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5 factors to consider when starting a business in India

If you are thinking about starting your business in India, you need to do proper planning. There are a number of factors to consider like the type of business to start, location, startup capital and target customers.

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However, since the population of India is on continuous rise, you can see good growth and sales in a business, provided you follow all the basics. This article provides detailed information regarding the five factors that you need to consider while starting a business in India.

Decide the Business and make a business plan

The first thing to decide is the type of business that you want to start. You should keep in mind the recent trends in the market and your interests before selecting any particular business. For instance, if you like cooking, you can consider opening a restaurant. Once you have decided a business, you should make a detailed business plan. This involves making calculations like startup cost, running cost, profits, insurance, staff and future expansions. Make sure that you cover all these aspects in your business plan as a solid plan will help you to get loan from the banks easily too.

Arrange the Capital required for the business

The first thing that you need for starting a business is capital. The amount of capital required depends on the business you want to start. However, you should also consider details regarding the running cost while making the calculations. You can get loan from a bank in order to start your business. You will have to provide some property as security against the loan amount. Moreover, you will have to pay some interest on the loan as well. Another method to arrange capital for the business is through family or friends. This is a common practice in India and thus most of the people start their businesses with the help of their family members.

Get the permits and licenses

Some types of business require you to take licenses from official authorities. For instance, if you are thinking about opening a restaurant in India, you will have to take permission and licenses from the municipal corporation in your locality. You can see the complete details regarding the licenses and permission required for opening a restaurant from the National Restaurant Association of India.

Choose Proper Location

The next thing required for starting a business is proper location. This is extremely important step as it can have a big impact on sales and profits. If you open your business in a prime location in the city, you viagra no prescriptions

will witness more sales and profits. On the other hand opening the business in interior location can result in limited number of customers. While choosing the location for your business in India, you also need to make sure that the number of businesses offering similar services in the particular area is also limited.

Have a look at the top 10 cities in India for doing business

Get Insured

Another important thing to consider while setting a business in India is to get proper insurance coverage for your business. There are a number of plans from Life Insurance Corporation of India providing insurance for the business assets.

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