Starting a new business in India

From a business point of view. India has the people, a strong upper middle class with good disposable income and an ideal location. It is no surprise that international companies are lining up to set up shop in India. With a population of over a billion people, India is home to almost one-sixth of the world's population. From a marketing point of view, where could one find a better location for business?

How to start a new business – New

business opportunities

Opportunities materialize out of ideas that one comes across during the normal course of our daily lives. For a new business the first step would be, to come up with an idea, for a product or a service that can make things easier, and improve quality of life of people. A product or service that people would be willing to pay for. If you have the will and commitment to succeed, financing nowadays can be arranged to bring your ideas to life. In the words of Earl Nightingale, “Everything begins with an idea”.

Points to think about

One can come up with thousands of products to manufacture. However is it cost effective? Or in other words is it feasible to follow through on your idea.

Checklist to consider for project selection

• Is the project viable, considering your know how and interests? • Who would be your clientèle • Check with experts and conduct a market research to confirm viability of project • Don’t forget to check out similar products and your competition • Research and confirm financing resources. • Project profile preparation for final assessment. Those interested in starting a manufacturing unit/factory in India and looking for products to manufacture should check out the excellent publications that the small scale industries department publishes. One publication that is very helpful for those seeking ideas for a manufacturing business in India are project profile books.

PROJECT PROFILES FOR SETTING UP

MANUFACTURING UNIT IN INDIA

Project profiles for various sectors are available from the small scale industry offices and can also be purchased from book stores. While these books provide excellent information and guidelines for setting up a manufacturing unit in India. The costing shown is outdated and when reading the book, should be adjusted to reflect the current rates. For entrepreneurs these books provide information such as: 1. How a product is manufactured. 2. The raw materials required and where to buy it. 3. The machinery required along with a list of suppliers in India of such machinery 4. Work force required for project 5. Calculation of break even point etc. Project profile books are available in the following categories and list complete manufacturing plans and cost estimates. These books include profiles prepared for small scale industries and show detailed information for some products which can be manufactured in India. Each book has profiles for about 25 different products. There are nine categories of these books. The information provided for each product in these profile books also includes: An introduction to a product that can be manufactured. It identifies the potential users of the product. The different types of the product that may be available in the market. A summary of Market Potential showing the demand for the product and present state of manufacturing being done for the product in India. The potential market segment that would be expected to use the product and possible customers who could be target for sales of the product.