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Legal Process of Starting a Small Business in India:

Legal Process of Starting a Small Business in India:

Now that we’ve done the brainstorming on your behalf, its time for you to shortlist the best small scale business ideas to establish your ultimate small business in India.
Business ideas in India with low investment require to go through the same legal process to get started with their venture.
Let’s read about the legal process of starting a small business in India and its steps:

Step #1: Incorporate your business

Incorporate or register your business as the right type of business entity, be it,
  • Proprietorship
  • One Person Company
  • Partnership
  • Limited Liability Company
  • Private Limited Company
  • Public Limited Company

Step #2: Sign Documents

Sign all the necessary documents, including the founder’s documents that include the duties and responsibilities of a founder towards his business.

Step #3: Obtain Necessary Registrations and Licenses

Obtain all the required registrations and licenses from the government authorities for the legal functioning of a business, like,
  • Value Added Tax (VAT)
  • Employees’ Provident Fund Organization
  • Permanent Account Number (PAN) 
  • Taxation Account Number (TAN) 
  • Professional Tax Registration
  • Employees’ Insurance (ESIC)

Step #4: Trademarking 

One needs to trademark his business’ logos and words that help protect a business against misappropriation and duplication.

Step #5: Prepare Accounts and Taxation Systems

Set up your accounts and taxation systems with your CA or yourself so that all your business transactions are fulfilled smoothly.

Top Small Business in India

India, being a developing economy, has some thriving small business in India that manages to bring income to many rising households.

Some of the top small business in India are:

  • Mobile/DTH recharge shops
  • Breakfast joints
  • Tuition center
  • Tailoring
  • Street bookstalls

New Business Ideas in India with Low Investment

Some of the new business ideas in India with low investment given below would have never even been imagined by the masses a decade ago.

Technology has given rise to some of the latest new business ideas in India with low investment which are:

  • YouTube Channels
  • Blogging
  • Online Bakery
  • Online Courses
Note: We’ve elaborated upon the given ideas in the article below.

Best Business in India – The Wedding Industry

India, being a land of rich and diverse culture, is home to over thousands of unique best business in India. The number 1 best business in India will be anything related to weddings.
The Indian wedding industry is seen with a projected annual market growth rate of 25-30%.
And why wouldn’t it? We all know that ‘big fat Indian weddings form the crux of showing off our traditions.
You can start a wedding consultancy or a wedding planning company that will serve you like the best business in India with infinite growth in the future.

Best Business in India – Renewable Energy Industry

Renewable energy has become an essential element necessary to sustain a normal human life, especially with the decreasing amount of crude oil sources and rising air pollution.
India alone has witnessed the worse Air Quality Index in states like Delhi falling even under the hazardous AQI.
Note: The AQI went as high as 490 amongst some portions of North India in November.
Currently, 63% of India’s energy requirements are fulfilled from coal.
However, shifting our energy consumption patterns towards renewable energy resources can help reduce our air pollution by a massive percentage.

Some of the best business ideas in India that offer high growth in the renewable energy market are:

  • Solar energy
  • Waste-to-power energy
  • Wind Energy

Best Profitable Business India

Here we’ve mentioned some of the best profitable business in India along with their ROI and minimum investment amount.

– Incense Stick Manufacturing

India is home to over 70% of Hindus, who practice their traditional Pooja each day.
  • Min Inv: Rs 5 lakhs for producing around 2.25 lakh packets
  • Net Profit: 7.11%
  • ROI: 30.94% per annum

– Property Management

Property management, due to the rising prices of properties, is one of the best profitable business India.
  • Min Inv: Rs 3 lakhs
  • Gross Profit: up to 50%

– Online Ads Service

The demand for online ads is at a rise in the booming IT sector in our digital age. 
  • Min Inv: Rs 3 lakhs
  • Gross Profit: 20%
  • Min time for parity: 1 year

Start your side hustle or take the first step to initiate your more significant business realities with any of these top small business ideas in India. Additionally, the majority of these small business ideas idea require zero to no initial investment and mint money limitlessly. 

Why look for small business ideas?

We are a part of a gig economy that functions on businesses participating in fulfilling the demands of the market all the time. There are many individuals, alongside the ones with zero to low business influence, who want to enter the world business but do not have a high budget at hand. In this article, we have mentioned all the small business ideas that you can make use of if you want to start a business of your own at a small level.
Small business ideas require a lower investment amount and can yield great profits over the years with expansion. Here are some of the tips that you must keep in mind while looking to establish new business ideas:
  • Don’t invest your entire savings: We motivate individuals to start businesses with small business ideas, but that must not mean that you invest 100% of your savings into starting your new business ideas. If you feel that you’re short on cash and the only way for you to start a business is by investing your entire savings into it, consider taking a loan from the bank instead. 
  • Take guidance from a mentor: Whenever you go pursue a different path, you must consider taking guidance from a mentor. A mentor is a trusted & experienced advisor that helps guide their mentee into building a thriving business of their own. However, be careful while looking for a mentor and choose the one that can be trusted 100%. If you’re looking to build the best business in India, try joining for mentorship programs through sites like LinkedIn.
  • Learn to handle business finances beforehand: Finances govern the profits and strategy used to reach the break-even point in a business. Learn and study the taxes and other provisions about a company to understand the underlying accounting and other fundamentals of a business. You can, however, hire a professional accountant at a later stage to handle that, but you also must have a basic understanding of the same. 
  • Research the market: Whatever small business ideas you’re looking to bring to life, you must ensure that you are bringing forth the best product or business in the field by studying the competition and other market factors that can affect your business at any stage. New business ideas help bring forth innovative methods to meet a consumer’s demands while standing out through creative techniques.

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