The Ultimate Ways : How To Start A Business In India
How To Start A Business in India
India has cardinally grown to become one of the greatest countries to launch a start-up in with its plethora of programs such as “start-up India”. Presently, we see two sides of the coin. On one side we see massive layoffs from corporates and MNCs whereas on the other side we see flourishing start-ups maturing into conglomerates such as Urban clap, Ola, and so on and so forth. The essentials of starting a business in India are as follows:
The Business Idea and Plan
The Business Idea and Plan
Just as a tree grows depending on the stability of its roots, similarly a good business idea is essential for the initiation of a start-up. A question such as whether to pitch a service-based or a product bases company to launch is cardinal. Moreover, the baseline idea should be catered to offering something unique to the palette over the pre-existing services.
Market Research
Market Research
Understanding market statistics is crucial before investing in capital. Hence it is essential to research the present market trends and service offerings. Moreover, this is the phase where you dig deep into the recent market techniques of offering payment via Paytm business account and also think about possibilities of third-party services such as Urban Clap partner.
Budget and Financing
Budget and Financing
Capital is essential for investing in any business and sometimes it could be difficult to come to buy especially from the banking sector owing to the topsy turvy economy, this is where the other alternatives such as merchant cash advance come into its benefits where the collateral is not necessary.
Making It Legal
Making It Legal
The final step in setting up a business in India is making it legal, cardinally by registering it either as an LLP or Private Limited company. On doing so the company will get an official GST number upon registering which they can link to their bank account to enable transactions and even list themselves on Google to help search in finding your business.
These are essential simple steps by which you can launch your startup in India.
We would like to thank Digital Marketing Lead for providing the details, data & support for this article. The detailed information was provided on the basis of the advertisement & client demand conducted by the Digital Marketing Lead for the year 2018-2019.
Effective Ways To Get A Business Loan To Start Your Venture
How To Get A Business Loan To Start A Business?
One of the cardinal hurdles faced by any start-up is the process of procuring financing to serve as capital for the said business. Primarily this is due to the strict lending policies of banking institutions. However outside financing is required in most cases to grow a business or cover day-to-day expenses, which include payroll and inventory. Hence here are a few points you need to consider before getting one.
Reasons for Procuring the Loan
How to get a business loan to start a business?
Although it might seem obvious that a small business owner would essentially know the reason for the amount they would require, but that is not always the case. Business owners, whether the firms are start-ups or existing firms, need to take some time and be able to articulate why they need a business loan and how much they need. More than often businesses may not be able to address the question of how much they need until they prepare their financial statements.
Reviewing Credit History
How to get a business loan to start a business?
In the case of a start-up, the personal credit history of the owner as well as the business credit history is reviewed before granting the loan. You must request your credit report from each of the major credit reporting agencies. Review these credit reports. If you see any errors on your credit reports, write the agency a letter and detail the error and ask for it to be fixed.
Review Your Borrowing Options
How to get a business loan to start a business?
It is advised that you look at the commercial banks available to you. Do not just go to the large, national commercial banks like SBI business loans. You may have a better chance for a loan at the smaller regional commercial banks such as SME loan, bajaj business loan. Other non-bank institutions might be options for you, such as credit unions. If you are a member of a local credit union, talk to the loan officer there about your need for a small business loan.
Plan a Presentation and Make an Appointment
How to get a business loan to start a business?
This is the most crucial part of the entire process since the best person to pitch your business is no one but you. This is the point where the ball is in your court to go on and convince the manager to grant you the amount you require.
Simple Ways For Your GST Certificate Download
Steps for the GST certificate download
GST was introduced in India in the year 2017 on 1st July, which has lead to the removal of a plethora of indirect taxes like VAT, CST in India. GST is essentially the single uniform indirect tax structure presently in India. According to the GST Act(goods and service tax 2016-2017), each and every taxpayer whose business annual turnover is above 20 lakhs has to register themselves under GST.
It is also cardinal for a taxpayer to take a printout of the Registered GST certificate and display it in the premise of the business stating that the business is “GST Registered Business“. GST certificate should be available on the business premises at any point in time.
How To Download The GST Certificate
How To Download The GST Certificate
In order to download the GST registration certificate, you need to access your GST account. You will need to follow the steps below:
1)Open the GST common portal through the link given ![]()
https://www.gst.gov.in/
2) Now, move your cursor towards the ‘Login’ button and click to access the username and password page.
3) Enter your ‘Username’ and ‘Password’ along with the captcha and click ‘Login’.
4) Now, click on Services –> User Services –>Download Certificate.
5) This is the last step in the downloading procedure, just click on the ‘Download’ button to download the GST registration certificate. The registration certificate comprises all the details on the tax transactions.
The validity of the GST certificate
The validity of the GST certificate
The GST registration certificates issued to a normal registered person do not have any expiry and they will remain valid until and unless GST registration is not surrendered or canceled by the GST authority. In addition to this, for a casual taxable person and for the non-resident taxable person the GST registration is valid for a period of 90 days (from the date of registration). However, the validity of the registration can further be extended at the end of its validity period.
Profitable Upcoming Business Ideas In India
The common notion of a business idea to be exquisitely unique has quite outgrown its importance since the majority of the probable business ideas have either been implemented or are being implemented. Hence we did our research to find some of the most profitable upcoming business ideas in India.
Upcoming Business Ideas In India
Candle Making:
Profitable Upcoming Business Ideas In India: Candle Making
Candles today are more than just a religious accessory, its use has encroached into the world of aesthetics which is essentially the hot cake of Instagram. The perks of investing in this industry are the fact that it requires less incurring investment and can be a good business idea for housewives and retired personals.
Travel Agency:
Profitable Upcoming Business Ideas In India: Travel Agency
Tourism has become the primary source of bread and butter for India and hence the need for travel agencies has become cardinal. The only constraint in this industry is having good networking skills to navigate throughout India. (more…)
