If you are a Woman, You are a resident of India and wants to start your own Company. Then starting a Business in India can be profitable and Rewarding for you. The government of India is making every effort in the county to Empower Women and their Families and are helping them to better develop themselves.
To fire up the entrepreneurial journey of women in India various banks and financial institutions offer specialized loans for women entrepreneurs. They have flexible terms and conditions in regards to Collateral Security, Interest Rates, Repayment etc.
We would like to list some Schemes that are designed for women to help them run a successful business and give their contribution to the development of the country.
The List is as follows:
This scheme is granted by the State Bank of Mysore for women entrepreneurs who are associated with catering industry selling packed meals, snacks, and other food items etc. The amount given as a loan under this scheme can be used to fulfill the working capital needs of the business like kitchen utensils, tools, and equipment etc.
Stree Shakti Package For Women Entrepreneurs
This scheme is provided by most of the SBI branches to women who have 50% share in the ownership of a business and have taken participated in the state ran Entrepreneurship Development Programmes.
Bharatiya Mahila Bank Business Loan
The Bhartiya Mahila Bank lends the business loan up to the maximum value of Rs. 20 Crores to the manufacturing enterprises and organizations. It offers loans to the women entrepreneurs at the concessional rate of interest and grants collateral free loans up to Rs. 1 crore under Credit Guarantee Fund Trust for Micro and Small Enterprises In India.
Dena Shakti Scheme
This scheme is provided by Dena bank to women entrepreneurs working in the fields of agriculture, manufacturing, retail stores, small enterprises, education, housing as well as enterprises in the direct/indirect finance, manufacturing and services sectors.
Punjab and Sind Bank offers this scheme to women entrepreneurs dealing in Agriculture, retail and small businesses to get loans for business at flexible terms and concessional interest rates.
Steps to start your company in India-
1. Decide your business and Its Type
First thing in starting a business is to Decide what sort of business you will do. You need to find answers to questions like Are you going to manufacturing products? or provide services? or will you be a re-seller of products and services? Do you want to be a distributor, franchisor or you want to start a below-listed business entity?
There are various forms of business entities in India and The types are as follows:
- A Private Limited Company Registration
- A Public Limites
- A Sole Proprietorship
- One Person Company
- A Partnership
- A Limited Liability Partnership (LLP Registration)
2. Conduct research and gain full knowledge of the industry.
Do research and study of the market, product, target buyers, competitors, legal formalities, latest trends, sources of fund, marketing, and other factors, rules and regulations which will affect your business in the long and short-term. After you have conducted it is advised to develop an Idea and Business plan.
3. Do your paperwork
After you are done with research and deciding the Type of business entity, you have to gather all the required paperwork, Business Plan, legal documents and id proof that will help in Business registration. You need to have a Driving license, Adhar card, bank account, and Pan card. These are the basic requirement in doing all legal and non-legal formalities.
4. Get the Business registrations
Now all you need to do is log onto MCA official website. You need to fill a form and upload all the supporting documents and pay a fee to register your company.You can also register your company as a startup and also under SSI and MSME registration schemes.
5. Attract financer and secure funds for business
You can approach banks and financial institutions to acquire loans. You can also secure funds through Gold loans, venture capital, and microfinance companies by making an Application to the loan department of concerned office or The loan officer or Agent along with your Business Plan.
6. Hire Talented Staff
You need to calculate how much staff is required and create a job description to hire staff and conduct interviews to hire staff or you can take help of HR Consultancy also.
7. Create Website and Market your Products and Services
Marketing is important to Find and Acquire clients for the products and services and get orders. While traditional marketing is still the best way to spread news, you can also use Digital marketing. Also, you can take help of professional marketing agencies also or If you have skills you can do It by yourself.
8. Track your finances
A financial Tracking and accounting is an important part of your business. You need to manage the finance and funds in your business to avoid wastage and to earn higher profits.