Employment opportunities are declining in India. There are many youth who can’t get a job that matches their potential. And therefore, many are opting to open a startup.
Do you want to open a startup? But before you do, you need to plan. You need to learn how a startup works, its benefits and drawbacks, business model. Is is important to decide what you’re going to sell, customer base, funding, etc. This process can be very tedious but it is essential for your startup.
In this list, I have taken down the steps you need to follow to set up your startup.
Work Out The Idea
First things first, think of an idea for your startup. This is a very essential step. Work out an idea for your startup and do a thorough research. Again, this is very important.
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Plan For A Business
Remember that planning is the only way. It will prove to be very crucial for your new venture. Spend significant amount of time on this step. Without effective planning, your business cannot turn into a success story. Therefore, keep a diary and write down all the related information. This will include what you’ll sell, marketing strategy, financing, target customer, business model, etc. You will also get an idea about what your startup will be like.
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Market Research
Next on our list is again a vital and meaningful step to open a startup. Before starting any new venture or business, you must be well versed with the market. Market research and analysis will help you get an idea about how and how much your startup will work. Further, you will also get to know about the competition and market demand of your project. I don’t think I have to mention the importance of this anymore.
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Think Of A Name For Your Venture
Large companies spend a fortune on their brand name. This probably shows how important a business’ name is. Hence, spend significant amount of time in deciding a name for your startup. The name should be unique, attractive and also easy to remember. Keeping an attractive name will help in word-of-mouth marketing.
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Make A Business Model
Before you give shape to your idea, pick the right business model. This model will decide what kind of services your company will offer, marketing strategy, customer base, financing, etc. There are many types of business models such as subscription, freemuim, etc. Choose the right model.
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Find A Co-founder
It is difficult to establish a business alone. Every business needs a co-founder. Co-founder is a person who involves himself in the business during its growth years. He could be an engineer, a web designer, a hacker or anything.
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Register Your Startup
Lastly, register your startup. All kinds of businesses, big or small need to be registered. Ensure that everything is done legally. Seek out a legal advisor for the same. This is the last step towards becoming a good businessman.
If you’ve an idea and you want to turn it into a startup, keep these steps in mind. All the best.
Ratnakar Upadhayay, known professionally as Ratnakar Mavilach, is an Indian businessman who is best known for coming up with the idea for Hinglishgram, the first content delivery platform in the world. His innovative endeavors range from launching Debonair Magazine back into the public sphere.
