How to Start Small Business in India – An Ultimate 6 Step Guide To LaunchOctober 30, 2017
Things are getting changed in India, like economy rates, Education quality, taxes. After Graduation, Every individual or even experienced professionals coming forward to accomplish their professional dreams by becoming small business entrepreneurs. So, to start small business in India will becomes easy if you right plan to work on actions and the right attitude to reach your goals.
Everyone has their own reason to start their own company or business. Most of such people have got unique ideas and working hard to reach their goals. Not everyone is financially stable to invest money in new businesses. It’s not hard and not easy too get succeed in any business.
If you had already made your mind to start business, then remember, your success depends on your commitment and hard work. Believe me, you don’t need unique idea to get start. You can focus on your passion, field in which you are strong in. Launch your idea and make things happen. Here are some simple steps to give you basic idea on how to start small business in India.
6 Steps to Start Small Business in India
#1. Business Idea
The first and foremost thing in starting any business is your idea. You need to evaluate yourself that what is the idea and what is the reason behind to start it.
For instance, is it product based or service based or agency?
Does your startup solves any particular problems in the community? Evaluate. Your startup should solve the problem or have to offer that thing which is not available in the market.
Or if you want to start regular service based business like Website design, SEO, IT-Software, then make sure you have good commitment and patience with your work and go-get attitude.
#2. Research your market
Before you invest your time and money into new business, you need to validate the idea with facts and figures.
Try to find out
- Who’s your target customer and how to get them?
- Who are your competitors?
- What all resources i need?
- Why customer need to buy from you rather than existing vendors?
These are some questions you need to answer yourself and be fair with this. Most of the times people are more hurried in starting business and ignore these main things.
#3. Business/Operational Plan
You have got everything in your mind to start business. Trust me, you need to write your plans and operations on paper. It’s worth it and gives you better idea and opportunities to get succeed.
It does not need to be bunch of paper plan, you can keep it simple with one or two pages.
Write how you going to start including investor pitch (if applicable), product launch, marketing, employees, accounting, technical support etc.
#4. Company Registration
Everything you work on, make it legal with govt. documents. You cannot escape from Govt. if you are making money in illegal way.
Coming to registration part, you can set up your company as LLP, Proprietorship, Private Limited. If you are looking for long term and scalable business, then it is advisable to register as Private Limited.
It gives your customer to trust your product and services for long term. It is easy to register within a week or 10 days. There are many companies like Indiafilings , Vakilsearch etc. They can help you set up your company anywhere in India without visiting offices.
Get your GST registered, which will make your business more valued in the market. Once your registration done, you are ready to apply for current account in any bank.
#5. Budget and Finance
For most of the startup’s, budget is limited in initial stages, so we spend every penny very carefully.
You must have heard that today’s biggest companies like Amazon, Google, Facebook etc were started their first day business operations in single room or flat. So, these days you can look into the option of co working spaces. It will become easy to focus on your work, rather than managing your office space.
If you want interns, you can hire from Internshala etc. companies. If you want to hire regular employee, then you can use social media or Naukri, Shine etc platforms which comes for free.
You should really keep cost cutting in unnecessary things.
#6. Focus on Sales
The only thing through you can succeed is revenue from your business. So start concentrating on sales from your first day.
Trust me, sales is first, everything else is secondary. And again don’t rush too fast into it and do not force your initial prospects to buy your product. Work smart – Make more prospects, chances of getting sales closed becomes high.
Every penny you spend on marketing must be for sales and branding. Do not spend just for the sake of fancy show off. Because nobody stands with you, if your business gets low. Start small business in India by following these simple and important steps.
Stay focused and committed to your work. Many business are getting failed today because of less patience and losing focus on right things. These are some tips to start small business in India.
If there is anything you would like to share with our readers, please let us know in comments section.
Hope this helps, Good Luck for your business.