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How To Start A Startup In India In 7 Steps in 2024

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There is a thin line of difference between the dreamers and the Doers. Today, if you have taken an interest in how to start a startup in India, you have taken that leap of faith to become a Doer. 

A startup is just growing a crop. You need to sow the seed, nurture it, give it the right set of conditions, and take good care. In the end, you will reap the fruits of your labor.

This brings us to the question, how to start a startup in India? 

Don’t worry, that is exactly why we are here. What follows is a comprehensive guide listing all the steps to do it. We will talk about ideas, networking, partnerships, legalities, funding, building your startup, and growing it. 

In every section, you will find a load of links to useful resources. More importantly, the whole debate will be focussed on the Indian Startup Ecosystem. 

Surely, India may not be the first choice of starting a startup, but it is certainly rising to the occasion. With this in mind, let’s begin our amazing journey together from the first step, The Basics. 

Chapter 1: The Basics

According to Indian startup governance , a startup is an entity that is younger than 7 years with an annual turnover of less than INR 250 Million. More importantly, it must be registered in India. 

Behind every startup, there is a story. This story has one or more than one person who is inspired to bring about a change in society. Startup founders are connected with their idea very deeply. They work on this idea, mold it, and shape it to form a useful product or service. 

In technical terms, a startup personifies a young company that is established by entrepreneurs. These entrepreneurs are looking for various sources of funding to launch their product and develop it into a business. 

But, how did the startups come into existence? The first evidence of startups is linked to Silicon Valley. But the fact is that we cannot place the pin on a particular year.

Defining startups is not straightforward. Different economies have accorded a different definition to a startup. Where India has set 7 years as the benchmark, Europe has set it at 10 years. In the USA, startups are called a shoestring operation, meaning something that starts with a tight budget. 

Similarly, there is no direct way to tell when was the first startup launched. A book named Silicon Valley Fever traces the startup origin to 1976. 

But, the word startup was used first in a Forbes article back in 1976. So, all things point to the era of the 1970s as the origin of the concept of startups. 

History of Startup in India

Since we are on the topic of how to start a startup in India, it is important to know when India saw the emergence of these young companies. 

The emergence of startups is linked with entrepreneurship. In India, the entrepreneurial spirits were low before Independence. Those who wanted to go down this road were confined to several impractical rules and regulations. 

After Independence, the Indian economy’s dream to become self-reliant did act as fuel for the entrepreneurs. Added to this, the newly found freedom provided confidence and cleared a path for the entrepreneurs. 

However, in this era, the primary focus was on developing large scale industries so that the economy could thrive with the help of the Trickle-Down Effect. 

But after the Liberalization reforms, the concept of startups began taking shape. As the Indian economy started to realize the benefits of privatization. Interestingly, the real spike in the startup ecosystem was realized after the 2008 recession . 

Some Facts about Indian Startups:

Here are some facts you must know about the Indian Startup ecosystem :

Moving forward, when we talk about the top startups in India , names like Paytm, Flipkart, Zomato, Ola, Cure.Fit cannot be missed. These are the applications that have picked India up from a lower position and taken it to the top spot in the startup ecosystem of the globe. 

Every startup that has become successful was not able to achieve it overnight. Becoming a success and transcending from every single stage of a startup is a gradual process. An amazing anecdote for this gradual expansion is Salesfusion. 

The founder of Salesfusion shares his success story of how he failed 3 times before building a startup that generates $400K per month in revenue today. Harishanker’s story is one of the aptest personifications of how to start a startup in India. 

Did you note the point where it said that Harishanker failed 3 times?

In every startup ecosystem, failure is as much a part as it is a success . But, don’t be discouraged or disheartened. You can ask any entrepreneur, and they will proudly tell you their failure story. Before a success story, there is always a failure story. 

If you treat failure like a stepping stone, you will always know how to move up. 

Now that we have established the outer lining of building a startup company in India, let’s move on to understand the innate fabric. Before you hire people, or rent a space, or even ask for funding, what you do have except for one idea. 

Every startup begins with one idea backed by a vision, and with that vision, we can build an empire. But, let’s focus on the idea first. 

Chapter 2: The Idea

The key to every successful business lies in a unique idea. Now, how can you get an idea about beginning a startup? What made Jamsetji Tata go on finding one of the best motor giants in the world? What led Dhirubhai Ambani into setting up a company whose current value is in billions?

You will find one thing common if you take a closer look at all these industries and their founders and that is they understood an issue that many people around them had. They analyzed the problem and worked on a solution. That’s how they started!

How to Hunt for a Startup Idea?

Here’s a quick 3-step process to identify great ideas for your startup company in India, similar to the process Tata and Ambani probably carried out:

• Look for problems : The key to getting ideas is to look for every small or big problem in your daily life. You can note these problems on paper or a notebook for the record. Go through these problems every day to find that one idea that will bring out the best result. Here are some of the startup ideas that may ring some bells.
• Find a problem that messes with your mind : While going through your list of problems, look for those that interest you more . For example, if you love to do craftwork, look for a problem that consists of decorative items. Business is not only about making a lot of money, but it also involves the factor of passion and interest. Do what you love to do and that will turn out to be your greatest success.
• Find an innovative solution : Well, if you have a problem that you can solve, and it is also of interest. It is crucial for you to look for an out of the box solution . For example, everyone can use a hammer to drive nails into the wood, but a nail gun makes it much easier and faster. Just like that, do your research about the solutions to the problem that is already there (if any) and find a better one.

You may also want to read our article on How to Get Startup Ideas .

How to Analyze your Solution?

You have found a problem: people love downloading videos from Instagram but it’s hard to do it. You’ve thought about a solution: an app that helps them do that.

How do you know that solution is the correct one? Here’re some things you should continue to research:

1. Product or Service Analysis

Well, the very first thing that you need to check is what your product offers the people . There might be some similar products in the market that tend to offer the same services as you. Hence, as mentioned above, you need to make your product or service a bit unique. India is a densely populated country, so your product quality matters a lot.

For example, if you are developing a video download app for Instagram, you can also add other platforms. This means that you can add the ability to download videos from Youtube, Facebook, Vimeo, etc.

2. Does the Market Need your Product or Service?

This is also one of the crucial questions to ask yourself. After all, if your product or service is not liked or required in the market, it will be a dead-end for you. So, you need to make sure that your product or service is essential for the people. 

If we take the same example, a lot of people love to download and share content from Instagram. So, if you conduct a comprehensive research of the market (included in detail in the next section), you will get an idea about the demand for the product you are about to develop.

3. Are you Enjoying What you are Doing?

At last, all of this is not going to last long unless you love it by your heart. Many of us have tried to work on a startup but could not carry it forward. The only reason behind this is the lack of interest and passion for it.

For example, if you are not fond of coding, then building an app may not work well for you. So, try working on developing a product or service that you are passionate about. Here are some benefits of doing something that you love .

Validating the Idea

So far, you have thoroughly analyzed your solution. Now, it is time to closely analyze the market. This means that you need to make absolutely certain how your product will perform in the market.

1. Thorough Market Research

This section includes all the necessary measures to make sure your product or service in the market is new and unique. Here are some of the key points.

• Make a brief layout of your product that includes its features, its uses, its audience, its benefits, etc.
• Search for similar products on the web to know the level of competition.
• If you find some of the similar products on the web, make sure you cross-check every aspect to find any similarity.
• Refer to customer reviews to know more about the low sides of the products; you can improve them in your product.

2. Interact with the Audience

This is the most fruitful aspect of the process. You will get to know some new things from the customer’s point of view. 

• You can refer to various online forum websites to know about the customer’s issues regarding the existing products.
• Make an online survey to know about the user’s expectations, features that they want in the product. Some websites will help you build surveys like KeySurvey , Typeform , Survey Monkey , Gosurvey.in , and Google Trends , etc.
• Harness the power of social media by gathering reviews from your social circle. Discuss your idea with your known ones and know-how they would like the product to be.

There is no perfect trick to know how your idea will perform in the market. You can only test and check if it works. Some of the budding entrepreneurs have faced a lot of failures before getting to the point they are today.

To get a more clear picture of it, here is a perfect validation story . This guy started pre-selling his product to know if people were interested in his solution or not. Through this method, he made a whopping $4000 without even having the product!

Build a Minimum Viable Product (MVP)

Finally, here is the part where you will be actually working on your product. Now, the first question most of you will be having is:

What is an MVP?

An MVP is expanded as a Minimum Viable Product. It is actually the most basic version of your product (which should be built quickly and cheaply) which aims to validate if there’s interest and people are willing to pay for it.

Some of you may confuse an MVP with Prototype. While an MVP is actually a product that will be used by your audience, a prototype is just a draft of your idea.

Why is an MVP Required?

It brings several advantages:

• Saves time and money : MVPs have only the basic features, which means they are easy to develop and require low capital investment. If you see the product doesn’t work well in the market, you can quickly shut it down and move to something else, saving you a lot of time and money.
• Customer feedback : Releasing the MVP is a great way to hear your user’s feedback and build more features based on their needs and not what you think they need.
• Generate early leads : Many of your MVP testers may become customers later on. They’ll feel as if they have contributed to your product so they will be more willing to pay for it, rather than go with your competitors’ solution.

How to Build an MVP?

We have a detailed article explaining how to build an MVP . 

If you don’t like coding, there is no need to worry. You can easily build an MVP from your business idea without coding. Here’s a course that teaches how to do it.

Formulate a Business plan

A business plan plays an indispensable role when starting a startup. It is business plan is a written document that includes all the necessary aspects of the business, like, business goals, business strategies, the time frame of goals, details about profit and loss, finances, marketing methodologies, etc.

Some of the detailed aspects of a business plan include:

• A brief summary of the business that includes all the major points.
• Overview of the business: legal structure, type of business, means of business, location, and more.
• A proper plan of operations.
• Analysis of the market.
• Details about the products and services.
• A detailed analysis of the market competition.
• Information about the management team.
• Financial plan.
• Future goals and projections.

Name of the Startup

Naming your startup may seem like an easy thing, but it is not. Here’re some considerations:

• Choose a name that resonates with your business.
• Take care of the keywords.
• Make it easy to say and understand.
• Understand the psychology behind the name.
• Prevent long names.

Here is a 10-step guide on naming your startup .

Startups and companies are run by people. You need to be careful while choosing people for your firm. The coming chapter will explore all the necessary factors that you need to keep in mind while choosing people for your firm.

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Chapter 3: People

As a startup founder, this question might have popped up in your brain. Who can I ask to be my partner in crime? Sometimes, when two people come together, they bring in a great amount of value and experience to the team. 

How to get a Great Co-Founder?

While finding a great co-founder assure that he/she has a different skill set as compared to yours. This way, both of you can contribute equally to the startup. The combined contribution of both the co-founders will ultimately benefit the startup. 

Let’s consider that you are a developer and have an idea for an innovative product. But, when it comes to negotiations, understanding the legalities, or even hiring people, you may not be too good there. 

If your co-founder is also bereft of these qualities, both of you will end up spending the limited amount of capital on hiring new people. And capital is one of the most important factors that play a role in the startup’s survival.

What to Consider When Getting a Co-Founder?

India is gradually becoming a startup-friendly nation and there are several factors to portray the changing scenario. As we progress, more and more youngsters are eager to launch their own startups.

Parenthesis over here: The question of how to start a startup in India has nothing to do with age. Anyone who has a basic understanding of managing things can do it. There are a plethora of options out there, no matter if you are a school/university student ( here are some business ideas for you if you’re a student ), a graduate, a part-time worker, etc.

More and more people are entering the startup ecosystem which means that it’s every year easier to find another person willing to run a startup along with you. Global Entrepreneurship Index (GEI) portrays the entrepreneurial environment of a nation and the 2018 GEI puts India at 67th position out of 137 nations. This may be a lower rank relative to other nations, but when compared to India’s position in 2017 (96), it is somewhat better. 

Some considerations you must take when looking for a co-founder:

Consideration 1: Trust

Both you and your co-founder will have to build a strong and balanced working relationship. If you want to see the end of the line, it is important to trust each other. 

So, for you, the first question is, “Can I trust this person?” 

There is no easy answer to this because building trust or taking someone as trustworthy does not come with one look or meeting.

But a great thing about humans is that we have something called a “Gut Feeling.” This particular emotion will certainly help you answer many questions along the startup journey.

So, if you meet a potential co-founder and find that something is not right or feel that you cannot build a strong working relationship with this person, back away.

Consideration 2: Skillset

We have already talked about it in brief above. Keep an eye on the skillset of your potential co-founder and ensure that they complement your skillset. 

If you have some weaknesses, your co-founder must be able to balance it out. The right balance does not mean that you need to choose someone entirely opposite from you. Rather, choose a person who aligns with your personality along with having a different skill set. This brings us to the next point. 

Consideration 3: Personality

Your personality should match with your co-founder, and there are many reasons for this. Establishing a startup company in India is taxing and stressful.

In that case, you will need someone with whom you can fraternize in those tough times. And that will only be possible if both the founders have a matching personality within and outside of the office. 

Consideration 4: Honesty

There was a time when people used to believe in “Honesty is the best policy.” Things are somewhat different today. 

So, it is important to know the honest levels of your co-founder before starting to associate. There are many other things apart from leaking cash out of the company funds. 

As a company’s founder, you need to have some morals, some values that personify your vision and mission. Swaying away from these also amounts to dishonesty and a breach of trust. 

How to Find a Co-Founder?

Now that you know the primary considerations you need to consider when looking for a co-founder, let’s move on to the process of actually finding one. 

• Your personal sphere : You can note down the duties and responsibilities of your desired partner and look in your personal sphere for someone that fits these characteristics. 
• Co-founders networking : Similar to the methods you use for finding investors, you can also find co-founders. The startup India hub is evolving, and you will be able to attend many events and summits targeted towards building and connecting the startup ecosystem. 
• Meeting the founders online: Apart from the events and summits, there are many other places where you can find your ideal co-founder . These are social media platforms, dedicated founder matchmaking websites, and hackathons. 

Co-founding with Friends: 

It is entirely possible to co-found a startup with your friends. But there are risks involved. 

• Firstly, you may think that you know your friend very well, but as you both work together, discuss things together and deliberate over some issues, you will get to know other facets of each other. In the course of time, you may realize that you may have not know your friend that well. This can create some problems in the future.
• When you work with a friend, discussions like money and commitments to the job are taken lightly. Don’t do that. Keep everything on the table. If you decide to go down this path, make sure that you set boundaries both personally and professionally. 

You may also want to read our guide on How and Where To Find a Co-founder .

Building a Team

“The secret to successful hiring is this: look for the people who want to change the world.” This quote by Marc Benioff summarises the process of hiring good people to work with you. 

A great team is vital for your startup’s growth. A 2013 study found that 60% of startups have to face the dust because the team was not right.

While building your dream team that will help you reach the apex level of success, you need to consider these points. 

• Self-assessment: You are that thread which is connecting everyone on your team. So, it is best to do a self-assessment first before moving ahead. Self-awareness will get you unprecedented success because you will know your strengths and limitations to work accordingly. 
• Identify the main roles : Apart from your skillset and your co founder’s, assess which other important roles are essential for your startup. The ideal rooster for your team will also depend on the type of product or service.You may need an amazing designer, developer, marketer, and an executor are some common roles.
• Build a startup culture: Let’s get one thing straight, startups don’t pay well. Startups in India or in any other country have a limited amount of capital at their back. Hence, they need to spend that money wisely which also means hiring good people, but at a lower remuneration. So, what makes people stick? The answer is a startup culture . A good culture will ensure higher employee retention, a self-motivated environment, and a productive workforce. 
• Hiring and Recruiting : India has a wide talent pool, and you will find a lot of suitable candidates to work with. However, you must know where to look and what is the right hiring strategy. 

