If you want to become a business man then this guide will help you with the steps to start a small business as quickly as possible. This guide helps you to start a business in 2023 with right checklist and 10 legal steps to start business in India and all other basic information.
According to the SMB (Small Business Administration) there are over 28 million small businesses running in the United States. The best reason to start a business is to fulfill the financial needs and independence.
We’ve written the simple steps to start business in India. Starting a business is the key to design a career which has flexibility to grow with you.
There are many challenges waiting for you when you start a new business. But you can take these real challenges to become a business owner. Ensure that you follow all required steps correctly when you start your new business.
Steps to Start Business in India
When you plan to start your own business, you must have dos and don’ts about the business. We’ve researched many articles and policies to learn about start a business checklist.
Following the appropriate steps is the key to set the foundation of your business success.
Steps to start business in India
10 Legal Steps to Start Business in India
We’ve gone through many websites and researches and made these simple steps to start business in India successfully. When you take and do the first business steps properly then it means you’ll be on the right path towards becoming a small business owner.
Step 1: Own Research
Mostly you might have already got some business ideas, so it’s the best time to make your business idea with little reality. Before get into action, you need to validate your business plan on your own.
So that you will have an idea that your business plans has potential to win in the business race. If you want to win your small business, you must be a problem solver. Also you must be a person who fills the need or offers something new to the people or market.
There are many ways to identify this need, like researching, focus group and trial and error as well. You must answer some questions as you explore the business market. Is there any necessity for your services or products?
Who needs your products?
- Do any other companies offer the same products or services now?
- Check your Competition
- Verify how your new business will fit in this industry.
- Ask many questions to yourself about the products before starting a business.
2. Make a Plan to Start a Business
Whatever you may be doing, but you need to draw a plan and follow. For starting a new business, you must need a plan in order to bring your idea in the real world. A perfect business plan is a blueprint of your new business.
This blue-print guides you from the start-up of your business, establishment and implementation to see your business growth. Keep in your mind that all new businesses must have a plan to start positively.
It’s true that all different businesses need different types of business plan. If you’re looking for financial support from an institution or from an investor, you must have a traditional business plan. Banks and investors will validate your idea through your detailed drawn business plan.
Steps to start business in India
If you do not need any support from any financial sector then one page simple business plan is more than enough to start your new business. Simple single page business plan is good enough to get the clarity of your business.
Later on you may create a working business plan to take your business to the next level. Always have a habit to write a plan in a paper before you start planning well.
Step 3: Finance Requirements
Starting a small business won’t need more money, but it will surely need some initial investment for small expenses. Till you start seeing profits in your new business, you must spend some small money initially. Make use of a spreadsheet to know the startup costs for your new business.
This is the main steps to start business in India.
There may be some initial expenses when you start your new business. Those are,
- Permits and Licenses
- Legal Fees
- Market Research
- Logo Designing
- Inventory Preparation
- Rent and Property Leases
- Advertising and Marketing
- Production Expenses
- Travel Expenses
- Your Salary and Employee Salary and etc.,
- These are initial expenses for all new businesses required.
- Find Fund for your Small Business
- There are many ways to get funds for your new business. Those include,
- Small Business Loans
The goal is, you need to go through these options and create a best business plan for set the capital to get your business off the ground.
Step 4: Choose what your Business Structure is!
Your new business may be a sole proprietorship, a partnership firm or LLC (Limited Liability Company) or can be a corporation or a public limited. The type of business structure or business entity you choose may impact on many factors from your business name, tax filing and your liability as well.
You have an option to start your business with an initial business structure and then you can promote your business to the next structure based on how your business grows. To have the right structure for your business, you may consult with an attorney or CPA.
Step 5: Choose and Register your new Business Name
For any business, the business name will play an important role in all aspects of the business. So make sure and think from all the ways to choose the best name for your new business. Make sure that the business name you chose can be registered and trademarked without any issues.
As a sole proprietor, you must register your new business name with their state or country clerk. LLCs, partnership firm, Limited company. Typically register a business name when all the formation paper is filed. Do not forget to register your domain name once you have chosen your business name.
6. Licenses and Permits to Start Small Business
We know that Paperwork is just a part of the procedure when you start your small business. According to the nature of your business and location, you may need to apply for a small business license and permit.
As one of the basic start-up processes, you need to find out the suitable licenses and permits for your business.
Step 7: Accounting System for your New Business
If the required system is placed well then the rest of the things will run effectively. Accounts system is one of the most important systems for a small business. All businesses including a simple new business also need to have a perfect accounting system.
The Accounting system is very important to create and manage your budget, price, tax filing, conduct business with others and more. As your business is brand new, you can start managing your accounts on your own.
Also you can hire an accountant to manage your accounts related stuff. If you’ve decided to manage your business accounts by own then you may choose the top accounting software to do your business accounts.
Step 8: Business Location
Choosing the best location for your new start-up business is more important for your business growth. Your business can be a shared office, private office, retail location or home office.
Location of the business will be based on the nature of the business.
9. Man Power
You need to get your team ready, so start hiring employees. Make sure to recruit the employees based on the jobs roles and responsibilities. If you have no idea for hiring employees and have an idea to outsource the independent contractors then you need to go for an employee agreement.
You should contact an attorney to make arrangements for an independent contract agreement. If you need to have virtual assistants then you may recruit for remote jobs.
10. Promote your New Business
Alright, now your business is up and running. But your job is not over, you need to get more clients and customers to your business. You need to start writing USP (Unique selling proposition) and also you need to create a perfect market plan.
As a small business owner, now you need to find more ways to promote your business online through different strategies. Okay. You’ve covered all important start-up activities for your new business.
Keep in your mind that success will not come to your home overnight. Go through your business and work with dedication and patience. This will surely bring the success fruit on your hand.
Conclusion on steps to start business in India
We have covered all important simple steps to start business in India online or offline. I hope this article “start a business checklist” will surely help when you start your new business.
Thanks for Reading “Steps to start business in India”.
Also Read: Make Money for Beginners