How to Start a Business in 7 Easy Steps
One of the most effective ways to realize one’s potential is to start a business. But learning how to start a business in a country like India is easier said than done. The actual ‘running’ part comes much later!
In order to help you, here are 7 easy steps to understand how to start a business in India.
Many of us, at some point in life, thought of starting a business. But the process never crosses casual remarks and discussion stage. This is the single biggest hurdle in everyone’s life.
While, it is true that India ranks way behind in the ‘Ease of Doing Business’ statistics, the reality is different for different people. To start a business is neither easy nor difficult but a combination of both in stages. Therefore, take the plunge.
‘Safe investment or secure earning is a mental rather than actual block.’
2. A Business Blueprint
A business blueprint or business plan is very, very important. Even if you know how to start a business, there is always scope for some guidance and training from reliable bodies and persons. Trust me it helps create a very efficient approach.
3. Obtain Crucial Certificates and Documents
This is the most important of all stages. To start a business in India various legal and bureaucratic hurdles need to be overcome. You can hire a consultant to take care of all the formalities. But it would do a world of good if you can manage it yourself.
It would engage you in the process, make you mentally strong to go through a tedious system and save you lot of money which is very important in the initial stages. Go through this checklist to start a business.
- A Current Account with a Bank
- Permanent Account Number (PAN) for Income Tax Purposes
- Registration for various local authority, state, central taxes along with permissions
- Shop and establishment compliance requirements
- Getting a TAN (Tax Deduction and Collection Account Number)
- Post establishment clearances like environmental clearance, safety clearance or, No Objection Certificate (NOC) etc.
- Employee State Insurance (EIC) compliance guidelines
- Employee Provident Fund (EPF) requirements
4. Finances- Lifeblood to Start a Business
The most pressing need of every business body is finance. Basically, everyone who wants to make money must already have money. To start a business, financial requirements and aims should be clear, at least for the short term.
Because, financial requirement and provisions are dependent on
- Inherent wealth or readily available finance
- The goals of the start up
- Suitability of the stakeholders and the business for loans or concessions
- Government rules and regulations
- Any future expansion or curtailment plans
5. The Hard and Soft Infrastructure
The location of business; raw materials or human resources for business; the ease of availability, connectivity and efficiency are key requirements. All these are very important considerations not only for smooth functioning but also to start a business from the scratch.
These in turn require sound understanding of your own product, your future plans and the market.
6. Functioning Venture
After you start a business there is nervous energy all around you. But the important thing is to persist. A big firm entering another business is one thing and someone introducing launching a new business from scratch is another.
There will be many bad experiences along with good ones. But if one proceeds ethically, undeterred with lots of patience, any start up will yield profit! Important thing is to stay up and working.
7. Connect and Absorb
In order to start a business, one must have a sincere consistency of purpose. But any start up thrives only if it links, understands and adjusts according to the market needs. You may have an excellent idea which may be of no relevance in the market after some time. Learn connect to peers and leaders as efficiently as to customers.
Therefore, on starting any business remember to learn, adjust and be ready to change with time!
The above mentioned steps should work for you quite well. But if you feel a very important step missing, please share with us.