A micro business includes solo entrepreneur ventures or any business that employs less than 9 people. When you set up a brand new business from scratch, you can choose to classify it as micro, small or medium based on the above criteria.<\/p>\n
5 Key Tips to Remember When Setting up your micro business<\/h3>\nDraft a one-page business plan:<\/h5>\n
Starting a business goes beyond selling, acquiring customers and making a profit. Set up a plan to define your business brand. Write\/type out your company vision and mission, what you will sell through your brand, who you wish to cater to (customers you want to attract). Keep it simple, easy and concrete.<\/p>\n
Here are a few samples to help you get started.<\/span><\/a>\u00a0<\/span><\/p>\n How much capital do you have to kick off a business? Do not invest a lot of money right away, and if you are self-funding, it is important to be realistic. Set up a separate account for all business transactions. Also,<\/p>\n Download this ebook to plan your budget and look for funds for your business!\u00a0<\/a><\/span><\/p>\n Even if you are setting up a business completely from scratch, it’s best you register it right away. Registering your business allows you to avail GST benefits, create a website, patent products and start your paperwork.<\/p>\n Need help to set up? LegalWiz can help your brand stay protected with trademark registration, for example, logo, slogan or packaging. LegalWiz.in helps thousands of businesses to register their intellectual properties and prevent unauthorized use of the mark by competitors. Check out their app on the Instamojo dashboard.<\/a>\u00a0<\/span><\/p>\n Important: If you do not have the funds to register your business on a legal site, simply register it on the Udyog Aadhar Memorandum portal.<\/a>\u00a0\u00a0Over 1 crore MSMEs have registered for the Udyog Aadhaar all over India since September 2015. It is a one-page registration form and helps you register your business in a few steps.\u00a0<\/span><\/span><\/p>\n If you are starting a business during the lockdown, choose an online platform. This helps you keep business afloat even when there is a lockdown in the country. You can:<\/p>\n 2. Create a website or blog:\u00a0<\/strong>If you wish to set up a website, here are some tools that can help you design your own<\/a><\/span>. We recommend you set up your business website in the later stages of setting up your business. You can set up a blog on Wix<\/strong> or WordPress<\/strong> to curate content and featured articles about your brand and let your customers know a little more about your business.<\/p>\n 3. Use an online store e-commerce builder<\/strong>: The Instamojo premium online store<\/a> is the answer for when you want to set up a business but do not want to spend money on a website. The new premium online store comes with inbuilt apps, tools and a live chat feature that allows you to sell your products and services like any other e-commerce site. Check out the new features here.<\/p>\n Choose a payment gateway<\/a> to collect online payments. You can keep your payments in one place with a trusted payment gateway like Instamojo. Once your business takes off, invest in software that helps you attract and retain customers.<\/p>\n For example, the Shoppr App<\/a><\/span> on the Instamojo app store helps you focus on the most valuable users and target users using multiple mediums, where they are more likely to convert.<\/p>\n Manage your accounting using Profitbooks. Keep a track of your budgeting, inventory and invoices<\/p>\n Important<\/strong>: Always stay updated on the latest GST updates by the Government. Keep yourself informed and upskill on online learning platforms like mojoVersity<\/a><\/span> to know the intricacies of different ways to do your business.<\/p>\n Devika Kulkarni researched for years. She travelled across the globe and came back to India to set up a tiny ceramicware business. Her business plan was simple – show people how to spruce up their homes with simple, elegant ceramicware that reminds them of their Grandmother’s kitchen.<\/p>\n Devika worked backwards. She set up an Instagram handle, a website and sought out Instamojo’s online store to feature her products.<\/p>\nDecide on a budget:<\/h5>\n
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Register your business:<\/h5>\n
Find an online platform to set up a business:<\/h5>\n
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<\/a><\/p>\nSlowly scale your business with tools:<\/span><\/h5>\n
Story of a large-sized micro business: How LivingClay used Nostalgia to sell its products\u00a0<\/span><\/h4>\n
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