When it comes to finding the candidates, platforms like LinkedIn , Glassdoor , Placement India , Indeed , and Naukri are preferable.

After team building, the next step is looking at the legal side of the venture. 

Chapter 4: Legalities

Understanding the legalities of starting a company in India has to be done at the proof of concept stage. Some startups do not take these considerations seriously and end up making legal mistakes that hurt them badly . 

Indian startup registration can be done both online and offline.

How to Register a Startup in India Online

There are two things to note here: one is incorporating your startup and second, registering it under the Startup India Program. Incorporating a startup or a company includes obtaining the Digital Signature Certificate and Directory Identity Number. 

Once your startup is incorporated, you become eligible to enlist it with the Startup India Program. We will talk about the program in further sections. But, for now, you must understand the process required to register your startup with the program . 

You can choose one out of 4 kinds of ownership models. Your choices are:

• Proprietorship : No registration is required and legally you as the proprietor have the sole ownership of the company. For taxation, your income will be taken as the taxable income, you cannot transfer the ownership of the company to any other person. Lastly, you cannot call in foreign investors to fund your venture. Note that, a sole proprietorship does not count as a startup in India . 
• Partnership: A partnership needs two people to start with, and here you may or may not choose to register your company. However, if registered, you will come under the ambit of all the legalities and compliances applicable to a partnership company. A partnership firm can only be listed as a Startup in India if it is less than 5 years of age from its incorporation. 
• Limited Liability Partnership or LLP: A LLP in India needs to be registered under the LLP Act of 2008. It comes under the ambit of the Ministry of Corporate Affairs and must have at least two partners. Further, in India, an LLP mode of operation is preferred over other registration systems. There are various benefits of incorporating as an LLP , including operational flexibility, fewer compliances, among others.
• Private Limited Company: They are registered under the Companies Act 2013. To be more precise, such a company can have a workforce of up to 200 members, and it needs at least 2 directors. There are additional legal formalities to register as a PLC in India, but they have access to several other benefits accorded by the state government. 

Here’s a dynamic video explaining the models:

As long as you are in the POC stage or until the time you are not gaining some traction, not registering the company is fine. But once you enter a stage where you are ready to register, the real complexities begin. 

From compliances to taxation, labor laws, environment laws, and other legal requirements are meant to be fulfilled. 

Intellectual Property Rights

Getting recognition for your product or service is indeed deserving because you took an idea and built it into something actionable with your own innovation. And to keep that light burning, you need the protection. However, the Indian startup scenario for IP is a bit different. 

IP Rights for software in India are such that they only apply to the code and the final product. In other words, if you get your copyright, it will protect the form and not the final substance. 

Another important thing is that you cannot file a patent application for software in India. What you can do is get a patent on software and hardware integration. This means that if a software is dependent on any form of hardware, then you can get a patent. But software alone cannot be patented. 

As for your User Interface/Experience, You can get a patent provided it is unique. Its level of uniqueness will decide whether or not you can get a patent for it. 

Co-Founders Legal Considerations

You may have found your ideal co-founder. But, have you gone through the requirements and legal considerations it requires? Majorly, a co-founder agreement lists the equity ownership, initial investments and the roles and responsibilities given to each founder. 

Surely, there has to be a legal contract listing all the guidelines. This type of contract ensures that both the founders have an apt understanding of their functioning in the company. 

You need to carefully examine each and every term associated with the partnership and set the boundaries. Even if the venture is at an initial stage, you need to set these boundaries. 

You will find that there are a few other legal documents that you need to check out while operating a startup in India. 

Be very careful with the legal considerations. If possible, take assistance from a certified lawyer and an accountant to set up your operations properly. The penalties and fines of not following them are high. Moreover, they can also become a reason for shattering your dream startup to pieces. 

Talking about penalties and fines, money is also a critical factor for any startup. Basically, you cannot fully understand how to start a startup in India without looking into funding options. 

Chapter 5: Money Matters

90% of the startups fail in the first five years of their launch and many of these are because of the money crunch. Sometimes, the founders do not get enough fuel to keep the engine running, while others fail in using it optimally. 

Therefore, getting your startup funded is important, but gaining the ability to utilize that money smartly also matters. Right from the beginning, you need to start making a startup budget that is well within your limitations. 

Once you have gained the funding, start spending it smartly and on those things that help you grow. But before discussing how to use the money, let’s first know how to acquire it. 

There are various methods to raise money for your startup in India ( here’s a detailed guide ): 

• Friends and Family : We always look towards the family first if we want something. Especially with the societal norms and family culture existing in India, asking your friends and family for initial funding looks like a great option. However, understand this is a two-way road and there are some specific pros and cons associated with this method. Make sure you consider them before jumping in. 
• Bootstrapping : One of the best methods to fund your startup is by your own savings or bootstrapping. The reason being that you won’t have to answer to anyone where the money went. There is no interest, no complications about paying the money back, and so on. 
• Incubators : Early stage startups can look forward to getting the funding from business incubators and accelerators. The difference between an incubator is they teach and train in everything.  Just like a child is taught everything from the day it is born. Accelerators, however, are a bit advanced, and they move on to help you run or leap ahead in your venture. There are various incubators and accelerators in India that you can choose from. 
• Angel Investors : There are a lot of already established angel investors in India who have funded several startups. Angel investment is a kind of funding activity whereby individuals with surplus cash and interest to invest in different baskets help startups launch and expand. The Indian Angel Investor network is also huge, and you will be able to find the right investor for your startup.
• Venture Capitalists : Venture capitalists are the biggest sharks in the ocean of startup ecosystems. These guys invest big and also help already expanding startups to outgrow themselves. In the Indian parlance, most of the VCs have come from other countries and set base here. Here is a list of the top venture capitalists in India . However, note that convincing the VCs is not easy; having a credible and really unique pitch is equally important as having a disruptive and innovative product. 
• Crowdfunding : Crowdfunding is a great option to fund your startup, provided you have an idea that can convince the masses. Here’re some crowdfunding platforms in India . Several people will look at your product there and if they like it, they pledge their investments to develop your product and take it to the next stage ahead of a prototype. Crowdfunding generates many benefits , one of which is free marketing since your investors will surely spread the word for your idea and rope in more people. 
• Bank Loans : Funding from banks can take the form of loans or line of credit (working capital loan). Entrepreneurs still consider banks as their first preference and a safe bet to get funding for their startups. Seeing the rising trends of startups in India , several banks have set dedicated funding options for SMEs and startups . Loans entail the standard process wherein you provide the bands with necessary details, business model, and collateral to get the funding.
• Government grants : The Indian government also provides funding to startups in India via several grants and schemes . Government schemes for startups in India like Mudra loans, 10,000 Crore Startup Fund, and others, show that the government wants to develop a conducive environment for startups in the country. Startups bring growth to the Indian economy, and the government is reciprocating further bolster that growth with such schemes and grants. Within this funding form, the Startup India Scheme deserves special mention.

Startup India Scheme

The Startup India Scheme is a flagship program under the Startup India Initiative . This scheme was launched with the motivation of bolstering the innovation of new products and services in the Indian economy. Under this scheme, the startups have to undergo DPIIT registration and complete other formalities to get certain benefits, some of which are: 

• Simplifying the work processes from registration to setting up the basic infrastructure. 
• Providing financial support to startups via different government-run startup funding schemes . 
• Helping the founders grow their network and exploit such opportunities presented by the government. 
• Early-stage startups can also benefit from income tax exemptions, intellectual property benefits, along with a few other perks. 

In the latest statement by the DPIIT (Department for Promotion of Industry and Internal Trade) it was stated that about 28000 startups have registered with the DPIIT until the 1st of February, 2020.

It does not matter what kind of startup you are trying to build, funds will be essential. Added with the funds, it is equally vital to build your brand. In the next sections, we will take up how to build your startup’s brand and how to ensure its growth. 

Chapter 6: Branding, Website & Launch

Once the funds are arranged for your startup, then comes the actual work of building your organization on different levels. Until now, your work was just revolving around an idea. But now it’s time to start the real work from ground zero. 

This chapter will cover some of the essentials of building a startup. It will lead you to the knowledge of various aspects of building an organization from its brand name to the website to its launching.

Building the Brand 

Branding your startup essentially means to establish an identity for your business. The identity of your brand holds your uniqueness amongst other competitors in the market. A brand has its own voice, image, and personality that makes it recognizable for the people. 

For instance, when you hear the name Pepsi, what jumps right to your mind? Certainly, their blue ribbon, logo, advertisement, or something related to that drink. This is the power of branding. When people start visualizing your brand when they hear its name, that’s when it can be considered established.

Building your brand identity is a long term plan ( here’s a detailed article on the topic ). There are several organizations that initially avoid this step and are eager to jump directly into the operations. When you build a brand identity from the start, it gradually makes its name in the marketplace. Once it acquires a significant amount of attention, then whatever product you launch, people are bound to show their interest in it.

Designing Logo for the Organization

The best is to outsource the logo designing process to a professional branding agency. While designing the brand logo, there are various parameters like the color palette, typography, and graphics that need to be taken into account. Professional agencies have the expertise to understand the mechanisms of color combinations and graphics that can attract customers.

xVS Creations , Ascent Web Portal , DesignHill , and Indesign Elements are some of the prominent branding agencies in India. They can help you with all your design needs with premium quality results. There are many global online platforms too that where you can find masters in this field like 99designs (recommended) and Fiverr (recommended). You must explore all the options before picking a suitable choice for yourself. 

Building the Website

Creating the website for your startup is crucial. A website is the best platform for the interaction between you and your customers. It helps you to stay active in the competitive market and it also is a fantastic way to attract a lot of potential customers to your business. 

A website plays a significant role in creating a potential business market for any startup company in India or outside. The given steps are involved in the creation process of a website:

Picking a Domain Name

The domain name is usually named after your brand name to achieve singularity in your brand identity. There are multiple domain providers through which you can purchase a domain name for your website. Some of the popular domain registrars are as follow: 

• GoDaddy (Recommended): This is one of the most popular domain agencies in India. It provides domain names at the lowest prices. 
• Namecheap (Recommended): Offers multiple services like selling domain names, VPS hosting, web hosting, and others. 
• BigRock : They are known for providing cost-effective domain names.
• Hostinger : Offers domain names and services that provide high-speed performance. 
• BlueHost : They offer several packages that are inclusive of registering domain names, hosting, and website development.

Finding a Hosting

The work of a hosting company is to connect your website with the internet. You can think of it as a hard drive where all the information is stored for the usage. 

While picking a host, check for their customer support reviews, functioning of other websites that are being hosted by them, and do they provide all required features. 

GoDaddy (recommended), Hostinger , BlueHost , etc. are some of the Indian hosting companies that you can work with to run your website. Some global ones are Amazon AWS , Cloudflare , Rackspace , and Unified Layer .

Majorly, there are three types of hosting plans.

Shared Hosting

Shared hosting is one of the most popular and cost-effective hosting plans. It involves sharing your server with other websites. This plan is usually limited to one domain. Most small organizations and startups pick this plan for the start of their website. 

It gives them a space to start their websites and also does not get heavy on their pockets. However, note you get limited data storage and bandwidth, which may affect the speed of your website. 

Dedicated Servers

This is an expensive hosting plan as it gives you a dedicated server for running your website. The range of bandwidth is comparatively very high and it doesn’t put pressure on your website, as much traffic may arrive. The website under this hosting plan has significantly greater speed than others. 

Note: You may choose a shared hosting plan and later transition the hosting to a dedicated server. 

Reseller Accounts

The reseller accounts are usually for the people who wish to run multiple sites under a single account. This type of hosting plan is mostly taken by the people who are running eCommerce websites. 

Designing & Developing the Site

Getting your website built by hired professionals may be a more expensive option than building it yourself, but it definitely produces some fruitful results, unless you have the required knowledge and expertise in the field.

To outsource the design of your website, you may hire an agency or freelancer. You may want check Upwork (recommended), Fiverr (recommended) or Freelancer if you wish to find and hire one of these.

If you are willing to put your hands in the task, you can use no-code tools like Webflow (recommended), Bubble (recommended) & WordPress requiring no programming knowledge. During 2020, a handful of other tools have popped-up to make it easier to build a basic website. Among these tools you can find Carrd , Softr , and Dorik .

Building the Office

Building the brand name and website is a relatively easier task than establishing a physical office. If you have the required staff and budget to open an office for your startup, nothing can be better.

Having a professional space hugely enhances the growth of the business as customers see it as a more reliable source. Having your own office is one of the essential milestone for your startups.

In these modern times, you must also focus on building stylish and innovative office spaces for your work. This positively impacts the people working in the office and also puts a good impression on the incoming customers. 

There are several good interior designers in India that can provide the professional looks to your office as per your business profile. Some of the most popular ones are Urban India Design , Kinzaa , De Panche , and D5 Design Factory .

If you prefer or need to work remotely, there are several tools to improve team communication that have made an impact in 2020. You can create a virtual office with Gather.town or avoid video calls fatigue with Around .

On completion of all the above-given parameters, your startup will be all set to launch. Before you launch and present your business to the world, you must prepare the launching campaigns . These are some of the essential steps that will help you make a better launch in the market. 

Create Hype

Creating a hype at the last minute won’t make much difference. It is essential from the very first day of your startup building process, you start to create a fuzz about yourself in the market. 

Start sharing your brand name and the services in social media, start writing blogs and articles. Until the time of its launch, you must have a significant population waiting for the service to be launched.

Giving Freebies and Entertainment

One of the best ways to seek the attention of the Indian audience is to provide them with free stuff and entertainment. Collaborate with some renowned artists that you can afford and start promoting your brand through them. 

You may also set up a small entertainment zone in a mall where you can entertain the people through various activities and promote the name of your brand. 

Stay Clear from Other Big Brands Launches

Do check out the launching dates of other brands. You do not want to clash your launch date with some big brand. It may lose an ample amount of attention to your brand. 

Press Release your Service

Nothing can be better if you have the required budget and potential to launch the startup through a press release. The media will provide sufficient attention to the world about your service. If you are willing to opt for it, make sure your teams are all prepared with the set of questions that may be asked about the product and the service. 

The launch of your startup is not the end of the process but just the beginning. Once the launch is done, then it comes the phase of making your startup grow to its full potential. You may have to create several marketing strategies and post-launch campaigns to make your brand grow bigger. Go through the next chapter that will guide you through the approaches you need to hasten the development process of your startup company.

Chapter 7: Growing your Startup

Let’s talk about growth now. Once you have established a basic foundation of your startup, you can think of growing. More importantly, you need to know the right time to grow or scale your startup. 

But before we go there, you must be prepared to scale your startup. How to start growing is a different debate? Initially, you need some solid footwork on the ground. 

Also, remember that knowing when to be bearish is as important as being bullish in your startup. As a founder, you need to know when not to scale your startup . 

Scaling is like work in progress and you need to leverage foolproof marketing strategies for keeping up with the growth momentum. Apt marketing strategies ensure user engagement and convinces them to take the desired action. 

One of the most important things to understand in how to start a tech startup in India is practicing foolproof marketing strategies. With apt marketing, you will gain the attention of the audience and excite their thinking neurons. And if the product is something that the customers really want, they will engage and reach out. 

Some Marketing Strategies

Sending emails.

Starting an email marketing campaign is a great way to attract new customers. Email marketing holds a better engagement rate and can be used for almost all kinds of businesses and products. 

Have a blog for your startup

If you are solving a pain for your customers and they are looking for ways to solve it online, you need to have your blog. Blogs are one of the most organic ways to attract an audience and potential customers that will help you grow. 

Be on Social Networks

4.57 Billion .  These many people are active on social media every month. And out of them, Facebook has 2.4 billion users, Instagram has 1 billion, Youtube 2 billion, and the list goes on.

