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Starting a Business

Starting a Business

Starting a Business -VIII: Funding Your Business

business-funding

There are a variety of ways to fund your business. Depending upon the product that you want to sell and its market value, you can choose investors. You can take business credit cards, crowdfunding sources, commercial loans, loans against assets, put your home on a lease and collect cash, sell assets, ask friends or family, contact angel investors, venture capitalists, use the method of advance orders, use grants if you have a scientifically patented product, start selling your products before you launch them, and there are many other creative avenues to fund your business.

Once the capital comes in, it becomes your challenge to keep rolling the money and see towards the progress of your business. There are also many online lenders and funding option that can give you small amounts as and when needed for a very little interest. You can also start a small side business that can fund your future business.

  • Understand various modes of financing available

You can participate in business contests, join incubator programs and if you are roped in, you must consider yourself lucky as competition for all these programs is very fierce. Another way to seed funding money is to do the barter way. Swap your products with services. If you are a retailer, you can also get some financing from your wholesaler whose products you sell. Many micro financing companies fund small scale businesses. You can also look at government funds for business. Many online lenders are making some funds available to online users after scanning the scope and scalability of that business.business funding

You can also choose to bootstrap your business while you are still working and doing a full-time job and learning to start a business. Bootstrapping can be very challenging, nevertheless, you will have full control over all the business, strategic, operational, and financial decisions that you make.

  • Determine your Financing needs

You can make use of any of these modes of financing depending upon the needs of your business. Not just during the start up phase but also during the stage when you want to branch out your business and expand it. At any point of time if your business is short of supplies, then you can avail a financial help even at this stage. You must be able to correctly estimate how much financial backing you need before asking for a loan. Determine your pay back capacity and only then choose a funding option. Banks and venture capitalists usually give you very less time to recover their loan payment.

  • Plan your personal finances

You have to start learning to live below your means, cut down all unnecessary personal expenses and forget luxuries for a while, till you make the cut. If your family is dependent on you, then this becomes a greater challenge as they too will have to curb all their expenses along with yours. You have to spend only for what you and your family essentially needs. Keep your bills to a minimal and buy stuff if and only if the need arises. You can forget fun and games for sometime till you start making a lot of money from your start up.

All the shopping sprees and travelling needs to be curbed. Also, your travelling can also become cheap as you must use cheap mode of transportation to travel for your business or even otherwise. You can also learn grooming tips and make yourself look presentable without having to spend on branded clothes and expensive spa treatments. This way, you will have cash handy in reserve during tough times. You can also curb expenses by renting out your condo to people on the weekends and earn extra cash. You can also start a small online or offline business service and generate many sources of income.

  • Prepare for the Financial Institutions

There is a certain evaluation process involved when you want to approach financial institutions. Get your income papers, bank statements, any property papers, tax papers ready before you want to approach a financing firm. All your documents will be evaluated to check your capacity to sustain a business and only then loan will be given to you. You need to keep all your documents for at least last three financial years, in order. This might take a week to a month’s time before your request for a loan gets answered.

  • How banks evaluate your business when you apply for a loan?

They will check your credit history, your financial statements, your income tax returns, and your character as well and then determine if they should sanction a loan for your business. If you are starting a new business for the first time, all your previous financial statements will be evaluated to know your financial standing and your capacity to sustain a business, and only then they will decide to sanction the loan. Your character too plays a vital role here. They will determine if you are reliable or not from the way you approach them and talk to them.

If you have a bad credit history then you will need to have professionals helping you file appropriate papers which can send request on your behalf. Most of the banks blindly reject your loan request, if you have a bad credit history.

  • What happens when banks approve your business loan?

There are a list of contracts which are signed and paper work that happens when the bank sanctions you the loan. You will get a letter of sanction of the loan along with terms and conditions of repayment specified. The contract of loan agreement happens between you and the bank. You will need to fill in a few documents and forms, such as guarantee deed, registration forms, and other forms and documents to create security.

You will also need to submit documents, like, title deeds, NOC from your creditors, mortgage permissions if needed, etc. As you start using this capital for your business, you will have to submit your progress reports to the bank and they too will visit your business site to check your progress. You will need to show them annual reports, insurance on your assets, etc. All this will be an ongoing process till you repay them the principle amount along with the interest.

You will need to set up a proper cash management and account management system. Your taxation, insurance, and the budgeting of your capital must be intact and up to date so that at any point of time, the bank wants to put your business under scrutiny, you can show them these reports.

Finance is a very sensitive matter of a new business, so be careful about it when searching for how to start a business.

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Starting a Business

Starting a Business -VII: How To Write a Business Plan?

create business plan

You can write a brief business plan or an elaborate business plan. The choice is yours. A few investors might look into a detailed plan and then decide if they want to fund your venture or not. Most of the banks, however, need an elaborate business plan. You have to mention the goal of your business clearly. Also, you have to specify why you want to start this business and how it is going to help the end user. You learn that very carefully when searching about how to start a business. You also have to render how it is solving any of the common problems of the customers. For instance, if you make a business plan for an app that lets you connect to all social media platforms, you clearly have to explain the wide application and utility of this product.

The same principle applies for all the ideas that you will depict in this business plan. It has to be clear and concise. You have to mention the number of people who will be working towards this goal in your team. You have to present your financial recap. This shows your capability to sustain a business. You need to mention the competitive advantage. You will also have to chalk out a financial plan for your business that clearly shows the funding required for your business. The model of your business will show how you plan to make money by doing this business.

  • create business plan
    Business Plan

    Create a Business Plan

You will need to summarize your plan in a single page that defines the objectives, tools, resources you will use to reach this goal. It is good to organize this business plan in different sections, like, executive summary, excel sheets of financial plan, goal, objectives, competitive analysis, operational plan, and summary of market analysis. Most of these sections will explain why your product or your business will prove to be profitable. The length of your business plan can depend upon the funding you seek. If you are expecting a lot of funds, then keep your business plan meticulously elaborate. This is like a compass that will show you where your funding options are headed.

  • Come up with an executive summary

The executive summary is about the concept and goal of your business plan. You can explain your concept and principles that you will apply to seek this goal. This has to be very crisp and clear. You should avoid using fancy language. Keep your language simple and articulate. It must show clarity in your thinking and planning. Anybody who reads it must be able to picture the goal of your business and why you want to do this business. You need not write about any of your financial goals in this summary. This section should only explain your business idea and how you are going to germinate it.

  • Write your business description

You can describe your business and also how you will be functioning as a business using flowcharts, ER diagrams, etc. You can use a variety of formats to describe your business. You can also insert a small live motion animated description to describe your idea as well. How you depict your business idea is as important as clarity with which you are able to describe it. More than feasibility, a few investors want to test your clarity of mind and objectivity through the sections of your business plan.

