India is currently a thriving ground for startups. The youth is driven to do something unique and bring about change. They have a lot of innovative ideas and all they need is proper guidance to start their entrepreneurial journey in the right way. Here’s a quick guide for entrepreneurs on how to get their journey started.
Idea validation
Before initiating the entrepreneurial journey, it is imperative to conduct thorough market research to establish the fact that the product/service is indeed needed. The main pointers to keep in mind for the research are:
– Does the product solve a problem?
– Who is the target audience?
– Who are the competitors?
– What are the product’s unique features?
Evaluating the product’s position and its potential sets the premise to enter the market.
Business plan
A business plan becomes indispensable for a new startup, as having everything documented helps to set a system effortlessly. The business plan should include:
– A brief summary of the business
– Overview (business structure, type, means of business, etc.)
– Plan of action
– Detailed market analysis
– Product details
– Financial plans
– Future goals
Drafting every step in the plan will help to identify the goals and milestones and act as the beacon for growth.
Raising funds
Once the blueprint of the business plan is ready, it’s time to devise the funding strategy. Here are some of the routes to raise funds:
– Angel investors: These are individuals who invest their own wealth in small businesses in exchange for an ownership stake.
– Venture Capitalists: They usually come from well-off investors, financial institutions, etc. to invest in high-potential startups.
– Banks: Getting loans is the standard way of accessing funds. With rising startups in India, there are various schemes now that make accessing loans easy.
Company registration
It’s advisable to seek an expert’s help, an experienced CA, to get the company registered. There are several documents and procedures involved and their expertise can help navigate the process. A private limited company involves more complexities to initiating the operations compared to a proprietorship/partnership which is easier to set up as it involves less paperwork.
Getting a workspace
Office space is crucial for a budding startup as it acts as the medium to unite and build team spirit. A well-connected team performs better, hence, the founders need to ensure that the workspace includes all the essential amenities.
Buzzworks is an ideal workspace for startups since they can rent the place and customize it according to the teams’ needs to enhance productivity.
Launching a startup is a huge decision and a major milestone in an entrepreneur’s life. Thus, it’s important to ensure that one sets off on the right foot, with all steps taken care of with precision to make the journey as smooth as possible.
