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Due to the expansion of the internet, setting up a home business become easy. Now you can sell products through e-commerce platforms or by creating your website. You can sell any product, or service by using your skills such as photography, dancing, painting, crochet, cooking, etc.
For the Indian economy, small businesses are crucial, as they increase self-reliance and employment. According to the press release of PIB, in the year 2022-23, around 4.5 crore MSME businesses are registered under the Udyam Registration Portal. Below are the benefits for which you must register as a small business:
Any business that you can operate from home comes under the category of home business. With the popularity of the internet, now you can start your own business. In the past few years, the following fields are become a new profitable home business:
People are taking these careers as new fields and building an agency to create a small business. Before the internet, people had different ideas for small businesses, such as a home-bakery. The people of your area will only know about your bakery but after the expansion of the internet, now you can market your product all over the world.
The following are the ideas for business that you can operate from home:
A virtual assistant is a self-employed person who provides administrative, technical, or creative support to clients from home. The VAs work with clients on a part-time or full-time basis and they can be hired as per the project. For example- for the design of a new website, they can hire a website designer on a contract basis.
Platforms such as Facebook, Twitter, Instagram, YouTube and others are very famous among businesses for marketing on a budget. The social media manager is the one who creates unique ideas to present the activities of the business through social media. The SMM focus on making a strategy to grow the customer base.
A cloud kitchen is a new form of kitchen in which you can start anywhere it can be your home, garage, basement or rented room. Many people who have a skill in cooking create cloud kitchens and sell food items. Also, you can write a book on recipes and publish it online, you don’t even need to worry about the printing and shipment. E-commerce websites will take care of it.
E-commerce platforms are famous among people as they help people to shop for multiple things from the comfort of their homes. Window shopping is a new thing, and many businesses sell products both online and offline to get more attention from the buyer. Anything can be sold online through e-commerce websites such as products, and services through your skills. From this skill, you can create a product and sell it online.
Below are the legal requirements that must be fulfilled to execute your home business in India:
In the first step, the home business must be registered as a legal entity such as a sole proprietorship, partnership firm, LLP, One Person Company or a limited liability. Register the LLP, OPC or a Private Limited Company by applying to the Registrar of Companies, or Partnership firm by applying to the Registrar of Firms.
Obtain a Non-Objection Certificate (NOC) from the local authority (municipal council or municipal authority) of the area where the home of the business owner is situated. The official address of the business is the address of the home.
Home-based businesses come under the Shop and Establishment Act. even if they are operating from home. So, the home businesses must get approval from the respective state authority.
For small businesses, registering under the MSME is not compulsory but it is advisable to register. The government is providing multiple benefits to the MSME business such as tax benefits, low interest rates on loans, technology upgradation, and easy access to capital.
Trademark registration is not mandatory, but the business must do the registration to protect business trademarks. The unique name or logo serves as its trademark and customers identify the brand through the trademark. By registering the business the customers will get the local customers and the customers will retain the brand because of the quality it serves. No one can copy your brand logo, colours or name as you have protection against legal infringement.
To conclude, the home business becomes famous among housewives, students and new entrepreneurs who want to start a business but do not have access to many resources. A person in a small business takes care of everything such as idea curation, product, packaging, shipment, marketing and much more. However, to operate a business legally, you must obtain legal registration as per the nature of the business. For MSME Registration, you can reach out to Registrationwala.
Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.
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