  • Come up with marketing strategy

In this section you have to address the legal, social, economical, and technological factors that would affect your business idea and how you will overcome them. You also need this section to tell the investors how you are going to utilize your available resources to minimize any damages. You will also need to specify the cost that will be incurred to invest in any of the technologies be it the internet or the telecommunication, you will need to specify all these details clearly in this plan. You can also use pie charts and infographics to explain how you will segment your marketing strategy.

  • Do a competitive analysis

You will need to describe all of the companies and products of your competitors, their strengths and weaknesses and how you can bank on this information to provide a competitive edge to your business. You will have to actually use your competitors products and services to find out loopholes that you can fill into your with your expertise and thorough research. You will talk about strategies and methods you will use to perform competitive analysis to be able to reach a consensus about your own business. Evaluate the products of your competitors and analyze their capabilities and potential for growth.

  • Write your development plan

Write in detail how you are going to develop the business from scratch and feed in all the facts and analysis. You can use a variety of tools to depict your plan step by step. You can also make more than one version of your developmental plan. One, the shorter version, another one a longer version. Segment the development of your product development and explain this in stages. Explain how you would perform a SWOT analysis at each stage.

  • Plan your operations

The operation plans would include information about the cost incurred for developing and maintaining your inventory, your production and distribution models, your manufacturing capabilities, info about facilities management, vendor details, all the organizational processes, etc. You must also specify how many products per week and per month you can manufacture and the cost that will incur for the same. A detailed explanation of the same must be given in the operational plan. Also, any equipment that must be used can go into the details of this plan. For instance, you have to explain how you will be carrying out the supply chain or the logistics of your company if you are a retailer or a manufacturing company. Whether you are an online or an offline business, every aspect of your operation must be clearly described.

  • Cover the financials

You can develop a small workbook of estimated cost that will incur per month on your operational and marketing needs. You will also need to specify the cost you will need to purchase marketing analysis tools and also perform a marketing research. At every stage, take special care of this while learning to start a business in India, whatever cost gets incurred, must be duly noted in these statements.

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Starting a Business

Starting a Business -VI: Find Appropriate Technologies and Supplies for Your Business

Technologies and supplies for business

Whether you want to conduct an online or offline business, you will need technology, like the use of computers and printers, and also the software for creating your business invoice. You might also need your own website and social media pages. Apart from this, you will also need office supplies, like stationary, bill books, carry bags if you are a retailer, gifting options, water filter, and coffee counter if you want to serve this to your visitors. When you are deciding the venue of your business, these are the things that you need to keep in mind when you are exploring for advice on starting a business in India.

A few coffee shops and eateries provide free WiFi to all their customers. You can decide what kind of additional services you want to provide your customers and if it requires technology and other utilities in place. You will need to have a list of suppliers for your business. You can do a market research for the same and get a list of suppliers who can provide you supplies that comply with your terms and conditions and quality standards. Among the huge array of suppliers, finding the right few can be a challenging task. This could take more of your time finding the right kind of suppliers of raw material or any of the supplies that your business needs.

  • How to use Google while starting a new business?

If your funds are limited, then you can use Google pages and many other free Google products to promote your business. You can use Google to search for many social media platforms and sign up a business account to promote your business. If you are starting a new business, this is essentially useful to advertise your business for free or for a very low fee.Technologies and supplies for business

You can also use Google to see how your competitors are pricing their products and services. You can also view the feedback and rating of your products and business on Google. You can also contact many potential customers and form a solid customer base online. This is good to create a buzz about your new business. You will find many tools that will let user subscribe to multiple channels that you create for your business online.

You can also use Google analytics tool to generate a report on how your competitors are performing online. You can also see what keywords for your business are being used frequently; you will get segmented information on the web traffic for any website. You can also use Google pages to promote your business even before getting your products into the market. This is called product pre-sales and is applicable, both, online and offline. You can use Google Adwords for all of your online businesses to generate advertising opportunities of placing relevant ads on your website.

  • Why is it important to find the most appropriate technologies and supplies for your business?

When you find appropriate technologies for your business, it makes the entire functioning of the business process easy. You will be able to project a very professional image about your business when you use the necessary technologies and supplies. This will enhance your credibility and give you a chance to find better customers and investors in the future. If you are an IT company, then you will need to implement a proper infrastructure. You might need technologies like VOIP, cloud infrastructure etc. You will also have to specify the operating systems, application etc. which you will be using to conduct your business.

The reach of your business to the targeted audience will be achieved easily when you use the right technology. You will need a dedicated team who will take care of the digital aspect of promoting your business. You as a business owner must be open to use a variety of tools and applications that leverage the presence of your business, both, online and offline.

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Starting a Business

Starting a Business -V: Start a New Innovative Business

innovative business ideas

If you have a creative idea, the first thing you need to do is market research to see if any similar ideas for businesses exist. If any similar model exists, then study the existing model and improvise your idea and look at who are your target customers. You can check with what age group and geographical location that resonates better. You have to look into all of these dynamics when working on an innovative idea. The most important thing to check with an innovative idea is its functionality and usability.

Will people find your product useful and functional and how will it help them in their day to day lives. When Bill Gates created Microsoft, he did it with the vision that he wanted everyone to use computers at home. When Steve Jobs started Apple, he wanted a beautiful looking gadget that has useful apps and every aspect of the design is functional. Whenever you are innovating anything, the functionality of that products decides the reach of that product. The product that you innovate must serve some useful purpose.

  • How to brainstorm ideas for a new business?

You will have to deal and resolve a lot of dilemmas with regard to brainstorming innovative ideas for your business. You will be seesawing between creative aspect and the business aspect of your idea, but also remember that an idea is as important as learning to start a business. Your challenge here while brainstorming ideas is to find a balance between both these aspects and create a functional business model to execute your innovative idea.innovative business ideas

The first thing to know here is whether your idea is really innovative or not. You can do an exhaustive market research and see if any similar or the same idea exists in any of the businesses. You can either modify an existing business model and come up with your own version of some idea, or create an entirely new idea that serves people better.

  • How to define a niche for your business?

Defining the niche of your business is as good as telling the customers what is so special about your business. You can define a niche in terms of your products, the marketing strategies, your customer service, or the way you conduct your business. A niche or a specialty can also be in the decor of your physical set up.

