9 Step to Start a Business in Just 30 Days in India
Every one who need to start a business, this article can help to every step to step process and register your business in India. Read following 9 Steps on How to Start a Business in Just 30 Days in India.
The idea forms the foundation of the business. A successful business will need a unique idea properly marketed.
2. Business Plan
A strategy or a plan is required for success of any business. It is an essential roadmap for the business success. A business plan will normally include market analysis and frequent checkups about market, organization & management, sales and growth, funding request, financial projections. It should give a clear indication of what the business is and what it can grow into.
3. Assistance & Training
Business is complex. A person may be an expert in one field but may require assistance or training to successfully manage it. Further, each business has it’s own challenges. One needs to cope up with them regularly. Changes in market situation and customer behavior are common challenges. Competition pressure plays an important role. All these require an organization to continuously undergo trainings & professional assistance.
A major factor which prevents a brilliant idea from turning into a successful business is lack of finances or improper utilization of finances. In order to scale up the growth, each business requires additional finances. Most of the times it is noticed that a scarcity of cash or cash crunch comes before ones expectations. A proper planning and arrangement of finances is important to avoid such a cash crunch.
Every entity will need a legal structure. Choice of structure depends upon the nature of business, arrangement between the promoters, complexity and legal compliances. An entity can choose among various legal structures like Company, Limited Liability Partnership, General Partnership, Sole Proprietorship. Registrations India has made a guide on the same for reference.
6. Business Name
This is a part of the step above. A name will always be required for any legal entity you choose. The availability of the name depends upon the selection of Legal structure
7. Build Team
62% of businesses fail due to lack of proper team. As mentioned above, business is complex. There is a need to handle different functions like product development, marketing, sales, accounting, human resource.
8. Obtain Licenses, Trademarks, Permits
Apart from legal structure, in order to start and run a business properly certain licenses like food license, FSSAI registration, MSME and NSIC registrations may be required. Government registrations under Service Tax and Sales tax may also be required.
In many cases it becomes important to apply for trademarks as well. A idea may need patenting. Copyrighting of a work may also be needed.
9. Goal Setting & Growth
Once a business starts regular checks or goal achievements are required to measure a company’s growth. It is said that if a business is not growing then it is dying. The statement sums it all.
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