Starting a Business in India Quite easy From the Past Few years. India market is the second-biggest Market After China.
it is full fill of various types of Customer Segments. A broad economy, a large population with different Choices.
India is always being Popular Destinations for startups and Businesses. anyone one Become a millionaire and billionaire if he or she uses the resources in the right Way.
If you want to start your own business in India first. you need to understand the market gap.
What’s in it For Me?
- Indians Consumer Market Behavior
- Current scenario of businesses.
- Identifying Market Gaps, and Business Opportunities in India
- How to segment Potential right Customer?
- How to get started?
Trust me you can be a millionaire by only selling Tees. Before starting any startup or business you need an idea and Also your ideas should:
Problem-solving or Need Full Filling
Big Market size Potential
you need to understand your target audiences in detail. To identify this you have to Make Customer persona.
Understanding customer behavior is another important thing. while Building a Startup or Market your product and Service.
So you want to start your own business? and looking For the best business opportunities in India.
I will make your Work easier to read this blog till the end we will discuss Every Possibility to Launch your own business.
indian Consumer Market behavior
Understanding Consumer Behavior is really important. similarly, you need to know the Indian consumer’s behavior. Because you will start your business in India.
Here the market is segregated with two Parts Urban and rural. currently, it’s attracting Entrepreneurs and they are seeing big business opportunities in India.
“ India has 45% Middle-Class households, 59% Poor And 1% rich.”
The growth of the Indian market Continually increasing because of it’s growing population. Your Product/ service can reach 140 Cr People, Now think how big Market it is.
But before that, You have to Choose the best Category Audience according to your Product/ service.
May be your customers Comes Under Middle Class or lower income group or high income Group.
“It’s projected per capita GDP of India will reach US$ 3,273.85 in 2023 From US$ 1,983 in 2012.”
India’s Consumers More likely to Spend On food, housing, consumer durables, and transport and communication sectors.
“ According To Times of India (TOI). India will have the largest youth country By 2020, 65% of the population under the age of 35.”
This all data Can help you To Find Out best business opportunities in India.
India is Very Price Sensitive Market. people love discounts and Low price. You can play with Cost leadership STRATEGY.
This strategy is to Provide your Product and services at affordable prices than your Competitor.
Your Product should more Affordable, however, if you targeting high-income households then you can sell with high margin.
if your product is for middle-class Families then cost leadership better option.
4 Major Factors that drives Consumer behavior in India:
Consumer buying behavior Mainly depending upon these 4 Factor!
Every society has some set of rules. Most people choose their buying decision with cultural causes. It is the set of basic values, Perceptions, wants and behavior learned by a member of society from family.
Social factors come From Family, friends, Group of people. People’s buying decision is also influenced by Close one’s.
For example, let’s say you want to buy a t-shirt, you choose two shirts now you confuse which one should you buy to clarify this you Call to your Friends, Family members.that’s how it influences people buying behavior.
Such as Age, Gender, circumstances, Lifestyle, Behavior, Decision making comes under personal Factors .its also control buying behavior.
Learning, Motivation, Perception factors comes under psychological influence.
Why Consumer behavior is important to Find Business opportunities in India?
It allows you to view from the customer side. By knowing this you will able to control their buying behaviors.
You can also Customize your product/services according to consumer behavior.
Current scenario of businesses
I m writing this blog on Apr 18, 2020. As of now, the condition is quite Unsustainable due to Covid-19 Pandemic.
The economy is going to slow down. GDP Decreasing and Businesses are bearing Heavy loss. Hope our Economy will recover faster
Difficult year For growth :
This year will go difficult for Businesses. However, after the coronavirus pandemic end, the business will grow unconditionally.
Indian government taking big initiatives for Businesses. it’s a big factor that drives the economy.
You should plan you strategies to start Business after covid-19 pandemic end.
Business loan interest rate will be very low.
Government will announce schemes and Packages For Businesses.
Identifying Market Gaps, and Business opportunities in india.
Why it’s important to identify market gaps?
Identifying gaps means finding untapped areas in which no one focusing on that particular problem, there is a good chance of profitable Business if you will able to find it.
Market gaps also help you to develop your business.
Once you find a market gap, try to develop a product/ service, which will solve that problem or full fill that need. By doing this you will able to create a unique Value Proposition For your Customers.
It will also give you uniqueness. You can easily create a blue ocean strategy.
How to identify Market gaps For business Opportunities in India?
Find out unorganized Sector:
Do you know In India there are lots of unorganized sectors? you will get a bunch of choices. You just have to organize them and bring them into a platform.
This is the best way to find out business opportunities in India.