Creating a social media marketing strategy is your answer to growth-oriented startup plans in India. Social media is a big game, so you may need the assistance of expert social media marketers to get the desired results. 

You can implement other suitable marketing strategies for your brand growth and scale. Measures like sponsoring an event or PPC advertisements can also help you gain some traction. 

More importantly, setting a marketing budget for your startup is also important. You cannot flood loads of money that you have acquired either from bootstrapping or via startup India loan or any other way. 

Handling Sales

It is evident that you cannot hire a top-notch sales team right at the nascent stage of starting a startup in India. That may come later, but presently, you may need to look at things yourself or hire a couple of guys to look after it. 

To this end, it is important that you also partake in this activity and try to manage the sales part effectively. Building your sales team is an essential part of growing the startup. 

Apart from building a team handling sales means that you need to handle the account well. Hiring a dedicated chartered accountant at this juncture can be a costly affair. However, you can utilize cloud-based tools like Quickbooks , Tally , and Zoho Books to keep the account up to date. All the online tools have tutorials to guide how to use them and work with them. 

Preparing for some Unprecedented Situations

Sometimes humankind is faced with situations that are completely out of our control. It can be a natural disaster, a war-like situation, or even a pandemic. The important thing is to understand that these situations may be temporary, but their effects can be permanent.

So, on your part, you need to prepare yourself beforehand to mitigate the risks related to such situations. 

At present we are facing a pandemic, and nobody was prepared for it. But we can only change our strategies after we are in this kind of turmoil. For instance, take a look at how these 10 Indian startups are dealing with the COVID 19 pandemic. 

These startups are using technology to their benefit and also helping the nation fight. Some are helping make ventilators, hospital beds, while others are creating tech solutions for monitoring and tracking. 

Apart from this, you need to prepare an emergency plan in case the pandemic has direct effects on your startup and revamp its protection strategy .

This brings us to the end of how to start a startup in India guide. We have talked about everything that you need to follow, understand, and practice to run a successful business. 

And if you are thinking about when you should start your startup, understand that “any time is a good time to start a company,” something very well said by Ron Conway . 

We have tried to include everything that you need to know about starting a startup in India. If you have any questions, let us know by sending an email at [email protected] . 

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How to Write a Startup Business Plan (10 Effective Steps)

Learn how to create an effective business plan in 10 easy steps and discover the transformative power of mentorship to elevate your startup's strategy.

Robin Waite

5 minute read

Short answer

What should an effective business plan include?

An effective business plan should include the following elements:

• Executive summary
• Company description
• Market analysis
• Your products or services
• Marketing and sales strategies
• Organization and management
• Financial projections
• Funding requirements
• Risk assessment
• Conclusion and Call to Action

You need a strategic business plan to successfully navigate the startup world

Diving into the startup world without a clear plan is like setting sail without a compass ; you might drift aimlessly or even crash.

A solid business plan isn't just a piece of paper—it's your roadmap to success. It attracts the right investors, guides your decisions, and sets you on a clear path to victory.

In this article, I’ll walk you through 10 essential steps to craft that perfect plan. Plus, I’ll touch on the invaluable insights a business mentor can offer.

So, if you want to avoid common pitfalls and boost your chances of success, keep reading. Your startup's future might just depend on it.

Step 1: Executive summary

Think of the executive summary as the elevator pitch for your startup. It's a quick snapshot that captures the heart of your business idea, mission, and goals.

In this brief section, make sure to highlight who your target audience is, what sets you apart in the market, and your unique selling points.

And don't forget to give a glimpse of your financial outlook and any funding needs—it sets the stage for the details that follow.

Here's an example of an executive summary slide:

Step 2: Company description

Here's where you tell your startup's story. It's not just a list of facts or a timeline. It's about painting a picture that connects with your readers.

Clearly outline your vision, mission, and the values that drive you. Share key milestones you've hit and where you currently stand in your business journey. This section gives depth to your startup, showing both where you've been and where you're headed.

Here's an example of a company introduction slide:

Step 3: Market analysis

To thrive, you've got to know the lay of the land. That's where market analysis comes in. Start by zeroing in on your target audience and truly understanding what they're looking for.

Dive deep into industry trends, the overall market size, and where it's headed. And don't just know your competitors—understand what makes you stand out from the crowd.

Here's what a market analysis slide should look like:

Step 4: Products or services

Here's your chance to shine a spotlight on what you're offering. What problems are your products or services solving? What makes them special? Whether it's a unique feature, a patent, or some groundbreaking tech, make it clear why your offerings are game-changers.

Here's an example of a solution slide:

Step 5: Marketing and sales strategies

In today's crowded market, standing out is crucial. This step is all about your game plan to grab attention and win customers. Detail how you'll sell, where you'll promote, and how you'll get your products or services into the hands of those who need them.

Here's what a go-to-market slide should look like:

Step 6: Organization and management

Behind every great startup is a team of passionate people. Here, introduce your squad. Highlight their expertise, define their roles, and show the structure that keeps everything running smoothly.

If you've got advisors or partners in your corner, mention them—it shows you're serious about growing in every direction.

Here’s a full guide on how to create the perfect team slide for your startup . And here's a great example of one:

Step 7: Financial projections

Numbers don't lie, and in this step, they sketch out your startup's potential future. Dive into the financials, projecting where you see your revenue, expenses, and profits heading over the next few years.

By breaking down your initial costs and where you expect to get your funding, you give a clear view of how you're setting up for success.

Here's an example of a financials slide:

Step 8: Funding requirements

Every startup needs fuel to get off the ground, and that fuel is capital. Here, be clear about how much you need to launch and keep things running.

Break down where every dollar will go, whether that's marketing, product development, or daily operations.

If you've already got some backers or have your eye on potential investors, mention them—it adds weight to your pitch.

Here's what a use of funds slide should look like:

Step 9: Risk assessment

Every venture has its bumps in the road. Here, show that you're not just aware of potential challenges but that you've got a plan to tackle them. In assessing risks, it's crucial to choose the right business structure at the beginning. For examples, the formation of an LLC as a strategic measure not only protects your personal assets from business liabilities but also mitigates financial risks for stakeholders. By laying out your strategies for handling risks, you prove you're not just optimistic—you're realistic and ready.

Here's an example of a risk assessment slide:

Step 10: Conclusion and Call to Action

Time to wrap it up and rally your readers. Summarize the key points of your plan, driving home why your startup is a solid bet.

But remember, this isn't just a conclusion—it's a launchpad. Encourage readers to get involved, whether that's investing, partnering, or simply supporting your vision. Let's get this journey started!

And, if you need more information, check out our comprehensive guide on how to write a business plan .

Here's an example of a next step slide:

Seek guidance from a business mentor

While a solid business plan is your startup's compass, adding guidance from a business mentor to your journey is like having a seasoned captain on board.

They bring a treasure trove of insights, lessons from past experiences, and a network of industry contacts. Their tailored advice doesn't just polish your plan—it also boosts your confidence and resilience, two must-haves for the unpredictable startup seas.

By embracing mentorship, you're signaling that you're all in on growth, ready to soak up wisdom and accelerate your path to success.

Why is a business plan crucial for startups?

Think of a business plan as your startup's GPS. It helps you navigate the twists and turns, pointing out both the challenges and the golden opportunities ahead. It's your master blueprint, detailing everything from your big-picture goals to your financial forecasts .

What role does a business mentor play in this process?

A business mentor serves as a seasoned guide in the startup journey. Drawing from their wealth of experience, they offer invaluable insights, helping startups navigate challenges and optimize their strategies. Their guidance is instrumental in making informed, strategic decisions.

How can a mentor enhance my market analysis?

Mentors have their finger on the pulse of the industry. They can help you get a clearer picture of market trends, spot who you're really up against, and gauge where the opportunities lie. With their insights, your market analysis won't just be good—it'll be top-notch.

Can a mentor assist in financial projections?

Absolutely. If your mentor has a financial background, they can be a goldmine. They'll help you craft projections that are both ambitious and grounded in reality. From revenue estimates to potential expenses, they'll ensure your numbers make sense.

How can you incorporate mentorship into the business plan?

Consider adding a dedicated section in your business plan to highlight the mentorship aspect. By detailing the insights and guidance you've received, or intend to seek, you underscore your commitment to informed growth. This proactive approach can resonate well with potential investors and stakeholders.

Business plan templates

Starting your business plan can feel like staring at a blank canvas—it's full of potential, but where do you begin? That's where interactive business plan templates come into play.

These templates serve as a structured guide, ensuring you don't miss any crucial details while allowing for flexibility and customization. They're designed to streamline the process, making it easier to organize your thoughts and present your vision in a coherent manner.

Ready to dive in? Grab a template from the library below and give your business plan a head start.

Robin Waite is a business coach based in the UK, bestselling author, and also regular business speaker. Robin's Fearless Business Accelerator covers pricing, productising services, and sales for coaches, consultants, and freelancers. Robin's passion is content marketing and blogging and he enjoys finding creative ways to make complex business topics simple for his readers.

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How to Start a Startup in India [Step-by-Step Guide]

In the land of a billion dreams, where ancient traditions intertwine with cutting-edge technology – a revolution is quietly taking place. From the vibrant streets of Mumbai to the historic lanes of Delhi, a new breed of pioneers is emerging – the entrepreneurs of India. 

These bold visionaries are rewriting the rules, defying conventions, and carving their own path to success in the world of startups.

All thanks to government support, ample access to capital, a pool of skilled workers, and a nurturing business environment, the nation has positioned itself as a global leader in startup ecosystems . The Startup India initiative has been pivotal in fostering a conducive ecosystem that has transformed business ideas into tangible realities.

In 1976 , the word ‘ startup ’ was first used in a Forbes article.

When it comes to India, as per the guidelines set by Indian Startup Governance , a startup is defined as an organization that has been operating in the market for less than ten years, has an annual turnover of less than one billion Indian rupees, and has its headquarters in India.

But what makes starting a startup so captivating? It’s a realm of innovation and creativity where entrepreneurs are driven by the opportunity to bring unique concepts or solutions to the market. 

The autonomy and independence that come with founding a startup are highly appealing, allowing entrepreneurs to shape their own vision and directly impact the success of their venture. 

Personal growth and learning are inherent to the startup journey as entrepreneurs navigate challenges, acquire new skills, and adapt to a rapidly changing environment. 

From ideation to execution, we’ll unravel the mysteries, uncover the secrets, and provide you with a roadmap to navigate this dynamic nation’s exhilarating yet challenging world of entrepreneurship.

History of Startups in India

The seeds of entrepreneurship were sown in India long before the term “startup” gained prominence. In the 1980s and 1990s, the liberalization of the Indian economy opened doors to new opportunities. 

The 80s: The Emergence of the IT Sector

In the 80s , some of the IT services companies, like TCS, Wipro, and Infosys, placed India firmly on the global economic map, and these companies invested in the technologies and young, English-speaking talent to provide reasonable technology services to clients worldwide. 

The 90s: Rise of Banking and Telecommunications

In the 90s, Airtel was launched, which is among India’s largest telecommunications companies, with over $15 billion in revenue and more than 350 million consumers worldwide. Similarly, HDFC, Axis, and ICICI banks were launched in the 90s and gained a well-deserved position among the top 10 banks in India. In fact, after the State Bank of India, ICICI and HDFC banks were at number two and three, respectively. 

The emergence of these IT service companies and the establishment of prominent banks laid a strong foundation for entrepreneurship in India. These early successes showcased India’s potential in the global market and inspired budding entrepreneurs.

The 2000s: Dot-Com Boom

As the 2000s approached, India witnessed the rise of the dot-com boom, marking a significant chapter in the history of startups. Several internet-based companies emerged, aiming to leverage the power of technology to disrupt traditional business models. Although the dot-com bubble eventually burst, valuable lessons were learned, setting the stage for a more mature and resilient startup ecosystem.

The turning point for startups in India came with the rise of e-commerce and consumer tech in the late 2000s and early 2010s. Companies like Flipkart , Snapdeal , and Paytm emerged as pioneers, revolutionizing online shopping, digital payments, and other consumer-centric services. These success stories garnered domestic and global attention, inspiring new entrepreneurs.

Some Facts about Indian Startups

• The number of startups has grown from 350 before 2014 to more than 90,000 in 2023, with over 100 unicorns .
• India now has nearly 27,000 active tech startups, adding 1,300 last year.
• India continues to be the third largest tech startup ecosystem globally after the US and China.
• The startup ecosystem in India saw a considerable decline in investment in the first quarter of 2023 compared to the same period in 2018.
• With a remarkable funding CAGR of 49% in India between 2014 and 2022, compared to China’s 12% and the USA’s 33%, India has demonstrated its growing entrepreneurial ecosystem.
• The year-on-year growth of unicorns in India has soared by 300% between 2020 and 2021, outpacing China’s 267% growth. 

8 Steps to Start a Startup in India

1. start with a great idea.

You find yourself at the crossroads of imagination and opportunity, eager to set foot on the exhilarating path of entrepreneurship. What is the secret ingredient that will ignite your startup journey? A brilliant and unique idea, of course! 

What made Kanpur-based Keshav Nath Kapoor shine in the city’s jewelry market with the brand name “Kashi Jewellers” from 200 gms of gold and a small shop, which grew to become a renowned jewelry brand,  seeing a growth of 30% annually?  

His determination and resourcefulness significantly influenced his success in the Kanpur jewelry market.

He remained committed to his vision despite facing challenges such as limited access to credit facilities. Recognizing the potential in the jewelry sector, he took a bold step by melting his wife’s jewelry to initiate his entrepreneurial journey and establish Kashi Jewellers.

In a market dominated by only two existing jewelry brands then, Keshav Nath Kapoor saw an opportunity to make a mark and shine in the city’s jewelry market. He started his own manufacturing and trade business, bringing a fresh perspective and innovative approach to the industry.

Image Source

Same way, what led Kamal Khushlani to set up Mufti , an Indian clothing brand that has expanded from exclusive brand outlets to large-format stores and multi-brand outlets?

It was the determination to pursue his vision, despite facing financial constraints and working odd jobs to sustain himself.

Kamal Khushlani, driven by his passion for the fashion retail business, embarked on his entrepreneurial journey with limited financial resources.

He borrowed Rs 10,000 from a maternal aunt and founded the ‘Mr & Mr’ shirt company in 1992, focusing on manufacturing and retailing men’s shirts.

While the business was running smoothly, Kamal realized that he had more potential to leverage his business skills in an industry that still had room for growth. 

As a self-taught fashion designer, he envisioned creating a cultural and fashion movement originating in India and resonating globally. With this vision, he launched Mufti in 1998.

The name ‘Mufti’ derives from the Hindi term used in India’s armed forces, meaning ‘casual dressing’ in contrast to uniforms. Kamal chose this name to reflect the distinctiveness of his brand’s clothing compared to other offerings in the market at the time. 

He positioned Mufti as an alternative clothing brand, introducing a fresh and unique style.

Over time, Kamal’s vision and dedication helped Mufti expand from exclusive brand outlets to larger-format stores and multi-brand outlets. 

The brand gained recognition for its innovative designs, embracing a fusion of Indian and international fashion elements.

The first crucial step in embarking on your entrepreneurial journey is identifying a problem and devising a solution. It is through this process that successful startups are born, catering to the needs of a specific customer base. 

However, it’s important to note that your idea mustn’t be entirely new. 

