In 7 Easy Steps, Learn How To Start A Business In India
In 7 Easy Steps, Learn How To Start A Business In India.
There is a narrow line that separates the dreamers from the doers. If you’re interested in learning how to establish a business in India, you’ve already taken the first step toward being a Doer.
A startup is nothing more than a crop. You must sow the seed, nourish it, provide it with the proper conditions, and take good care of it. You will enjoy the benefits of your work in the end.
This raises the question of how to start a business in India. Don’t worry, that’s precisely why we’ve come. The following is a step-by-step guide to completing the task. We’ll discuss ideas, networking, collaborations, legalities, finance, company development, and growth.
There are several connections to essential resources in each section. The whole discussion will be centred on India’s startup ecosystem. India may not be the first place you think of when launching a business, but it is certainly up to the challenge. With this in mind, let’s start our great trip together from the first step, The Basics.
Step 1: The Fundamentals
A startup in India is defined as a business that is less than seven years old and has an annual turnover of less than INR 250 million, and it must, above all, be registered in India.
There’s a tale behind every startup. In this narrative, one or more people are motivated to make a difference in society. Startup entrepreneurs have a strong emotional attachment to their concept, and they work on this concept, shaping and moulding it into a suitable product or service.
In technical terms, a startup refers to a fledgling business founded by entrepreneurs. These entrepreneurs are searching for various financial options to help them launch their product and grow it into a company.
But, how did the startups come into existence? The first evidence of startups is linked to Silicon Valley. But the fact is that we cannot place the pin on a particular year.
Defining startups is not straightforward. Different economies have accorded a different definitions to a startup. Where India has set 7 years as the benchmark, Europe has set it at 10 years. In the USA, startups are called a shoestring operation, meaning something that starts with a tight budget.
Similarly, there is no direct way to tell when was the first startup launched. A book named Silicon Valley Fever traces the startup origin to 1976.
However, “startup” was first used in a Forbes article in 1976. As a result, everything points to the 1970s as the birthplace of the startup notion.
India’s Startup History
Since we’re talking about how to establish a business in India, it’s crucial to understand when these new businesses first appeared in the country.
Entrepreneurship is connected to the emergence of startups. Before independence, India’s entrepreneurial spirit was poor, and inflexible rules and restrictions bound those who wished to choose this path.
Entrepreneurs were fueled by the Indian economy’s desire to become self-sufficient after independence. Furthermore, the newfound freedom instilled confidence and paved the way for entrepreneurs.
However, throughout this period, the primary focus was on building large-scale enterprises for the economy to prosper through the Trickle-Down Effect.
However, following the liberalisation changes, the notion of startups began to emerge as the Indian economy became more aware of the advantages of privatisation. Surprisingly, the actual boom in the startup environment occurred after the 2008 financial crisis.
Some Indian Startup Facts:
There are a few things you should know about the Indian startup ecosystem:
Moving forward, names like Paytm, Flipkart, Zomato, Ola, and Cure come to mind while discussing India’s leading companies.
Fit is unmistakable. These apps have propelled India from obscurity to the forefront of the global startup ecosystem.
Every successful startup could not gain success overnight, and it takes time to become successful and progress through each company stage. Salesfusion is a fantastic example of this slow progress.
Salesfusion’s creator discusses his success story of how he failed three times before launching a company that now earns $400K in monthly income. Harishanker’s tale is an excellent example of how to establish a business in India.
Did you see where it claimed Harishanker had failed three times?
Failure is as much a part of every startup environment as an achievement. Don’t become frustrated or disheartened, though. Any entrepreneur will happily tell you their failure tale if you ask them, and there is always a failed tale before a success story.
You’ll always know how to move forward if you see failure as a stepping stone.
Let’s understand the inner fabric now that we’ve established the exterior lining of starting a business in India. You don’t have anything but one concept before recruiting people, renting a facility, or even applying for the money.
Every business starts with a single idea supported by a vision, and we can grow an empire with that vision. But first, let’s concentrate on the concept.
