Hotline: 1800 102 2007
Search Business Opportunities
Unique concepts 2015-02-05

How to start an innovative business in India

Someone has rightly said that innovation is not a process; it’s a state of mind. Therefore, it can’t be learned but felt. Are you also planning to start a new and innovative business on your own? Well, the time is right because the market is slowly lo

Any potential entrepreneur can seek innovative business ideas by simply researching and experimenting existing business trends. Many people keep thinking how to start an innovative business in India. It is advised to study the market trend and find out for oneself the trend that is prevailing. Once you know the direction of winds, you can never fail. Similarly, in Indian franchise industry, franchisors are offering out-of-the-box and lucrative concepts. Right from retailing to e-commerce, the figures are huge.

Mumbai based brand, Madcaps-The Party shop has everything you need for a party. It is certainly a one-of-its-kind concept in franchising. This includes supplies for everything from baby showers and children’s theme parties, costume parties, and risqué bachelorette dos. The venture was started in 2012 and the brand already has three stores in Mumbai with more stores opening shortly. The industry is still at a nascent stage as there are not many players in the domain.

Market study

A thorough market research is mandatory prior to launching any business concept. In case there are brands already existing with similar concept, then it is advisable to innovate smartly. Always take advice from already existing brands, about challenges and reviews. Another brand, Apna Ghar was created in 2008. It provides all basic drawings for the construction of a house as well as interior designing layout and execution. The brand stepped into franchising in October, 2013. The online route was started initially when the portal was launched. The brand has offline presence through franchise route in five cities as of now namely Gurgaon, Nagpur, Dehradun, Udaipur and Kolkata. With a low investment of just Rs 2-5 lakh, a prospective franchisee can open Apna Ghar franchise.

Related: How to make money in midnight food delivery business

Owned by Chennai-based, Oceanaa Group, Fish n Fresh has maintained its uniqueness with its huge stock of raw sea food. Fish N Fresh is a complete supermarket which sells raw seafood, chicken, mutton etc. The brand remains a favourite choice amongst customers for raw sea food shopping. The brand currently has six outlets in Chennai and plans to take the count to eight by 2015-16.  Another brand, Emerge has a huge range of unique gifting, accessories and apparels that are truly only one of its kinds. Brand Emerge targets fashionable youth of today and also appeals to everyone who is on the lookout for something unique for gifting or usage. Ankit Jain, Director, Emerge says: “Emerge started franchising in 2001 and now has 14 operational stores pan-India. We redefine the way world sees fashion by making apparels and accessories inspired from young budding stylists of next door.” Be it a Marilyn Monroe vintage wall clock, a camera lens shaped mug or a skull shaped landline phone, all these rare gifting items can be found at Emerge stores.

To-do list to launch a unique business brand:

  • Target consumer

Whenever you think of starting an innovative business, always know your TG. Know the age group of the shoppers in that particular area which you are targeting.

  • Spending power

It is imperative to know the spending power of your consumer. Ex- If you are launching an innovative business or a concept that required Rs one crore of investment and then you found out that your region lacks that spending capacity, then the concept is a sure shot failure.

Related: How to make an idea into a successful business

  • Marketing strategies

Before launching the concept, know how you are going to market it. Do a market survey to know what kind of advertising works in that particular region. In some cases, franchisors just prefer advertising via hoardings and billboards whereas few just hop on to the social media for quick and free access to its clientele. 

Before starting an innovative concept:

  • Why?  - Why do we want to innovate

  • Which? – Which are the loopholes which you should identify?

  • Who? -  Who is the target group

  • When? - When do you want to launch

  • What?  - What do you expect from the concept

So, before you start any concept, make an ideal mindset. Do market study and then let the world know about the innovative opportunity you have to offer. 

narendra rawat 21, Feb 2016 at 05:57 PM
Please send your full details.
Related opportunities
  • Activity Centres, Day Care & Creches
    About:To tap the lucrative market of 'kids edutainment', "Play Streat™..
    Locations looking for expansion Telangana
    Establishment year 2016
    Franchising Launch Date 2016
    Investment size Rs. 30lac - 50lac
    Space required 3500 - 7000 Sq.ft
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Hyderabad Telangana
  • Quick Service Restaurants
    About; An established Food Hospitality based in Indore. HOBNOB USP: Hobnob caters..
    Locations looking for expansion Delhi
    Establishment year 2016
    Franchising Launch Date 2017
    Investment size Rs. 50lac - 1 Cr.
    Space required 1200
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • Robotics & Technical Training
    EduCADD is ISO 9001 : 2008 certified one of the fastest growing company..
    Locations looking for expansion Karnataka
    Establishment year 1999
    Franchising Launch Date 2005
    Investment size Rs. 10lac - 20lac
    Space required 1000
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Bengaluru Karnataka
  • Explore the Taste of Delicious Hot Coffee & Flavored Cakes..
    Locations looking for expansion Delhi
    Establishment year 2014
    Franchising Launch Date 2015
    Investment size Rs. 5lac - 10lac
    Space required 100 -2000 sqft (1 sq Meter =10.76 Sq ft )
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Delhi Delhi
Insta-Subscribe to
The Franchising World
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities
More Stories