• Revamping the product’s aesthetics
• Introducing innovative features
• Exploring novel applications for a beloved product

2. Formulate a Business plan

Business Plan Process

Let’s talk about an example of how Puneet Gupta, the Founder and CEO of Astrotalk , used a successful approach to build a thriving astrological predictions app. We will break down the process into three key steps: 

• Looking for Problems: Puneet Gupta recognized that people often face uncertainty and seek guidance in various aspects of their lives, including relationships, career, and personal growth. He observed a gap in the market where traditional astrological services were inaccessible or lacked credibility.
• Finding problems that resonate: For Puneet Gupta, the world of astrology and its impact on people’s lives fascinated him. He understood the desire for accurate astrological predictions and the lack of trusted platforms in the Indian market. This specific problem became the driving force behind his entrepreneurial journey.
• Devising an innovative solution: Puneet Gupta created Astrotalk, an astrology app that connected users with verified astrologers through audio calls and chat. The app aims to provide accurate predictions, maintain user privacy, and offer a convenient platform for seeking astrological consultations. 

Detailed Aspects of Business Plan

A well-crafted business plan provides a roadmap for success, guiding your startup toward its objectives while addressing crucial elements such as profit and loss, finances, and marketing methodologies.

• Executive Summary: Provide a brief overview of your startup, including its mission, vision, and financial projections.
• Company Description: Describe your startup’s legal structure, location, and core values. Outline your goals and objectives.
• Market Analysis: Research your target market, industry trends, and competitors. Identify your ideal customer profile. Consider these websites to build surveys like KeySurvey , Survey Monkey , Gosurvey.in , and Google Trends .
• Product or Service Offering: Explain your product or service’s unique features and benefits. Outline your pricing strategy.
• Marketing and Sales Strategy: Describe how you will reach and attract your target audience. Outline your branding and promotional tactics.
• Organizational Structure and Management: Present your startup’s organizational structure and highlight the expertise of your management team.
• Financial Projections: Include income statements, balance sheets, and cash flow projections. Highlight revenue forecasts and funding requirements.
• Risk Assessment and Mitigation Strategies: Identify potential risks and outline mitigation strategies.
• Implementation Plan and Timeline: Develop a plan with actionable steps, milestones, and deadlines for executing your business strategy.
• Appendices: Include supporting documents such as market research data, resumes, and legal agreements.

3. Secure Funds for your Startups

As you embark on this exciting journey, securing funding will be crucial in fueling your startup’s growth and success. Let’s dive into the essential steps to help you navigate the funding landscape like a pro:

Identify Potential Investors: Start by identifying potential investors who align with your industry, stage of growth, and funding requirements. Look for angel investors, venture capitalists, or corporate investors who have shown interest in startups like yours. Network, attend startup events, and leverage online platforms to connect with potential investors.

Craft an Impressive Pitch Deck: Your pitch deck is your secret weapon to impress investors. It should tell a compelling story about your startup, highlighting the problem you’re solving, your unique value proposition, market potential, and your revenue model. Make sure your pitch deck is visually appealing, concise, and engaging. Grab investors’ attention and keep them hooked.

Perfect Your Elevator Pitch: In addition to your pitch deck, master your elevator pitch. This short, concise summary of your startup can be delivered in a minute or two. Practice communicating your idea and its value proposition clearly and compellingly. You never know when an opportunity to pitch your startup might arise!

Engage with Incubators and Accelerators: Incubators and accelerators provide invaluable support, mentorship, and resources to startups. They can also connect you with potential investors. Joining an incubation program can increase your chances of securing funding while gaining valuable guidance to refine your business model and pitch.

Prepare Financial Projections: Investors want to see a clear financial picture of your startup. Prepare detailed financial projections that showcase your revenue streams, growth potential, and profitability over a specific timeframe. Back your projections with solid research and market data to instill confidence in potential investors.

Attend Pitch Competitions: Pitch competitions are exciting and offer opportunities to secure funding. Participate in local or national pitch competitions where investors may be present. These events provide exposure, valuable feedback, and potential funding opportunities.

Example Let’s delve into Raaho’s exciting story and explore how this injection of startup funds is propelling them to new heights in the trucking industry. Raaho, a trucking marketplace, has successfully raised Rs 20 crore in an extension to its pre-Series A funding round. The investment comes from a group of existing investors led by Inflection Point Ventures, Roots Ventures, Blume Founders Fund, and prominent angel investors including Vijay Shekhar Sharma, Kunal Shah, K Krishna Kumar, Venkatesh Vijayaraghavan, and Aseem Khurana. This funding round has propelled Raaho’s valuation to Rs 396 crore , marking a significant 4X increase in value over the past year.

With this fresh injection of capital, Raaho   plans to expand its presence into new markets across India. Additionally, the company aims to enhance its data science and machine learning capabilities, further strengthening its technological foundation. Currently, Raaho operates in more than 15 cities throughout India, including key locations like the National Capital Region, Bengaluru, Chennai, Coimbatore, Hyderabad, Kolkata, Pune, Mumbai, Kanpur, and Ahmedabad.

4. Carefully Choose Business Advisors

Starting a business involves inherent risks, making the guidance of essential business advisors crucial for success. 

As a startup founder, you may have pondered the question of finding the perfect partner to join you on your entrepreneurial journey. The collaboration between two individuals can bring immense value and expertise to a team.

But how can you find a great co-founder? It is crucial to seek someone with a complementary skill set to yours. You can contribute equally to the startup, leveraging your strengths. By combining your individual contributions, the startup can thrive and succeed.

Consider this scenario: Let’s say you are a talented developer with an innovative product idea. However, when it comes to negotiating deals, understanding legal complexities, or hiring the right people, you may lack expertise. 

So, as a small business in its early stages, building the right startup team is crucial. To ensure success, it’s essential to select the following key individuals carefully:

• Co-founders
• Contractors
• Initial employees, including remote workers

Co-founders:

Finding individuals who share your passion, drive, and long-term vision for the startup is essential when selecting co-founders. Look for people with diverse skill sets that complement your own, such as technical expertise, business acumen, or industry knowledge. Additionally, ensure there is mutual trust, clear communication, and a shared commitment to the startup’s goals.

Contractors:

When selecting contractors, consider their track record, expertise, and previous work samples. Look for contractors with experience working in the startup ecosystem and understand early-stage businesses’ unique challenges and needs. Assess their reliability, ability to meet deadlines, and their fit within your startup’s culture. Clear contractual agreements and well-defined deliverables are also essential to ensure expectations are aligned.

Initial Employees, including Remote Workers:

When selecting initial employees, consider their skills, experience, and cultural fit. Look for individuals who are adaptable, self-motivated, and capable of thriving in a startup environment. Assess their ability to work collaboratively, communicate effectively, and contribute to a positive team dynamic. When hiring remote workers, ensure they have the necessary skills for remote work, such as self-discipline, effective communication, and the ability to work autonomously. 

5. Follow the Legal Procedure

When starting a business, following the proper legal procedures is crucial to ensure compliance, protect your business, and establish a solid foundation. 

Unfortunately, some startups fail to prioritize these considerations and end up making significant legal mistakes that can have severe consequences for their business. 

It’s crucial to take these legal aspects seriously to protect your startup and avoid potential pitfalls hindering your progress. Here are some key legal steps to consider when starting a business:

Choose a Business Structure:

Select a legal structure that suits your business, such as a sole proprietorship, partnership, limited liability company (LLC), or corporation. Each structure has different legal and tax implications, so consult with a legal professional or business advisor to determine the best fit for your venture.

Register Your Business:

Register your business name with the appropriate government authorities. This typically involves filing the necessary forms and paying the required fees. Depending on your location, you may need to register with local, state, and federal agencies.

Obtain Licenses and Permits:

Determine the licenses and permits required to operate legally in your industry and location. These can vary based on factors such as your business type, location, and activities. Research the specific requirements and obtain the necessary permits before commencing operations.

Secure Intellectual Property:

Consider protecting your business’s intellectual property, such as trademarks, copyrights, or patents. Consult with an intellectual property attorney to understand the appropriate steps for safeguarding your unique assets.

Comply with Tax Obligations:

Understand and fulfill your tax obligations. Obtain an Employer Identification Number (EIN) from the relevant tax authorities and register for applicable taxes, such as income tax, sales tax, or payroll tax. Maintain accurate financial records and comply with tax filing and payment deadlines.

Draft Contracts and Agreements:

Develop comprehensive contracts and agreements to govern your business relationships. This includes agreements with clients, vendors, partners, employees, or contractors. Consult with a business attorney to ensure that your contracts protect your interests and comply with relevant laws. 

Establish Employment Practices:

Understand and comply with employment laws and regulations. Develop policies and procedures that address hiring, compensation, benefits, workplace safety, and anti-discrimination practices. Consult with an employment attorney to ensure compliance with applicable employment laws.

6. Establish your Presence (Physical and Online) 

In a world where the Internet reigns supreme, the importance of establishing a captivating online presence cannot be overstated. Imagine you’re an aspiring photographer with a remarkable portfolio. Without an online presence, your talents may remain hidden, limited to a few lucky encounters. 

However, with a well-crafted website and a vibrant social media presence, your work can captivate the attention of art enthusiasts around the globe. Suddenly, you find yourself booking photo shoots, exhibiting your work, and connecting with fellow artists who share your passion.

Now, let’s shift our focus to the business realm . Picture a small local bakery tucked away on a quiet street. It’s delectable treats and warm ambiance make it a local gem, but without an online presence, it’s missing out on a world of opportunities. 

However, by establishing an engaging website and leveraging social media platforms, this bakery can showcase its mouthwatering creations to a wider audience. As a result, its customer base expands beyond the neighborhood, drawing in patrons from neighboring towns and even tourists who have heard of its delectable delights. The bakery flourishes, and its online presence becomes an indispensable ingredient for success.

Let’s take the example of Chatar Patar, known for its diverse range of pani-puri flavors. With an impressive selection of 112 different flavors, Chatar Patar offers unique and innovative options to satisfy every palate. 

Among its popular items are the Maggi Gapagap, which combines various flavors with the beloved Maggi noodles, Masala Fries that give a distinct Indian street twist to traditional French fries, and Chaatizza, a delightful fusion of chaat and pizza. Additionally, Chatar Patar offers enticing options like Idli Fries, Idli Chaat, and Khakhra Chat. Since its inception, Chatar Patar has experienced rapid growth, becoming a prominent player in the food industry.

It has formed strategic partnerships with Big Bazaar stores   in Maharashtra, Gujarat, and Rajasthan, expanding its presence across these regions. Additionally, the brand has established franchise outlets in these areas, further enhancing its reach. The latest addition to Chatar Patar’s growing network is a newly opened outlet in Ahmedabad.

Establishing a presence, both physical and online, is crucial for startups to reach their target audience and build brand recognition. Here are some steps to consider:

For Physical Presence:

• Choose a suitable location: Consider factors such as proximity to target customers, accessibility, availability of resources, and local business ecosystem. Determine if a physical storefront, office space, or co-working space aligns with your business needs.
• Set up your workspace: Create an environment that reflects your brand and provides a comfortable and productive setting for you and your team. Consider the layout, furniture, and equipment required for your operations.
• Engage with the local community: Participate in local events, networking groups, and industry conferences to establish connections and build relationships with potential customers, partners, and investors.

For Online Presence:

• Register a domain name: Choose a domain name that aligns with your brand and is easy to remember. Register it through a reputable domain registrar.
• Build a professional website: Create an engaging and user-friendly website that showcases your products, services, and company information. Ensure it is mobile-responsive and optimized for search engines (SEO).
• Social media presence: Identify the social media platforms most relevant to your target audience and establish a presence there. Share relevant content, engage with your audience, and build a community around your brand.
• Online marketplaces: If applicable, consider listing your products or services on popular online marketplaces or platforms that align with your industry. This can help increase your visibility and reach a wider audience.

7. Develop a Marketing Plan

Developing a marketing plan for a startup is essential for establishing and growing your brand, attracting customers, and driving business growth. Here are the key steps to create a comprehensive marketing plan:

Define Your Target Market: Identify your target audience by considering demographic factors, interests, behaviors, and needs. Understand their pain points and motivations to tailor your marketing messages effectively.

Set Marketing Goals and Objectives: Establish specific, measurable, achievable, relevant, and time-bound (SMART) marketing goals. Examples include increasing brand awareness, generating leads, driving website traffic, or boosting sales.

Conduct Market Research: Gather insights about your industry, competitors, and target market. Understand market trends, customer preferences, and competitive positioning. This research will inform your marketing strategies and tactics.

Develop Your Value Proposition: Clearly articulate your startup’s unique value to customers. Identify the key benefits and differentiators that set you apart from competitors. Craft a compelling value proposition that resonates with your target audience.

Create a Brand Identity: Develop a strong brand identity that reflects your startup’s values, personality, and positioning. This includes elements such as logo design, color scheme, typography, and brand messaging. Consistently apply these elements across all marketing channels.

Determine Marketing Channels: Select the most effective marketing channels to reach your target audience. This may include a combination of digital channels (website, social media, email marketing, content marketing, SEO) and traditional channels (print ads, events, direct mail). Consider the preferences and behavior of your target market when choosing channels.

Develop Marketing Strategies: Outline strategies for each chosen marketing channel. For example, if using social media, determine content themes, posting frequency, and engagement tactics. Align your strategies with your overall marketing goals and value proposition.

Create a Marketing Budget: Determine your marketing budget based on your financial resources and goals. Allocate funds to different marketing activities and channels based on their potential impact and ROI. Track and measure your marketing expenses to ensure optimal resource allocation.

Implement and Measure: Execute your marketing strategies and tactics. Monitor and measure key performance indicators (KPIs) relevant to your goals, such as website traffic, conversion rates, social media engagement, and sales. Use analytics tools to track results and make data-driven adjustments as needed.

Review and Refine: Continuously review and evaluate the effectiveness of your marketing efforts. Identify successful strategies and areas for improvement. Adapt your marketing plan based on customer feedback, market changes, and emerging trends.

The success story of Warby Parker highlights the importance of developing a well-crafted marketing plan. While they initially relied on editorial content in high-profile magazines instead of traditional marketing channels, their approach was part of a strategic marketing plan that targeted the fashion elite.

Warby Parker, an eyeglass design company, showcased an exceptional growth rate of 500 percent within a year, demonstrating a more practical approach. Their achievement is even more remarkable because they accomplished this feat without spending a single dollar on marketing and advertising during their launch.

With a goal to reach the fashion elite, Warby Parker strategically pursued editorial content placement in prestigious magazines like Vogue and GQ. The overwhelming response resulted in an astonishing 20,000-person waiting list for their products within a few weeks.

8. Build a Customer Base

When launching your startup in the vibrant Indian market, building a strong and loyal customer base is the key to success. To captivate the hearts and minds of your target audience, consider the following informative and unique strategies:

Embrace Cultural Relevance: India is a diverse nation with distinct regional cultures and traditions. Tailor your marketing messages and offerings to resonate with specific cultural nuances. Show an understanding of local customs, languages, and traditions, and incorporate them into your branding and communication to forge a deep connection with your audience.

Leverage the Power of Storytelling: Humans are naturally drawn to stories. Craft a compelling brand narrative that captures the essence of your startup’s journey, values, and the problem you’re solving. Use storytelling techniques to evoke emotions, inspire, and engage your target market. Share stories of satisfied customers or testimonials that highlight your product or service’s impact on their lives.

Engage in Thought Leadership: Establish your startup as a thought leader in your industry. Share valuable insights, industry trends, and practical advice through blog posts, videos, or podcasts. Position yourself as a go-to resource for your target audience, offering them unique perspectives and solutions to their challenges. This will help build credibility and attract customers who are seeking expertise and innovation.

Emphasize Localized Marketing: India is a vast country with diverse linguistic preferences. Customize your marketing efforts to target different regions and languages. Develop localized content, advertisements, and campaigns that resonate with specific geographical areas. Engage with local influencers, collaborate with regional media outlets, and leverage social media platforms that are popular among your target audience.

