Starting a Startup in Pune now is easier than ever. Pune is one of the Top 5 cities known for Startups. According to MCA, there are 2000+ registered companies in Pune but every month 100s of new Startups are being started. They may not be registered but there are some potential Startups running in their testing phase.
Startup eco-system of Pune is far better than it was 5 years ago. Including us (ONESTARTUP), there are several good Startup Accelerators, Aggregators and Startup incubators who help Startups build their companies and connect them with right people.
We help Startups right from Idea stage to Funding and launching of their business. By the time, I’m writing this blog, we have helped more than 550 entrepreneurs with their Startups. Our plan is build 10,000 Startups in the next 10 years and it seems that we are approaching our target really fast.
Now, let’s talk about how you can start your startup in Pune and thrive for a longer period of time.
Validate your Startup Idea
This is the very first thing you should do when you get an Idea. Idea Validation is a process of finding whether your potential customers are willing to pay for/buy your product or not.
Every founder falls in love with their idea without knowing whether that idea will work or not.
The best way to VALIDATE YOUR IDEA is to ask directly to your potential customers about their willingness to buy your product.
Remember, You family and friends are not the best source of getting feedback on your idea because they’ll always say – “It will work”.
If you cannot reach your potential customers directly, try to find out right sets of online resources such as some research about the field you want to enter in or who are the other people who have/had started such business and how is their experience.
Validating your idea can save you from spending a lot of money and time. Also, this will allow you to make the necessary improvements.
Build an MVP
MVP stands for “Minimum Viable Product”. It’s your product with minimum usable/working features.
If your product is a Mobile App, launch your App with minimum yet usable features and make it accessible for a small set of customers. The purpose of launching MVP is to test the market for it’s acceptance. You have to take feedback and note the responses. Try to make your product more customer-centric and then add features one-by-one.
Build a Team
Are you a solo founder or you have started with your partner?
If you have started alone, it’s important that you start looking for people who can help you take your company ahead. In other words, start finding your team members.
If you have a co-founder, it’s great. Think if you need other people too as an Intern or Employee to help you or you guys can handle everything.
Build a Robust Business Plan
A business plan is not just a technical term used in Business. It’s one of the most important documents for a Startups. Although, I do not recommend spending much time on this before doing your idea validation and doing initial Beta test of your product by launching MVP.
You do not have to go to a professional consultant to write a business plan. They’ll charge you a lot of money. In Pune, people charge 15-30 thousand rupees just to write a business plan for you.
Remember, it’s your business so you’ll know your business better than a consultant.
It’s recommended that you have a mentor onboard when you are writing a business plan. Having a mentor helps you in planning and strategies. They can also enlighten you about the things which you might not know about already.
We have a great network of mentors always ready to help Entrepreneurs.
Register your company
I’m telling you from my experience, it’s important to form a company to gain credibility and get various government benefits available for Startups. But before registering your company with your partner, are you sure you guys are compatible enough to take this company ahead together without having to fight about authority?
That’s an important think to look for. Forming a company is an easy process but keeping the company together requires you to be very comfortable and professionally compatible with your partner.
Get your Legal done
If your product requires some licensing and permits, obtain them first. This doing this will make your venture less vulnerable.
There are a lot benefits you can get if you are a registered company. For example, to get recognised by Startup India and take all the benefits of it, you company must be registered under MCA.
Talk to any good legal consultants and obtain the required knowledge. Do not go to a consultant only because you know him. Find a consultant who knows the process and rules. They can save you from several troubles which might be waiting for you ahead.
Scale up the Business
Once you are done with all the planning and legal stuff, it’s time to take your business to greater heights.
This involves the EXPANSION of the business.
To expand your business you’ll require a lot of resources. It’s can be a Human Resource, Technology, etc.
To procure these resources, you’ll require sufficient funds. This means, you’ll have to start preparing to raise funds.
To raise fund you’ll need good pitch deck explaining every details about your business (Not the secret parts) so that the deck explains about your business to the investors easily.
You’ll also need all sorts of plans with a proper 5-year projection. The aim of the 5-year projection is to show what will your company look like after 5 years. You can do that by extrapolating your first-year projection.
Keep updating your plan and product based on customer’s feedback and time because there’s no plan and product in the world that’s perfect.
I would also recommend you join us as a Member so that we can help you take your company ahead. Trust me, it’s worth every penny.