The Start-ups are increasing at a rapid rate in the country owing to the rise in technology and the need for new jobs in the country. Some people have all the path-breaking ideas,but they lack the idea of what to consider while setting a start-up. The following things should be considered.
Funding is the most important need. The funding can be obtained from the following sources
- Family and Friends:
The funding can come from the pocket of one’s own as well as the friends and family can help to invest. They can also provide some great ideas for market research.
- Angel Investors and Venture Capitalists:
The Angel Investors are the wealthy individuals who invest to get returns by stocks. The Venture Capitalists are preferred by some already established firms,but these days even start-ups approach them.
- Initial Public Offering:
The price of the IPO is set by the Investment Bankers. The start-up setters can raise money by the selling of their stocks to the public.
Business Model and Market Research
The Business Structure can either be of Sole Proprietorship, Partnership, Public Limited or a Private Limited. The kind of Business model should be decided properly as the business model tends to be the deciding aspect of several other factors.
Market Research is done to know where the potential customers are; the target one has to set, the kind of approach he has to make to make it big.
Proper licensing, maintaining papers
The proper licenses have to be acquired,and the papers about thelaw have to be maintained properly. The right accountant should be chosen to vest the responsibility of keeping accounts and filing tax returns. The right accountant also knows the proper policy to be implemented.
Branding and Design
Branding and Design plays a vital role these days. The innovative methods of advertising have to be picked to take the product to the masses. The Branding is a very important deal to be kept in mind,and it has to be done properly.
Never leak the ideas to non-trustable sources
There is a common complaint that the ideas are being stolen. To stay on the safer side, it is always better to only share one’s ideas for start-ups after doing a basic background check.
Thus, these are few steps to be considered to make one’s dream start-up a grand success.