The service-based business model is the most popular among entrepreneurs now. It is easily scalable, provides high levels of flexibility and requires minimum capital and space. Therefore, if you are looking for how to start a service business in India, here is everything you need to do to get started.
One of the most important things to do before starting a business is to research the market.
This will help you understand what your competitors are doing and what your customer's needs are.
There are several ways in which you can research the market for a service business:
After that, choose the types of services.
There are many different types of service businesses, but not all will suit your skills and interests.
One way to figure out what type of service business you would like to start is by considering what you are good at and what you enjoy doing.
Some high-demand services include:
Once you have identified the type of service, it is time to decide how much time and money you want to invest.
You will also need to consider your skill level and have an idea about the industry or niche that interests you most.
A business plan is not just an idea or wish list for the future. It's an organized, written summary of what you want to do and how you're going to get it done.
It will basically outline the following:
The success of your business depends on how you plan it. Hence, before starting a service-based business in India, make a clear and detailed plan.
The next and very crucial step is registering your business.
The registration process is not difficult and can be done online.
All you have to do is fill out the form on your right with your query and an expert will get in touch with you.
They will understand your requirements and help you choose the right business structure from the following:
After that, you will have to submit a few documents and pay a small fee.
Once your application is approved, you will get the registration certificate from the government, which will allow you to start your service-based business in India.
After successful registration, you may also need a few licenses depending on the type of service you provide.
For example, if you are providing cooking classes, you must have an FSSAI License.
The investment required for starting a service business will depend on the type of service you provide. But, initially, you will at least need Rs. 5 Lacs to Rs. 7 Lacs to establish the basics of the company.
Therefore, open a business bank account in any of the following banks:
Once your bank account is open and ready to use, you can deposit the funds in it.
Also, if you are looking for funding options to invest in your service-based business, you can consider the following:
To secure the funds from any of it, you must be prepared with a good business pitch.
The next step is setting up your office.
The location of your business will have a major impact on your success if you are providing services. It will determine the number of clients you can reach organically.
Thus, you need to make sure of the following things when choosing a location:
It is also important to take into account how accessible public transport is in your potential new office space. It will ensure an easy commute for your employees as well as potential clients.
A service-based business is not just a one-man show. You need to have a team of people who can help you with your work, share the workload and provide support when you need it the most.
But how do you hire the right people for your business?
There are several ways to hire your team for a service-based business in India.
But there is no single way that will work for every company.
It all depends on the size of the company and the type of service you provide.
You can start by posting ads on social media sites like LinkedIn and Facebook, or by creating a job listing on an online job site like Indeed.
You can also email the HR department of universities and colleges to organize a hiring event or to be part of one.
Marketing your business will help you get more sales and create an image for your company that people are drawn to.
There are multiple ways to market your service-based business.
But the most important thing is to make sure that you know and understand your target audience.
It will help you better choose the marketing channels that would be most effective for you and also help in developing a marketing strategy that is focused on what your customers want.
The next thing is to make sure that you have a strong online presence.
You can do this by making sure that your website has a blog, social media accounts, and an email newsletter list.