India is one of the greatest country to make a business in. There are thousands of different startups build every day and a big percentage achieves success. So, if you are considering building a startup in India, you should follow these steps.
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India is a great place to start a business. There are many successful startups all over India (here is a list of startups in India that are breaking the market!), so if you are considering giving your startup a go, you should feel pretty confident. However, you need to know how to do this properly and efficiently. If you want to create one of the most profitable businesses in India, you need to follow the process.
But before starting with the guide about how to start a startup in India, take a look at the following infographic:
Let's get into how to do a startup in India:
You firstly need to know what type of business you are registering. Make sure that you do adequate research to be sure of the type of business you are going to register. Once you have done this, you can head over to www.startupindia.gov.in! If you go to the portal, you will be asked a series of personal questions in order to complete the registration.
Before registering your startup you have to choose a name, so you will probably find interesting this guide about the startup naming process.
You will be asked for some documents, such as a registration certificate. Once you have answered all of the questions and provided the required documents, you will be registered as a business in India. Startup India registration is very straightforward!
There is a lot of funding for startups in India, just like all over the world. Finding funds will be similar to how you would anywhere else. You can look for crowdfunding, or take out a loan. In India, there are a lot of investors too. You can work towards finding an investor but do not make this your priority. It may not happen for now. All you can do is make sure that your business plan is absolutely top-notch, and you will attract the right people.
This is not an exaggeration either. If you are working hard and doing what you need to, you will attract investors. Even better, raise enough capital to get started. If you are confident in your idea, that’s all you need to do. Don’t stress about finding investors, they will find you.
If you have a bit of experience, you’re in a better position. If you have started a startup before, you may already have an investor. This is crucial because you have a reference. In this industry, having references is so important. If you want others to have faith in you, a reference can go a very long way.
You also need to have a drive and passion. Nobody else will believe in your idea if you don’t. If you have an amazing vision, and you’re passionate about what you say, investors will love this. Would you invest in someone who wasn’t even sure about what they’re telling you? No. You want to invest in somebody whose passion is extremely clear to you.
Look around you, and think about what will work in your environment. Where is there a gap? In India, there are many amazing startup ideas but there are still going to be endless gaps. It’s not easy to find those gaps, and it takes an incredible business mind to find them. However, finding them will bring you much success. Do not hold back from finding that gap and putting absolutely everything you have into filling it.
Education is incredible in India, and if you stick through school, you will certainly leave with a good idea of how to start a startup in India. You may decide to go to university, or maybe not. You do not need a degree to start a business, not at all. What you need is determination, and knowledge of business in general. Knowledge will get you far in this industry. Many business owners lack degrees, and it does not affect their business skills in the slightest. They have some of the most successful businesses around!
You should focus your efforts on building relationships and friends. The more contacts you have, the more likely you are to succeed. You could run into investors, potential partners, employees, or journalists willing to release a PR coverage on your startup (although, as we have seen in the Shark Tank Toygaroo interview, this is not always necessarily a great idea). You really never know. You have to push yourself out there. Sometimes it will be uncomfortable, but in a country where success is so high, you’re going to have to go out of your comfort zone to succeed. Obviously, apart from networking, marketing strategies are always necessary.
There are many young entrepreneurs who are reaching new heights at the moment. This is proof that age is not something that should hold you back. You can start a business at any age. You may be young, or you may be old. People seem to have got into the mindset that they’re too young to start a business, or too old. However, there is no limit to coming up with startup ideas in India. If you look all over India, you will find business owners of all ages. Now you know how to do a startup in India!
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