India is now a technically revolutionized country, where everyone is technically well versed. Technology has spread its tentacles in every sphere, be it business, banking, online shopping, education, training or socializing, the largest part of the country is majorly involved in using internet medium to automate their task. Need Proof?
According to Statista, a renowned statistics portal, “it was found that India hat 462.1 million internet users, of which 442.7 million were mobile internet users in Jan 2017.” After encountering such massive digital population in India, it has been forecast that by 2021, there will be about 635.8 million internet users in India.
Internet and the digital revolution are playing a major role in an online business. Thus, it is an impact of online business that has made India the biggest E-commerce market in the world after China and USA. A Study by ASSOCHAM states that Indian e-commerce market is a leap ahead of the china in the terms of annual growth (India – 51% and China – 18%). Furthermore, in future, online sales in India are predicted to hit $120 billion by 2020. Such improvement has not only leave us with the amazing financial growth, but it has also opened the door of employment in the form of startups. India is the ground of new startups where every month or year we can see new companies with new services.
According to startup study 2015, Bangalore and Delhi have the major share of start-ups around 26% and 23% respectively in the country. Whereas, Chennai, Pune, and Hyderabad were emerging cities for start-ups that had the share of 6%, 6%, and 8% respectively. each that year.
Today, here in this blog, buzytech will cover each and every nooks & crannies about startups including its benefits and ways to establish it.
Simply put, Startup refers to as a new and fresh young company that is built on the foundations of technology, innovation, and scalable business model to evolve the engaging platform. Thus, this platform allows young entrepreneurs to exude their business proficiency in the most efficient ways.
There are mainly 3 stages of the startup lifecycle:
STAGE 1 – PRE STARTUP
STAGE 2 – STARTUP
STAGE 3 – GROWTH
Discover – Find measurable product/service to market it to the targeted audience in the most unique and enticing ways.
Planning & Productivity – Here entrepreneur focus on exposing the USP of his Brand to elevate his customer base.
Maintenance – Focus on to maintain your position that can help you to minimize the risk factor and maximizing the benefits.
Validation – Test your discovered service or product efficiently. Check whether it makes clients or customers ready to pay.
Scalability – Pitch your business growth in a right direction to augment its growth in a continuous manner.
Renewal – In this stage, an owner may sell the startup to the giant resource to continue the growth of the brand.
BENEFITS OF STARTUP
Going to start up business option, but confused, whether it is useful or harmful? So, to solve your dilemma, here we are compiling top 10 benefits of startup. These points can help you to make the precise decision:
- Ensures you with the growth and lucrative opportunities.
- Improves the capability to learn & implement it as a strategy.
- Provides operating capabilities that exude the true essence of your business.ΩΩ
- It offers a controlled amount of flexibility in the workflow in an organization.
- As it comprises the proper team, so, this can efficiently diverse the responsibility.
- Strong business planning can reduce the extra operating cost of the company.
- Get competitive environment and chance to meet other entrepreneurs.
- Startup boosts a green approach to operate a business and avoid carbon footprint.
- Provides an all-inclusive platform to grow your network without investing many resources.
- The culture & discipline of the startup ensures employees optimal control over their role.
6 POINT GUIDE TO BUILD STARTUP IN INDIA
Till now we have talked about Startups, it benefits. Now, we are coming on to the main part of this topic. Here we are presenting a complete guide to 6 points to build a Startup in India:
1. Idea & Conceptualization
This phase is quite a critical step and time taking the task. Opting for your own startup, you need to decide what kind of product/services you need to sell. Here, you need to do numerous things like researching and studying thoroughly about the nature of your product and then your targeted buyers accordingly. After this, you need test your conceptualized service or product efficiently, check whether clients or customers ready to pay for it.
2. Team Formation
Managing whole company is almost a stupidity because it is impossible to manage all expenses, problems and work load alone. Thus, every entrepreneur needs a support of a dynamic team, especially co-founder. The best co-founder can always share your expense, loss, profit, pain, and workload to. If it is the startup, it is not necessary that you have to hire a team of 40-50 people, you can form a team of 20-30 employees.
3. Start with the Task
Mostly young entrepreneurs focus their leisure time and resource on planning their office ambiance, as a result, they spent all their available source and money. Instead of doing this, put a stock of large amount that can be used later to clear up all your essential bills and other major tasks.
4. Implement Your Strategies
Here, in this, you need to focus on your marketing strategies to market your products/services efficiently. If we stretch more, in this phase, you have to plan the product strategy that it efficiently exposes the brand’s USP to elevate the customer base and customer engagement. Always find Scalable solutions to pitch your business growth in a right direction.
5. Raise Funds
Fund Raising is quite a daunting, time consuming, and patience because chasing an investor needs lots of time. If the proposal gets rejected from investors, then you need to be little patience. Make sure one thing, that represent your business or product/service in a such a way that, Investors chase you. Create your brand story on various social networking sites like LinkedIn, Facebook, YouTube, Instagram, and much more. Some of the angel investors who are hanging out on this network may show interest in your brand.
6. Sales, Marketing & Renewal
Since you are done with all necessary task, now your call is to focus on to maintain the position of the brand you have earned. To achieve this, you need to reframe your marketing strategies according to latest online & digital marketing trends. Transform your brand presence in such a position that it efficiently minimizes the risk factor and maximizing the benefits of the company. Another option to continue the growth of your brand is by selling your startup to some other giant resource.
We are sure that with this blog and 6 point guide will definitely help you to understand a clear & detailed insight into the startup, Lifecycle, and the benefits of it. Furthermore, with these points, now building a startup is no more a daunting task for you. All you need to do everything carefully and wisely and be realistic while designing your products/services & marketing strategies. If need an expert’s advice or suggestions regarding startup, then visit us at buzytech, or you can also give us a call on + (91) 11-26397049