None of the giants came over in a day as somebody somewhere had a concept, developed a plan, collected funds, and launched a small venture. People are looking forward to starting a business in India, all thanks to ‘Make In India’, a pioneering program in the history of the world’s largest democracy that encourages Indian manufacturers and service providers to not only meet but also exceed global standards.
Tips to start a business in India:
Have a business Idea- one might have their own business idea, and the best part is that India has opened doors to plenty of factors for small businesses, including defense and aerospace. One can also start a business in hospitality and tourism, manufacturing industries, and agriculture.
Get more training- one needs to launch their small business according to their expertise. They need to remember their skills will decide the success of their business, so they must try to learn as many tricks of the trade as possible. People can opt for a specialized or vocational training course offered by various recognized institutes. One needs to start as a beginner, forgetting all past knowledge and experience as it provides them with opportunities to learn more with fresher perspectives.
Write down- Uniqueness will decide a company’s success, and one needs to study the domestic and international market for products, services compatible with theirs. All details must be studied, and the first step to any business begins with feasibility studies and a project report which includes details including the name, age, and qualification of the owner or partners. They must attach experience certificates relevant to the trade, which will boost prospects of getting finance and include all details of cost and sale price, taxes, delivery charges, and other costs.
Learn about the source of funds- A plethora of companies tend to be self-financed or launched with funds from family and friends, so one needs to have astute estimates about how much money they will require to launch the business. They also need to calculate the finances they will require to keep the business afloat till it becomes profitable. People can also consider their lending rates and other factors, which tend to be prone to vary and depend upon a plethora of factors like the type of venture, projected Return on Investment, etc.
Have a location- when it comes to starting a business, one needs to have a spare at home or a shop, stall, workshop, or office, and it is mandatory for them to register their business s with local municipality/ village administration.
Business registration- it is challenging for business owners to register their business, but thanks to direct instructions, all formalities for registering a company can be completed online. When launching a company, one needs to obtain licenses from various state and Central governments are mandatory.
Tax registration- when it comes to starting a business, one needs to procure a Permanent Account Number (PAN) and Taxpayers Identification Number (TIN), and they are issued by the Income Tax Department. The best of all is that it is pretty easy to get these numbers as one needs to approach any PAN and TIN service center authorized by National Securities Depository Ltd, submit all the forms by attaching required documents, and pay a minimum fee. Companies can easily get PAN and TIN numbers within 30 working days from the date of application, and they are useful when paying taxes to the government every year.
Have a market position- while launching a business, one needs to have creativity and give their venture a great, easy-to-remember name. The company needs to have a logo, so they need to hire a professional designer to create a unique logo for their small business, and this logo will someday herald their superior products and services worldwide. It is vital for a company to print official stationery depicting the logo, brand, etc., like letterheads, envelopes, invoice books, payment vouchers, etc.
Start with low wages- One of the main areas of any business is wages, and most people launch a proverbial one-person show. The company can get qualified staff at beginner salaries through educational institutes or websites.
Publicize the business- Stiff competition is likely to demand one to publicize their small business well, and advertising can cost a fortune and eat heavily into their capital. They can also launch videos of their company, products, and their services, salient features, and other information on video platforms. They can also use traditional ways to promote their business, including advertising in the newspaper, local radio, distributing pamphlets, etc.
Before launching a business, one needs to have all licenses and permits, proper bank accounts, and agreements with suppliers. They need to read all the news related to their business. With these steps, one can easily start their business and also stay abreast with developments and any new regulations that may come into force.