Starting a new business in India | How to Start a New Business
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 clientele?
- Check with experts and conduct market research to confirm viability.
- Don't forget to check out similar products and your competition.
- Research and confirm financing resources.
- Prepare a project profile 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 from the Small Scale Industries department. One particularly helpful resource for ideas is the project profile books.
Project Profiles for setting up a manufacturing unit in India
Project profiles for various sectors are available from Small Scale Industry offices and can also be purchased from bookstores. These books provide excellent information and guidelines for setting up a manufacturing unit in India — note, however, that the costing shown is outdated and should be adjusted to reflect current rates when reading the book.
For entrepreneurs, these books provide information such as:
- How a product is manufactured.
- The raw materials required and where to buy them.
- The machinery required, along with a list of suppliers in India.
- The workforce required for the project.
- Calculation of the break-even point, etc.
About the profile books
Project profile books are available in nine categories. Each book covers about 25 different products, with complete manufacturing plans and cost estimates, prepared specifically for small-scale industries.
The information provided for each product in these profile books includes:
- An introduction to the product that can be manufactured.
- Potential users of the product.
- The different types of the product available in the market.
- A summary of market potential, showing the demand for the product and the present state of manufacturing for it in India.
- The potential market segment that would be expected to use the product, and possible target customers.
Disclaimer
Information provided is for general knowledge only and should not be deemed to be professional advice. For professional advice kindly consult a professional accountant, immigration advisor or the Indian consulate. Rules and regulations do change from time to time. Please note that in case of any variation between what has been stated on this website and the relevant Act, Rules, Regulations, Policy Statements etc. the latter shall prevail. © Copyright 2006 Nriinformation.com