Small Business Ideas In India – India has become a hotspot for startups and visionary entrepreneurs looking to make an impact. Due to economic and population growth, the opportunities for those wishing to start a business have greatly increased. In the past, starting a new business was a difficult task because of the many unfavorable opportunities. The government has now introduced some useful guidelines for startups operating in the country. It has also provided loan schemes such as MUDRA Loans, National Small Industry Corporation Subsidies, etc.
[MUDRA stands for Micro-Units Development & Refinance Agency Limited. This is an initiative of the Government of India to support and encourage innovation in the small scale industrial sector. For more information, read “How to Get a Pradhan Mantri Mudra Yojana (PMMY) Loan?” our article entitled
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With so many opportunities for entrepreneurial ventures, starting a small business in India seems like a good idea. Plus, you never know how much wealth a small business idea can generate!
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Before you even think about starting a business, you have to have the basics laid out. Ask yourself basic questions about your business idea – what services or products will I offer? What are the financial possibilities of this idea? Which customer (niche) do I want to serve? How to bring this to market?
Asking yourself these powerful analytical questions will help you see more clearly and take away a lot of the guesswork. After getting an answer, you will know whether your idea is reliable or not, if not, you will get an answer on an idea that works.
If you get answers based on statistical data instead of asking different people for opinions about your business. That idea leads to success because often the data says something different than what most people expect or believe.
[A businessman can control a domain industry with a good idea. Nothing can stop you from becoming a successful entrepreneur. To know more about the latest trending business ideas, read our article “12 Low Investment 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 “little things” of your business.
What licenses are needed to start a business? How much investment is required? Is there any other legal process for the same? What returns can you expect?
Starting any business requires certain legal formalities. This usually consists of registration, licensing, and other legal processing, depending on the nature of your business. You can register your business as a sole proprietorship, partnership, sole proprietorship, private limited company, or public limited company. As an owner, you must meet the following legal requirements to start a business:
To start legal processing, you must first register your business. Requirements prior to company registration are presented below.
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In order to start the registration, the director of the company must obtain a DIN. You must submit the DIN-1 electronic form on the official website of the Ministry of Corporate Affairs. First you need to register on the website, fill out the DIN-1 electronic form and pay the application fee specified on the site.
Documents sent electronically require a Digital Signature Certificate (DSC) to ensure their authenticity. This certificate can be obtained by an institution designated by CCA (Certification Body Controller). Under the Information Act 2000, use of the DSC is mandatory for documents submitted electronically. Some examples of agencies offering DSC are: SAFESCRYPT, MTNL, TCS etc.
[Digital signature certificates are used by company directors to ensure the confidentiality and security of information exchanged electronically. Here is our detailed guide to What is a Digital Signature Certificate and How to Get a DSC? “]
This is the final stage of company registration. This involves filling in the following forms:
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This includes submitting an application form to determine the availability of the business name. Along with this, we must mention the business objectives of the company.
This form must be submitted to notify us of the company’s new office location. The new company will need an actual office address.
This form provides notification of the appointment of new officers, such as directors, secretaries, and managers, in the new company.
A Memorandum of Association (MOA) is a legal document created during the company founding process that defines your relationship with shareholders. It also determines the purpose of the establishment of the company.
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The Articles of Association (AoA) are legal documents drawn up by the company, which specifically set out the company’s goals and procedures for managing internal affairs. Most important are the responsibilities and authorities of the board of directors, members and other stakeholders.
After submitting this form, your company can be registered if your application is approved by the Ministry of Corporate Affairs (MCA). Once approved, we’ll send you a confirmation email about this.
[Currently, registering a company with the MCA is a simple process. With the right documents, you can register your company within days. If you want to know what documents are required, read our article “Required documents for Private Limited Company registration”.
You need to get GST registration to run a business with an annual turnover of more than Rs 40 lakh. This may vary by state. This can be done online and can be summarized in a few simple steps.
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5) An OTP will be sent to the email ID and mobile number provided, enter it and click Continue.
7) Open the GST portal again and click the Register Now button. Enter your TRN and Captcha to continue.
9) The application appears in “draft” status, edit the draft and fill in part B. You must submit documentary evidence in the form of photos, proof of place of business, bank account details, etc. in the form of
10) After filling in the data, open the verification page, accept the statement and submit the application. Your application can be submitted using E-Sign, DSC or EVC.
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[Goods and Services Tax (GST) is the latest addition to India’s tax system. GST is beneficial for all business activities in India. To know more about the GST registration process, read our article ‘GST Registration Process – Step by Step Guide’].
Depending on your industry, certain other licenses may be required before setting up your business. Here are some of them:-
State governments issue these licenses (varies from state to state). Business activities such as working hours, wages, security, employee safety, child labor, and others need to be regulated.
This permission is required if company logos, banners, posters, etc. you want to advertise with. Local government companies may offer you this permit.
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It is awarded by the Insurance Regulatory and Development Authority of India. Every insurance/broker based business will need this.
This is necessary for restaurant or bar business. This license is required if you want to sell liquor. Failure to do so may result in fines or permanent closure of the business.
FSSAI stands for Food Safety and Standards Authority License. A must if you have a food/restaurant based business. Ensuring that food and restaurant canteens meet applicable safety standards. These are just a few examples of licenses required in various industries. The number of licenses may vary by industry.
[Today, entrepreneurs are ready to expand their business worldwide. Entrepreneurs can import and export goods and services using IEC codes. To know more about IEC codes, read our article “How to apply for IEC codes online – step by step”.
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The mistake most small businesses make is not having a written statement of company rights or policies. In the early stages, start-up founders usually disclose a mutually agreed upon contract. This may be due to the inconvenience or clumsiness behind drawing up a valid written contract due to the small size of the company.
Unwritten statements like these often create problems for the company’s financial future, as disagreements and disagreements about them often create rifts within the company. It is advisable to conclude a written contract by mutual agreement. Clear policy definitions and legal basis are of the utmost importance to sustain the company’s sustainable growth.
You don’t expect to run a successful business without anyone knowing, do you? All successful businesses are distinguished from unsuccessful ones by their name and market fortifications.
Start by contacting your market influencers. Connect with business owners, merchants or vendors who can help your business. Apps like LinkedIn have made it easier to find the right professional connections and can be used to find relevant connections in the marketplace.
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You can also use digital/social media marketing to build your product/service