Starting a Business in India is like planting a seed. If you give it the right care, it can grow into a big tree! But just like gardening, there are things you should do and things you should not do to make your business bloom.
This article will tell you the simple do’s and don’ts of starting a business in our country, India. We’ll use easy words and examples so everyone can understand, even if you’re just curious!
✅ The Do’s: Good Things to Do When Starting a Business
1. Do Your Homework (Market Research)
Imagine you want to sell your yummy homemade cookies. Before you start baking a lot, you need to see if people around you like cookies and what kind they prefer (chocolate, vanilla, etc.).
Similarly, before starting a business, you need to find out if people will buy what you want to sell. Who are they? What do they like? What problems do they have that your business can solve?
For example, if many people in your area need fast internet, starting a business that provides that service could be a good idea.
2. Do Make a Plan (Business Plan):
Think of a plan like a map for a treasure hunt. It tells you where to go and what to do to find the treasure (which is a successful business!).
Your business plan should have simple points like:
What your business will do (sell clothes, fix computers, etc.).
Who will buy from you.
How you will tell people about your business.
How you will manage your money.
3. Do Get Your Papers Right (Registration):
Just like you need a school ID, your business needs to be registered with the government. This makes it official.
There are different types of businesses you can start, like being the only owner, having partners, or forming a company. Each has different rules.
You will need important papers like a GST number (for taxes) and a PAN card (your business’s ID). Think of it as getting a license to run your business properly.
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4. Do Keep Your Money Sorted (Finances):
Imagine you have a piggy bank for your toys and another for your school trips. It’s important not to mix them up!
Similarly, for your business, open a separate bank account. Keep track of all the money coming in (from sales) and going out (for buying things for your business). This helps you know if your business is making money or losing it.
5. Do Follow the Money Rules (Taxes):
Just like we pay for things we buy, businesses also need to pay some money to the government (this is called tax).
Learn about the different types of taxes for businesses in India, like GST (Goods and Services Tax). Make sure to pay your taxes on time to avoid getting into trouble.
6. Do Show Yourself Online (Online Presence):
These days, many people look for things online. So, your business needs to be there too!
Make a simple website that tells people what you do. Create pages on social media like Facebook or Instagram where you can share updates and connect with customers. This helps people find you and trust your business.
7. Do Make Friends in Business (Networking):
Imagine joining a club with other kids who like the same things as you. You can learn from each other!
Similarly, meet other people who have their own businesses. Join business groups or communities. You can share ideas, get advice, and maybe even find people to work with.
ALSO READ | 5 Most Common Mistakes Indian Entrepreneurs Make (And How to Avoid Them)
❌ The Don’ts: Things to Avoid When Starting a Business
1. Don’t Skip the Important Papers (Legal Steps):
Think of it like playing a game without knowing the rules. You might end up doing something wrong!
Don’t run your business without getting the necessary registrations and licenses. Always use proper contracts and agreements when you work with others. This protects you and your business.
2. Don’t Mix Your Pocket Money with Business Money:
Remember the piggy banks? Keep your personal money and your business money completely separate.
Mixing them up makes it hard to know if your business is actually making a profit and can create problems when you need to pay taxes.
3. Don’t Put All Your Eggs in One Basket (Rely on One Income Source):
Imagine you only sell one type of candy. If people stop liking that candy, your whole business might suffer.
Try to offer different products or services if possible. This way, if one part of your business isn’t doing well, the others can still support you.
4. Don’t Think Everything Will Happen Super Fast:
Sometimes, getting approvals from the government or other official work can take time. It’s not like ordering pizza!
Be patient and plan ahead. Don’t expect everything to happen overnight.
5. Don’t Just Copy What Others Do (Copy Foreign Business Models Blindly):
What works well in another country might not work the same way in India. People here have different tastes and needs.
Understand your local customers and adjust your business idea to fit the Indian market. What works for a shop in America might need changes to work in a shop in Mumbai.
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Conclusion
Starting a business in India is an exciting adventure. By doing the right things (the do’s) and avoiding the wrong things (the don’ts), you’ll have a much better chance of your business growing strong and successful. Remember to learn as you go, be flexible, and never give up on your dream!
Frequently Asked Questions (FAQs)
1. What is the first thing I should do when starting a business in India?
The very first step is to do thorough market research to see if your business idea has potential and who your customers will be.
2. Do I really need to register my business?
Yes, absolutely! Registering your business legally is crucial to operate without problems and build trust with customers.
3. How much money do I need to start a business in India?
The amount of money needed varies greatly depending on the type and scale of your business. Some businesses can start with very little, while others need significant investment.
4. What is GST, and do I need it?
GST stands for Goods and Services Tax. It’s a tax on the supply of goods and services in India. If your business sells products or services, you will likely need to register for GST.
5. How can I get people to know about my new business?
You can spread the word through your website, social media, word-of-mouth, and by participating in local events or advertising.
6. Is it better to start a business alone or with partners?
It depends on your skills, resources, and the type of business. Starting alone gives you full control, while partners can bring in different skills and share the workload and investment.
7. How long does it usually take for a new business in India to become successful?
There’s no fixed timeline. It can take anywhere from a few months to several years for a business to become profitable and successful. Patience and persistence are key.
8. Where can I get help and advice for starting my business in India?
You can seek advice from experienced entrepreneurs, business consultants, government agencies that support startups (like Startup India), and online communities.
