ish farming is the process of raising aquatic organisms commercially in a controlled or semi-controlled environment to increase productivity. It is possible to raise many different kinds of fish from table fare to exotic tropical species. Most of the people are growing fish for harvesting and selling to restaurants. Also, many fish farms operate as fun places where individuals and families are able to go fishing. Let us discuss how to start fish farming business.
Fish farming is the fastest-growing food production segment in the world. Fish is a protein-rich, tasty, and healthy food with low cholesterol. So, fish and fish-related products have great demand all over the world. Fish farm business has a significant role in the economy. It offers so many job opportunities in ancillary services and operations. This business demands day-to-day careful monitoring, skills, and special knowledge.
Commercial fish farming is considered an economically profitable business venture. There are so many types of fast-growing species available. So, this business ensures quick returns on your investment. The fish consumption rate is increasing every year. Irresponsible harvesting of fish leads to the depletion of natural species and the extinction of some species. So, fish farming is a way to conserve species and prevent the depletion of natural resources.
How to Start Fish Farming?
People with different jobs and occupations are able to start this business. You can raise funds from investors or take a loan from the bank. You can start a fish farming business through these 8 steps as given below.
Steps to Start Fishery Business
Step 1. Select the Type of Fish Farming
The first thing you need to consider when starting a fish farm is the type of fish that you are going to use for the fish farming business. Selecting the right species of fish plays an important role in the success of the fish farming business plan. The decision should be based on a maintenance point of view, market demand, management outlook, and availability of resources, etc. Some of the popular fish farming business ideas that give good returns are given below.
Tilapia Fish Farming
Tilapia is a popular fish in the market. Its large size, high protein content, and quick growth (6 to 7 months) are the main reasons that make tilapia fish farming highly popular and profitable. In commercial fish farming, earth ponds are mostly used.
Catfish Farming
Commercial catfish farming is considered profitable fish farming. The farmers are able to start catfish farming alone or in combination with other species. Also, this fish farming can be started on a small-scale basis and with relatively low cost.
Crab Farming
Commercial crab farming can be done with minimal labor and land in smaller areas and at higher densities. Mud crab is a good aquaculture species due to its price, market acceptability, and rapid growth.
Carp Fish Farming
Carp fish shows a high tendency to consume animal food, including worms, water insects, mollusks, larvae of insects, and zooplankton. The eating habits of the fish play an important role in the profitability of carp farming.
Salmon Fish Farming
Salmon farming is the production of salmon from egg to market in a container system, net-cage, or pond. Salmon fish are carnivores. We need to use around 2 to 5 kilograms of wild fish in feed to produce one kilogram of farmed salmon.
Global Fish Production From 2013 to 2023
Step 2. Understand the Target Market
Business planning and feasibility analysis are important to be done before starting a fish farming business. Also, we should do deep market research before starting a fish farming business. Try to understand the local market demand. If you are going to begin aquaculture for export, talk to the fish processing units beforehand. Develop an alternative marketing strategy. Consumer types will differ depending on the type of fish you are raising.
If you are raising fish for commercial food products, re-stocking, or sport, then your base will contain large businesses. It requires a higher quantity of fish. Some consumers may include state or federal organizations that re-stock natural resources. If you are raising fish for pets or aquariums, your consumer group will be pet shops and specialty fish dealers. Customers may choose to contact you directly to remove the mediators and to expedite sales.
Step 3. Learn the Skills Required for Fish Farming
It is important to have some skills when starting a fish farming business. Some government-run farms conduct training programs. You can attend those types of programs to learn skills. Also, we can learn skills through working at a successful fish farm. It will teach you how to perform disease control, water quality management, marketing, feeding, and processing. There are some important things that we need to pay attention to when starting a fish farming business, which are given below:
Make sure that you have a consistent quality water source.
Check if your water temperature is suitable for raising fish species.
Make sure that you have easy access to the pond for harvesting and feeding.
Test the water in which you are beginning fish farming, both bacteriological and chemical.
Understand the modern technical method of risk management and risk assessment.
Finding reliable suppliers for fingerlings, fish eggs, and fish feed is important.
Learn about the permission and legal compliance needed to start a fish farming business in your locality.
The fish farming business includes two types of capital investment. They are fixed capital costs and operating costs. Fixed capital cost includes crafting ponds, land & building, plumbing arrangements, vehicles for transport, oxygen meters, several tanks, etc. Operating costs include buying fingerlings or fish eggs, electricity, fish feed, labor, fuel, medicine, chemicals, insurance, tax, telephone, transportation, and other maintenance costs involved.
You should prepare a detailed cost calculation of your fish farming project before entering into the business. The calculations will vary depending on the type of fish that you are choosing for fish farming, the total land area, and your desired output. Costs will vary depending on the size and scope of the project you are starting.
If you are making an aquarium-based farm, you will require tanks and pumps, water aerators, fish food and refrigerators, free/eggs or initial parent fish, water testing kits and equipment, etc. If you are starting a commercial fish farm, you will require land for ponds, a boat, a motor, equipment for excavating ponds, aerators, reclamation devices, fish food, equipment for managing and cleaning the pond, and fish processing equipment, and commercial-sized pumps, etc.
Step 5. Select the Right Location for Fish Farming
Some factors need to be considered while selecting the land for fish farming. It includes soil quality, size, and source of water. Choose a place that is big enough. Also, consider your plans so that size does not limit you when expanding your business. The soil quality directly affects the quantity and the quality of fish you get. So, choose a place with high-quality soil. You must do a soil test to make sure that it is at least over 20% clay, and also, check the relative level of space.
It is important to make sure that this place is not easily flooded. It will help you to prevent dirty water from entering the bond. The land should have fewer rocks. The continuous flow of water is the most important factor in fish farming. If you want to start a fish farm in the city or town area, you must have access to the municipal water source. If you want to start in a village area, it is essential to find a place near a stream, lake, or river.
Step 6: Get Permits
Secure all required permits and licenses before starting operations. Reach out to relevant local government departments to make sure you meet all legal obligations. This includes adhering to environmental, health, and safety regulations. Proper compliance not only ensures smooth functioning but also helps avoid legal penalties and delays. Always keep documentation up to date and accessible for inspections.
Step 7. Procurement of Equipment Needed for Fish Farming
The process of launching a fish farm is the same for small and large-scale farmers. Some of the basic equipment and tools required for a fish farming business are given below.
Pumps
Fish counters
Water testing equipment
Net/Seine reels
Fish tanks/Ponds
Aeration devices
Fish graders
Pumps are used to pump water in or out of the pond. These pumps are well-equipped. Also, it helps to make sure that you have a constant supply of water for the pond. Water testing equipment is used to help in testing the water. We can determine if the water is good for the fish by using this device.
The net collects all fish species together for the harvest. They help to catch large numbers of fish. Fish tanks or ponds are designed to raise large quantities of fish for marketing and harvesting. They are constructed to provide a better environment for the fish. Aeration equipment enables the good flow of oxygen within the pond.
Efficient management plays a key role in running a successful fishing business. This involves consistently checking water quality, ensuring proper feeding schedules, preventing and treating diseases, and protecting the stock from predators. Daily observation helps detect problems early and maintain healthy fish growth. Maintaining records of farm activities also supports better planning and decision-making. A well-managed farm leads to higher yields and sustainable operations.
The fish farming business has various advantages. Unemployment is one of the biggest problems in the current digital world. Raising fish will create so much employment. It will offer job opportunities for transporters, sellers, and farm workers. The increasing popularity of fish as food boosted the fish farming business globally. Also, so many people believe that eating fish will give many benefits. So, there is always a stable and reliable market for the fish business.
FAQs
How to start fish farming?
The steps or requirements for fish farming or fishery business are as below:
Step 1. Select the type of fish farming Step 2. Understand the target market Step 3. Learn the skills required for Fish Farming Step 4. Calculate the cost Step 5. Select the right location for fish farming Step 6. Get License Step 7. Procurement of equipment needed for fish farming Step 8. Implement Proper Farm Management Practices
What are the types of fish farming businesses?
Different types of Fish farming businesses are:
Tilapia Fish Farming
Catfish Farming
Crab Farming
Carp Fish Farming
Salmon Fish Farming
What is the size of fish market?
The global fish farming market size is projected to reach $378,005.5 million by 2027.
How to start fish farming on small scale in India?
To start small-scale fish farming in India, first choose a suitable location with clean water. Decide the type of fish you want to farm, like rohu or catla. Build a pond or use tanks, and get the required licenses from local authorities. Buy healthy fingerlings, ensure proper feeding, and regularly check water quality. Start small, monitor daily, and grow step by step.
The internet has given us many possibilities. You can buy or sell products online. Many studies suggest that the gifting industry in India is growing rapidly which is a combination of traditional celebrations and the increasing popularity of personalized and creative gifts for all occasions.
If you are thinking of starting an online gifting business, then this is a profitable business. By starting an online gifting business, you can show that you appreciate your customers’ support, help them celebrate important events, and yield an effective way to remind them about your brand. The gifting business in India is booming, which is boosted by growing demand for personalized, and occasion-specific gifts across various festivals and events.
In this article, learn how to start a gifting business:
The foremost thing in starting a gift business is to find the niche, which is knowing what type of consumer base and type of gifts you want to sell. This is like your ultimate decision as an entrepreneur.
You should research what the customers are usually looking for when they are searching on the internet. The gift which they are looking for must be unique and is not available in the market or any other retail store.
Knowing the niche of your market can help you build a base for reliable customers and expand your product range with products that align with your brand.
The different online gift business ideas are as follows:
Starting a Gifting Business – Have Your Own Physical Store
This is one of the significant roles whenever you start a gifting business. It goes the same for an online business. The area of business is crucial because it helps you determine an assurance that customers can quickly get access to your store first.
