How to Start a Business in India Successfully

i. Choose an Industry
If you want to start your business in India, the first thing that is expected of you to do is to
choose an industry where you would want to build a business in.
There are several highly thriving industries in India and it is expected that you decide on the
industry to build your business based on your area of strength. For example, the I.T.
industry is one of the thriving industries in India and there are countless numbers of
business opportunities available in the industry.
ii. Conduct Your Feasibility Studies-:
Once you are able to make up your mind on the industry to build your business, the next
step that you are expected to take is to conduct feasibility studies. India is a unique country
when it comes to setting up businesses; a business that can thrive in one region will likely
fail big time in another region. So, you are expected to conduct your own feasibility studies
in the region you intend starting your own business.
iii. Write Your Business Plan-:
Irrespective of what part of the world you intend starting your business, the norm is that you
are expected to write a workable business plan before launching the business.
Consequently, if you are starting a business in India, you are also required to write a
business plan.
The truth is that without a good business plan in place, you are likely going to struggle to
build a business from the scratch in India. The competition amongst entrepreneur is much in
India; every business owner would want to outsmart their competitors. That is the reason
why you need to draft a workable business plan that has unique business strategies.
iv. Register Your Business
As it is required in most countries of the world, you cannot legally operate a business in
India without registering the business with the government. If you run a business that is not
registered, there is a limit to the height the business can grow to.
The ministry of corporate affairs is in charge of registering business in India, so you are
expected to visit their office to make enquiry of the requirements needed if you want to
register a new business in India. Basically there are four categories of company registration
in India you will be required to choose from any of them when you want to register a new
business in India.
The categories are: Indian Company, Part 1 Company, Section 8 Company and Foreign
Company. The various application forms are available for free download in the official
website of the Ministry of Corporate Affairs, India.
v. Join Professional Networks
One of the means you would need to survive as startup in India is to join professional
networks. Any business built in isolation will struggle to survive in India that is the reason
why people look for professional organizations and enroll as a member.
 The benefits you stand to gain when you join a professional network in your industry are
unlimited. Thus, ensure that you look for relevant professional organizations to join once
you start your business in India.
vi. Create a Professional Website for Your Business-:
The average Indians are internet savvy, so if you intend starting a business in India, you
must ensure that you open a professional website for the business. When you have a
professional website for your business, it makes it easier for people searching online for
businesses to locate your businesses.
It is also important to create a platform where people can purchase your goods online. E
Commerce is in vogue in India and if you must do pretty well with your business in India,
you must create room for people to purchase your goods online and get it delivered to them.
vii. Make Provisions for Pay Your Tax
If you want to start a business in India, then you must make provision for paying your tax
regularly. There are about 20 different taxes that people pay in India, you can contact the
Central Revenue Collection agency in your region or the office of the Comptroller and
Auditor General to enquire of the tax you are required to pay. India is among the countries
of the world that can boast of having a well developed tax system.
There you have it; the steps you would need to follow if you want to start a business in
India.
Doing business in India 10 facts / Challenges you must know
If you ask entrepreneurs of repute what they think about doing business in other parts of the
world other than theirs, chances are that they would tell you it is a great opportunity to
always spread their tentacles. As a matter of fact, doing business in another clime exposes
you to learn a great deal that might be useful to you in the nearest future.
Indians are known for their great level of productivity. This is because they are a species of
business minded people who look to see that they get good returns on their investments.
So, you just might want to consider starting your business in India. However, it isnt enough
that you run off to start your venture, without first considering some facts.
These facts have to do with cultural norms, business lifestyles, as well as general notion
about the Indian clime. Therefore, if you are convinced that you might want to do business
in India someday, then you may want to consider the following facts that you must have at
the back of your before doing business in India. Now, here goes.
a. Labor Contracts Is Important
If you are looking to do business in India, it is important that you know quite a lot about the
labor laws. Indian labor laws offers a minimum of benefits to all employees and these laws
take the place of the provisions of labor contracts. There are three types of contracts in the
Indian country and they are;

Permanent contract
Fixed contract
 Temporary contract
Therefore, Investors have got to pay special attention to the Industrial Disputes Act, which
supplies a large number of protections for employees. This act has to do with the hours of
work, leave holidays, payment of wages, terms of service, as well as other conditions. This
act also governs wage and remuneration acts which control the payment of wages and
bonuses.
b. Foreigners Need Visas
You have to know that all foreigners visiting India need a visa. It is pertinent to note that
India issues tourist visas, usually for 180 days with multiple entries. Consequently,
applications must be made at the consular section at the nearest embassy or high
commission. There is the business visa- which indicates that the period of stay in India per
visit is limited to six months, and the employment visa.
c. Transfer Pricing
You have got to also take note of the transfer pricing. This has to do with the prices charged
between associated enterprises established in different tax jurisdictions for their inter-
company dealings. For tax and auditing reasons, international transactions between
associated enterprises have got to be evaluated on the foundation of the arms length
principle. Furthermore, a transfer pricing audit is needed if the related party transaction
exceeds INR150 million.
d. Indians are not Punctual People
It is needful that you know that Indians are not principally known for their punctuality.
Bottom- line is that they are perceived as sloppy people. However, this might not be true
about all Indians. For most of us all over the world, we all know that time is precious;
however, for the average Indian, its auspicious.
e. Too Much Bureaucracy
One very not too good fact about India is the high level of bureaucracy. Political parties
exert a huge amount of power. For that reason, industrial ventures are not easy to set up
and as such you may be required to bribe them. This isnt a permanent thing, as you may
keep bribing those in power dispensation after dispensation.
f. Office Is Taken Home
It is needful that you know that business in India is usually taken home. Indians see nothing
wrong in taking work home. As a matter of fact it is something they would readily jump at.
Therefore if you want to start your business in India and you have employees who want to
take work home, do not be surprised as it a part of the culture.
g. Cheap labor
You can be sure to get cheap labor in India. This is not to say that the people in India do not
like to be paid high. However, this has become like a culture and norm for the people of
India. This is why when you want cheap labor, and then you can look to getting them in
India.
h. Indians Are Diligent
One of another very good fact that you may consider taking to the bank is the fact that
Indians have very diligent workers. Therefore this is one fact that you should hold dearly.
Because you can rest assured that your workers in India would be diligent.
i. There Is Not Much Business in one City
It becomes sort of awkward when you are looking to do business in one city of India. Say for
instance; New Delhi. You should be ready to do business in different cities. This is because
it is one of the long held norms in India. People in India travel a lot so as to capture the
market fully.
j. Business starts Late
In India it isnt a new thing to have businesses start and end late. Business starts at about
10:30 in the mornings and ends at 6:30 or even longer. It is for that reason that you have
got to have this at the back of your mind, so that you may figure out how to fix things.
Now that you now know these facts, it becomes important that you sit and check yourself to
see if you would still want to go ahead with setting up your business in India. This is not to
say that India isnt a favorable place for business. As a matter of fact, you can make loads
of returns of investment in India.