Corporate Giants are not born overnight, and somewhere or the other they always had a concept, business plan, modes of raising capital to start a small venture.Further, the components like uniqueness, enthusiasm, dedication, and superior service are always there to nurture it.
In this blog, we will discuss the 12 points, which one needs to follow to start any type of small business in India.
Decide the Business Idea
In the first step, the budding entrepreneur needs to decide the type of business which he/ she wishes to start. Nowadays, a large number of lucrative business options are available on MSME and Make in India Websites.
Acquire Required Training and Experience
Launching of a business must be based on the expertise. That means one must acquire the required experience and vocational training in the field in which he/ she wants to start the business. The same will assist in not only grabbing the market easily but will open the gates for new prospects and opportunities as well.
Pen Down the Project Report
Uniqueness and Innovation decide the future and success of a business. Therefore, one must study to have knowledge of both domestic and global markets prior to offering services or products. Further, it shall be noted that prior to starting a business all the embryonic entrepreneurs must pen down a project report. The term project report means a comprehensive business plan that comprises Name, Business Nature, Modes of Raising Funds, Age, Qualification, Partners, Revenue Model, Business Details, Delivery Charges, Taxes, Future Goals and Prospects, and the certificates and experience acquired for starting the business.
The said Project Report will help the entrepreneurs in attracting Angel Investors and Venture Capitalists.
Check out the Source of Funds
Nowadays, most of the small businesses and start-ups in India are either self-financed or commenced with the help of funds from family and friends. That means one needs tocalculatethe estimates about how much fundinghe/ she will require to launch the said small business.
Further, the main sources of raising funds are Banks, Cooperative Societies, Community Development Funds, Venture Capitalists, Crowd Funding, Angel Investors.
However, it shall be noted that the lending rates and other intricacies are susceptible to vary and depend upon the factors consisting ofthe type of venture, projected ROI (Return on Investment), risk factors among others.
Choose a Right Location
One of the most significant steps to start a small business in India is to have the right location to operate. Further, based on the Indian Laws, it is mandatory to get the said space registered with the local municipality or village administration.
While choosing the Location, one must consider the factor that the place must be near to or has the capacity to attract the footfall of the desired customers.
Obtain Business Registrations to Legalise it
Obtaining Business Registration is one of the daunting and back breaking tasks for an entrepreneur, however, the same will only make the business existing in the eyes of law.
Further,to ease out the process of registration, the Ministry of Corporate Affairs has made it possible to incorporate the companies within one business working day. The reason for the same is that now all the formalities concerning incorporation can be completed online.
Get the Tax Registration for Business
Setting-up a small business involvesthe requirement of procuring a PAN (Permanent Account Number), GSTIN (Goods and Service Tax Identification Number) and TAN (Taxpayers Deduction Account Number). The said registrations are issued by the Income Tax Departmentand Goods and Service Tax Department at the filling of required documents and payment of a nominal fee.
Unleash your Business Portal
Based on the nature of the business, small businesses in India can be established in three categories:
- Online and Physical;
- Physical Store and Office;
However, in today’s era, every business demands online presence to become successful. The same can be done either by creating a Social Media Platform, such as Linkedin, Facebook, Instagram, Pinterest, Youtube, etc., or by buying a domain for creating a website, which contains details of the goods or services offered, together with the price charged.
Further, the main benefit of growing the business digitally is that it assists in grabbing the client circle at a wider range that, too at cheaper costing.
Grab a Market Standing
One must use all his/ her creativity while unleashing a small business. The same can be done by choosing a unique name and getting a logo for the same done by a professional designer.
Further, one must print his/ her logo on all the goods and services offered as the same will leave a mark or impression on the minds of the customers.
Also, print official stationery showcasing the logo, brand, name of the company, and contact details. The term Official Stationery comprisesletterheads, payment vouchers, envelopes, invoice books, and other stuff needed for official transactions.
Hire Professional Staff
One of the most considerate steps is tohire professional staff for your small business. Normally, most entrepreneurs launch a legendary one-man-show. However, some conscript assistance of the family members consisting ofthe spouse, adult kids, siblings, or parents.
However, in most cases, both the above-mentioned options may not prove to be feasible. So, the best way tosucceed is to get qualified and experienced staff at monthly salaries. The same will work to upgrade theresults and success of a small business.
Advertise the Business
Last and the final step is to advertise your business. The same can be done by regular posting on the social media platforms and website, as the more you post about your business the more it will acquire business reach. Also, one can get the classified published in newspapers to get publicity.
You can also read : What is Nidhi Company and How it Works?
In a nutshell, if you are thoroughly reading this blog, then, in that case, you have already started the planning to start a small business. Follow the above mentioned steps, and open the gates of success and prospects for you and your business. Also, it is suggested that one must appoint a professional to get the things regarding legality done, as the same will safeguard the owner and his/ her business from frauds and mistakes