Are you looking forward to starting your startup or small business in India? Well, establishing a startup is a dream for the majority of people in India nowadays.
But still, a large figure of the Indian population is either not willing to start a business or not ready to take any kind of risk due to their fear of uncertainties while starting a startup or small business.
Thus, the majority of people usually prefer to stick to their regular 9-5 jobs and lose on a lot of great business opportunities as well as missed taking advantage of their professional abilities to even extra profitable use.
The worlds most well-known businesses werent built overnight. So, somebody, somewhere had started their journey with a business plan, arranged required funds, developed an innovative concept, and started a small project.
Later on, their complete dedication, quality services, and business uniqueness nurtured their venture in the long run.
With the Make in India initiative, things are now changing in India in full swing, and a large number of people are now showing interest in establishing a startup or small business using their entrepreneurial skills.
So, here are steps by step Six tips that will help you establish a profitable business in India if you have already decided to start something on your own.
1. Start with Finalizing a Business Idea
First, you need to develop a few innovative and unique business ideas and finalized one. Also, you can take help from any private or government websites including, make in India and MSME to decide a business idea.
In fact, under the Make in India initiative, the Indian government is providing numerous opportunities and support to promote small businesses in several sectors including, agriculture, manufacturing, tourism, and hospitality for the past few years.
2. Make Your Business A Legal Entity
Done with finalizing your business idea? Great, the next step is to make your business a legal entity by getting your business registration done under Indian commercials laws.
To set up a legal business entity, you can proceed with various types of options available including, Private Limited Company, Partnership Firm, LLP, and Proprietorship whichever suits your organizations needs.
Its not that difficult to register a company in India nowadays. You can easily get it done at an affordable cost and in less time through any company formation service provider in India, even without visiting any government organizations.
3. Arrange Sources of Funds
There is no doubt that most of the startups or small businesses in India are either self-financed or started with the required funds procured from friends or family.
Hence, it would be great if you can decide on a reliable source of revenue on time and estimates how much funds will be necessary to start your own startup/business.
Also, its always good to keep a proper calculation of necessary funds that you will need to keep a smooth running of the business until it starts generating profits.
Startups, small and medium-size businesses can obtain required funding from various offline and online sources available including:
- Banks/financial institutions
- Cooperative credits societies
- Community development funds
- Crowdfunding platforms
- Venture capitalists/Angel investors
4. Focus on Getting Your Business in the Limelight
When business success is concerned, the only thing that will take your startup or small business to the next level is reaching out to the potential audience and grabs the limelight.
Once you have established a startup or small business, now its time to make it more visible and noticeable to get an edge over your industry competition.
Thus, keep your focus on getting more brand visibility from the day first by securing high-profile media coverage and maintaining strong public relations.
Securing a high-profile media presence isnt tough nowadays, you can easily find and hire any PR agency in India to get maximum visibility for your business.
Believe us, everything else is secondary when it comes to building a brand, so your prime focus must be leveraging the power of public relations to reach out to more and more public in the long run.
Always do remember, every single marketing effort you are going to perform must be brand-oriented in the initial days of your startup.
5. Develop a Business Plan
Seems time taking and boring, isnt it?
However, a full-proof business plan is worth developing, as it will let you set up your business goals and vision on paper so that you will execute all related tasks accordingly and convert your dream business into reality.
A goal without a plan is just a wish - Antoine de Saint-Exupery
A business plan can be a one-page draft that offers detailed clarity about your business goals, partners, mission, and future steps youll need to make your business profitable.
Developing a business plan will also assist you in raising required funds from the market and help you perform more efficiently and straightforward in the long run.
6. Start Making Online Presence for Your Business
Having a strong online presence of an organization is highly in demand nowadays, doesnt matter what nature of business and at what scale large or small you are seeking to start a venture in India.
You can start by developing an official website or company profiles on major social media channels such as LinkedIn, Facebook, Twitter, or Instagram to showcase your products and services and reach your target audiences.
If you are starting a business in India, you can easily find the best digital marketing agency in Delhi, NCR, Mumbai, Bangalore, or Hyderabad, as these are a few major cities well-known as digital hubs.
The type of digital marketing services you are seeking would also depend upon the type of product/services you are offering and your marketing budget.
According to various business experts, the majority of small businesses fail in their initial stages as founders start losing their focus on business initiatives and switch quickly as a result.
Hence, its recommended that you keep going and stay focused on your business goals, and do not get distracted in your initial days of business.
We hope these tips will help you draw an effective road map ahead while you are looking forward to starting a startup or small business in India on your own.