How to start a business in India?
In today’s world it might be difficult to start a business due to tough competition, but believe me it is the best you can do as a career option. I am not talking about government jobs as they are also good at their places.
Now, why I consider starting a business as the best career option. We all know that nowadays the world is full of corporate giants and everybody wants to get placed in companies of their respective fields. But according to me the best part of starting your own setup or business always gives you much more opportunity and you are no longer an employee or you can say a robot working on demand.
Steps to start a business in India.
In this article I will give some strategies to start a business in India in different steps. These all steps are not official but on the basis of personal experience or from the words of entrepreneurs.
Planning and strategies
Not only in starting business but in any work we need proper planning and strategies to minimize the chance of failure. Planning makes any work simple and efficient. And mainly business planning always results in successful startups. Without proper planning it is very difficult to manage startups and the chances of getting failed is increased as the competition is very high. The business tycoons of India or any country also follow strategies to run their firms.
Learning always gives positive result
When you are starting a business in India you need to learn a lot. And the heading is also right. Learning always gives positive results. You should always learn and learn more about statistics, your competitor’s strategies, new ideas, startups guide etc. It not only makes you smart but it also prevents you from making wrong decisions.
Training and experience
One phrase is said that practice makes a man perfect. This quote is true. In the field of startups you should always take training and gain lots of experiences. It increases the perfection in your work.
You can get training through various resources. For example- youtube, or even paid online programmes etc. Or the best offline way is to get admission into training centres. Such as startups training centres, entrepreneurship programmes, or innovation clubs etc. You can also do internships. It will also help you to build a confidence level and raise your experience.
Project report: Writing project report.
Don’t confuse between planning and project reports. Project report is also necessary to run a business so that each and every report is maintained. It is a report which contains the details of anything. That means name, age, profile etc of the owner or the partners or employee. Mean it is the collection of data containing different values in it.
Getting the source of fund
Getting funds is also very important if you want to start a business in India. If you are not having the amount to invest then definitely it will create major problems in startups. Because at any cost you need to have money to invest. Even the hired people will also ask for their labour charge from you. But wait, is there any solution?
Yes, there are many solutions to it. I have described them in the FAQ section but still I want to discuss the points. The banks are there to help you. You can get a loan easily for your startup. Then you can find a sponsor for your business. There are many firms who want to advertise their products. You can ask them to sponsor you.
Starting from one location
Whether you are trying to build a large business or a small business, you should always start from one location. This point can be taken as a backup point. One should always start from one location and try to scale up the business at that location. And when you are done and satisfied then you again repeat the process by opening its center at other locations and so on.
Keep trusted and efficient staff only
In the initial stage you will need to work hard. And not only you but your team will also need to work hard. You have to keep only trusted and efficient staff so that they work hard for the business. If the staff would not work hard and if they are greedy then at starting only you will face a big loss. So, it is recommended to get trusted and efficient staff who give their 100% to work.
Take your business online
For the time being you should always think of expanding your business in offline as well as online fields. Online fields also help you create a good image and produce more audiences. Nowadays most people in the world are using the internet more than anything. And taking your business online opens more portals digitally. Further more the best part is that it is not difficult to take your business online. Apart from creating websites there are lots more to do. Google business is also the option through which audiences can be generated. At Least you should give it a try.
Advertise your business as much as you can
You must advertise your business as much as you can. As i have already said that now the competition is very tough so you should do everything which can favour your business.
Advertisement has also a very positive impact on building audience and trust. And always remember that it’s human nature so we like everything seeing graphically. So try to advertise your products or services in a genuine way.
Registration of business
It is the most important part to start a business in India. You always need to register your company, and trademark if you really want to expand your business. Not only expanding your business but it’s your duty also to give every information about your firm to the government. The Ministry of corporate affairs is the portal through which you can register your company.
Sometime ago it was a very lengthy process as it used to take a lot of time but now you can apply for it within just a day or two.
