Posted on February 15, 2021 | Business Tips
If you have decided to start a new business in India, you might have begun to look for advice. There are a lot of things to consider when establishing a business. From finding a niche to market research, business capital, government procedures, and more, it can be a little overwhelming for newbies to take the first steps.
Owning a business gives you a sense of freedom. However, it is important to understand that when starting a new business, you should not worry about its success or failure. Your primary goal should be to work and not worry about the results.
To help you out, we have created a checklist for starting a new business in India. It will give you the idea of how to start a business in India step by step.
Let’s get started.
First things first, you have to do your homework to start a business in India. If you have found a niche but have no idea what the market is like, there is less possibility that your business will thrive. Research the market, the target audience, the competitors, the available products or services and try to determine the possibilities of success. When you have proper market knowledge, you will be able to design a suitable business strategy.
Next, create a business structure. Whether you are seeking answers for how to start an ecommerce business in India or you just want to start a service-oriented business, you will need a proper business structure to go with. The goal of any business is to offer solutions to customer needs. Creating a structure will enable you to understand both financial and operational goals, providing essential marketing and budget strategies.
As you will do a lot of research writing a business plan, you will realize that some of your services might prove to be a benchmark in the industry. You need to become an expert of your services, products, and industry. By listing out your unique selling points, it will be easier for you to market your business and attract clients. This may include how your product or service stands out from the competitors, your marketing strategy, etc.
Next, you will need a catchy brand name that people find interesting. A brand name is important because it will be your business’ identity. One of the essential tips to start a small business in India is that your brand name should not be complicated or hard-to-pronounce. You have to keep it simple. If the name has any emotional attachment, make sure you recreate it in a way that is easy to understand and pronounce. Thumb rule says that if you have to spell the name of the business to someone more than once, it is not a good name.
For registering your business with the Indian Government, you will need to submit necessary documents. While the documentation required for each business might differ, in its most nascent stage, you can get on with standard documents. This includes:
Director Identification Number is an 8-digit unique identification number allotted by the Government of India to individuals who want to be the director of a company. DIN has a lifetime warranty once allotted.
A PAN number is another important document required when you start a new business in India. It is a 10-digit alphanumeric code provided by the Income Tax Department of India to all the taxpayers.
A Tax Account Number is a 10-character alphanumeric code issued to business owners who are required to collect or deduct tax on payments made by them under IT Act of 1961.
Other important documents may include:
In today’s business world, if you don’t have an online presence, you are already way behind your competitors. You are missing out on a lot of opportunities, such as the right target audience. If you ask anyone how to establish a company, they will suggest you buy a domain and take the business online. Since people are always online, it will be easy for them to find your business online if you have an online presence. And, it doesn’t mean just building a website, but also social media pages.
Finally, it is time to attract the targeted customer base with profitable marketing strategies. You would want to tell people that you have the solution they are looking for. And only with a robust marketing plan, you can approach customers and find new opportunities. You can invest in social media ads for a marketing boost.
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