Small Business Checklist: Steps to Start a Small Business

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Small Business Checklist Steps to Start a Small
Business

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Starting your own business might sound like a lot
of tasks in hand, but it is not. India is one of
the most prolific start-up regions in the world.
Nearly 4000 start-up businesses emerge from
innovative entrepreneurs every year. However, it
is said that about nine out of ten small
businesses fail in India. Business owners
primarily fail in taking the right steps in the
initial stages of establishment. Business owners
must create and work on successful strategies
from the beginning. There are various things to
know about a business before you comprehend an
effective method to start and run a successful
business in India. This article is a part of
our comprehensive business guide. It will walk
you through a quick small business checklist and
steps to start a small business.
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Steps to Start a Small Business
Checklist Starting a small business requires a
lot of hard work and dedication. You will have to
work on it around the clock to achieve your goals
at the initial implementation stages. Getting set
up with your small business is all about ensuring
you have checked all the tasks on your list. The
steps to start a small business mentioned below
aims to help you do the same. We have broken a
pile of tasks into manageable subcategories that
will help you complete each step involved in
getting started.
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•   Innovative Small Business Ideas
• Necessity is what drives powerful innovations.
  Sometimes figuring out solutions to the problems
  around you can help you develop the best start-up
  ideas. Well, if the solution already exists, find
  a better, upgraded, and cost-efficient solution
  through innovation. A great small business idea
  is not the one that primarily focuses on
  generating wealth. It is the one that adjusts to
  the changes, fits your target market, suits the
  desirable location, and relates to you
  personally.
• Starting your own business is a commitment
  itself you need to choose something that drives
  you for a lifetime. What is a success, according
  to you? Draft your small business idea around
  your definition of success. Know what are your
  strengths and weaknesses. Question if your idea
  caters to them. Research on the most successful
  small business ideas to find ideal products or
  services that you can invent or innovate.

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2.   Market Research It would be best if you
came up with the idea that works well on all
market levels. But how do you figure out if you
have hit the great small business idea? It would
help if you used the learn and plan methodology
to do that. Does your target audience desire a
fancy restaurant, or would another burger shop in
their neighborhood well fit their preferences?
However, do not let your market research hold you
back from establishing your business. It is only
an experienced learning and not a part of your
planning process. It is crucial to understand
your target audience to know if your business
offers an ideal solution to their problems. What
advantage do you have over your competitors out
there? Map out the milestones and goals as per
your business idea to build an outstanding team
that will help you execute them within a specific
timeframe. Validate your business ideas, meet
real people, interview your potential customers
to understand if your initial pricing plans seem
convincing to them.
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3.   Build an Effective Plan A dream written
down with a date becomes a goal, a goal broken
down into steps becomes a plan, and a plan backed
by actions becomes a reality. Although
innovative ideas drive start-ups, they cannot
succeed without a plan. It would be best to plan
the sequence to how, when, and where to execute
it. Sketch out the mere mirror of the path you
want to accomplish to make your innovative idea
an assuring existence more than just a
possibility. Draw out a flowchart in the
sequential order of procedures to be followed to
achieve your goal. Develop the ability to foresee
the results of the events you plan. Make sure you
add a back-up plan to any procedure with a chance
of failure due to an unforeseen possibility.
Business planning always helps you to cope up
with any negative aspects that you might face
along the journey. Therefore, planning is also
the foremost step to start a small business as it
provides a certain sense of stability and vision
to follow throughout.
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• 4.   Map-Out Your Finance Strategy
• The requirement of finance to any business is
  like the fuel to an engine. Although generating
  money is not the primary goal of running a
  business, money is a vital aspect that sustains
  the business in the long run. Excel out the
  approximate budget you would need to start the
  business. Look out for financial assistance if
  needed. Check out the various business loans
  offered by the government to encourage business
  start-ups in India.
• Here, we have listed some of the vital government
  start-up schemes that might be of your help.
• M-SIPS (Modified Special Incentive Package
  Scheme) provides a 25 subsidy for innovative
  start-ups related to automobiles and the
  electronic industry.

