Starting a business involves planning, making key financial decisions and completing a series of legal activities. These 9 easy steps can help you plan, prepare and manage your business. Click on the links to learn more.
• Take advantage of free or paid training and counseling services to choosing an appropriate business line (product or service), preparing a business plan (Project Report) and securing financing, to expanding or relocating a business. Walk into EDII on any working day and we shall provide you assistance. You may also call EDII help desk.
• The following agencies can also help you :
d. EDII partner agencies like TiE, PSG-STEP, TREC-STEP, etc.
e. PSU Bank Training Institutes : RSETI, INDSETI, RUDSETI and even
f. Your bank manager can help you in this process.
g. An experienced CA or Consultant can also help.
Step 2: Data collection & Product Selection
• Look up for all possible trade publications and secondary data.
• Consult with specialists/ resource persons from EDII, MSME-DIs, SSIDC, CSIR, NRDC, DoIs, APCTT etc.
• Extensive use of Internet is suggested. The SIDBI Knowledge base is very useful.
• Undertake a market survey for the proposed product/services proposed to be manufactured/ service rendered.
• Assess technology sources, raw materials availability, suppliers of required machinery & equipments.
• Total investment required for the project, promoter's contribution need to be estimated.
• Analyse your personal strengths and weaknesses are other considerations.
• Assess your capacity to invest from own sources and resourcefulness to offer collateral security.
Use various tools and resources provided to create a business plan. EDII has provided an online financial tool for preparing the financial sheets. These pages will help you to document how you will start and run your business successfully.
Step 4: Choose Your Business Structure
Decide which form of ownership is best for you: sole proprietorship, partnership, Private Limited or Public Limited (LLC) or a non-profit company, nonprofit society or cooperative.
Step 5: Choose a Business Location
Get advice on how to select a customer-friendly location and comply with zoning laws. The investment you propose will also determine the affordability of the location.
Step 6: Finance Your Business
Find Central Government Schemes and State government schemes which provide loans with subsidy, bank loans without subsidy, angel funds, venture capital and research grants to help you get started.
Step 7: Procurement of Technology, Buildings & Machinery
Some issues that you need to keep in mind while finalising machinery is that the industrial process needs to be finalised first, after which the right machines can be chosen. Consulting two or three experts and then coming to a conclusion would be the right way. Some useful links are below:
Register your business name and product trademarks with the government. Find out how....
Register with Central or State departments to obtain a TIN, PAN, workers' compensation, unemployment and disability insurance.Get a list of central, state and local licenses and permits required for your business.
Step 10: Obtain Business Licenses and Permits
Get a list of central, state and local licenses and permits required for your business.
Learn the legal steps you need to take to hire employees.