Many people think that generating the idea to run a profitable business is the most crucial challenge for entrepreneurs. While this is absolutely true, starting a business, especially in a costly city like Delhi, can be equally challenging.
In this post, we’ll take a closer look at the things you must take care of to start your business in Delhi.
Although a handful of entrepreneurs manage to start their own businesses in Delhi without outside funding, most of them require financing from external sources. Even if you can make the initial investment to get the ball rolling, it becomes extremely hard to continue doing the business in the long run without financing.
So, the first thing you need to take care of is financing. Fortunately, if you have a profitable business idea and a concrete roadmap to follow, you shouldn’t have any problem finding investors in Delhi. There are many angel investors, venture capital firms, and wealthy individuals who regularly invest in Delhi-based start-ups.
A Fully-Equipped Workplace
Your workplace or office will reflect your professionalism and seriousness with the business. Commercial property rentals and security deposit amounts are so high in Delhi that most start-ups cannot even think about occupying one of them.
In this scenario, coworking spaces in Delhi act as the savior for start-up owners. No matter where in Delhi you want to open your business, you’ll most likely get many choices to choose from. And perhaps the best thing about these facilities is that despite the very high property prices and rentals in Delhi, they offer fully-equipped workplaces at reasonable rates.
Most facilities have flexible lease agreements and minimum lock-in periods, so there won’t be any significant financial burden. Moreover, you’ll get many top-class amenities included in your membership plan, meaning there shouldn’t be any additional expenses to run the business.
To sustain in the long run and keep your business profitable, you need clients/customers. And when it comes to acquiring clients/customers, business networking is a must for start-ups. You have to meet and network with other professionals and businesses in your industry or in industries that relate to your business.
In Delhi, several professional organizations regularly host networking events that you can attend to meet professionals who are in situations similar to yours. These events not only help emerging start-ups introduce their concepts but also act as platforms for businesses to exchange ideas.
However, it’s important to note that attending networking events such as business seminars or conferences often requires a participation fee. Fortunately, even if you don’t want to pay such fees, you can still expand your professional network to bring clients/customers to your business.
Many shared office spaces in Delhi regularly host various professional and networking events that bring you somewhat similar opportunities as the events hosted by professional organizations. And as a member of the coworking space, you may be able to attend those events either for free or at a discounted participation fee.
While there are several other things that you’ll need to deal with when starting your business in Delhi, the things we mentioned above are the fundamental ones. Be sure to consider these aspects thoroughly to make an informed decision.