Things to Know to Start a Start-up in India

Due to evolving technologies, growing domestic market, and hassle-free business culture, India's start-up culture is growing exponentially. According to the NASSCOM, after the United Kingdom and the USA, India holds third rank globally in matter of start-ups. According to estimation, new company registration in India is predicted to rise to 10,500 by 2020. But despite all this progress, India's flourishing business environment and the Government's favourable start-up scheme is not working for emerging Indian entrepreneurs, the majority of start-ups in the country fail within the first few years of their initiation. What could be its reason? Is the idea behind the business is thin? Is it lack of funds? Is it lack of skilled human resources? Or any other reason? Let's find out.

Assuredly, there is an out-of-the-box idea that ensures success of the business. But a massive amount of effort needs to put to make your start-up successful. Here are few things that will not only help you to conceptualize a great business idea but also successfully executing it.

Thorough market research is mandatory before starting a new venture. It will give you a precise idea of the pros and cons of your business idea. To evaluate your business idea, do market research by writing down the existing problems and how your idea will solve it. This is a golden rule before diving into a new venture.

Having a great idea is the first step toward starting a new venture. But how your idea will get public exposure? For this, you have to sell your idea. Leverage the power of social media platforms to sell your idea. Through social media platforms, you can reach out to millions of people across the globe, where you can not only share your idea but also can get a proposed idea to make it more effective.

After market research and selling your idea, decide if you want a co-founder or want to go solo in the business. It is always beneficial to find a co-founder at the initial stage of the business. Therefore, find a co-founder before you consider making a significant investment in your company. In this way, your business will not only get proper support but also you can share your project load with him/her.

The next step is writing an effective business plan. Before writing your business plan, you should do in-depth market research (which you did earlier). In the business plan, cover every aspect of your company and its future. This business plan will help you to determine the vision and the mission of your company, and will also prove effective to influence investors and raise capital for the business.

After writing a business plan for your business, find a suitable workplace where you and your co-worker can sit and execute a plan, which suits your and your company's needs.

Raising the capital for a company is one of the hardest parts. Founders have to look for investors for their company and in return, they have to show credibility and potential of the business through the white paper. There are two aspects of raising capital for the business, on one side it eliminates the financial obstacle, and on the other side, it can be a huge financial risk for the business if the company doesn't performs according to the expectation. Therefore, raise the capital according to your business needs and also make plans to return it in the future.

To ensure success and growth of the business, hire dexterous human resources. Many like-minded people want to work on innovative projects, hire them, leverage their skills, and take your business to the next level. Besides, also take advantage of cutting-edge technologies like machine learning and artificial intelligence to reduce human effort and bring efficiency.

Learning is an integral and inevitable part of any business and especially start-ups should consider it seriously. Services and products of start-ups should according to the demand of the market. Besides, they should upgrade their services and products to ensure the credibility and sustainability of products/ services.

The next step is the registration of your start-up as a legal entity according to the rules and regulations of the Government. For this below are the mandatory steps.

Incorporation of company is a big deal for a start-up, it turns your business into a legal entity and decides how it will structure for future. In India after the process of incorporation, a company will typically be incorporated as one of the following:

• Private Limited Company
• Public Limited Company
• Unlimited Company
• Limited Liability Partnership (LLP)
• Partnership
• Sole Proprietorship
• Joint Venture Company

Securing intellectual property rights will allow you to own the rights to create the product of your own brand then sell it. Intellectual Property Rights (IPR) include patents, copyright, and trademarks, these things are vital for the company's success and growth.

New company registration in India takes place according to the enactment of the Ministry of Corporate Affairs (MCA). Below are four major steps for new company registration in India.

• Acquire Digital Signature Certificate (DSC). This digital signature is used on the documents in the electronic form to ensure the security and authenticity of the documents.
• Acquire Director Identification Number (DIN).
• Create an account on the Ministry of Corporate Affairs portal.
• Apply for registration of the company.

Starting a new company is really a challenging task, on one side it is full of excitement on the other you should be ready for complicated situations as well. But don't lose hope, continuous learning and efficient execution of plan ensure success of the business.