17 Working Tips on How to Start a Small Business in India!! (2018)
Do you want to start with a Small Business in your local area?
Nonetheless, here we are!!
Today, I’m going to show you 17 Tips on Starting a Small Business in India (That Actually Work).
Many of you must be beginners right now and want some business ideas which will fit your niche. Click here so that you can Get My Millionaire 31 latest Business ideas.
(These are not only for starting a Small one but also to grow it to a Different Level…)
So let’s get Started with our Surefire 17 tips:
1. Identify the Scalability of Your Business:
It is essential to know whether your business can face some scalability in the near future or not.
It is very important!!
You cannot just start a business in which there is a lot potential for decline. Neither you can start a business in which you have absolutely ZERO knowledge nor the one in which your local market does not have an interest in.
I have seen a lot of people making a significant blunder in starting a business and not knowing the insights of it.
These business tips are going to be an extraordinary one for which no one has discussed on the INTERNET.
Who does not want his/her business to grow to a different level?
You have to select a business idea which will definitely explode in the future. You can use Google Trends to see the potential of a particular Business.
2. Want to Grow? Care about your Customer and Not Yourself:
I mean all the businessmen I have seen are actually worried on their profit but not on the Customers benefit.
A business cannot become profitable on its own unless you have a right money making and managing model.
Unless and until your customer is not satisfied, you are not going to be successful. You have to constantly work on pleasing the customer and making them satisfied with your service.
You have to provide your best to the Customer!!
You can improve your sales by just using these business tips and beyond!!
You have to focus on one thing here: “What problem you are solving in your Customer’s life which he cannot do on his own.”
3. Start with Something Unique to Increase your Sales:
This is really true!!
People who understand this really attain the market.
You have to create something unique which will not lead to any disruption or for your own loss.
You have to create something different which no one had ever created.
This is possible in a small business too…
You have to be somewhat creative.
I have seen a lot of people trying to expand their business/startup with a negative margin. They start to sell the products at a cheap price by acquiring the market which is a loss-leading strategy.
They think that they will get some funding in the future. But this does not happen!!
Through this, they go into serious debts and shut down their business.
Many people think of starting a business with high profit and low investment. I will give you an example of something unique which can increase your sales(in your business):
4. Write down Your Small Business Plans:
Now, you have to write down a report on your small business plan. Just be clear and don’t waste much time writing it.
- Plan your Initial Fundings. Don’t look forward to big investors.
- Prepare the timeline for creating a Unique Product.
- Popularize your Brand by making Somewhat Online.
- Reach out to big companies and show them your product.
- Prepare your Definite Missions.
- Study your Competitor.
5. Build a High-Performance Team:
This is one of the most essential business tips which I have jotted down on the list…
You have to select out the people who have high capabilities and are eager to perform your tasks. Don’t underestimate anyone.
Many startups in India fail because of the lack of talented manpower.
You have to build a team of people with high potential, high performance, high skill and high will.
You have to see the people who have the potential to execute your Vision. This is one of the most required Business Tips, which I think no one has discussed till now on the Internet.
6. Register yourself as an Official Company:
This is very important for you to register your company to the Indian Government.
They raise a lot of objections to the registration of the company. There are many delays in this process but you have to be constantly working on your main objective.
You have to maintain all your documents in a right way and submit your application. It is around Rs10000 for registering a new company.
7. Don’t Release product as a Laggard:
This is the mistake I have seen most people do. Don’t be delayed with your product. You have to release the product before anyone else does.
Don’t be just like LG, producing phones after 6 months of launch. This is why LG is lacking their prospects in India.
These business tips or this particularly required trick, making use of it, can provide you with a lot of differentiating result.
The people who release their product as a laggard, continue to compromise a lot in terms of providing a discount, reducing their margin, planning new schemes.
You should plan a mindset for the sale of a particular product. Set a deadline date.
8. Target the Most Beneficial Bank For Your Work:
If you are ready with all the prospects discussed above, now it will be the time for you to target a bank for your current account.
The bank must be the one which provides all the benefits for your workspace. Before just rushing to the bank for the account, check out some pre-details about it.
You must ensure that your cheques do not bounce for your scarce funds. A bounced cheque determines the financial condition or losses of a particular business/company.
You must ensure that the bank in which you are going to open your account must provide services of credit cards, loans, and other additional carriers.
This can be considered as one of the most important tips on starting a small business in India.
9. Create an Entry Barrier:
This is the most basic level when starting a business. You must create an entry barrier.
Now, What is this Entry Barrier?
This stand out when you have a legal patented product which is yet to be released by you. You must not show your products to anyone else before its announcement.
You have to be in a different level than your competitors about what they are doing.