Location can help you deliver the best customer service with the help of a website. It is also important that you have a website of your own along with selling on other marketplaces such as Amazon, Flipkart, or eBay. Selling your products on these hosted platforms would not give you the liberty to make any changes.
Know Which Audience to Target
Before starting an online gifting business, it is recommended to know who will be your target audience. Think of the age group and the type of gifts you are going to sell. Think of who among them will buy your gift items. Knowing the target audience can give you a wider view and help make your gift items sell fast.
Craft and Implement a Winning Marketing Plan
Starting a successful gifting business involves crafting and implementing a winning marketing plan. This plan should encompass strategies for product promotion, customer acquisition, and brand building. It includes steps such as identifying your target audience, creating compelling product listings, optimizing your website for search engines, leveraging social media, and utilizing email marketing to engage and retain customers. A well-executed marketing plan is essential for attracting potential buyers, converting them into customers, and building a loyal customer base for your online gift business.
Choose the Right Supplier
Starting a Gifting Business – Choose the Right Supplier
After setting up your website domain name, location, and whom to target, the next step in starting a gifting business is to find an appropriate supplier for your items. There are various suppliers available in the market today, like IndiaMart.com, Alibaba, and others. Suppliers can help you with all the right things, like taking care of your inventory, shipping, and packaging costs.
Optimize Your Website for SEO
Once you have a website, optimizing the site can improve your search ranking. Search engine optimization is the key to getting your website first on the Google page. Having a good strategy and keyword usage will help you drive a lot of traffic and customer engagement, which is important to determine a good website.
Packaging and Shipping
For packaging and shipping, consider using stylish or creative gift wrapping, like custom boxes, ribbons, or personalized wrapping, to make your products more special. Choose trusted shipping partners to ensure fast and safe delivery, and offer different options like standard or express shipping with clear delivery times. If you plan to ship worldwide, provide international shipping options but remember to factor in customs fees and taxes.
Choosing where to sell your products is one of the most important decisions when starting a gifting business. You have two main options: eCommerce platforms or marketplaces.
eCommerce platforms are websites where only you sell your products, like your own online store. Marketplaces, on the other hand, are websites where many sellers list their products, like Shopify or Etsy, where customers can shop from different vendors.
Before deciding where to sell, it’s important to check if the platform charges a monthly fee, as this could affect your product prices later on.
Know Your Competitors
It is obvious to have competition whenever you enter the business world. The gift industry is a common type of business. Therefore, you enter a monopoly market. To keep up with the competition, you must know everything about your rivals. Having a good knowledge of your competitor’s strengths and weaknesses can help you improve your services. Try to ideate unique gifting business ideas to stand out from the competitors.
Observing the categories of products and their business strategies can help you identify and implement better ideas for your customers. Besides getting an overall idea of how to enhance your services, you can also add different products. This will allow you to be creative and innovative to develop unique gifting ideas.
Starting a Gifting Business – Having a Social Media Presence
Social media has become an integral part of many of us and many businesses as well. We are living in a time where every piece of information is obtained through social media platforms.
A social media presence can make your brand a powerful one. Most people spend their time on social media platforms like Facebook, Twitter, Instagram, and LinkedIn, among others.
These platforms have their advertising methods and business promotion tools. Putting up an ad on these platforms for your brand can help reach a wider audience. As a result of this, your brand awareness will also grow.
Social media platforms allow you to use high-quality images, graphics, and content that can attract customers. The content on social media is highly appealing, and people easily get attracted to such things.
Having said that, a presence on these social platforms can help to have an interactive relationship with your customers, thus improving the bond between you two. It is a platform for prompt discussion, where customers can ask you questions and expect responses within a few hours. This will also likely help you save from any possible failures.
Where Do US Consumers Look for Holiday Gifts
The graph shows the percentage of US consumers who look for holiday gifts in different places. The top three places are store displays (38%), retailers’ websites (36%), and holiday catalogs and flyers (28%). Other places where consumers look for holiday gifts include Black Friday sales (28%), social media (18%), and gift guides (17%). Retailers should be aware of this and make sure that their products are visible and accessible to consumers in all the channels they are shopping.
Providing Robust Customer Service
Take into account the customer experience in every facet of your company. Consider the user experience when creating a website. Be the first to call out and extend assistance, being reachable through all available channels.
Another facet of proactive customer care is cultivating a loyal customer base. To grow your clientele and retain existing clients, consider providing referral cards and discounts. Make sure you request positive customer testimonials for your social proof.
Tips to Make Your Gifting Business Successful
Give different price options: Customers have a budget in mind for gifts. Offer three price levels—low, mid, and high—so they can choose what suits them best.
Know your customers: People pick gifts based on the receiver’s personality and lifestyle. Personal gifts feel more special and meaningful.
Make packaging look great: Good packaging makes a big difference. Use strong and stylish materials so the gift looks nice and is good for photos.
Conclusion
An online business in such times can be a booming business. Starting an online business can be a challenging task in the already competitive market. It is best to have an understanding of how the business is operated and to come up with a plan.
To have a successful online gifting business, follow the above methods. These points can help you with a good gift shop business plan and an overall idea before venturing into the actual market and ensuring huge profits on a long-term basis.
FAQs
How to start a gifting business?
Create a gift shop business plan, Know your niche, Have your own physical store, Know which Audience to Target, Choose the right supplier, Optimise your website for SEO, Know your competitors, and Have a social media presence.
Are online gift shops profitable?
Yes. Online gift shops are extremely profitable because the costs of running the business are quite low.
How can I grow my gifting business?
Market your gifting business on social media, optimize your website for SEO, offer personalized products, provide excellent customer service, and leverage email marketing.
How to start corporate gifting business?
To start a corporate gifting business, research the market, make an attractive corporate gifting business model, identify target clients, source quality products, set pricing, create a professional brand, and develop a robust online presence for easy access by corporate customers. There are many successful corporate gifting companies in India to take inspiration from.
How to start online gift business?
To start an online gift business, choose the type of gifts you want to sell. Create a website or join an online marketplace. Take good pictures of your products, set reasonable prices, and promote your store on social media. Make sure to offer fast shipping and nice packaging.
How to start a gift business from home?
To start a gift business from home, pick your gift items, create an online store, promote your products, and pack and ship the orders yourself.
How to start return gift business from home?
To start a return gift business from home, select your gift items, create an online store, promote your products, and pack and ship the orders.
What are online gift business ideas?
The different online gift business ideas can be Handmade gifts or cards, Seasonal gifts, Souvenirs, Personalized gifts, and Novelty items.
How to start a gift shop online?
To start a gift shop online, choose the gifts you want to sell, create a website or join a marketplace, take good pictures of your products, set prices, and promote your shop on social media. Make sure to offer good packaging and fast delivery.
What are return gifts business ideas?
The return gifts business ideas may include items like Personalized keychains, Customized mugs, Handmade soaps or candles, Themed gift sets, Stationery items, Snack boxes, Fridge magnets.
What are gifting business ideas?
Some gifting business ideas include Customized Gifts, Gift Baskets, Handmade Crafts, Corporate Gifts, Eco-Friendly Gifts, Subscription Boxes, Event-Specific Gifts. A profitable gift business requires creative packaging, reliable shipping, and excellent customer service.
How to start an online gift box business?
To start an online gift box business Pick a theme, get products, make a website, design packaging, promote your business, allow customization, provide good service.
Is gifting business profitable?
Yes, the gifting business can be profitable due to high demand, customization options, low overhead costs, seasonal sales, and a wide range of products.
If you are looking to start your own e-commerce business in India like Amazon or Flipkart, then this is the way to go. To start with, eCommerce is an online process of buying or selling goods and services. There is no paperwork involved in making any transaction here.
One of the best things that most of us like about an e-commerce startup is that we can update and modify it the way we want and make it attractive and appealing to the eyes of the audience. Your customer will have access to your services 24×7 and you don’t need to come out of your door for marketing and other stuff if you are doing it at a small level.
According to a report, in 2019, eCommerce sales accounted for 14.1% of all retail sales worldwide. However, there are some things that you need to care about in your eCommerce business plan.
How to Start an eCommerce Business in India? (A 10-Step Business Plan)
Starting an eCommerce website might sound challenging, but with this easy 10-step business plan, it would hardly be tough. So, let’s dive into the steps:
Step 1: Define your business name
Business names are always important as they give you an identity after identifying what you want to sell. A business name will be the legal identity of your business. This opens a room for marketing your product with ease. The name that you choose should be simple and unique. It is always better to research extensively before you decide upon a particular name for your business. This will let you be safe and secure, and thus, is really important for everyone who would be starting an eCommerce website.
Step 2: Set a domain name
Ideally, there is always diversity in business. The business name acts as the domain name. A domain name system (DNS) stipulates the website address that your business wants to keep.
One of the important factors for an eCommerce business plan is awebsite. A website can be useful in developing different marketing strategies. It acts as a point of contact between you and your customers.
A website is accessible to many people at any given time and creates a climate of trust (credibility). Churning out a website is really convenient as it tells the customers that you exist. Furthermore, the website and the domain name are some of the core steps to proceed with before one can go about launching an eCommerce business.
Step 3: Identify the type of business and register
People engage with businesses as sole proprietorships, partnerships, or cooperation. Each of these has an advantage and disadvantage attached to it. For example, operating as a sole proprietor always subjects you to numerous risks.
You need to weigh before deciding upon a particular type of business that suits you. The income removal system (IRS) allows you to file the structure of your business on your own or get a different filing company to help you.
Step 4: Employer Identification Number (EIN)
You can not operate an e-commerce business without a bank account. To get a bank account you need for your business you need EIN. This number you are given acts as identification. You use it to file taxes for the business. It is always a requirement whether you will operate alone or employ people.
Step 5: Obtain legal documents
Every country has its own policies and procedures that every citizen must adhere to. This is also one of the things you must keep as a priority while creating an eCommerce business plan. If you fail to do that, the government has the mandate to declare your business illegal, after which numerous penalties might be imposed.