Step 2: The Concept
A unique idea is a cornerstone of any successful business. So, how do you come up with the concept for a startup? What drove Jamsetji Tata to seek out one of the world’s most prestigious automobile companies? What prompted Dhirubhai Ambani to create a corporation worth billions of dollars?
If you examine these sectors and their founders closely, you’ll see one thing in common: they all saw a problem that many people in their environment had. They investigated the issue and devised a remedy. That’s how it all began!
What is the Best Way to Find a Startup Idea?
Here’s a short three-step procedure for identifying outstanding ideas for your Indian startup firm, comparable to what Tata and Ambani presumably did:
- Look for issues: The key to coming up with new ideas is to seek any tiny or significant problems that arise in your everyday life. You may jot down these issues on paper or in a notebook for the record. Every day, go through these challenges to identify the one solution that would yield the best results. Here are a few startup ideas that may pique your interest.
- Look for an issue that makes you think: Look for those that pique your attention as you move through your list of concerns. For example, if you enjoy crafting, seek a task that involves ornamental goods. Business is about more than just producing a lot of money; it also requires passion and enthusiasm. Do what you enjoy, and you will find that you are the most successful.
- Come up with a novel solution: If you have an issue that you can fix and is also enjoyable. You must seek an unconventional answer. A hammer, for example, may be used to drive nails into wood, but a nail gun makes the job much quicker and faster. Just like that, perform some study into existing (if any) solutions to the problem and develop a better one.
How do you assess your solution?
You’ve discovered a problem: people want to download videos from Instagram, but it’s challenging to do so. You’ve considered a solution: an app that assists them in doing so.
How can you know whether your solution is correct? Here are some things you should keep looking into:
1. Examine the product or service
The first thing you should look at is what your product has to offer them. Similar items on the market may provide similar services to yours. As a result, as previously said, you must make your product or service stand out. Because India is a densely populated country, product quality is essential.
If you’re making an Instagram video download app, you may include other platforms as well. This means you may add the option to download movies from Youtube, Facebook, and Vimeo.
2. Is your product or service in demand in the market?
One of the most important questions to ask yourself is this one. After all, it would be a dead-end for you if your product or service is not loved or required in the market. As a result, you must ensure that your product or service is necessary for the consumers.
You are using the same example; many individuals like downloading and sharing Instagram content. So, if you undertake a thorough market study (detailed in the following part), you’ll have a good notion of the demand for the product you will produce.
3. Are you having fun with what you’re doing?
Finally, unless you love it with all your heart, none of this will endure long. Many of us have attempted but failed to continue working for a company, and the sole reason for this is a lack of enthusiasm and enthusiasm for it.
For example, if you dislike coding, developing an app may not be the best option for you. So, try designing a product or service about which you are passionate.
Validation of the Concept
You’ve done a thorough analysis of your answer so far. Now is the time to do a thorough examination of the market. This implies that you must be sure about how your product will perform in the market.
1. Conduct extensive market research
This section contains all of the essential steps to ensure that your product or service is new and unique on the market. Here are some of the most critical points.
- Make a quick diagram of your product, including its characteristics, uses, target audience, and advantages.
- To determine the amount of competition, look for similar items on the internet.
If you locate some similar items on the internet, make sure to compare all aspects to see if there are any similarities.
- Customer reviews might help you learn more about the negative aspects of items to enhance them on your own.
2. Engage the audience in conversation
This is the most valuable part of the procedure. You’ll learn some new things from the perspective of the client.
- You may learn about client complaints about existing items by visiting numerous internet forum websites.
- Create an online survey to learn more about the user’s expectations and desired product features. Some services, such as KeySurvey, Typeform, Survey Monkey, Gosurvey, and Google Trends, will assist you in creating surveys.
- Gather evaluations from your social circle to use the power of social media. Discuss your concept with your friends and family to see how they would like the finished product to look.
There is no foolproof method for predicting how well your concept will succeed in the marketplace, and you can only try it out to see whether it works. Some aspiring entrepreneurs have experienced numerous setbacks on their way to where they are now.
