The number of startup businesses in India is rapidly increasing. The FinTech and e-commerce industries are particularly strong in India and the Indian Government is providing lots of support to ensure that these key industries continue to grow.
One way it is doing this is through the Startup India initiative, promoted by the Department for Promotion of Industry and Internal Trade, which helps people to form their own company. Its website is filled with useful resources and guidance that will walk you through different stages of the business set up, whichever industry you are looking to work in. Here are some areas that you could find useful.
Advice on available funding
The scheme provides financial support for startup businesses including income tax exemptions, as well as potential grants if your business idea matches the required criteria. The Fund of Funds for Startups was launched by Prime Minister Narendra Modi, helping entrepreneurs to turn their business dreams into reality. If your business can pass two stages – a preliminary screening and due diligence, carried out by the Venture Capital Investment Committee and the Small Industries Bank of India – it will potentially be selected to receive that funding.
Resources to help build your business plan
Before you do anything else, you must have a really good business plan in place. Again, you can use the resources at Startup India to help, such as advice on company registration and other legal aspects of setting up a business. There is a detailed overview on the types of businesses you can set up, which should help you to find the one that works best for your company. There is also a video tutorial on Building and Managing a Business, that you can watch to find out which tax registrations you need.
Help with your marketing strategy
A good marketing strategy is essential for any business but for tech startups particularly, your digital marketing is even more important to showcase your business. Startup India’s Marketing Assistance Scheme has been set up to support you with your marketing strategy by providing funding and advice on developing vital channels such as setting up a business website.
A really professional, easy to use website that provides all of the information that a potential customer needs, is a must for your business. To see a real-life example of this, if you look at the Casino Wings website, anyone who is interested in online casinos can quickly see the top-rated online casinos, along with the incentives available from each and how many games each one has. This concise comparison allows someone to quickly decide which online casino is the best option, offering real value to the website user. Proving you can replicate this effect for your business may increase your chances of securing funding.
Market research documents for your industry
Understanding the market in which you will be operating and competing is very important. You need to weigh up the demand for the services that you will be offering and find out how many companies already offer those services. The Startup India website hosts a whole section on market research across different industries such as FinTech, e-Commerce and Investment. By registering for an account, you will have access to these useful insights from your industry. Additionally, this 6-step guide on market research from Hubspot could give you some pointers on the best way to approach your market research.
If you utilize all of the great support resources provided by Startup India and do the required research, you should be able to get a head start over many of the other startups in your industry.