Converting your idea into reality by setting up your startup in India may appear to be an enticing prospect. However, without proper planning and adequate knowledge of the process, the road ahead could be difficult. Though you can always take the DIY approach, your entrepreneurial journey would be a lot easier by choosing a coworking space. Whether you want to choose the nation’s leading coworking spaces offered by Innov8, WeWork, 91Springboard, and Cowrks, among others, or explore more coworking spaces in India, you’re sure to find what you need.
If you’ve checked the financial viability of your business idea and are ready to launch your startup, here are the steps to get it off the ground.
- Have your business plan ready
Your business plan should typically outline your intentions for the first 3 to 5 years. Some of the key elements that your plan must have are your business description and objectives, the business model, and the planned strategy to achieve the outlined goals (management, operational, financial, and marketing). Having a business plan would not only make the remaining steps of setting up your startup easier but even help in pitching your business ideas to investors or business partners.
- Find a suitable office space
Your office space should ideally be located in an easily accessible area and be equipped with all the necessary amenities. Since traditional options like renting or leasing would be expensive and delay your work, you can opt for plug-and-play coworking spaces to get started right away in a cost-effective manner. By making the right choice, you can get added benefits from your coworking space like legal help with business registration, funding assistance, access to professionals like web designers and accountants, mentorship, workshops, and more.
- Decide on your business structure and get the startup registered
Your startup could be a partnership, proprietorship, OPC (one person company), or a private limited company. However, it's wise to begin small, especially when you've got limited resources. Thus, a partnership or proprietorship is the most suitable option to explore. Ideally, you should consult a Chartered Accountant or a business consultant to decide on the right business structure. Once the decision is finalized, you should get your startup registered as a company.
- Secure funding
The cost of running a startup is much higher than what you may think. That’s why you need adequate funds to sustain your business and avoid cash-flow problems. You can approach banks to benefit from startup-friendly loans and schemes. You could even raise funds by asking family and friends or via crowdfunding. Else, you may seek funds from angel investors or venture capitalists.
- Get registered under the Startup India scheme
You should register your startup on Startup India. Next, you should get DPIIT recognition. These steps will help you with funding assistance and access along with several other benefits in terms of compliance and taxation, among others.
- Build a brand identity for your startup
You should buy a domain and hosting plan, and get your website and logo designed to start building your brand identity. Investing in digital marketing (via emails, social media, blogs, etc.) is also crucial to help people find you.
So, go ahead and set up your startup now!