Here’s a beautiful validation tale to help you understand it better. This individual began pre-selling his goods to determine whether or not others were interested in his answer. He made a whopping $4000 using this strategy without even possessing the product!
Create a Minimum Viable Product (MVP)
Finally, this is the stage when you will begin working on your product. The first question that most of you will ask is:
What exactly is an MVP?
A Minimum Viable Product (MVP) is an acronym for Minimum Viable Product. The most basic form of your product (which should be developed fast and cheaply) is used to see if there’s enough interest and willingness to pay for it.
Some people may mix up an MVP with a prototype. A prototype is only a draught of your idea, but an MVP is a product that your audience will utilise.
What are the Benefits of Having an MVP?
It has several advantages:
Time and money are saved: MVPs offer just the most basic functionalities, making them simple to create and requiring little initial input. You can swiftly shut down a product that isn’t performing well in the market and go on to something else, saving you time and money.
Feedback from customers: Putting out the MVP is a terrific method to get input from your users and design more features based on what they want, not what you think they want.
Obtain early leads: Many of your MVP testers may eventually become customers. They’ll feel like they’ve contributed to your product, which will make them more inclined to pay for it.
How to Create a Minimum Viable Product (MVP)
We have a comprehensive guide on how to create an MVP.
There’s no need to be concerned if you dislike coding, and you don’t need to know how to code to create an MVP for your company concept.
- Prepare a business strategy
When it comes to launching a business, a business plan is essential. It is a written document containing all of the vital parts of the company, such as business objectives, business strategies, goal time frames, profit and loss data, finances, marketing tactics, etc.
The following are some of the more specific parts of a business plan:
- A concise overview of the company that covers all of the essential elements.
- Business overview: legal structure, kind of business, mode of operation, and location.
- A well-thought-out strategy.
- Market research and analysis.
- Information on the products and services.
- A thorough examination of the market competition.
- The management team’s information.
- Make a budget.
- Goals and forecasts for the future.
The Startup’s Name
It may appear that naming your business is simple, but it is not. Here are some things to think about:
- Choose a name that is appropriate for your company.
- Pay attention to the keywords.
- Make it simple to speak and comprehend.
- Recognize the psychological significance of the name.
- Long names should be avoided.
People run startups and businesses. When it comes to hiring employees for your company, you must be cautious. The following chapter will go through all of the essential considerations you should make when hiring individuals for your company.
Step 3: People
This question may have occurred to you as a startup entrepreneur. Who can I ask to be my co-conspirator? When two individuals join together, they may sometimes bring a lot of worth and expertise.
How can you find a fantastic co-founder?
When looking for a fantastic co-founder, be sure they have a different skill set than you. As a result, you’ll be able to contribute equally to the startup. In the end, the business will profit from both co-founders’ contributions.
Consider the following scenario: you are a developer with an original product concept. However, you may not be very good at negotiating, knowing the laws, or employing people. If your co-founder lacks these skills, you’ll wind up spending the company’s limited resources on new hires. And cash is one of the essential variables in a startup’s long-term sustainability.
What Should You Look for in a Co-Founder?
India is progressively becoming a startup-friendly country, and numerous reasons contribute to this shift. As time goes on, more and more young people are keen to establish their businesses.
Here’s a parenthesis: The age factor has nothing to do with establishing a business in India, and anyone can do it with a basic grasp of managing things. Several possibilities are available to you, whether you are a high school/university student, a graduate, a part-time job, or anything else.
As more people enter the startup ecosystem, it becomes simpler year after year to locate another person eager to co-found a company with you.
When looking for a co-founder, there are a few things to keep in mind:
- The first point to consider is trust.
You and your co-founder will need to work together to have a solid and balanced working relationship. It’s critical to have faith in one another if you want to see the end of the line.
“Can I trust this person?” is the first question that comes to mind for you.
There is no simple solution since establishing trust or accepting someone as trustworthy takes more than a glance or a meeting.
