How to Start Business After MBA in India?: Today we will talk about the incorporation of business after Masters of Business Administration (MBA) in India. If you have a degree of MBA then it will be easy for you to set up and manage your business because an MBA teaches you management of the business. In this article, we talk about legal registration which is required for business so you will get an idea about it.
Setting up a business not easy in India as there are so many compliances required before starting a business for e.g. Business registration in India, GST registration, etc. Legal registration of a business is most important because without it you will not get benefits under various government schemes. Here in this article, we talk about various legal registration like shop and establishment license, GST, etc. so after reading this article you will get an idea about it.
How to Start a Business After MBA?
After completing your MBA you can start your own business and you need to follow the below-given steps-
- Market Research– First thing you have to do is Market Research, it is very important to know about the market and what is trending in the market so you can develop your business according to the market trend. If you remember, you have also read about market research during the MBA. After conducting market research you will get to know many things like market competition and competitor, market prices, cost of production, profit ratio and many things.
- Business Model- after Market research, you have to make a business model for your business so it will be easy for you to set up a business. When you make a business model you need to consider all things which require for your business like employees, equipment & Machinery, Place of business, Fund, etc. You have to make a plan for setting up your business and then you need to follow that for execution.
- Find a good place for your business- You need to find a good place for your business where you can set up your office and other things which are required for your business. You have to take permission from the local government for conducting business in the local area which is very important, without permission you cannot set a business in the local area. After permission, you can set up your office and then you have to register your business under various legal registrations.
- Legal registration- Legal registration of your business is very important for securing a business under the laws and it will give you many benefits. Here is the list of required legal registration for a business-
- Business Registration –Business registration is very important for securing legal rights of a business and without business, you will not be able to register under other legal registrations like GST and Udyog Aadhar and your business not be able to get benefits under various government schemes. There other benefits you will get when you register your business under Ministry of Corporation affairs for e.g. if you have done your LLP registration then partners will have a limited liability of your business and it will separate legal entity so you should register your business for obtaining benefits.
- GST Registration- Nowadays it is very important because every customer wants an invoice from seller and seller or service provider have to mention their GST identification number in their invoice and it is the duty of the seller to pay GST Return in the prescribed time period. Without GST registration you will not be able to pay your GST return so you should register your business under GST. GST registration is also mandatory for those whose turnover is more than the prescribed limit.
- Udyog Aadhar–Udyog Aadhar registration is an MSME registration which is important because without obtaining a Udyog Aadhar number your business will not be able to get benefits under various government schemes which give subsidy and other benefits to small and Medium Enterprises. Your business will loan on low-interest rates so you should register your business under Udyog Aadhar. Udyog Aadhar number can be obtained from the Ministry of MSME through Udyog Aadhar registration.
- Shop and Establishment Act License –This license is very important for running commercial activities in the local area because without obtaining this license your office or plant may be seized by the local authority of that area. This license is a must for those who want to establish their office, plant, restaurant, cinema or any other commercial establishment. This license can be obtained from the Municipal Board or any other government authority.
- Promotion- After legal registration, you can start your business and you can promote your business. Nowadays promotion is very important because the competition is tough so you should promote your business on Social Media or on any other platform.
As you can see in the above-given article that you can start your business after completing your MBA but you need to register your business under various legal registration which is required so you should consider these things before starting your business.
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