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How to start Business in India 2024| Step by step guide | Best Business Advice

How to start Business in India 2022
How to start Business in India 2022
How to start Business in India 2024

In this new era of modernisation, the youth is getting encouraged to go in the direction of the how to start Business in India 2022. Profession and employment have their own importance in the making of the economy but people are starting to prefer self-employment which is likely to become possible by start-ups. Entrepreneurship has become an integral part of the overall economy of India. It plays a significant role in providing employment and helps new ideas to get to the surface for some greater good.

Technology has played an important role in opening numerous business opportunities and made starting and managing business fairly easier than earlier. With the cooperation of the government’s ‘’Start-up India Scheme’’ in 2015, the new innovators get myriad of advantages in this field. Speaking of that, there is no better time to embrace your idea and start working on it to nurture and bloom it into something to be looked upon!
So here is a little guide for you to start your business in India and flourish it.

Best Advice to Start Business

Step by step guide to How to start Business in India 2024.

  • Business Idea
  • Business registration
  • Business funding
  • Tax registrations
  • Business launching

As many times we have heard that a businessman is born with the skill in his blood, it doesn’t necessarily mean that. A true businessman is composed of systematic and purposeful intentions, there is a requirement of a certain temperamental, skill and other knowledge.

1. Business Idea

Business Idea is first step to start a business
Business Idea

A business starts with an idea. An idea that needs to be resourceful. An idea could be just an action of starting a business or could be a detailed plan with managing, marketing, projected financial statements, etc. It could be the introduction of new products, discovery of new markets and sources of supply of inputs, technological breakthroughs as well as introduction of newer organizational forms for doing things in a better, cheaper, faster way while keeping in mind ecological/environmental protection. One can always look upon internet for some innovative ideas.

Once you are satisfied with your idea and planning, pack up your bags to commence your journey of start-up. So your first step is deciding on a suitable business entity. It is a very crucial part of your business, as your funding, liabilities and set-up would be dependent on it.

2. Business registration

Business registration to start business
Business registration

If you are beginning as a small organization, it would be wise to opt for a sole proprietorship or partnership. On the other hand, if you are planning a medium or large-sized business to operate, it would be better to opt for a private limited company. In the case of a private limited company and partnership, at least two persons are required to act as directors or partners.

3. Business funding

Business funding - money to run the business
Business funding

While we are concerned about financial matters, let’s start thinking about our funding.
The first method is bootstrapping which is commonly known as self-financing. If your initial requirement is small and handy, you can stretch your personal savings and resources to meet your requirements.

Many organizations are reaching out to common people for funding start-ups and small businesses, this method is known as Crowdfunding. Venture capital is another method that provides expertise, mentorship and acts as a litmus of where a business is going, evaluating business from a sustainability and scalability point of view.

Some early-stage businesses can consider incubator and accelerator programmes as a funding option.

4. Tax registrations

Tax registrations - required to establish the identity of the proprietorship business
Tax registrations

The next step is to register for taxation where one can benefit from tax exemption for a period of three years under the Start-up India Scheme by the Indian government.

After you are done with the incorporation of the business entity, opening a bank account in the name of the business is an important task to be completed as soon as possible to run business in India. Corporate entities like LLP, Private Limited Company, One person company and Limited Company are allowed to open a bank account in India by submitting a copy of the Certificate of Incorporation and PAN Card of the entity. On the other hand, opening a bank account in the name of the business for a Proprietorship entity could be more cumbersome – as one or more tax registrations may be required to establish the identity of the proprietorship business.

5. Business launching

Business launching
Business launching

After completing all the above-mentioned factors, the founder of the business is ready to go ahead with the actual launching of the enterprise which would mean mobilising various resources, fulfilling necessary legal formalities, starting the production process and initiating the sales promotion campaign in business in India.

‘No Risk, No Gain’ is an age-old principle that should always be kept in mind of the entrepreneur, while making decisions, managing, sales and at every stage of business in India. The greater the risk involved, the higher is the chance of profit. One should have the presence of intellect and be brave enough to take some turns in this business in India journey.

Pro tips – How to start Business in India 2024

Business is a cluster of ideas, an entrepreneur should always be open to listening to new ideas and being innovative. One should learn to work in peace and trust their colleagues. Everyone gets involved in business to make wealth but one should never forget about society and the environment. Social responsibility is an obligation of every businessman, it is their duty to respect the aspirations of society and try their best to contribute to the achievement of these aspirations along with their profit interests.

This quest could be tiresome and might frustrate on you some levels but you need willpower and patience for your plan to function the way you want. Keep working smartly and believe in yourselves. Don’t worry about failures because if nothing else then it definitely provides experience.

Business is a pillar stone of India’s economy. Business in India has the strength of taking India to the heights of becoming a super economic power. It is our responsibility to serve our nation and be honest with our work to give a small return to our country for providing us with resources to aid our lives.

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