To achieve Himalayan peaks for their startups, many startups usually face troublesome challenges in the initial period of their journey. We all are aware of it that India has one of the largest startup ecosystems and ambiance in the world, while there are some of the areas where many businesses invest their time and energy such as AI, cutting-edge technology, VR (virtual reality), and augmented analytics and truth, etc.
Among them are the financial and health care service providing firms having online partnership firm registration. Antithetical to NASSCOM data, India has minimal diversity in startups. One of the reasons for this kind of situation is, they face persistent challenges throughout their journey. But fortunately, there are ways by which they can surpass those challenges with thoughtful planning and prepping.
Obstacles to digital marketing
When you have an umbrella of products and services under a single brand from your side, it becomes the cause of your startup’s concern. Here come the benefits of IP (intellectual property) that many startups fail to comprehend initially, and later they must pay the cost. The first baby step in this direction should be availing the company’s trademark registration without exception. That not only provides legal status and protection to the business but also increases the scope of your brand value in the market.
One should establish a top-notch digital marketing well-grounded plan that determines uniqueness and content-oriented delivery to customers that would provide the strength to face public challenges pragmatically. One can take social media platforms such as LinkedIn, Twitter, and Facebook to spread new information related to the launch of new services and products. Nowadays, customers around the world garner information about the product/services before purchasing it. One must make a forum on the website to serve such purposes.
Confronting the established competition
Well established companies would always give tough competition to sunrise startups. They have an advantage over the newcomers and the experience in terms of connections, marketing, customers, etc. But one caveat is there, as new startups will have the advantage of customer support and scope to do things without bureaucracy, all these could be possible with the help of new technologies and a digitalized era. Many small and tiny companies had their success tales.
Categorizing the finance and funding
In India, raising finance for your startup becomes a bit difficult juxtaposing to other countries where it is easy to get finance from VC and crowdfunding. Such a scenario happens in India because all the competitors in the market operate on the same business model. They try to imitate the business and income models that have been followed by businesses operating in America. Many startups lack rigor and originality in India that could be why VC and angel investors seem reluctant to invest in Indian startups.
Two ways by which a startup can resolve those issues. First, to develop a unique startup that is doing something different from others. For instance, RedBus is an excellent and innovative idea. Second, to resolve the financial crunch through borrowing loans from the Indian government’s MUDRA loans is possible with online MSME registration. It functions through public sector units, co-op, and private banks as well as other financial institutions. If your startup meets the sanctioned requirements, you will be eligible to avail of MUDRA loans.
One should approach MUDRA capital bank to settle financial challenges. The private sector provides an alternative option through multinational companies (MNCs) and other large companies.
Freshers and newcomers are inclined to join and work with startups. There is scepticism in India that startups do not deliver long-term employment assurance. Many of them are operating on small budgets; hence, they cannot afford to offer a high pay-scale compared to other large companies and MNCs. That is why freshers want to join a startup as they lack the necessary experience, and every startup owner has the responsibility to invest in their training.
In conclusion
What is pretty evident is, challenges for any new startup regardless of their size and business nature. The points mentioned above would help your business to navigate through the tough and challenging scenario. There is a flicker of hope for Indian startups as the government would likely boost the startup environment in the foreseeable future. Any big multimillion-dollar business had to start from small before reaching the level that they are currently on. Start small, fail fast, and learn quickly should be the mantra for any new startup.