Quick checklist for starting your Business/ Start-up in India
Updated: May 22
This article is for all the aspiring entrepreneurs who have a dream to start their own venture/ business where we have tried to present the bare minimums for starting and running your business in India.
Qualities which are must for entrepreneurs to get success in their dream business :
√ A dream with an achievable Goal
√ Knowledge & understanding of their business
√ Risk Tolerance
√ Hard working
Constitution of their business. A business can be started in the form of :
√ Sole Proprietorship
√ Limited Liability Partnership (LLP)
√ One Person Company (OPC)
√ Private Limited Company
Arranging for Funds to start their business :
√ Own Capital Investment
√ Loans from Relative/Friends
√ Capital Contribution by Partners in case of Partnership Firm and LLP
√ Share Capital amount in case of Private Limited Company
√ Loans from Financial Institutions like Mudra Loan/ Personal Loan Etc
√ Loans & Subsidies available under Start-Up India Initiatives (Available only for start up).
Basic Registrations required :
√ GST Registration
√ LLP/OPC/ Private Limited company registration with MCA
√ Trademark (if want to secure Logo/Name not to be used by someone else)
√ FSSAI License (Required if dealing in Food Products)
√ Import Export Code (If dealing in Export/ Import with other Countries)
√ UDYAM/ MSME Registration, (To get concessions from Bank in loan Interest Rate)
√ DPIIT Certificate of Recognition as Start-up (To avail various Government benefits)
√ Shop & Establishment Act/ Trade Registration
√ ESI/ PF Registration (Required when number of employees crosses the threshold limit)
√ GEM Registration (If want to sell products to government Departments)
√ Professional Tax Registration (Applicable in some states)
Industry Specific Registrations
√ Registration/NOC with Pollution Department
√ Drug License in case of Medicines/ Cosmetics
√ Registration/NOC from Fire department in case of Guest House/Restaurants
Above are the mandatory registration which a entrepreneur must get while starting their business.
Acquiring Potential Customers
Once your business activities have commenced, and you have acquired required registrations and certificates to authenticate your business, the next very important check is to acquire potential customers to whom you can serve to survive in the market.
In this digital world, there are many digital platforms where you can in less time showcase and market your business/ services/ products to your targeted audience. You can collaborate with few e-Commerce platforms to generate potential leads along with digital as well as offline marketing.
Few responsive e-Commerce platforms are:
√ Zomato √ Swiggy
There are many others industry specific E- Commerce platforms with the help of them you can generate business leads at starting phase.
Apart from these private e-Commerce platforms the Government of India has also made platforms through which you can sale your products/ gain more business-related knowledge.
√ GEM Portal
√ Women Entrepreneurship Platform
√ Startup India Platform
Above are just the basics for any start-up business to be up & running in the Indian market. There are many other activities which are to be performed to ensure no leakage in the business process activities, like;
√ Choosing the dependable & trust-worthy co-founders, right team, reliable vendors.
√ Keeping intact the terms of working under a legal agreement at all transactions.
√ Making regular check with business SOPs.
√ Continue audits of business activities and making necessary improvements in the business processes.
Please feel free to get in touch if you have any doubts or need clarifications or assistance for the above.
We wish you luck for your business. Happy Working!
AYTA Business Consultants | email@example.com | +91 70246 21120