Everyone knows that accumulating the desired amount of capital is very basic and crucial requirement of a business. This however also proves to be the most difficult one for a lot of budding entrepreneurs, putting off thousands of dreams. The amount required to start a business varies for various business types. Though true, this has no direct relationship with the success of the business. However, as per the general perception a certain specific amount is required to start a business. What to do if one if unable to accumulate that amount? This is what this article is all about. Therefore, if you are a budding entrepreneur with inadequate funds, trail the following steps to get going with your dream business.
Bring out the plan
There are a lot of youngsters with brilliant business plans along with lack of funds to implement and execute. Thankfully for such master minds, this era does not require money as much as it welcomes new ideas. With a lot of private equity firms and angel investors looking to fund a sensational idea, smart ideas will no more be turning into unfulfilled dreams. If you are one such aspirant, prepare a good business plan and an impressive presentation that showcases and conveys your ideas to the core. TieCon, CII, FICCI, come up with ample of opportunities by conducting presentations frequently.
Register you LLP with EMI
Incorporation of the newly formed business entity is the very first step towards building a business. It is important as incorporation opens the doors for legal formalities like opening of bank account in the name of the business, attaining tax registrations and invoicing clients. Amongst all, a Limited Liability Partnership registration costs the least making a total of Rs.8000. However if you are facing trouble with accruing funds, EMI option is available for LLP Registration. It is a very good option which becomes most feasible for all the promising business men of India.
Becoming an E-seller
In today’s IT oriented world, becoming an e-seller in online markets has become extremely easy. Online markets like Flipkart, Amazon, Snapdeal and Jabong etc are doing very well by attracting customers from all over the world. Today anything one can think of buying from a market can probably be sold in the virtual market. It is easy, hassle free and quick business. Further, becoming a seller on an established ecommerce portal makes way for uncomplicated and trouble free access to potential customers.
Schemes launched by the government
The present government of India is involved in developing the Indian business eco system like never before. We have witnessed the launch of several schemes and incentives for start ups in India, like the most popular Startup India Standup India plan. In the same line, the central and the state governments provide a lot of schemes to encourage and support the first generation entrepreneurs. From providing seed funding to arranging for the bank loan, these schemes are 360 degrees support oriented. Some of such schemes NEEDS Scheme in Tamil Nadu, Self-Employment and Talent Utilisation (SETU) Program announced in 2015 Budget.