How to Setup and Start a Business in India
India, the land of opportunities. A dreamland for many entrepreneurs.An emerging country that attracts all the imports and exports. From the independence era, this country has shown significant growth in various industrial sectors that include industrial services and goods and all the agricultural products. But when compared to other developing countries India is the most favourable place to start your business. In whatever line you chose, you can initiate a start-up and earn profits.
In fact, Your idea is the initial step for a company to develop. The company attracts people. Ultimately people will show you marketing prospects and advertise your products. A good idea does give you monetary benefits along the way of your journey. Today, the most renowned entrepreneurs like Elon Musk, Larry Page, Mark Zuckerberg, Daniel Zhang, Bill Gates to name a few have taken that initial baby steps and built pyramids. But in whatever time you start, India has opened the doors for them for expansion. Not only for them even for younger entrepreneurs it’s a place for a kick start your business.
Tracking the business history of India, it has been a remarkable changed market for any ambitious business owners to set up their venture. So start your endeavours with a goal in mind and hit the top of the ladder.
To venture into the land of businesses, there are few options available where you can easily start yours without any hiccups. With a positive note that “If you can dream it, you can definitely achieve it”.
Few options to venture out:
Chain of Restaurants
Blogging and online courses
The most important matter to start any businesses is what and why you are starting a particular dream business.
- Determine whether it is a service or product based company?
- What made you look for such a business?
- Do you want to earn a lot of profits on that, name and fame and is it your passion?
- Are there any problems faced by the targeted audience in terms of the industry and do you want to solve that?
When you are trying to answer that look around observe the things associated with your business. Is there anything that pleases you to solve your business problems for the users.
Might be you can develop a better product or service than the existing product in the market.
Always start a business by addressing your audiences pain points, otherwise, it will be a failure. Your business has to fulfil a need, solve a problem or have something interesting for your customers to buy. Once you have cleared your mind by knowing what your customers want, it time to move on to the next step.
A business plan is a print document for your venture. It is a collection of various documents gathered by you or your partners. It is a statement and guidelines about your business venture. It specifies the vision, mission, and goals of your venture in the future. It consists of precise data of various elements which are to be taken while starting a new company.
A business plan’s important elements
You need to draft a business plan to attract funds from various sources. It identifies and marks many core elements pertaining to businesses. A good plan has the following components
- As stated above it should include mission and vision statement.
- Specify the figure of how much investments you need for the business to run
- ROI- This is crucial to VCs for crowd-funding and NBFS. They are eager to know how much money you make at the end of the term. They will also view whether the ROI suffice with the capital they give
- Marketing and distribution plan
- Advertising strategy
- Future projections
- Key leaders or partners for your business
Once all these elements are gathered and included, go out looking for the finance prospects by using your plan.
Every business needs funds to run it smoothly. It can be in India or anywhere in the world. Earlier, a business owner has own money or savings. But at present, there is every possibility of approaching banks and avail a loan. Funds can be easily availed in order to start a business. Below are the few funding options available to start your own dream company.
- Approaching angel investors or venture capitalists
- Indian government where they are offering all types of loans- small, medium and long term. You can avail it with a scheme called MUDRA
- Cooperative credit societies
- Self-help groups
Acquiring licenses is comparatively easy than the past. You get a licence by applying online through a reputed law firm. These law firms offer the service at affordable charges. If you are staring your business in the remote places, get permission from gram panchayat or municipal or from the local civic governments to legitimize. However, it is difficult for home-business persons to obtain NOCs and register a home-based business. You can easily seek the help of the registered law to complete all the formalities.
These licences are, however specific to that industry. For example, if you want to start a real-estate business you need to take permission from local authorities like HMDA or RERA.
Legitimizing your start-up is very crucial in getting your finances, opening a business bank account. Acquiring insurance for your business against fire or any natural disasters. A legitimized business means you are protected with all the lawsuits.
The above are the few important guidelines to follow while starting a business in India. Be prepared with all the documents and approach the right personnel for your businesses. It is always vital to remember to attract capital and it’s not a child’s play. Be prepared with that and ensure to have a smooth transaction.