Today with this guide, we going to explain to you how to start a startup in India. As you decided to chase your dream to start something of your own,
You already have taken the first step, the following steps will help you in starting your own startup.
Five Steps to Start Your Startup in India
The very first thing to start a startup is “IDEA”.
What are you going to start so that potential customers will pay for that?
Is there enough market for your idea?
Is it solving a problem for the customers so that they will be paying for it?
Once you are sorted that what you going to do and how you will make money from it, then you are ready to move to the next step to launch your startup.
Remember, the top 2 reasons why most of the startups fail are
No Market Need – Creating something none want to pay for.
Run out of Cash: Not enough paying customers from the start can lead to this situation.
For more details on why startup fails, here are the top 20 reasons by CBInsights
You get the idea, now make it a commitment, draw a road map to take it to heights – ” Make a Business Plan”
I am not talking about creating lengthy business plans of 100 sheets, Here I am talking about a road map and a strategy on how you will reach your goal.
Might be a simple one-page plan. This may help you in creating a one-page marketing plan
I agree that there is nothing permanent in initial days in a startup, but trust me it will help you to stay focused and keep you going in the right direction.
You can not do everything yourself in the startup so having a good initial team is critical for startup success.
Creating the initial team can be a tough job. First, you need to decide, who to hire? identify the core skills you need to take your startup to the next stage like a developer, sales, marketing and others depending upon the nature of your startup.
Once you have a checklist of the skills needed to take it to the next level, then it will be easy for you to hire people.
Make sure the skillset of the team does not overlap.
In many cases, where there are 2-4 co-founders, they might do not need any additions to the initial team.
“SALES’ Place someone in the sales role from day one.
This post from Neil Patel can add value to your reading: How to Build a Team That Won’t Sink Your Startup
Hire people who enjoy working in a startup and are willing to learn and unlearn things.
Make it Legal
Once you have the product/ service ready to sell to customers or an idea which needs to raise funding before creating a product or initial team.
You need to have a legal identity or we say a company in India.
There are different types of companies you can register in India but Private limited, LLP and partnership firms are most common.
You can read this full guide on How to register a company in India here
Registering a company costs around INR 6700 in India and you can register it online without visiting any offices, StaersCFO can help you in getting your company registered at the lowest cost in India.
Once the company is registered, now you can open a bank account, register for GST and can start selling or approaching investors.
Registering Startup with ” StartupIndia”
Registering your startup under startup India will give you many benefits. Full list of Benefits from the startup India can be found here.
You can do it yourself online by completing the simple online form and uploading required documents or you can take help from companies like this.
To run the startup, you need money.
The best way is to generate money through paying customers, start selling from day one. Bootstrapping is the best way initially until you raise funds from the investors.
Now it’s time to plan and execute the strategy for your startup. Hope this guide on how to start a startup in India will help.