Why join the navy if you can be a pirate? Bangalore, the Silicon Valley of India, is known for fulfilling the dreams of new entrepreneurs. The IT hub has several opportunities for passionate entrepreneurs to kick start and run their enterprise. The startup policy launched by the Karnataka government aims to help and support startups to reach their full potential. With increasing opportunities and good support from the government, entrepreneurs can build strong business models that can significantly contribute to the economic development of our country.
With such golden opportunities, entrepreneurs can start their start up journey from a city like Bangalore. However, many people don’t become entrepreneurs because they don’t know how to start a startup. This article will help you answer all your queries related to starting a startup, registration process and workspace selection.
Table of Content
|1.||Get an idea.|
|2.||Understand the potential.|
|3.||Collect the resources.|
|4.||Register a company.|
|5.||Select a workplace.|
How to Start a Startup in Bangalore?
1.) Get an idea:
Ideas are the lifeblood of a business. Most successful startups always become big because of a good idea and not because of surplus funds.
What is a business idea?
A business idea is a concept that can be used for financial and commercial gain. It typically centers around selling a product or service that can be sold for money in return. An idea is like the brain of a business. Right ideas implemented at the right time can lead to a very profitable business.
How to get a business idea?
You want to start a business? Awesome. There is no textbook answer to this question. But here are some tips:
- Identify your biggest source of satisfaction:
I know it’s cliché but find something you love to do. Choose a job you love and you will never have to work a day in your life.
- Identify your frustration:
Don’t just lock yourself in a room trying to come up with an idea no one has ever thought of. Instead, live your life and find something that bothers you. Then, figure out how to fix that problem, and you have a business.
- Think about the world’s biggest problems – (15 – 20 years from now):
People like Elon Musk and Richard Branson are forward thinking innovators. They brainstormed the solutions to future problems. This could help you think with a new perspective for getting new and innovative ideas.
2.) Understand the potential:
Potential markets are the most important part of a startup’s future growth. A potential market is a large group of consumers who have shown some level of interest in buying a particular product or service. It is essential to identify the potential market. To do this, you must look for people who are a certain age, certain gender, certain demography and then examine their needs. Understanding the potential market proves that you have a future. Once you’ve identified a potential market, the key element will be to get the right message to the right person at the right time.
3.) Collect the resources:
- Select a Name and Legal structure.
There are 5 choices while selecting a legal structure:
- Sole Proprietorship
- One Person Company
- Private limited company
- Public limited company
- Register a domain name for your startup’s website:
You can use platforms like Go Daddy, Big Rock or Hosting Raja to purchase a domain name.
(Can provide link for How to register a domain name for Startups)
- Obtain a registration with ROC and GST.
- Open a company bank account.
- Lease office, Warehouse or Retail space.
- Obtain licenses and Permits.
- Hire employees (If required)
(Can provide link of People every startup needs with another article)
- Obtain business insurance.
- Start Marketing:
Use Social Media platforms like Facebook, Instagram, LinkedIn, Twitter and Snapchat to promote your company. You can also market the company using Search Engine Optimization (SEO), Email marketing, Google Ads, Facebook ads, LinkedIn ads and YouTube ads if there is more budget.
(Can provide link of How digital marketing helps in the growth of a startup)
4.) Register a Company:
Now that you have selected all the schemes, you must be confused about the registration process. Well, Relax. The process has become very easy nowadays. You can register and start a startup company within 7 – 15 working days. All you have to do is fill some forms and get some signatures.
(Can provide link of How to register a startup company)
5.) Select a workplace:
Selection of workplace is taken for granted by many people. But it is a very important element.
There are many researches which prove a correlation between the quality of a workplace and the productivity of an employee. A startup can either use a coworking space or lease a serviced office. This depends on the space needs and budget. If you have a flexible budget and you need very less working space, then coworking space is the right choice for you. However, if you need an office space that is large, then a serviced office is the right choice for you.
An entrepreneur often wonders How to start a startup because of the numerous challenges it brings. It could be monetary and non-monetary challenges, quitting a regular job or coming up with new ideas. However, Success and growth only come through continuous effort and hard work. There are many Indian startups that have overcome all these challenges and are internationally recognized as of today. Some of the startups that we can take inspiration from are Flipkart, Ola cabs, OYO rooms, Cure fit, Paytm and Zomato.
Well, now that you know how to start a startup, you can start working on your dreams, Make your life a dream and dream a reality. Make sure you keep in mind all these suggestions to overcome the initial challenges that most entrepreneurs have.
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