New to Startup? Know your basics.
The Startup industry in India has been growing rapidly since the last 5 years where more and more people are starting or co-founding companies as their dream venture to the world. Even though the market keeps changing only 50% of startups in India actually manage to survive the easily fluctuating economy.
Although your idea was unique and had the potential to change the field but goes downhill due to the lack of knowledge. Let us guide you through a full-fledged startup ecosystem that will help you build a successful business in the forthcoming future.
Know your Intention
In a startup business, your goal towards the service you’ll provide should be crystal clear. What is your idea about? Why should people invest their time on your brand/company? What value are you bringing to society? Will their lives change if they use your product?
Knowing your purpose for starting your business is a primary factor as it will help you build a solid foundation and pitch your business. The confidence, passion and belief you put into your business will decide it's worth in the future.
Know your Competitors
A prime step in beginning any startup business in India is to know the potential competitors who are also working for the same field or similar business. Keeping a track of your competitors will help you generate newer ideas, potential customers, and upcoming trends that will help you enhance your skills according to the market. You will also be able to set your target audience along with the plus-minus of your product and plan your strategies like that.
There will be tonnes of voices and negative inflow when you might be leaving a full-time corporate job to do something on your own, but you should choose to ignore and follow your dream. But understand the difference between negative talk and constructive criticism. Improvising and learning have no age limit, while experience shall always be your best teacher.
Choose a trusted investor
Investments will help you gain a monetary backup in-case you want to upgrade your technology or expand your team for better results. You can approach friends, families, venture capitalists, business investors for a safe side play on the money front. Take each step carefully with your finance as going overboard might diminish your goal, and the company might fall apart.
Hire remote/contract based staff
Hiring people from a pool of talent might not always be easy in the same city, hence remote hiring. You get to work with talented people along with an affordable salary package to keep them content.
Another way to go might be hiring contract-based staff, which could be beneficial in the long run. You get to work with the right personnel along with the relief of being on contract and not tie them down via any strenuous setups.
Plan Smart not Hard
Planning and organising require a good amount of brainstorming but not so much that it fails during execution. It’s easy to get caught up in the minute details and lose sight of the big picture. Do not get trapped of thinking that since you’re planning you’re being productive. By using your time wisely, and proceeding as the strategy develops might actually give you better results than taking extra time for a single task.
Improve your Marketing
A key to any successful business plan is strong marketing. While you are amidst the hiring process, moderate techniques like word of mouth marketing and social media engagement are affordable to pursue.
If you want to go on for a stronger marketing plan, you might want to consider spending a substantial amount of your investment funding into quality audiences that are under your radar.
Understand your audience
A significant factor in a startup business is to win your customer/client’s trust. Once you have mastered this technique, people will have nothing but long term relationships with your brand.
Whatever you are selling/producing/curating should connect with the needs of your audience. Do not compromise on quality or let your team back out on any promises or policies you have designed for the company.
Develop an engaging and contemporary website
A company or brand without any digital presence is just a disaster waiting to happen. The first thing any individual does when they learn about is Google. So spend time with your webmaster and customise your website smartly; your USP’s, your services, testimonials, history or aim behind the company, contact information, and visual content to have a seamless experience with your potential customers.
Begin a referral program
Referral programs are the sweet candy that will give your company the boost it needs to attract the right people. Your staff bringing in their friends, relatives, or potential customers that help you increase business should be rewarded with a substantial incentive.
Engage your employees and customers to be united and focused, so that whenever crises strike nobody will go on a freakout mode. And lastly, do not give up, failing is a part of life but rising back from the dust and never giving up on your dream will ultimately fulfil your passion.
Make mistakes but don't repeat them and work smarter not harder.