Are you an entrepreneur looking to start a new business in India, but worried about how long will it take to start in India? Well, as franchising continues to grow in the country, it is now possible to start a new business in 60-90 days.
In India, establishing a new business requires careful strategy, planning, and execution. Before starting a business, it is common to need to obtain multiple registrations and/or licences.
An effort is being made to include all factors while establishing a new business. Also, learn about the requirement with our Step-by-Step article.
Step-to-Step Guide to Start a new business in India in 60-90 Days
The number of startups as well as business owners is growing in India. The Indian government also provides support and advertising businesses with a range of benefits. But launching your own company requires a lot of work.
You need a business plan, the appropriate permissions, and marketing before you can launch your enterprise.
Here are the 9 steps which can simplify your work in getting your business on the road to growth.
#1. Unique Business Concept
Choosing the type of business you want to start is the first step in the business-starting process. Choose a profession that inspires and fascinates you. Pick a line of work that interests and inspires you. However, do some market and competitive research before implementing the company idea.
Find out who could be interested in the goods or services your company offers. Nonetheless, they will be the people your business will serve as its target market. Under the “Make in India” initiative, there are numerous opportunities in India for businesses such as
- Hospitality Industry
- Manufacturing Industry
- Tourist Industry
- Agricultural Sectors Industry
#2. Strategic Business Plan
Create a business plan that outlines key business milestones, budgets, and time limits. It acts as a guide for your company. The business plan should outline the company’s values and mission statement, which act as a guidance for you during difficult projects or periods for your business.
Essential aspects of the business plan include:
- Business description
- a concise summary.
- Products and services offered.
- market research.
- Process of implementation as well as business plan.
- team leadership.
- Plans and expectations for the money
#3. Sourcing the necessary funds
Every enterprise needs money. Entrepreneurs may use their savings or money they borrow from friends and family to launch their businesses. Small firms are typically self-funded.
Different ways of obtaining funds are:
- Businesses can get loans from banks (including term loans and working capital). Numerous banks have launched a variety of financing programmes for firms.
- When an entrepreneur buys shares in a cooperative society, the majority of them offer loans for small firms.
- Crowdfunding is a means of raising funds for businesses. Crowdfunding is the process of raising money from close friends, family, the local area, neighbours, or the wider public in exchange for company equity.
- Venture capitalists and angel investors are sources of funding for businesses. They provide excellent chances for start-ups and small businesses to get investments.
#4. Finalizing your Business Name
You must choose the name of your business or organisation. The name of the corporation or firm cannot be the same as one that is already registered in India.
Your request to form a company will be denied by the Registrar of Companies if the proposed company name is confusingly similar to a trademark or business name that has already been registered. Thus, choosing a legally sound name for your company is therefore crucial.
#5. Provide a Business Address – Find a Business Office
For business registration and official business correspondence, your company or corporation must have an office address. You can launch a business from your home or a rented location. However, if your business is online, you can operate from home, making your house the address for the business office.
#6. Register your business
You must register your business in order for it to be recognised legally after choosing the business name and location of the office.
You can form your firm using any of the following business structures:
#7. Create a Business Website
The ability of a business to expand is greatly impacted by technology. If you display your products or services on your website, customers learn more about your business as well as are more inclined to use your services or buy your products.
Considering how popular online buying and services are, having a website for your company might help you attract more clients.
#8. Develop a strong marketing plan
After you register your firm, marketing it is crucial for drawing customers. You must create marketing plans in order to market the products and services your business provides.
The easiest approach to reach potential customers for your business is through web marketing.
Opening business accounts on social media sites like Facebook, Instagram, and Youtube in addition to having a website for your company will help you reach a wide audience and expand it.
#9. Business Bank Account
Having a bank account in your company’s name is crucial. All business transactions must go through the business bank account because it forbids you from merging your personal and business resources.
Why Choose Sparkleminds to help you start a new business in 60-90 days?
So, everybody who wants to start a new business will have to put in the above prerequisites in some form or the other. It all starts with having/coming up win a business idea.
Being a nation of more than a billion, many have and are having thoughts of starting a business in India every minute. The competition rises as the entrepreneur fever has taken a huge growth in all parts of the economy.
Franchising ensures that you make the most of each of these resources that you want to deploy as well as take up a successful, tried-tested opportunity that matches your resource mix.
With the rise in starting a new business grant by the government and also other incubators, loaning/investment from others has never been this easy.
So why wait to start a new business which can provide you with the stable income and lifestyle you have been wanting to have?
Top Business Opportunities in India
- Agents, Dealers, Distributors
- International Master Franchise Opportunities
- Food Opportunities
- Retail Business
- Education and Training related Business
- Service-related opportunities
- Technology, E-commerce Business
With the high volume of consumers online, many have transformed their traditional businesses into modern tech-savvy versions. Starting a new business online has become very easy as well as cost-efficient.
You could start a new business from home with low-cost investment. You could register for free and explore new business opportunities every day. There are a large number of companies that are showcased in the most comprehensive franchise list of India. The top 100 franchise cities in India are also listed for you to select the city in which you would want to start a franchise business opportunity.
Hence, you could go in and create your entrepreneur profile and sign up for the ‘entrepreneur newsletter.’ Which will bring you the latest, emerging, fresh new opportunities, right into your mailbox.
Therefore go ahead, build your free profile, REGISTER TODAY and let 100’s of business offers come your way. Use our expertise to help you connect with the right business.
To Sum up,
We also offer a host of other add-on services for small and medium businesses and the franchise industry. Hence, this includes property services, HR solutions, finance and funding assistance, and legal and documentation services.
Which ensures that you get everything under one roof whilst you go about researching as well as starting a new business. You could also visit our supplier’s directory and connect with so many professionals offering different business support services, which might be of great assistance to you.
Therefore, call our Franchise Consultants on +91 9844443200 to help you get started with new business opportunities, right away. Register today