World market is changing very fast and so is India. India with its wide diversity, offers a fascinating scope to study the host of changes which developmental activities have brought about in its social and economic life of the people. Post independence it has emerged as one of the best markets in the world where any and every quality product is accepted.
Therefore to start a small business in India, you must go through the below mentioned tips;
1. Question yourself about the different value you will bring along with your new business: Do keep in mind that as an entrepreneur you are bridging between the desire of the users and the manufacturer. Ask questions like, what is it that you are offering? Is the product already available in the market? If yes why your one is special, and should be used by the customers based in India? To position your product well plan out a good marketing strategy in the competitive market. A good marketing strategy is your key to success.
2. Do SWOT analysis first: S- strength, W-weakness, O-opportunities and T-time. To position your product in the Indian market and to start a business this SWOT analysis is very important. In Indian market, this analysis helps a lot. People have different sentiments at different time. It also depends on their geographical location and festival sentiments. For e.g. Diwali is celebrated almost all over India, hence maximum number of films are released during that weekend. People go out with family and they need entertainment. Similarly since Diwali is the festival of gifts sharing, most companies launch their products, like electronic goods or apparels during this season.
3. Do market research and identify opportunity: For you new small business it’s always advisable to do a through market research that will help you understand the price, market, quality and timely delivery of the product or service. To get better result, and avoid any unwanted protest, you may hire a professional market research company and get your job done in a much better way. If you do not have much budget to spend on research, then at least frame the market research questions and then talk to your friends and their relative, contact as many person as you can and do a research so that you get a proper view of the clients expectation.
4. Frame a business plan: Work out a proper business plan. After you have thoroughly done the research now its time for an apt business plan. Write it down on a paper, mention the time you need to introduce the product, strategy of marketing the product, finances, revenues that you can earn by introducing your product or service in the market. If you need a loan then plan out the accounts part properly.
5. Marketing plan: Choosing the right marketing strategy is very essential in this competitive world. Plan out how much revenue you want to earn in a month. Write down the details and identify your monthly target properly. Use your resources well.