Entrepreneurs aiming to start business in Beauty and Wellness industry juggle with multiple issues pertaining to turning ‘an idea into a profitable venture’. Here are tips extracted from “Business- The Emami Way” to help you tackle initial hiccups.
Decades ago, when R S Goenka and R S Agarwal had established Emami Limited, the duo phased endless problems which made them gain an edge over swiftly developing Indian market for beauty and wellness products.
Aiming to save the aspiring entrepreneurs with their wisdom and insightful narrative, the duo has recently released ‘Business: The Emami Way’ which is more like a guidebook for entrepreneurs to establish their own venture without repeating the most common mistakes often repeated by enthusiastic businessmen.
To educate the aspiring community of young entrepreneurs who would like to start their own beauty venture, but are afraid of taking that first revolutionary step, I’ve extracted these 8 essentials points, highlighted by the Emami Founders in their recent release. Here are the edited excerpts:
1. Study the history
To enter into beauty and wellness space, one should study the history, the origin and traditional practices first. This will help you understand and analyse its growth factors and viability.
2. Data collection
Next, you need to collect and read relevant data, Government policies pertaining to the business you’re planning to start.
3. Make note of industrial changes
Make a note of the changes that have impacted such businesses in the past and those that might affect the business in the future.
4. Sustainability of the idea
Carry out a market research and analyse the sustainability of ‘the idea’ in the long run by comparison with the other upcoming and existing market players in the segment.
5. Analyse competitor’s strength
To make an impactful entry in a much complex and unorganised market, where already high competition has made it hard for the new comers to survive, understanding your competitor well in advance is essential. Thereby, know your competitors in the field first; analyse their strengths and weaknesses to make plans to combat them well.
6. Draw a financial chart
After making a thorough research about the proposed venture, draw a financial chart to understand your investment requirements well. This will help you make required arrangements to raise funds from the market and help your investors understand your investment plans with the venture.
7. ‘Always’ keep long-term goals in mind
It is extremely important for an aspiring or existing entrepreneur to always keep-long term goals in mind and remember, there is no ‘shortcut’ to success.
8. Nation building
With the aggressive implementation of Government initiatives like Startup India, Digital India etc., it’s easier for an Indian entrepreneur to turn an idea into a successful venture. Thereby, it’s your duty to keep in mind, whether the business you are starting will contribute towards the process of nation-building and make every possible effort toward it.
In today's staunch business world, there is no hand holding entertained and the best teacher to help you learn fast is Experience. However, reading and learning from the industry veterans and experts always help in saving from common pitfalls and mistakes, often repeated by new entrepreneurs. So, horn your skill with these productive guide and follow us for more insightful tips and suggestions.