Are you wondering how to start a startup in India? With the growing technology and digital revolution, many startups are being formed. India is a growing economy, as the economy is growing, the purchasing power and income are also increasing. This encouraged the development of new businesses in the market. As of 2018, startups have created about 2.64% of the jobs in the market. And with the ‘Digital Saksharta Abhiyan’, a government of India initiative, we saw a new rise in the startup business in India.
To start a startup business, all you have to do is invest in your idea. But it should be strategic and have long-term goals to make it successful.
Here are some important steps on how to start a startup in India.
If you are wondering, how to start a business in India. Here are the major steps you need to take to become a start-up owner.
If you want to learn how to start a startup in India, idea generation is the first and foremost step. So, what exactly is start up ideas in India? Whatever problem exists has some solution and that solution will be resolved by 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. The idea of Rebus came after this incident. Rebus acts as a solution in finding easy bus service.
Now you must be clear with the concept of problems and solutions, which is very important to know how to start a startup in India. There are other ways to generate ideas to identify problems, which are 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 importance of prototyping in any business. Also, the prototype will be different for different businesses. If you are involved in a product-based business, you will need to R&D the product. It will also include various tests. However, you’ll need 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 know how 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. You must first decide about your service and product whether you sell the product online or offline. So, it is the most crucial factor to start a business where the competition is great.
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 to make your business grow.
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 also included.
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.
If you are wondering how to start a startup in India with no money? Then you have to rely on your capital, family, friends, bank loans, and moneylenders for the initial funding stage because securing funds is necessary. After you successfully raise funds, you can start your startup.
Initially, you should invest the capital wisely. You can then do more funding rounds again 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. That is why an initiative startup team is necessary. After all, entrepreneurship requires a good team and management skills.
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 to learn how to start 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 and making it a private limited company. Some legal aspects are as follows.
Many startups require different licenses that you need to obtain. For example, any food business would require an FSSAI license. You cannot start your own company unless you have a license. Likewise, other businesses will require a license that you must obtain.
To start a business in India, you have to register your startup 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 by protecting your intellectual property.
This is the most important step that will help you launch a startup and sustain it in the market. You have to spend a huge amount studying the market and creating a good marketing plan. Here are the steps you can use in marketing.
|Target Audience||You have to identify your target audience according to your product and service. 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 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 advertising and promotion. You can advertise your product from an advertising firm or use other methods like social media advertising.|
|Market Analysis||Always check your product performance in the market. If the analysis is positive, follow up the method. And if it is negative, change your strategies.|
You have to follow all these aspects to start a startup company in India. Also, these aspects have to be flexible, which you can change at any moment according to business requirements.
By now you must have learned how to start a successful startup in India.
Before starting your business, you should keep in mind how your product or service solves an existing problem.
The Indian market is very diverse, and consumers change their preferences very easily, so you have to create a monopoly and maintain it. Also, you must have backup and alternative plans and strategies to stay afloat in the market.
No startup gets success easily. Only your hard work, dedication and self-discipline will make your startup successful in the long run.
Ans. If you are wondering how to start a startup in India without investment, then you can start by asking for funds from your family or friends. If you have a great business idea and business model, you can attract investors instantly. You will get an initial stage investment from angel investors and you don’t need to spend money from your pocket.
Ans. If you have any idea about the business and you are confident about your product or services then you can easily start your own startup. Initially, you have to be a multi-tasker. You have to manage marketing, sales, research, and management of funds from a single hand. You can also hire experienced interns who can help you with your project.
Ans. This is the question you have to find the answer to. If you are wondering how to start a startup in India and which startup is best, then do market research. This will help you understand which products and services are in high demand. And which existing service can be made better. After analysing the market and customer demand you can start your business.
Ans. Yes, anyone can start a startup in India. However, it would be best if you have some skills to be successful in the same business idea. This will help you to easily understand the market needs and set objectives. You can also take advice from consultants who can guide you and make your journey easier.
Ans. There are some major responsibilities of a startup founder. If you are thinking of starting a startup then you have to do these things.
However, Founder’s role doesn’t stop there. They have to constantly plan and set goals to make the business effective in the long run.
Ans. Following are the criteria to fulfill as per the Startup India scheme:
Ans. If you are wondering how to start a startup in India as a beginner. You just start with a great idea. Your business cannot succeed without a powerful idea. After that, you can start working on a business plan and how you will fund your startup. Motivation and dedication are essentially there throughout the process. Also, make sure that you have taken all the legal steps before starting your startup.
Ans. It is essential to decide how much money your startup will need to bear any unseen losses in the future. How much investment does your startup require whether your company is small with an individual or a group of people? But apart from the fund, you will also have to bear the cost of registration fees for your startup. This fee ranges from INR 2000 to INR 2 Lakh.
Ans. Many industries in India have high-profit margins in India. Most small businesses today have high-profit margins. One such industry is the interior designing industry.
Some other small industries are:
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