Top 10 Essential Steps for Starting a New Startup in India
INTRODUCTION– Essential Steps for Starting a New Startup
Starting a startup company is an thrilling experience. However, such a venture needs a lot of planning and strategy to be successful. In this way, the proper course of action can lay down the right framework to start a startup in India Below are the ten essential Steps for Starting a New Startup
1.Conduct Market Research
The first step towards developing your market is to search the market in order to find out your customers and competitors. Identify the need of the market. Research whether people want to buy your products/services or not? It will help you understand the market which in return offers information on demand for your products or services pricing and trends.
Market research is the roadmap to informed business decisions.
2.Idea/Niche
Validate your idea or niche. Conduct a pilot survey on whether the idea you are planning about is worth it or not. Testing before investing can help reduce errors. If things feel OK, then write down a business plan. This business plan will provide direction to your business.
“An idea becomes powerful only when it’s validated and backed by a solid plan.”
3.Funding and Registration
Estimate the amount of money required to realise the envisioned concept. Pick a suitable business location for the business. Register your business. Choose your business structure and complete registration on India’s Ministry of Corporate Affairs portal. Keep Security measures in check. Determine the options available in terms of funding which are own capital, loans, or an Investor.
Secure your business with the right structure, funds, and protection from the start.
4.Legal Compliance
Some of the formally required activities that require tax ID include opening of any bank accounts and managing taxes. Make sure that you have all the permissions you require to avoid the legal complications
5.Build a Strong Team
Success of any startup depends upon the team you build. First, hire people for your skills requirement-even if it is a small workforce initially in your company. You don’t need to immediately hire highly paid experts; you can also work with freelancers or part-time assistants.
A strong, dedicated team can make all the difference! 💪✨
6. MVP-Minimum Viable Product
Making an MVP or keeping an inventory in stock is obviously the most crucial thing in a business. If you donot have this, then you are not going to go anywhere. All of your research is a waste of time and money.
Without an MVP, a business is just an idea—bring it to life, or it stays a dream.
7.Marketing & Branding
Athough Marketing trends in India, vary from Startup to Startup. Yet, building local partnerships with people to reach target audience can help a lot in Marketing. You can also use Social media networks to reach the target audience.
5 P’s of Marketing: PRODUCT-PRICE-PLACE-PROMOTION-PEOPLE
8.Networking and Scaling
By networking, you can build relationships in a more natural manner. It can also help you get funding from various angel investors and institutional investors. This will help a lot in scaling your business.
9.Retain Customers
Provide a good customer experience. Collect feedback from customers. Respond to customer support queries. Find new customers trough word of mouth representation.
Happy customers are the best business strategy—listen, respond, and let them become your biggest advocates
10. Offer OFFERS
Offers Discounts, free gifts and loyalty cards to old customers. Customer is the king. Make the customers feel smart. Offer them upto 50 percent discounts on the products.
“Treat your customers like royalty—give them offers that make them feel valued and smart.”
Conclusion– Essential Steps for Starting a New Startup
You can follow these Essential Steps for Starting a New Startup in India. Although the path to a starting a startup is not straight forward. Still, these steps will help you prepare for the obstacles that are likely to come your way and see your start up grow.
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