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India ranks third in the world in terms of the startup ecosystem and number of unicorns. The government also undertakes several schemes and measures to promote startups in India.
If you have a business idea that can genuinely turn into success, here is a comprehensive guide to learn how to start a startup in India.
Since the Indian government highly encourages startups, they provide immense benefits you can enjoy when exploring how to begin a startup in India.
Many people dream of starting a startup, but only a few know how to start up a business in India. Here are a few eligibility conditions for online startup registration:
Also, Read: How To Get Funding for a Startup Business?
When registering your startup in India, you must submit the applicable fees and documents to the Registrar of Firms or Registrar of Companies with a registration application form.
If you want to know how to startup in India, follow these steps that will guide you through the entire process smoothly:
Aspect | Key Points |
Market Research |
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Legal and Regulatory Considerations |
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Creating a Business Plan |
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Establish a Strong Team |
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Start Promotion |
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Also, Read: Funding Options for Small Businesses and Start Ups
Market research is necessary to ensure your business is unique and new. Search for products in the market with uses, features, and benefits similar to what you sell. Know the level of market competition and find out how your product is better. Read customer reviews to identify and resolve customers' problems.
Every business must work legally while complying with the set regulations. Since these regulations may vary between states and industries, you must find ones to follow. Establish your entity with a legal structure and obtain the necessary permits and licenses to operate under compliance.
Before commencing operations, a business plan is an absolute necessity. It should primarily contain your company description, market description, business model strategy, opportunity, organisation and management, marketing, financial, and operational plans, etc. You will also need a plan when applying for a Business Loan or presenting your business idea to an investor.
Your team members will be the key to your business success. Decide how many partners or employees you need on board, and ensure they have different skill sets to diversify your portfolio. Incentivise them appropriately to keep them happy and earn their loyalty.
Promotion is imperative to any business's success. An expert marketing team will create an effective marketing plan for your business, letting it reach larger audiences and boosting sales through brand awareness. Social media and online platforms are the best places to start promotion. Besides, consider the power of traditional marketing methods like classifieds and commercials.
Also, Read: Financial Tips To Set Up A New Business
Now that you know how to start a startup in India, you may apply for a Business Loan to fund your business. Here is how it will help:
After learning how to start a startup company in India, you must be planning how to obtain the required funding to grow it further. Follow these steps to apply for a Business Loan through Hero FinCorp:
Step 1: Visit the Hero FinCorp website or loan app.Notably, to be eligible for a Business Loan from Hero FinCorp, you should be between 25 and 65 years with an experience of up to 5 years. Eligible applicants can get up to Rs 40 lakh at interest rates starting at 14% with a flexible repayment tenure of up to 60 months.
This brings us to the end of the guide on how to startup in India. Here, we discussed everything you need to understand and follow to run a successful business. If you are operating a startup, you might require a Business Loan to scale your operations. Obtain the attractive Business Loan interest rate from Hero FinCorp and achieve your goals while keeping your savings intact.
1. How do I choose the right business structure for my startup?
The business structure you choose depends on many factors, including the taxation structure, reputation, number of owners, document privacy, ability to attract investors, etc.
2. How can I secure funding for my startup in India?
Compare lenders and approach the loan provider to secure funding for your startup in India. However, ensure fulfilling their eligibility criteria and documentation requirements before applying.
3. What is the process of registering a startup in India?
You can register your startup online through the Startup India portal by providing the necessary details and documents.
4. How important is a business plan for a startup in India?
A business plan envisions a company's operations, growth, and potential, convincing lenders and investors to take the risk.
The act of paying out money for any kind of transaction is known as disbursement. From a lending perspective this usual implies the transfer of the loan amount to the borrower. It may cover paying to operate a business, dividend payments, cash outflow etc. So if disbursements are more than revenues, then cash flow of an entity is negative, and may indicate possible insolvency.
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