How to Start a Business in India: A Step-by-Step Guide

Basic Steps of Starting a Business in India without Money

There are no limits or restrictions imposed to become an entrepreneur.

Yes, you don’t necessarily need a college degree, a bunch of funds in the bank or even business experience to start something that could become the next major success.

If you possess the zeal, passion, and caliber you can easily kick start your own venture.

However, what you need is a strong plan and drives to see it through.

If you have Entrepreneurial skills, but you don’t know how to start or build your empire.

Check this step by step guide to help turn your ideas into a successful business.

Today’s post is specifically designed to impart your knowledge regarding how to start a business from scratch?

Stay tuned with us till the end to learn “How to Start a business?”

Remember one thing: “All progress takes place outside the comfort zone.”

Evaluate Yourself

Why do you want to start a business? Analyze this question to know what kind of business you want to start.

The reasons could be anything maybe you are bored from 9 to 5 pm job, maybe you need freedom, maybe you need extra money.

Once you have the reason, start asking yourself even more questions to help you figure out the type of business you should start, and if you have what it takes.

• What skills and expertise do you have?
• Where does your passion lie?
• Where is your area of expertise?
• How much can you afford to spend, knowing that most businesses fail?
• How much capital do you need?
• What sort of lifestyle do you want to live?

Be honest with your answers.

Think of Business Ideas

If you have a unique business idea, you can proceed with it. Yes, there are numerous ways of brainstorming for a good idea. Check Business Ideas for Beginners.

An idea is important to ignite the spark for a successful venture.

Accordingly, you can always bring modifications to your business idea to ensure that it is more sustainable than before.

The start of the year is a great opportunity to gear up your own venture.

You have to figure out which idea has the finest potential.

Here are a few pointers

• Ask Yourself what’s next
• Fix something that bugs you
• Apply your skills to entirely new field
• Use a better cheaper and faster approach.

Also, go out and meet people and ask for suggestions, you may seek advice from other entrepreneurs, research ideas online or whatever method makes the most sense to you.

• Home Based Business Ideas in India

Do Market Research

You must keep a check is anyone else is doing what you want to start doing

Most likely you have already identified a business idea.

As you explore the market, some of the questions you should answer include:

• Is there a need for your anticipated products/services?
• Who needs it?
• Are there other companies offering similar products/services now?
• What is the competition like?

You can also offer surveys or questionnaires that ask questions like “What factors do you consider when purchasing this product or service?” and “What areas would you suggest for improvement?

Obtain Feedback

Let people interact with your product and service and understand what their take on it

A fresh set of eyes can help point out a problem you might have skipped.

Getting feedback from the users regarding your products and services will be useful in fixing the flaws.

This way, you can improve update and make sure you stay relevant

Positive reviews online and word-of-mouth testimonials can help make a big difference.

Make it official

Get all the legal aspects out of the way early. Means you must fulfill all the legal formalities that way, you do not have to worry about someone taking your big idea.

Look at the quick checklist

• Business structure
• Business name
• Register your business
• Federal tax ID
• State tax ID
• Permits
• License
• Necessary bank accounts
• Trademarks, copyrights or patents

Write your Business plan

You must pen down the business plan. A Business plan is a written description of how your business will evolve when it start to finish

You can cover anything you are required to convey in 20 to 30 pages. Do not stretch your business plan, you are not summarizing it well.

Your business plan must consist of the following

• Title page. Start with a name the name of your business, which is harder than it sounds.
• Executive summary. This is a high-level summary of what the plan includes, often touching on the company description, the problem the business is solving, the solution and why now. (Business description. What kind of business do you want to start? What does your industry look like? What will it look like in the future?
• Market strategies. What is your target market, and how can you best sell to that market?
• Competitive analysis. What are the strengths and weakness of your competitors? How will you beat them?
• Design and development plan. What is your product or service and how will it develop? Then, create a budget for that product or service.
• Operations and management plan. How does the business function on a daily basis?
• Finance factors. Where is the money coming from? When? How? What sort of projections should you create and what should you take into consideration?

Finance Your business

There are many ways to funds your business. Financial planning is a must before you head on to kick start a venture.

You can consider a bank loan or you can go for crowdfunding.

These may include crowd-funding, bootstrapping, seed funding or a combination of multiple finance options

Team Building

The next important step to be taken into consideration is

To have a well efficient team.

A diligent team that can work cohesively and creates smart strategies to grow your business in the right direction.

Different teams can work in different key areas of their specialty.

Lack of discipline in a team can deter or impede your ability, as an entrepreneur to grow. So, always choose the team wisely and also learn how to bring productivity to a startup team.

Scale Your Business

After all set and done. At this stage, you can plan to grow and expand your business. You can consider expanding the funding sources.

Service businesses you can start today without any money:

• Tutoring
• Web designs
• Affiliate marketing
• Bookkeeping
• Childcare
• Content writing for websites
• Content marketing
• Dance instructor
• Ebay sales
• Ebook writing
• Graphic design
• House cleaning/painting
• Personal fitness trainer
• Start a Youtube channel
• Blogging
• Freelance writer
• Social Media Services
• Repairing of Computers and Mobile Phones
• Buying and Selling On OLX
• Start an Online Gaming Center
• Sell eBooks
• SELL PHOTOS
• Online Store (eBay)
• Join Affiliate Marketing
• Classifieds website
• Online Event Planning etc.

It is well said that A well-prepared plan – revisited often – will help you steer your business all along its growth curve. Try to think of your business plan as a living, healthy project, not a one-time document.

“Success usually comes to those who are too busy to be looking for it.

Final Words

I hope you had a great time reading about how to start a business in India is of significant use.

Opportunities don’t happen. You create them.”

Yes, it is aptly stated that the harder you work, the more luck you seem to have.

If you have any queries regarding this post “How to start a business?” you can connect with us through the comment section below.

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