The most trending thing young entrepreneurs are looking up to these days are startups. Also, you will be fascinated by the various types of startups in India.
However, to exist under the law, you must register your startup as a company to avoid any conflicts or legal mishaps. Above all, the most common structure to legalise a startup is Private Limited Company Registration online.
Moreover, there are six types of startups you can choose from these days:
1.Lifestyle Startup
You must be thinking about what is a lifestyle startup.
The business started from the passion of a person is termed a lifestyle startup. For instance, freelance coders, content writers, graphic designers, website designers fall under lifestyle startups.
To clarify, they start a company individually and work for themselves while loving their work because of enthusiasm.
Also, the productiveness depends on the skills, learnings, energy and contacts of the owner. However, they intend to grow swiftly and generate good profits.
2.Small Business Startup
The business started locally to feed the family and generate a decent income for savings is a small business startup.
For instance, grocery stores, bakers, saloons, carpenters, electricians, plumbers, small shops, etc are examples of small business startups.
However, they do not generate immense profits or expand in the market quickly.
3.Scalable Startup
The startup with an extraordinary idea that the founders believe will change the world are scalable startups.
Also, the ideas should be unique and original.
For instance, Google, Uber, Facebook, Zomato, Groffers, Medlife, Paytm, Grammarly etc are the ideas that have helped everyone and made life easier and connected.
For selling any kind of food related item you will also need FSSAI license for home kitchen or services or any other food items.
These startups also tend to look for more such ideas and invest in them.
4.Buyable Startup
Startups that set up for selling to larger companies in exchange for some good cash.
For example, companies that offer mobile apps and web solutions.
This idea of selling the startup has become more and more popular in the past few years.
Interestingly, the companies who buy these startups are none other than Google and Facebook.
5.Offshoot Startup
Fascinatingly, not all the startups originate from level one.
Some startups branch off from the big companies and start to operate as a new entity.
Above all, they work independently from their parent companies, avoiding much attention.
Also, this gives them opportunities to experiment with their innovations freely without the fear of crashing.
You will also be intrigued by knowing that Google also has an offshoot startup by the Parent Company-Alphabet named Sidewalk Labs.
6.Social Startup
They are a startup for charity purposes and do not have any intentions to earn profits.
Breaking the stereotypical idea that startups are money-hungry and growth-obsessed.
Social startups only have the motive of being generous.
However, all the functions are similar to other businesses just the difference is their finances come from the donors and angel grants.
One of the well-known examples of a social startup is Selco- they are the first company to supply sustainable energy to rural areas of India.
In conclusion, startups are not as one-size-fits-all as people assume.
They are classified into different categories based on their features and growth process.
Also the same startup can be start in cities like New Delhi etc. or for instance, company registration in Mumbai.
I hope now it will be easier for you to develop a better understanding with the help of this guide of the well-known types of startups. Also, you can easily classify and register your business.
