Why should you start a business?
Starting a small business in India comes with a lot of challenges, but on the other hand, it can be very rewarding. Reasons for that are numerous, and below are some of the most important ones:
- While running your own company, you get a chance to be self-employed and don’t have to answer to no one.
- Another great thing about owning a business is the fact that you don’t have to think about the global economy, you just have to strive at your own pace.
- You can earn a lot of money regardless of the size of your company.
- As a small company, you’ll be able to personally respond to all customer related issues, and your clients will know to respect that.
- There are plenty of ways to get good tax savings while owning a small business, just make sure to get a good accountant who can help you with those.
What to do?
Regardless of current economic climate, there are plenty of opportunities for launching a small business. There is a pretty good chance to start earning money without any investments if you decide to work online. You can start a blog and drive people to your website and start earning from traffic.
Once you have some experience in writing blog, you can reach out and take some freelancing gigs. After that, there is an option to engage in affiliate marketing, create a store and work with Amazon and eBay, or create videos for YouTube. If the online business is not your cup of tea, think about starting a construction company.
Starting a constructing business
It is very easy to start any type of business in India, but going for one in construction may be the right move. While competition in this type of business is huge, you shouldn’t feel discouraged. Indian government involved in building cost affordable housing for everybody
, which means that this sector can only grow in the future years.
Before you do anything else, you should sit down and create a detailed business plan. This plan should include all your strengths and weaknesses and will be very helpful down the road. After that, you should choose the location for your new business. Don’t forget that location is very important regardless of the type of business.
Next, you should think of the area where you will operate, and decide on a company type. You can be listed as LLP, partnership, proprietorship etc. Get in touch with any CA and they will let you know about all the steps you need to take to register a company. Talk to your CA about the GST registration
, because that is the new tax regime which will consolidate all taxes under the same system.
Once you’ve taken care of everything above, you can open a business account and start looking for first clients. If you want to succeed in any business today, you’ll need to work on your online presence. Define your target audience and start advertising your new company.
Give your best to offer properties that are close to schools, hospitals, colleges and shopping centers. Think twice before you invest in real estate, because your clients will ask to be connected with mentioned facilities.
In the end, before you sell your first property, you should think about the price, and use that information while raising a bank loan. Again, it is crucial to think about the location, so make sure to invest just in properties that are in high demand. That way you’ll be able to construct the building on short notice and pay back the bank and others.