The Indian business landscape saw a paradigm shift over the years, delivering enormous possibilities for the forthcoming and growing sectors of thrift. With the Indian government’s initiative of the Make in India campaign too helped in transforming Indian businesses, the start-ups in India scope has grown/is growing in volume. India is rebuilding the entire structure of starting a business.
“As per Indian Startup Ecosystem (startupindia.gov.in), India has the 3rd largest startup ecosystem in the world; expected to witness YoY growth of a consistent annual growth of 12-15%.
India has about 50,000 start-ups in India in 2018; around 8,900 – 9,300 of these are technology led start-ups 1300 new tech start-ups were born in 2019 alone implying there are 2-3 tech start-ups born every day.”
Did you know India has the most extensive MSME base in the world after China?
Yes, and what does that mean for you? If you have the proper understanding and offering, there is a vast untapped market for you to explore and turn the idea into reality.
Is it viable to start a business in India?
India is opening up to describe various global markets with multiple initiatives by the Indian government, delivering an encouraging business environment for everyone to make the most of their ideas.
Not only can you set up your businesses in India with stability and success, but you can also explore the international market. As a result, more and more businesses are penetrating the market, focusing on gaining operational and business significance and building a brand.
Let’s look at the bases emphasizing the edge of commencing a business in India.
- Ease of Doing Business
- Market Demand Growth
- Cost-Effectiveness
- Sustainable Business Conditions
- Employment Scope
Make sure you conduct thorough research to understand legal and financial requirements for effective decision-making. Before starting a business in India, you must decide what specific product/company you want to create. Also, be thorough with your research, ideas and capabilities.
The Hows of the Process Explained
It is all about understanding and making the essential acquisitions in infrastructure and relevant marketing strategy to scale up and achieve business success.
- Do you desire to become an entrepreneur or businessman?
- Do you have a unique idea?
- Do you want to stay on top of an entrepreneur’s many tasks and commitments?
- How to brainstorm your new Business Idea – let’s explore.
You’ve come to the right place if you’re thinking of starting a business independently. Finding the right path is difficult when you are incredibly passionate. We have made it easy for you.
So, here is the 5-step guide to starting a business in India that can help you to turn your business idea into a successful execution.
- Idea
While starting your own business, have a clear vision and an idea of what your business is going to be. - Research
After an idea of your business, do thorough research on what others are doing in the same industry in which you will do your business. - Plan
After having a clear vision of your business idea, start planning the roadmap to achieve success in the long run.
- Register
Now that you have planned and done the research, it’s time to register as a company. You can open a bank account in the name of your business and get a relevant tax registration.
- Fool Proof Business Plan and Marketing
Devise a relevant business growth plan to grow and expand for a better sustainable future. Level up by targeting your audience niche, preferences and likings, expand the offerings and market, and build good customer relationships.
Great, now you can start your business and generate your revenue.
The Way Forward
We are a growing and progressive economy, a land of opportunities.
“India ranks fifth in the list of the world’s richest countries, with a GDP of 2.264 trillion USD.”
The Indian Government of India is looking forward to scaling up the country’s business sector. Given the market’s outreach with Ease of doing business, India aims to provide infrastructure and various options to start the business successfully. Technology has enhanced the quality of life and improved governance for the nation. The tech opportunity is available to the Indian masses, and the momentum will only pick up with more such initiatives. With the government’s support of the entire digitization of business registration, the online process has made it convenient for everyone. Owning a business now is easier to pave your way to build the empire you have always dreamt about.
So, what are you waiting for?
Have an idea, go out there, research, register and be ready to revolutionize!
Good Luck with your venture!
Have queries related to starting a business, do contact us now.