Home > Blog > Business Loan > Starting a New Business in India – ...

Starting a New Business in India – Infographic

Starting a new business is not difficult. There are seven steps you will have to take in order to become a business owner.

Business Plan

First and foremost, you need to formulate your business plan. In order to do so you need to grab a pen and paper and write down a statement of purpose, a business description, classify and clarify roles, operating procedures and have a clear understanding of the finances which include loan applications and cash flow management.

Secondly, you need to choose where you establish your business location (Headquarters). Manufacturing businesses are usually located away from urban areas.

Financing

Research will form the backbone of your businesses success. You will have to find suitable financing options and establish your legal structure in order to move ahead with your business plan. An institution like Lendingkart can help you secure a business loan and realize your business goals.

You will have to recognize opportunities such as government grants which can help you in your business finances. Define whether your business will be a single ownership firm or a partnership and then manage your finances accordingly.

Business Name

Next, the name of your business is what your customers and vendors will use to remember you. You will have to choose a name that is apt towards the business you do and or the customers you wish to serve. Do not delay once the name is decided. It is best to legally register the name of the business at the earliest.

Business Tax

A clean business is the one that lasts for long. Paying your taxes and applying for income returns, will ensure that the government has a clear picture of your books and there won’t be any locking of funds by the authorities to check your accounts. To avoid any untoward event, register your business with a PAN ID and tax registration number. Always report your business income, expenses and investments truthfully to enjoy a good business.

Business Licensing

You will also need licenses and permits to run your business which you should be able to secure from your local municipal corporation.

Once you have taken care of all the necessary paperwork, you will literally see your business take shape and hence you will soon need employees to grow your company to the size you want it to be. When you reach this stage, make sure you keep your employee responsibilities clear, concise and transparent.

This will promote a healthy work environment and thus attract more people to join you in accomplishing your dream of taking your business to new heights.

Copyright © 2019: This infographic is a part of Lendingkart.com

 

You might also like these

How to Check and Improve CIBIL Credit Score for Business Loan?

Business Strategy

How to Check and Improve CIBIL Credit Score for Business Loan?

27.06.2019

How to Check and Improve CIBIL Score/Credit Score for Business Loan? Banks and other financial institutions rely heavily on the CIBIL Transunion Score of a person to judge his/her creditworthiness, based on which the credit is disbursed to the borrower. The score typically ranges between 300 to a higher limit of 900. A score that …

khadi and village industries commission

Business Strategy

Khadi and Village Industries Commission (KVIC)

11.07.2019

Overview: KVIC is a statutory body formed by the Government of India under the KVIC Act of 1956 that aims to nurse employment and economic uplift in rural India. The term Khadi goes back to the Swadeshi Movement launched by Mahatma Gandhi in 1920 by propagating the use of hand-woven and home-spun fabrics. It was …

Cibil Score for Business Loan

Business Strategy

CIBIL Score for Business Loan – Check Minimum Credit Score

20.06.2019

Minimum CIBIL Score for Business Loan Businesses require huge amounts of money. Risk-taking entrepreneurs stake their lives and careers on the line to start companies. These businesses and the job opportunities they introduce to the economy are part of the economic lifecycle. Loans fuel such businesses and good loans with attractive interest rates enable people …