Prioritize Customer Experience: In a competitive market like India, exceptional customer experience can set you apart. Focus on delivering personalized, seamless, and delightful experiences at every touchpoint. Offer proactive customer support, listen to feedback, and continually refine your products or services based on customer insights. Word-of-mouth referrals and positive reviews will help drive customer acquisition and retention.

Imagine stepping into the delightful world of “ Baker’s Treat Cafe, Mangalore ,” a renowned bakery that has mastered the art of cultivating a devoted following, leaving customers craving for more.

Let’s learn about the remarkable growth of “Baker’s Treat” and gain invaluable insights that can help you expand your own customer base in India. 

Nestled in the vibrant city of Mangalore (Mangaluru), a culinary evolution is underway. As traditional coastal cuisine retains its allure, a new wave of millennial tastemakers is stirring up a craving for international flavors. Recognizing this shift, 48-year-old Mariam Mohuideen seized the opportunity to showcase her baking prowess and embark on an exciting entrepreneurial journey.

In December 2014, Mariam Mohuideen brought her vision to life with the launch of Baker’s Treat. Starting with a modest 200 square feet space, this homegrown bakery quickly gained recognition for its delectable offerings. 

Mariam’s entrepreneurial journey has transformed Baker’s Treat into a thriving 90-seater restaurant spanning 2,200 square feet on Mother Teresa Road, Mangalore. The delectable delights, including Oreo Nutella cheesecakes, brownies, and cupcakes, attract a daily footfall of approximately 150 customers. 

Through a unique blend of word-of-mouth and digital marketing, Baker’s Treat has achieved a cult-like following, with regular orders pouring in from local customers and nearby towns. Mariam’s social media updates serve as the main promotional channel for this culinary sensation.

Frequently Asked Questions

• What is required to start a startup in India?

To start a startup in India, several key requirements need to be fulfilled:

• Business Idea
• Business Plan
• Legal Structure
• Infrastructure and Resources
• What are the 3 pillars of Startup India?

The three pillars of Startup India, a flagship initiative of the Government of India, are:

• Simplification and Handholding
• Funding and Incentives
• Industry-Academia Partnership and Incubation

How can I make my startup successful in India?

To make your startup successful in India, consider the following strategies:

• Market Research
• Unique Value Proposition
• Build Networks and Partnerships
• Technology and Innovation
• Scalable Business Model

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Home » Employer Resources » Startup Center » How to Start a Startup in India: Success Secrets & Tips

How to Start a Startup in India: Success Secrets & Tips

Setting up a startup is a great way to kickstart your entrepreneurial journey. Do you want to learn how to start a startup that will be successful and profitable over time? Each year, in India, a lot of new businesses are formed, but only an extremely small proportion make it to the profitable stage. Research has revealed that out of all companies started up in any one year, as few as 20% remain functioning after 5 years, and just 8% carry on longer than 10 years.

To establish a long-term startup company, here’s a practical guide for you to learn how to start a startup company off the ground. From finding a good idea to developing a business plan and securing funding, all the step-by-step instructions given in this blog will help you establish your successful business venture. Whether you’re just starting or have been involved in startups before, this guide is sure to give you all the skills necessary to excel and sustain your startup company.

Table of Contents

How to Start a Startup Company in India?

Starting and building a company can seem impossible without proper knowledge, but with these practical steps listed below, you can successfully launch your business.

1. Validate if Your Business is Achievable

The first step to starting a business is to conduct proper research to see if your business idea is relevant to the market. With adequate market research using analytical tools, you can validate and know if your business will thrive in the market or not, who your competitors are, what your target market will be, and more.

2. Draft a Business Plan

After validating your business idea with the right market research, write an effective business plan, including all the things your business hopes to achieve in the long run.

3. Determine the Type of Business Structure to Use

To effectively develop a new business, you must decide on the structure you want your organization to have. You can determine the necessary number of partners and investors to look out for by choosing a business structure.

The most common structures used by businesses are as follows:

• Sole Proprietorship
• Partnership
• Operational Team
• Administrative and Management Team
• Marketing and Sales Team
• Finance Team

By choosing the right structure, you can examine your company’s needs and make the correct decisions for its expansion.

4. Generate Funds

The ability to bring in investors is a key component of any business structure. To make this concept clearer, let us take a look at the three main types of investments that startups usually rely on. They are equity financing, debt financing, and convertible notes.

• Equity Financing: This involves selling shares of your company in exchange for capital.
• Debt Financing: It requires taking out loans from lenders, such as banks or venture capitalists.
• Convertible Notes: This will offer shareholders an option to eventually convert their investment into actual stock.

5. Register Your Business

Investors and potential investors have more faith and confidence in registered enterprises. Registering your business will enable you to apply for loans, get grants for startups, get sponsorships, etc.

6. Get Involved in Government Programs

Participating in a government program implies that you should register your business under a startup program that the government is running. A business will benefit from this and gain certain advantages, such as reduced tax payments, business promotion, and protection of business rights, among many others.

7. Build Online Visibility

In our fast-paced digital world, businesses need to be on social media platforms tailored to their growth. Also, a website can be developed in addition to social media marketing methods, as this will increase the company’s visibility and foster client confidence.

Additionally, when there is an increase in online visibility, more people will see job postings , broadening the pool of talents to hire from.

8. Get an Onsite Location

Securing a physical location is essential for business owners in the early stages of starting up, as it can promote trust among customers and give them assurance over their investments. Having an onsite presence allows potential buyers to have faith that they are making secure financial decisions when spending money.

These are some of the basic and essential steps you can take to set up your startup. If you want to better understand how business works, you can also take a business analytics course .

How to Register for a Startup in India?

In recent years, the Government of India has launched the Startup India program to bolster economic growth in the country. The goal of this special program campaign is to provide people with the tools and resources they need to set up their businesses and succeed in a market that is becoming more and more competitive.

Here is a practical guide on how to start a startup in India.

1. Get Your Business Registered

The first step to getting started with the startup program in India is business incorporation. To incorporate your business, you need to go through the necessary steps for registering it as a ‘Private Limited Company’, ‘Partnership Firm’, or ‘Limited Liability Partnership’. This includes submitting an application and obtaining the relevant Certificate of Incorporation/Partnership registration.

Additionally, make sure that all relevant laws and regulations are adhered to during this process. After the successful completion of this step, your business will be officially up and running.

2. Become a Member of Startup India

Once you have successfully incorporated your business, you can sign up and register for the startup program on the Startup in India website. To successfully register your business as a startup and create a startup profile, follow the steps listed below:

• Visit the Startup in India website.
• Click on the ’’Register’ button.
• Fill in the necessary details, such as email address and phone number, and choose a unique password.
• Hit the ‘register’ tab once you enter all the details.
• You will receive OTP in your email inbox.
• Follow the next prompt and click on the submission button.

After creating a profile on the website, startups can apply for a variety of incubator/mentorship programs and acceleration programs, as well as gain access to resources like learning and development programs, government programs, state policies for startups, and other free services.

3. Get Recognised by DPIIT

After you have created a startup profile successfully, the next step will be to register with the Department for Promotion of Industry and Internal Trade (DPIIT). Startups that receive recognition from DPIIT can enjoy several benefits. These benefits include:

• Access to top-notch intellectual property services and resources.
• Reduced public procurement norms.
• Self-certification under labor and environmental laws.
• Easy dissolution process for the company.
• Access to fund and tax exemptions in three consecutive years or any time when investing more than its fair market value.

To obtain DPIIT recognition, follow these instructions:

• Sign in using your existing account details on the Startup India website.
• Select ‘Apply for DPIIT Recognition’ under the ‘Recognition’ tab.

4. Fill Out the Application for Recognition

To submit the ‘Startup Recognition Form’, you will need to provide the necessary information, such as entity details, full address (office), authorized representative, and directors/partners. You can do this by clicking on the plus (+) sign located on the right-hand side of your form, where each section can be entered accordingly.

Once all sections have been filled in correctly and the terms & conditions have been accepted, it is time to press the ‘Submit’ button.

5. Validate All Your Documents

Within two days of submission, if you correctly complete all the processes outlined above, you will receive a certificate of recognition. However, you must be extremely careful when presenting your documents, as if they are found to be inaccurate following verification, you will not receive the certificate of recognition.

Additionally, if subsequent verification reveals that your documents were faked, you would be punished with 50% of the startup’s paid-up capital, with a minimum fine of Rs. 25,000.

The first step in creating a successful business is understanding how to start a startup. To maintain your company’s growth, you need to implement important business strategies . Maximizing the information provided in this blog can help you begin and sustain your business venture in India. A takeaway tip for you: Read all the details on the Startup India website carefully and make a list of required documents to avoid last-minute hiccups.

Are you planning to launch your startup? Tell us in the comments if the information in this blog helped you.

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Shailja Kaushik has been an Editor with Internshala since March 2023. She loves creative writing and experimenting with different forms of writing. She has explored different genres by working with journals and radio stations. She has also published her poems and nano tales in various anthologies. She graduated at the top of her class with Bachelor's in English and recently completed her Master's in English from the University of Delhi. Her experiments with writing continue on her literary blog.

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  We empower Startup ventures to boost entrepreneurship, economic growth, and employment across India!

  The Startup India initiative was launched on 16th January 2016, by the Hon’ble Prime Minister. The Prime Minister also unveiled an Action Plan consisting of 19 Action Points that act as a guiding document for the startup initiative. Since the inception of the initiative:

  • There are over 99000+ startups recognized by the government of India as of May 2023
  • 49% of them having a base in Tier 2 - Tier 3 cities
  • These startups are spread over 669 districts from 36 States and Union Territories of India
  • As of 31st March 2023, India is home to 108 unicorns with a total valuation of $ 340.80 Bn. Out of the total number of unicorns, 44 unicorns with a total valuation of $ 93.00 Bn were born in 2021 and 21 unicorns with a total valuation of $ 26.99 Bn were born in 2022
  • 57 Regulations have been simplified for startups
  • The Startup India Portal acts as a virtual incubation platform for startup ecosystem stakeholders, to network with each other, have access to resources, tools & templates that would help them throughout their journey 
  • A INR 945 Cr Startup India Seed fund Scheme has been launched in 2021 to aid setting up and growth of new startups. 
  • A INR 10,000 Cr ‘fund of funds’ is being managed for growing the domestic venture capital industry. 
  • Startup India Investor Connect was conceptualized to serve as an intermediary platform for both Investors and Startups to find the right beneficiaries to connect with. 

  Market Access

  • Startup Runway has been launched as a dedicated corner for startups to sell products and services to the Government. 
  • To enable government linkages for growth opportunities and exposure, Grand Challenges and Knowledge series are regularly organised for the Startups. 

  International Support

  • A Startup bridge is a virtual landing hub that helps startups from both countries get exposure to each other’s markets for a deeper understanding. 
  • The SCO Startup Forum is a platform for the stakeholders from the startup ecosystems from all SCO Member States to interact and collaborate. 
  • Startup20 is the first of its kind official engagement group initiated under the Indian presidency of the G20 2023. 

  Recognition Linked Incentives

  • Under the Startup India Action Plan, startups that meet the definition as prescribed under G.S.R. notification 127 (E) are eligible to apply for recognition under the program. 
  • Startup India provides fast-tracking of startup patent applications, panel of facilitators to assist in IP applications and rebate on the application filing fees. 

  Mentorship and Handholding

  • MAARG program is developed with the idea to be accessible for Startups from every corner of the country to request and connect with a mentor. 
  • National Startup Awards and Handholding is an initiative to recognize and reward outstanding startups and ecosystem enablers that are building innovative products or solutions and scalable enterprises, with high potential of employment generation or wealth creation, demonstrating measurable social impact. 

  We also built a virtual incubation platform for startup ecosystem stakeholders, to network with each other, have access to resources, tools & templates that would help them throughout their journey. It is the world’s largest virtual hub, and currently has:

  

  Our Five Pillars

  

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  Writing a Business Plan

  

  Yes, you have a great idea. But the best of the best ideas can help you realise your goals only when you execute them in a step by step manner. One of the primary steps in going about executing your project is to prepare a business plan. It is important for you to understand the broader picture and how it will contribute your journey as a startup entrepreneur. It is mandatory to chalk out the details and workings of the business plan for the startup you have in your mind.

  Once you reach this point, based on the type of your startup (let’s consider you have just one startup for purpose of ease), which means the industry domain it is in, go about deciding on the target audience, both for the initial stage and at a time when the operations mature. Here, you can also decide how far you intend to go and in what timeframe. The next step is to conduct market research that will give you reliable data that you can use to make future assumptions and plan realistically.

  Writing a business plan essentially includes the three C’s – 1) having a concept of what the startup is all about 2) at the very outset, identifying who your customer or client will be 3) Knowing well how the cash flow in your startup will work in real time.

  Few reasons why you need to write a business plan

  Of course, not all startup have a business plan. In your case, you are edging to star out and you want to get your act right. For example, you are contemplating between startup A and startup B or you might be finding it hard to figure out if you want to start a brick and mortar business or go online from day one.

  One of the major reasons why you need to have a well-written business plan is because investors look at business plans to evaluate if a startup is worth funding and to what extent. Also it will help you as an entrepreneur to:

  • Plan: Writing down things will give you clarity, understand the scope of your startup and the time, money, resources you will need to spend.
  • Evaluate ideas: You could have multiple ideas. A business plan will help you to sort out your thoughts and weigh in which one to bet on.
  • Recruit: A business plan is an ideal way to communicate with your new hires and help build confidence during early stages of growth.
  • Research: A good business plan will help you in taking up research in the right direction.
  • Partnerships/ Collaborations: Having a clear vision about your startup can help you collaborate on equal terms and also helps you figure out if your business is a good fit for the collab.
  • Competitions: You will be ready for the many business plan competitions that could throw open new vistas for your fledgling startup.

  If you’re looking for a structured way to lay out your thoughts and ideas, and to share those ideas with people who can have a big impact on your success, a business plan is an excellent starting point.

  Elements a Good Business Plan Needs to Have

  All startups are unique. They might be from the same domain, sell the same product or provide the same service, still, one has to remember that there are few functions that are common irrespective of your USP or the stage of your business.

  Let’s check out the elements that are applicable to all startups:

  • Have a vision and goal – List out your aspirations and goals, both short-term and long-term
  • Describe your startup – This includes your business idea, competitive advantage it would have over others, brief history of your company or startup, milestones and timelines
  • Industry analysis – How your startup would fare in terms of the industry it belongs to, industry dynamics, growth elements or threats you foresee in terms of the industry
  • Understanding the competitor – Having a clear, unbiased analysis of competitor’s strength and weakness, strategies, barriers for market penetration, making a list of avoidable issues that might crop up
  • Team – List out your strengths, team’s skill-sets, organizational charts, skills required to fill the gaps
  • Operation plan – Have a clear-cut task delegation structure and capital requirement at different phases
  • Marketing plan – Detailed idea of packaging techniques if it is a physical product, modes of communicating with target audience and stakeholders, pricing method
  • Finances – Sales forecast, profit-loss statements, projected balance sheet, break-even analysis, business structure, unit metrics
  • Contingencies and anticipated risks – Here, one must make a realistic what-if analysis and provisions for the same
  • Appendices – This is quite an important element that includes supplementary proofs, documents, marketing materials used, media presence, letters of support.

  Next, Format a Business Plan

  A business plan can be documented in multiple ways. It can be an excel sheet, word document, a presentation or just what you jot down on a piece of paper. But a widely accepted format is PowerPoint Presentation that is easy to make and access by various stakeholders.

  Following are some do’s and don’ts to format a business plan :

  • Use simple language that is concise yet clear
  • Do away with acronyms and jargon that may not be widely known
  • Make use of tables, charts and graphics for better and easy understanding
  • Have a consistent font style and size so that they are readable from the back of a medium-sized room
  • Make it reader-friendly by segmenting text and using separate slides for different segments
  • Use bullet points, stick to phrases instead of sentences
  • Take time to make the document or presentation error-free grammatically. Use proper punctuation.