Licenses for the business and work permit should be obtained. Confirm with your state what type of taxes you are required to pay in order to operate. Also, you need to Apply for Goods and Service Tax (GST) certification and a Shops and Establishment Licence.
Step 6: Source for vendors
It is not possible to operate without vendors. Everyone needs to identify and keep in contact with different vendors. This way you can derive the best quality and prices for the materials you need to make your products. Conduct a thorough and serious search of the vendors to help you identify who you want to work with.
Step 7: Early marketing
Media platforms are paramount in e-commerce. However, it is also necessary that you have an eCommerce business plan prior to that. Alert customers that there is something good coming up so they can create interest to know. You can even decide to introduce blogging as a tool.
Step 8: Get effective software
E-commerce cannot work without making use of technology. Put every system in place before launching the product. Effective software is what you simply cannot compromise when it comes to building e-commerce websites in India.
Step 9: Keep a smart inventory
Inventory will help you track the information that you need. Ensure the warehouse (store) has enough products so that the customers don’t miss out on what they want. You may not be in a position to tell what will be needed and when but is always safe to keep a decent stock. This will help keep track of the orders you make in the future.
Step 10: Be compliant
Always be smart with deadlines in terms of taxes, licenses and permits needed. Always ensure you abide by the law of the land. Staying compliant is the key to starting an eCommerce store or an online business and making it successful.
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How to Build an eCommerce Startup?
The Ecommerce industry is on the boom for the past few years, and why not? It is ultimately a sector with big opportunities and low barriers to entry. The total valuation of the e-commerce industry in India was last recorded at $46.2 million and is expected to rise to $188 billion by 2025. Such a sector that is ever so growing, certainly consists of a lot of opportunities.
Currently, there are hundreds of e-commerce sites selling products and services and thousands are on the way. Probably you also want to have one. Well, the e-commerce industry is so dynamic now, that you need to be agile and alert. So, keep monitoring the activities, events, discussions, and changes going on in your niche.
Now e-commerce is not about selling a product but a solution. Your potential customer must see the clear benefit of buying from you. Here are some tips to follow if you are starting up or already have an existing startup in the e-commerce domain.
Find a niche
If you get an idea for e-commerce, there is a fair chance that many startups are operating in that niche and many are coming up. That is why it is important to break the initial idea, segment them a little further or get a niche that is not explored yet and work on that with full focus.
If you think you can compete against Flipkart or Snapdeal that’s not going to happen if you plan to start with the same business model.
Take sandal. When the company launched, it was an online portal for deals and coupons. This was a very focused play. They didn’t immediately start selling physical goods. Make your unique selling proposition, find your target “janta” or customers, and sell your product to them.
Experiment
As you have started out, the world seems very new to you. Nobody except you can tell what works best for you. So, experiment with different Pitches, Distribution channels, and more. Do this until you find out a solid sales strategy.
Listen to your customer
As it is always said worship customers like gods. Always remember that if there is any service you want to provide, then that should always be a customer satisfaction service. Your behaviour towards the customer after the sale would make all the difference.
This will help you in customer retention and thus make more sales. Once a sale is made. Talk to them, get feedback and see what changes they want. Even if it doesn’t comply with want you want just change it.
Learn from the mistakes of competitors
Do you have lots of competitors? Having too many competitors is not so good news for businesses but every bad thing has got something good in it. So, if you have quite some competitors already in the same space where you would be starting your own eCommerce business, you can try to analyze their website design, pricing, and marketing strategies on a regular basis to get useful insights for future action. Go through their social media profile to see what activities have helped them gain traction a lot and what has failed for them. In this way, pick up all that they have done good, and try to avoid all the mistakes that they have done.
Use digital marketing
74% of adults who are online, use social networking sites, and among them, it has been found that 71% of online adults use Facebook. Being a startup you don’t have much marketing budget. Here, starting with social media platforms for marketing purposes will indeed be of great help. Optimising the content and regularly sharing them on social platforms certainly is rewarding for brands and businesses. This will not only let you reach to large audience economically but also help you to get analytics to learn about the users. It is also a great way to listen to what customers are saying about your brand.
Number of social network users in India from 2015 to 2020
Operation
Make sure you always have enough inventory of the highest-selling product. Make sure that you keep a track of all the products that belong to the highest-selling and lowest-selling categories. Figure out what is making the highest product sell the highest and what makes the others the lowest-selling products. This will help you a great deal!
Looking at what similar companies are using. Add a mascot on the site that guides the users about the site and the products, is an interesting way to get the attention of customers (like Zendesk). Use only those plugins that are necessary.
Hire trained customer care executives to resolve customer queries over calls and emails. A toll-free number and support email is crucial too. Solve the problems that the customer is facing, to ensure the efficiency of the website.
Content marketing
The content is important for an e-commerce website and is good for marketing the brand. Putting up a blog or posts will surely bring up more traffic than ever. Content marketing will stand as one of the primary requisites as soon as you start an eCommerce store or an eCommerce website in India.
Social Media Marketing
Social media is the key to climbing the ladder and getting the exposure one wants in the public eye, so creating social media accounts is the key to helping the brand reach the eyes of the world. Keep the followers updated with new products and give ways to get more followers. Meme marketing is also a great way to engage your customers (Millennials).
Influencer’s utilization Â
The influencers are the best people in the game especially, in terms of product branding and making the future of a product. Hence, hire some influencers who are the best in the marketing game, which your brand focuses on, and pay them to put the ad on their social media. This will help increase your brand reach, thereby helping it to reach thousands and millions, who would then be able to see what your brand and its products are all about and people will pop up on the website for sure, giving you more website traffic and multiplying your revenues for sure.
How to Compete in the eCommerce Market?
Every day is new and brings changes in people’s needs and desires. Luckily, this is where small and upcoming startups can still win in the midst of other eCommerce giants. Here, is how to compete in the E-commerce market.
We are aware of how Amazon and eBay have driven many small and medium companies to extinction. But the other side of the reality is also that new interventions are always abundant and there’s always a new idea, product concept, or methodology that can topple the market leaders as we know them, or at least create a comfortably sweet spot in the market for themselves-which is just where your startup needs to reach.
If your startup is introducing a new product or service altogether, there is a very different approach you might need to take as compared to a start-up that is re-offering the existing product or service to bridge the demand-supply gap.
Be very clear as to who you are, what your offer is, and what your target is. Make sure that your core team and your entire organization have this understanding to ensure that the combined effort of the entire workforce maximizes the results.
It is a hopeful time to be as Amazon and the likes do cater everything to everyone. But the digital age has made it possible for everyone to co-exist as people’s tastes are ever-evolving and start-ups targeting the niche will be able to carve out their own space.
Read on for sage advice on how you can stand out in a crowded marketplace and reap the maximum benefit of being a newcomer to the industry.
Create Your Own Service
Your chance to be victorious in the game is to be an innovator and make your own market rather than depending on the existing marketplace. It is a harder approach to what you are already doing but will take you miles ahead of others.
See a Need, Fill a Need
We have seen time and again that certain brands launch big after years of testing and planning, however, once the brand is not received well they start to fizzle out. The ones who make it successfully are often seen using the feedback from the customers and dedicating some resources to perfecting common complaints and difficulties consumers are experiencing. They don’t quit, rather, they use real-time data as the major source of what the next step is inspired.
In fact, building on what the customer conveyed as your shortcoming can also forge a trustworthy and loyal bond with them, which is a great way to market yourself. Instead of resisting the feedback, be open to them and make your way to their hearts by listening and acting on it. Create your own trend rather than following the norm.
Champion the Mobile App
Make sure that your customer is having a seamless mobile experience on your app and is likely to check out under 60 seconds after preparing the cart or choosing the service without any in-built interruptions. Fast times require faster solutions! In addition, make sure your startup belongs on platforms like Snapchat and Instagram that have made the visual world fun and directly accessible.
Design Thinking promotes that design is an elementary part of any system. Design your product, service, or systems within the organization always prioritizing the user needs and user practices.
Get inside not just the mind of the end-user, but also their daily lifestyle, their influences, their dreams and aspirations, their environment, and their culture, depending on the nature of your services.
Customer is more likely to trust your brand if they think you thought of them specifically while making the product or service. This gives them confidence that you will understand them and will stand as a good choice for them.
Better Incentive Programs
Your incentives can come in the form of discounts, rebates, points earned toward a discount, points earned toward prizes, or any of many other plans. The worst-designed incentive plans have ambiguity in the stated rules.
An incentive is likely to shape your customer’s behaviour and drive them to your desired action. These incentives are thus, really valuable for an eCommerce company, especially if you are wanting to start an online store in India. If they are rewarded for their purchase, they feel like they ‘earned’ it. Keep a close eye on what other e-commerce companies in India are offering and if you are to compete with them, you must outdo their offer every time.
Better Customer Service
A common Amazon trait that has made it wildly popular in the e-commerce service is how they value each customer. Similarly, if you also want to start an eCommerce business, then you must first start to value each and every customer the same. While you can’t crush e-commerce giants given that they have bigger marketing budgets and bigger control of their product lines, operations and sales, it is certainly a trait you can imbibe in your company. Each satisfied customer means five people who will hear about you from him, which is great marketing for you at no actual cost.
Customer Data Is The Key to Ultimate Business Growth
A former Amazon company worker stated that Amazon has the ability to track both what people are buying as well as what they search for and can’t find.
This is a part of their success story. Companies that use customer data to better their practices are more likely to increase their sales and their gross margins than those who ignore the data.
Even if you don’t have big budgets to acquire data like e-com giants, do make absolute use of the behavioural data you already have in their database to improve customer satisfaction and customer retention.
How do eCommerce Sites Make Money?
