Are you planning to begin your own startup business in Nepal?
Nowadays most people are attracted to startups and want to become an entrepreneur. Entrepreneurship has become one of the most preferred career choice by Nepali youngsters.
Over the past five to six years, “there have been revolutionary change in Nepal’s startup scenario as new and youthful business people consistently come up with ground-breaking concepts. Although there is currently no official statistics, it is estimated that Nepal has more than 50 successful startups.
These are the businesses that are allegedly making good profits. During this time, many emerging startup ecosystem in Nepal is developing, however it is still lacking venture capital.
In Nepal, the IT sector is seen in demand a lot. The youngster or let’ say “The Gen-Z”, are attracted towards information technology sector. This group of individuals are connected with IT and IoT services. This have triggered many innovative ideas in the mind of people which ultimately lead in beginning of a startup business in Nepal.
The IT industry is home to the majority of successful companies, hence the future of the startup business in Nepal economy is bright.
Becoming an entrepreneur and the head of the company is most people’s dream but the road up is tough.
There are many successful startups in Nepal. These startups deliver different solutions but holds common aim at providing a quality service. Some of these startups are:
- Tootle : A two-wheeler ride sharing service
- Foodmandu : An online food delivery service.
- An4Soft : IT company in Nepal providing different IT services.
For those who are willing to begin a startup business in Nepal, it might be difficult to figure out how to start a business? What should you sell? Who should you sell to? How will you get customers?
That’s not enough, every week there seems to be a new business trend online. Keeping up with these trends, that even in a competitive market is definitely not a cup of tea. Thus, you have to be prepare yourself in all way to begin startup in Nepal.
Here in this guide, we have mentioned some steps that might help you to start a new business.
Steps to begin your Startup Business in Nepal
Step 1: First Ask Yourself, Are You Ready?
Most people think that starting a new business is like a full time or even less work but it is no like that. It’s much more than just a full-time job. You need to work more than 12 hours a day at times and holidays are rare at most.
You will have to completely redesign your life so be prepared before planning. In simple way, you have to make your business first priority in any situation.
The success of your business is a reflection of the hard work you put in.
Step 2: Is Your Idea Enough to Start New Business?
Before starting your new business, you must have to analyze the market enough. Your idea must be innovative so that you can attract many customers. You have to do different research on the market you are targeting. Don’t forget to keep an eye among your competitors.
Also, you can hire experts to analyze what the market is right now and what it may be in the future.
While starting a new business, you also have to focus on timing. You should start your business at right time.
Step 3: Determine what type of business to start
Before starting a business, you need to figure out what type of business to start. Is there a niche you are particularly passionate about? Are you seeking to turn your ideas into a business? Moreover, will your niche make enough money that will have return on investment (ROI).
Step 4: Choose a Business Model
After determining a business idea, now you need to think about how you are going to execute it in your niche. This is from where the business model comes into play.
It is a strategy for how you are going to provide value with your idea and can make money.
Here we have mentioned six types of business models you can consider:
By promoting other business products and services online, and receive a commission for each sale you can make money.
Freelancing: Providing a service to other individuals and businesses using a skill that you have, you can make money.
Coaching and Consulting
By becoming a coach or a consultant you can make money. Do you know coaching and consulting will also uplift your brand promotion? Coaching and consulting is actually can be considered promotion of your skill.
You can use a service like Shopify to create a website and can sell physical products online. Keep in mind that the product is actually in demand among the customer and is usable for daily basis and long-term.
Software as a Service (SaaS)
You can create software and can charge users a recurring subscription fee.
Step 5: Don’t forget that law exists
Before starting your new business, first, decide what type is it. Is it on the partnership, it cooperative, is it an LLC? Anyway, every business structure has different laws that come with it. Paying tax will also differ accordingly.
Don’t forget to figure out all the legal stuff first so that you don’t need to take any extra stress later.
Step 6: Get Feedback
So now that you have got the idea you have created a plan, you have figured out government law while starting a business. It’s time to get feedback from an expert who is a specialist in their own field to improve your idea. They help you to boost your business towards success
You can keep yourself advised on everything related to your business.
Step 7: Can you afford it?
What are your finances like? Where is the funding coming from to invest in your business? How are you going to sustain your business for a long time in the future? Are you planning to take loans?
There are so many questions you need to ask yourself before starting a business. You should look out for the investors, partners, and crowdfunds before taking loans from a bank.
There are other factors also involved in startup business in Nepal as well. You need market knowledge, experience, contacts, etc. Starting a business alone is not easy. While beginning your business, at least keep in mind that you are financially stable enough to pay your employee for at least six months. You need experts and helping hands a lot in your new business.
However, with the above-mentioned steps, you can definitely start your new business and of course, sustain yourself in the market if you are a beginner.
Running a business is hard. If you succeed, you’re called a CEO. If you fail, you’re called a fraud. It’s a scary world.
So, take your time, research as much as you can, gather connections and take your business slowly. You can make your startup to an empire one day even if you go slowly.