Starting a Business involves thinking of a Business concept, Writing a business plan, understanding the financial side, and finally marketing and launching. Small Businesses run most effectively when there are systems in place. The following are step-wise points of How to Start a Small Business In India.
Get Best Business Ideas To Start Business
What & Why – The most important thing about starting a small business is what you want to start? What is your business idea?
Do you want to start a service-based company or product?
Why do you want to start that? Is there a problem your potential customers are facing and you want to solve that problem.
However, Always remember that if you are not starting your business keeping customers’ pain point at the center, it is intended to fail soon.
Your business must solve a problem, fulfill a need or have something that the market want. You must be in love with what you are willing to do otherwise soon you will be quickly distracted. Money alone cannot be the motivator to start a small business.
Do Your Research
Before you put money or high resources into your business, you first need to validate that idea with real facts and figures.
Try to find
What will your target market? Which are the customers you will be focusing on?
Who else is already in that market? How fierce is that competition?
What kind of resources will I need?
Why people will choose you over the other players in the market already exist.
Ask all these questions to yourself and be fair with you.
Make A Business Plan
The Business Plan will make a thing more efficient and straightforward. “Without a business plan Ideas are just wished”
However, It will help you to put your vision on paper so that you can execute it and make it a reality. In fact, it does not need to be lengthy paperwork but can be a one-page plan to give clarity about your business and how you need to achieve it. If you are willing to raise funds for your business, a proper business plan is a must for investors including product, market, financials, team, marketing, revenue and much more.
Make It Legal When You Start Business
Next Step in setting your small business in India is ” Getting it Registered and made it Legal”
There is various type of options available in India to set up a company, LLP and Private Limited Company are most common.
It is so easy to register a company that you can get it done in less than a week without going to any office and under 12000 INR. Get your Trademark and GST number registered as well at the start so that you can do business with ease. Once the company is registered, open a current bank account, and you are ready to go.
Now, we have my Legal Entity setup, and everything is ready to acquire my first customers.
Budgeting And Finance For Start Business
For most of the small businesses, the budget is limited at the start, and we spend every rupee precisely.