Small Business Ideas In India For Beginners – India has become a hotbed for young entrepreneurs and visionaries looking to make an impact. Due to the increase in wealth and population, there are many opportunities for those who want to start a business Initially, starting a new business is a difficult task due to many negative issues The government has enacted several laws that help startups in the country It also offers loan schemes like MUDRA loans, National Small Industries Corporation Subsidy etc
MUDRA is an acronym for Micro Unit Development and Refinance Agency Limited. It is an initiative of the Government of India to support and encourage innovation in the small sector. To know more, “How to get Pradhan Mantra Mudra Yojana (PMMY) loan?” Read our article above
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With so many options emerging for entrepreneurs, starting a small business in India seems like a great idea Besides, you have no idea how much wealth a small business idea can bring you!
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Before thinking about starting a business, you need to prepare the foundation in your mind Ask yourself the most important question about your business idea – What service or product will I offer? What is the financial potential of this trend? What kind of customer (good) service do I want? How do I market it?
Asking yourself these hard, analytical questions will clarify your vision and eliminate many assumptions. After you get the answer, you will know whether your idea is reliable or not, if not, you will get the successful trend answer
Finding answers based on statistical data rather than asking different people about your business idea will lead you to success because many times the data says something different than what most people expect but it is believed.[An entrepreneur can use a good idea to run his branch office Nothing can stop him from becoming a successful businessman To know about the latest trending business ideas, read our article on “12 Low Cost Business Ideas in India with High Profits”.
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Many small businesses make the mistake of not doing their “homework” before starting You need to know the “nitty-gritty” of your business
What kind of license do you need to start a business? How much investment do you need for this? Is there another set of rules for the same thing? What kind of returns can you expect?
Starting any kind of business will require some formalities Generally, this includes registration, licensing and other legal arrangements depending on the nature of your business You can register your company as Sole Proprietorship, Partnership Firm, One Person Company, Private Limited Company or Public Limited Company. As an owner, you must follow these rules to start a business:
You must first register your business to begin processing orders These are the requirements before registering your company
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Company director needs to get DIN to start registration You have to submit DIN-1 eForm on the official website of Ministry of Corporate Affairs You must first register yourself on the website, fill the DIN-1 eForm and pay the prescribed fee on the site
Any documents sent electronically require a Digital Signature Certificate (DSC) to ensure their authenticity. These certificates can be obtained from agencies designated by the CCA (Controller of Certification Agencies). The use of DSC is mandatory for electronically submitted documents under the Information Act 2000 Some examples of companies offering DSC are SAFESCRYPT, MTNL, TCS etc[Companies use digital signature certificates to ensure the privacy and security of electronically exchanged information. “Our in-depth guide on what a digital signature certificate is and how to get a DSC. “]
This is the final stage of registering your company It fills the following forms:-
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It submits an application to verify an existing company name In addition, we will announce the business of the company
This document should be submitted to show the new corporate status of the company New companies will need a valid business address to register
This form provides notification for the appointment of officers like new directors, secretaries and administrators in new companies
Memorandum of Association (MoA) is a legal document signed during the company registration process to define the relationship with shareholders. It also explains the purpose for which the company was established
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Articles of Association (AoA) is a legal document adopted by a company to clearly state its objectives, procedures to guide its operations. Most important are the roles and responsibilities of directors, members and other stakeholders. |
Once you have submitted these forms, your company can be incorporated if your application is approved by the Ministry of Corporate Affairs (MCA). A confirmation email regarding the same will be sent to you after approval[Today, registering your company with MCA is a simple process With the right documents, you can register your company within days To know the documents required, read our article on “Documents Required for Registration of Limited Company”.
You need to be GST registered to be able to do business with annual turnover above 40 lakhs It may vary depending on the state This can be done online and put together in a few simple steps
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5) An OTP will be sent to the given email id and mobile number, enter it and click on continue
7) Go to GST portal again and click on register now Enter TRN and Captcha code to continue
9) Application must be in “Draft” mode, edit documents and fill up Part B with photo, proof, proof of business location, bank account details etc.
10) After filling the details, go to the confirmation page, agree to the statement and submit the application. Your application can be submitted using e-sign, DSC or EVC
Best 75 Small Business Ideas In India For 2023[Goods and Services Tax (GST) is a new addition to India’s tax system. GST has benefited all business activities in India. To know more about GST registration process, read our article on “GST Registration Process – Step by Step Guide”]
Depending on your company, some additional licenses may be required before starting your business Here are some of them:-
This license will be issued by the state government (it varies from state to state). It is necessary to regulate business activities such as working hours, wages, safety, employee protection, child labour, etc.
This license is required if you want to market your business through logos, banners, posters, etc This license can be issued to you by the local authority
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It is issued by the Insurance Regulatory and Development Authority of India Any insurance business/retailer will need these items
Requirements for restaurant or bar business This license is mandatory if you are going to consume alcohol Failure to do so may result in fines or permanent closure of business
FSSAI stands for Food Safety Authority and Standards This is important if you have a food/restaurant based business It ensures that the restaurant’s food and ingredients comply with acceptable safety standards These are just a few examples of licenses required in various industries The number of licenses may vary from company to company
[Today, entrepreneurs are willing to expand their business globally Businesses can import and export goods and services using IEC codes To know more about IEC codes, read our article on “How to Apply for IEC Codes Online – Step by Step Guide”.
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A mistake that many small businesses make is the vague statement of company rights or policies In the early stages, the founders of the startup company often verbally announce the agreed terms. The reason for this may be confusion or confusion behind the creation of a written contract, which is legal due to the small company
Unwritten statements such as this often create problems for the company’s financial future, as disputes and disputes over the same things often create conflicts in the company. It is advisable to create a written contract and judgment agreement Establishing well-defined policies and giving them a legal basis is key to sustaining the company’s success
People can’t expect to run a successful business without knowing you, right? What separates all successful businesses from unsuccessful ones is their reputation and strong position in the market
Start by connecting with influencers in your niche Connect with business owners, customers or vendors who can help your business Tools like LinkedIn have made it easier than ever to find the right kind of professional connections, use them to find important contacts in your market.
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You can also use digital marketing/social media to promote your products/services