{"id":21656,"date":"2019-07-09T15:32:54","date_gmt":"2019-07-09T10:02:54","guid":{"rendered":"https:\/\/enterslice.com\/learning\/?p=21656"},"modified":"2021-01-27T17:15:37","modified_gmt":"2021-01-27T11:45:37","slug":"how-to-start-a-profitable-small-business-in-india","status":"publish","type":"post","link":"https:\/\/enterslice.com\/learning\/how-to-start-a-profitable-small-business-in-india\/","title":{"rendered":"How to Start a Profitable Small Business in India"},"content":{"rendered":"<p class=\"has-drop-cap\">At some point in our lives, we must have thought of starting our own <strong>small business in India<\/strong>. We also might have hundreds of great business ideas and learned a lot about the same. But starting a new business is not easy if you don&rsquo;t have any knowledge and experience in this field. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What things\nshould be considered before starting a Small Business?<\/strong><\/h2>\n\n\n\n<p>Doing business is not about profits only but it has many modules like customer support, public image, loyalty and <strong>brand value<\/strong><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Brand_valuation\"><strong>[1]<\/strong><\/a><\/sup> and so on. Thus a person thinking of starting a new business should consider all this before starting a business. Therefore, the following are a few points which an entrepreneur should consider before starting a <strong>small business in India<\/strong>.<\/p>\n\n\n\n<ul><li><strong>Take the First Step<\/strong><\/li><\/ul>\n\n\n\n<p>Most of the people just thought of starting a business\nbut many of them never dare to take that first necessary step of starting a\nbusiness. Hence, everyone who is thinking and has an idea should take that\nfirst step of implementing the business idea. The steps could be simple things\nlike start saving, making a business plan, start coordinating with different\nstakeholder etc.&nbsp; Also, you must have a\npassion that you could make your profession.<\/p>\n\n\n\n<ul><li><strong>Make\na Business Plan<\/strong><\/li><\/ul>\n\n\n\n<p>Before kick &ndash; starting a business idea into reality you\nmust have a business plan. Now what is a business plan?<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"975\" height=\"975\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/07\/Business-Image.png\" alt=\"Small Business\" class=\"wp-image-21657\" srcset=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/07\/Business-Image.png 975w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/07\/Business-Image-150x150.png 150w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/07\/Business-Image-300x300.png 300w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/07\/Business-Image-768x768.png 768w\" sizes=\"(max-width: 975px) 100vw, 975px\"\/><\/figure>\n\n\n\n<p>The Business plan contains all the details about the implementation of the business idea like the type of business, nature of the business, a form of business required for the type of business like a sole proprietor, joint-stock company or partnership firm, etc. Also, having a <a href=\"https:\/\/enterslice.com\/business-plan\">business plan<\/a> will help you in proper implementation at the same time coping up with the changing environment.<\/p>\n\n\n\n<ul><li><strong>Determine\nthe Sources of Funds<\/strong><\/li><\/ul>\n\n\n\n<p>A business can only run by some initial investment by the\nentrepreneur or the businessmen. It is important to predetermine the type of\nsource like retained earnings, loans or investment from outside. Along with\nthat from where the money will come has to be decided in advance. <\/p>\n\n\n\n<p>It is highly recommended that the entrepreneur should\ninvest his own money an initial investment since by doing that he will get the\nmaximum return for all his hard work later on when the business will succeed.<\/p>\n\n\n\n<ul><li><strong>Make\nGood Relations with people in your field of Business<\/strong><\/li><\/ul>\n\n\n\n<p>Doing business is like learning new things each and every\nsecond. It is important that you have contact with at least a few people having\nthe same field of business as yours. As, it will help you to be updated about\nthe latest developments, new government regulations, solving business problems,\netc. <\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"975\" height=\"975\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/07\/Small-Business.png\" alt=\"Small Business\" class=\"wp-image-21658\" srcset=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/07\/Small-Business.png 975w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/07\/Small-Business-150x150.png 150w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/07\/Small-Business-300x300.png 300w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/07\/Small-Business-768x768.png 768w\" sizes=\"(max-width: 975px) 100vw, 975px\"\/><\/figure>\n\n\n\n<p>It is also recommended that you must have healthy and\nfair competition rather than using unfair means of getting business advantages.<\/p>\n\n\n\n<ul><li><strong>Build\na Website and Start doing Online Marketing<\/strong><\/li><\/ul>\n\n\n\n<p>Those days are gone when direct communication and direct\nmarketing was important for doing business. A large investment is required in\nthe traditional way of business which is quite expensive. <\/p>\n\n\n\n<p>Henceforth, we should form the beginning by making online presence by making a website, SEO, online marketing, etc.&nbsp; Nowadays, a business can sell his products thousands of miles away by online business. Minimum infrastructure is required in this type of business which is a good option for little businesses having little investment amount.<\/p>\n\n\n\n<ul><li><strong>Build\na Social Media Presence.