Bangalore, the IT hub of India, is known for fulfilling the dreams of young entrepreneurs. People who are enthusiastic about an idea are determined to start a start-up in Bangalore, and yes the IT hub have several opportunities for young entrepreneurs to kick start and run their enterprise in Karnataka. There are many ecosystem to support budding entreprneurs, such as Angels, Incubators, Accelerators, and much more.
In 2015, the government of Karnataka launched the start-up policy. Through this policy, it has backed up start-ups of various sectors such as animation, biotechnology, and tourism to readily start their entrepreneurial journey.
Now from 2018, the Karnataka Government is looking forward to start funding the technology based start-ups across the nation. This gives the entrepreneurs a huge opportunity to gain more funds. However, to gain these benefits from the Karnataka government, the entrepreneurs need to register their company under the Karnataka Shops and Commercial Establishment Act, 1961.
With such a huge opportunity, entrepreneurs can definitely begin their start-up journey from a city like Bangalore. However, some new entrepreneurs might be confused about how to start a startup. This article will help you solve all your queries such as government schemes, registration process, workspace selection, and the challenges in a starting a start-up.
Top Schemes Available
The Karnataka government is taking all the possible initiatives to help and support the start-ups in its state. It provides various schemes that benefit the start-ups. These schemes start from a very low as 10 lakh rupees to as high as 200 crores. For more details, you can visit the funding page of Karnataka government’s official site for start-ups.
Registration Process for a StartUp in Bangalore
Now that you have selected the right scheme for your start-up, you must be confused about the registration process. Well, you would be relieved to know that the registration process has become very easy these days. You can register and start a start up company within 7-15 working days based on the type of the company you are planning to establish. All you need to do is fill some forms and get some signatures.
One of the biggest doubts that an entrepreneur faces is the selection of workspace. Some suggest a serviced office while some suggest coworking workspace. Honestly, this depends on your space needs, budgets, frequent usage and much more. If you have a flexible budget and you need very less office space, then coworking space is the right choice for you. On the other hand, if you frequently need an office space that is large, you must select a serviced office.
An entrepreneur often wonders how to start a startup due to various challenges it brings. Some of the challenges are financial status, team building, quitting the regular job, coming up with new ideas, loneliness, making rules, and much more. However, these are some challenges that you need to overcome to achieve success. There are many Indian start-ups that overcome all these challenges to become internationally recognized. For instance, Flipkart, Paytm, OYO rooms, RedBus and much more are some of the successful start-ups who have gained their name in the international market.
Well, now that you know how to start a startup, start working on your dreams. Ensure that you keep in mind all of these suggestions to avoid the initial glitches that most entrepreneurs have.