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  Starting a Business? 20 High-Return Business Ideas for All Budgets and Industries

  

  Embarking on the entrepreneurial journey is an exciting and courageous step. However, if you're like many budding entrepreneurs, you may find yourself standing at the crossroads, pondering that all-important question: 'What business should I start?' The choices are endless, and they can be overwhelming. In the startup ecosystem today, everyone dreams of starting something that’s profitable.

  Have you ever wondered how giants like Steve Jobs, Oprah Winfrey, or Elon Musk chose their paths to success? The process of selecting the right business idea is an art. It's not just about finding a profitable venture; it's about finding one that aligns with your passion, budget, and goals

  Ready to dive into a treasure chest of startup ideas that can turn your business dreams into reality? Well, you're in the right place. We've got 20 trending high-return startup business ideas, tailored to fit any budget and across various industries.

  

  Trending Small Business Ideas with Low Investment Requirements

  1. consultancy.

  

  This is one of the most trending business ideas. If you hold expertise in any field or industry or any tool, then this could be a great service-based business opportunity for you. It not only requires minimal investment to start but can also help you achieve high returns in a short span of time.

  Types of consultancy services can include strategic planning, human resource consulting, financial consulting, marketing consulting, technology consulting like LinkedIn and other social media engagement tools, individual skill development, wedding consultancy, etc.

  As it is comparatively easy to start a consultancy business, you could face stiff competition in your niche, however, to stand apart, you would need to develop your skills and network focusing and build a personal brand focusing on your expertise.

  2. Event Organizing

  

  If you love parties, traveling, and good communication skills, then this is a very good business opportunity for you.

  Your work would include checking out hundreds of venues, meeting sponsors, scheduling activities, and being on the go 24/7. With a good online marketing strategy, you can soar high in this business.

  3. Real Estate Brokerage

  

  The real estate business can be highly profitable if executed properly. You need to have good communication and networking skills.

  Before starting the business, you need to understand the local real estate markets, identify popular builders and properties around you, build a strong network with real estate professionals, and create a solid strategy to achieve success.

  This is also a very competitive business, especially in India, and can be challenging due to regular market fluctuations, however, you can make huge commissions per property sold, and rent without incurring much cost. Also, you can start the business with as minimal investment as INR 50,000.

  4. Photography and Graphic Designing

  If you have a creative eye, and looking to capture the moment, or possess the necessary skills for quality graphic designing, then this one is the perfect business opportunity for you.

  A photographer or a graphic designer is always in demand in personal as well as professional criteria.

  Take your time to build your profile online and on different freelance sites so that you can get leads.

  You can also tie up with a professional photography organization to get started instantly. You can even start your own logo design agency that helps businesses create a logo as you continue to grow. Expert designers can help you make a logo by using a professional logo maker app that reflects your brand's identity with creativity and precision.

  Whether there’s a corporate event, wedding ceremony, book promotion, or exhibition, a photographer is a basic necessity for promotion purposes.

  5. Coaching

  Why not utilize your skills and share knowledge, if you happen to have it? It is a lucrative business idea that can high returns.

  It has almost zero starting cost requirements. You can take these classes either online or offline from home, and cut rent and travel expenses for you and your team.

  You can advertise it on your social media or can go the old-school way of promoting through banners and flyers in your local.

  

  New Online Business Ideas with Medium Investment Requirements

  1. dropshipping delights.

  

  Dive into e-commerce without hoarding inventory. Dropshipping allows you to sell products without the hefty upfront costs.

  To successfully kick start this business, choose a profitable niche , set up an online store, and partner with reliable trusted suppliers from the niche. Also understand the e-commerce industry, its complexity, and challenges.

  In order to succeed in this business, focus on quality and timely order fulfillment.

  This business is lucrative in the long run and may require an initial investment of around 10-25 lakhs to set up a website, app, and initial inventory (if needed).

  

  With success on e-learning platforms like Byju, UpGrad, Unacademy, and more, building an online education platform to meet the growing demand for e-learning and skill development has become one of the most trending business opportunities.

  However, the market is getting highly competitive, and to succeed in this space, one needs to do thorough research and identify the education gaps in existing systems and what’s offered in the market. Then you would need a solid strategy, value differentiator, strong team, quality content, and more importantly a user-friendly engaging platform.

  To successfully launch this business, you would need an investment of around 10-30 lakhs of investment in order to build a platform, website, and marketing.

  To kickstart your e-learning platform business successfully, you can explore alternatives that don't require a substantial investment upfront. Platforms like Muvi offer a cost-effective solution, allowing you to commence your venture without the need for an initial investment.

  3. Free Lancer’s Hub

  

  India is home to a thriving startup ecosystem, with numerous growing startups. These startups want high-quality human resources but they also look for possible ways to cut costs which includes human resource costs. Hence there is a growing need for quality freelancers among startups.

  Creating a platform connecting freelancers with businesses seeking services across the spectrum has the potential to give very high returns on your investments.

  

  For a successful kickstart, you need to focus on a particular niche, establish trust between both freelancers as well as businesses looking for freelancers, and create an easy-to-use platform for both. Attracting clients and freelancers can be challenging during the initial phase but with time as trust builds, the business can grow to become a successful venture.

  An initial investment of around INR 10-25 lakhs would be required for a successful start, to set up the website, and platform for freelancers, develop a community, incentivize users, and for marketing.

  Also Read: 9 Proven Ways To Find Qualified Buyers for Real Estate in 2021

  4. Health and Wellness Coaching

  

  In this digital age, being fit and healthy has become the norm. It’s considered highly crucial for your body.

  However, with the fast-paced life and busy schedule, it has become difficult for people to maintain a healthy life, go to the gym, do yoga, and so on.

  Capitalizing on the wellness trend and guiding individuals on their fitness and nutrition journeys online is another trending and lucrative business opportunity.

  Identifying and onboarding the right qualified experts, and building trust with your target audience can be a major challenge during the initial stage, however, once the brand is built, the business can fetch high returns.

  An initial investment of around INR 10-25 lakhs would be required for a successful start, to set up the website, onboard relevant experts, develop a community, incentivize users, and for marketing.

  5. Digital Marketing Services

  

  In this digital age, every business needs to have an online presence, be it for lead generation, selling products/services, or brand awareness. However, not all businesses possess the expertise required for the same and so they look out for a 3rd party that can take care of the same.

  If you possess the required skills or can build a team of people with digital marketing expertise, then this is a very lucrative business opportunity for you. It is growing very fast, there are a number of different fields like e-commerce digital marketing, social media marketing, display marketing, online PR management, and so on that you can target.

  Pick your niche, understand clients' requirements, build a team perfecting the skills required, develop a strategy to differentiate your services to others, build trust, stay updated with the latest digital trends, and you are in for a successful venture in the digital marketing space.

  An initial investment of around INR 4-5 lakhs would be required for a successful start, to set up the website, onboarding relevant experts, setting up office space, and marketing.

  

  Trending Innovative IT Business Ideas with Substantial Investment Requirements

  1. healthtech.

  Health tech refers to the use of technology to improve the delivery, accessibility, and quality of healthcare services.

  This can include electronic health records, telemedicine, medical devices, and other digital health innovations. The health tech industry is growing rapidly, with many startups and established companies developing new products and services to address various healthcare challenges.

  To excel in HealthTech, you'll need a deep understanding of healthcare regulations, patient privacy laws (like HIPAA), and the intricacies of the healthcare industry. Collaborate with medical professionals and tech experts.

  Begin by identifying a specific healthcare technology niche that you're passionate about. It could be telemedicine apps, wearable health devices, electronic health records (EHR) systems, or healthcare analytics. Staying updated on the latest medical advancements and tech trends is crucial.

  HealthTech projects typically require substantial capital, ranging from 10 lakhs to 1 crore for research, development, regulatory approvals, and initial marketing.

  2. SaaS Marvels

  

  Develop java software solutions for businesses looking to streamline operations with productivity tools , facilitate remote working, handle logistics economically and efficiently, and so on.

  To be successful in this business, you would need to do thorough research, identify the pain points and problems of your target market, identify software gaps, and then build a team that can build a robust product.

  The biggest challenge that you may face in this industry is from established players, however, if you have substantial financial resources, then it is a very good opportunity.

  The SaaS (Software as a Service) industry has grown significantly in recent years, driven by the increasing demand for cloud-based software solutions. According to a report by Statista, the global SaaS market size is projected to reach $138.8 billion by 2026, growing at a CAGR of 12.2% between 2020 and 2026.

  

  3. AI and Chat GPT-based Applications

  Artificial Intelligence and Chat GPT have taken center stage and are brimming with opportunities. You can use Chat GPT to develop custom software like virtual customer service applications that can support and answer customer queries 24/7.

  You can create a more personalized and user-friendly content generation platform using chat GPT. You can sell chat GPT add-ons like traffic generation tools or chatgpt services that can improve the experience of visitors on site.

  To start a business using Chat GPT, it's crucial to have a deep understanding of the technology, its capabilities, and its limitations.

  The use of Chat GPT is expected to grow exponentially as businesses across various industries realize the advantages of AI-powered chatbots . The future of business ideas using Chat GPT is bright, and it's an exciting time to embark on this innovative journey.

  4. Virtual Reality and Augmented Reality

  The immersive experiences offered by virtual reality (VR) and augmented reality (AR) are gaining popularity across various industries. Start a business focused on developing VR and AR applications.

  Offer custom solutions for industries such as education, healthcare, real estate, gaming, or even tourism. VR and AR can be used for training, visualization, marketing, and entertainment.

  Creating bespoke VR/AR experiences for clients can be a highly profitable venture. The technology is continually evolving, making it an exciting and dynamic field to enter. Stay at the forefront of VR/AR advancements to offer cutting-edge solutions to your clients.

  5. Cybersecurity

  

  In an age of increasing cyber threats and data breaches, there's a growing demand for cybersecurity. You can start a consulting and training business to help organizations protect their digital assets or build software solutions for the same.

  Offer services such as vulnerability assessments, penetration testing, and security audits. Develop cybersecurity training programs to educate employees about best practices in data protection and threat mitigation.

  You can also provide guidance on compliance services with data protection regulations like GDPR, HIPAA, or CERT-IN .

  This business not only addresses a pressing need but also has the potential for significant growth as cybersecurity remains a top priority for companies worldwide.

  

  Manufacturing Business Ideas with Substantial Investment Requirements

  1. eco-conscious products and services.

  

  In a world that's increasingly conscious of environmental concerns, eco-sustainable and solar energy-based businesses are not just innovative but also incredibly relevant.

  These businesses may take time to become profitable but they also contribute to a cleaner and greener planet and are backed by the government.

  Some of the promising business ideas that capitalize on eco-sustainability and solar energy are:

  • Solar panel installation service for homes and businesses
  • Solar water heaters for homes, hotels, commercial buildings, etc.
  • Eco-friendly building materials such as solar reflective roofing, energy-efficient insulation, or sustainable construction materials.
  • Solar-powered farm products like solar irrigation systems and greenhouse lighting etc.
  • Eco-friendly packaging and sustainable materials manufacturing

  2. 3D Printed Customized Products

  The world of manufacturing is undergoing a transformation with 3D printing technology. Start a business that specializes in producing customized 3D-printed products. This could range from personalized home decor and fashion items to unique components for industries like aerospace and healthcare.

  Offer consumers the ability to design and order bespoke products, and use 3D printing to bring their creations to life. As customization becomes increasingly popular, this business idea offers the flexibility to cater to a diverse array of customer needs .

  

  Traditional and Timeless Business Ideas

  1. gourmet creations.

  

  Explore the food industry by selling homemade gourmet dishes, from delectable baked goods to exotic sauces. Some of the trending ones are food trucks, cafes, restaurants, bars, etc.

  Initial investment for these businesses will vary depending on the location of the business and the value offerings, however, it typically ranges from 5-20 lakhs.

  2. Home Renovation and Remodeling Services

  Home renovation and remodeling services encompass a broad range of offerings, from kitchen and bathroom remodeling to complete home makeovers.

  In a world where home is not just a place but a sanctuary, the demand for home renovation and remodeling services has never been higher. Homeowners seek to transform their living spaces into comfortable and aesthetically pleasing environments, and this trend presents an exciting opportunity for entrepreneurs in the home renovation and remodeling industry.

  The initial investment for a home renovation and remodeling services business can vary widely depending on the scope of services you intend to offer. It typically includes tools and equipment, a vehicle, marketing expenses, and insurance.

  3. Travel Agencies

  

  People travel the world for different reasons. It’s a perfect time for aspiring travel entrepreneurs. The travel industry is an evergreen industry and can be benefitted from any time of the year.

  You can also tie up with a host agency and they will help you get the IATA number faster. They will perform all the backend functions for you. You will be receiving a commission for the customers.

  

  Graphic Designer

  

  How To Get Started?

  Everything aside, getting started can be a huge problem if you don’t know how or where you are going to start. Here are some tips on getting started with your own venture.

  1. Skill and Knowledge

  Even if you choose something other than this list, it’s crucial that you know the skills and training necessary to be successful.

  Invest your time to research stuff that you have not done before. When you plan to start something new, research always helps.

  2. Business Plan

  Begin by crafting a detailed business plan that outlines your target market, services, pricing structure, and marketing strategy. Your plan should also include startup costs, which can vary widely based on the scale and services offered.

  3. Legalities

  Ensure that you fulfill all legal requirements, including permits and licenses, which can vary depending on your location. Liability insurance is also crucial to protect your business and clients.

  4. Balancing Job and Initial Implementation

  Don’t leave your job if you can’t afford a loss, let it be part-time for some time until you have tested the market and the product. Understand your target audience and give shape to your idea before leaving your current job.

  5. Building a team

  As your business grows, consider hiring skilled professionals to assist with various aspects of the renovation process. Building a reliable team is essential for the success of your business.

  While building the team, decide whether remote working/working from home is preferable for you and your team.

  6. Marketing and Networking

  Create a strong online presence through a professional website and social media platforms. With a Great UI Solution , your digital platforms will not only captivate visitors but also enhance user experience, fostering meaningful interactions. Additionally, network with local real estate agents, home improvement stores, and contractors to expand your reach.

  7. Busienss Tools

  Every successful business needs multiple tools that can help them automate certain processes and enhance the efficiency and productivity of teams, and the experience of its customers.

  Corefactors can be your best CRM partner for multiple reasons:

  • It enables Revops in business processes
  • It is a unified platform for sales, marketing, customer support, and customer success.
  • Powered by AI, automates operations and customer interactions across the lifecycle.
  • It is very budget-friendly and helps you save a minimum of INR 40,000 per user per year.

  Get an Integrated CRM with Inbuilt Cloud Telephony to keep track of valued leads in the all-in-one database. It will also help your team work together for the same goal.

  Final Words

  There you have it. Fuel your creativity and get started on your own venture. Each of these businesses does contain its fair share of risks.

  All you need to know is that it’s all going to be so worth it after its success. These businesses hold the power to become great success stories.

  As Haruki Murakami rightly said “ Once the storm is over, you won’t remember how you made it through. You won’t even be sure whether the storm is really over. But, when you come out of the storm, you won’t be the same person who walked in. ”

  

  Related Articles

  How can an ethical ai empower a startup's success story, transform your saas business: the power of strategic marketing, seo basic principles: beginner guide for kickstart, surprising benefits of revops you might not know about, top 5 benefits of marketing automation, cross-channel marketing - everything you must know.

  

  Top 20 Unique Startup Business Ideas in India for 2024

  

  While it can be challenging to come up with a unique and innovative business idea, it is essential to remember that there are always opportunities for new businesses, even in crowded markets.