<\/strong><\/li><\/ul>\n\n\n\n<p>Apart from online presence, it is equally important to\nhave a social media presence on various platforms like Facebook, Instagram,\nTwitter, etc. As online presence is used to sell the products or service but\nsocial media presence will help in building brand image, customer relations,\nextend customer reach.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" loading=\"lazy\" width=\"728\" height=\"639\" src=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/07\/business.png\" alt=\"Small Business\" class=\"wp-image-21659\" srcset=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/07\/business.png 728w, https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/07\/business-300x263.png 300w\" sizes=\"(max-width: 728px) 100vw, 728px\"\/><\/figure>\n\n\n\n<p>Also, people will not go directly to your online sites\nbut social media presence will help you to transfer the followers from social\nmedia to their business model.<\/p>\n\n\n\n<ul><li><strong>Setting\nGoals <\/strong><\/li><\/ul>\n\n\n\n<p>It is very important to set goals while doing business.\nNow here I&rsquo;m not talking about long term goals but short term goals. Setting\nweekly, monthly goals is important to achieve long term goals while starting a\nbusiness since it will help to boost our morale and confidence at regular\nintervals. <\/p>\n\n\n\n<p>Short term goals could be like setting a benchmark for\nthis week sale, setting the number of complaints to be resolved this month, or\nincreasing customer to so and so number.<\/p>\n\n\n\n<ul><li><strong>Start\nSmall<\/strong><\/li><\/ul>\n\n\n\n<p>Although it is correct that all of us want that we have a\nsuccessful business with big offices and a lot of employees. But since you are\ndoing the business for the first time it is important that you start with small\ninvestment i.e. on a small scale. Since during beginning of the business, you\nmight not be so experienced or specialized in dealing with the uncertainty and\nhiccups. <\/p>\n\n\n\n<p>Hence to get experience it is very much important that\nnot to invest in a huge amount in infrastructure, online websites, customer relations,\netc. In the beginning, you are only required to know how the business is run in\nthat particular field.<\/p>\n\n\n\n<ul><li><strong>Hire\nthe Right Employees<\/strong><\/li><\/ul>\n\n\n\n<p>We all know that running a business is not a one-man show\nas a lot of human resources are required for running a successful business. In\nevery successful business, there are always a few loyal and hardworking\nemployees. Therefore, while recruiting the HR manager you should consider those\nemployees who could provide some worth to the business and are also loyal and\nhardworking. <\/p>\n\n\n\n<p>Hiring is just one thing it is equally important that the\nemployee of the company is regularly motivated to increase their morale and\nconfidence by awarding them with bonuses and work linked incentives.<\/p>\n\n\n\n<ul><li><strong>Decide how you&rsquo;ll make a profit<\/strong><\/li><\/ul>\n\n\n\n<p>Earning a profit is the ultimate goal of all businesses.\nSo it is very much important that before starting a business you have sorted\nout how you are going to generate revenue for the business. As you are required\nto pay a lot of expenses while running the business like paying employee\nsalary, utility bills, rent of office, etc. Therefore, profit is the ultimate\ngoal for the survival of the business.<\/p>\n\n\n\n<p>Nowadays, many societies have moved forward to the\nmaximization of stakeholders a secondary goal of their business. Since, once\nthe business has started earning profit the next thing is to see that interest\nof various stakeholders like lenders, employees, and shareholders are also\nmaximized.<\/p>\n\n\n\n<ul><li><strong>Know government rules and regulations<\/strong><\/li><\/ul>\n\n\n\n<p>Before starting a business it is quite important that you\nhave gone through the rules made by the government in that territory and the\nfield of business that you are going to in. Since, if there are lapses on your\nside it could be very harmful to your business in the long run. <\/p>\n\n\n\n\n\n\n<style>\n.cities {\n  background-color: blue;\n  color: white;\n  margin: 20px;\n  padding: 20px;\n}\n<\/style>\n\n\n\n<div class=\"cities\" style=\"-webkit-box-shadow: 9px 14px 0px -1px rgba(245,167,32,0.91);\n-moz-box-shadow: 9px 14px 0px -1px rgba(245,167,32,0.91);\nbox-shadow: 9px 14px 0px -1px rgba(245,167,32,0.91);;\">\n<p class=\"text-white\">For example- if you are planning to start an online food delivery business. So, it would be necessary that you have obtained an FSSAI license from FSSAI department and municipal authorities. Along with that, you have taken GST registration for paying tax and other government fees.<\/p>\n<\/div> \n\n\n\n\n\n\n<ul><li><strong>Prepare Proper Contracts or Agreements With The Parties.<\/strong><\/li><\/ul>\n\n\n\n<p>During business activities on a daily <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Basis&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;In finance, the &amp;quot;basis&amp;quot; is a term with several applications, including representing the difference between the spot price and the future contract price of an asset, which is vital in investment(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/basis\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>basis<\/a>, we are\nsupposed to have a lot of agreements with outsiders. Therefore, it needs to be\nproperly documented by way of contracts and should be properly stamped. Since\nin the future if a service or act has not been performed then we should have\nrecourse for the non- performance of the act. The contracts which could be made\nare rent agreement, raw material supply agreement, employee agreement, selling\nagreement, etc.