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How to Start With Your Startup?

  • Amruta Bhaskar
  • Jul 30, 2020
  • 0 comment(s)
  • 1912 Views

1,300 startups were born in India in 2019, making it the 3rd largest startup ecosystem in the world. There is a thin line of difference between the dreamers and the Doers. Today, if you have taken an interest in how to start a startup in India, you have taken that leap of faith to become a Doer. A startup is just growing a crop. You need to sow the seed, nurture it, give it the right set of conditions, and take good care. In the end, you will reap the fruits of your labour. This brings us to the question, how to start a startup in India?

Every great startup begins with a great idea but it takes a massive effort to be put into practice and make it successful. When you look to make it out on your own and ask yourself how to start a startup, having a great idea is just the beginning and here are a few steps you can take that will not only help you in conceptualizing a good business idea but also successfully executing it.

Do your market research

Every entrepreneur has at least one big idea for the next big thing but what matters is not the idea but the willingness to take action on that idea to make that idea into a reality. For this, you need to conduct thorough market research to know where you stand and if your idea is worth pursuing further. To know where you stand, begin your research by writing down the problem you think your business idea will solve.

While this might give you an excellent idea for your product, it would not give you any idea about how many of these people will need this problem solved and/or will pay for it. For this, you need to either consider writing up a survey for these potential customers to take or talk to them personally to take feedback.

Get your company incorporated

Incorporating a company is as big a deal for a startup as it will effect may aspect of its lifecycle. Incorporating means turning your business into a legal entity and deciding how it will be structured for the future.

In India after the process of incorporation, a company will typically be incorporated as one of the following:

  • Private Limited Company
  • Public Limited Company
  • Unlimited Company
  • Limited Liability Partnership (LLP)
  • Partnership
  • Sole Proprietorship
  • Joint Venture Company

Register in Startup India Program

You can register your startup on the Startup India website and get benefited from many programs run by the Indian government. From the year 2017, the Government of India has changed the definition of a startup and the overall age limit of startups has been raised from five years to seven years. Being a part of the Startup India program will help you in securing funds easily and will also get you some tax benefits for your startup.

Secure intellectual property and rights

Now you ask yourself how to start a startup, you also need to check if you can actually start or even own that startup. For this, you need to secure intellectual property rights and research if they are already not patented or trademarked by someone else. Intellectual property or IP refers to the process by which you or your company can own the rights to create your product and then sell them. Examples or IP rights include patents, copyright, and trademarks and they are vital to your success and your company’s success in the future. The above will also help you secure a proper protocol for your product and in few cases even eliminate few competitions in the future.

It is important to secure your IP early on as it will protect you against any copycats. This will also let you know if you are not one of the “copycats” and that your product is genuine and not violating any existing IP rights.

Build a good digital presence

You cannot miss out building a solid digital presence in this century. Brands are built and nurtured on digital platforms these days. Importantly, you need to have an attractive website that reflects your brand. It should also have pages that describe what you do and how it is helping your customers. Make the best use of channels like social media, search engines, email, written content, video etc. Depending on the nature of your business, you can choose relevant marketing channels. If you are into the B2C sector, social media channels like Facebook, Instagram and Twitter will be effective. But at the same time, if you are into the B2B sector, channels like email marketing are found to be more effective.

Growing your Startup

Once you have established a basic foundation of your startup, you can think of growing. More importantly, you need to know the right time to grow or scale your startup. But before we go there, you must be prepared to scale your startup. How to start growing is a different debate? Initially, you need some solid footwork on the ground. Also, remember that knowing when to be bearish is as important as being bullish in your startup. As a founder, you need to know when not to scale your startup.

Scaling is like work in progress and you need to leverage foolproof marketing strategies for keeping up with the growth momentum. Apt marketing strategies ensure user engagement and convince them to take the desired action. One of the most important things to understand in how to start a tech startup in India is practising foolproof marketing strategies. With apt marketing, you will gain the attention of the audience and excite their thinking neurons. And if the product is something that the customers want, they will engage and reach out.

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