12 steps to start a small business in India-a complete guide to starting a business-getinstartup

12 Steps to Start a Small Business in India – A Complete Guide to Starting a Business

As many of you would be thinking to start a business in 2021. I think it’s a great initiative, but you all might be perplexed as to where to start or how to grow my business. Don’t worry, we got your back. Here are the 12 Steps to Start a Small Business in India – A Complete Guide to Starting a Business. So without further ado let’s get started.

12 Steps to Start a Small Business in India

Here are the 12 steps to start a small business in India. And I am sure after reading my article you would have a clear picture in mind on how to start a small business.

1. Identify your Business Niche

Identifying your business niche is really important. If you don’t know what a business niche is, then let me help you to understand. A business niche is a specialized or focused area of a broader market that businesses can serve to differentiate themselves from the competition.

12 steps to start a small business in India-a complete guide to starting a business-1-getinstartup

So identifying what your niche is, and then dominating your business.

2. Research & Planning

Next step to starting a business or to start a small business in India is research & planning.

Points which are listed below emphasize how to do research & plan for your business.

  1. Check what’s trending currently in the business world.
  2. Check demand for your product and services you are going to deal in.
  3. Analyze your competitors and see how much competition out there in your business.
  4. Discuss some strategies with your members to grow your business.

3. Grind yourself and gain more experience

Launch your small business according to your expertise. Remember, your skills and your determination towards your work will decide the success of your business.

Try to learn as many tricks of the trade as possible, have more engagement with other entrepreneurs, and gain more experience.

“It takes a lot of time to get experience, and once you have it you ought to go on using it.”

4.. Finalizing your source of funds

Most of the businesses in India are self-financed or funded by family or friends. Starting your business requires some amount of investment.

You have to take care of your funding required by your business. Entrepreneurs starting their business can seek funding from banks, Cooperative credit societies, Community development funds, and many more.

5. Business Registration and Legalization

One of the most important steps in all of the 12 steps to start a small business in India. This is one of the most exhausting and perplexing tasks you have to do to start your business.

12 steps to start a small business in India-a complete guide to starting a business-2-getinstartup

The good part is that all formalities for registering a company can be done online, and the Ministry of Corporate Affairs now register new companies within one working day, all thanks to our Prime Minister Narendra Modi.

Licenses from various state and Central governments are mandatory when launching a small business.

6. Get yourself tax registered

Getting yourself tax registered is a mandatory and important step for setting up a business in India.

Setting up a small business entails you to procure a Permanent Account Number (PAN) and Taxpayers Identification Number (TIN), and these guidelines are issued by the Income Tax Department.

Getting a PAN and TIN number is now relatively easy task.

7. Decide your location

One person will tell you location is absolutely vital to your company’s success, whereas another will argue that it really doesn’t matter where you are, and they both are right. 

How important the location is for your new company depends on the type of business, the facilities, and other resources you need, as well as where your customers are.

8. Build your own website

Our world today is undeniably digital. Trends demand every business to show it’s digital presence. Nowadays, all businesses have their own websites and social media platforms.

Getting your website in India is fairly cheap. Having your own website would help you to increase your reach and also allow direct purchasing of products online.

Entrepreneurs should know what’s trending in the startup world to stand toe to toe with their competitors.

9. Getting staffed with low wages

This is one prime area of your business. The best and easy way to get well-qualified staff at beginner salaries is educational institutes or websites.

Getting a well-qualified staff is really a hell of a task which is to be done. LinkedIn and Internshala are the most preferred ways to find members for your business.

10. Promote your business

Setting up a great business, a well-settled online platform for your business, and collecting the best of the best members for your business is not enough for your business growth. The main step is to promote your business.

The promotion of a business is an effective way to grow your business. There are several ways to promote a business which are listed below.

  1. Press releases.
  2. Blogging.
  3. Embrace social media.
  4. Joining an online social community.

11. Be Creative

A creative mindset is a must for an entrepreneur to experiments with new things in your business. Use all your creativity while launching a small business.

Trying different things in your business will decide whether a business will grow or not, standing and waiting for the perfect moment is not an option. Use all your creativity while launching a small business.

“If you don’t do anything, you will beg for everything.”

12. Stay focused & optimistic

Your future will always be bright when you stay focused, optimistic, and confident.

To remain optimistic in this business, we always need a person who can be our complete guide to starting a business. All 12 steps to start a small business in India are useless if you are not motivated, and have confidence in yourself.

Starting a business or maintaining a business requires a lot of hard work, patience, and determination. There will be many highs and lows in one’s life, which doesn’t mean everything is over or it’s time to give up. Stay optimistic and be focused on what you are doing.

12 steps to start a small business in India-a complete guide to starting a business-3-getinstartup

These are the 12 steps to start a small business in India. Well, reading these points is really an easy task but to implement them is not everyone’s cup of tea. We have to grind ourselves to achieve something in life.

Hope you love my article, 12 Steps to Start a Small Business in India – A Complete Guide to Starting a Business. If you find my article really informative, then let me know in the comment section.

For more article you can refer to the links given below.

  1. 7 Key Success Factors of Entrepreneurship – Every Entrepreneur Should Know
  2. Top 10 Startups in India 2020 – The best startups in India that rocked this year

14 Thoughts to “12 Steps to Start a Small Business in India – A Complete Guide to Starting a Business”

  1. Jatin Parashar

    Good work!!

  2. Jaspreet Kaur.

    Acha🥵

  3. sonal khattar

    nice work!

  4. Riya

    Very useful ☺️ Thanks a lot❤️

  5. Daman

    Very insightful !

Leave a Comment