
Sustained efforts by the government and building up of a startup and business favourable ecosystem has given an enormous rise to the startup culture in India. Today, India has around 65,861 startup businesses as compared to 726 in 2016-17.
“The Startup India” initiative has been successful in building a strong network of entrepreneurship, economic growth and large scale employment opportunities. Indian startups have raised around $42 billion in 2021 with India becoming the third largest unicorn hub after the US and China.
The vision of establishing a startup business stands well when you have a proper marketing strategy and most importantly a well-researched guidance by a startup consultant to pitch in a successful business.
Types of business startups according to market valuation
1. Minicorn Startup
Companies that are having a value of over $1 million and are on the way to reach a benchmark of $1 billion valuation in the market.
2. Soonicorn Startup
Startups which are close to a $1 billion asset valuation are termed as Soonicorn. These have tremendous growth potential and have the possibility to join the unicorn startup ecosystem.
3. Unicorn Startup
This term is generally used for companies that are privately-owned, venture capital backed that have a valuation of over $1 billion. India has also reached a landmark of having100 unicorn startups in 2022.
4. Decacorn Startup
The companies which have a current valuation of $10 billion in the market are termed as decacorn. These are an upgraded version of unicorn startups. These companies lack cost barriers along with business model and ratio.
5. Hectocorn Startup
Hectocorn are those companies which have an asset valuation of $100 billion. Also known as “Super Unicorn”.
Types of major startups in terms of Entrepreneurship
There are six types of startups under this category:
1. Lifestyle startups
Entrepreneurs who are leading their own life i.e., they are working for themselves passionately and have been doing their jobs independently. Generally professionals like freelancers, graphic designers etc. Having a hobby, a high self-motivation and creativity is what you need to run these types of startups.
2. Small business startups
Entrepreneurs who wish to have a long lasting and a sustainable business which is stable and not wish to earn huge profits or scale up.
Having a comfortable source of income which allows them to earn for themselves and their families is the main motivation for operating such types of businesses. Bakers, grocery shop owners etc are generally included in this category.
3. Scalable startups
These types of startups are suitable for those entrepreneurs who have ample market knowledge and have gist to explore the market opportunities and use them efficiently to run their business effectively. As the name suggests, these businesses scale up their operations consistently and establish themselves significantly in the market.
4. Buyable startups
These types of startups are generally related to the web and app development, software and technology industry. The main motive of these startups is to earn a good amount of profit by selling their products and services to big companies.
5. Social startups
The main aim of these business startups is not to earn profits or run a stable business, but to impact the society and economy positively. There are less chances of these kinds of startups to earn well but it could be either case if its an NGO.
6. Large Company startups
With changing trends, consumer interests and technology, large companies should be able to adapt to the right business models in order to survive in the market.
Leading startup ideas
One can go for these ideas if you want to start your own startup and establish yourself as one of the leading entrepreneurs:
1. Green Tech
Consciousness for the environment has been ever increasing and it has become a vital part of people’s lives and moreover emerging as a trend for many kinds of startups and businesses. Demand for eco products has upsurged as well within the past few years.
2. Agri Tech
Easing the lives of farmers with the use of technology is the basic role of this segment. Still, many farmers work day and night tirelessly to provide the nation with food grains but are untouched by the modern techno farming techniques.
This serves huge potential and provides you with opportunities in your entrepreneurial journey.
3. Cakes, Cooking and Bakery Items Manufacturing
Manufacturing of cakes, biscuits and cookies is something that didn’t have a huge challenging impact during covid, though other industries suffered from pandemic. A product which remains always in demand and is one of the most profitable businesses in the food manufacturing industry.
4. Herbal Remedy Production
Importance of the Ayurveda and herbal sector has taken a step forward when we consider the trends in the beauty and health sector. The shift of preference from chemical products usage to natural products has boomed up the growth opportunities in this arena.
Also, a good knowledge of herbs and plants and their medicinal value could become a great resource for you to set up a startup in Herbal remedy production.
5. Promotional wood products
One of the lucrative startup opportunities because of the perceived value of custom wooden products. One can sell their carved wooden products to various companies and earn a good profit.
Production of a variety of small products for various companies to imprint their logo and do promotion for their brand is the basic role of these companies.
6. Cosmetic Manufacturing
With demand in high quality products and suitable to skin types appropriately and maintaining an affordable price range unfolds large opportunities in the cosmetics industry.
It is a trend in the beauty industry which has a high scope of entrepreneurship development.
Process of setting up a startup
Establishing a startup can be a hefty task if the proper plan isn’t executed well. Following the correct strategies could make the whole process efficient:
1. Starting off with a great business idea
Understanding the market trends and customer needs effectively and efficiently going forward with the perfect business plan is the key to have a successful start in this field.
2. Finance
Budget and financial planning differ with different business plans. Also, the funding could be availed through:
- Angel Investors
- Venture capitalists
- Bank loans
3. Having right strategists
Here, comes the role of startup consultants in providing the right strategy in establishing the startup. There are various risk factors which need to be handled well in order to have a successful start in startup businesses.
4. Legal Process
Acquiring appropriate legal documents and licenses is necessary in order to operate your business in the market.
- Getting appropriate business license
- Registering the business name
- Trademark
- Get FSSAI registration done in case of a food startup
Startup business consultant and their significance
The significance of startup consultant could be stated with the fact that their guidance could do wonders to your business by improving your market insights, remove any type of financial roadblocks and assist you with various business aspects and accelerate your growth by removing initial obstacles.
What role does SolutionBuggy play here?
With more than 2000 startup consultant providing services and having contributed in completion of over 800 projects, SolutionBuggy has emerged as one of the leading startup consulting platforms in India.
With an experience of more than 15 years, SolutionBuggy provides a wide range of services starting from providing financial guidance to accelerating your business growth. The process starts with connecting and registering to SolutionBuggy, having an interactive session with startup consultant and timely completion of the project.