Before commencing a business, you need a plan, expert consultation, a team, finances, and local support. Let’s have a deeper dive into the prime factors that affect a startup:
1. Plan
Businesses are all about solving problems in niches commonly called market categories. As far as you’re solving a problem for businesses or consumers you shall be successful. Hence, planning becomes a necessary part of starting up a business. Without a valid plan, no one will listen to you or your idea.
2. Expert consultation
As you’re new in the field, you’ll need someone with proven experience to help you understand current market affairs. Choosing the right consultant for your startup might prove to be a major move in kickstarting your business.
3. Team
You will definitely need a goal-focused team that needs no motivation to do their job. Investors invest in teams, therefore mind it. An organized team with a defined job description will bring success to the startup.
4. Finances
All of your efforts shall bring no result if you haven’t got the finances to do the job. So, get your money instincts right and find an investor to fund your venture.
5. Local support
A startup always needs local support. It motivates the team to perform better. And, you get local news coverups for free. This shall give you the kickstart you need for your business.
After knowing the prime factors let’s move to a broader discussion about the government plans and resources to explore.
What is #StartUp India?
It is a government initiative that allows startups to create a portfolio. And, acts as a bridge between startups and the resources available. It was started on January 16, 2016, and announced by Mr. Prime Minister (Narendra Modi). The initiative aims to ease the market complications and governmental procedures for a starting up business.
It is a campaign by the Indian government that was much needed at a moment when starting up a business used to be a complicated process. And, getting foreign investors to invest in an Indian startup was a much harder task. Therefore, the programme was a boon for the startup culture in India.
How #StartUp India can help businesses in India?
#Startup India has brought a platform for startups to find competition, investors, incubators, etc. You can register on the portfolio and explore the options available at the site. Not only through spirits, but the government is awarding starting up businesses through facilities like tax exemption, self-certification, one-click clearance from a mobile application, opportunity to participate in government tenders, networking options, etc.
The government has specially created one more initiative called Make in India for starting up businesses in India. Under the program, the manufacturer can choose to apply for direct funds from the government. This campaign was started earlier in 2014 aiming at making India a manufacturing hub.
Is India good for startups?: The current scenario
Although, COVID-19 has broken the prime financial structures of many businesses by cutting off their supply chain. The current scenario in India for startups has never been better. The way doing business was made ‘cool’ by the government, which states that it will take the campaigning and support to another level.
Recent years have seen small startups turning into business unicorns like BYJU’s, CRED, etc. These success stories shall motivate might motivate you to open your own startup and support the economic structure of the country. Not only it’s a matter of patriotism, but it’s also a matter of opportunity. These economic easings shall promote business culture in India.
Which business is best for startups in India?
Pardon me for saying this, but if you’re visionary enough you won’t look for an answer to this particular question. The correct answer is: that it depends on the region and its economic problems that can be explored as an opportunity. For this, you will need market researchers who shall provide you with real-time data on the market. This will give you an insight into opportunities in the market in your particular niche and interests.
Top startup consultants in India
Let’s dive deep into this section that not only presents morale boosters but real wizards who shall turn your startups into promising businesses. And, make your startup self-reliant, automated, and consumer-friendly. The wizards are:
A serial entrepreneur, a fine mentor, and a marketing expert who knows the market. Having 10+ years of experience in the startup industry, he is a man who can guide you to success. He is an internet visionary and can lead any goal-oriented business to success.
- Alok Kumar
The managing partner of SRkay Consulting Group Mr. Kumar is a man with a vision. He offers premium consulting services to startups. He is also known as an investor.
- Shyam Shekhar S
Chief mentor and strategist at Startup Xperts, he is known for his visionary growth expertise in accelerating startups and their revenue.
The startup funding processes: A quick detour
Although, the journey of starting up a business and converting it into a successful venture is a way long process to discuss. Its financial journey of it can be concluded in a very few steps. Let us discuss in detail the stages of economic evolution.
- Pre-seed funding stage
This is the research phase in a startup where co-founders and founders seek detailed data on market and its analysis to seize the opportunity that is about to get explored by starting a business. Here, the marketing team finds out whether the idea is viable in real market scenarios.
And, the aim here is to find the market competitors if any. Plus, a lump sump estimate of the cost of the venture, and the business model you’ll use to dominate the market.
- Seed funding stage
At this stage, the idea becomes a real business with some revenue to prove its concept. In this stage, the startups launch their product. After launch, they market the product by analyzing competitors.
- Series A funding stage and beyond
The series A funding and beyond offers equity investment opportunities to venture capitalists. The ‘beyond’ funding stages are Series B, Series C, Series D, etc. In the stages, the starting up businesses are no longer amateurs. They become players in the market with huge traction. And, therefore their financial spending also goes smart.
The final words
Starting up a business in India nowadays is more than ‘easy’. However, you will have to face market reality checks. So plan, consult, find finances, create your portfolio, and market your products. Believe in theory: “Rome wasn’t built in a day”. Every business takes its time to grow. So shall be yours. Keep your motivations high and motivate your employees as well. This boosts their confidence to do the job and record new benchmarks.