Times have changed now. Numerous entrepreneurs are blooming all over the country for setting up their own small businesses in order to channelize their ideas and effort. Department for promotion of Industry and Internal Trade has initiated the Startup India scheme for the benefit and growth of small scale businesses and entrepreneurs. For any undertaking, there must be a blueprint and proper methodology to actually execute it systematically. Let’s begin how to go about it!
Seven simple steps to open your small scale business
Let’s first give you an outline of all the essential steps that must be in your fingertips
- Know your Business Plan
- Determine your Business Form
- Work on Finances
- Business Registration
- Build up Infrastructure
- Appoint Staff (if required)
- Begin Publicity
The above gives you a comprehensive outlook of how exactly we are supposed to proceed to set up any small business in India. Let’s elaborate on them further.
- Know your Business Plan
I hope you are not doing business by just being a part of the rat race. Try to be genuine and answer the following:
- Do you have any workable business plan?
- What are your services or products?
- Who is your targeted audience?
- What is the existing competition you’ll face?
- What’s so special about your services or products?
Answering the above will make you eligible to go to the next step.
- Determine your Business Form
When planning to set up upon any business, you need to decide upon the business form which identifies the risk level of business along with tax status. The most common and popular business forms are a namely sole proprietorship, Partnership or say PLC (Private Limited Company).
Private Limited Company
Most of businesses opt for this type of business form irrespective of how small or big the business is. It must be registered under the Ministry of Corporate Affairs and must have shareholders.
Partnership
As the name suggests, this business form includes one or more partners. All the profit, loss or any conduct is handled by you and your partners.
Sole proprietorship
Sole implies single. You are the sole owner of your business and responsible for the overall execution, liabilities, profit and loss. Unless you require a business bank account, you need not register your business with the government.
- Work on Finances
When looking out for help related to finance, you can explore the funding options like Banks (MUDRA Bank), Cooperative credit societies, Indian and foreign venture capitalists and crowdfunding platforms.
- Business Registration
This is a mandatory formality which is to be done under Ministry of Corporate Affairs. Every business must register itself with the government (sole proprietorship being an exception) following which you’ll be enable to open your business bank account. Besides, there is a registration for GST, PAN, TIN and your business Trademark (optional) too.
- Build up Infrastructure
Here comes the physical setup of your business. On the basis of your business needs, set up the infra of your shop, office or firm. But most importantly, have a website as a part of your infra, enlisting all your products, services, contact details and address.
- Appoint Staff (if required)
Hiring staff is again according to the need and demand of your business. Though the most important ones are for customer support and managing funds. Go in for economical manpower like freshers and graduates who can aid in your initial support of your business.
- Begin Publicity
Be wise and effective in marketing about your business. Spending heavily in promoting your startup is not required and not feasible enough. Make use of social media networks which are a great and quick of publicizing your business. Also a professional website for your business helps in gaining credibility and market place. For that you need to register a domain name and business web hosting to build a website.
Finally, be consistent and passionate in your chosen endeavor. Success is all yours!
And if you need support in picking the best domain name for your business and support to get online with a website, visit www.seekahost.com
