Are you planning to start your very own business in India? We understand that it can be an extremely daunting and challenging process to take the first step, which is why we’ve assembled a step-by-step manual for you. While every business has its own unique requirements, the process to get started on your business is constant across the Indian territory irrespective of the product or service you’re looking to trade-in.
Over the last decade India has seen an exponential rise in the number of startups across the nation as well as an increase in entrepreneurial endeavours being prioritised by the youth in the country. According to the World Bank’s ‘Ease of Doing Business’ Index, India now ranks 63rd among the 190 participating countries. This growth can be credited to the state proactively aiding small businesses, by means of reforms in the existing norms to accommodate more unique business ideas.
Here are some ways you can bring your aspirations of a successful business to life!
HOW TO CHOOSE THE RIGHT BUSINESS?
The first step towards starting a business is to have a detailed business plan accompanied by meticulous market research and analysis, estimation of a projected financial statement, understanding the monetary aids and grants that the business is applicable for etc. A comprehensive and exhaustive research and systematic planning of one’s business before setting it up will substantially increase the chances of success.
This step can be followed by identifying and choosing the right business entity for you. Some of the various entities identified in India include: Sole proprietorship, one-person company, partnership, public limited company, limited liability partnership, and private limited company.
OBTAIN THE NECESSARY PAPERWORK AND REGISTER YOUR ENTERPRISE
The next step to setting up a business is to register with all the necessary authorities. This process is entirely subjective in nature and it differs depending on the structure and entity of the business you’ve chosen. Some of the licences required to operate a business in India include:
- Director Identification Number
- Digital Signature Certificate
- Company Name, PAN
- Goods and Services Tax (GST) registration
- Certification of Incorporation etc
There are a number of other licences required to establish your startup legally in India. A thorough Google search of the same is sure to inform you of the licences required to start a business in India.
SETTING UP A BANK ACCOUNT
One of the most important steps after the registration of your company is setting up a bank account for it. The process differs depending on the business entity i.e. accounts for a Proprietorship entity are more cumbersome than the others. If you’re looking to apply for a loan in order to extend working capital for the business, we’d advise you to open an account with Nationalised Banks that have special benefits for startups.
TRADEMARK YOUR BUSINESS/BRAND
Trademarking your business is an effective way to protect your business against misappropriation of value and preserve your Intellectual Property which includes the brand name, tagline, logo, as well as other such unique phrases to your company. In India, the Trade Marks Act of 1999 aids in the seamless registration of trademarks and protects you against any fraudulent activities.
MAKE SURE YOU’RE MAKING MONEY
The most important aspect of running a business, making profits. Angel investors, venture capitalists, business incubators, bank loans, crowdfunding are all effective methods to gather capital for your business. Your unique business idea, your profit margins, business acumen and innate love for the trade are elements that set you apart from the rest of the entrepreneurs and ensure investments.
This should get you started on creating a successful business. Now go get started on your dream business in India!
