India is a fast-growing country, and many new entrepreneurs are coming up daily giving tough competition to the existing businesses. This eventually makes small businesses look for various tips and tricks to survive and thrive in competition.
The following are some suggestions that you can keep in mind to ensure that your business flourishes in tough competition.
Understanding the Need of the Indian Audience
No matter if your business is facing any competition or not, it cannot survive in the market if you don’t have any knowledge of the audience. It is crucial to understand what the audience wants and how to fulfil their needs.
An Indian market is a place where a single product has many competing products. Thus, it is essential to offer something extraordinary to differentiate your product.
For this, you can ask your target audience to know which product they are using and where it is lacking. With the information in hand, you can fill the gap and take your business towards success. In this process, you may need to make several changes to your plans or business model. But this can help you achieve success in your business in India.
Create a Pricing Strategy
Many multi-billionaires live in India. But the products and strategies that you are offering will not necessarily be bought by rich people. So, creating an ideal pricing strategy is crucial.
For instance, the Amazon Prime membership in the US is roughly Rs. 8,500 ($119), whereas in India, it costs only Rs. 999 ($14). The difference, of course, is huge and noticeable. However, the pricing strategy adopted by Amazon is helping it to stay top of its competitors.
Marketing is an important aspect of a successful business. In a nutshell, to succeed in a business, it is extremely important to invest in marketing activities. There are several ways by which you can invest in marketing and achieve your desired results.
For instance, if you wish to make your brand visible among your target audience, you can sponsor events that will have your TG (Target Audience). This will help in branding – it will establish your brand. The cost of the activity will depend on the type of event you are sponsoring.
It is crucial to choose the marketing activity as choosing the wrong one may create problems. It would not be as beneficial as you may have expected earlier. So, ensure you choose the right marketing activity which will be a beneficial step for your business to fight competition.
Be Ready to Take Risks
There is certainly some amount of risk involved when you wish to grow your business in India. There is a risk as the audience may or may not accept your business or product. And in case they don’t, you may incur losses in your business.
However, it is necessary to take risks and hope for the best. You just need to give your best shot so that the things don’t turn out to be terrible. And that you should feel satisfied with your attempt, no matter you win or lose.
Remember, every experience gives something to learn, and it will be helpful in the future. In this case, you are suggested to have spare funds (up to some amount) that can be invested.
Also, you need to make sure that you don’t spend everything into promoting and growing your business. It may backfire you, eventually leading to loss. So, be a smart entrepreneur and make sure you never run out of money.
Only partner with Reliable Businesses
If you wish to expand your business, consider partnering with another business owner in the same product/service line. Many businesses are willing to get into a new partnership as it is mutually benefiting. This can help in establishing business further or getting base in any new city.
While looking for a business partner, ensure that you shake hands only with reliable businesses. First, shortlist a few businesses and assess its condition- if it is running in loss or profit. And then only finalise the deal.
Understand Indian Taxation System
Many businesses are happy to expand, but they overlook the taxation system. This is not good as taxes can impact profits. And if you don’t focus on the same, you may end up in losses. It can even result in harming the reputation of your company. So, it is recommended that you have a sound knowledge of the taxation system in India.
You also need to know the number of rules and regulations applicable that may affect your business. Notably, this is not an easy task and requires the right amount of research from your end. With a good amount of information, you can improve your chances of expanding the business.
Business Loan for Expansion
If you lack sufficient funds for business expansion, you can avail a business loan in India without security. There are several lenders offering business loans in India, such as NBFCs. Besides, you can also avail a MUDRA loan. You can use the amount for business expansion- buy machinery/equipment, rent new office space, buy more inventory, etc.