/ workshop)
Every business demands an online presence for which you can create a website or a social media page like Facebook as per your budget and type of product/ services offered by you.
No business can get success in few days. It takes years of expertise, knowledge, funds (investment), focus and many more things, so you need to be patient while starting a business in India. If you are likely to start a business in India, you may consider a reliable service provider who can furnish you with excellent ideas in less investment.