The first thing that comes to mind before opening a business is whether it will shine or not. All the risk factors behind a flourishing business depend upon the business idea that you have chosen. To run a thriving business you need to have a strong business plan, proper marketing strategies, and you need to give exceptional service to the customers. There are many popular business ideas where you don’t need to focus on the management, and you can avoid initial costs for startup, like – initial stock, storehouse, and trade center. Low budget business ideas are a huge opportunity for beginners or for an individual with a busy schedule who want to earn extra money besides his/her regular income. Here are the initial steps for establishing any business in India.
1. Decide Your Business Idea and Learn it Well
Before starting any business, you need to have a proper idea about that field. There are many options for small businesses that are available in the market like – hospitality, tourism, consulting services, manufacturing goods, and many more. Once you have decided which business to launch, and then get yourself more skilled in that sector because your expertise will decide the success rate of your business. Try to learn as many strategies as possible before you start your business, so whenever you will find yourself in a difficult situation, you should have a backup plan.
2. Adopt Better Localization Tactic
The Indian market is popularly known as an enormously complex market to enter. Here you can use your localization skills for market research, but you should not do this on your own because on the way to research, you may come across many difficulties like fraud people. While localization services, you will be able to work with experts in the Indian market, and they will help you to promote your products, services, and many more.
3. Raise Funds
Most of the startup businesses in India are either self-financed or supported by family or friends. The initial investment is essential to start any business, so estimate the expenses you need to keep until you are earning enough profit from your business. If you need funds, you can try for a loan, or you can seek help from others.
4. Choose Your Location
In India, to start any business you must own a place for trading. Then you have to register your company at the local municipality or village authorization. After the whole registration process, you will get a permit from the legal authority to run your business. This permit is vital otherwise you will not get any electricity or water supply for your store or office.
5. Write a Project Report
Once you are done with raising funds, choosing a location, receiving permits, then focus on the unique offers that you want to provide to your customers. You should know about both domestic and international markets so that you can wisely distribute your offers. Every minute detail related to your business is vital so try to go through as many fail and success stories as you can see. Your report should contain the name, age, and aptitude of the owner, and related experience and certificates can also be attached. Finally, the report should show the profit percentage, cost and sale prices, taxes, etc.
6. Get Your Company Tax Registered
In India taxation is a very big problem. To avoid that, you have to apply for Permanent Account Number (PAN) and Taxpayers Identification Number (TIN), this can be issued by the Income Tax Department. Once your application is approved, within the next 30 working days you are all good to go.
In India, the size of the business doesn’t matters, what matters the most is legalization. These are the basic steps that are essential to start any business in India.