Everyone wants an extra income to meet their needs and upkeep their standard of living. Furthermore, buying and selling goods and services via the Internet is the new trend to earn money, and the websites that make them possible are none other than Ecommerce websites. The Ecommerce websites are offering a free platform for the sellers and the buyers to get in touch with each other.
One can easily list their products on e-commerce websites and potential buyers can buy the products hassle-free sitting in any part of the world. The whole online buying and selling chain appears to be a very easy and economical process.
Although, you must have wondered as they offer free services to sellers and buyers thenhow these e-commerce websites like OLX, Quikr, Craigslist, and Gumtree make money online.
E-commerce websites, such as OLX, Quikr, and other leading sites provide an online portal to advertise your product or service offerings and find the buyer for them.
Almost all emerging e-commerce websites offer free services to users. However, they still make high-tech TV commercials and disburse lucrative salaries to their employees. How? So, let’s get the answer by analyzing the revenue-generating strategies of a few leading e-commerce websites and comparing their revenue plan with others.
Olx
OLX is one of the most popular and well-structured e-commerce websites. It offers a variety of features to its users, such as sellers can directly chat with a buyer, can easily bargain, etc. eBay is one of its competitors of OLX. OLX opts for the following methods to earn money:
Google AdSense Banner Ads
Google offers to all bloggers and website owners a very easy platform to get advertisements on their sites. Google AdSense is a platform where you can register your website and after verification, Google will show related advertisements. Hence, OLX Â effectively runs Google ads to reach its target audience. The earnings through ads depend, upon the number of clicks they get which is called CPC (cost per click model).
Featured Listing
OLX offers a featured listing option to the sellers. Featured links are those links that you see on the top, whereas, in a normal listing Ads are placed in OLX depending on how recently the Ad has been placed.
Featured Ads will always appear on top of the list irrespective of any factors. Ideally all such should be mentioned as featured/sponsored/ads so that users don’t get an illusion. In a featured listing, your ad will show up at the top of the search list and your ad will be shown first to the buyers whenever they search for anything on OLX. The sponsored links appear depending on the keywords targeted by the advertisers. Being at the top of the list gives advertisers a way to get more leads.
Quikr
Quikr is yet another e-commerce, which is very popular in India and somehow looks and works similarly to OLX. While the featured listing is one way to make money Quikr also follows a different route here.
They also generate revenue by generating leads for businesses. It makes a gainful amount of money for Quikr. Recently Quikr has acquired a few startups to diversify in different fields like Jobs, spas, and salons where they provide leads to these service providers.
Craigslist
Craigslist is also a popular rental listing website. It is mainly popular in the USA. But the company doesn’t earn as much revenue when compared to other websites. The company only makes revenue equal to its operation charges.
It charges $10 for a rental listing in New York and $25 for a job listing to occur in any of the major U.S. cities. If in the San Francisco area, you need to pay a $75 fee for a job to be listed.
The company is trying to consider Google AdSense and paid advertisements to generate more revenue, but it is still worried about the quality and clutter on the website due to ads, which is the main priority of the company.
There are other similar eCommerce websites present, like Gumtree and BookSellBuy. They also earn through a basic business model, that is, by providing premium membership Ads wherein the features depend on their own model, by featured ads and paid listings. So, almost every website uses paid ads to generate money.
Conclusion
Now, building an eCommerce website is the trend. It definitely takes a lot of effort and hard work, but once created and branded properly, it will surely open a whole lot of doors for growth. It is not an easy task to run an e-commerce business in India in the current age of competition. Starting an eCommerce company or an eCommerce business in India is certainly achievable if one has the focus and grit to understand the customer and the people who are in the organization.
Use your data efficiently and always make the customers happy at the end of each transaction. Comment on your favourite e-commerce site or your story of launching your own e-commerce site in the comment down below.
FAQs
What are the 3 types of e-commerce?
The three types of Ecommerce are Business-to-Business (B2B), Business-to-Consumer (B2C), and Mobile Commerce (M-Commerce).
What is the future of e-commerce?
The eCommerce industry was last valued at $46.2 bn in 2020 and is expected to rise to $188 billion by 2025, and would soar to become $350 billion by 2030.
Which is the largest e-commerce company in the world?
Amazon is the largest e-commerce company in the world.
How much does it cost to start an e-commerce business in India?
To start an e-commerce business in India you need approximately at least 5 – 10 lacs of investment.
How to start an eCommerce website, store, or eCommerce business?
Whether you want to start an eCommerce store/site or an eCommerce business, it is evident that you first need to research the industry and the market potential before starting up. Starting an eCommerce company in India would need you to:
Build a fast, comprehensive, and informative website
Create a viable business and revenue model
Decide a relevant domain name
Host the website properly
Market your website, its products, and services
Monitor the performance
What are some of the eCommerce business ideas?
Some of the best ideas if you want to create an eCommerce website or an eCommerce business in India would include grocery delivery, cosmetic and beauty products eCommerce business, refurbished or second-hand products business, fashion, jewellery, food tech and more.
What are some things that you should never forget while trying to set up an eCommerce business in India?
Setting up an eCommerce business in India is the dream of many, but only some eCommerce businesses in India actually see the light of day. Here are some of the easiest steps that you need to remember while setting up an eCommerce company in India:
Chalking out a workable business and revenue model
Branding your brand well
Registering the business
Opening a bank account and linking the business to the same
Creating and launching a simple but secure eCommerce website
Knowing your potential is not enough unless you act on it. You have always known you could be an entrepreneur but hesitated, doubted your capabilities?. Do not, because India has entered the age of free enterprise, private businesses if you have not already noticed.
World Bank has predicted 11+% GDP growth rate for India in Year 2021-22 far higher than any major world economy. Is it possible without the start-ups/entrepreneurial spirit? No, it is not. So why not dismiss your fears and be a part of India’s growth story.
Have you been dreaming to get into transport/cab business. This write-up covers everything you need to know.
Ola & UBER are two mega multi-national transportation companies of the world that though provide public transport but give the benefits & feel of a private transport to its commuters. That was the main motivation for people to choose their services and they succeeded in meeting their customers basic needs – Quick, cheap, ease & round-the-clock hassle free service that was.
The fundamental business model of these cab aggregators is simple. That is connecting commuters (customers) seeking on-demand cabs with the company’s driver-partners through a company owned mobile app.
The company earns its revenue by way of commission or fees levied on each ride hailed. (Both these taxi services can be booked through their respective websites too.). So in how many ways can one do business with UBER and Ola. In addition, what is the process from start to finish. Let us find out.
How to Start a Business with Uber?
There are three Ways to Earn With Uber Drive Business:
Driver cum owner
You have a car, are willing to attach it with Uber and you also drive your own car.
Commercial driver under partner
You do not own the car but wish to drive under the Uber platform. You get to drive a vehicle owned by an Uber non-driving partner.
Note: You can even choose to drive a commercial auto-rickshaw or motorbike/scooter if that service is available in your city.
Non-driving partner
You own the car, attach it with the Uber platform without self-driving any but have to manage at least one driver.
There you go. Choose any of the three depending upon your resources and earning needs.
Step-by-Step Process
Step 1. Sign up on the Uber platform through its website, by entering your basic details like name, phone no, email, city.
Step 2. If you choose first or third option from above, you’ll land up on this page
If you choose the second option, you’ll land up on this page
Step 3. Now set up your account as directed i.e. by submitting all of the above document files online. If you do not have them online, click a picture from your mobile or scan it using a cam-scanner app and upload. You can upload all the docs in the same manner. It is much easier & faster than submitting hard copies by queuing up in the office.
Step 4. To Activate your account, Bring your car to a local green light hub. These hubs are locations in a city where you must bring your car for inspection and other things. Requirements vary by city, so sign up to know.
Step 5. Once your account is set up, you can look up all the necessary information you need to know about doing business with Uber. You can even get help by contacting their phone support number.
You have a car that you want to attach with Ola platform. You also drive your own car.
Register yourself in less than a minute by entering your name, phone no. and your city. Ola team will get in touch with you within 24 hours. Additionally, be ready with these basic documents.
Benefits of this plan are:
Choose your own working hours
Choose from 100 cities to work in
Daily payments 365 days a year
Get a booking on your way home
24/7 helpline for support
Lease a Car
You know driving and need a car to drive. Ola provides you with a car without you having to worry about maintenance and insurance. Register yourself in less than a minute by entering your name, phone no. and your city. Ola team will get in touch with you within 24 hours.
Following documents are all you require to begin driving independently with Ola.
Other benefits you will derive with this plan:
Get a car at zero risk
Free accidental insurance of 2 lakhs
Zero maintenance cost
Drive a new car of your choice
Two paid holidays each month
24/7 helpline for your support
Note: If you are an auto driver, you can also attach your auto by submitting the documents, downloading the app and start to drive with Ola.
Become a fleet operator
You own a fleet of cars and you want to attach it with Ola. You just need to track & control your fleet through specialised app.
Register yourself in less than a minute by entering your name, phone no. and your city. Ola team will get in touch with you within 24 hours.
Following basic documents are required. These are also the exact same documents you will need under option one i.e. to become a ‘partner with a car’.
Benefits under this scheme:
Get detailed reports of total earnings
Monitor driver logins and other trip details
Live tracking of all your drivers and cars
Get alerts like payments, logouts, etc.
Check your fleet’s performance anytime
Receive 24/7 phone support
Sure you will have further queries like ‘registration charge, initial payment if any to lease a car or two drivers for a single car’ etc. For this, you just have to visit the Ola Partner Portal.
Note: You can also attach your Rickshaw or Bike with Ola. To know more, visit the above web page & send your enquiry through a quick action tab.
Things to Consider Before Starting business with Ola or Uber
There is no definite answer but there is an answer definitely that can help you decide whether to do business with either/both of them or not. Here are two Factors to consider.
