[Sample] Business Plan Template For New Businesses in India
Starting up a business in India is now one topic everyone has in mind due to the economic disability evolving round the country. When it comes to business, the most technical and inevitable part of every business is a plan, your business plan is enough to make or mar your business. There is no successful business without a business plan.
A business plan is a clear definition of what you want, what you expect, your objectives i.e what you hope to achieve and how to go about it, every intended successful business needs a plan, this plan includes your management and financial strategy, how you market and advertise your business, your goals and your business description.
If you have any intention whatsoever of starting your own business in India, whether as a citizen or foreigner this article is for you. It is true that everybody needs constant money income, men, women, teenagers, the old and anyone else, these businesses are not limited but cuts across gender, age and all types of individuals.
Certain things to consider in opening a business in India.
Industry location; it is important for you to first of all make a good choice of a location to build your industry or buy or rent. Your choice of industry solely lies on your type of business, for example the industrial training industry is a fast thriving one in India, in which there are countless number of business opportunities in the industry.
Study the region; It is important for you to conduct heavy research on wherever the region is you intend to set your industry or business.
Develop a Business Plan; India or any other country irrespective, you need a workable business plan to succeed in business. it will be extremely difficult to start a good business without a well-written detailed business plan in India.
Moreso, taking a look at the high rate of competition between entrepreneurs in india, every individual should work towards outsmarting the other, the only way to achieve that is through an innovative business plan that involves all possible types of strategies.
Here is an example of a business plan in india and anywhere else in the world;
Invention/Original ideas: Companies that value innovation are ground breakers. In your plan, highlight ways in which your business will create impact.
Contingency plan: It is always necessary to have a contingency plan, in case plan A fails along the line, your contingency plan take over.
Success Plan: Businesses are full of surprises, you may completely plan for success and go in one direction and something may go wrong for which you will be needing a contingency plan, or you may have a neutral mind and the success will blow your mind, either ways, you need a success plan.
Psycho-graphics: Your plan should consider costumers values, lifestyle, habits and interests. Especially in a place like India where they are known for certain norms, lifestyle, denominations and values. Knowing these gives you a deeper review of what your customers pressing needs and desires are, which will help you know the product or service to render that will be of help to them.
A typical business plan will be of help to them, a typical business plan will discuss a company’s target market, usually in terms of demographics such as age, gender and income.
Internet use/ social media strategy: This is always a dominant force when it comes to marketing and advert and also relating to potential costumers. A plan should inculcate the strategic use of the media to the company’s advantage.
Employee engagement; Some businesses run solo while some engage the services of employees, you need to map out tactics you intend to use in engaging them and keeping them focused.
Your business plan should have an exit plan, just in case you decide to sell it later in the future, make a long list of exits though you may not have the intention to sell it now, make the list anyway.
The last but not the least but very important is for you to show commitment in following the above mentioned plan.
Register your business; It is important to run your business on a legal note in india, in other words, register with the government.
Make provision for tax payment; In India, you must regularly pay your tax, you contact the central revenue collection agency in your region.
Following the above mentioned plans, you can engage in businesses like schools and office supplies, greeting cards, customized jewelry, fast food, digital photography, rentals, interior and exterior decorations, furniture making, paintings, materials import and export.