You must be able to carve this uniqueness on your own in any of your business aspects. You can decide what your niche is. For instance, if your food joint sells Golgappas, then you can create a niche by deciding what interesting ingredients go into the Golgappas instead of the regular stuff. For instance, if you are giving stuffed Golgappas with Mexican baked beans and mint water, there you are making an Indo-western innovation to an already existing recipe. You can create a niche in a single product or a variety of products. You have to brainstorm for the same and how to start that business.

  • Why a new business will be better than a franchise business?

Only if you want to have a full control over your business and how to manage it, and make changes as and when required, then a new business is better than a franchise. If you feel it in the pit of your stomach that your idea will flourish then a new business is just right for you. Also, you can make your own rules, policies, laws with regard to your business. You will truly be your own boss. Nobody will decide how your business should function. Though there are risks involved, you will derive satisfaction and be able to build something of value when you start a new business.

  • Important things to research about your business idea

You must know how much capital you need, also the tax benefits that you can have if you choose to be a sole proprietor or be a partner of a LLC. You can calculate the risks in both of these options and choose which kind of business title will give you a better advantage to implement your idea. You must also research the name of your business and use the necessary trademarks and take care of the intellectual property rights, as and when needed.

You will need to research on business insurance, business bank accounts provided by commercial banks, decide your USP, employ an experienced accountant who can advice you on financial matters while you conduct your business, you will also need an attorney to take care of the legal aspects of your business. If you are going to sell any products, you will need to decide the pricing, offers, discounts that you will make available to your customers.

Raising capital is vital to any business. You must be able to find investors for your business. You will need to do a research on the same as well as grow your network to find better mentors. Also, you must know how to use the online space to conduct and promote your business. You can also look for partners who are interested to join you. You will also have to research into the technology and tools that you will be using to conduct your business and the cost that would incur to use this technology. You will also need to look into the hiring and staffing bit. You should know what kind of staff you will need and also if they need training.

Most importantly you will need a business plan that will have all the details about financing, expenses, working capital, estimated profits, etc mentioned. You will have to plan a detailed business plan while keeping all your financial statements handy.

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Starting a Business

Starting a Business -IV: Start a Franchise Business

franchise business plan

A franchise option is best for anyone who has cash to invest in an already successful business. If you are not worried about implementing your own ideas, then you can start a franchise business of your choice. Whether you want to open a food chain franchise like McDonalds, or a popular brand like Burberry, the choice is yours. You will have to give an initial fee to open a franchise of an already existing successful brand.

You however, do not have a say in implementing a business model of make any modifications to the franchise business. All the equipment, and working model will be explained to you and you can reap many financial benefits of being a franchise. This a very low risk venture as you are setting up a well established, profitable business, where only a certain percentage of the royalty fee goes to the original franchisor. If you only want to gain profits by managing an existing business model, then starting a franchise business is for you.

  • Why start a Franchise Business?

If you do not wish to start a business model of your own and test the waters of managing a business, then you can start the franchise business, as you don’t have to go through the hassle of finding funds or investors for your business. You can enjoy the profits derived from a franchise, as you will be able to get more than ninety percent of the profits that you make from this kind of business, while only five to seven percent of the entire profit goes to the business owners of the franchise.start a franchise business

You will be running an already establish business, so you don’t have to worry about getting customers to your business. Everything will be made available to you. You will only have to incur cost to go through initial training to run a franchise. Everything else will be a ready made business that will be made available to you. You only have to hire staff and manage this business under the strict guidelines and compliance of the franchise owner. These are the important things that you should remember while learning how to start a business in India.

  • Pros and cons of starting a franchise business?

The only disadvantage you will have here is that you will not be implementing any of your own ideas or modify the business model as per your wish. You do not have permission to even change the uniforms of the staff that are assigned by your franchise owner. The biggest advantage of having a franchise is that you will earn maximum profits with minimum investment for training and equipment. You will be provided with everything.

  • For whom Franchise business is better than a new business?

If you already have some cash to invest, and you are willing to double that without dilly dallying about how to fund your new idea, then you can go for the franchise business instead of the new business. You must do a research on the marketing and profits of all the existing franchisers that interest you and approach them with a plan.

If you are not passionate about any business idea, while learning how to start a business, and only want to earn profits and do not mind operating under the guidelines of your franchisor, then you can start a franchise of any brand of your choice. But if you have a burning passion to turn your ideas into a business, then starting a franchise business is not for you.

  • How to find Franchise business opportunities suitable to you?

You have to know your own capabilities and research the market of the product that interests you. You will get a list of franchises and an in-depth report on their profits and you can choose from them which one is more feasible to you. You can also analyze your strengths and weaknesses in handling a business and also use your previous experience of handling franchises before deciding on a franchisor. If you have experience handling beauty brand franchises, then you can look into these brands and find a franchisor to help you establish this business.

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Starting a Business

Starting a Business -III: Discover Market Opportunities

business opportunities

When you start your own business, whether it is online or offline, you will also look into a variety of marketing and promotion options. If you have an offline business, then giving ads in newspapers, magazines, distributing pamphlets, creating calendars with your business name and address, creating fliers, brochures, press releases, etc are just a few marketing options if you have an offline business. Also, you can register with many of the lead generating company like Just Dial and get more leads for your business even if you have it offline.

If you have an online business, then marketing opportunities are umpteen. Apart from using content strategies and many other digital media tools and applications for promoting your business, you can also fine tune the layout and quality of content about your business that you publish. You can generate content in a variety of format, such as, audio, video, text, multimedia, etc. You can create a corporate video of your business, create blogs, eBooks, textbooks, live motion ads for your business, and create communities and forums to discuss your products and services. You could use the same online marketing options even if you have an offline business.

  • Brainstorm Ideas

The reason to brainstorm your business ideas is to cover all aspects of this idea, with regard to feasibility, scalability, drawbacks, and market reach. You can do a SWOT analysis of your business idea to see if there is a market for your products and what kind of products it can generate. If your idea to create certain products and services does not have a market yet, see if it works out to be your competitive advantage. Sometimes, introducing newer products and services can also work well to create newer markets where there is lesser competition and your business can shine through its uniqueness. Complete analysis is very important during learning how to start a business in India that suits your need.

business opportunities

  • Analyze already successful businesses and learn

A part of the brainstorming idea also involves studying already existing businesses in the area of your interest and study why they have succeeded. You must analyze their pitfalls and study their strategies and competitive advantage and work up your own and formulate a better model if you can that is feasible and reachable. Your business goals must be reachable. If you are living with fancy ideas of business, you need to get realistic about implementing those ideas and see what can be practically done to achieve those ideas.

