If you have found it confusing to find the right guidance to start your business, here is a full guide on how to start a Product based company in India.
This blog assumes that you already have a product that you can sell for setting up a successful product based business.
Ready your product:
- Product that people love – Customer Delight is the base of any product, so ensure your product is something people would love.
- Validate your product – Test your product with prospective customers, gather their feedback and improve your product. Test everything – your packaging, actual product inside, brand perception, emotion on using your product – test and ask everything.
- Remove Bias – Remove your own, family & friends bias in judging the product. Based on actual user testing and feedback (the more people you ask the better), use the data to enhance your product.
- Don’t be perfect – Its okay to not be perfect. Going fast to market is key, so if you think you are 90% there, go ahead and launch.
Now, once your product is ready for showtime, take a STOP and read. Read, Read, Read! Its one thing I recommend to everyone, before going far and wide – READ!
Some books I recommend – You Squared (By Price Pritchett) & Think and Grow Rich (By Napoleon Hill). These books will make you take the quantum leap and also think about how to make money using the age old secret which Millionaires and Billionaires have used in the last 100 years.
I wrote this article not to promote Grey Chain Technology, but to help people with entrepreneurial mindset to build a business like we did at Grey Chain. Infact, this article has nothing to do with technology and everything to do with a physical product and how to make it big!
Also, don’t just rely on this blog, this is based on my experience & knowledge and successes / failures I’ve had. You should do your own research. I assume since you have reached this blog, you are already researching.
Let me tell you the best way to research I use, go to Youtube and search for videos related to your research topic like how to setup email, etc. Look for videos which are no more than 4-8 mins, any concept that someone is triyng to explain should not take more than 4-8 mins for a good teacher. If its going beyond 10 mins, watch at your own leisure time, because that Youtuber is just ensuring he/she increases watch minutes and also monetizes since Youtube allows ads on videos above 10 mins. Shhh..this is an industry secret.
How to get started on launching your product:
- Step 1: Find a name – ChatGPT has made finding a name super easy, just go to ChatGPT and explain your product and target audience and ask for suggested brand names. It will give you any number of options to explore and finalize.
- Step 2: Buy a Domain Name – Once you have a name for the product, go and buy a domain immediately (THIS SHOULD BE THE FIRST STEP BEFORE ANYTHING ELSE). You can buy from any reputed domain provider like Google Domains, Namecheap, etc. Just ensure you keep your login saved and ready for use. This should not be more than 7-10 US$ (approx. INR 800) expense. If a domain is expensive, look for alternatives. The first preference should be a .com domain since Google ranks them well. But if you do not, you can buy a .in domain. If you are in some specific space like AI, etc. then you can explore other domains like .ai, etc. But go for .com as priority.
- Step 3: Get an email account – An email ID is a must for a business, so that your prospective customers and others can reach out to you. It is more important than having a phone number. You don’t need to spend a single Rupee or penny to get your email. Just find any provider like Zoho Email which offers upto 5 email accounts for free. I recommend Zoho because I have tried it. Please do not pay Godaddy or any provider for an email. 5 free email accounts can make your business go for a years with sharing emails and a lean team. Save money where you can! Pls note: The setup might be slightly technical but if you follow zoho tutorials, you would take 10 mins to get it up and running. Ensure the provider has a mobile app as well. Also, please create a mail that is ideally like email@example.com or firstname.lastname@example.org, this will allow you to sign up on many platforms like Linkedin, Instagram, etc.
- Step 4: Register your business – Registering your business is the logical next step, following the below steps to register
- Form an entity – You can choose between a Sole Proprietorship, Partnership, LLP or Private Limited. Each has its own pros and cons. If you are a solo founder, there is no harm in quickly starting with a Sole Proprietorship but as your business grows you might need to incorporate as a LLP or Private Limited. There are hundreds of 4-5 min Youtube videos to find the difference.
