I want to start my own IT web/Software development & Services business? Need guidance to establish & promote my business.

I think Luc gives some great ideas. The only thing I would add is... you have to find a way to make your firm stand out from the crowd. This industry has a ton of competition. Concentrate on building long term relationships and then focus on word of mouth advertising. I've run my small shop for 31 years & have never advertised. I've had most of my clientele for 15 to 25 years. Feel free to email if you ever want to talk... no charge. I wish you the best.

Write a quick and short business plan.
Find your customer target .
Write down why you are better than your closest competitors and use that line to promote your business.
Get in the network then build your network:
Partner with businesses that are complementary to yours. For instance graphic designers may send you their customers for maintenance work.
Partner with some of your competitors if you can.
Understand how your customers make money and what kind of service providers they use to operate then contact those providers.
Call, email , face customers. Measure your improvements and do better next time .
Find out what s your competitor a customers are complaining about .
Locate marketing channels where your competitors are promoting themselves and do the same.

Keep learning , testing and improving .

Hello,

What is your target audience? What kind of solutions are you developing?

Regards.

In my opinion your stated market is too large "Small & Medium scale manufacturing/automobile companies, educational institutes, hotels, hospitals, financial agencies & other small scale ventures who needs software & websites for their operations." that describes just about everyone. That's too broad a paintbrush. Do One Thing & Do It Better Than Anyone Else ~ JEFF HOFFMAN, Inc magazine.
In my business IT software and service, I chose a niche' market in which to work. This niche' will give my business traction, and from that success I can expand to the next market, and continue to massage business in both. The problem with trying to market, to establish and promote your business to everyone in the world, is that each market you attempt to market and establish yourself will require a different message and approach. Taking it a bite at a time will help you focus your message to a target in which to excel in your business presence, create networks and partnerships and successfully build both a brand and business.

Can't add too much to what Luc said, but I would like to emphasize what he said about finding your target. To really be able to deliver for your clients, there should be at least one thing you do better than anybody else. Sooner or later (hopefully sooner) you'll find that whatever you're best at matches up with a particular need of some market. That is your target. Once identified, it's all about being able to serve their needs and success will follow for as long as you can deliver.
Never stop trying new things.

Where you wanna started your business ??
I have also started a small IT firm !!

Why are you using a picture of Misha Collins (an American actor) as your profile picture?