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Complete guide on starting a business

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Ever observed the products or services selling around you? Why are they here? Because there is a particular need for each of them. They must be providing a solution to the specific needs of consumers. That is the reason behind all the great startups around the world. The great entrepreneurs took each problem as an opportunity to bring solutions to their audience. Consider this as the first question to your startup journey. The more time you spend on this assessment, the less there will be failure chances. A startup solution guide is all you need to begin a remarkable startup journey. Here is a comprehensive guide on startups for budding entrepreneurs:

Steps on creating your dream startup

Locate a problem

No startups are created without assessing problems around you. There are specific issues individuals face around themselves. It is the opportunity entrepreneurs take to provide solutions. If you are a budding entrepreneur looking for an opportunity to turn your customers' needs into prospects, then you have landed on the correct link. We all have solutions to a specific problem. But not everyone has the guidance to bring the solutions into reality. With the help of startup solutions like Technophilic, you can make your startup journey a success. They arrange everything you need to reduce the hassles of starting your own business.

Ideation and refining solutions

Now, as you locate the needs, you must find the most appropriate solutions. But how is it possible? Now it's time for ideation. Ideation is considered the most critical step during your journey. You need to come out with great ideas to give solutions to their needs. But how will you find out if it is perfect? It would be best if you refined the solutions from a bunch of ideas. Refining solutions include assessing your market demand and target audience to find out whether the solutions fit perfectly or not.

Before you bring down your idea into reality, let's take a closer look at the ideation and refining process:
  • It is vital to figure out your business name. Brainstorm business names that can reflect the core idea behind your company.
  • With the help of a startup solution company, you can get rid of the several responsibilities associated with establishing a successful company.
Competitor analysis with market research

No business gets successful without proper analysis of its competitors. If you plan to step into the entrepreneurial journey, it is wiser to understand your competitors. This will help you develop a strategy that will make your business stand out from all of them. It is close to impossible if you are the only one in the marketplace offering the business idea. If you are, then it great, and if not, you need to be a little wiser. Analyzing your competitors and the marketplace is a great thing you can do to plan an effective strategy. You can take help from a startup solution company to ease down the process.

The various things you need to do for analyzing the market include:
  • Learn about your competitor's strategies. Take a close look at their strategy to develop a better one for yourself.
  • Research about the tastes and preferences of your customer base.
  • Analyze the trends and blend your ideas with them to bring out the best results.
Analyze potential audience and create a customer persona

When you start a business, the goal is to reach your customers using the products and services you offer. But how will you get to them? You need to understand who they are first. But how will you know them? You need deep analysis and research for all of these.

  • You can take surveys and interviews of your customers to collect their views to find out their preferences and opinions.
  • Use primary and secondary data sources to find out the best possible results for understanding your audience.
  • Create a customer persona using these data to implement a powerful strategy for your business.
Funding sources

Now, as you move to the final stage of doing a startup, you need to look out for funds. Without funds, it is impossible to carry out several functions of your business plan. No one can begin their entrepreneurial journey through self-funding. That is why individuals lookout for several sources to turn their dream of creating their own business into reality. Also, a startup solution will help you organize the most appropriate options for collecting funds.

Startup enthusiasts look for several ways to collect funds for their business. In case you are not able to fund all the money on your own, you can use the sources mentioned below:
  • Get a Loan - Most people prefer not to get into debt for such an important cause. As debt comes with a lot of risk and responsibility, it doesn't really sound like an excellent idea. However, it can be a perfect way to collect funds using the loan. You can also use your personal sources such as family, friends, and relatives for a loan
  • Grants - Another option you have is to apply for grants. Several local governments and private businesses offer grants to individuals looking for monetary help for their businesses. Use the internet to search for better options.
  • Investors - Finding investors for your business can be an excellent way to collect funds. It will be best if you can find investors or your startup plan.
  • Crowdfunding - Crowdfunding is considered the most excellent option to collect funds for your businesses. Many big entities have started their company with crowdfunding sources, and several platforms allow crowdfunding for different types of companies.
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How can I register for Startup in India?

As you get familiar with the several steps required to establish a startup, it is time to learn how to register your Startup in India. Following are the ways through which you can register for your Startup without any hassle:

Get a certificate of incorporation.

The first step to your Startup journey begins when you fulfill all the procedures for a private limited company or partnership firm. It is also known as a limited liability partnership. First, you need to complete all the legal formalities like getting a certificate of incorporation, PAN, and the other compliances.

Register on Startup India

Registering your business on the startup India platform is very simple. You can use both online and offline methods to register. If you want a better and hassle-free process, then you can also contact Technophilic for the best startup solutions. Here you can easily register your Startup without any difficulty. The process is straightforward. You just have to visit the website and fill the form. The OTP will e sent to your email address that will be entered to move forward with the registration process. After that, your Startup India profile is created. There you get access to tons of information, lectures, and guides related to your startup journey.

DPIIT recognition

The next step for registering on a startup India program is to get recognition from the Department to promote Industry and Internal Trade (DPIIT). It holds great importance for the individuals to access high-quality intellectual property services and resources, relaxation in public procurement laws, access to funds of funds, easy winding of a company, and many more. Those who have registered already to the program can visit the dashboard to get recognition.

Get documents and fill recognition application.

Visit your account and fill up the recognition application form. Now you need to collect all the document that includes:

  • Certificate of incorporation
  • Details of the director
  • Proof of concept like pitch deck/website link/ video
  • PAN
  • Patent and trademark-related information (optional)
Recognition number

As you finish submitting all the documents for applying, you will receive your startup recognition number. This number is received after two days of the filing of the online form. But you have to be very careful while uploading the documents as any mistake while uploading the documents can put your startup application at risk. Uploading any fake or forged document will make you liable to pay 50% of your paid-up capital with a minimum fine of Rs 25000.

Is it easy to handle the startup process on your own?

If you think of establishing a business on your own, then the path includes a lot of obstacles. Each step requires a lot of effort and analysis to launch a business successfully. If you are new to the game and don't have the right resources, then a startup solutions company is the one that can manage your overall efforts to launch your business without any hassle successfully.

You can choose Technophilic Private Limited for the proper assistance required to build a successful business. They have the resources and the workforce you require to develop business strategically. Whether you need a business plan, the right resources, or expert guidance, a startup solution is always with you. Give your dream a chance and establish a business by saving both your time and effort.