Many people have their definitions of what a business should be and people often say that their business is like their baby, I think the best way to take care of a business is like a baby who needs constant attention, caring for every detail and giving your best into it.

Quitting a steady-paying job to follow your dreams is challenging and it's even more difficult to find trusted investors and someone enthusiastic about your company and willing to provide the necessary funding.

Did you know that? According to statistics, as many as 167,076 businesses were started in the financial year 2022.

So, what exactly is it to start a business in India?” According to the Indian Government, A company that started less than 7 years ago and has less than a 250 Million turnover per year.

Idea to start a business In India

 In the past businesses were run based on the demand from the customer, There are some kinds of businesses that are run based on demand like the necessities and everyday essentials.

In this fast-growing economic generation, demand is created by need and the idea of business comes from the person who needs innovation and a change that deeply impacts their lifestyle and quality of living.

The Idea of starting a business in India is crucial and also deeply connected to the idea to bring change and innovation to the world. This unique idea is the first step toward building a successful business

Many of us might have wondered how Tata Group and other successful businesses started, Well those started when they saw a need to bring change and development into the world

To find a unique solution for an existing problem, you need to look for an out-of-the-box solution and find better and cheaper solutions to difficult problems. This could be your million-dollar idea for your business to succeed

Verifying your Idea

After thorough research of your solution to a problem. You need to perform deep and detailed market research to find out how your product or solution performs in the market.

Market research includes a detailed map or layout which shows the different features and solutions and how it solves a potential problem

This map is used to compare your product to other products and cross-check your product compared to theirs.

Including how well this product works in the market you also can know about the low sides of the product and how your product can get a solution.

Conducting surveys online and collecting reviews from social media is useful to get different ideas to add to your product.

Minimum Value Product(MVP)

Creating a basic version of your product is basically what Minimum Value Product is, which should be made easily and quickly.

The main idea to create a basic version is to test if people can find your product useful and if it actually solves their problems.

This product can be used to collect customer feedback and also point out the pain points in your product which is an opportunity to improve your product and also mold it according to the customers

Another use of making a basic version is you can attract early investors and generate leads. Attracting early on investors is a crucial part of where the funds are put to actually start your business and convert leads into potential paying customers.

Business Plan

A business plan for a growing business is important. It includes finances, goals and strategies and most importantly a step-by-step plan to achieve small goals and later achieve greater success.

It needs to have all the big and small details of the business with all the major points

Business structure, Type of business, location and other details

Marketing strategies also play an important role when starting a new business, whether it's online or offline a strong marketing plan is needed for people to get to know you and how you and your business can help them

A detailed analysis of your competition is necessary for you to stay on track and focus on the goals of your business

Every investor is very interested in your future goals for the business and how you can accomplish them.

Making a business plan which is clear and easily understood by anyone, is important when you pitch your business plan to potential investors.

Choosing a name for your business

Did you think how hard is to name a business? I thought that too, but later on, I got to know naming your business is the first aspect of your business a customer or an investor will notice.

So that name should be relevant to your business and has to represent what your business is all about.

Sticking to simple and short names is best when starting a business so that customers remember your name and can approach you easily

Finding your business online easily is important in today’s digital world so long and complicated names do not perform well

Keep in mind that your business should be connected to the keywords which are related to your business.

Monetary decisions

In today’s world money matters the most and doesn’t matter if you start a business or not. It matters, even more, when you start your own business and you have a family to take care of.

 So managing money and having enough money to run a business has to be done carefully and responsibly.

 Most businesses/startups fail because they do not have enough money coming to keep running their business.

 Most entrepreneurs put their savings to start their businesses. This is also called bootstrapping. In this method, there is no interest or reporting to someone on how you spent your money.

 Getting your business funded by incubators for a new business owner is very useful, the reason being an incubator teaches you everything from the beginning this helps you not to make any mistakes while your business is in a vulnerable state.

 When you find an investor, use your funds to hire a qualified team and aim to achieve smaller goals so that you and your team can build confidence to move forward according to your business plan.

 There are other kinds of investors like angel investors and venture capitalists who already invested in many other businesses and help in the launch and expansion of different businesses.

Launching and Branding your business

Here comes the best and most important part of starting any business, The Launch.

Launching involves telling people you started something as we spoke earlier about solving a problem and the beginning of innovation. Launching is the first step where actual work starts from ground zero.

 Launching also includes calling and reaching out to possible leads and communicating with people who are or were in the same business as you so that you can get leads and also learn what and how a business is grown.

 Branding your business creates uniqueness for your business and it differentiates others from you. Being unique in this world full of startups is crucial and you get to be remembered as the person who solved a huge problem for society.

 For example, If you hear the word Starbucks what comes to your mind? Probably a green long-haired lady on the coffee cup or something related to specific coffee. People start visualizing the logo or colour of a product is what all branding is about.

 Designing a website is a major role to start a business in India, creating your online presence in this digital world is a huge opportunity for a business where the prospects could be unlimited. You just need to pick your potential customers or clients

Conclusion - How to Start a Business in India

There are still many factors to start a business in India and it's different for every type of business because every aspiring entrepreneur has different ideas about their business and different goals to achieve.

If you are thinking for start a business in India there is no better time than now. So take baby steps in starting your business and give your best in achieving your dreams and goals