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.
The Success Story Of eBay – An E-Commerce Giant with Giant Leap
Pierre Omidyar is responsible for the website eBay somewhere around 1995. It started in his living room. Since initial days only it meant to be a marketplace where buyers and sellers can do transactions conveniently. After 3 years, Meg Whitman joined Pierre and led the website to a new success level. Later on experienced people from some of the biggest companies also joined to make up a strong team for eBay. Some of the important names are Disney, Pepsico, and so on. Soon, the company started collaborating with a number of bigger brands such as GM, Sun, and so on. The average sale of the items also started increasing per day.
The Dynamic Business Model: eBay
(Source: Brandeis University)
eBay had a model of business that brought both sellers and buyers together at one single platform. Buyers can list their items on the website for sale and the buyers can cross-check these items and bid on them to buy. These items are arranged category-wise so that the buyers can easily search for their required items and can order them. The trading for the sellers is also made quite convenient and hence registering can be done in just a few minutes and they can instantly start listing the items online for the buyers.
The Success Story Of eBay
It is easy for the buyers to search for the items and order the items. They just have to pay for the item and there are no such other charges for the bidding process. But on the other hand, the sellers do have to pay two different kinds of charges.
- An insertion fee is charged that is nonrefundable. This fee is charged when a seller lists an item on the site. The charges depend on the opening bid of the seller’s item.
- Another fee is charged for additional options that are provided for the item listed such as highlighted listing and so on that can promote the item on the site.
- The last charge is the Final Value that is charged on the final price of the item at the end of the auction.
eBay: It all started in the month of September of the year 1995 when Pierre Omidyar started with AuctionWeb. It is said that Pierre used to work on his personal computer at his home and hence the code was created and the site started in the living room of Pierre Omidyar.
The buyer and the seller are notified with the help of an email for all the steps of selling or buying the items. The transaction between the seller and the buyer takes place independently apart from the above-mentioned charges charged by the site.