Walt Disney created Mickey Mouse character and grew this business into a fully fledged successful production and distribution film company. You will find many such examples as you read and research. You can read how unique ideas have been implemented. You could follow the same path or create your own path of success. Initially, every idea is a trial and error until you reach a concrete plan to go about implementing your ideas and creating a business out of it.

  • Read books and blogs

You must be a voracious reader if you are thinking of starting a business. As much as you read, you will gain knowledge and the know-how of how to implement your business plan and make it a profitable business. Many blogs online provide you with free insights on how to start a business, whether it is online or offline. A lot of information is available through these blogs that it works as a useful advice for any start up. Many books on business management, entrepreneurship, leadership, etc are also useful to develop your own style of managing your business.

Reading will build up your confidence and conviction in whatever it is that you are doing. You will find many best seller books on the shelf and you can also order them online. You can spend some good amount of time in your library as well and get knowledge and information on how to start your business and manage it. You will find useful tips for saving and dealing with a variety of challenges that you will face as a business owner.

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Starting a Business

Starting a Business -II: Decide whether you want to start an offline business or an online business

online business

Starting a business needs a physical set up, and manpower, if you want to start it offline. You will need to incur additional costs like, decorating your office, staging the interiors, spending on getting the office furniture and supplies etc. You will also need to recruit a few people who can manage the office. All this needs a lot of capital investment. If you are able to create a proper business plan and find an investor who will fund your venture, then, you can go for the offline business.

If you are bootstrapping and you are short on cash and do not need loan sharks peeking into the your business process and run the course of your business as per their wishes, then you can go for online business, as this does not need a physical establishment. You have to be a net savvy person and someone who has a deep insight and knowledge of digital marketing to get started. You will need almost negligible amount of capital when you start a business using the online platform.

starting an online businessYou only have to take care of the logistics and product development part when you start an online business. You still have to register your business and have a business structure just that, the cost that incurs for an online business is far less. If you have FMCG products to sell, then you can start an online business easily and you will also be able to find a market for your products online. Getting users to buy your products is not a very difficult task if you know how to go about creating an online business.

  • Pros and cons of online and offline businesses?

Whether you want to start an online business or an offline business, both of these options have their own set of advantages and pitfalls. When you want to start an online business, you will need to have a very deeper knowledge and understanding of how the digital space works. You will need to have banking payment gateway systems in place. You will need to have a proper customer service that takes care of grievances and feedback. You might not need a lot of people to get started, you can start with a small investment, but you must be a devoted netizen to start an online business.

The biggest disadvantage of an offline business is that you can only have a local reach of customers, and also the capital investment is very high compared to an online business. This option is good if your target customers are only local customers. If you have products that have a great market value, then you can start an offline business as you will find many customers in your local market for your products.

  • How to decide whether to start online or offline?

The easiest way to decide if you want to start an online or offline business is your budget and the capability to invest. If you have a good amount of capital and funds made available to you, you can start an offline business. If your business requires a lot of man power and you provide local services, then you will need an offline business. You don’t need to have a web presence if you do not serve customers beyond your city or town. However, having an online presence will only add to the advantage of getting a maximum reach to your business. Though, this is an option that is entirely up to you.

If you are running low on budget, or if you want to start a business with lesser resources and capital, then online business is for you. You can also start an online business if you want to operate from a warehouse. You can also make all your transactions online. You will reduce the paper work, time to commute to your office, if you ever had a physical establishment, and also fix appointments online, when you take your business in the digital space. This kind of business can save a lot of time, money, and resources. So, while learning how to start a business in India, also learn about money and resource.

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Starting a Business

Starting a Business – I: Decide Whether You Want to be an Entrepreneur or an Employee?

Employee vs Entrepreneur

Entrepreneurship is a big decision for anyone. If you are willing to live in the comfortable idea of living from paycheck to paycheck, then entrepreneurship is not for you. If you want to build an idea into a fully fledged business, because it is your true calling, and you are willing to take all the risk, then you are cut out for entrepreneurship. Before you want to start any business in India, you must evaluate the reasons why you want to start something on your own. Is money alone the factor that is motivating you to take this plunge?

You could earn well even as an employee if money is the only thing that is motivating you to be an entrepreneur. You could get a huge salary package as you grow in a company. But, you need to figure out, before taking this plunge, how far you are willing to go and take the risk when you start this journey of being self employed and making it on your own. Do, you have an idea and a burning desires to implement it? How intense and passionate are your about your ideas and how far will you take them is something you should question yourself sincerely. The road of entrepreneurship is tipsy curvy. Nothing about starting your own business is simple. So, think hard how much you are ready to invest in terms of time, money, and efforts when you want to learn how to start a business in India.Starting a Business in India

Who is better with a job?

If you are not a self starter, a risk taker, a visionary, or someone who lets their fear of security and comfort override zeal, passion, and ambition, then entrepreneurship is not for you.

If you are someone who is more comfortable with a nine to five job, and cannot work beyond these hours, then do not think of how to start a business in India, as it requires many hours of dedication and there will be no time limit, when it comes to working. You have to forget your weekends and all the fun activities when you are starting out as a business.

If you are not willing to give up these fun times and are more comfortable in the security of your job, then definitely entrepreneurship is not for you. You need to be a very audacious person who can face his/her challenges boldly and knows how to handle every aspect of their business, in order to be able to be a business owner. Job is for people who like to maintain their status quo and will not question this at any stage. They are only busy saving for their retirement plans and are not directed towards making any great waves by executing their ideas.

Why should you become an entrepreneur?

There is no hard and fast rule that relate the ratio of your success and strengths only if you take up entrepreneurship. You can be an entrepreneur only if you want to, only if you are passionate about some idea, product, service etc. If you have an idea that can change the world and if you want to attain the real essence of having financial independence, then you can nose dive into starting your own business.

There are many advantages to being an entrepreneur. You will get tax benefits, get to network with very successful people, develop a better sense of living, and most importantly, you will get freedom to do whatever you want, implement any idea you want without having to wait for someone else’s permission to give a green light on your idea. Not just that, you can also choose your time and location for work, how you work, how many hours you work, without the need of anybody’s supervision. Being your own boss is a thrilling experience

So, if all these sounds interesting, starting a business in India could be great choice for you.

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FeaturedStarting a Business

How to Register a Company in India?

how to register a company in india

Step-by-step guide on how to register a company in India

Before you think of setting up a business in India, there are certain ground rules you need to know and comply when registering a company in India. Apart from having a concrete business plan and available funds, the last state of turning your dream of starting your own company into a reality is, doing the registration process. A variety of businesses are required to follow certain procedures. You can set up your business as a sole proprietor, or as a partner in a LLC company. You can register your business in partnership, or a private company. These are the basic categories of businesses that you can register with a legal authority that deals with registration of companies.