You have to keep trying hard to build your brand equity even better over time.
10. Customers always Give You a Better Feedback:
You know that your family or friends are always going to help you.
A Definite NO.
Many people miss the process of converting an Ideal Feedback into Feed-Forward.
Customers give us the feedback and we do not convert it into Feed-Forward. This is why many small-scale industries fail in their starting years only.
Customers provide a feedback in order to improve the product, but many people say that they are only asking for Discount. Woopie!!
This is a wrong thinking…
…, the customer is giving you a signal. He wants to be with you but the only thing he is expecting from you is that ‘Please Change Yourself’.
11. Your First Product is Never your Last Product:
Remember this thing!
The product you introduced for the first time to the public is never your last product. The first product is only for the trial.
There is an improvement cycle which will be going on forever. You create a product, people love it and they expect much more from you.
You have to make people really excited about your upcoming product. And in a small startup business, you can host some events in your local area to popularize your brand by providing something unique.
You have to constantly work on improving the product. Just like the phones which have evolved over years. First came that phone with calling feature only, then that snake game one, then those featured phones, then Steve Jobs brought out the first smartphone and further on…
This is called the improvement cycle. We don’t know what will be the upcoming prospect of these phones.
12. Be always in an Eco-System:
You have to continue to remain in an Eco-system.
You have to develop a relationship between you and your consumers. Don’t let them take any step against your dissatisfaction.
Think if Facebook is unfortunately gone, I mean vanished from this world, What Would Happen?
It would be a sudden shock for many people because Facebook has created a big Eco-System.
And same is the case for YouTube!
There is a need for deep relation. You believe that your customers are your relatives. This business tip can help you a lot growing your business at the initial stages.
13. Focus on Marketing Your Work:
Here I do not mean that you need to be Xiaomi or Oppo or Vivo and go wild in marketing your brand. In the SEO world, this can be referred to as Black Hat.
And the same is for the real world…
As said before, you will eventually take up a place in the market on the basis of your product.
But this does not mean that you do not have to do a little marketing!!
You can start initially with your own Website, releasing your posters, feature yourself, taking part in different local competitions, etc.
14. A strategy is Important, but Execution is More Important:
This is true…
…in every sector. If you have the strategy but you are not having the execution strategy, then it is of no use.
This might sound somewhat confusing, but this is it.
Many people ask that how much it cost to start your own business. I simply say,“Its the potential that you have”.
If you are spending a hefty amount of money on a business and not are in a mood to work, then you are lacking in execution.
On the other hand, there is a person who is not having any money but working day and night, that is his perfect execution.
15. Convert your Dreams into Passion:
Now that you have read about some of my best tips, now its time for me to make your Dreams Actually Happen.
Dreams are the things which you are most likely to be found doing as your Passion.
But have ever followed your Passion to see as a Profession?
My dream is to make a different sense of humor for you all people. I want to bring innovation. I’m actually a person at a very young age interested in Futuristic Technology. Innovation is my dream which I will definitely convert to my profession.
But Passion is not only this. We have to give passion a direction. Let’s discuss this in the next part…
16. Give your Passion a Direction:
You have to give a direction to your passion.
This means that you have to look if your passion is profitable?
You have to identify that how can your Passion help in the benefit of your society. It must be for some Problem Solving Purpose.
You have to convert your Passion into a profitable profession. The thing I’m discussing this part in the last is that first, you have to build a business and afterward you have to know your Real Passion for which you are pursuing.
Take the example of Facebook CEO, Mark Zuckerburg: In class 7th, 8th only he started to make his own software. This was his real Passion.
17. Focus on Your Expansion, Never Look Down:
In this Business World, the Addition to your Business Income is Incremental and Multiplication to Business Income is Exponential.
“Never Leave the Sure for Unsure.”
This is a golden statement. You have to focus on Sustainability along with Scalability. You to set out a minimum Gross Profit (which must be fixed) for your needs and your profit aside.
From the leftover profit, focus on expanding your business. You can really turn your small business, which you wanted to start, to a great business.
Invest your profit again and again in your company itself. You must have a Recurring Revenue Model.
Bring new products and turn your small business into a big growing business.
Small Business can be turned into a Big Business. Don’t always consider starting with a small product.
This information is not only for Indian People, rather it is for everyone on this planet who want to follow their passion.
Make your definite business plans by writing them out and building a high profile, high skill, high output team. Be the first one to produce the product.
Make an entry barrier which no one can cross and compete with you. Go to a different level.
This way you can start with a great business and then further make it world-wide famous.
Now I want you to give me some ideas on Blog Topics in the comment section below.
Hope you get my point!!
Best of Luck for your revolutionary, highly profitable business…