India is a very popular country in the world with voluminous population of its inhabitants. In fact, it's the second largest country with high rate of business transaction after China.
Irrespective of where you are from as an Indian, be it from Delhi, Goa even if you are immigrant in India, to be discuss in this piece are the guidelines to follow to start a business successfully in India.
Are you tired of being someone else's worker and would love to stand on your own in India? Do you just hit a jackpot and wish to become an entrepreneur in India? So far you are reading this content now, you have a course to rejoice as I will succinctly explain all the steps involved.
· Choose your business niche
India aside, starting a business anywhere in the world, it's very paramount you identify the niche of business to go for. Don't be confuse seeing me using niche, I mean the type of business you will specialize on. Now, starting any business in India, the number one thing you are expected to do is to choose the industry of your choice where you would love to build your business anywhere in India.
Indian today, it has become a centre of commerce that there are numerous highly thriving industries, for this reason, it will be better for you to choose the business you are highly specialized on. Research shows that Information Technology (IT) is one of the highly sought business that its industries are making huge sales, this reason is however not enough for you to venture into the business if you are not that versed about the industry for there are numerous numbers of business available in India that will fetch you more than enough.
· Embark on Feasibility Studies
Having decided on the industry you are going to build your business on, it is ideal for you to take a feasibility studies of the state you are going to situate your business. This is very important whether you are an Indian or an alien. India is a very productive and a unique country when dealing with a business set up; so far a business can do well in one region doesn't mean the business cannot fail big time in the same or another region. So, conducting a feasibility studies in the specific region you plan starting your business should never be over emphasized.
· Write Your Business Plan
For the benefit of the business you are trying to build from the scratch in India, to avoid unnecessary mess and premature death of the propose business in India; even in any part of the world, drafting a business plan is the only sure escape route you can lean on.
Consequently, India is believed to be a vast country with massive entrepreneur and this usually bring about competition amidst the business owners and managers. As a business owner, you would need to outsmart your competitors and this could only be possible through adequate and workable business plan that is being drew with unique and excellent business strategies.
· Register Your Business
This step on how to start a business successfully isn't applicable to India only but almost 85% countries in the universe. For you to have rest of mind on your business and or to legally operate such business in India needs you to register the business with the
government. But if you insist and run away from registration, there is a limit (very few) to the height the business can reach in India.
The government agency responsible for business licensing and registration in India is refer to as 'ministry of corporate affairs'. So, for you to have a smooth sailing in your business in India, try to visit their bureau or office to make enquiries on the amount and requirements needed for new
business in India.
Joining professional network is one of the means you could follow to survive your new
startup business in India. It's being said that a business that's built in isolation will definitely struggle to survive in India; with this assertion, people do look for professional network organizations and enroll there as a member.
There are enormous benefits you stand to gain as a member when you join one that is inline with your industry. Thus, make sure you search for relevant professional network organization to join immediately you kick start your business in any part of India.
· Create a Professional Blog or Website for Your Business
Recently, findings told me that average Indians are internet savvy. I guess you understand what I mean. Hence, if you plan starting a business from the very scratch in India, you are encourage to open a professional blog or website that is smartphone mobile-friendly for the business. This will makes it stress free and easier for Indians surfing the net to locate your new business.
You can go viral by creating an online platform where people can purchase your goods online. People have embrace E –Commerce in India; in fact a vogue and for you to do pretty well in the business in India, you are encourage to take your business online (e-commerce) and get the purchase goods delivered to the buyers.
· Make Provisions on How to Pay Your Tax
Do you really want to start a business in India? then, it means you are ready to make provision for paying tax regularly to avoid government sue. Be enlighten that there are 20 or there about different taxes that people do pay in India. Plus, India is also among the well tax focus countries of the world that can boast of having a well regulatory and developed tax system.
Are you surprise hearing this? Or you just want to consider starting your business in India. Whatever the case may seem, it isn’t enough for you to run off to start your business, without considering some facts first.
These facts I'm talking about will therefore be highlighted for the non Indian who reside there and wish to venture into a business or any individual that is looking forward to open his business in any part of India, one day.
The facts are as follow;
ü Labor Contracts Is Important
ü Office Is Taken Home
ü Cheap labor
ü Indians Are Diligent
Foreigners Need Visas
ü Transfer Pricing
ü Indians are not Punctual People
ü Too Much Bureaucracy
ü There Is Not Much Business in one City
ü Business starts Late
To crown it all, India is a country with favorable atmosphere for transacting business and this could be happened only if you follow the above stipulated guidelines.