Let’s start listing the steps involved, so you can learn thoroughly how to register a company?

What is covered here?

Every type of business is registered under a certain act and complies of certain guidelines and parameters to be fulfilled for the same. You will need valid documentation, funds, and experience to be able to fit into that category to be able to register as a company. This report will give you a walk through in simple language on how to register a company in India. Without worrying about the legal jargons used, this report will be useful for anybody wanting to register a company in India.

Why should you read this report?

Once you are clear if you want to take up your business independently or in partnership, you can use this report as a tool to know what kind of registration you would require. Most of your dilemmas with regard to registration process will be addressed through this report. When you read this report, you don’t have to browse for basic information on registering a company in India, as this report is well structured and comprehensive and will give you valuable insight on the same. Reading this report will also save a lot of your time and money, as you don’t have to visit a legal entity to gain this basic information about registering a company.

Planning is the key

how to register a company in indiaTherefore, even before making a business plan, your first thoughts that you must explore and decide is what kind of business entity you need for your company. This depends on the kind of investment you would like to make, the number of people you would like to have working for you, and also, your margin for future investments that you would like to make. Apart from business model, if you are also able to think about the growth model, that is, planning for the next five years, you can use this report as a yardstick to decide what kind of category you would like to register your business. Once you have clarity on these factors, going for the registration process is only a matter of time.

Almost everything requires a registration with concerned authorities

Whether you are taking your business online, offline, or both, or if you just want to be a supplier, there are certain processes that you will have to register. Even if you want to have a warehouse that stocks products for imports and exports, you must go for a registration of your business. This report will cover all the possible categories for registration of a variety of business entities in India.

What is expected from you?

Apart from knowing the process of registration, no matter what is the size of your company, you most certainly need an accountant; also, you yourself must have primary knowledge of book keeping, and most of the ethical business practices with regard to your business. When the registration documents are in place, you will not be required for paying penalties and you will not be liable for not completing the business registration process. Registration of your business is the first thing you must do, in order to protect your business from any external damages or allegations.

How to register a Sole Proprietorship in India?

How to register a Sole Proprietorship in India?Every business entity that is registered comes with a certain pros and cons. As a sole proprietor you have certain advantages as well as disadvantages. Every business entity has a certain legal structure. Not all sole proprietor businesses need registration. Here is a simple overview to give you a heads-up on the advantages and disadvantages of sole proprietorship.

Advantages

  • You get to keep the complete profit of your business.
  • You have full control of your business in terms of creation, ideation, marketing, sales, and expansion.
  • You will require less investment to start a business entity in the category.
  • The registration process of a sole proprietorship is simple.
  • The investment needed to complete this process is less.
  • A few businesses operation as a sole proprietor entity might not require licensing for their businesses.
  • No charted accountant is needed for a sole proprietorship type of business entity.
  • However, as a sole proprietor if you want to have a physical business establishment, and sell products and services, then, a few registrations and licenses are required.

Disadvantages

  • Sole proprietorship has limited options in terms of growth.
  • You will be accountable and answerable for all kinds of problems arising in your business.
  • The liability of this kind of business is unlimited. That is, you have to pay financial debts of your business from your personal account, as you alone are accountable to start this business. It could cost your properties and personal assets if you are held liable for any kind of practice.

Steps for Registering a Sole proprietorship

You will need the following registration and documentation in place to operate a business as a sole proprietor.

  • A PAN card in your name or the name of your business. This is required to file tax returns for your business. When you apply for a PAN card you will get it within seven days. It will only cost you ninety four rupees, when you apply it online.
  • TAN number (Tax Collection and Deduction Account Number) if and only if you are collecting a tax for your products or if you are collecting tax from the salaries of your employees, then you will need a TAN number.
  1. If you do not apply for a TAN, you will have to pay a penalty of ten thousand rupees. Even if you are paying a commission to someone, you will still need a TAN number. Unless and until you have a PAN card, you cannot apply for a TAN number.
  2. You can also apply for a TAN by filling Form No. 49B. The fee for application is fifty five rupees, and the fee for processing this application is sixty two rupees.
  • The payment of the fee can be made by demand draft, credit/debit card, net banking, and cheque. These are payable in your respective cities where you want to start your business.
  1. You must be authorized to pay these amounts. You must pay these amounts from your own bank account only.
  2. NSDL of your respective cities is the governing authority to apply for TAN. You can visit their website online as well and fill the forms.
  3. If you apply by taking a form, then you will need an APPLICATION FOR TAN that has the application number and the demand draft of the amount for applying for this number, posted to these authorities. This takes fifteen days after the amount of the application and registration fee is deducted.
  • If you do this online, your receipt will be notified by email and you will get a TAN number within five days. You should use only one registered TAN number for all of your businesses. Having more than one registered TAN number is illegal in India. You can also make modifications to this TAN number, such as, your business address, name, etc. You can also cancel your TAN number anytime you want.
  • The only time you need to pay a service tax registration for this kind of business entity is if your business makes a profit that is more than nine lakhs. If it crosses the said threshold, ten percent of your profits as a service tax will be levied. For this you have to fill a form called, ST-1. When you visit the government website for service tax, and fill an online form and get a service tax number even if you have not cross that threshold of nine lakhs.
  • VAT registration. If the goods and services that you are selling in the name of your business are taxable, then you need to register for a VAT. A VAT registration works for buying and selling goods within the state. If you are buying and selling across different states in India, then you will need a CST registration. The fee for VAT registration is different for each state. If you have more than one business, you must fill VAT-3 form. All this information is available in the government websites for VAT registration of their respective states. The commercial tax department is responsible for this kind of registration.
  • Once you set up your shop or establishment in any area, within a month’s time, you must apply for the shop and establishment license to the inspector of that area. This statement that you send to the inspector will contain your name, the name and address of your business etc. The processing fee for this license is usually between one hundred and twenty five to twelve thousand five hundred rupees, depending upon the number of employees and manpower you are employing for your business. You will get a license certificate immediately, once your application is accepted.
  • If you are selling products internationally, you need an Importer Exporter Code which is similar to your PAN number. It is issued by Ministry of Commerce in India for companies as well as individuals who want to sell their products internationally. It takes two hundred and fifty rupees for registration.
  • Professional tax is a kind of tax that you must pay if you are employing anyone for your work. A few states in India do not have this tax requirement. While in other states, you can pay a fee of two thousand five hundred annually.
  • If you have employees working for you in more than twenty numbers, then you will need to apply for employee provident fund. This registration is done with the Employee Provident Fund Organization. It requires no fee register with this organization. This expense is deducted from your tax that you pay.
  • The ESI or the Employee State Insurance registration is done for no fee even if you are employing only ten employees for your company. This has to be done to safeguard the health of your employees. The deductions for the same are decided by the National Government.

