How to setup a business in India?
If you have a billion-dollar idea, find out how to set up a business in India.
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How to start a business in India?
The times are changing and many people are now trying to fulfill their entrepreneurial dream, for entrepreneurs, turning a passion into a business is the ultimate dream. But that dream doesn’t come easily. It’s hard work, and there are challenges around every corner. It’s a path that has many obstacles where the beginning is the most crucial step; some reach the goal while some fail in the middle. The chance of success increases with the information in business one possesses.
Many people have great business ideas for their startups, but not everyone succeeds, it only depends on the concrete foundation of the company and proper planning. Enthusiasts inspired by Facebook, Uber, Amazon etc take a leap of faith and enter into entrepreneurship. India today has successful startups like Paytm, OYO, TVF, etc, but there are certain guidelines you need to follow to start a business in India.
A Business Plan
All businesses start with an idea, Now that you have a business idea, take suggestions from the ones you trust and do necessary corrections, write it down, it must have an objective and a goal. Starting a business involves planning and making key financial decisions.
Business Assistance and Training
Many services in India provide free business training and counseling, they also help in preparing a business plan and securing financing, moreover, they can assist in expanding and relocating a business.
A location will also create a huge promotion for your business, get advice on how to select a customer-friendly location and comply with zoning laws according to your business. However many great companies started from small like Apple which had its initial location in a garage so location hardly matters.
Financing a Business
It may be considered as the most crucial step. For most of the small businesses the budget is limited in the start and money needs to spend precisely. Make a team which shares the same vision as you for the business and have the right skills. Keep every other cost in the start minimum, until you make money from the business.
Next step is to register it and to make it legal.In India incorporation of a company is governed by companies Act 1956.It is the most important piece of legislation that empowers the Central government to regulate the formation, financing, functioning and winding up of companies.The Registrar of Companies(ROC) controls the task of incorporation of new companies and the administration of running companies.For registration and incorporation of a company, an application has to be filed with Registrar of companies(ROC). Application for registration of a company accompanied by the selected names, Memorandum of Association and Articles of Association and other necessary documents is to be filed with the Registrar of companies of the State in which the company is proposed to be incorporated.
Under the Companies Act, an entrepreneur can form two types of companies, namely a private company or a public company.Decide which form of ownership is best suitable for your business: sole proprietorship, partnership, Limited Liability Partnership (LLP), corporation, Non-Profit or cooperative, Private limited ownership is most common. StartersCFO.in helps you get your company registered without visiting any office. Get your trademark and GST number registered as well, open a current bank account and now everything is in place.
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All of the above you just need to promote your business across the world, start from your state and targeted customer area then plan it globally, later on, register in the stock market to earn more investments. Promotion can be done in many ways; Bulk SMs would be the best way to promote. Once you have your business started, its time to make it prominent and successful, do not lose focus and keep going.