  Starting a new business can be equally exciting and daunting, especially in a country like India, where competition is fierce. So, if you’re planning to kick off your venture in 2024, then we have some recommendations. The dire need of new startup ideas that haven’t been done in India before has come up.

  Read on to learn about some unique startup business ideas in India you must consider.

  

  20. Personal Finance Management App

  H. market your company, top 20 unique startup business ideas in india under 20,000.

  Given below are some best startup ideas in India that haven’t been done before in India which anyone can start today:

  1. Eco-friendly products

  With growing concerns about the environment, eco-friendly products are becoming more popular. You could start a business selling products made from environmentally friendly materials.

  2. Food delivery service for special diets

  With more and more people following special diets for various reasons, a food delivery service that caters to specific dietary needs, such as gluten-free, vegan, or keto, could be a successful business.

  3. Virtual event planning

  With the rise of remote work and the increasing popularity of virtual events, a business specialising in planning as well as executing virtual events could be a great idea.

  4. Online Tutoring Platform

  With the increasing popularity of online learning, an online tutoring platform could be a great business idea. Moreover, it could connect students with qualified tutors for various subjects, including academic, language, and hobby-based courses. Tutoring, especially, online tutoring has been proven to be the best startup business in India.

  5. Health and Wellness Retreat

  India is home to a number of ancient wellness practices, such as yoga and Ayurveda. You could start a business that combines these practices with modern wellness techniques to offer a unique retreat experience for people looking to improve their overall health as well as well-being. With the growing demand for holistic wellness and well-being, this is one of the best business startup ideas in India.

  6. Renewable Energy Company

  India has a growing demand for renewable energy sources. You could start a company focusing not only on solar, wind but also, hydroelectric power generation.

  7. Social Enterprise

  A social enterprise is a business that focuses on creating positive social as well as environmental impact. In other words, a socially adept and eco-friendly business . You could start a social enterprise that addresses a specific issue, such as access to clean water or education for disadvantaged communities.

  8. Online Booking Platform for Adventure Activities

  India has a variety of adventure activities, such as trekking, rafting, and paragliding. Moreover, you could start an online platform that helps people find and book these activities.

  9. E-commerce Platform for Locally-Made Products

  India has a diverse range of products made by local artisans and small businesses. Therefore, you could start an e-commerce platform that helps these businesses reach an extensive market.

  10. Virtual Interior Design Service

  With the rise of remote work, more people are spending time at home and may be interested in redesigning their spaces. So, you could start a business that offers virtual interior design consultations and services. Furthermore, this can be incorporated as one of the new business startup ideas in India.

  11. Online Marketplace for Handmade or Artisanal Goods

  India has a rich tradition of handicrafts and artisanal products. You could start an online marketplace that connects artisans with customers looking for unique, handmade products .

  12. Subscription-Based Meal Delivery Service

  With the busy schedules of many people in India, a meal delivery service that offers a variety of healthy and convenient options could become famous. This is another startup business idea that you can aim to start in India in 2023.

  13. Sustainable Fashion Company

  There is a growing demand for sustainable and ethically produced fashion in India. You could start a business that produces and sells sustainable fashion products. This can be deemed as one of the most innovative business ideas in India as this entails creativity as well as uniqueness in every form.

  14. Mobile App Development

  With the widespread use of smartphones in India, there is a demand for mobile apps in various industries. Since there is an ever-growing demand, you could start a business that develops custom mobile apps for clients.

  15. Online Language Learning Platform

  There is a growing demand for language learning in India, and an online platform could be a convenient and flexible option for students. As a result, this serves to be one of the new start up ideas in India.

  16. Grocery Delivery Service

  A grocery delivery startup can come with minimal setup costs. Basically, the main cost associated with a grocery delivery startup is the cost of delivering groceries to customers. Overall, this cost can include the cost of vehicles and drivers, the cost of fuel, and the cost of packaging and marketing materials.

  17. Health and Wellness Products

  India has a strong tradition of natural health remedies and wellness products. So, you could start a business that produces and sells these products, such as herbal teas or essential oils.

  18. Home Cleaning and Maintenance Service

  Many people in India lead busy lives and do not have the time to take care of household chores such as cleaning as well as maintenance. So, undoubtedly, a startup that offers these services could be successful.

  19. Agricultural Technology

  Agricultural technology startups that use innovative methods to improve crop yields and increase efficiency could be successful in India, where much of the population is involved in agriculture. Furthermore, innovative ideas for startup in the field of agriculture is the need of the hour.

  Many Indians struggle with managing their personal finances. Henceforth, a startup that offers a user-friendly personal finance management app could find success in the market as a result.

  While having unique best startup business ideas in India is beneficial, it all boils down to choosing one that works for you undoubtedly. Keep reading to understand how to pick a startup idea and what you’d need to start a venture.

  How to Choose a Startup Business Idea

  Here are some steps you can follow to help you choose a startup business idea:

  • Identify your strengths and passions : Think about what you are good at and enjoy doing. Moreover, your strengths and passions can be a good starting point for identifying potential business ideas.
  • Research market trends : Look for trends in the market that you can tap into with your business idea. Thus, consider factors such as consumer demand, competition, and the potential for growth.
  • Validate your business idea : Once you have identified a potential business idea, it is vital to validate it to ensure that it has the potential to be successful. Therefore, it can involve conducting market research, talking to potential customers, and testing your product or service to see if it meets a need or solves a problem.
  • Seek advice and guidance : It can be helpful to seek advice and guidance from experienced business owners or mentors who can provide valuable insights as well as guidance.
  • Be willing to pivot : It is entirely normal for business ideas to evolve over time. So, be open to making adjustments to your business idea if necessary.
  

  Important Factors to Consider When Starting a Business in India

  Starting a business in India requires a lot of planning, hard work, and dedication. Here are some crucial things to consider when starting a startup in India.

  A. Identify a Business Idea

  The first step to starting a startup is to identify a business idea you are passionate about and believe has the potential to succeed.

  B. Conduct market research

  It is key to conduct market research to understand the demand for your product or service, your target customer as well as the competition in the market.

  C. Develop a Business Plan

  A business plan is a document that outlines your business strategy, including your financial projections, marketing plan and operational plan.

  D. Choose a Business Structure

  There are several business structures to choose from in India, such as sole proprietorship, partnership, limited liability partnership (LLP), and private limited company. So, each structure has its own advantages as well as disadvantages. Thus, it becomes critical to choose the one that is best suited for your business.

  E. Register Your Business

  In order to start a business in India, you need to register your business with the relevant government authorities. Therefore, it includes registering for a tax ID, getting necessary licenses and permits, and complying with regulatory requirements.

  F. Obtain Financing

  Starting a startup can be expensive. That is why it is paramount to have a plan in place for obtaining the necessary financing. It can include seeking funding from investors, applying for loans, or crowdfunding.

  G. Build a Team

  Starting a startup can be a challenging and time-consuming process. So, you must have a strong team of skilled and dedicated individuals to support you.

  Once your startup is up and running, promoting your business to attract customers and build brand awareness becomes essential. So, it can include marketing and advertising efforts, social media engagement, and networking with industry professionals.

  

  FAQs on Unique Startup Business Ideas in India

  What are the most unique business ideas? Here are some unique business ideas:

  • A mobile car wash and detailing service that comes to customers homes or workplaces
  • A subscription-based farm-to-table meal delivery service that sources ingredients from local farmers
  • a virtual reality escape room or adventure experience.
  • A personalised gift-wrapping service that offers creative and unique wrapping options
  • A home repair and maintenance service that specialises in eco-friendly and sustainable solutions

  Which is the best business for a startup? The success of a startup depends on various factors. Some of these include the individuals skills, resources, and interests. However, there are some popular business ideas for startups in India, like a food delivery service, an online tutoring service, software development, a subscription box service, and e-commerce. Ultimately, the best business for a startup will depend on your unique situation and needs.

  How do I find unique startup ideas? Finding unique startup ideas can be a challenge. But there are some efficient strategies you can use. First, take the time to research emerging trends in your industry or related fields. Then, explore potential opportunities that could be addressed by leveraging technology or new business models. Additionally, brainstorm ideas with colleagues and friends who may have different perspectives. You can also attend networking events and conferences to get tips from other entrepreneurs. Finally, look for problems you can solve with a product or service that would give you a competitive edge. With enough research and creativity, you can build a unique startup idea that stands out from the competition.

  What are the startup ideas that haven’t been implemented? Startup ideas that have never been done before can come from various sources. Entrepreneurs can look to the world around them for inspiration or research industries and markets to identify gaps in services or products. Some of the more popular untapped startup ideas include developing a new type of product, creating a new service, developing an app to address a specific need, creating a platform to connect buyers and sellers, or creating an online marketplace.

  What are some innovative startup ideas? Startup ideas can range from innovative products and services to brand-new business models. Some innovative startup ideas in India include developing a mobile app that connects users to sustainable food sources, creating a platform that allows users to manage their online presence, and developing a service that promises personalised health.

  How to start a business with 20,000? One can start a business by investing 20,000 rupees wisely. It is important to spread 20,000 across domains which enhance brand visibility and marketing. You can invest equitably on a priority basis.

  Which business can I start with 50,000? There is a wide variety of businesses one can start with 50,000 rupees. These include home-based tiffin services, starting a recruitment agency or digital marketing agency, personalized apparel brand, starting an online grocery store , offering daycare services, curating handmade, artisanal products and more .

  Read More :

  • 20 Low Investment Business Ideas in India under 10,000
  • Eco-Friendly Business Ideas in India
  • How to Start a Food Truck Business in 2023? 

  Related Posts

  

  Top 20 Small Scale Business Ideas in India

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  Ankita Panda

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  50 Businesses You Can Start With INR 1 Lakh Or Less

  

  Shubham Kumar

  According to a survey by Randstad Workmonitor in 2017, 83% of the Indian workforce would like to try entrepreneurship. While there are many who want to start a full time business, there are others who plan to start some part-time business to earn extra income. However, starting a business has many hurdles associated with it, and the major hurdle is the lack of capital. As a matter of fact, there are many businesses which can be started without investing a huge amount of capital. Here is a list of the best business ideas you can start by investing INR 1 lakh or less.

  You may also like: 62 Business Ideas with Low Investment and High returns

  Businesses You Can Start with INR 1,00,000 or Less

  Cab Fleet Home Automation Services T-Shirt Printing Investment Business Stationery Store Startup Canteens Custom Gifts Professional Cameras on Rent Xerox and Printing Juice Shop Food Corner Game Parlour Used Car Dealership Driving School Beauty Salon Affiliate Marketing Blogging Writing Services Homework Help Services and Tutoring Web Designing Business Graphic Designer Interior Designer Home Decorator Fashion Designer Starting an Online Store Bookstore Fashion Store Babysitting Craft Store Bakery Online Advertising Dancing and Music School Sell Handmade Products Consulting Business Real Estate Agency Travel Agent Web Maintenance Service Event Management Business Amazon Seller YouTuber Podcasting E-Book Writing Laundry Shop Tailoring Home Cleaning or Corporate Cleaning Services Home Maintenance and Repair Services Catering Business Grocery Shop Mobile Repair Shop Paper Bag, Cloth Bag, or Jute Bag Making

  

  You can buy a used car or a couple of bikes under INR 1 lakh, register them with Ola , Uber, Rapido, and other on-demand cab services. You then need to hire some people to drive the cab for you. Even after the necessary deductions like paying the driver's salary along with the maintenance expenditures, you'll still end up with a good profit.

  Home Automation Services

  Speech recognition devices like Amazon Alexa and Google Home have become common in today's households. With some knowledge of electronics and coding, you can help people pair their home appliances with speech recognition devices. This would allow them to control the appliances by giving commands to the speech device. One needs to purchase electronic equipment and hire a few talented guys to take care of the programming and configuration aspect.

  T-Shirt Printing

  There's a constant need for custom designed uniform with logos and pictures. As a result, T-Shirt Printing is a lucrative business one can pursue. You can help customers by printing their required designs and logos on T-shirts. For that, you'll have to invest in a good T-shirt printing machine . There are many affordable machines in the market, some starting from as low as INR 50,000 . If it sounds expensive, one may rent the machine from someone on a monthly basis or longer and once the business turns profitable, the venture owner could buy his or her own machine. With the constant emergence and growth of social media influencers, this business is in high demand at the moment. And there's no dearth of offline opportunities as well. Many T-Shirt startups are already excelling in this industry.

  Investment Business

  If you have knowledge about trading and investing, you can provide the service of handling people's money and generating profits for them through the share market. But to take off with this idea, one needs to demonstrate the knack for making successful predictions and trades in the market because people believe only when they see. Moreover, it requires immense trust to hand over one's hard earned money to someone else. So start by investing money for relatives and friends, turn them into success stories, and then aim for the big fish! You can start your own investment company in the future with this business idea.

  Also read: Best Fintech Startups in India

  Stationery Store Startup

  You can open a stationery store and cater to new startups and offices since they require a lot of stationery related items like pen, paper, markers, etc. Offer them the best quality stationery products at reasonable prices. You can also partner with schools and coaching centers to establish your presence. Subsequently, students will come only to you for stationery needs. Connectivity with your main store means shortage of supplies can be taken care of immediately. You will need to build an effective transport network for connectivity between the main warehouse/store and your franchises to meet urgent delivery request. A home delivery facility will attract more customers. This business idea can be easily launched with INR 1 lakh and be scaled as a formidable startup if implemented with the best practices.

  Canteens are no less than a necessity in public places such as parks. Even hospitals and office spaces are known for the crowd they bring. You can lease a space in such locations and start a canteen there. Start with limited options like tea, coffee, and biscuits. If there's a growth in your customer base, you can then increase the options offered. Once the entire business is in motion with windfall profits, you can then think of expanding the canteen chain.

  Custom Gifts

  

  According to Asianage, the gifting industry in India is expected to reach $84 billion by the year 2024. The industry is worth north of $65 million at present. The millennials have contributed significantly to the rise in gifting culture. Starting a personalized gifting business can prove to be a profitable business. All you need is creativity and innovation which are reflected in awe-inspiring photo frames, custom coffee mugs, etc. Test your initiative on your acquaintances and see what they think of custom gifting as a customer. You can also distribute samples embellished with your information for promotion and publicity. Closing a deal with corporate offices, especially during the festive season, is also a good idea for marketing.

  Also read: Corporate Gifting Ideas for Diwali

  Professional Cameras on Rent

  Social Media platforms like Instagram and Facebook have ushered in a new era, one where everyone's crazy about selfies and videos. By the time you'd be done reading the previous sentence, hundreds of thousands of pictures must have been uploaded online. People are desperate for good quality images and videos. They need excellent cameras for that. You can buy a high-end camera that ranges between Rs. 50,000 to 80,000 and rent it to people on an hourly basis. If you can invest in a good quality drone with integrated camera and provide the instructions on its usage, nothing like it. You can easily command more than Rs. 1000 per hour as people are willing to pay astronomical amounts for those precious drone clicks!. If you are interested, you can also start doing professional photography.

  Xerox and Printing

  Although everything's online now, requirements like photocopying and scanning will never fade. You can buy a xerox machine and start a business near a coaching center, college, or offices. It is a highly scalable business idea if done right.

  Also read: How to make money online

  With the millennial (and everyone in general) moving towards a healthier lifestyle, juice shops are the place to go after that intensive workout. Be it fruit juice or protein shake, juice shops are a favorite for many. Starting a juice shop business near a jogging park, fitness center, or in a commercially bustling area offers a good chance to make money. If you cannot find any such place, you can always start with a movable setup like using your car and parking it near a jogger's area every morning. All you need to start this business is a good juicer, fruits, and necessary permission for your venture. All of the inventories can be bought for less than 50,000 rupees. You can use the other INR 50,000 from your INR 1,00,000 investment to market your shop. You may have to seek police consent and those of the concerned authorities. Target residential societies, if possible. As more and more people throng to your shop, you'll get an idea and insight into their preferences and thereby come up with even better offerings. It is one of the most promising business ideas you can start with INR 1,00,000.