All the above mention points are very important to know for you if you are looking to know how to register a company?

So, whether you want to own a shop or a restaurant, or take your business online, then these are the licenses you need in order to sell any product or service online or offline within India.

The next thing you need in place as a sole proprietor or any company is to have a current account in your name or the name of your company in any nationalized banks.

The following is the procedure to obtain the current account from a bank

  • You need a service tax registration number and a VAT/CST number along with a letter from a CA stating the nature of your business, letterhead having the firm’s name and address, stamp in the name of the proprietor.
  • After you submit all these documentation and registration copies to the bank, you can obtain a current account for your business. You are required to have a minimum bale ranging from give to twenty five thousand in this account.

The next thing to look into is the Intellectual Copyrights, such as, Copyrights, Trademark, and Patent Registrations. When you register your brand name or label name as a Trademark, it means that nobody else can use that name to operate a business with the same name such as you business name.

If you are an artist, a musician, an author, etc, who has created work using your mind and thoughts, then you, will need a Copyrights registration for all of your published and unpublished works. This way, you can protect your work and talent from being misused. Patent is for inventors and scientists in the field of engineering, technology, and many other industries that deal with machines, chemicals, and manufacturing processes. For instance, Apple has patented iPhones. Only Apple can produce iPhones, since it is their patented product. No other company is authorized to produce this product.

Trademark Registration

Before filing for a trademark registration, do a research that no identical name for trademark exists for your category of business. If your suggested name is available, you can directly click on the IP website by the Government of India and process your request by selecting the applicable categories for your Trademark. Most of these trademarks are valid for ten years after which you can renew the trademark. A trademark can be registered for your brand, label, products, logos, slogans, titles, words, letters, sounds, colors, and dimensions of the letters that you use as the name of your label or brand.

Copyright Registration

Many legal service firms do the trademark, copyright, and patent registration on your behalf. But their charges to do the same are high compared to the fee you pay when you directly register. You can fill a form, Form XIV to file for a copyright of your product, business, service, etc, and submit this online form on the Copyright Office government of India website. You can save all your artistic, dramatic works in this category, make the payment through the payment gateway and get the necessary copyright on your works. It could cost anywhere in-between five hundred to forty thousand depending upon the nature of your work. Most of the entertainment and software companies go for copyrights registration.

Patent Registration

If you are a manufacturing company that has invented a solution or a product, then you can patent that product. The Indian patent office does the patenting procedure for your products and services. It takes twenty to thirty thousand approximately to perform the search and patent your invention. It usually takes eighteen months from the date of application to receive the patent for your invention.

Therefore, whether your business entity falls in the category of sole proprietorship, partnership, LLC, or any other type of business category, these are the basic registrations you need before physically establishing and operating your business.

Partnership

Partnership is a kind of business entity where you need all the registrations mentioned previously in this report along with the names and details of your business partners. Whether registered or not, all the partners involved in the business share the profits, losses, and liabilities equally. Even the business model of a Partnership, personal assets of all the partners are at risk.

Registration of a Limited Liability Partnership

how to register a Registration of a Limited Liability Partnership LLP in IndiaBefore starting this part of the article, we must inform you that while searching for information on how to register a company in India, deciding what type of establishment should you use is very crucial.

This is one of the best options to go for if you want to protect your personal finances, properties, and assets. An LLP type of business structure has many advantages over a general partnership. When you start an LLP, you can have as many partners as you want and you don’t have to pay the Dividend Distribution Tax or the double tax when you share the profit among your partners, for each partner. Registration is easy and costs less without much interference from the government bodies of commerce, especially, with regard to attending annual general body meetings etc. Anybody can join, leave and transfer the ownership of the company in this business structure. Auditing is not required unless your company makes a turnover of a minimum of sixty lakhs.

Rules and steps for registering an LLP

  • It requires a minimum of two partners to form an LLP. It is best if all the partners who join your LLP have a DIN (Designated Partner Registration Number). This holds all the partners liable for any kind of penalties and issues that arise from running this business.
  • You must fill the DIN-1 form to register for a new LLP. All the partners are required to fill this form as and when they join the LLP.
  • A CA will require registering a DSC (Digital Signature Certificate) for your LLP. You will also be required to fill DIR-3 and DIR-6 forms with all the particulars duly filled in that form. Only after all these applications are approved, you will get a RSC certificate registration done for your LLP.
  • The same is the process to register Directors, Managing Director, Secretary, and other practicing Professionals in their respective fields.
  • If you want to convert your partnership into an LLP, you have to fill Form 1 and Form 2 to incorporate a LLP. This has to be approved by the ministry of the corporate affairs. Once this is approved, then you can go for filing the LLP agreement in Form 3. You will get Limited Liability Partnership agreement within thirty days of application.
  • You can file this online when you log onto the MCA government website. You can file an e-form by submitting all the scanned documents and providing a registered digital signature. You can make the payment online through the payment gateway.

A LLP should be registered with a ROC (Registrar of Company). The name that you choose for your LLP must be approved by the ROC. You have to fill a Form 4 to get the notice of appointment of partners. After this registration is done, you need a PAN card number and a TAN number registration done in the name of this firm. This can only be done after the registration of the firm process is completed, and not before that.

Your LLP agreement has all the details about you business, such as, which partner is contributing how much money, what is the percent of their share in the profit, for how long they will be staying as partners in the company, which department of the business will be managed by which partner, and how much time they will be contributing towards this business.

A point to be noted here is that, you can convert a partnership into an LLP but there is still no provision to convert an LLP into a private company.

How to Register a Private Limited Company?

How to Register a Private Limited Company in India?It is good to have an insight into this kind of a business entity before going in for registration. The basic structure of a private company has two directors. The stake holders and directors are not allowed to transfer their shares to anyone in the company. A private limited company cannot have more than fifty stakeholders. The shares of a private limited company cannot be purchased by general public. Only members and directors and their relatives can fund this company.

