A startup, as the name suggests, is a budding idea supported by proper planning and investment of resource, both mental as well as physical. It has the potential to grow the next big thing. However, a startup comes with the inherent risk of getting wilted. It is therefore of paramount importance to do the proper groundwork for sustenance as well as the growth of a startup. In the next few paragraphs, five prerequisites for staring a startup are worked out.
Research Thoroughly – Observe, discuss explore, research and delve into the deepest before you set sail. Scrutinize the market and understand your target audience. Familiarize yourself with the current market trends. Do not leave any stone unturned. Make use of all possible sources of research, conventional as well as unconventional – books business magazines, experienced people, success stories, social media, and whatever you may get your hands on. Make yourself an aficionado about the area of work.
Know the Law – The legal aspect can be trickiest for any business. Therefore, it is essential that your business abides by all the legal rules and guidelines set by the Indian constitution in order to avoid landing up into any trouble or conflicting situation. It will also be determining factor of success and goodwill in the long run. Organizations usually suffer hugely in case of any kind of legal trespass and for startups, the situation might be even grimmer. The kind of organizational setup – private limited, public partnership will determine the division of profits. You should be well acquainted with the basics of accounting tax-related laws in India. Familiarity with Securities and Exchange Board of India (SEBI) aids in moving forward. A strong hold on IT laws will assist in making your startup secure and stronger. And then there are the Intellectual Property laws which are crucial to protecting what is rightfully yours through patents, copyrights, trademarks.
Be Financially Safe – Carefully consider your budget before you take the plunge. Consider the worst possible consider scenario. It should not under all circumstances bereave you of all your material possessions and take a toll. Play it safe. This holds true under both the circumstances, that is, whether you are investing out of your savings or you are taking a loan. And also keep an alternate plan ready in case your startup does not flourish despite all your efforts.
Fill in the Gap – With the mushrooming of startup culture in India, it important that your venture makes the right move and simply does not become like one of the many that gracefully enters the market but ceases to exist even before they are noticed. Your service or product should be unique, fulfill the need of your target audience and fill up an existing gap in the market. For instance, foxnuts being roasted and flavored to be sold in packaged form.
Optimally Utilize your Resources – You are the first resource of your startup. Do a SWOT analysis of yourself first. Similarly, if you have any other humane key strengths and weakness, work on them to extract the maximum. The right kind of work should to be assigned to the right person. Also, try to optimally use all other resources that your startup required. For instance, initially rent an office space only if your venture necessitates it. Today we can verbally communicate with each other without increasing our mobile bill, via Skype, WhatsApp, Snapchat and such others. With such apps, we can connect with people abroad too with equal ease and no cost.