But one of the best things about humans is that we have what’s known as a “Gut Feeling.” This emotion will undoubtedly assist you in answering numerous questions as you progress through the startup process.
- The second point to consider is your skillset.
We’ve already touched on it briefly above. Keep an eye on your possible co-abilities founders and make sure they complement yours.
If you have any flaws, your co-founder must be able to compensate for them. To strike the appropriate balance, you don’t have to select someone you oppose. Instead, find someone who shares your personality while still possessing a unique skill set. This leads us to the next point.
- Personality is the third point to consider.
There are several reasons why your personality should match that of your co-founder. It is difficult and stressful to establish a business in India.
You’ll need someone to confide in during those trying moments in such a scenario. And that will only be feasible if both founders have a personality that complements each other both inside and outside the workplace.
- Honesty is the fourth consideration.
There was a time when the phrase “honesty is the best policy” was widely accepted. Today, things are a bit different. As a result, it’s critical to understand your co-true founder’s levels before forming a partnership. Apart from leaking cash from the company’s coffers, there are many additional issues.
As the firm’s creator, you must have certain principles and values that embody your vision and objective. Dishonesty and a violation of trust are also involved in avoiding these.
What is the Best Way to Find a Co-Founder?
Let’s move on to finding a co-founder now that you’ve learned the most important factors to consider while seeking one.
- Your circle of influence: You might list your prospective partner’s obligations and responsibilities and seek someone who meets these traits in your area.
- Networking among co-founders: You may locate co-founders using the same tactics you used to find investors. The startup India hub is growing, and you’ll be able to participate in various events and summits to strengthen and connect the startup ecosystem.
- Online meetings with the founders: There are numerous additional locations where you might locate your ideal co-founder besides gatherings and conferences.
Co-founding a Startup with Pals:
You may co-found a startup with your friends. However, there are dangers to be aware of.
To begin with, you may believe that you know your buddy well, but as you both work together, debate difficulties, and ponder over them, you will learn more about each other. Over time, you may discover that you didn’t know your buddy as well as you thought, which might cause future issues.
When you work with a buddy, topics like money and job responsibilities are discussed casually, and that is not something you should do. Ensure that everything is on the table. If you want to proceed down this road, set personal and professional limits.
Putting Together a Team
“The key to effective recruiting is to seek for people who want to make a difference in the world.” Marc Benioff’s remark sums up the process of hiring talented individuals to work alongside you.
A strong team is essential to your company’s success. According to a 2013 poll, 60% of businesses fail due to unproductive team members.
It would be excellent if you considered these factors when assembling your dream team to help you reach the peak of success.
- Self-evaluation: You are the lynchpin that holds your group together. As a result, conducting a self-assessment before starting is critical. Self-awareness will aid you in achieving outstanding results since you will be aware of your abilities and limitations.
- Determine the most critical positions: Determine whether extra essential tasks are necessary for your firm in addition to your and your co-founders’ skill sets. The product or service you supply will also influence which rooster is ideal for your team. A great designer, developer, marketer, and executor are popular jobs.
- Create a startup culture: Let’s get one thing straight: startups aren’t cheap. Like those in any other country, startups in India have a limited amount of funding. As a result, they must be reasonable with their spending, even hiring competent individuals at a lower wage. So, what compels people to stick around? The answer is startup culture. A positive culture benefits employee retention, a self-motivated attitude, and a happy work environment.
- Recruiting & Hiring: India has a vast pool of skilled workers, so you won’t have any problem hiring suitable candidates. However, you must know where to seek and how to engage effectively.
Platforms like LinkedIn, Glassdoor, Placement India, Indeed, and Naukri are ideal for locating applicants. After putting up a team, the next stage is to consider the legal aspects of the company.
Step 4: Legal Issues
At the proof of concept stage, you must learn about the legality of founding a business in India. Some companies do not take these factors seriously, and as a result, they make costly legal blunders.
Indian startups can be registered both online and offline.