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• The Venture Capital Assistance Scheme provides
  loans at zero interest rates for businesses
  related to farming and agriculture.
• Raw Materials assistance helps manufacturing
  businesses by providing loans at low-interest
  rates on unique imports of indigenous raw
  materials.
• Infrastructure Development Scheme supports
  start-ups in setting up their own office space of
  about 467 sq. ft to 8657 sq. ft with specific
  terms and conditions.
• Atal Incubation Centres (AIC) empowers innovative
  start-ups related to artificial intelligence,
  food, Nano-tech, etc. It provides funds up to 10
  crores INR that covers the managerial incidentals
  for almost five years.
• Besides, there are many other schemes offered by
  the GOI that helps in establishing a small
  business. However, having a precise financial
  plan and execution strategy is crucial to run a
  business with zero hassles.

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5.   Branding If you believe branding is for
large businesses, you need to rethink your
considerations. Branding is one of the crucial
keys to increase sales and loyal customers, and
it is necessary irrespective of the type of
business and its scale. It is where you should
be putting all your hard work. Once youve known
your target audience, you can quickly grab their
attention through your brand. To start branding
your business, you need to focus on a few things.
Firstly, choose the brand name that you can
trademark. Secondly, come up with your value
proposition a brand message, tagline, and tone
of voice. Thirdly, define the look of your brand
that is the colors, themes, and fonts. Lastly,
but most importantly, create a captivating logo
that well represents your business innovative
idea.
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6.   Infrastructure Management Infrastructure
management is one of the crucial steps to start a
small business in India. Look out for the
infrastructure or, in particular, the facilities
for running the machinery (if any) to have your
business run undisturbed. The communication
facilities, power facilities, network
availability, and basic needs like water, food,
etc. must be met by the setups location.
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7.   Legal Requirements Any business needs to be
linked and updated with the legalities as per the
GOI policies. It helps a business have a stand
amid the competitive world and protects against
frauds and failures, assuring utmost safety.
There are various sectors under which a business
should be registered, especially the GST policies
of the nation. To avail of the advantages
offered by the government of India, a business
should undergo specific legal documentation as
proof of existence. The overall financial data
must be recorded and documented to submit them to
the ITD when required. Thus, having a strong
stand in terms of a businesss legal aspects is
also an essential factor in achieving the goal
effortlessly.
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8.   Persistence and Passion The road that leads
you to success will always have ups and downs
despite making all the ends meet while
establishing your business. Only passionate
business owners can persist despite difficulties
and oppositions along their journey. They have
the tact to keep going with their goals. And when
the goals are met, they continuously keep aiming
for higher goals to be reached. These qualities
are essential to sustain in todays business
world. Develop the patience along with tactics to
work smart. Do not look at your business as a
money generating idea. Make sure it is something
you can live and breathe with, something you are
passionate about. Take your failures positively,
as a motivating factor, as a lesson that will
help you do better in the future.
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9.   Registration Processes Involved in Starting
a Small Business in India Have you registered
your business name? If not, how to do it? To
successfully establish your business, you will
have to tick all the boxes on your checklist. One
of which also includes registering your business
officially. Here, we have listed the necessary
registration process that you might have to
consider while getting on with starting your
business in India.
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Name Category of the Business It may not seem
like a more significant concern, yet, you need to
invest all your intelligence in naming your
business. Indian business owners often find it
hard to find a business name for patent and
copyrights purposes as most names are unavailable
due to crores of companies within the
country. However, it is ideal for you to develop
a unique name that is catchy, recognizable, and
easy to pronounce. Further, it would be best to
finalize the category of business that your
start-up falls under as it decides the
registration procedures accordingly.
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Apply for the DSC (Digital Signature
Certificate) The DSC is the primary certificate
provided as a signatory authority to the
respective owner or director to proceed with the
registration process. To apply for the DSC, you
will have to present your proof of identity
provided by the government to its citizens. In
India, the valid proof of identity documents
includes the Aadhaar Number, PAN, Address Proof,
or the owner and directors contact details.
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Obtain TAN (Tax Account Number) TAN is a unique
number provided by the income tax department to
the registered taxpayers. You will have to fill
and submit the TAN form on the official website
or centers that offer TIN (Tax Information
Number). The ITD then verifies and issues the TAN
number to the respective applicant.
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• Obtain the Required Documents that Indicate a
  Lawful Business
• It is the right documentation that determines the
  credibility of the company. You will have to
  obtain various documents to prove that the
  companys rules and regulations are as per the
  members involved in it. We have listed some of
  the necessary forms that you will have to obtain.
• MOA (Memorandum of Association), giving an
  insight into the pre-determined goals of the
  company.

