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According to World Bank’s Doing Business 2018 Report, India’s ease of doing business rank rises from 130th in 2017 to 100th in 2018. The rise in India’s ease of doing business ranking is expected to accelerate economic growth and persuade many entrepreneurs to start new businesses. As an entrepreneur, you must take advantage of the positive economic condition to convert your great business idea into a successful small enterprise.
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A??ording to World Bank’s Doing Business ???8 Report, India’s ease of doing business rank rises from 130th in 2017 to 100th in 2018. The rise in India’s ease of doing ?usiness ranking is expe?ted to a??elerate economic growth and persuade many entrepreneurs to start new businesses. As an entrepreneur, you must take advantage of the positive economic condition to convert your great business idea into a successful small enterprise. However, you need a robust strategy to build a concrete foundation for the business. At the same time, you also need to understand the key steps in how to start a small business to set up your small business successfully.
How to Start a Small Business: 4 Critical Steps 1) Evaluate Your Business Idea When you decide to become an entrepreneur, it becomes essential to understand and define your business idea clearly. Your business plan may aim to deliver better products or services to customers. Likewise, it may provide a solution for a specific problem or need of targeted customers. But you must understand exact product, service, or solution your business will provide to decide the right way to precede. If your business idea is ambiguous, there are always chances that you may be distracted from your entrepreneurial ambitions.
2) Perform Elaborate Market Research In addition to defining your business idea clearly, you also need to supplement the business idea with real-time facts and figures. You must spend some time to evaluate the pros and cons of a business idea based on data and information collected from various sources. The market research will help you to identify the target market and potential customers, assess competition, and determine the resource requirements. Also, the information collected from reliable sources will help you to improve your business idea and customer experience.
3) Make a Business Plan You cannot implement your business idea appropriately without making a comprehensive business plan. The business plan will help you to identify and procure the resources required to launch a small business. Also, it will clearly define the short-term and long-term objectives of the business. You can even share the business plan with lenders and financiers while raising funds for your enterprise. You can prepare a business plan in a number of ways. But it is always important to keep the business plan document simple, concise, and clear.
4) Understand and Meet the Legal Requirements You can launch your small business in a number of forms – sole proprietorship, partnership, limited liability partnership, private limited company, and public limited company. The various forms of small businesses differ from each other in the category of number of partners/shareholders, limited/unlimited liability, and ownership transfer options. Hence, you must evaluate the pros and cons of each type of business and decide the form that complements your business idea and plan. At the same time, you need to make the business legal by following the appropriate registration process and paying the necessary fees and stamp duty. You must register your trademark and GST number while taking your business legal.
