The number of startups in India has grown dramatically from 7,000 in 2008 to 50,000 in 2018. India is also ranked as the fifth-most startup-friendly country in the world ahead of Germany, Switzerland, and Sweden, according to CEOWORLD Magazine. One of the ways to grow a startup is to identify fresh opportunities such as new or alternative markets. To do this, you would have to network and travel within and outside of India to actively sell the startup so that it can thrive and grow.
Why Business Travel Matters for Startups
There are surely many reasons why business travel helps your startup grow. When you travel outside of your location, you are expected to meet new people including the competition, discuss ideas, develop partnerships, and even forge closer alliances. The level of personalisation is very important as it helps you attain the confidence and trust of potential investors or customers.
Even though technology has reduced the need to travel for business purposes, there is no substitute for in-person relationship building. If lucky, you might even get access to a CEO so that you can pitch your business ideas to secure extra funding for expansions. The personal interaction with others build the present and future partnerships that can make the business stand out. Reducing miscommunication because of face-to-face meetings is crucial to the success of the startup. According to the Harvard Business Review, a face-to-face request is 34 times more powerful than an email making travel a compelling business strategy.
Travelling may have a huge impact on the direction where your startup is headed. It also requires preparation. Considering that you are going to unknown territory, it is also vital to protect your financial interests as travelling itself already represents an expense that you might or might not recover.
One way of protecting your business is to get a travel insurance that will cover your back in cases of unexpected events such as an illness or family emergencies. There are several benefits of having a travel insurance. It will pay for accidents and losses arising from a journey. Like any other business transaction, ensure that you are getting your money’s worth when shopping for travel insurance. Compare prices across providers and look at the terms closely identifying what is covered and not. In addition, check if it makes sense to buy a single or annual plan. This will largely depend on whether you intend to do frequent trips to promote your business or not.
Startups are important players in the Indian economy that require time and investment. Identifying new opportunities and networking through business travel help owners sustain their activities, grow, and succeed.