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• AOA (Article of Association), giving insights
  into by-laws that the company and its members are
  obliged to stand by.
• OPC, when the business is registered under One
  Person Company, the owner must nominate the next
  owner in case of death/accidents. The consent of
  the person assigned must be submitted with
  his/her PAN and Aadhaar.
• NOC (No Objection Certificate), a registered
  proof of ownership to ensure no objections from
  others concerning your business.
• An affidavit from INC-9 and DIR-2 from the
  proposed director/s indicates whether the company
  is INC, Co, or Ltd in terms of liability.
• Declaration of certifications, it declares that
  all the related agreements have been obtained and
  submitted.

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GST Registration Any business or corporation
involved in the sale of goods and services must
register under GST and have a valid GST number.
It is mandatory for businesses selling goods with
an annual turnover above 40 lakhs or services
above 20 lakhs. The newly updated tax calculation
procedures in India have made registration easier
than ever. You will have to submit the necessary
documents on the GSTIN portal to obtain the GST
number.
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• In case your business lists under proprietorship,
  you will have to provide the proof of proprietor.
• In case your business lists under LLP, you will
  have to provide the PAN card of LLP, Name and
  address proof of the partners, and the LLP
  agreement.
• In case your business lists under a private
  limited company, you will have to provide the
  certificate of incorporation, PAN card of the
  company, AOA Article of Association, MOA
  Memorandum of Association, a resolution signed by
  the members of the board, identity and address
  proof of the directors, and the digital
  signature.
• You can either provide your passport, voter ID,
  Aadhar card, ration card, telephone/electricity
  bill, driving license, or bank statement as the
  proof of identity and address.

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Obtain the Required Forms under MCA (Ministry of
Corporate Affairs) Obtaining from under MCA is
the final step of registering a business under
the law. You will have to upload all the
necessary documents and certificates listed above
in the article on the MCA website. It might take
up to 3 working days for the verification and
approval of the same. Once the process is
completed, you will be notified about the
confirmation.
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• 10.   Launch and Market Your New Business
• Once all the above-mentioned steps to start a
  small business is accomplished, its time to
  spread some excitement around your opening day.
  Start with a bang! Publish an article in the
  press, spread the word yourself, and ask others
  to do their bit as well.
• Create a comprehensive marketing plan and start
  marketing your business right away.
• Create materials to support your marketing plan
  (shop signs, PowerPoint presentations, invoices,
  digital and manual brochures, and flyers).
• Launch your website register with a domain
  name, purchase the best server host, focus on
  building your site, and get yourself listed on
  the key directors.
• Spread your horizons on the social media
  platforms.
• If you love the idea of it, you can print
  t-shirts or uniforms for your team members.
• The key is to spread the word across, let the
  press know that your business is coming up, and
  organize a grand opening day.

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• Steps to Start a Small Business Quick Tips for
  Small Business Owners
• Create an online business at a low investment.
• Always choose digital modes of operations and
  advertising over traditional methods.
• Adapting to remote working culture is more likely
  to improve productivity.
• It saves costs in every possible way.

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Conclusion

• Regardless of the place you choose to start your
  business, it is going to be risky. No matter how
  prepared you are, there will be unforeseen
  challenges, and this is when you need to deal
  with the situation on your own. The key is to
  educate yourself and stay up-to-date to better
  deal with any situation. Having a small business
  checklist will help you put things in
  perspective.
• We hope our small business checklist with
  specific steps to start a small business will
  guide you through establishing your new business.
  Do your best in all endeavors. Digitalize your
  business operations, rid of the manual processes.
  You can now automate accounting and tax
  calculation. Subscribe to Imprezz, leading
  accounting software in India.
• We offer a 14 days free trial software
  program for small businesses in India. Log in to
  start your business rightfully. Feel free to
  contact our support team for further guidance and
  support.

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