Just like Swiggy, Zomato, Oyo did! What was that??
Before tomato, Swiggy, if someone wants to consume hotels, restaurant foods they have to go there.
Very few restaurants delivered food in the doorstep. People are very lazy to go to a restaurant and have a meal.
So now zomato comes into the picture. They solved this problem. They bring all restaurants and hotels into their platform.
Now anyone can directly order through their app. It’s solved customers’ lots of problems.
- Now they can order from different hotels.
- They can enjoy different tastes.
- They don’t need to go anywhere, they can enjoy food from home.
- Wider menu choices.
- Discounted price
Zomato solved all this problem.
And we can see where zomato now.
They find out this untapped area and develop a product and got success. You also need to find out these types of unorganized field.
Look what’s going Wrong:
In the case of oyo rooms, the founder Ritesh Agarwal use to travel a lot and he stays in hotels.
During this experience he observed something. Hotels are unclean, bed furniture is not good, the hotel staff’s behavior is not likable.
hotels were not providing food service, the price was very volatile.
No proper booking system. All this problem forced him to think about starting a startup. That’s how oyo rooms started.
Ritesh Agarwal noticed the wrong thing and started working on it.
You can also observe the market.what’s going wrong in existing sectors. If you find something starts working on it.
Gather Feedback’s From People’s and Customers:
Taking feedback is really important. Through this, you will know what problems are people facing. In this particular thing and what they want to improve in it?
What their viewpoint?
If you interested in the specific field /industry, go and start taking feedback from customers.
who uses that product? ask them what problem they are facing while using this particular product /service? ask them what we can add to make it better.
By doing this you can outrank your competitor. You can build better products/services than your competitor.
Look what foreign thing you can make local:
There are most of the startups who inspired from foreign startups, like ola,Oyo .
Before ola there was Uber. Uber started first. Ola got inspiration from it and they started cab services in India.
This is also Can be A great Business opportunities in India.
Before Oyo there was Airbnb.
Before hotstar, there was Netflix.
Also observe what you can start by copying similar concept?
Note: Add your own USP in it.
How you can improve it more effectively?
How to segment right Potential Customers?
This is divide into 3 part:
- Demographics Data- Gender, Education, Location, Personal income, household income, likable status.
- Psychographics Data- Activities and interest, behavior, Entertainment, and More.
- Emotional insights -Need/want, Desire, Pain Points, Challenges.
These three things will help you to understand the right customer base. It’s vital to Find potential customers because everyone will not buy your product.
Most of the Indian Entrepreneurs avoid it. And they start Market every People. Due to this, they lose.
Understanding your customers will give you a better perspective. You can control their buying behavior.
you will able to market your product service in a more effective way.
After You Found Business opportunities in India.
How to get started?
Find A Problem:
Before You Start Any Business First You need An idea.
But here is the important Thing:
“Stop Chasing Ideas“
ideas Not Going to build A billion-dollar Business but Problems and their solutions Can do. So instead of Searching For New ideas, identify problems and Also their Solutions.
If you noticed Every Successful company has one Similar thing.
They are Solving Peoples Problems. Starting From OYO, amazon, Zomato, Google.
Start Planning your Business strategy:
You need A business strategy Before starting any Business! You need to decide how you going to deliver value to the Customer and how to generate revenue.
To Plan Your Business Strategy You Can Use Business Model Canvas:
Business model Canvas Will Help you to Leverage Your key Concept in your Business.
Register your business:
Get done With register Company With right legal Form.
There are different types of legal Forms like Private LTD, One Person Company(OPC), Limited Liability Partnership (LLP).
Choose best For Your Company and Start Working On it.
And last But not The least.
Create Your Store and Make Website:
A store is Mandatory to Show Case Your Product/Service. A Website Can Help you Start your Business with less investment.
instead of investing Lakh of rupees, create A simple website Where You Can Drive Your Potential Customers.
Once you done All the things, Now let’s Do Some Sales.
Here are some disadvantages for Businesses in India:
- Peoples give more priority to price over the quality of the product.
- Customer doesn’t have more loyalty to a particular brand
- Lack of awareness and knowledge about the product.
- People tricked easily for marketing especially like offers, discounts, etc
- Politics Play Vital role in India’s business sector.
Always understand your target audience and your competitor.
What they are wanting and what are they doing wrong. Improve your product /service accordingly.
If you found any business opportunities in India just put your work on it. Because if you will not do someone will do it.
Hope this articles helps you, if you have any doubt feel free to ask.
Thanks for reading , I will see you In the next Blog.
People With Passion Can Change the World.💡