Register yourself for tan and pan
Starting a business in India will require you to register for TIN(Taxpayers Identification Number) and PAN(Permanent Account Number). TIN and PAN are issued by the government.
You can find any TIN or PAN service centres authorized by National Securities Depository Ltd. And there you will be asked to submit all required documents for the verification process. And within the period of 30 days you will get your TIN and PAN.
Some of the fAQs
Why is it important to think about business startups?
It is not only important for yourself and it is not only going to work for the sake of betterment of an individual but indirectly for the sake of betterment of our country too. Startups also produces employment and we all know that unemployment is one of the leading factors of poverty in India. Even earlier I have written an article which also describes the importance of startups or entrepreneurship(engineers in India).
Here we will not focus on the importance of business startups in engineer’s life only. Mainly this article will tell you the right way for starting a business in India.
Business ideas in India for beginners?
See i am not going to suggest any idea with topics or something like that. The article is all about business startups in India. But remember ideas can be generated anytime, the only thing you need is to explore things around you. Take a note of your skills and interests and start over thinking about it.
You should also meet people related to startups or entrepreneurship and you will definitely get ideas. It is all about how you think not what you(I) think. Don’t ever try to copy the idea of others only because it has potential. Unless you find it comfortable or under your skill then only you should go for it.
home business ideas?
As i have already said that here i am not going to give you any ideas as it will be of no use for you all. For me, finding home business ideas is easier. I am an internet lover and I believe in online work too. For example- Search engine optimization services, blogging, content writing etc are examples of home based business ideas.
Who should think of starting a business in India?
There are no such boundations. Anyone can start a business in India. The best part is that it also has nothing to do with age. Means no age restrictions are there to start a business in India. And there are many examples in our country who started at a very early age and they also got success.
But if you are interested in startups then you will find it very difficult as you will enjoy it. I am not talking about success as it is all about the strategies we apply. Here I will only discuss the startups.
When to start or what is the right time to start a business in India?
As i have written above there is no age limit. But if the question is related to skills or after what education you should go for startups then there are some points.
- When you have decided to do a startup or to start a business in India.
- Or when you can use your education in your business.
- Planning is a must for starting a business.
- The time when your team is prepared.
- That’s all, you are ready to become the next businessman or businesswoman of India.
Is it safe to start a business in India?
Without experiencing anything you cannot come to the decision that it is safe or not. Starting a business is not something like participating in a money making contest or any jackpot contest. It is the game of proper working. If you and your team are dedicated and you have patience and belief in yourself then one day you will definitely become successful.
How to get financial support to start a business in India?
While starting a business the most important thing is funds. You need a sum of money to execute a business. Now the question arises from where will you get the money?
There are several ways you can get the money.
- Get money from banks (loans)
- Find someone who can sponsor you.
- Startup India is also introduced by the government; you can visit their portal for more information.
- Or if you are able to handle the e expenses on your own then use your money.
The sponsor method is mostly used in the funding process. You only need to find any firm which is willing to sponsor you or advertise its products through you. And new companies or firms are always in search of advertisements for their products.
How will I scale up my new business?
There are several ways to scale up your business. For example you can go for advertisements, business consultant, digital marketing, network marketing or MLM etc. Taking your business online is a very good choice as you can get targeted audiences. Here targeted means customers who need your products. And now the world is full of the internet so you also know the power of social media, websites, digital marketing etc.
My final thought on start a business in India
Every genuine work is repeatable whether it is small or big. Small works only become big after a long term labour and dedications. I have written this article (How to start a business in India) to explain my audience about the process and the importance of startups. As such I don’t claim that everything in this article can be accepted or can be followed by everyone.
This article is written from my personal experiences and from the words of other entrepreneurs. You are always free to choose which part is suitable for you and which is not. We always appreciate these kinds of initiatives. Hope you will start it soon and get success. All the best from my side and let me know(in the comment section) if I can help you in anyways. Thank You