<\/p>\n\n\n\n<ul><li><strong>Learn from Others<\/strong><\/li><\/ul>\n\n\n\n<p>It is quite important to find mentors and be in a group\nof like-minded people, learn everything about your industry and what it takes\nto get from where you are to where you want to be. Take training courses and\nattend conferences when they are available. You&rsquo;ll save a tremendous amount of\ntrial and error by learning from people who have been there before so start\nlearning.<\/p>\n\n\n\n<ul><li><strong>Keep trying new things <\/strong><\/li><\/ul>\n\n\n\n<p>It is necessary for every entrepreneur to try new things\nand should try to analyze how the <a class=\"glossaryLink\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Market&lt;\/div&gt;&lt;div class=glossaryItemBody&gt;A market is a structured environment, either physical or virtual, where buyers and sellers convene to trade goods and services. This trading hub operates based on the principles of supply and(...)&lt;\/div&gt;\"  href=\"https:\/\/enterslice.com\/learning\/terms\/market\/\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]'>market<\/a> or the customer reacts to it and\nchange it accordingly. The market is very dynamic and the trends keep on\nchanging hence an entrepreneur should never rest thinking that its business is\ndoing well. <\/p>\n\n\n\n<p><strong>Also Read<\/strong><\/p> <h3><a rel=\"noreferrer noopener\" aria-label=\"Thing to keep in Mind before the Launch of Startup Company (opens in a new tab)\" href=\"https:\/\/enterslice.com\/learning\/thing-keep-in-mind-before-launch-of-startup-company\/\" target=\"_blank\">Thing to keep in Mind before the Launch of Startup Company<\/a><br>\n<a href=\"https:\/\/enterslice.com\/learning\/why-startup-in-india-fail\/\">Top 15 Reasons Why Startups in India Fail<\/a><br>\n<a href=\"https:\/\/enterslice.com\/learning\/tax-benefits-for-startups-in-india\/\">Are Startups in India Eligible for Tax Benefits?<\/a><\/h3>\n\n\n\n<p><strong>Concluding\nThoughts<\/strong><\/p>\n\n\n\n<p>As we all know that thousands of businesses are opened each year but very few can reach that point where it can call itself successful. An entrepreneur is one who should not rest or wait since running a business is a continuous process.  You must have leadership qualities and must have a vision and mission for his business. You must take the business in the forward direction along with all the stakeholders. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>At some point in our lives, we must have thought of starting our own small business in India. We also might have hundreds of great business ideas and learned a lot about the same. But starting a new business is not easy if you don&rsquo;t have any knowledge and experience in this field. What things [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":45226,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"acf":{"service_id":"250"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v14.6.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Small Business in India - How to Start a Profitable | Enterslice<\/title>\n<meta name=\"description\" content=\"For starting a Small Business in India one should consider various factors such as customer support, public image, loyalty and brand value and so on.\" \/>\n<meta name=\"robots\" content=\"index, follow\" \/>\n<meta name=\"googlebot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta name=\"bingbot\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterslice.com\/learning\/how-to-start-a-profitable-small-business-in-india\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Small Business in India - How to Start a Profitable | Enterslice\" \/>\n<meta property=\"og:description\" content=\"For starting a Small Business in India one should consider various factors such as customer support, public image, loyalty and brand value and so on.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterslice.com\/learning\/how-to-start-a-profitable-small-business-in-india\/\" \/>\n<meta property=\"og:site_name\" content=\"Enterslice\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/enterslice\" \/>\n<meta property=\"article:author\" content=\"enterslice\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-09T10:02:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-01-27T11:45:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/07\/How-to-Start-a-Profitable-Small-Business-in-India.png\" \/>\n\t<meta property=\"og:image:width\" content=\"670\" \/>\n\t<meta property=\"og:image:height\" content=\"352\" \/>\n<meta name=\"twitter:card\" content=\"summary\" \/>\n<meta name=\"twitter:creator\" content=\"@enterslice\" \/>\n<meta name=\"twitter:site\" content=\"@enterslice\" \/>\n<!-- \/ Yoast SEO plugin. -->","authorName":"Narendra Kumar","authorImageUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/04\/nk-1.jpg","authorDescription":"Experienced Finance and Legal Professional with 12+ Years of Experience in Legal, Finance, Fintech, Blockchain, and Revenue Management.","postViews":487,"readingTime":5,"nextPost":{"id":21640,"slug":"food-security-card-everything-you-need-to-know"},"prevPost":{"id":21570,"slug":"what-is-patent-and-why-patent-registration-necessary"},"featuredMediaUrl":"https:\/\/enterslice.com\/learning\/wp-content\/uploads\/2019\/07\/How-to-Start-a-Profitable-Small-Business-in-India.png","postTerms":"Startup","_links":{"self":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/21656"}],"collection":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/comments?post=21656"}],"version-history":[{"count":0,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/posts\/21656\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media\/45226"}],"wp:attachment":[{"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/media?parent=21656"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/categories?post=21656"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterslice.com\/learning\/wp-json\/wp\/v2\/tags?post=21656"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}