Hotline: 1800 102 2007
Search Business Opportunities
Advisory 2015-02-24

Super six tips to launch a business

Starting a new business in India or anywhere across the globe is surely a task. A prospective entrepreneur has to take full charge and be ready to test the waters. So, what is it that makes or breaks any business? We tell you top tips to kick start a bus

Super six tips to launch a business

Be it food and beverage, retail, beauty, health, hospitality or any other industry, to start a business takes a lot. Few sectors involve more of paper and research work while others require more of rapport building. It totally depends on the sector you want to start a business in. There can be so many reasons to start a new business. May be you are unhappy with your current job, may be you have a great and bright idea or maybe you have lots of funding options available.

1) Market research

One of the most important elements before jumping into the trade ship is market study. You must know what all ideas already exist in the market.  In case you want to start a food business, find out about all the existing players in the market and study about the loopholes to do even better. More study means, you will save yourself from doing the same mistakes, what your competitors already did. Vinay A. Bhopatkar, COO, Van Heusen says: “You must always associate with a proven brand and stick to it in case of franchise business. Study of the market is also vital.”

2) Always try and do it with a family member

People might think that after all the home work it is very easy to start the business, but it is not. During the initial phase, you may not be able to handle all of it alone. Make sure you have a family member involved in the business. It has two benefits- Firstly, in case of your absence, illness, etc he can manage it. And secondly, as they say it takes two to tango. That partner can be your best support system.

3) Make a list of your clientele

Obviously, you cannot start marketing in the initial phase but at least you can make a list of your contacts who can be a good clientele to you. Talk to them, meet them often and through them try contacting others also who might be helpful in your business. Even if the trade is a small scale business, the prior home work has to be done thoroughly.

4) Hunt for a prime location

Rent can be very high at a prime location and this can be a hindrance to start off your business. Always ask your family members, if you they have any property that can be of utility to start the business. If the location is not prime, try selling it off after a while and shift to a major location for your start up.  Vinod Kapoor, Mult-iunit Franchisee, Titan says: “There’s nothing like having your own property. You can save so much instead of paying heavy rentals. One should try and open store on his own property.”

5) Hire professionals

Even if you own the business, you might not be an expert in every arena. There might be legal matters which you need to deal with or may be a financial advisor. Hire them to assist you better. In case you are already short of funds, hire them on contract or visiting basis.

6) SWOT analysis

S- strength, W-weakness, O-opportunities and T-threats. Know about your product. In case you want to launch a gifting brand or a food brand, try starting it during the time of festivities. During new year’s time, people purchase gifts in bulk and also sweet boxes. For example, your sweet shop can be only successful if you do the right campaigning and promotion at that time.

Related opportunities
  • Payment Solution services
    About Us: Mswipe Technologies Private Limited is engaged in the business..
    Locations looking for expansion Maharashtra
    Establishment year 2011
    Franchising Launch Date 2017
    Investment size
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type -NA-
    Headquater Mumbai Maharashtra
  • Department & Convenience Stores
    About Us  NDB Convenio is a venture of NDB Retail India..
    Locations looking for expansion Delhi
    Establishment year 2005
    Franchising Launch Date 2018
    Investment size Rs. 30lac - 50lac
    Space required 600
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • Real Estate Sub
    About Us: RE/MAX is one of the World’s largest and most..
    Locations looking for expansion New Delhi
    Establishment year 1973
    Franchising Launch Date 2009
    Investment size Rs. 10000 - 50 K
    Space required 1500
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater South Delhi New Delhi
  • Juices / Smoothies / Dairy parlors
    About Us: At Lassi Corner, we strive to help people transform..
    Locations looking for expansion Karnataka
    Establishment year 2016
    Franchising Launch Date 2017
    Investment size Rs. 5lac - 10lac
    Space required 125
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater Bangalore Karnataka
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

Free Advice - Ask Our Experts