Profitability
You will surely get a ‘fare’ share of the rent but will you also get a ‘fair’ share? Is it profitable to attach car with Ola or Uber? To find an answer to this, you need to know the cost structure of both companies. Here’s the cost break-up if you rent a car:
According to the source site, you have to work 3-4 hours just to break even i.e. to earn enough to not make a loss. Therefore, in order to make any profit, you will need to work more than 3 hours a day.
And what if you attach your own car. You already have all the cost & pricing details, so just pick up a pen-paper and calculate your likely earnings, deducting all the costs.
This is a very crude analysis, which you can take as a starting point. However, it can certainly help you build a business/earning plan that suits your specific requirements.
Ease of operation & technological superiority
These two factors directly add to your job satisfaction. Consider each carefully. App features-wise & its daily payment feature make Ola look superior to Uber. Even though some may contest that Uber is cheaper in general.
However, according to user experiences, Ola & Uber fare differently in different cities. Hence, a ground study & research is the best approach before you decide to choose one of the two.
Conclusion
Both Ola & Uber have ambitious plans for the future. While Uber has a vision of becoming the top urban mobility platform, Ola is striving toward building mobility for a billion people. Whoa! Why dream small, right!
FAQs
Can I do business with Ola & Uber both?
Yes, you can do Cab business with both Ola and Uber.
Are there fixed work hours or timings for Cab drivers in Ola and Uber?
No, there is no fixed time or hours of business with either Ola or Uber. You can choose when & how much you want to work.
What are future service offerings of Ola & Uber?
For Uber few of the future business offerings could be electric scooters, bike-sharing & autonomous (driver-less) vehicles. Apart from its wide range of cab booking services, Ola plans to launch its own line of electric scooters via its ‘Ola electric mobility’ subsidiary.
Is putting the car in Ola profitable?
You can easily profit over Rs. 15,000 a month by giving car to Ola.
What percentage does Ola/uber take?
Both Ola and Uber take 25–40% of the amount as their commission.
The information technology market is among the fastest-growing segments of the economy, with endless possibilities for professional advancement. The industry provides immediate jobs, options in all sectors, various professions, and large pay, and it is simple to join this market without a bachelor’s degree.
A career in IT means helping folks, fixing issues, and trying new things daily. It’s a versatile field that benefits both generalists and specialists. Furthermore, it is a broad industry with good entry-level pay. So, if you want to build your career in the IT industry check out these steps.
If you want to make a career in IT, you should understand what that entails or what sorts of jobs are available. Exploring to familiarise oneself in the IT domain is a smart approach. There are numerous Youtubers, webcasts, discussion portals, and articles devoted to teaching you about IT jobs and which IT jobs are a better match for you.
Make a list of roles that amaze you. Do you want to support a firm’s computer systems operating smoothly, or do you want to create websites? What types of firms pique your interest? What roles do you think you’d be interested in?
This will assist you in narrowing down your job hunt. It will also familiarise you with a few of the terminology you will find throughout the phase. If you’re unsure where to begin, check out popular entry-level IT roles or research IT professions.
Do you believe that IT roles are just available in large cities?
That isn’t entirely accurate. While big American tech giants and innovators are centered in urban parts of the nation, IT professionals can work for practically any entity that utilizes a pc. IT employees may be needed at your bank, college, or local hospital. Furthermore, there is proof that localities are developing into unique startup centers. Startup financing has increased in cities such as Boulder, & Ann Arbor recently.
Remember that roles in big towns may also be open for working remotely.
2. Improve Your Pertinent It Skills
Managers’ preferences for skillsets in IT employees can differ by role. Examine multiple job postings that allure you to view what skillsets you should hone.
Here are some skills that you’d see in an IT JD.
System software: Knowledge of the Linux, and MS OS can place you in a decent role with a range of products & widen the firm for which you are eligible.
Safety: A basic insight into digital technology safety can help you in your career as an IT expert. Encryption is an example of such a notion.
Channels: Understanding the fundamentals of connectivity issues such as internet connectivity and Internet protocol services may prove to be helpful in one’s job hunt.
Interaction: Interacting with those around will almost certainly be an important task in IT. IT experts are frequently required to aid other internal stakeholders with operational glitches or to help teams to launch big initiatives. Enhancing your soft skills could be extremely beneficial to your career.
3. Obtain Certification
Cert is an excellent method to access a cert while also learning basic IT topics. If you’re entering the industry, you can discover a broad range of fundamental IT definitions by obtaining a particular entry-level credential.
Accreditations in specific fields of IT, such as cybersecurity or systems, are available. It can be useful if you’re looking to get into a particular IT sector.
Obtaining a credential necessitates passing a test. Courses for certifications can be found on Google or in-person at spots like state universities.
Remember that certificates can charge big bucks. However, if you are optimistic in your plans to attend the IT field and need to gain skills and qualifications, it may be a good purchase. If you’re hired and believe that an IT credential would help both you & the firm, you can ask your boss if they could cover the test fees.
Employment of the IT-BPM industry in India
4. Boost Your Expertise
If you’re searching for a career as a computer technician or an administrator, a skillset in your domain is probably to be among your most valued assets. You can attain expertise in several ways.
Courses: Curriculum, whether digital or in-person, frequently necessitates the completion of practically oriented projects. Some of them might even help you prep for certifications. You might also be able to locate beginner’s IT classes at your university or virtual.
Individual initiatives: If you perform well without a lot of frameworks, you can experiment with learning through side projects. Developing your apps, designing a webpage for a buddy, or toying with a network system can all put your knowledge to the test & offer you stuff to brag about in interviews.
Summer jobs: Traineeships may not necessitate expertise & can be an excellent way to put your abilities to use in a workplace.
Freelance work: Web designers, for example, can work as contract workers. While searching for a good career, freelance work can be a nice way to end personal projects.
Volunteer work: Many non-profits require assistance. Delivering your expertise can assist you in completing hands-on initiatives which you can use to support a resume.
Schooling: While a bachelor’s isn’t required for several IT roles, you can obtain the necessary in-depth knowledge in a similar field such as comp sci. If you’ve got the energy and time to devote to a bachelor’s or diploma, it’s a viable option.
5. Build Connections
Socializing can help you learn about a specific job role, expose you to possibilities you might not have known about, or get a leg up in the interview process. Old workmates, pals, relatives, former school alumni, and folks you connect with on career platforms like Linkedin can be part of your network.
Keep in mind that effective connections do not always result in a better job. You can also use networking to discover what is it to operate in IT or get help with your job hunt.
6. Find Entry-Level Jobs
A small bit of relevant work expertise in almost any domain is required for an entry role. However, despite the diversity of tasks you can carry on with an IT employee, an entry-level role may have a multitude of labels. Here are some entry-level designations to glance at in your new career:
Game Developer
IT coordinator
Customer Care expert
System expert
Database administrator
7. Improve Your Communication Skills
You will probably be asked both behavioural and technological questions during the recruitment process for a role in IT.
Practice your solutions to various IT interview topics to help you prep for a session. Read the JD to get an idea about what you’ll need to learn. Prepare some tales about your prior events, such as back when things ran smoothly and occasions when they didn’t—and what you’ve done about that.
Conclusion
IT has permeated and profited all industries. IT experts are sought after for their skill and knowledge in designing, supporting, and maintaining computer systems for a wide range of industrial and personal uses.
There are numerous prospects for advancement in IT, no problem where you begin or in what capabilities you begin. It offers amazing opportunities for career growth and advancement.
If you desire to seize opportunities for advancement that professions in IT provide, you must devote yourself to broadening your understanding, achieving your career aspirations, and devoting yourself to your organization’s growth. When it comes to IT jobs, the more manoeuvrable you seem to be, the more useful you’re to your boss.
So, if you’re considering a new journey or a fresh start and thinking about what would be a pretty good gig, the IT sector could be at the forefront.
FAQs
How can I make my career in the IT industry successful?
Work on your communication skills, gain practical knowledge, build an amazing resume, and research the company you want to join.
How do I get into the IT industry with no experience?
Getting a certification, Networking with the right people, Improving your skills, and looking for entry-level jobs are some of the ways you can get IT industry with no experience.
Is the IT industry a good career?
Yes, the IT industry is an industry where you can easily get into and build a successful career. The industry is full of opportunities.
They say, there are hundreds of ways to make money on the internet. Rightly so, there are. From freelancing to starting up your own e-commerce business on the internet — there’s so much you can accomplish via the web. If you aren’t living in a cave, you must have heard about Amazon’s Fulfilled by Amazon (FBA) business model, something that has quickly turned into a rage among online sellers.
So, let’s assume you’re an online seller. Now, think of a setup where you get to choose the products you want to sell, along with the supplier who can meet the requirements, source, package and ship the same. All of this happens in one of Amazon’s fulfilment centres, where Amazon takes care of shipping from where things are taken care of.
Amazon FBA Homepage
No folks, it ain’t exactly the Amazon Affiliate thing. This is slightly different!
There are a few important things that one needs to grasp before starting the much enticing Amazon’s FBA business. However, the journey can be highly rewarding and fruitful if you get the basics right. It does come with its own share of pros and cons but that doesn’t take anything away from the fact that FBA provides a huge platform for sellers to make it big on the internet. Take a look at the pricing of the Amazon FBA.
Now that you’ve finalized the FBA business — knowing how to start FBA is important because it is where the money lie, let’s get that straight!
Before you ask yourself the much-coveted question — ‘ How can I launch an FBA business and make it successful? ‘, we have the answer! Let’s get a quick hold of the important steps to start one. Here they are:
Step 1: Pick That First Product That You Think Will Be a Winner
Well, It is time when you tone down your excitement and start researching for that one starter product — one winner that can be a potential game-changer for you. It must be noted that the first step is perhaps the hardest, as well as the most time-consuming part of the whole process as it demands a whole lot of research and study to get to that one product.
