Startups are becoming exceedingly popular in India in the last couple of years. A large number of highly profitable as well as unicorn businesses have been established in the last decade. If you have watched the latest show “Shark Tank India”, you must be well aware of the current scenario of Startups in India. Especially, a large part of our youth is coming up with unique ideas and creating successful businesses out of them. It can be said that Startups are the future of New India.
So, if you are someone who believes that you have what it takes to be a successful entrepreneur, here are the steps you can follow to start a business in India and take it to great heights of success.
1. Find the perfect business idea
The first step that you need to take while starting your business is to find a unique business idea, something which you know of or are related to so that you can execute it properly. Try to think of something that might solve a real-world problem or is a product that stands out and will be able to sell itself. The market is a really competitive area and standing out for your service or product is very important if you want to make your business successful. So, find your idea, think it through, and begin to plan mentally on your business strategy.
2. Market research
Researching the market is one of the most important steps when starting your business. You have to be well equipped with statistics. You have to understand the space for your product or service in the Indian market. You must know your target audience and how to reach out your business to your target audience. Also, try to know your competitors in the market and their strategies. The more you know your competitors, the better you can formulize your strategies to stand out in the market.
3. Create a business plan
The next step is to create a plan to execute your business idea. It is better if you write it down. You should always think about how to be unique and how to stand out from others. You should also look at how similar business ideas in foreign countries are carrying out their business and learn from them. Always try to be flexible. Plan out everything like the design of your product, the pattern of service, funding sources, the number of people that you have to hire, and so on. Also, think of how you are going to operate the business. The clearer you are with your business plan and vision, the better you will be able to handle situations and solve problems that may arise.
4. Choose a proper location
In India, choosing the right place for your business is very important. In the immense competition, location becomes a big factor when it comes to the scalability of your business. Small businesses also require space at home, or a space at a store, mall, or office. In accordance with Indian law, you have to get your company registered so that you can avail yourself of government facilities legally and for commercial usage.
5. Raise Funds
The next and very important step for you would be to raise the funds that you will need to set up your business. You have to calculate how much money you would need to grow your business to the point where it is profitable. In India, most small businesses start self-funded or taking help from their family. You may also apply for bank loans if you need. If you need a large investment, you can always approach investors and raise funds by giving them equity in your company. If they like your idea, it won’t be a problem. If your business solves a social cause or a real-world problem, you can also go for crowdfunding.
6. Register your company and complete other legal procedures
In India, you have to have some patience when registering your company as it might be a little time-consuming. The good thing is, that the entire process can now be done online. There are many organizations as well that will do the process for you at a standard fee. You should also obtain all the required licenses from your State Government and the Central Government as may be required for your business. For example, in any kind of food-related business, the FSSAI license is mandatory. You will also need to get a Permanent Account Number (PAN) and a Taxpayers Identification Number (TAN) for your company from the IRS.
7. Build your team and select vendors if necessary
A team of trained and efficient professional people can help you grow your business immensely. Think of what roles you want in your company and how you want them to manage your business. Distribution of workload will help you grow faster. If you need outsourcing, then select your vendors. Talk to them and select those who seem trustworthy and professional. If your business requires B2B services, then establishing your network with other vendors is a must.
8. Launch your business
Businesses in India are mostly either only online (website, e-commerce), both online and offline, or just offline (stores, offices, etc). It depends on the type of business you choose. If your business requires a store, as well as online deliveries, then you have to launch your store as well as your online e-commerce website. Even if your business is just offline, its presence on the internet is a must nowadays.
9. Branding
It should be the aim of every entrepreneur to build a brand, not just a company. So, give your company a catchy, unique name, create a meaningful logo, and use these on all your products or the services you provide. This will help you build a brand name in the market and popularise among consumers.
10. Marketing
The most important aspect of running your business is to make sure that you are able to reach your target audience. And to do so, marketing your product to the consumers is a must. If you are a small startup, you can always start with social media marketing right away. Create your company’s page on Facebook, Instagram, and other platforms and post daily about your products and services. You can create a blog on your website to draw more traffic. If you have funds that you can spend on marketing, never hesitate. There are lots of marketing options like TV and newspaper advertisements, online ads, pamphlet distribution, and a lot more. There are also other companies that you can hire to manage your social media marketing if you want a more professional approach to your posts.
Conclusion
Overall, starting a business in India is actually an excellent idea. If you believe in yourself and follow the above steps well, you can actually make a great successful business. So, be confident in yourself and your idea as you can be the one creating the next Zomato, Paytm, Shaadi.com or Lenskart.
