Do you want to own a business? Do you have a business idea that you want to bring to fruition? Well, then you need to bring your business idea to life and make it a reality. But how do you do that?
These are some things that you need to know if you want to have a startup in 2020.
- Make a Business Plan
Once you have an idea in place, it is time to get serious. It would be best if you start by making a business plan. A business plan will help you outline what you need to do and how you need to proceed.
The business plan should cover the first 3 to 5 years of the business. It will help you look holistically at how the entire business process is going to work.
Your business plan should cover the following things:
- Description of the company
- Financial and marketing plan
- Market description
- Operational plan
Having a business plan will give you a broad idea of how to start different business operations.
- Determine the Business Structure
Choose the right business structure based on how you want to scale the business. You can either choose for it to be a private limited company, a partnership, or a proprietary corporation.
If you want to run it individually, you can apply your business as a proprietary firm without any partners. However, if you’re going to go for a private limited company or partnership, you will have to find suitable partners for the business.
A lousy collaboration has the potential to take down the business. If you are unsure of how to get things started, don’t hesitate to take help from a business consultant.
- Register Your Company
Once you determine the business structure, you need to register the company. You can consult a chartered accountant to help you with the necessary steps and processes.
A partnership or proprietorship is more comfortable to set up than a private limited company. There is also less paperwork involved. On the other hand, registering a private limited company takes more time, and there are a lot more processes before you can start your operations.
You also need to get a new gst registration for your business. This will help you pay business taxes with ease. If you do not pay taxes at the right time or in the proper manner, your business will get into legal trouble.
Take help from a professional if you need to but make sure you understand everything about taxation.
- Register in Startup India Program
By registering on the Startup India website, you can benefit from many programs that are run by the Indian government. If you are a part of the Startup India program, it will help you secure funds quickly and get you some tax benefits for your startup. It will also help you get the latest updates on gst.
- Seek Funding
If you want to get your business off the ground, you need money. It goes without saying that without money, it would be almost next to impossible to start a business.
If you are bootstrapping, you won’t need to worry about funding since you would be putting in your own money. However, if you are seeking financing, here are a couple of ways to do so:
- Bank Loans: One of the most common ways to get funding is by applying for a business loan. Luckily, the government of India has introduced many startup-friendly schemes. In the beginning, you can take a loan; however, as the company grows, you can look for other types of funding.
- Angel Investors: These are individuals who are willing to invest in your startup in exchange for equity in your business. They mostly have industry experience, and therefore, can provide business advice as well.
- Venture Capital: Venture Capitalists invest in startups that are of high value. They get equity in the startup for their contribution. They also make money when the business goes public or gets acquired.
- Building Intellectual Properties
Give your business a name that reflects what your products or services are. Come up with a unique logo and other creative assets for your startup. However, just coming up with the assets is not the end of the job.
You need to protect them too. So, get the intellectual property rights for your assets. This will ensure that nobody can use the assets that you came up with for your startup.
Get a trademark for your logo and own a domain name for your business. Make sure you invest in proper branding for your business. This will not only set your business apart but help you establish a relationship with your customers.
- Build a Digital Presence
If you do not have a digital presence in this day and age, you will be missing out on a lot of business. Build an attractive and engaging website that reflects your brand. Put out descriptions of your products or services, customer testimonials, and how your product can help your customer.
Ensure you use social media platforms to their maximum potential. Market your brand on search engines and emails. Choose the relevant marketing channels for your business.
You can use Facebook, Twitter, Instagram, or LinkedIn to build your digital presence. Don’t just post on social media but also engage with your customers. This will make you more credible and trustworthy.
- Build a Customer Base
Your business will not be successful unless it has customers. This goes without saying. So, the next step is to build a customer base. To do this, you need to become an effective marketer.
Once you get your customers, you need to make sure they come back to your business. You need to repeat customers to make your business thrive. How do you do that? The answer lies in providing exceptional customer service.
Strategize on how you can improve your customer service, and you will see a steady increase in your customer base.
These are the necessary steps that you need to know if you are planning to open your startup this year. Be focused and build the business that you always dreamt of having.