Not everyone wants to get into a job with a fixed shift or salary in India. Though the corporate culture and workforce has experienced a boom in India, especially in the last couple of decades, not everyone wants to be a part of it.
For career-oriented people, the other path to success, apart from a high-paid job in a major company, is setting up a business in India.
While nothing beats the idea of setting up one’s own business, it is not above a bunch of challenges. Anyone who chooses to tread this path needs to find solutions to those challenges along with a thorough preparation to overcome them.
Have you made up your mind to move along this path? If yes, then here are the steps you need to follow to steer your career and business through to success.
1. Get started with an idea and plan of action
If you have an idea, ask yourself how competitive it is, and how successful you are likely to be by following it with action. Umpteen startups in India at present and the possibility of the fresh ones joining the startup ecosystem of the country do not be surprised if your idea comes across an intense competition.
Just like you, others are waiting for an opportunity to capitalize on their startup ideas somewhere in the corner. You need to come up with something different or unique. An idea that has not been explored before can be a better choice, to begin with.
If you wish to get started with a product, it should be on-demand in the market. Plus, it should also offer a solution to the needs of your potential clients. Do your research and your math to determine the right time to bring out your product.
Next, you need to decide on how you would translate your thought into reality. What appears to be a piece of cakewalk on the surface may prove to be a hard nut to crack in practical terms. You can simplify matters by jotting down your ideas and preparing the best blueprint by considering them.
2. Work on your product, build a team and do your best to entice your target audience
Customers have more options at present than in the past. Your product has to be top-notch in quality and good enough to meet their expectations. With these two features, your product will have a better chance to compete with the other products and even win the heart and minds of most buyers.
That said, the road ahead of you may be bumpy if you choose to take the task in your own hands. You may not be a specialist for everything. Therefore, consider hiring the right people for your product creation and management. Instead of going for a “Jack of all trades”, think about building a team of specialist professionals.
Arrange a team meeting, ask them to come up with as many ideas as they can. After all, there is no harm in getting plenty of ideas. It will allow you the luxury to pick and choose the best one. You need to be a little careful while taking your final call, though. Make sure you choose an idea that is new but realistic. Also, do your calculations to make certain that you are on the right track with the product and its launch for your startup business.
3. Formulate a plan to gather funds for translating your idea into reality
Gathering or having funds constitutes one of the major roadblocks for setting up a startup in India. While many options exist in the market to attract investments, the majority of them are hard to try out. To earn the requisite respect and admiration from an investor, one has to be creative enough to come up with a business idea that gives certainty of success.
The only bargaining chip for start-up owner is to generate an idea which has not been explored much, is in demand, and offers scope for further growth at the subsequent stages. So, set your foot down on top of ideas with creativity, facts, and figures. Also, draft your presentation and practice in front of a mirror to practice it. Your idea should be to look and sound confident while showcasing your detailed proposal to your potential investors.
4. Choose the right kind of investment
Ever since the introduction of alternative investment funds (AIFs) by SEBI in 2012, the landscape of investment in India has undergone a major transformation. The same had happened in 1996 and 2007.
With the new investment rules of SEBI, it has become easier for start-ups to apply for loans as well as secure them. Choose your investment option carefully from one of the three important options: venture capitalists, business angels, and accelerators.
5. Stay clear of legal troubles
Wherever there is a scope for an investment, there is one for legal troubles as well. As long as you adhere to the rules, you will not need to worry about getting into a legal hassle. Go through the investment regulations of SEBI to get a hint of what are the dos and don’ts to follow while approaching your investors and securing a fund from them for your startup. If you are not sure how to go about it, consider having a word with a specialist
What does it take for a business setup in India to meet with success? The answer is simple: a viable plan based on facts and figures, smart decisions, and the right kind of funding. These are the three ingredients for the recipe of success for startups in India. Prepare your blueprint by factoring this five-point checklist into your scheme of things and implement them to accomplish your startup mission.
Amy Jones is an expert legal advisor working at Ahlawat & Associates, a well-known law firm in India. She is one of the topmost lawyers in India who loves to help people in all aspects of the practice area.