Nah! We don’t want you to take unnecessary pressure and be intimidated by the ask, but getting the right first product is integral for the growth that you’ve always imagined for yourself and your business.
The right product can simplify the journey ahead while picking the wrong one can make things tougher in the long run. If there’s little to negligible demand for your product, if the niche is super-competitive and the cost price is on the higher side — then it may have a negative impact on your profitability.
However, you can avoid all of it by devoting time to product research, rigorous brainstorming and zeroing down upon the right suppliers (more on that in the next step).
Note: Getting the right product isn’t just enough, as it marks the beginning of a continuous trial and error mechanism that will polish you and your business for what works and what doesn’t.
So, even if you get that potential winner — always remember there’ll always be better products or better suppliers for the same. But, at the end of the day, you need to remember that everything starts from something and this is your chance!
Pick a Market That Excites You, and Finalize Upon a Niche
Think Big, Start Small.
Start with what excites you, problems or products that you’re passionate about and then let your brain produce a brainchild — something that will lead to that one ‘winning product’.
It is important not to confine yourself while brainstorming. Think broadly and think differently — write your ideas down. You can always narrow them down later, so do not hesitate.
It is good to finalize upon a niche, rather than targetting broader categories as the competition is relatively less, and there’s more scope for growth and profitability in the long run. A product line based on ‘Electronics’ can be too broad to create the right kind of positioning but a niche like ‘smart wearables’ can help you position your business better.
Do a Lot of Market Research — Do it. A lot of it
Okay, so you’ve picked something that excites you! Great, now it is time you start indulging in some preliminary research for your product or niche. Start asking yourself questions, and keep looking for answers. This is when you can change yourself to find products that are potential problem-solvers for real-world problems related to your niche.
Let’s assume that you’ve decided upon this electronic neck massager. Your search can start from something as simple as googling about it. You can also search major marketplaces to check the list prices for this particular product.
Does your product belong to that $8 to $40 bracket? If so, it is a positive sign for your business since products that fall into that bracket make up for great ‘impulsive’ purchases. This shall help you to stock up accordingly.
You can upscale your research game by using tools that make the job easy for you to finalize that one potential winner. For example, you can use tools like Ahrefs for keyword research, analysing traffic on a particular keyword and coming up with the right kind of products based on traffic and footfalls on a given keyword. This can be instrumental in finalizing that perfect product title.
Next, you can check Best Seller Ratings (BSRs) on Amazon to understand what sells well on Amazon. Don’t let this metric determine your decisions. Rather, consider it as a validation for your niche. However, if there are too many items dominating a category, it may imply that there’s too much competition in that given category and it may be harder for your first product to breakthrough.
Using advanced tools like Jungle Scout and Helium10 can simplify this step and ensure effective market research that helps you upscale.
Avoid Competition — It Is Good but Not for Starters
Think of it this way. You wouldn’t want a crazy amount of competition rooting behind your first product because — it is your first product! No points for guessing, you would want a pretty smooth and seamless journey to establish yourself in the FBA business, and sadly — a competitive niche or category won’t be aiding you.
If there are big brands established for a particular product or niche, it is generally a red signal to get into that category as at times — categories are known by the brands leading them which also means that you’ve to accomplish or offer something miraculous with your product or marketing to breakthrough. Although, we would always want you to think big and make it big, breaking into categories with ‘brand whales’ can be tough, to say the least!
Selling via a private label can go a long way in starting and succeeding in an FBA business as it doesn’t just give you more freedom while running your business but also gives you a better shot at marketing your product to the top of the listings. All of us love brands and their marketing endeavours for a reason. Right?
Step 2: Sourcing The New Product
So, now that you’ve addressed the elephant in the room, and figured out what your product would be — another challenge awaits. The key is to figure out the source of your product — the suppliers.
Find a Reliable Supplier
Suppliers with a good reputation, great production facilities and on-time delivery commitments are crucial for the growth of your FBA business. As it all depends upon the cost, it is generally a good idea to get products from countries that are known for affordable production pricing like China and India.
If your supplier manufactures another range of products as well, then it may be a wise idea to be in their good books backed by good behaviour and on-time payments as they can be crucial for the growth of your FBA business.
Cracking the ‘Shipping’ dilemma
Sourcing and shipping are largely interrelated as sourcing would be influenced by the shipping terms i.e. by train, by air or by cargo. For domestic shipments, air and trains are generally preferred whereas international terms include water shipment and cargo, as international sellers operate in some of the most competitively priced markets, and hence shipment via water becomes a no-brainer.
Step 3: Market Your Product Extensively
Picked a product, and found a supplier too? Damn! Things look great but then you realise that the crucial part would be to market it the right way so that the right kind of audience reaches out to get connected with your brand.
A listing on Amazon does guarantee some eyeballs here and there, but the real deal lies in the fact that the positioning can mostly make or break the product for you. The right marketing mix can help your product grow leaps and bounds on Amazon and that is what we want. Isn’t it?
Get a Winning Product Description That Rakes in Traction
We are sure you’ve figured out the mechanism and your product too looks absolutely incredible. That is for sure! However, as sellers we want our customers to understand our mission, vision, culture and what we tend to market through our products and the product description goes a long long way in establishing all of that and even more.
The copywriting, SEO, pictures and detailed product page are crucial for the success of an FBA business. Remember, Great product descriptions succeed at establishing a connection with their masses in ways that conversions start following automatically.
Running Ads and getting PPC campaigns to help in establishing the connection between you and your audience. Right from product reviews to the ads, every aspect of the brand’s decision-making revolves around those who’ve used it — the customers in the first place.
Once you get hold of all of the above, there’s nothing that would stop you from making it big, and that is the beauty of this era.
FAQs
Is it still worth starting Amazon FBA?
If you are just started selling on Amazon and only sell your products on Amazon, Amazon FBA is worth the money. However, It can be quite expensive for sellers who have low-profit margins.
How much does the average Amazon seller make?
An average Amazon seller makes $1000 to $5000 a month.
How much does it cost to start an Amazon business?
You need to have at least $5000 to $10,000 to start selling on Amazon.
Let’s face it. A job can be highly demanding at times. Considering all the nuances of work and how important work-life balance has become over the years — choosing the right kind of career that allows financial as well as social freedom is crucial. There are many questions that arise when we embark on the journey to build our careers, and ‘Freelancing’ as a career option seems like an answer to most of them, if not all.
There are perks that come with everything in this universe. Freelancing is no different. The flexibility, the freedom and the adrenaline push that something as spontaneous as freelancing gives to an individual are second to none.
The freedom to the plugin at your own convenience at any time, anywhere is a major influencer, as it opens up a plethora of possibilities for individuals. There are perks, there are golden nuggets, indeed. But, then just when you were diving into the pros associated with the freelance mode — the question takes over: How to start as a freelancer?
Well, we’ve got the answers. Get your notebook, grab the pen or simply bookmark this — as this will be the only manual you’ll ever need to start as a freelancer in 2022. Read on!
What makes you freelance in the first place? Is it just another gig generating machine for you, something that you want to get into for the sheer experience or considering freelancing as the replacement for your existing job or business?
No matter what the questions are, the answer lies in the freedom that comes with ‘freelancing’ as a career, overall. The freedom of choice is what makes this appealing, and we are sure you love both — freedom and the choices.
What Can I Do Better Than Others — My Offering & Services?
Identify your skills. Discover what you can do better than others. Are you good with writing, or you’ve got a great voice? Figure out what works well for you — something that can be converted into a service.
Turning your skills into a marketable service is the stepping stone towards a freelancing career that you can be proud of. Understand the pain points of your prospective clients, what daunts them and how you can make a difference?
It is integral to understand that clients look for solutions to their existing problems, or challenges that they face in their business. A successful freelancer often steps into the shoes of his/her client to identify the hurdles and then comes up with a solution to address the same. How you address the issue, and what you offer — define your journey in this space. A brief description, a CV and a freelancer profile are some prerequisites before you crack onto the pricing.
Who Needs Me? It Is Time I Find My Target Audience
“Phew. I’ve got a skill that I can market and sell, but… to whom?”
You have to ask yourself questions, in order to get the answers right. Now that you’ve got a skill that you can offer, it is important to identify the potential fit for your service. Your target audience will be instrumental in your journey as a freelancer. Your target market may have the same set of problems or identical characteristics confined to a specific industry — things that are important to get hold of, before embarking on the journey.
I Am Everywhere — Reach Out to Your Prospective Clients
You’re good at something? Great. But, is that enough? No. When you’re new to the freelancing arena — you’ve to be vocal about your services and the positioning statement to top it all.
Getting your first few adaptors can be tough, clients who trust you and work with you. However, freelancers can reach out to potential clients through a number of channels, whether it be the generic freelance posting platforms, networks and the ‘word of mouth’ instrument or the traditional, cold outreach.
Everyone has their own mantras that work for them. As a beginner, the onus rests upon you to find yours.
It Is Time When I Ace the Price — Getting Your Pricing Right
Pricing Structure
Service — sorted. Target Market — done! What’s next? Well, it is time we start talking about the money in the bank, lol!
There are brackets, categories and market conditions that may influence your pricing structure, but the key is to analyse, adapt and ace — in the end. Analyse what other freelancers are charging for similar kinds of service, be adaptive with your pricing and ace the game with a pricing structure that helps you reap the profits without compromising on the flexibility.
Your pricing may depend on various factors, including the likes of experience, industry, project timeline, complexity, list of deliverables, urgency as well as the location that you’re operating.
There are no formulas here. No set of rules or norms that confine you to a specific pricing structure. Thus, it is better to not overthink it and start with a price that you’re comfortable with. There’s no bar for your pricing and growth — as you can always modify it in the future, so getting started is the key.
