How to Launch a Startup Company in India
You need to have a plan and list down the process in order for everything to go smoothly.
Here are 9 important steps that you need to follow to get started.
#1 Check the feasibility of your idea
So, you have an idea that can address a market gap.
- Interesting, but how feasible is that going to be?
- Is it really going to solve a problem that is big enough for your target audience?
- And how much revenue are you expecting out of it in the beginning?
You and your team should be clear on all these, and you should have a plan ready to go forward.
To check the feasibility of your idea, you can rely on things like;
- Market surveys
- Expert advice
- Previous market research on a similar idea
#2 Have your business plan ready
Before you commence your operations, you should have your business plan ready.
It should importantly contain the following things.
- Company Description
- Opportunity and Market Description
- Strategy
- Business Model
- Management & Organisation
- Marketing Plan
- Operational Plan
- Financial Plan
Having a business plan will enable you to holistically look at how
your whole business process is going to work. It will also help you when
you need to present the business idea in front of someone else.
This will also give you a broad idea about how to start and progress in your business operations.
#3 Choose the right business structure
Depending on how you want to scale your business, the right business structure can be chosen.
It can be a proprietorship, partnership or a private limited company.
A proprietorship firm can be run by an individual without any partners. But if you are going for a private limited company or a partnership, you need to find good partners as well.
If you are starting small and only have limited resources, you can go for a proprietorship or a partnership.
But when you go for a private limited company, the setting up process is a little more complex.
The advantage of a private limited company is that it will be treated as a separate entity and any liabilities related to your business will not affect your personal assets.
To get things right, you can avail help from a Business Consultant or a Chartered Accountant.
#4 Look for funds
When you start off, you will essentially need funds to sustain as a startup.
There are multiple ways to look for funding. Below are some of the important ones you can try out.
1. Bank Loans
Bank loans are a common method of getting funds for your business. As the governments have now introduced many startup friendly schemes, it is comparatively easy to get loans if you have an innovative startup.
You can rely on bank loans in the very beginning, and once your company is set up and running, you can look for other ways of intermediate funding.
2. Angel Investors
Angel investors are individuals who are ready to invest in your startup in exchange for a share or equity in your business.
Many of these angel investors are people with industry experience, and they will also be able to provide you valuable business advice.