7 Tips for Starting Your Own Business in India
India is not just a booming economy, but also one of the fastest growing countries in the world with regard to business opportunities. With more and more companies abroad, outsourcing their work to India, there is no doubt that this is probably the best time to start a business in the country. Here are some well-elaborated steps that will help you plan & set up a business in this Asian country.
1. Find insights about the market
India is still in an experimental stage when it comes to business, and there are many things that you need to be organized. No matter how good your business idea may be, you need to make sure that you do ample research to know what it takes to make it big in the Indian economy. You need to know the details of the market that you will be dealing with and have an idea of the level of competition that you will face both online and offline.
2. Do a few surveys
All the theoretical market research can be vague unless you have done a few reviews and surveys. You can undertake an online survey regarding things that make sense for your business idea or can employ a few people for doing some market research at the ground level. The more you have idea about how the consumers are going to react to your business, the more you will be confident about the next steps to be taken for setting the business.
3. Plan your finances
Although the Indian government has been supporting setting up of new firms in the country, it is still tough to get finances from banks. What is needed here is knowledge about the alternate ways of financing your business, if your initial plans fail. There are banks and financial institutions that are easy on loans, but make sure that you have read about their terms and conditions properly.
4. The other requirements
At first you need a DIN number, which is also known as the Director Identification Number that can be applied online for INR 100 from the website of the Indian Ministry of Corporate Affairs.
On the same website, you need to apply for the Digital signature certificate for INR 1500, which will take 3 days. You also need to reserve the name of your company, which can be done online for INR 500 with the Registrar of Companies. You also need the Certificate of Incorporation that can be applied with the Registrar of Companies and make a seal for your company. Finally, you need Tax Account Number (TAN), and Permanent Account Number(PAN) and must register for Value-Added Tax (VAT), Profession Tax Office and Employees’ Provident Fund Organization. If there is any other information required, your chartered accountant can help you with the same.
5. Plan your website
Whether you plan to offer your services and products online or not, you need to have a website. Make sure that you register the company domain name and have a website that can be used for online selling or marketing. If you are worried about the costs, you don’t need to bother much as companies in India have low hosting costs.
6. Plan the marketing process
This is going to be a huge part of starting your business in India, and therefore, it is advisable that you look for a marketing team in advance. You need to set a budget and start things from the scratch, which is obviously going to take a huge amount of time and money. Make sure you have a flexible budget because marketing campaigns often get inflated.
7. Don’t start big
A business idea, no matter how big, can flop for variety of reasons, and that’s the reason, you need to make sure you don’t have much to stake. Indian companies are facing tough competition within themselves and even from outsiders, and the competition here can be much fiercer than you imagine. Start your business with a small idea, as and when you start growing, you can add more wings under your company, which is a much better idea.
Learn from competition, and make sure you have an eye on what your competitors are doing.