Start Your Micro Business Online in India After Pandemic
- BY Jaspreet Kaur
Feature Writer, BusinessEx
- Aug 25,2020
- 1380 Mins Read
In tough times like this, market disruptions happen followed by a slew of innovations. While companies have been shrinking their manforce, there are some who are digressing from the mainstream and offering jobs to the sacked employees. Despite the current situation, various early-stage startups are setting foot in the market.
Owing to the reduced demands, young entrepreneurs are beginning their startups at home. Otherwise, they would have to obtain space for office, pay off rent and invest money also. At the present time, millennials are coming up with brilliant business ideas and planning to actualise their dream. Due to the lack of capital, most of the early-stage businesses are started at a small scale, thereby termed as a micro business.
The New Definition of MSME
According to the latest mandate, MSMEs are categorised on the basis of investment and turnover. With this, the government seeks to help different sectors access schemes, loans and avail tax benefits. Here is the new definition of the MSMEs:
- In a microbusiness, investment should be up to INR 1 crore and turnover of up to INR 5 crore
- In a small-sized business, investment should be up to INR 10 crore and turnover of up to INR 50 crore
- In a medium-sized business, investment should be up to INR 50 crore and turnover of up to INR 250 crore
Before establishing a micro business, one needs to know a bit more about it. In this type of business, there can be a single entrepreneur with an employee size of nine people or less.
Use These Tips to Start a Micro Enterprise
For the first-time entrepreneur, starting a business is daunting as one would have to transit innovation into a viable business model. One has to gather knowledge about the business ecosystem and develop a blueprint for the business. Here is a step by step process that can help establish business effectively.
Create a Business Plan
An enterprise does not merely revolve around customers, profit and sales. It includes various things beyond that. In the first place, one needs to create a rough draft and establish business as per the business model.
While creating the business plan, one has to focus on the company's objectives, purpose of serving the people and disrupting the market.
Create Budget for the Business
Before putting on the shoes of an entrepreneur, it is important to gauge budget for the business. The entrepreneur-to-be should not infuse money into the business straightaway. He needs to understand the business ecosystem, create a separate business account and later, seek funding sources.
While garnering business capital, the entrepreneur can approach for a loan or reach an angel investor or take financial assistance from closed ones.
Get Micro Enterprise Registered
It does not matter if a company starts its business from scratch, it has to get it registered in the first place. A business registration offers various benefits to the company like availing GST related benefits, applying for patent rights, and creating a company website.
In the present day, there are various ways to register business virtually. One of the cost-effective ways is registering on Udyog Aadhar Memorandum portal.
Use Online Platforms to Popularise the Business
During the pandemic, it becomes immensely difficult to attract customers across the globe. Therefore, once the enterprise comes out, it has to start working on marketing its business.
For this, it can create different social media pages and market the business there. After this, you can start creating an overall image of the business by collaborating with influencers. In a similar vein, it can operate offline marketing as well.
Gradually Expand the Business
Once the business establishes, it has to gradually increase its presence in the market. For this, it can start a website, introduce payment gateway that enables continuous flow of money.
Similarly, the company can use different tools to enhance its services and increase customer satisfaction, thereby expanding the business.
The above-cited information exhibits that the business grows spontaneously. To thrive in the right direction, a company has to follow these methods truthfully.
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