India’s economic climate has become extremely favourable in the recent past. High economic growth, coupled with an increase in per-capita income has seen many people give up their daily jobs, and try to start something of their own.
The startup culture came to our country a while back, and is here to stay. Just look back 4 years. How many applications that you use, on a daily basis would you have thought of at the time? Who would’ve thought that a day will come, when we can press a button on our smartphone and call for food? Another button to summon a luxurious taxi to take us to where we want.
The main aim of any startup is to solve an existing problem. For example, the makers of Swiggy would have recognised the gap in the market that they could bridge. Similarly, the creators of Uber saw huge potential in the Indian market, which led them to commence operations here. Most of the startups have given us answers to the simplest questions we face everyday. Need a new gym routine daily? An app will give you a unique one every time. While it is great, that you spend time and money pursuing your dream, it should be remembered that not all startups get funded. Getting funded is always regarded as a reasonable benchmark for success. So how do you get funding? Read on.
- Make and master your business plan:- Go beyond the superficialities. Make your plan watertight, foolproof and know it inside out. Demonstrate that you have formulated a strategy to accomplish your goals. Having knowledge about your competitors and target market will be useful when coming up with a strategy. If you are offering a product, be specific about the launch date.
- Bootstrap:- Every penny counts, when you’re starting out! Pay while you earn and manage your resources effectively. Defer capital purchases, share office space, teleconference more to avoid travel expenses, approach interns from local schools, etc. Keeping your expenses in check can go a long way!
- Be open to other sources:- Be open to other sources of finance, like bank loans, grants, etc. Be open to crowdfunding as well! When you’re a startup, any source of funding, as long as it is a legitimate source, is great.
- Network effectively:- An on-going process that should not stop ever, networking can put you in touch with the right people, some of whom are looking to invest in new ventures. Networking will also put you in touch with people who have run successful startups, so you can get important pointers and tips from them.
One of the most effective way of cutting costs as a startup, is to co-work in a shared office space. If you are a budding startup in Hyderabad, check out the shared office spaces in Hyderabad. Those startups based in Chennai can make use of the serviced office spaces in Chennai, located in prime parts of the city. As a startup, your prime objective should be to make profit, and spend minimally. Use shared office space to achieve your objectives!