What are startups?
A Startup is, more or less, a traditional business set up by one or more persons or entrepreneurs with a vision to bring some product or service to the market.
Almost all businesses existing in the market were startups once upon a time.
How to build your startup?
Do you have an idea but are just looking for how to shape it? Here’s a short guide on how you can do it.
1. Formulate the business plan
Agreed, a startup idea is probably the first most important stage of creating your startup business from scratch. After all, what would a business be about without an idea?
But what is even more important is a plan to accompany it. This business plan demonstrates how you would procure funds and raw materials, where you’d set up units, what your target audience would be, and the like. Such strategies usually plan and layout the first 3 to 5 years of the life of your business.
2. Find investors and/or secure funds.
Now, with your plan ready, you need the right amount of monetary incentive to fuel your ideas. This money required to start the operations or set up your business is known as capital. The capital of the business venture can be self-owned, borrowed, or a mix of both.
Under borrowed funds, family members, friends, banks, financial institutions, and moneylenders come into the picture. Angel investors may also be approached. These investors are those lenders who extend funds towards your startup in exchange for some stake in the company's ownership. Although, among these, the best option would be to go to banks and financial institutions for loans as these are regularized and belong to the formal banking sector.
3. Complete the legal formalities
Once your business plans and funds are secured, it is time to get your newly-found company registered to begin operations as quickly as possible.
Legal formalities needed to be fulfilled after registering your startup include deciding upon the structure of the business, payroll systems, and insurance of the business entity. Even though this is not a legal formality, this is still an equally important prerequisite to make it big – make sure the first thing you do is hire an accountant and lawyer. These are the right kind of people you should surround yourself with and who can help you greatly when it comes to business decisions.
4. Go digital!
After you have your business registered, the structure, payroll, and insurance figured out, and two of the most important people in your organization by your side, it is time to get to work.
The first step of attracting an audience is to go digital. The Internet is where the world is! Build a website and manage your social media to gain maximum attention to your startup venture. If possible, make online sales possible so that your customers are not just limited to the surroundings of the location of your business.
5. Market your services, and gain customers
This works as an extension to the previous point. As a newly found entity, your business needs to reach more and more people to draw attention.
Build a big market for your business – advertise it wherever possible. The wisest of these choices would be social media, as it is a fool-proof way of reaching millions. Likewise, you can even advertise using other digital marketing techniques like Ads.
Startup India is an initiative by the Government, launched on August 15, 2015, aimed at startup companies, employment generation, and wealth creation. It focuses on increasing the market for products and services in India, paves the way for innovations for the same, and accelerating the employment rate.
Over the last decade, the startup form of business has been gradually gaining more and more prominence in the industrial sector. A considerable population of college graduates wish to invest in startups because of how lucrative it would be if it succeeds.
The goals related to increasing the employment rate can surely be achieved if one has the right resources to back his/her plans with.
In 2015, startups laid the foundation for more than 2 million jobs in the United States itself.
Simplified Marketplace is a haven of potential startups lined up to attract prospective buyers and investors. Register with us to access the exhaustive listings on our platform and identify the business opportunity that suits your preferences.