How to start a startup in India? It sounds fascinating. Almost every college student and millennial has thought to start a startup once in a lifetime. Startups are cool, aren’t they? Also, it attracts peers, but, in real life, it is not that simple. It is not easy if you are willing to start a startup in India. You only need to invest in your idea. But it should be a strategic and long-lasting startup that will help you increase your brand, and the vision must be your end goal. Here are some of the major steps to answer how to start a startup company in India. The highlights of this article are as follows.
Every entrepreneur, before starting up any business, should be aware of a few of the essential things such as –
If you want to learn how to start a startup in India or anywhere else, idea generation is the first and foremost step. So, what exactly is an idea of a business? It is simple: whatever problem exists has some solution; the solution is your idea.
For example, the Co-Founder of Rebus (Bangalore Based Startup) could not find a bus to go home at the festival time. It was due to unmanaged bus service by the operator. So, it was a big problem, and now Rebus came up with the solution, which ultimately managed it. Currently, the company is worth 85 million USD.
Now you must be clear with the concept of problem and solutions, which is very important to start a startup company in India. But there are other ways of idea generation identification of problems, as follows.
After you come up with a good product idea, the next step is prototype development. In this stage, you will develop the base model of the product, and it is not your final product. But it is just a replica of the actual product and will resemble the features and quality. The main reasons for prototype development are as follows.
These are the necessities or importance of the prototype in any business. Also, the prototype will vary for different businesses. If you are involved in a product-based business, you have to do R&D of the product. It will involve various testings as well. However, you have to work on a basic network or your medium of service model for a service-based business.
After you have a prototype of the product, now you have to plan your business. It is a considerable step you must follow to start a startup in India. Any similar product can have many operating companies or a startup, but every company’s business model will be different. So, it is the most crucial factor to start a startup in India, where the competition is great. The factors of business planning are as follows.
If you have any startup idea, it must have a certain revenue model through which it can generate its revenue. The revenue model is simple for product-based businesses like Boohoo (Clothing Based Startup): you have to sell products. The higher product you sell, the higher revenue you will get. However, a service-based business revenue model is a bit difficult. For example, Tomato (Online Food Delivery App) has a complex revenue model. It is because there is no direct business from customers and no fixed revenue. So you have to come up with a good revenue model which is most suitable for your business. And the revenue model should be flexible, achievable, and simplified.
You have to develop your operations management before starting a startup in India. Operation management involves how you will conduct your day-to-day activities. Moreover, it will also include the various levels of operations you are going through. Under the operations, all other aspects of a startup will be included as well.
If you have an idea, you have also made a prototype and a business model. Then it will be the right time to start raising funds for your company. However, it won’t be easy to get a satisfactory fund without entering the market. But you can try to raise try because getting into business funds is very important.
To start a startup in India, you have to rely on your capital, family, friends, bank loans, and moneylenders for the initial funding stage. Since you cannot run a business without any funds, you have to get it anyhow. And after you successfully raise funds, you can start your startup.
Initially, at the early stage before starting a startup in India, you should invest capital wisely, which could be bearable for you. Then you can again make more funding rounds and even approach angel investors, VCs, and Banks.
You cannot run the business alone, and if the business is on a large scale, it will be impossible to run the business alone. So, you will need a team with you even though you are in the initial stage to start a startup in India. While building a team, you have to consider the following aspects.
You have to keep in mind all these aspects before starting a startup in India. Most importantly, you should make an energetic and passionate team and allow youth and freshers.
You have to look after many legal terms and conditions for starting a startup in India. Some legal aspects are as follows.
Many startups require various licenses, which you need to get. For example, any food business will require FSSAI licenses. Unless you have the license, you cannot start your company. Similarly, other businesses will require a license that you have to get.
To start a startup in India, you have to register your business and get a GST registration. However, you will need an import and export license for international business.
If you have any new and innovative business or idea, you should get a trademark and patent. It is not compulsory, but it will secure your business in the long run.
At this moment, you will have everything already set up. Now, it is time for you to cover your marketing area. It is the most crucial step that will help you become a startup in India and sustain itself in the market. Also, you have to spend a chunk of your capital on marketing. Similarly, marketing itself is a topic, but I will explain briefly the various steps you can use in marketing.
|Target Audience||You have to identify your target audience, which will connect to your products.
The target audience should be pre-determined before product development.
|Market Segmentation||You will need to segregate the market as per your target audience.
Whatever market has the best response will be your main priority.
|Consumer Satisfaction||The product must have the ability to satisfy consumer needs.
To satisfy your target audience, you have to use a mixed product, place, and price.
|Advertisement and Promotion||A fair amount of investment must be in advertisement and promotion
You can advertise your product from an advertising firm and other methods too.
|Marketing Analysis||After all these steps, you must check the expected and actual results.
If the analysis is positive, follow up the method. However, if the result is negative, you have to change your strategies.
You have to follow all these aspects to start a startup company in India or anywhere else. Also, these aspects are very flexible, which you can change at any moment as per your business requirement.
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If you are going to start a startup in India, you should keep in mind that you will create a revolution in the market. The Indian market is very diverse, and consumers change their preferences very easily, so you have to create a monopoly and sustain it. Also, you must have a backup and alternative to remain in the market.
No startups get success easily. Only the long-lasting and someone who has fighting skills can survive. For example, Part was the first FinTech in India, and it has market shares. But Phonepe has the same qualities as Paytm is now leading the market.
These are the eight steps you have to follow for a successful startup company in India. However, there are other steps that you have to keep in mind. But these all are the most crucial ones that you have to keep in mind. If you can achieve these steps to a good extent, you can have the best Indian market startup company.
Ans. These students and millennials mostly ask how to start a startup in India with no money. The answer is simple: get a kick-ass idea that is achievable and do the proper research. Also, you have to make a great business model which could attract investors instantly. So if you could do it, you would get investment at the initial stage, requiring no money from your pocket.
Ans. The simple answer to this question is to do all the work. You have an idea to make the product and start a startup in India. You have to be a multitasker, and many entrepreneurs may have done it. So you can also do it alone.
Ans. It is the question you have to find an answer to. You have to do your research and find out the most suitable startup available for you.
Ans. Yes, anyone can start a startup in India. However, it would be best if you had some qualities to succeed in the same startup unless you will only have an unsuccessful startup.
Ans. There are some major responsibilities of a startup founder.