If you have an excellent business idea and made up your mind to establish your business in India, think bigger and start now. However, before putting your plan in action, remember your success and failure depend on the company’s foundation, planning, set-up, and other internal and external factors. Many companies fail within the first 5 years of start-up due to hindrances like severe competition, financial crunches, lack of planning, etc.
Approach to Set up Business in India
Putting down certain steps which will assist you in starting your business in India. Go through below written steps which will surely aid aspiring businessmen to make your small business into a successful business.
Why should you set up business in India?
- GDP Growth: 6.6%
- Per-Capita GDP: $ 1,939.61
- Public Debt/GDP: 69%
- Population: 133.92 crores
- Unemployment: 3.5%
- Inflation: 9.8%
Other reasons for doing business in India
- India consists of top Forbes’ 2018 list of top countries to do business in and with good reason but apart from the beautiful economic indicator figures, other factors come into play; factors that propel India to the top. These include:
- Ease of incorporating a company: In India, this can be done within an hour and will save your cost.
- Tax benefits: The Indian government offers various tax-related benefits for founders, investors, and even employees that make the country quite attractive from a financial point of view.
- Additionally, India has one of the lowest corporate tax rates among the G20 countries and as such is quite attractive to business shareholders.
Significant of starting a business in India
Most Significant thing in starting a small business is what you want to start and what your business idea is. When you are trying to find you’re WHAT, look around and try to observe things. Is there anything that can solve a particular problem for the users?
However, always recall that if you are not opening your business keeping customer’s pain point at the center, it is proposed to fail soon. Your business must resolve a problem, fulfill a need or have something that market demands.
Once you have a proper understanding of what exactly you want to set up and why you are doing it, now time to move on to next step.
“You must be in love with what you are eager to do otherwise soon you will be quickly diverted. Money alone cannot be the motivator to open a business.”
Make a Business Plan:
Without a business plan
, Ideas are just Wish. However, it is worth it. It will help you to put your idea on paper so that you can perform it and make it a truth.
It does not need to belong paperwork but can be a one-page strategy to give clarity about business and how one needs to attain it.
If you are eager to raise funds for your business, a proper business strategy is must for investors including product, market, financials
, team, marketing, revenue and much more.
Once you have your business strategy available, it is time to move on to the next step.
Legal Existence of Business:
One of the major steps in setting up a business in India is getting it registered and made it Legal. There are numerous types of option available in India to set up a company, out of which LLP and Private limited company are most common.
If you are looking to do an accessible business, which you are undoubtedly aiming. At ASC, we will guide you to form a private limited company. It is so easy to register a business as a company that you can get it done in less than a week without going to any office and at affordable price.
Get your Company registered and ASC can help you to set up a company anywhere in India without visiting any office. Get your trademark and GST number issued as well at the start so that you can do business easily.
Budgeting & Finance
For most of the businesses, the budget is restricted in the start, one must have heard that many tech giants were set up in apartments like Flipkart
If you are a techie and having a small team, try to cut down the cost to fancy office setup. Co-Working spaces can be a brilliant option to start as we work, etc. or you can choose serviced offices too.
Structure of the company
Hiring the correct people while setting up a business is a hard task and most significant factor in the success of the business. Make a team which shares the same visualization with you for the company and have the right skill set.
Do not hire just for the sake of hiring, only hire when you require it and make sure their skill set must not overlay with yours.
If you are from a technical background, try to recruit someone from Sales. You can recruit some brilliant Interns in Start. You can reach out to colleges directly for intern recruiting.
Keep every other charge in start least, until you make a profit from the business.
Aim on Sales not Scale
The only thing that will make your business flourish is profits. Emphasis on sales from the first day. Everything else is secondary, and you must keep this mind-set.
Find your customers who are willing to pay with the resources you have. Once you have the paying client, then every other thing will happen easily.
Each rupee you spend on advertising must be sales focused in the early days. Make agendas and procedures so that you can professionally run the business without getting busy.