How to launch a startup - an exhaustive checklist guide:- www.deekpay.com

Have you ever dreamed of being your own boss? You can realise this dream by starting your own business! Startups are the business giants of the future. According to the Times of India, the number of startups has increased by 15400% in the last six years.Who could have predicted which startup would become the next Reliance or Tata Group? However, without careful planning, starting a business can be mentally and financially stressful for you. With proper planning and execution, you can make this journey of ups and downs smoother. Many people will ask, "Is there a clear path to starting a business?" To answer this question, we have prepared a list of startups to help you get a clear picture of what to expect when starting a business. Let's get started on that journey.

Entrepreneurship checklist

Here is a list of things you need to start a business:

Looking for a good business idea

A good business idea is the foundation of any startup's success. Your idea should have market acceptance and the potential to become a significant business. It's surprising how many startups go into the market thinking they have a great service or product and fail to realise that the general public may not share this.

These types of startup ideas are often centred around founders' preferences or emotions - what they like or think others will like. But ideally, products and services should fulfil people's needs, not founders' preferences. That's why the best startup ideas are those that address people's pain points.

For first-time entrepreneurs, you can start with a major problem that you face or think many people face. If you have a solution and think it can translate into a good business opportunity, then you just need to find out if others are facing the same problem. If the answer is yes, then you have found your product and market.

market research

It is important to test the viability of your product or idea. This will let you know if your idea is worth pursuing. Choosing the wrong target market is one of the reasons why many startups fail in a short period of time. Sometimes, what you think is a great idea may not be accepted by the market. Therefore, a viable option is to conduct a thorough market research. This includes the following decisions:

What is the problem? Does everyone face this problem? Who is the target customer? What is the size of the market? Are there alternatives to solve the problem?

Preparation of financial and business plans

This is one of the most crucial factors to look into the financial viability of your idea. Studies have shown that only 80% startups are still alive after a year, and funding is a key determinant. Businesses are meant to be profitable. If you have a great startup idea, but it has no profit potential, then your business will not be sustainable in the long run.

Decide on the composition of the enterprise

You need to build your business legally. You need to decide on the composition of the business. Incorporation is one of the most popular options for startups. In addition to corporate startups, other forms of composition include partnerships and limited partnerships (LLPs). Whichever form you choose, you will need to formally register your company.

Mobilising investments

Now is the time to execute! Start looking for investors in your business and get started! According to Times Now, startups raised a record $24.1 billion in 2021. Investor support provides founders with financial security and helps with strategy, team building and networking.

summaries

You can follow the steps above to start a small business and grow it into a large one. Now is the time to start planning and taking action. You also need to plan some key tasks and operational matters such as:

Rental of office space

Recruitment

Decide on a domain name

Create a website

Setting up social media accounts

Marketing your product

The key to successful startups is to provide an exceptional customer experience. For example, startups face difficulties in accepting payments from international customers. So what is the solution?

The solution lies in an ideal payment gateway that can easily handle both domestic and international payments.

PayU offers customers more than 150 payment options and accepts payments in international currencies. This enables startups to cross borders.

common problems

What are the legal formalities that a startup needs to follow? Here are some of the legal formalities required to launch a startup:

Registration under the Shops and Business Premises Act

Obtaining regulatory licences

Tax and labour registrations such as GST registration, occupational tax, provident fund, labour welfare fund, etc.

What are some of the ways startups can raise investment? Raising investment can be done in the following ways:

Self-financing: investing your own money

Venture capital: access to venture capital firms

Angel investors: access to individuals willing to invest in startups

Bank financing: raising funds from banks or financial institutions

What should be included in a business plan? The following should be included in a business plan:

Development of an investment plan

How much capital do you need?

Revenue and cost projections

Your entire business plan will detail the company overview, products and services offered, business strategy, sales and marketing plan, target customers, expansion plans, and more.