Steps for Success in the Indian Market
A Current Perspective on the Indian Market
India is witnessing a rapid growth in consumer goods, manufacturing, service sector and other market areas in the recent times. The credit for this goes to none other than the working and rising middle-class people who are doing their best to evolve and hence thereby contributing to further stabilize the economy. India has been working on stabilizing its economy for the past few years, and frankly, it is doing a good job on this front.
There have been many companies in the past few years that want to open and establish a Firm in India, and the count has been increasing ever since. We recently witnessed over 200 companies that had their roots from the Netherlands and other such countries, entering the Indian Market and growing here.
Today we are going to give some secrets from our book of experience that we gained by assisting a lot of people to open a Firm in India. By following these steps, when you are thinking of opening a franchise in India, you will be able to do the task more efficiently.
Step 1: KNOW YOUR MARKET
Diversity in India exists not only in the culture of India but also in the Indian Market. The market in India is made up of a combination of smaller pockets of micro-markets. These small markets have their unique approach to do the business based on that particular type of customer. The first thing that you might want to do when you plan to open a Firm in India is to find out the target customer of your business or product/service, and how do you plan to acquire them. Market Research is an important factor here. DBPL Team consults you here.
Step 2: LOCAL PARTNERS AND NETWORKING TO REACH MARKET ROOTS
After helping many entrepreneurs and companies to open franchise in india, we found that the emphasis that is to be given to is the task of finding local partners for a business, which is significant. The motive behind partnering up with local people is to have the upper hand by having local connections and networking with the people and reach the market roots. Being an entrepreneur from outside the country, it may not be possible for you to have close local connections and have access to various local networks as well. This is where the local partners come into play; these people can guide you and give you insights of all the inside information related to your business niche/ segment. DBPL can also help you to find local connections for your business when you are performing the activating for company formation in India.
Step 3: GAIN FAMILIARITY WITH THE BUSINESS CULTURE
While you are planning to open a Firm in India, it is essential for you to understand that business in India works on relationships. Relationships allow people to develop mutual trust and better access between both the parties and do the business in a better way. We’ll advise you that you should avoid being too direct while approaching someone and rather invest some time in building and nurturing that relationship over time with them. This is one of the key roles of DBPL to do due-diligence. It will be a long process but surely will be worth the time and the benefits that you will get down the line.
Step 4: KNOW THE LAW
The laws in India are quite straightforward, transparent and well developed. Although it is possible that while you are doing the task of company formation in India, these laws may seem incomprehensible and impenetrable to you. One should pay special attention to understanding the law beforehand to avoid the problems in the later stage. Things that can affect you if you avoid doing good research about the bureaucratic guidelines are royalties, lump-sum payments, and even tax that is levied on the goods and services. After helping a good number of companies open a franchise in India, we observed that most people don’t think much and outsource the law-related help to avoid any sort of legal violations or hassles later on.
Apart from these basic 4 Steps, some other aspects that should go into your diary are:
KNOWING THE BUSINESS SYSTEM TO FIND OUT HOW TRADE WORKS IN THE COUNTRY.
KNOWING HOW PEOPLE NEGOTIATE AND NETWORK to GROW THEIR BUSINESSES OVERTIME EFFICIENTLY.
UNDERSTAND HOW THE WORKING OF MANAGEMENT AND EMPLOYERS ACTUALLY WORKS.
KNOW THE TECHNIQUES OF BUSINESS DEVELOPMENT IN THE REGION THAT YOU OPERATE FROM.
The most consequential and result-bearing step is to “GET HELP AND ADVICE FROM PROFESSIONALS.”
Getting advice from a professional or an industry market Advisor like DBPL can help you to start a business in India in an efficient manner. While the task of company formation in India may seem to be very simple, it can actually get quite complex and tedious. There is many more ways in which we at DBPL can help you. We can provide you the services such as Market Research, assistance in joint ventures, M&A, partnering, tax planning, insurance, and even services related to Government and infrastructure. If you would like to work with the best professional help with the experts having a good experience in their niche, get in touch with us today!