How to Register a Startup in India Through the Internet
There are two things to keep in mind here: the first is to incorporate your company, and the second is to register it with the Startup India Program. Obtaining the Digital Signature Certificate and Directory Identity Number is part of incorporating a startup or a firm. After you’ve incorporated your company, you’ll be able to apply for the Startup India Program.
There are four different ownership structures from which to pick. These are your options:
Proprietorship: There is no need to register, and you are the single owner of the firm legally. Your earnings will be considered taxable income for tax purposes, and you will be unable to transfer the company’s ownership to anyone else. Finally, you will be unable to raise funds from international investors. It’s important to note that in India, a sole proprietorship isn’t considered a startup.
Partnership: To begin, a partnership requires two persons, and you have the option of registering your business or not. You will, however, be subject to all of the laws and compliances that apply to a partnership firm if you register.
In India, a partnership business can only be classified as a startup if it has been in existence for less than five years.
A Limited Liability Partnership, or LLP, must be registered in India under the LLP Act of 2008. It falls under the Ministry of Corporate Affairs’ jurisdiction and must have at least two partners. Furthermore, in India, an LLP structure is recommended over other registration types. There are several advantages to forming an LLP, including operational freedom and fewer regulatory requirements, to name a few.
They are registered as a private limited company under the Companies Act of 2013. More specifically, such a corporation can employ up to 200 people and must have at least two directors.
Although there are extra-legal requirements to register as a PLC in India, they are eligible for several other benefits provided by the state government.
Here’s a fun video that explains the models:
Not registering the firm is OK as long as you are in the proof-of-concept stage or until you get some traction. However, once you reach the point where you are ready to register, the real difficulties begin. From compliance to taxation, labour rules, environmental laws, and other legal obligations must all be followed.
Rights to Intellectual Property
Receiving praise for your product or service is well-deserved since you took a concept and turned it into a workable solution via your creativity. And you’ll need the protection to keep that light going. The IP startup scene in India, on the other hand, is a little different.
In India, software’s intellectual property rights are limited to the code and the completed product. In other words, obtaining copyright only protects the form, not the ultimate content.
Another critical point to note is that you cannot file a software patent application in India, and you might apply for a patent for software and hardware integration.
This means that you can acquire a patent if your software is dependent on any hardware. However, the software cannot be patented on its own.
You can receive a patent for your User Interface/Experience if it is unique. Whether or not you can secure a patent for it is determined by its level of distinctiveness.
Legal Considerations for Co-Founders
You may have found your ideal co-founder. Have you, however, gone through the needs and legal concerns it necessitates? A co-founder agreement outlines each founder’s stock ownership, early investments, and duties and obligations.
There must, without a doubt, be a legal contract outlining all of the rules. This form of agreement guarantees that both founders have a clear grasp of their roles in the business.
You must carefully evaluate and determine the boundaries for every term related to the partnership. Even if the business is still in its early stages, certain limits must be established.
While running a startup, you will discover a few additional legal documents that you must review.
Be extremely cautious when it comes to legal matters. If feasible, get a professional lawyer and an accountant to help you set up your business legally. The consequences and penalties for not adhering to them are severe, and they might be the catalyst for your ideal company to crumble.
Money is also a vital aspect for every company regarding penalties and fines. Essentially, you can’t completely comprehend how to establish a business in India without first researching finance choices.
Step 5: Money Issues
90% of businesses fail within the first five years after their inception, and many are due to a lack of funds. Some founders do not have enough fuel to keep the engine going, while others do not use it to its full potential.
As a result, getting your business funded is vital, but learning how to use that money wisely. It would be best to start putting together a startup budget that is well within your means.
When you have the money, start spending it wisely and on things that will help you flourish. But, before we talk about how to spend the money, let’s talk about how to get it.
There are several ways to collect funds for your company in India (here’s a comprehensive list):
- Family and friends: We always go to our family first if we want something. Asking your friends and family for early finance appears to be an excellent alternative, especially given the cultural conventions and family culture present in India. However, keep in mind that this is a two-way street with some distinct advantages and disadvantages. Before you plunge in, make sure you think about them.
