We will cover 12 important steps to start any type of small business in India here.
- Decide your business type and segment. A business starts with a business idea. An Indian citizen or NRI or a foreign entrepreneur or company can start a small business in India by getting approval from RBI and concerned authorities.
- Learn and learn more. You must be well known in every segment of the business. Government vocational training can help a ton.
- Detailed report of the project. It includes every expenditure made and the expected profit in coming there years.
- Ensure that you get funding. It is vital to know how much you need for a particular time interval. And then, you must decide your source of funds like family, bank loan, crowdfunding, or else.
- Select a proper location. The concerned Civic body or gram panchayat has the right to approve a business to work in its area. You need to register for gram panchayat to get electricity and water connections.
- Registration and licensing. You can register within a week of your application as per the directives given by PM Narendra Modi. This is a significant step. Without registration and licensing, plenty of businesses would go unnoticed. You have to follow the guidelines of the concerned ministry, for example, during new company registration in Delhi.
- Tax registration is mandatory. You need to get your PAN and TIN, which is compulsory. You need to do tax registration during company registration in Dwarka or any other part of Delhi.
- Launch your website. It helps in branding and faster marketing.
- Grab the market. Grab the attention through a relevant name brand logo.
- Open a current account in a bank. You can manage funds better. It helps to apply for business loans
- Initial low wage structure. It is vital to get low-wage staff initially so that the company doesn't make a colossal loss and learn more.
- Get it published. It helps a ton with a small business.