Startup in India: This is one of the biggest discussions point now a days. Almost everyone wants to build their own startup,
Today everyone has an idea, Ideas may be good some time its excellent to.
But there are a lot of difference between a business ideas and success full company.
Before starting any startup, you need to understand the basic terms and strategy that can make your idea successful.
Let’s get started with some FAQ which you also need to understand before moving forward toward starting up a startup,
How to start a startup?
Here is a blueprint to understand about how to start a startup, you need to follow the below steps before moving forward with startup
Make a business plan
Business plan is backbone of every business why because your business will be completely turn around this plan.
Your business plan should solve any biggest issue around you. This also has a large audience who are searching for these issues.
Fund is one of biggest issues while starting up a startup. Some time it might be a seed fund that actually invested by entrepreneur hard earn money, or taken from inventors like venture capitalist, angel investors and so on.
This can also be taken in form of Loan. Today with Indian Government, there are lot of scheme available to get loan for business under Mudra loan, MSME loan, Startup India loan, Stand up india loan and so on
Surround yourself with the right people
Right team for your business, is another one most important factor. Because, they are the person who are going to help you to get your goal and execution for the success of business.
Find a location and build a website
Location for the business always play an important role, let’s suppose your business audience are in metro cities, and you are starting it in somewhere in village, than your business will suffer to sales That can cause a failure into your business.
Website: Digital presence is now a days one of the biggest factor to get success.
According to Bill Gates,
“If your business is not on the internet, then your business will be out of business.”
For business you need to have website, well designed and according to your business.
Become a marketing expert
Wow! This is my one of the most important factor, where you will get the revenue for your business. In Business, If you are unable to get a sales, you are unable to get profit. Before getting a single sales into your business, You are only investing the money.
Profit always comes with sales. It might be product based, services or anything else but finally you need a sell.
You need to become an expert in sales, if you are unable to do the same, you can hire a people who can make a sales
Build a customer base
Customer is backbone of sales, if you have more customers, you can generate more sales. Rather than focusing on sales, you need to have built an audience for your start-ups.
How do I open up my startup?
In India, To start a startup, you need to register your business under MCA [Ministry of Corporate affair]. There are several type of business registration which you can choose according to your need.
- Partnership company
- One person company [ OPC company]
- Limited Liability company [LLP]
- Private Limited Company
- Limited Company
Next business requirement to get Good and Service tax number.
Once the above things done, you need to get licence according to your business type
Can anyone start a startup?
Yes, Anyone can start a startup. If you are good in business, able to handle and execute a business, you can get startup in India.
What exactly is a startup?
A startup is a new generation company founded and might be funded by one or more entrepreneurs to develop a unique product or service to resolve a real life problems that bring it to market.
By its nature, startup can be sponsored with initial funding from the founders or their friends and families.
What startup can I start in India?
Its more general terms like what start up can start, we are publishing almost ideas on daily basis to start an startup in india. You can choose it from there on my startup authority youtube channel.
Or you can choose it from the problem which you faced from your life, experience.
What is not a startup?
A business that spended a lot of time, get a good profitable business, and found a good business model than that is no more a startup.
In other words, if a startup reached at the maturity of business, than it might not be putted in startup category.
How do you reach out to startups?
Here are few way to reach out to startups
- Use your existing network.
- Start blogging.
- Dive into online communities.
- Cold email.
- Give stuff for free
Apart of this, You can reach through startup group portal and facebook groups and so on,
Can a single person start a startup?
That’s a great question, there is a provision in Indian business eco system, where you can register your own company through OPC [One person company]
Your operation and everything will be controlled by you. But there is a single issue, which is funding, if you go through OPC company you will not get any funding why because investors love to invest in private limited company.
How do you classify startups?
Startups can be classified into different types based on their growth prospects, capital requirements, and the lifestyle demands they impose on their founders.
Should I register my startup?
Yes, Not a startup but almost everything which you want to do related to business need a registration or legalization so that you can have your own rights over the business.
What services do startups need?
Startup need the services like
1- Website development services
2- GST registration services
3- Investors services
4- Digital marketing services and so on
Which bank is best for startup business?
Banking services depends on your location. In India, For best banking services you can choose Yes Bank, Kotak Bank and HDFC.
I personally recommend this. We have bad experience with ICICI bank to we will never ever recommend their services for startups.
What is the need of a startup?
For Startup, You need to have a good business ideas which have the following features
- The idea should be problem-solving
- Cater the big audience
- Ideas should be scalable
- Finally, the ideas should be profitable
How do you find a good startup?
To find a good startup, you need to focus on the day-to-day life issue, focus on the problem-solving skill set, you should take the research like what people will feel if they find the services like this so on.