Flaunt Your Skills — Assembling a Lucrative Portfolio
Flaunt Your Skills
They say you’re as good as your work. Rightly so, a great portfolio works wonders for your profile and career as a whole. An ideal portfolio showcases your work and your achievements and signifies the quality of your work and the things you’re capable of.
Your portfolio should speak about your expertise, the kind of work you do and what the client can expect if he/she works with you. A strong portfolio is the culmination of case studies, testimonials, mockups and everything that concretes the superior work quality of the freelancer. Now, when you know it all — start flaunting.
What’s Better Than a Great Proposal?
When you know about your abilities, skills and what you can do — feel free to chalk things out and come up with an intriguing proposal that they can’t refuse or wouldn’t want to. The right kind of proposal can land you that gig of your dreams, so it is time you be considerate about it.
An ideal proposal also duplicates as a sales or offers a copy of your services, and hence, a lot of effort should go into it. The key is to establish a friendly tone without losing professionalism and your proposal needs to do just that, again and again.
The Currency of Relationships Ft. The Clients
As freelancers, your clients are your livelihood. They are whom you do business with, the ones who’ll endorse you and be with you in the long run. It goes without saying, a positive relationship with your client is what would make or break you in the sector. While a good & healthy relationship would mean recurring business opportunities and great referrals, a negative reputation can quickly make you irrelevant in the grand scheme of things.
Things to Keep In Mind While Working as a Freelancer
It is important to keep the following in mind while working as a freelancer:
Nothing Beats Great Work, Ever
Good work outlasts everything else. Understanding clients’ problems and solving them with your services goes a long way in establishing a long term relationship between both parties.
Communicating Is the Key
Communication is a powerful medium to establish long-lasting business relationships and make clients hold on to you for the future as well.
Consistency Above Everything Else
On-time delivery and uniform consistency go a long way in building trust so that clients can count on you for the future as well.
Under Promise, Over Deliver
Going out of your way to produce excellent work doesn’t just benefit the client but also affirms your position as a great asset to any team, company or business.
Conclusion
With all of the above being mentioned, freelancing continues to be relevant and is expected to grow at an unprecedented pace in 2022 as well. However, considering all of it — as an individual, the ball is in your court. It is up to you to decide how you want your career to shape amidst all the competition and demand. Freelancing is here to stay, and it is not an option. It is a decision. An integral one.
FAQs
Which work is best for beginner freelancers?
Bookkeepers, Social media managers, Graphic designers, Photographers / Videographers, and Video editors are some of the most in-demand work beginner freelancers can get into.
How can a freelancer start with no experience?
Create an outstanding portfolio, get the pricing right, reach out to clients, use a freelance platform to find gigs, and build a positive relationship with your clients.
Is freelancing a good option for beginners?
Freelancing is a great career option for beginners but finding gigs in the first few months or years can be difficult.
Markus Aurelius said that the first stepof understanding anything is simplicity; he proposed that one should understand the nature of something before dwelling on it. So going by the words of one of the most renowned philosophers in the world, let us understand what is ed-tech or educational technology.
Breaking it down to its simplest form educational technology usually involves the use of computer software and hardware along with teaching pedagogies to facilitate and enhance the learning experience. The ed-tech industry is quite a niche market and its demand has been rising in recent years. so if you are someone who wants to build your own edtech company here’s how you can get started.
While I was researching this topic, I understood that many renowned personalities in this field have suggested first understanding the ed-tech market. For example, before the pandemic started, the US ed-tech sector received 1.66 billion in investments, which is the highest in 5 years.
While many industries were at a disadvantage due to the pandemic, ed-tech companies raised an astonishing 16.1 billion USD. Knowing the market, its demands, and other things like that would ensure any suitor in this sector scale the evidence and weigh the facts.
Narrow Down and Validate Your Idea
You need to understand the concept of divide and conquer when it comes to ed-tech. The ed-tech market is too vast and ever-changing for a single entity to rule over.
The first step is to critically and objectively view your own idea. Find out whether your idea serves the customer’s needs and itself is unique. This will also go on to indirectly help you predict the market, discover the trend of your niche, and identify your competitive advantages.
It may look tempting to start your own ed-tech company when I put it across in such simple terms but we need to understand the problem of validity because before you propose any idea you have to ask yourself these 3 questions,
Does your idea solve a problem that is troubling a lot of people or improve a system that is quite essential in this specific area?
How do you know that you are solving a problem?
Do you have enough data and research backup to support and pitch your idea?
Define Your UVP and Choose the Right Business Model
Any business requires a UVP or a unique value proposition. What can you offer that other companies can’t? Your unique value proposition can be constructed by 3 crucial things,
The value that is delivered by your product.
The customer base that you would like to target.
What is the approach you are adopting to sell your product in this highly competitive market?
The right business model must follow your UVP. A business model usually entails how your ed-tech startup will achieve its goals and earn its revenue. It also describes the main highlights of your product and how it is going to create value for your customers.
You can experiment with a number of business models. Certain business models usually are taken up with the intention of rapid growth and the capture of large market shares, whereas certain others would usually involve selling products to institutions and monetizing your customer base from the beginning.
My advice to anyone who is interested in this area would be to choose a business model that helps you build a sustainable and independent business around a challenge or problem that you are trying to solve.
Build the Perfect Team
Building the Right Team
The right team is necessary for any business to succeed. In the highly competitive ed-tech industry, one needs to have the right team for even his/her idea to even come into consideration in front of investors. The best way to address this problem is to hire a group of professionals who are passionate and have an experienced background in education, which acts as their primary motive and the monetary benefits as their second priority.
Try to build a team that can help you create a scalable monetization model and a go-to-market strategy for your product. Being an ed-tech company’s CEO is definitely a different experience. You should start engaging in educational conventions, start visiting your local schools and understanding their learning demands and start talking to other individuals who are involved in the same business.
Being a startup in the initial stages would usually mean that you would have to work with minimum revenue. It is always better to work with an outsourcing company than pay an in-house team of engineers.
The need to have a skilled CTO – an individual who has the experience and expertise to work on the design of your product and oversee your development team is key to progress.
Have a Proof of Concept/MVP
Theoretically, it is easy to pitch any business idea. Practically every aspect of the product will find it difficult to serve and deliver to different demands of the real world. The best way to resolve this issue would be to build a proof of concept.
By building a proof of concept, you would have a strong base to validate your idea on a minimal budget. This application would usually involve the most important functionality or risky features of your product. Fancy design should not be used here to dazzle users.
Minimum viable product (MVP) works on similar lines with proof of concept. Proof of concept usually involves proving that your product will work in real life but whereas an MVP ensures that your customers are satisfied and pleased with your product.
Finally, in conclusion, we can say that by following these steps, you may have the perfect start for your company, but we should all remember consistency is key for any business to become better. With thorough research and strategy, any business can become successful and so is the case with ed-tech.
FAQs
How does EdTech make money?
Usually, edtech companies make money by selling their courses to students or schools. There are also companies that provide their courses for free but charge a small fee for the certificate.
How do you get funding for EdTech startups?
First, you need to prepare a solid business plan and then you can approach angel investors or VCs to pitch your idea and receive funding.
What is the future of EdTech in India?
India’s EdTech industry is growing at a really fast pace and is expected to reach $30 billion in the next 10 years.
It takes a lot of effort to start a business. The quantity of paperwork, regulatory obligations, and strategic planning that must be completed might be overwhelming. Young people’s entrepreneurial ambitions are expanding in tandem with India’s growing middle class. Technology has thrown up a slew of new business prospects and simplified the process of beginning and running a company. As a result, it is a better moment to start a business in India than ever before.
The Entrepreneur must have a vision for the proposed business before starting it. A vision could be as basic as the Entrepreneur’s plan of action for beginning a firm, or it could be a full business plan with market analysis, anticipated financial statements, and so on. Solid business planning will assist the entrepreneur in avoiding mistakes and increasing the likelihood of business success. If the Entrepreneur hasn’t come up with a business idea yet, he or she can look for business ideas online. In this article, we look at how to start a Fuel Delivery business in India.
A fuel delivery startup is a new way of providing clients with on-demand refilling services. Most businesses have a webpage and a smartphone app where you can place orders as well as track your fuel use and expenses. Fuel-delivery businesses, in contrast to gas stations, provide comfort and time savings. You can order fuel in remote places where there isn’t a petrol station. You may, for example, order diesel for your colony generator without having to leave the house. Unfortunately, because of government laws, only diesel and not petrol can currently be delivered in India.
Process of Fuel Delivery
A mobile-based application is used by a fuel delivery service to conduct business.
The customer must first download the app and then login with it via email or another method.
The location-aware programme immediately pins the location of the car in need of refuelling after registering.
If the vehicle’s position differs from their present location, they can individually pin the spot on the map.
The fuel provider can use their own app to locate the user’s pinned destination.
He/she will then travel to the user’s place and refuel their vehicle.
The funds are deducted from the payment option they choose when registering for the app.
Following are the steps to start a Fuel Delivery Service :-
1. Build a system
The first step after deciding to construct an app is to create a fleet. Follow the compliance requirements and double-check the country’s standards and regulations when it comes to such a firm. As a result, create a system that is compliant with all needed requirements. Some app development businesses provide outstanding support to accompany your business on this journey.
2. Create an Information Technology Infrastructure:
Build a strong IT infrastructure to accommodate your fuel-delivery firm after getting all compliances and certificates. Building a processing facility as well as a feedback and complaint response system are all part of the IT infrastructure. Assemble the skills and equipment needed to complete the task. Use a Gps tracker to keep a close eye on the movement of goods and the distribution network. Tookan Tracker is a technology that not only eliminates fuel fraud but also provides total safety. All communication systems will be digitised, and analytics and reports will be generated to support business choices, thanks to a solid infrastructure.
