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India is the 3rd largest ecosystem for startups globally. It has around 1.2 lakh DPIIT-recognised startups across the country. Currently, the recognised startups are in 56 diverse industrial sectors including IT services, healthcare and life sciences, education, agriculture and food & beverages. Startups are growing in every field and to set up a successful startup you need to follow a single path and implement some tips to start a successful startup.
Building a startup in India requires innovation, understanding of customer needs, proper market research and much more. Below are 10 ways through which you can start your startup to make it profitable or successful.
Market research is the first and most important step for starting a successful business. Every entrepreneur has one good idea and they start executing their business based on that idea. Research on that idea is much needed to know the success rate of that particular business.
Check demand, competition, and pricing of products and services that customers pay to other existing businesses. Find the problem of customers in the industry that no other business is solving. Create some unique selling points and serve the right product or service to the audience. Without proper research, you can risk investing time, effort, and resources into a product or service that has no customer base.
By understanding the point of real audience or customers, you get to know the hidden assumptions, pain points or features. The feedback will help you to refine your product and ensure that it solves a problem of customers. Most of the time, entrepreneurs build products through internal discussions and assumptions. After building the product they launch it in the market, the chances are high that customers will not like the product. But if they do proper research and then send a product for testing in the market, then chances for rejection are comparatively lower.
To interact with customers, businesses can create an online poll by using any website like Typeform, Survey Monkey, Google Trends and others. Also, they can gather information from social media networks, or through families or friends. After knowing the customer inside out, you will be able to start a profitable startup.
Giving your business idea an appropriate name is crucial also choosing a name that suits your business. Select a unique name that is not taken by any other existing business. For that, you can do a trademark search. Through Registrationwala’s trademark search page, you can learn everything about an existing trademark. It’s current status, date of application, class, type, place of registration and much more.
However, choose a name that resonates with your business, is easy to say and understand, knows the psychology behind the name, and takes care of keywords. The trademark search serves an important role in the success of a startup.
Transforming a business into a legal entity will help customers trust the brand and make a company an organisational structure. So, the business registration in India has multiple types of companies can be incorporated:
A startup must register itself in the Startup India Program along with other business registrations. The program offers different benefits to startups such as tax exemptions, fast patent registration, and access to bank loans with a government scheme or funds.
The success of a startup also depends on the work of the team, they must have experience and knowledge to make the vision product into a reality. It is not necessary that people with 10+ years of experience can only be professionals. Anyone willing to learn and implement can also serve as a good team member.
Mostly, the startups don’t have much staff, a single person handles two to three tasks. The entrepreneur must look for crucial roles such as designer, developer, marketer, writer, executor, etc.
As per the study by IBM, Indian startups face funding roadblocks both at the entry and exit stages. While successful global startup ecosystems are well supported by active investor communities. 65% of venture capitalists revealed that funding is one of the major challenges for these companies.
Raising funds for a startup is required to manage the business operations. The startup can generate profits by using funding in the right manner, but there is a requirement to reinvest that profit to become a profitable startup in India.
The 1.38 billion+ population of India, offers a pool of potential customers across diverse demographics. India with its favourable demography, open economic environment and culture of entrepreneurialism helps entrepreneurs. As per the survey by IBM, 57% of Indian executives said that India’s large domestic market provides significant advantages. So, get the most benefit from the market and grow your startup.
Building a brand of any business requires a well-presented image and this includes logos, banners, websites, slogans, and much more. Choosing unique brand colours, a way of presenting the idea, social media, everything makes your idea a brand.
For example: the brand colours of McDonald’s are red and yellow, and through the brand name PayPal, you know that it is related to payment. So, make your branding by considering your product potential for today or the future. However, the branding takes time to get recognition in the market.
Having a unique product or service is much required to stand out in the market. The lack of pioneering innovation is the topmost reason behind the failure of most Indian startups. So, working on innovative products can take time, but it will help in growth in the long term.
For example: Uber transformed its business from transportation to a ridesharing app and Spotify reinvented music listening with its streaming services. Finding gaps in the market and filling them with the right products or services will help in becoming a successful business.
The area of the company must be professional, as it shows a trustworthy source to clients. Also, if you have your own office then it helps you make a brand for the long term without transferring it from one place to another. Most entrepreneurs choose to operate the startup from their home in the initial stages. But with time, as the business grows having a permanent own office is a must.
The startups take time to become successful. Setting up a startup in 2004 can be a task because of a long process and not having benefits from the government. But now, the government launched multiple programs for easy loans, relaxation in tax, quick approval of patents and much more.
Follow the tips to make the process of your startup growth smooth. If you are looking for a startup registration, then reach out to Registrationwala. We help you to incorporate your company, or startup with proper documentation.
Hey there, I'm Dushyant Sharma. With the extensive knowledge I've gained in past 8 years, I have been creating content on various subjects such as banking, insurance, telecom, and all the important registration and licensing processes for various companies. I'm here to help everyone with my expertise in these areas through my articles.
