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22 July 2023
Starting up a business in India in 2023 will be way easier than at any time. However, the digital India mission is already making a big difference. And, its impact is now visible everywhere, including every sector or industry.
Let’s get started to explore some easy steps to start an entity in India.
Here are some simple steps that anyone can follow for setting up, at least, a small-scale business this year.
The idea of your business plan should be unique. However, the Indian government’s Make In India website is there to draw some valuable ideas from there. Explore and make your own plan for incorporating a business.
Most startups come under MSME, which represents small sector businesses. If you particularly talk about ideas in “Make In India”, they are related to hospitality, tourism, manufacturing industries, and agriculture.
There is no bar for Indian citizens, non-residents, overseas citizens, or persons of Indian origin. Even, foreign nations can be in partnership with locals.
To start with any business plan, thoroughly research and prepare an in-depth report about the feasibility, valuation, projected revenue, etc. For this purpose, you need a business and compliance expert to discuss the project, opportunities, possibilities, and funds.
So, it’s a must to have a detailed overview of the owner, partners, their experience, and qualification. These details guide you to find if the entrepreneur has the capacity or experience to trade. If it has, you may easily get funds in the market using your expertise.
Think about a revenue model. Collect specific details of cost, sale price, delivery charges, taxes, and other expenditures. Evaluate and anticipate the revenue to be generated for the next 2–3 years.
However, many businesses in India are self-funded. In a few cases, families and friends get involved to up and run it. It won’t matter whosoever is the main fund-provider. What matters is how much money you can have for capital investment. Compute how much capital investment you need to keep it running and make a profit. Also, consider lending rates, type of venture, projected ROI, risk factors, and others.
Here are some financing bodies that can provide funds for business:
Incorporating your business is cumbersome and lengthy. Fortunately, India has a digital system to ensure online startup company registration. It’s regulated by the Ministry of Corporate Affairs (MCA). With it, one can get the certificate of incorporation in one or two working days.
Discover CAAQ to know how a business and compliance experts can help in registering a business over the internet. You may explore the FAQs, licences required from the state or central governments for introducing a small business or startup.
For tax registration, you should have a Permanent Account Number (PAN), Taxpayers Identification Number (TIN), and a bank account in the name of your company.
Explore how to get these documents with CAAQ or National Securities Depository Ltd. (NSDL). The documentation procedure will be completed by providing necessary documents in support and a nominal fee. Within a month or 30 working days of your application, PAN and TIN will be dispatched to your address.
With these two important numbers, you can pay taxes to the government easily and avoid any penalty.
Online businesses are actually taking this trend to the next level in 2023. Even if you have an offline store or office, you can launch it online to increase your visibility. It can help you to reach out to customers across your country or area.
The present trend has made it mandatory to define your online presence if you want to stay competitive and profitable. For this purpose, you should have a well-defined website or social media presence (if you don’t intend to spend a lot on a website)
You can opt for a marketplace (like Shopify or WooCommerce) for an eCommerce store because it already has a customer base. You may open an e-Store or a chain of stores there.
You should not consider it a choice, but a compulsory step because this is the best way to keep your business up and running during the lockdown. A physical business brings limited opportunities. With online business, these opportunities turn out unlimited without putting much effort.