India is the next big business flashpoint after China. Why? The reason is because of their rapidly growing economy and a massive population; which is second only to China. In fact, i will save my breathe for now. You can read further down as I explain in detail facts and figures you must know to operate a business in India successfully. Now for those seeking to open a business in India but are short of ideas or opportunities; this will help you out.
It is quite understandable that everyone needs a constant source of income, but most people do not have a huge amount of capital to start a business. If you are still in a learning mode, then let’s proceed.
How to Start a Business in India Successfully
- Choose an Industry-: If you want to start your business in India, the first thing that is expected of you to do is to choose an industry where you would want to build a business in. There are several highly thriving industries in India and it is expected that you decide on the industry to build your business based on your area of strength. For example, the I.T. industry is one of the thriving industries in India and there are countless numbers of business opportunities available in the industry.
- Conduct Your Feasibility Studies-: Once you are able to make up your mind on the industry to build your business, the next step that you are expected to take is to conduct feasibility studies. India is a unique country when it comes to setting up businesses; a business that can thrive in one region will likely fail big time in another region. So, you are expected to conduct your own feasibility studies in the region you intend starting your own business.
- Write Your Business Plan-: Irrespective of what part of the world you intend starting your business, the norm is that you are expected to write a workable business plan before launching the business. Consequently, if you are starting a business in India, you are also required to write a business plan. The truth is that without a good business plan in place, you are likely going to struggle to build a business from the scratch in India. The competition amongst entrepreneur is much in India; every business owner would want to outsmart their competitors. That is the reason why you need to draft a workable business plan that has unique business strategies.
- Register Your Business-: As it is required in most countries of the world, you cannot legally operate a business in India without registering the business with the government. If you run a business that is not registered, there is a limit to the height the business can grow to. The ministry of corporate affairs is in charge of registering business in India, so you are expected to visit their office to make enquiry of the requirements needed if you want to register a new business in India. Basically there are four categories of company registration in India you will be required to choose from any of them when you want to register a new business in India.
- Join Professional Networks-: One of the means you would need to survive as startup in India is to join professional networks. Any business built in isolation will struggle to survive in India that is the reason why people look for professional organizations and enroll as a member. The benefits you stand to gain when you join a professional network in your industry are unlimited. Thus, ensure that you look for relevant professional organizations to join once you start your business in India.
- Create a Professional Website for Your Business-: The average Indians are internet savvy, so if you intend starting a business in India, you must ensure that you open a professional website for the business. When you have a professional website for your business, it makes it easier for people searching online for businesses to locate your businesses. It is also important to create a platform where people can purchase your goods online. E – Commerce is in vogue in India and if you must do pretty well with your business in India, you must create room for people to purchase your goods online and get it delivered to them.
- Make Provisions for Pay Your Tax-: If you want to start a business in India, then you must make provision for paying your tax regularly. There are about 20 different taxes that people pay in India, you can contact the Central Revenue Collection agency in your region or the office of the Comptroller and Auditor General to enquire of the tax you are required to pay. India is among the countries of the world that can boast of having a well developed tax system.