Bootstrapping: One of the most effective ways to fund your firm is to use your own money. The rationale is that you won’t have to explain where the money went to anybody. There is no interest, no difficulties in repaying the funds, etc.
Incubators and accelerators: Business incubators and accelerators can help early-stage firms receive funding. The distinction between an incubator and a regular business is that an incubator teaches and trains in all areas. Everything is introduced to a child from the moment it is born. On the other hand, Accelerators are more advanced, and they assist you to sprint or jumping forward in your business. You may select from a variety of incubators and accelerators in India.
- Angel Investors: India has many established angel investors who have sponsored several businesses. Angel investing is a type of fundraising activity in which individuals with excess wealth and interest invest in various categories to assist firms in launching and expanding. The Indian Angel Investor network is pervasive, and you will be able to discover the ideal investor for your business.
- Venture capitalists: Venture capitalists are the giant sharks in the ocean of startup ecosystems, and these people are enormous investors who also assist already-growing firms expand. Most venture capitalists (VCs) have relocated to India from other nations. The following is a list of India’s top venture capitalists.
Crowdfunding: If you have a brilliant concept that can persuade the people, crowdfunding is a terrific way to fund your firm. Here are a few Indian crowdfunding platforms. Several people will look at your idea there, and if they like it, they will pledge their financial support to help you develop it and move it forward to the next step before a prototype is built. Crowdfunding has several advantages: free promotion since your investors will undoubtedly spread the news about your project and recruit more supporters.
Bank Loans: Banks can provide funding in loans or lines of credit (working capital loans). Many entrepreneurs still consider banks their first choice and a safe option for startup finance. Several banks have opened up specific funding alternatives for SMEs and startups in response to the increasing trend of startups in India. Loans follow the typical procedure of providing the bands with the appropriate information, business strategy, and collateral to obtain finance.
Government grants: The Indian government funds startups in India through various grants and initiatives. Government programmes for startups in India, such as Mudra loans and the 10,000 Crore Startup Fund, demonstrate the government’s desire to create a favourable climate for entrepreneurs. Startups fuel the Indian economy’s development, and the government responds by bolstering that growth via programmes and awards. The Startup India Scheme merits special notes in this financing category.
Scheme for Startups in India
The Startup India Initiative’s main initiative is the Startup India Scheme. This programme was created to encourage the development of innovative goods and services in the Indian economy. Under this plan, entrepreneurs must register with DPIIT and complete other requirements to receive specific benefits, including Simplifying work processes from registration to basic infrastructure setup.
- They are providing financial assistance to entrepreneurs through various government-run startup funding programmes.
- They are assisting the founders in expanding their network and taking advantage of government possibilities.
- Income tax exemptions, intellectual property privileges, and additional goodies are available to early-stage firms.
According to the DPIIT (Department for Promotion of Industry and Internal Trademost )’s recent announcement, around 28000 startups have registered with the DPIIT till February 1st, 2020.
Regardless of the type of business you are attempting to launch; funding will be required. In addition to the finances, it is critical to developing your brand. In the following parts, we’ll discuss how to establish and maintain your startup’s brand and how to assure its long-term success.
Step 6: Branding, Website, and Launch
Creating your firm on many levels begins once the funding for your startup has been secured. Until recently, your work had revolved solely on a concept. But now is the time to begin the serious job from the beginning.
This chapter will go over some of the fundamentals of starting a business. It will teach you about numerous elements of starting and running a business, from the name to the website to the launch.
Developing a Brand-
Establishing an identity for your startup is essentially what branding entails. Your brand’s identity distinguishes you from your competitors in the market. A brand has its voice, image, and personality, which helps consumers recognise it.
What comes to mind first when you hear the term Pepsi, for example? Indeed, something associated with the drink, such as its blue ribbon, emblem, or marketing. This is where branding comes into play. When consumers begin to see your brand when they hear its name, it is said to be established.
Building your brand identity is a long-term strategy (here’s a comprehensive guide). At first, several firms skip this stage, preferring to move right into operations. When you create a brand identity from the ground up, it progressively establishes itself in the market. People will be interested in any product you launch once it has attracted much attention.