  Food Corner

  Some eat to live while others live to eat. All in all, a Food Corner has all the ingredients of a profitable business . Aim for affordable meals so that people from all walks of life have something to consume at your joint. Since we're talking about businesses under INR 1,00,000, start with a stall type of setup. Talk to the southern meals and MOMO vendors you find on the roads to understand how they work. This is the one of the best businesses you can start with INR 1,00,000 or even less as food will never go out of trend.

  Also read: How to market a restaurant

  Game Parlour

  The gaming industry is witnessing a boom. The current value of the gaming industry in India is $850 million and it is growing at a rate of 14.3% every year. If you think people in your locality are into mobile or PC gaming, you can buy a few high-end mobile phones and PCs and set up a game parlor . Many people want to play high performance mobile games but don't have compatible phones. There's tremendous opportunity in mobile lending. Apart from the money you make from the games, you can sell snacks in the parlor for some extra cash.

  Used Car Dealership

  There are many people who prefer to buy used cars in good condition. They buy a used car, drive it for a year or two, sell it, and buy another used car. You can start a used car dealership and find customers easily. All you need is a used car, have it repaired and find a buyer. If you can add some value to the car through modification, people will be ready to buy it for a higher price . Start your business by scouting for a used car that can be purchased and enhanced in 1 lac budget. Many people like to buy used cars and enhance it in a short period of time.

  Driving School

  Driving school continues to remain in the market. It is still a good business that mints money as the number of driving licenses issued every year grows exponentially. For a driving school, you need a good marketing plan as you cannot target specific people. You will have to use traditional channels of advertising like newspapers and pamphlets. Social media marketing can also assist in acquiring customers.

  Beauty Salon

  For someone who is interested in doing hairstyles, makeup or grooming people, starting a salon can be a nice business. A shop in a good locality is needed, besides many also start it at home. Much heavy investment is not needed, and also one can earn good amount of profit in this business

  The above mentioned are some of the best business ideas that can be started by investing around INR 1,00,000. But if you feel that 1 lakh is not what you can invest right now, there are still other businesses you to start that requires very less investment. Let's have a look at some such business ideas

  Also Read : 10 Small Business Ideas that You can Start from Home

  Best Businesses to Start with Less Investment

  Affiliate marketing.

  Affiliate marketing is an easy to start yet profitable business that you can start, without any major investment. What you have to do is to simply promote other business's products and services online and earn commission. You don't even need to have your own website to start affiliate marketing. Just choose the products you would like to promote and register yourself as an affiliate of the company whose products you would like to promote. Once authorized to become an affiliate, you receive affiliate links for various products the company is selling. You can now paste these links on your website or promote them through your social media accounts, YouTube channel, in online groups or communities, or through email, and start earning commission whenever someone clicks on your link to visit the company's website and makes any purchase.

  If you love writing, blogging is an interesting and profitable business that you can start with minimal investment. All you need to spend is on a domain and a good hosting plan. So just with an investment of INR 5000-6000 you are all set for a blogging business. Blogging lets you make money in many ways. You can sign up with Google AdSense to show ads on your website, do affiliate marketing, write sponsored posts, sell e-books and much more through blogging.

  Writing Services

  Another good service for those who have amazing writing skills is starting a business providing writing services. Writing service providers create various content for the clients ranging from resume writing, article writing, short story writing, copy writing, technical writing, editing and much more. You can start by offering a limited services, and once scaled up, you can hire people and broaden the spectrum of your services.

  Homework Help Services and Tutoring

  There are many students who would pay to get some help for their homework. You can start online homework and assignment consultation services. Students can call you to seek help regarding their assignments and you can charge them on an hourly or per assignment basis. You can target hostels and colleges for this business. This is an awesome business idea if you are excellent in studies and requires very little money to begin with. The only investment will be in the form of internet and your device. Tutoring is also a good way to make some money with almost no investment.

  Web Designing Business

  If you have relevant knowledge, you can start designing websites for various businesses. In today's digital world, every business big or small needs a digital presence to grow. By starting a web designing business, you can tap into this trend.

  Graphic Designer

  Are you a graphic designing expert? Well this can indeed be a great business option. Graphic designing has a huge scope. From creating logo's for companies, to designing brochures and marketing materials, making graphical content for social media to designing packages, there is lot you can offer to your clients and earn a good amount of money.

  Also Read : How to Become an Expert Graphic Designer

  Interior Designer

  Interior designing is another great business option. With required skills and preferably the required certifications, you can easily start an interior designing business. Start by designing interior for your family, friends and acquaintances, and build a good portfolio that you can show attract clients. If your work is good enough, this business will surely take you places.

  Home Decorator

  Being a home decorator is a good business for those who loves to decorate beautiful homes. A home decorator is one who decorates the interiors with beautiful furniture, accessories etc. While you need certification to become an interior designer, no certification is needed for being an interior decorator. All you need to be an interior decorator is creativity.

  Fashion Designer

  If you have a knack for fashion designing, fashion designing business is something you can start without much investment. Find a niche segment and decide for whom you want to design clothes. Start by offering a few products, and promote your business to your acquaintances well as through social media. Also it is good to have your own website where you can showcase your design.

  Starting an Online Store

  Starting an online store is yet another good business idea. Just choose the products you want to deal in and decide whether you would like to go for drop-shipping or stocking the products you want to sell. As regards creating the e-commerce site, there are many platforms like Zepo, Shopify, and FreKart that will help you in this regard.

  Starting a book shop is an affordable and nice business. One can opt to sell used books also, as they can be procured at a low cost. While there are many these days who prefer to order books online, and others who read e-books, there is still that category of readers who like to hold a book in the hands and read it, rather than reading it on a screen. So if you can rent a space near educational institutes or in a popular market area, your bookstore will surely earn profit. Coffee shop bookstore is also a cool place that people like to visit. So if you have enough space and required skills, you can also start a coffee shop alongside your bookstore to attract more customers.

  Fashion Store

  If you love to look stylish and fashionable and has a god fashion sense, you may consider opening a fashion store. To start with find a niche for yourself and start dealing in your niche. For example you can begin with a kids fashion store, and expand later to other niche as well, with increase in budget. You can also consider establishing your online presence and sell your clothes online.

  Babysitting

  Babysitting is also a business that requires very less investment. If there is space, you can start this business at your home itself. You just need to invest in some good toys, books, etc. to keep the kids busy. Also healthy food should be made available.

  Craft Store

  Opening a craft store is a viable business option. You can either create your own piece of art for selling in the shop or procure art and craft items in bulk and sell the same at retail rates. Craft items have a good profit margin when bought in bulk.

  

  If baking is your passion, a bakery is a good business you can start. To keep the investments on the lower side you can opt to start a home bakery or a cloud kitchen. In home bakery and cloud kitchens, you just need to cook and deliver the food items, without any hassle of making sitting arrangements. Thus your rent is saved.

  Online Advertising

  Online advertising is what many businesses opt for these days, as online advertising is a great way to reach a wide audience. As such starting your own online advertising business is surely a profitable option. As an online advertising company you can provide services such as website designing, SEO services, PPC advertising, Social media marketing, content marketing and e-mail marketing.

  Dancing and Music School

  If you are a trained singer or dancer, music and dance classes can be a good business you can start. When started in a very small scale at home, you do not require any registration or licensing. Once you feel confident enough, you can scale up your business.

  Sell Handmade Products

  Handmade products are in demand these days. So you can make and sell handmade soaps, incense sticks, candles, etc. to make profit. The Government of India offers affordable training courses where you can learn to make these goods. You can sell them online, and as you scale up you can tie up with spas, salons, hotels, etc. for selling the products.

  Other than this, you can also consider selling home made jams, pickles, chocolates, etc. Homemade stuff can be also be sold through sites like Etsy.com.

  Consulting Business

  Consulting services can be offered in various fields such as accounting, auditing, insurance, career, taxes, business and more. You just need to spot your area of expertise and start your consultancy accordingly. Try to get initial customers from your acquaintances and give them the best services so that you can benefit from word of mouth publicity.

  Real Estate Agency

  If you have interest and knowledge about real estate, you can become a real estate agent. You can choose from dealing in residential properties, commercial properties, or plot investments to start with. Get the required licensing, gather the required information and knowledge about the property you are dealing in, and promote yourself well so that you can reach out to your target customers.

  Travel Agent

  With the boom in the travel and tourism industry in India, starting a travel agency is a great business idea. You can choose to deal in anything: air ticket booking, hotel booking, selling travel packages, or all of them.

  Web Maintenance Service

  With every business going online, there is a rising need for web maintenance services. Website maintenance is required to keep a website error-free, up-to-date user friendly, and safe. In current times, web maintenance service can be a profitable business to start.

  Event Management Business

  Do you feel that you have what it takes to organize an event successfully? If yes, an event management company is something you should start. With the boom in the event management segment in India and worldwide, event management surely is the right place to be in. To start with, you can mange events for family and friends to get the exposure, and also do some thorough research on managing successful events. Being a first timer, you may find it overwhelming to provide all the event management related services. So you may start by offering one or two services like visitor management services, flower decorations, press and publicity services, etc. to big event management companies. Once you are confident enough, you can take the plunge to start your own full-fledged event management company.

  Amazon Seller

  Becoming an Amazon seller is a lucrative and profitable initiative. Currently there are over 5 lakh sellers registered with Amazon India. The best part about being a seller with Amazon is that you can reach out to a wide customer base not only within Indian but globally; Amazon takes care of everything from delivering the products to the customers to transferring money to your account.

  Not just money, YouTube can actually turn you into a celebrity. If you choose to be a YouTuber, you can make money through various streams. You can earn money by becoming a YouTube partner, by selling your merchandise through your YouTube Channel, or by creating sponsored content. There are options where your fans can pay you directly. If you are a viral content creator, you can even make money by letting media houses use your content and get paid in return.

  Looking at its popularity, podcasting can be a good business too. There are many ways in which a podcaster makes money. There are businesses who sponsor podcasts and that means a good source of revenue. Podcasters also earn from donations and crowdfunding by selling their own products and services, or through affiliate marketing.

  Also Read : Everything you Need to Know About Podcasting

  E-Book Writing

  With all the craze around e-books, being an e-book writer can also prove to a profitable business. Before diving into writing an e-book, you need to find your area of expertise and interest, and write something which will create value for your readers. Once written, it's important to extensively promote your e-book to the relevant audience to generate more sales. You can sell your e-book through your own website, on Amazon's Kindle Direct Publishing (KDP) platform, or through other publishers.

  Also Read : All You Should Know about E-books

  Laundry Shop

  Services that make the household chores easy are gaining popularity fast. Laundry service is one such life saver for the millennials. A well-managed laundry business is something you can start and earn profit from. You would need a staff to take care of washing, ironing, etc. Regarding marketing, targeting young people, working professionals, and tying up with co-living space providers can help significantly.

  Tailoring is one of those businesses which can be started with low investment. Depending on your budget and skills, you can start tailoring at a small level from your home with a sewing machine and once budget and experience permits, you can launch a boutique. Upon expansion, you may buy a pico machine, interlock machine, embroidery machine, etc. and diversify your specialities in tailoring.

  Home Cleaning or Corporate Cleaning Services

  Cleaning is an essential service that individuals, organizations, and others cannot live without. With the uptick in the number of corporate offices, co-working spaces, co-living areas, and serviced apartments, the demand for home cleaning and corporate cleaning facilities has surged. Hence, starting a business in this domain is certainly a good idea.

  Home Maintenance and Repair Services

  There is lot to do when it comes to home repair and maintenance. From electrical work to painting, plumbing, carpentry or roofing, many chores needs to be taken care of. Considering the huge demand, a home maintenance and repairing business can surely turn out to be a profitable one if executed right.

  Catering Business

  If cooking and feeding people makes you happy, then the catering business is for you. All you need to invest in is cooking utensils, ingredients that will be required for cooking, and some helpers. Once your setup is in place, you can start taking orders and supply food for parties, functions, and other events.

  Grocery Shop

  A grocery shop does not require much investment. The most important factor you need to keep in mind is that the shop should be in a good location. Try to provide the variety of goods that people demand, be open to home delivery facility, and watch as you gain loyal customers.

  Mobile Repair Shop

  As reported by market research firm techARC, India had 502.2 million smartphone users in 2019, and the number is ever increasing. Given the scenario, a mobile repair shop can undoubtedly be a profitable business you may consider. Besides repairing, you can also sell accessories and provide mobile recharge facilities in your shop.

  Paper Bag, Cloth Bag, or Jute Bag Making

  With the buzz around the danger of using plastic, manufacturing cloth bags, jute bags, and paper bags is an eco-friendly way of making money. With proper marketing and the fabrication of reliable bags, you will end up with a pretty solid business.

  These business ideas might seem small as they only need an investment of INR 1 lakh or less. But the sky's the limit when it comes to profits. Once you establish your foot with these initiatives, you can easily scale your business to the next level. Focus on marketing and correctly executing your business model. You may not see overnight results, so hold your horses and be patient. Are you aware of some other business ideas that can be started with a low monetary investment? Do comment.

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  The $5 McDonald's meal is making a grand comeback in June — but only for a month

  • McDonald's plans to launch a limited-time $5 meal.
  • In first-quarter earnings, the company's leadership highlighted how inflation has affected customers.
  • Other fast food chains are also worried about affordability.
  

  McDonald's is looking to launch a $5 meal in the US in a move to bring back price-sensitive customers .

  The meal includes four items, people familiar with the matter told Bloomberg and Restaurant Business . Customers would choose between two of the chain's signature burgers — a McChicken or a McDouble — and get four-piece McNuggets, fries , and a drink. The $5 promotion would last for a month, Bloomberg reported.

  The deal will start on June 25, The Wall Street Journal and other outlets reported.

  The discussions about the new deal come three weeks after the fast food giant's first-quarter earnings call, where leadership highlighted how customers are increasingly price-sensitive.

  "I think affordability is clearly an area where consumer expectations are heightened," McDonald's chief financial officer Ian Borden said on the call. "Obviously, they're getting hit ," by inflation, he added.

  The company previewed a value meal on the earnings call without any specifics. CEO Chris Kempczinski said McDonald's has local value meals around the US, but no standard national offering like competitors do.

  Related stories

  A $5 meal would be a stark drop from current prices, especially in higher-cost cities, according to a Business Insider analysis.

  A meal consisting of the same four items — a McChicken, fries, a drink, and four-piece chicken nuggets — costs $18.26 in downtown New York City. In downtown San Francisco, the McChicken version costs $16.15, and the burger variant costs $17.75.

  The new bundle would be priced lower than a Happy Meal, which starts at $6.39 in downtown Manhattan.

  The company's stock has fallen about 7% year-to-date as investors worry about rising costs and intensifying fast-food competition.

  Fast-food chains across the US are grappling with fewer orders from customers who no longer find their meals affordable. Wendy's, Shake Shack , Starbucks and Burger King parent Restaurant Brands International have all said in their latest earnings call that they will exercise caution on prices.

  "We're going to stay careful on pricing," Gunther Plosch, Wendy's CFO, said in its earnings call earlier this month. "I don't think we're going to get too greedy."

  Fast-food giants have also been hit by California's new minimum $20 hourly wage for limited-service restaurants. Franchisees that have raised prices are worried they may lose customers to sit-in dining chains like Chili's and Applebee's , which are not subject to the wage hike.

  McDonald's did not respond to an immediate request for comment sent outside standard business hours.

  Watch: US vs India McDonald's | Food Wars

  
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