- Get a PAN Number – Once registered, apply for a PAN card via NSDL website, this will ensure you have your legal entity registered with the Income tax department.
- Get your GST Number – Apply for a GST number, it is a necessary step for you to sell products as you would need to levy GST on products sold.
- Step 5: Get a Bank Account – Once you have your PAN and Company Incorporation Documents, you should apply for a bank account. The best bank selection criteria is just 2 pronged – pls pick a bank which has a branch near you and also offers very good online services. Go to the bank, form a good relationship with the local manager, it will go a long way.
- Step 6: Register your Trademark – Trademark Registration for your Brand Name, Logo & Tagline (if you have one) is a MUST, you should use an online provider like Vakilsearch, etc. to register. They will do everything for you while you are sitting at home. Pls note: Vakilsearch does not pay me, I just find their services good. You can even take use your local lawyer but my point is someone will do it fully for you online and you don’t have to go anywhere from home, then why not! You can choose anyone for that matter.
- Step 7: Get Product Certification – Compliance & Regulations are very very important when giving any product to any consumer. Please ensure you research well (refer my note on how to research on Youtube) For .e.g FSSAI for any food related product. Use any site like I suggested above to go for these certifications. I recommend finding a friend in similar industry to seek guidance as well.
- Step 8: Start your Instagram, Twitter & Linkedin – This needs no guidance, just sign up and create a page. But yes, creating content is not as easy as it looks. You can use these new age AI tools like Microsoft Designer, Canva, etc. to create your posts easily. Just think about something people will stop on while scrolling and your content will organically grow. This will need you to go to Step 11, so read that to understand the magic sauce on how to grow on Social media! Your goal is to create a brand on these platforms and second is to find potential customers, so built “Relatable Content”. You need not be a pro, just create relatable content.
- Step 9: Build your website – You don’t need anyone to build a product selling website. Think small–> Grow and then go for something big. To get you started, just take the base package from Shopify, choose a template and built your site. It is very very simple to create a template based site with your brand colors and logo. For content on your website, just go to ChatGPT and ask it to write content for a page, specific section, etc. Get your site up and running in 7 days, if you are taking longer, you are either doing something wrong or procrastinating.
- Step 10: Start Selling – Once you site, company, GST, bank account and certifications are done, YOU ARE LIVE! You have now a full Product business to start and run!
- Last Step but a Beginning – Step 11: Hustle. Hustle. Hustle – There is no amount of lessons I can impart which will make your product successful – just be BRUTAL and work smart & hard. Here are a few things you can try:
- The Aman from Boat Trick – Go to a shop to ask them to stock your product, they will refuse. After a few days, send your family members at various times to ask for your product. The person will call you back to stock it.
- Post use cases / WHY of your product on Social Media
- Use tools like Mid journey to create AI generated images of good scenes to place your products. Then paste your product images on top to post it on Social media.
- Reels work best on Insta, so even if you are putting images – add music and post.
- Create relatable content
- Talk about your product to everyone you meet and at every occasion.
- Success attracts success, so always say your product is doing well. When people think others are buying, they will also buy.
- Find your promoters, find people who would promote your products and use them well.
- Send packages to celebrity houses or to influencers and offer it for free, but request them to post. Don’t force them to post but only request. If your product is good, they will post to their viewers because at the end of the day they care about their users as well.
- Lastly, I repeat, Hustle – Hustle – Hustle – There is no alternative to hustle, you need to act smart and act fast. Keep persevering. Luck comes to those who try, so keep trying and at one or two occasions luck will hold your hand – give luck a chance!
Though this starting a product based company guide looks like its for India based founders, but if you are in any country – the above methods apply! Just replace relevant sources for e.g. Company incorporation will be different in different countries but it should be easy to find.
Everyone has their own journey, but having some guidance is always good. Also, Your goal should be to reach Step 11 in 30 days and no more!! If you are taking longer, you are not taking the Quantum Leap.