Creating an Organizational Logo-
Outsourcing the logo design process to a professional branding firm is the best option. Various elements, such as colour palette, typography, and visuals, must be considered while developing a brand logo. Professional agencies have the knowledge and experience to comprehend the processes of colour combinations and visuals that can entice clients.
Creating the Website-
It is critical to creating a website for your company. The finest venue for engagement between you and your clients is a website, and it keeps you active in a competitive market and is also a great approach to attract a large number of potential clients to your company.
A website plays a significant role in creating a potential business market for any startup company in India. The given steps are involved in the creation process of a website:
Picking a Domain Name-
The domain name is usually named after your brand name to achieve singularity in your brand identity. There are multiple domain providers through which you can purchase a domain name for your website. Some of the popular domain registrars are as follows:
- GoDaddy: This is one of India’s most popular domain agencies. It provides domain names at the lowest prices.
- Namecheap: Offers multiple services like selling domain names, VPS hosting, web hosting, and others.
- BigRock: They are known for providing cost-effective domain names.
- Hostinger: Offers domain names and services that provide high-speed performance.
- BlueHost: They offer several packages that include registering domain names, hosting, and website development.
Locating a Host-
A hosting company’s job is to link your website to the internet. You may think of it as a hard disc that stores all of your data for later use.
Check for customer service reviews, the functionality of other websites hosted by them, and whether they provide all essential features when choosing a host.
Some Indian hosting providers you may deal with to manage your website are GoDaddy (recommended), Hostinger, BlueHost, and others. Amazon AWS, Cloudflare, Rackspace, and Unified Layer are a few examples of worldwide providers.
There are three basic types of hosting plans:
- Hosting that is shared.
One of the most popular and cost-effective hosting solutions is shared hosting, and it entails hosting other websites on your server. Typically, this plan is limited to just one domain. For the launch of their website, most small businesses and startups choose this option.
It provides them with a place to launch their websites while still being inexpensive. However, keep in mind that you only get a certain amount of data storage and bandwidth, which may slow down your website.
- Servers that are exclusively yours
This is a pricey hosting plan since it includes a dedicated server for your website. The bandwidth range is comparably extensive, and it does not place undue strain on your website, even if a large amount of traffic is expected. This hosting plan’s website loads much faster than other hosting plans.
- Accounts for Resellers
Reseller accounts are typically used by those who want to manage many websites from a single charge. People that run eCommerce websites are the most likely to choose this hosting service.
- The Site’s Design and Development
Getting your website designed by paid specialists may be more expensive than constructing it yourself. Still, unless you have the necessary knowledge and skills in the industry, it will undoubtedly offer some productive results.
You may employ an agency or a freelancer to create your website if you want to outsource it. If you’re going to discover and use one of them, you should go into Upwork (preferred), Fiverr (recommended), or Freelancer.
If you don’t mind getting your hands dirty, you may utilise no-code programmes like Webflow (recommended), Bubble (recommended), and WordPress, which don’t need programming skills. In 2020, a slew of new technologies will emerge to make it easier to create an essential website, and Carrd, Softr, and Dorik are among the available tools.
- Constructing the Office
Developing a physical office is more complicated than establishing a brand name and website. Nothing could be better than opening an office for your business if you have the necessary people and funds.
A professional environment boosts business growth since clients perceive it as a more trustworthy source. One of the most important milestones for your business is having your own office.
It would be best if you also focused on creating fashionable and inventive workplace environments for your job in these current times. This has a favourable influence on the employees who work in the workplace and on arriving clients.
Various skilled interior designers in India can give your workplace a professional look based on your company’s characteristics. Urban India Design, Kinzaa, De Panche, and D5 Design Factory are among the most well-known.
There are various solutions to boost team communication that have affected 2020, whether you choose or need to work remotely.
Your startup will be ready to launch after all of the conditions above have been satisfied. You must plan the launching campaigns before your debut and show your firm to the public. These are some of the crucial procedures that will assist you in having a more successful market launch.