  • You have to register with the Ministry of Corporate Affairs (MCA). The government website for the same is available online and you can fill the INC-29, Integrated incorporation Form-29 online. Since the month of May 2015, you don’t have to fill a separate DIN form to register the directors of your company as this form is integrated with the INC-29 form.
  • Now you have to go through a single registration to register your company as a private limited company. Though all the forms, such as, DIN, DSC, Name Approval form, Final Incorporation Filings form, PAN and TAN are all incorporated in a single form of INC-29, all these sections are processed separately.
  • Now, as per the new rules, the entire process of application only takes two thousand rupees and gets processed within fifteen to thirty days. While the old procedure required you to fill the form in four separate forms and each form needed to be approved first in order to process the next form, with the new procedure you don’t have to go in cycles. You can submit all forms at once and only wait to get your company registration number.
  • All the procedures to register a company in India are more or less similar, be it LLP or a private company, with only slight variation in their procedures and fee.
  • In brief, these are the following steps to register a private company
    1. You will need a minimum two directors and an investment of two lakhs, where in one lakh goes as a share capital and the other lakh goes in to the company’s account.
    2. You then have to apply for DIN and fill the DIR-3 form and also apply for DSC.
    3. You have to pay to search and see if the name of company that you wish to register is already existent or not. If it is already existent, then you cannot use this name and you have to come up with some other name and perform a search again to check if the name has not been used and is available. After search results for the proposed name of your company are clear, you can register your company with this name.
    4. To perform this search, you have to file a separate application called Company Name Availability. Once this search is clear, you can register the next step.
    5. You then have to draft the Memorandum of Association (MOA) and Articles of Associations (AOA). In this MOA you are required to define all the business activities you will perform with the outside world, and your association with businesses outside of India. It also has an object clause which states if your will allow or restrict your board of directors to be involved in day trading other than the intended business. The object clause is stringent and you will have to decide these guidelines in a way that does not permit unlawful use of power or resources within or outside the business set up.
    6. The articles of associations draft states the responsibilities the directors of your company will have, the level of control the stakeholders of your company can have on these directors with regard to running the business, and also the activities of your business that will be undertake under the name of your business.
    7. The MOA and AOA must be drafted carefully as they define what activities your business can permit and what it does not with regard to management, products, services, policies etc.
    8. The next step is to register with the ROC( Registrar of Companies)
    9. There is a fee to register with the ROC and some fee is required to complete the stamp duty as well. The fee for each process is standardized by the respective governing authorities.
    10. All the above documents are verified by ROC and upon verification are approved. You will be given a Certificate of Incorporation by ROC. Post this certificate; your company will be officially registered as a private company.
  • Other proof of documents which are required for this registration are, ID proof of all the directors, managing directors, PAN card, and their address proof. If you are using a certain establishment for conducting your business, then you have to produce the latest electricity bill or the telephone bill of that property that you are using for your business. If you can also provide the rental deed of the property or the ownership deed of the property as well as the latest tax receipt as the identity proof.
  • There will be two kinds of charges that you have to bear to register a company in India. They are government charges to complete the registration process of your company with the Ministry of Corporate Affairs, and second the professional charges that you pay to a charted accountant, and company secretaries to process digital certificates, attestation etc.

How to Register an Import and Export Business?

How to Register an Import and Export Business?If you are importing or exporting either goods or services, then there are different procedures for registering importing/ exporting goods and importing/exporting services. To import/ export services, such as, providing consultation, writing, graphic designing, programming, etc, you need the following registrations.

  • A PAN number
  • Bank Account in your name as a sole proprietor
  • TAN number if you are collecting a tax for your service
  • Professional tax if you are hiring people and their services from outside

This applies only if you are importing goods or services. If you are exporting your services, these documents will not apply to you, but you will only receive a FIRC (Foreign Inward Remittance Certificate) from your bank and you can show this to the service tax authorities that you are getting paid from foreign companies, so Indian tax is not applicable to you.

If you are Importing or Exporting Goods, then you need the following registrations.

  • Importer Exporter Code (IEC) and authorized dealer code that specifies if you are importing and exporting by sea or air.
  • If the goods that you import or export fall under Excise Duty, then you have to register with an excise duty department for your products and services. This is an indirect form of tax for the goods that you import and export.
  • But, if you are manufacturing and exporting products across the border of India, the Indian government supports this, as doing so will boost the Indian economy. If you fall under this category, then you have to register with Registration Cum Membership Certificate of the Export Promotions council in India.
  • If you own a shop that sells imported items, then the registration for the same falls under the jurisdiction of the location of the shop.
  • You also need a sales tax if you are importing goods.

How to register as a Franchise in India?

You can go to franchiseindia website and select the kind of franchise business you want to set up in India. You can choose a franchise business as per the brand or the business model. For this kind of business, you have to initially invest some amount as an initial fee and service fee payment. You have to pay fee towards management of this franchisee, to attain the royalty for using trademark of the Franchiser, etc.

HOW TO REGISTER AS A FRANCHISE IN INDIA?The agreement between the Franchisee and the Franchiser is covered under the Contract Act and Specific Relief Act. You as a franchisee must always read the terms and conditions before signing this contract which cover damages and breach of contracts etc. In this kind of business, you do not own the trademark or copyright registrations. You only need the following licenses and registrations to operate the business as a franchise.

  • Current Bank Account
  • VAT registration
  • Shop and Establishment act registration
  • Legal structure registration, such as, LLP, sole proprietorship, or private company registration, etc depending upon the legal structure of your business entity.
  • PAN and TAN number registration.
  • DIN and DSC registration if required.

The rest of the registration procedure is same as the registration of any other business entity. You will, however, have no control over the business model, the business structure, or the brand of the franchiser. You only have to run a business under their banner and gain maximum profits. Training the staff and management is your responsibility.

Up until this part of the article should be enough for someone, who is in search of information on how to register a company in India for any general type of company. But if you want to start an eCommerce company, read below:

How to register an eCommerce company?

How to register an eCommerce company in indiaAn eCommerce company can be run as LLP, public or private company, or as a sole proprietorship. Depending upon the business entity you choose for an eCommerce company, you need the respective registrations done, which are already mentioned in this report for each category. Additionally, you also need the following registrations done.

  • Domain name registration
  • Payment gateway
  • MOA(Memorandum of Association)
  • Articles of Association

Once you submit all the documentation and complete the registration process of the eCommerce business, you will find mainly four payment gateways available in India, such as, CCavenue, PayU, EBS, and DirectPay. You can also use Paypal for your business, but PayPal has to take the license from RBI to collect revenue on behalf of your business.

Apart from this, if you are selling foreign products on your online portal, then that foreign brand needs to register with the RBI and also comply with all the cyber rules in India. For this, you have to publish the web private policy, the terms and conditions of use of the website, and products the users purchase.

How to register a retail store in India?

