This decade has seen a sharp increase in the number of software companies in India, almost as if there were a software industry revolution. The fact is that India has the world’s third-largest Software Startup Ecosystem. In this country, starting a software firm can be beneficial because every business is related with technology and its services.
There are various software companies in India that provide software solutions to clients, including Infosys, Wipro, Tech M, TCS, and many others. Software businesses are sprouting up in all of India’s main cities. There are also numerous multinationals that have developed and continue to establish themselves in the Indian market, such as Capgemini, L&T, Tata, and Mphasis. Also, you can check IT companies business listing India to get more info about IT businesses and start-ups and get an idea about how they operate.
Growth of the Software Industry in India
In India, Software businesses contribute around 8% to the nations GDP. Based on hundreds and thousands of software services companies that were started around the last three decades, to everyone’s surprise, the software industry has generated $180billion revenue and also more than $135 billion in exports in the first quarter of 2019 alone.
This industry has directly created approximately 5 million jobs in India. In addition to this expansion, the largest Indian software services firm is projected to be worth more than US$100 billion and generates more than US$20 billion in revenue.
Raise Funds for Software Companies
Traditional businesses rely on bank loans and other methods, such as soliciting investment from friends and family members, but this is not the case with online firms. There are many angel investors in this area for software development of software companies. There are different financial methods used by entrepreneurs to collect funds from diverse sources, and it is not as difficult as it appears.
Steps to start a new Software Company
There are certain steps to take when starting a new software company.
1. Choose the type of Business
Consider variables such as selecting the suitable type of products and services, targeting a certain audience or market, profitability, and business feasibility. Before making a decision, software entrepreneurs must examine a number of factors. As the competition, entrepreneurs should focus on targeting a particular market.
It is also necessary to concentrate on utilizing new distribution channels that successfully supply answers. Software entrepreneurs are also expected to provide superior economic solutions that entice clients to purchase their products and services.
2. Better Products
Entrepreneurs must think about and develop a better version of their products, which isalso known as an update to the existing product. Once a complete and integrated product has been developed and released to the market, it should be protected by copyright and trademark.
Entrepreneurs also begin marketing on a digital platform because the software is largely used by young people, it needs to be seen by them and create a space for them to promote the product. It can begin by developing a website and then delivering a demonstration of the new software. Platforms such as Facebook, Twitter, and YouTube should be used for promotion, providing information on new developments, and soliciting comments from viewers.
3. Obtaining Licenses
Licenses are intended to authorize businesses to carry out the procedure without any legal hiccups. The STPI Licenses are exclusively for new software companies starting in India and provide them with a variety of facilities and perks such as no tax payment for 5 years and no import or export duty on software items. License holders can also take use of services such as lower-than-usual rates.
4. Importance of Advice Teams
In the search for like-minded individuals willing to participate in the business. Business owners should look for people who share their excitement as well as their knowledge.
Collaborations are also beneficial in terms of providing distribution and marketing channels for items as well as delivering integrated solutions. The advisory team should include tech-savvy individuals, marketing specialists, and a design team, as well as seasoned industry pros who can provide excellent advice.
5. Planning the Human Resources
When the company is up and running, entrepreneurs should concentrate on hiring talented employees. India has a large number of well-trained people, particularly in the field of software technology.
Legal Entities for a Software Company in India
Before beginning a Software Business in India, entrepreneurs must establish a legal corporation. There are some well-known legal entities that can launch a business in India.
Sole Proprietorship – Probably the greatest legal entity to experiment with new ideas at a low cost. It will not be a corporation, but the owners may refer to it as a sole proprietorship.
Partnership Firm – It is a terrific possibility for businesses when the business owner has Co-Founders and they strive to work out the business idea jointly with the least amount of legal costs.
Private Limited Company – A Real Company for Indian Businesses Almost 90% of business owners in India register their companies as a Private Limited Company.
Types of Software Companies
The Software Companies in India can be classified according to how their businesses operate. To start a business, the appropriate category must be chosen. A software corporation can be classified into two sorts.
1. Product-Based Software Company
The Product-based Software Company deals with finished goods and sells them to specific clients. This sort of firm has a product or collection of items that provide the majority of the company’s revenue. Amazon, Microsoft, Cisco, Google, Tally, and many more are some of the greatest software product-based or development-based software companies in India.
2. Service-Based Software Company
The Service-based Software Company deals with services that must be done and sells them to a specific clientele. Business Consulting, IT, Hardware and Software Engineering, and client outsourcing are among the services offered.
Wipro, Infosys, Accenture, Tech Mahindra, Oracle, and many others are among the top software consulting or service companies in India. Application Development, ERP Solutions, Programming, Quality Assurance and Testing, Custom Business Solutions, Customization, Database Migration, Collaborative Commerce, and Multimedia Offering are some of the services offered by companies.
Why you should consider IT Companies Business Listings?
Now another important aspect which you should consider before opening an IT business is checking on the IT Companies business listings. Here you can find thousands of other IT companies business owners who have listed their business and therefore you can contact them to learn more about their business.
Best IT Companies Business Listing India Websites
Now we will give you a bunch of Free and Best IT Companies Business Listing Websites for India where you can list your website to attain more reach.
Planning and launching a software firm in India does necessitate a significant amount of time and work. However, there are specific steps and instructions that must be followed for a successful conclusion. Entrepreneurs should not skip any steps and instead learn from the mistakes and experiences of other businesses before taking on the task.