3. Creating a Fuel Delivery Truck Crew with professional truck drivers
Fuel is a flammable material that necessitates the use of expert drivers who can securely transport the fuel to the customer’s location. HAZMAT drivers know how to safely transport combustible fuel to a customer’s door. Similarly, they understand how to choose the best road approaches based on the population density of the area. For the sake of the fuel delivery firm, the owner must now engage competent HAZMAT drivers.
4. Collaboration with Fuel Providers
Collaboration with fuel providers is the final and most critical step in starting a fuel delivery service. The fuel distribution business is pointless without the fuel. No one wants their fuel supply to be interrupted, thus the owner must work with the best fuel source for the job.
There are various aspects of the app that have the potential to make or ruin the fuel delivery business. The following are the important features of an On-demand Fuel Delivery Application :-
1. Location tracking app
A location-aware programme would allow drivers of fuel truck to rapidly determine the delivery location. This feature will boost your app’s productivity by making the process of obtaining fuel online more easier. Also, make sure your software has advanced functionality, such as the ability for users to manually pin their position. This functionality is required in order for users to pin their vehicle’s location even if it is parked elsewhere. When someone is lost in the middle of nowhere, this feature comes in handy. They may quickly pin their location to get their vehicle refuelled by using this tool.
2. Selection of type, quantity and time of delivery of fuel
Any fuel delivery app should have the ability to allow customers to modify their orders, which is a very fundamental and basic function. Users can select the type of fuel (petrol or diesel) that their car requires with this tool. Similarly, they have the option of selecting the fuel quantity. Users can also select the time frame for when they will require the fuel. You can make it easier for users to acquire a customised gasoline delivery by enabling these capabilities in the app.
3. Different options to pay
This capability is now available to all On-Demand delivery services throughout the world. You must present your customers with a variety of payment choices. It will ensure that they have a wide range of options from which to choose, boosting the app’s efficiency. It’s best to include all of the alternatives in the app, such as cash, internet banking, e-wallets, cards, and so on. Also, make sure that all of the payment channels you’re using in your app are absolutely safe and secure.
4. Call and text from within the app
It’s one of the more subtle aspects of an on-demand delivery software. By including this functionality in your app, you are allowing consumers to communicate directly with the drivers. As a result, this function may quickly address all of the consumers’ complaints without them having to leave the app. As a result, make sure that your app has an in-app call and text option.
5. Fuel Delivery Monitoring in Real-Time
We’re all keen to find out where our package is immediately after placing an order. Customers can track the whereabouts of the gasoline truck using this function. This will guarantee that they do not have to wait for their fuel in vain.
It is not easy to start a fuel delivery service. You must accept the fact that you are entering one of the most competitive market segments. There is a lot you need to accomplish in order to start and operate a profitable business. To summarise, starting a fuel delivery service is a difficult endeavour. To start a fuel delivery business successfully, one must overcome numerous obstacles. However, after you’ve surmounted the obstacles, your company will be a market sensation. As a result, a large profit is generated.
FAQs
Does India import oil?
India imports 84 percent of its crude oil needs, making it the world’s third largest crude oil importer.
Where does India get its oil?
Despite a 23 percent reduction in purchases to a five-month low of 867,500 bpd, Iraq remained India’s largest oil seller, according to the data.
In India, which fuel is the most efficient?
As a result, there are only two types of fuel in India that have a higher Octane rating than 91, notably Indian Oil’s 93 Octane and Bharat Petroleum’s Speed 97.
Though there isn’t a textbook definition of a media company, it generally refers to platforms or entities that aggregate, package, and distribute content across mediums such as the internet, television, radio, etc. The successful brands we see today invest heavily in premium quality content to attract new customers and retain the existing ones. Media companies have a significant role to play in the prosperity of such brands.
With the passage of time, people have gradually shifted from the traditional forms of media to the digital ones. Consequently, media and everything related to it has become more widespread and fragmented. Consumers are now entitled to limitless content on the device of their choice rather than relying on newspapers and television. Websites, blogs, apps, and social media have opened up unforeseen avenues. It’s safe to say that now is the best time to run a media company.
At the same time, the quest for consumer’s attention has become brutal and requires new strategies and capabilities. Hence, starting a media company is no piece of cake and requires intensive preparation and planning. This StartupTalky post discusses everything you need to know about launching a media company of your own.
The Indian media industry is an emanating sector for the economy and is making great strides. Backed by rising consumer demand and improved advertising earnings, the sector is at an all-time high. The growth in the media segment can be attributed to widespread digitization and increased internet usage over the last decade.
The Indian advertising industry is estimated to be the second-fastest growing advertising market in Asia after China. At present, advertising revenue accounts for around 0.38 per cent of India’s GDP. Growing at a CAGR of 10.90 per cent since FY17-18, the media industry is projected to grow at a CAGR of 13.10 per cent and touch INR 2,660.20 billion (US$ 39.68 billion) by FY 2023. That’s a significant jump from its valuation at INR 1,436.00 billion (US$ 22.28 billion) in FY18.
Consumption of media by India grew at a CAGR of 9 per cent during 2012-18, almost nine times that of the US and two times that of China. The industry provided employment to 3.5-4 million people (both direct and indirect employment considered) in the year 2017.
Revenue through advertising is projected to reach INR 1,232.70 billion (US$ 18.39 billion) in FY23. It was INR 608.30 billion (US$ 9.44 billion) in FY18.
How to start a media company
How To Start A Media Company
Media
With so much content everywhere, it’s a cumbersome task to start a media company that stands out among the rest. There is a no dearth of creators and platforms. But the sunny side to the story is that content is worth so much more than it ever was, and the umpteen number of platforms add to the advantage. Here are some key points you need to be aware of if you plan to start a media company.
Recognize your audience. It’s crucial to know who are you focusing on and why. The passion of the crowd, its views on issues, the topics that bring out strong reactions…you need to know a bit of everything about them.
Understand your value. Figure out what makes you and your service unique. Convey that message to your audience. Your core values should be propagated through your services .
Be ambitious and let people know about it. Big projects grab attention. Staying in the news helps raise your stakes.
Offer a membership model. An audience which feels you speak for them ought to support you. Get them involved in the editorial policy or equity crowdfunding. Make them a part of your company by offering memberships.
Use third party services to bring high value adverts to your base. You now know about the products your audience likes and wants to buy. Collaborate with a third party native advertising company and have it create content for you while you get paid for hosting that content.
Leverage affiliate marketing. When you’re promoting someone’s product or service, be direct and tell your audience to buy it through a special “affiliate link”. Affiliate marketing is a great way to generate income.
Start a YouTube channel. Re-purpose your article into a video. Publicize your video content across video-sharing platforms like YouTube. You won’t immediately rake in money from YouTube; give it some time. As people discover your videos, you will gain popularity as well as monetary success.
Ensure your content is unambiguous and meaningful. Cringe content won’t take you far. Your audience will leave as soon as you start compromising on quality. Give the reader a reason to click on the next article of yours.
Registration And Licensing
1. Single-man firm with unlimited liabilities.
The simplest way to start a business is to open a current bank account and have your service tax registration done. Sole proprietorship is preferred for startups with lower budgets.
2. Partnership firm.
At least two individuals are required to start a partnership firm. You need a registered partnership deed along with a current bank account and service tax registration. A partnership firm is appropriate when the partners have a common vision and are willing to share profits.
3. Private limited company.
A private limited company needs to at least two directors with a minimum investment of INR 1 lakh. It’s best for startups seeking funds from investors.
4. Limited liability partnership.
It is the combination of private limited company and partnership firm. You need at least 2 partners. A limited liability partnership has more agreement requirements when compared to an ordinary partnership firm. This setup is ideal when your budget is less than INR 10,000 and you want to enjoy the perks of setting up a company.
5. One person company.
It is similar to a private limited company but comprises only one person.
Register the domain name. Get a unique domain name for the media company by paying the registration fee. One needs to submit valid address and ID proofs for the registration process.
Get the federal tax ID number. This process distinguishes your media company as a separate legal entity. You need to get a federal tax ID number from the Indian Revenue Services (IRS). IRS keeps a track of your business transactions using this ID.
VAT/Service tax. A company must apply VAT to its products and pay taxes to the government for services.
Memorandum of understanding with vendors/contractors. Be precise when drafting the ‘memorandum of understanding’ with your vendors/contractors so as to prevent forged services. The process may give rise to legal issues so you need to be careful while contracting. Add a disclaimer to your services/products to protect yourself from legal liabilities.
Investment in cyber security. Invest in cyber security to safeguard your customers’ financial transactions. Failure to protect customers’ data can cost you up to INR 5 crores in penalty.
Trade mark registration. Registration of trademark is important for web-based/online businesses.
Website terms & conditions. Set up the website’s legal terms and conditions such as the privacy policy, disclaimer, and third party data-sharing rules.
Vendor agreement. Draft an agreement by enlisting requirements such as payment policy, refund, and the taxes applied to the services/products from vendors.
According to KPMG India’s 11th edition of its Media and Entertainment (M&E) report:
The media industry in India has marked a size of INR 1,63,100 crores in FY19.
It posted a growth of 13% as well as a stunning CAGR of 11.5% cent over the period FY15-FY19.
The media segment is expected to post a CAGR of 13.5% over FY19-FY24 to reach a size of INR 3,07,000 crores in FY24.
The Indian media industry is on an impressive growth trajectory. It is expected to grow at a much faster rate than the global average rate. Now is the right time to leverage the prospects of the media segment and launch your media company.
FAQs
What are the top media companies in India?
Eros International Media.
PVR.
TV 18.
Balaji Telefilms Ltd.
HT Media.
Sun Tv Networks.
Sony Pictures Network
Zee Entertainment Enterprises
Which is the largest media company in India?
Zee Entertainment Enterprises is India’s leading media and entertainment company in terms of net sales.
What do media companies do?
Mediacompanies advise to advertise, and to present a positive picture of themselves to the public. Their work include advertising, public relations and other forms of media management.
Jeenal Jain