- Create a buzz/ hype
It won’t make much difference if you create a buzz at the last minute. You must begin to establish a word about yourself in the market from the first day of your startup’s development.
Start using social media to promote your company and services and publish blogs and articles. It would help if you had a big populace waiting for the service to be introduced till it is launched.
- Giving out freebies and providing entertainment
Providing freebies and entertainment to the Indian audience is one of the most effective strategies to capture their attention. Collaborate with any well-known musicians you can afford and use them to promote your business.
You may even open a small entertainment zone in a mall where you can engage customers with various activities while promoting your business.
- Other Big Brands’ Launches Should Be Avoided
Take a look at the launch dates for other businesses. You don’t want to launch on the same day as a well-known brand, and your brand may lose a significant quantity of attention.
- Publicize your service through the media.
Nothing could be better if you have the necessary funds and the ability to launch your firm via a press release. The media will draw enough attention to your service throughout the world. If you decide to go forward with it, make sure your personnel are fully prepared with a list of potential questions regarding the product and service.
The beginning of the process, not the finish, is the launch of your business. After the launch, you’ll need to focus on growing your business to its maximum potential. To build your brand, you may need to develop numerous marketing strategies and post-launch campaigns. Continue to the following chapter, which will walk you through the ways you’ll need to speed up the development of your startup.
Step 7: Expanding Your Business
Let’s speak about progress right now. You may think about expanding your startup once you’ve built a solid basis. More significantly, you must determine when it is appropriate to grow or scale your business.
But, before we get there, you need to be ready to expand your business. What is the best way to begin growing? You’ll need some strong ground footwork at first.
Also, remember that understanding when to be bearish is just as crucial as knowing when to be optimistic with your company. You need to know when not to expand your business as an entrepreneur.
Scaling is a work in progress, and you’ll need to rely on tried-and-true marketing techniques to stay up with the pace.
Appropriate marketing methods engage users and persuade them to do the desired action.
One of the most crucial aspects of establishing a tech company in India is to master failsafe marketing methods. Appropriate marketing will capture the audience’s attention and stimulate their thinking neurons, and customers will engage and reach out if the product is something they truly desire.
Some Marketing Techniques
- Emails marketing
An email marketing campaign is an excellent technique to acquire new consumers. Email marketing has a higher percentage of interaction and can be utilised for practically any business or product.
- Create a blog for your business
If you’re fixing a problem for your consumers and they’re seeking solutions online, you’ll need a blog. Blogs are one of the most natural methods to build an audience and potential consumers that may help your business develop.
- Be on social media
4.57 billion people are on social media. Every month, these many people are engaged on social media. Facebook, for example, has 2.4 billion users, Instagram has 1 billion, Youtube has 2 billion, and so on.
Your solution to India’s growth-oriented startup goals is to develop a social media marketing strategy. Because social media is such a vast game, you may need the help of professional social media marketers to achieve your goals.
Other marketing methods appropriate for your brand’s development and size can be implemented. Sponsoring an event or using pay-per-click (PPC) ads can also help you acquire traction.
More significantly, establishing a marketing budget for your business is critical. You cannot flood your business with money that you have earned through bootstrapping, a startup India loan, or other means.
- Taking Care of Sales
It is self-evident that you cannot recruit a top-notch sales crew while your firm is still in its infancy in India. That may happen later, but for now, you may have to look after things yourself or employ a couple of people.
For that reason, it’s critical that you participate in this activity and endeavour to handle the sales portion properly. The development of your sales staff is essential to the success of your business.
Aside from developing a team, conducting sales entails a thorough understanding of the account. At this point, hiring a specialist chartered accountant can be pricey. To maintain the account up to date, you may use cloud-based solutions like Quickbooks, Tally, and Zoho Books. The online tools come with tutorials that show you how to utilise and work with them.
This concludes our instruction on how to start a business in India. We’ve covered everything you need to know, comprehend, and put into practice to manage a successful business.