India is a flourishing market. Being a developing country with a great youth population is one of that strong point of Indian market that even the world agrees upon. Talking about the export and import industry in India, it is one of the most promising sectors with huge potential in it. This potential has caught the eye of many companies and especially startups. Though there are many firms who have tried and are trying to enter this industry but only a few succeed. The reason behind the failure is ignorance of a few key points to work and grow in this industry. Companies who focus on these points grow while others fail.
If you are reading this article and are one of those who wants to enter this industry and do not end up failing here are some key points which if not missed, will lead to the path of success in this industry.
Need For A Business Setup
Establishing a business the foremost essential step to succeed in Import and Export industry. Without this, your venture in this industry will not be able to achieve success. You need a proper legal registration with the compliance to set-up a business.
Choose A Location
When setting up any business or doing any venture in India it is really important to choose the correct location and find a place for your business to set-up. Especially in an import/export business, you need to choose a place which is most feasible for you to set-up and settle in. as a beginner, you can search for any place in the emerging business markets in India. You can search for an office space in Chennai Bangalore, Pune, Kolkata, etc.
Choose Your Business Model
There are two types of business models to choose from when you enter into the import-export industry. They are- Product –based model and Service- based model. You can choose amongst them and decide which model you want to enter.
Before starting any business in India, you must be aware of all the rules and regulations you need to abide by. There is a list of legal documents required for a business to start in India. Documents like PAN, income tax details, AADHAR, company registration, etc.
This industry is one where huge capital investment is required. In both types of business model, i.e. product-based and service-based both are capital intensive. Thus before you plan to start your business in this sector you must be either have adequate capital or you must first arrange for resources of funding.
Today the world works on the internet, if you are not present online you barely exist for half of the world. You need to fulfil the basic requirements to set-up your online presence and learn how to bring out the most from the internet.
ROI and Losses
Whenever you start a business the first thing you must remember that initially you will be baring loss and thus you must be ready for it. And to cut down the losses you can cut down certain costs such as rent, bills of certain supplies, etc. For which, instead of getting a single owned space you can go for a shared office space for rent in Chennai, Bangalore, Pune, Kolkata, etc.
But, you shouldn’t just accept losses. Calculate the ROI (Return on Investment), and if you cannot grab it you won’t be able to make a great success.