Starting your life as one of the suppliers of agricultural products in India can be pretty tricky. You will have to undergo various procedures and acquire a few crucial documents as well. To keep things simple for you, we have prepared a proper guide in this aspect here. Be sure to check it out!
1. PAN Card
To start a business in India, you will need to get a proper set of paperwork, and a PAN card is one of them. To register for the same, you and your business partner (if any) will need to have a genuine identity as well as address proofs.
2. Choose the Business Entity Module
Now, you will have to choose the type of business entity you are trying to create. In this case, it would be agricultural products suppliers. So, be sure to write it down while working on the paperwork. Also, be sure to select a name for your business as well.
While selecting the name, you will need to be a bit careful and try to include your business’ aim or motto as well. For example, the name, O’AgriFarm, derives from the organization’s close relationship with farming culture and aims to offer authentic food.
3. Create a Current Account
Now, you will need to take care of the trading section as well. So, be sure to visit a bank and open a current account for your purpose. It, in turn, will make it easier for you to transact with your consumer and increase your overall revenue.
4. Get The IEC Code
Almost every agricultural products suppliers who are considering starting an import/export business will need the IEC code. You can get it through the IEC Code application. Fill up the form in a proper manner and file it to the Foreign Trade’s Direction General.
5. Choose Your Exporting Item
You may export a wide array of products later. But, as you start, you will need to opt for only one and build upon it. So, be sure to choose something, which has the potential of driving your organization’s revenue.
Also, while selecting the same, be sure to keep the regulations, export trends, and the international market situation in your consideration.
6. Choose an Export Market
Once you have selected the exporting product, then you will have to choose the potential export market. Be sure to do some prior research in this respect. Otherwise, you might not be able to sell as many offerings of yours as possible.
7. Get Your Initial Financing Done
Budget orientation is crucial in almost every aspect, and starting up a business is included in it. So, be sure to prepare your budget properly before launching your items and keep an eye on it through and through.
If you are new in entrepreneurship, following an established organization like O’AgriFarm should be ideal. Be sure to give them a call or ask them about the same to get a good idea about it. Good luck!