If you want to build a brand in any sector where you are able to sell your products and want to do this from a physical establishment, then after choosing your business structure, whether as a sole proprietor or a private company, you have to follow all the procedures for the same as they are the standard procedures to register these kinds of business entities in India. No matter what legalized product you want to sell in India, to register as a retail store or a branded retail store, you need the required licenses and registrations to operate a retail business. This is same as starting any shop and registering it as a company. Additionally, you need the trademark and copyright registrations to protect the uniqueness of your brands and products. If you are selling imported products in your retail store, then you need the IEC code and the authorized dealer code in India.

How to register a retail store in IndiaThe marketing and inventory for your retail store is something that you have to plan and decide. You must also plan your revenue model for this kind of set up. All the tools and software that you will be using for this business must have a registered license. For instance, if you have an advertising firm that designs fliers, posters, business cards, etc, apart from having the registrations required by the government bodies, you also need valid registrations and invoice receipts of purchasing the software that you will be using commercially for your business.

Software licensing is the most crucial part of such a business. Whenever the license of the software that you use for your business expires, you must renew it as long as you are using that software commercially. Using software from an unauthorized dealer to conduct such a business is considered illegal and there will be heavy penalty for doing the same.

Therefore, you can say that apart from investing in registering for government and professional services for registration, you must also register with the respective software companies whose software you are using to create products and make a sale.

Registering for a One Person Company

Registering for a One Person CompanyThis is the latest form of business entity that has been introduced by the Ministry of Corporate Affairs in the year 2013. This kind of a business entity is treated as a separate entity. In this entity the business must be registered under the name of the single person only. This kind of company can be a LLP or a private company that can have a maximum of fifteen directors. It is registered under the Companies Act 2013. During the process of registration for an OPC, a nominee must be appointed so that they can take the role of the one person in case of death of this OPC member.

This business structure has many advantages. You can operate as a small or a midsize company, and also expand internationally with the identity of a corporate. So, even though your capital investment to start this company is less, you can still have a global identity of a corporate. This means that the assets and personal properties of an OPC member are protected, and they have easy access to loans, markets and other resources. You can also save on tax when you have this kind of a business identity.

Doing business in India nowadays is very easy, so when you are looking for info on this topic, do also review how to register a company in India for one person. Because sometime you may just be starting with one person and small budget. So, an OPC can be a really good idea in that case.

You need the following to register as a One Person Company

  • INC21 form to register as an Incorporation of One Person Company
  • DSC (Digital Signature Certificate)
  • DIN (Director Identification Number) for the director or the number of Directors you choose of an OPC.
  • Like private limited companies end their names with ‘pvt,’ the One Person Company too must end the name of their company with ‘opc.’
  • While proposing the name of the company for an OPC, you are required to give three names to check for availability, and these names must describe the objects of your business. You cannot use certain names under the Prevention of Improper Use Act 1952 for naming your company.
  • After checking for availability, you will be done with the Company Name Approval process.
  • The name that you choose must be unique must not exist or be similar to other companies registered with ROC.
  • You have to upload all the required documents that are necessary for either LLP or a private company, which ever business structure you are using to operate an OPC. It takes sixty days to get the verification and registration done once you apply for an OPC and get the Company Name Approval.
  • You can convert a sole proprietorship and a private company to an OPC. It requires minimum one lakh of investment to start an OPC.

You can choose from a variety of business models or business structures to run your business based on your capacity to invest, the man power that you want to train, and also your vision of growing your company in future. All these factors need to be in place when you are deciding upon a business structure.

Most of these business structures have more or less similar procedures and forms to register as a company in India. You however, cannot have more than one OPC and also a nominee in your OPC is not allowed to be a nominee in another OPC. If you are not an Indian resident, you cannot form an OPC. Only when an OPC has a net worth of two crores, it can be converted into a private limited company. Also, you can hold board of meetings only once in a half year, unlike that of a private limited company. An OPC is not allowed to hold an annual meeting like the private limited companies.

The procedure of registering most of different kinds of business structures is simple, as long as you have all the documents in place and these documents are submitted as per the compliance of the government regulations and in a few cases, cyber law compliance and regulations. You cannot be a minor to be able to register as a director of any of these business structures mentioned in this article. You have to cross the age of eighteen years to be nominated as the director of any company.

There are many firms and forums available online to help you with this process if you are unsure about applying directly using the online registration portals. If you are new to these procedures, then this report will give you a clear idea on a variety of business structures and what business models you can choose to register your business. Once you have done all the legal documentation, which should always be your topmost priority if you want to run a business, you can take care of other operations of your business hassle free as you can work with a free mind without having any dilemmas or doubts about the procedures.

If you are a start up, you must never ignore this aspect of registering your business, as doing so, you will not be able to protect yourself or your business when faced with any legal liabilities. Registering your company, no matter how small is your investment, is the best way to safeguard your business from any kind of mishaps and damages. There are separate programs and registration processes if you want to start a small scale industry. But, for now, this report is intended to cover registration processes of all kinds of business structures in India. This report has the latest information on the business models that are available and also the new rules and regulations that are applicable to complete the company registration process.

You can keep this report as a reference if you are a start up, instead of getting a paid advice from a legal firm to know about the process of registering a business. Reading this report will give you clarity and also save a lot of your time and money searching for company registration information in India.

We hope we have been able to cover all the aspects of how to register a company in India.

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Starting a Business

How to Start a Business in India?

how to start a business

Step-by-Step Guide on How to Start a Business in India

Entrepreneurship is chic, in any part of the world. This fad is catching up in India too, at a faster pace. The young minds which are glued to the internet and understand the nuisances of digital media are coming up with a variety of useful business ideas that would serve the masses in a variety of ways. Entrepreneurship is no more about running a family business alone. Though it has been a tradition among the business class of India, to follow the tradition of running business as a legacy, many people from non business background too are taking the plunge in starting their own businesses. The government too has come up with many schemes to start small scale industries and encourage the youth, especially, women entrepreneurs in India. For which government is continuously taking steps to educate people about how to start a business in India?

Though intellectual copyright systems have not been fully developed. If you are starting out in a different field, then you will need tailor made business and legal solutions to protect your business goals, objectives, and innovations. If you want to start a business in India, there are certain stereotypical challenges which you will face. how to start a businessThe very first being opposition from your family and friends. Most of the Indian families are accustomed to living on paychecks as it provides them financial security. Starting on your own would be posing a bigger risk, something your family might not be willing to understand. Also, isolation in the initial stages can get you. You should be prepared to deal with many uncertain challenges when you decide to make it on your own. Apart from the business challenges, there are certain legal procedures that you need to follow for starting different kinds of businesses in India. When you read this article, you will get a basic walk through on what to do and what not to do with regard to legal procedures and registration process for any kind of business.

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