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Indian Prime Minister, Narendra Modi recently bet big with currency move to tackle corruption, scrapping its 500 rupee and 1,000 rupee notes accounting for about 86% of cash in circulation. The immediate effect was a cash crunch and restrictions on withdrawal of cash from banks & ATMs. There are big opportunities for FinTech & digital payments with startups like PayTM reporting 10 million new customers in the last 3 weeks. Narendra Modi also just announced the Bharat Interface for Money (BHIM) app now with over 100k downloads in first few days.
Are you dynamic? You want to aspire a small business in your budget, just spare few minutes at our website to know the few business strategies which help you to start a small business with low investment. For business flashpoint, India is in the second place after China in small scale industrial establishments. Everyone likes to earn money and do business by their own, but many need proper channel, to step into the field. Here are the few steps, read them and start a small business to earn huge amounts.
How To Start A Small Business In India Successfully for 2017?
Select the proper Industry according to your interest, and do some research, where you want to build your business. There are many thriving industries where there are many opportunities available for you to strengthen your business. In a country like India, nobody can analyze that if any, business which succeeds in one region may not succeed in another region. So selecting the right business and starting at the right time is the first step for your success. At inception, prepare a business plan, and include all business strategies in your plan, which saves your time, energy and money and works wonders after you start implementing it. After drafting your business plan, you have to register your business with the Ministry of Corporate Affairs, India, which is the right channel to register your business in India. Basically, there are four companies to register a new business in India. You can choose any company to register, and to strengthen your business, you have to join in the professional networks, with their support you can build your business network. As a member of the professional network, you can struggle and learn business techniques and benefits to gain in the new business field. As technology is increasing day by day, immediately after registering your company you have to create a website for your own business. It benefits both customers and the owners to trade online. Always remember to pay your tax on time for smooth running of the business. At your convenience, to pay your tax you can approach to the Central Revenue Collection firms in your locality to inquire about your tax payment.
Some Important Business Opportunities in India with Low Investment:
Now a day, even in small villages also there are educational institutions, so starting a stationary shop, is the best business with low investment. One can start this business without having any educational knowledge also. There are special occasions round the year. Designing and preparing Greeting Cards, is one of the best options for people who have an interest in designing. There are hundreds of websites to help the people to prepare Greeting Cards with different patterns and attractive designs. If you are good at preparing fast foods, then why don't you start a Fast Food Restaurant, by which you can earn regular income. Many people usually opt for used goods, which suits their budget. This is the best business where you can purchase and sell the used goods in the online market.
While doing your business, you must be aware of few challenges. Labor contracts play an important role in the business. The Indian law, offers a labor contract to benefit their employees. There are three contracts. Fixed, Permanent and Temporary contracts. So a new business person must pay special attention towards the Industrial Disputes Act, by which the employee is fully protected related to their work, holidays, wages and other terms and conditions. A new business should also consider transfer pricing. All international transactions are to be evaluated with the ‘arm's length principle, where there is a need for the related customers to pay the audit fee if the transaction exceeds 150 INR million. As we go into 2017 the current exchange rate is 1 USD = 67.8233 INR
Plan your business and keeping few facts in mind, You can start and strengthen your business in India, and can earn relevant returns.