How To Start A Profitable Small Scale Business In India?
Posted Date: 31-Jan-2011
Jayanta Datta Choudhury
Starting a profitable small scale can open your career path. If you are ed, dynamic and ready to accept challenges the small business can bring success in life.
If you have very strong determination to start a small scale business you should have clear ideas about any specific small business. Your hard work, determination and patience will make you a successful entrepreneur.
India's present policy to encourage the growth of small scale profitable industries is mainly based on some business promotional measures on products in small scale industry and large or medium scale sectors in view of domestic small scale industrial growth as well as to undertake to export of their products in case of large or medium scale industries.
Opportunities in small scale industries:
The enormous demand and opportunities in small scale industries in India are due to the following facility supports by India Government:
* Less capital investment.
• Promotional support by Government.
• Raw material and machinery procurement facilities.
• Easy bank loan facility.
• Export promotion.
• Manpower training facility.
• Purchase of products by Government or Public Sector undertakings.
• Some tax exemption in few products.
• No earnest money required to supply products to Government sectors.
• Increased export potential.
How to choose a small business?
Choosing a right type of profitable small business also requires a major decision for the ultimate success in entrepreneurship. Some of the essential factors are to be studied and analyzed to start a small business which are explained as below:
• Financial capacity:
Financial capacity to invest initially in small business is the most important factor to undertake the business start-up costs which includes initial operating costs and any other unforeseen expenses during first 2-3 years. Diligent entrepreneurs do necessary quantitative financial analysis in advance to make their small business most viable.
• Selection of market products:
Entrepreneurs should take the help of market researchers to select the potential business products or services for high consumer demands in domestic and foreign markets.
The types of business to start depends on the amount of capital investment. With moderate resources one can launch the business with branded automatic equipment hiring specialized employees. Store inventory should be controlled as per work schedule so that the capital invested against store materials are not blocked for months together.
* Rapid growth business:
Greater market demand for the business products during past few years will be the fast growing and profitable business. Such high demand and rapid growth business products may give good return on investment with lesser operating and overhead expenses.
• Healthy relation with consumer:
Potential entrepreneurs maintain good business relation with the consumers in the consumer market with trust in business transaction.
• Advertising existing and new products:
Advertising the existing and any new products through widely circulated medias will be helpful to reach the consumers' door steps to promote the business products. This is one of the most important method to attract many consumers in the potential market.
• Customers support:
In all types of business product services are important for customers' satisfaction. Customers' feed back reports on product performance will help to create trust on the products as well as the entrepreneur. Keeping prompt contact using phone and email services and hearing any complaints with deepest sincerity and honesty will help to continue healthy business relation with the customers.
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