How to plan for business expansion in India
India is waiting for international businesses to come knocking at its door. We are a fast-growing economy with broadening our horizons. Nations all over the globe are forming business relations, looking to setup offices in India. But if you’re just jumping on the bandwagon, we suggest you to take a step back and approach this decision with more planning and deliberation. Remunance tells you just how to do that.
4 things to consider for business expansion in India
- International Market Research
As the Spartan proverb goes, “If you sweat more in practice, you bleed less in war.” Before taking any excited decisions, invest time in international market research. Focus on data-driven market analysis.
Is my business model viable for Indian consumers? What are the current trends in Indian markets and does my business idea follow that trend? Does India have a need for my business offerings?
These are some questions to help guide your decisions. Extensive market research focused on the Indian markets will help you make strategic, pricing, and marketing decisions.
- Managing Personnel
Your employees are your most valuable resource. This rings especially true if you have to remotely oversee employees in another country. Will you send a team from your current staff and open a new division here? Or will you build a new Indian team here who will look after Indian operations? Would you need to look into staffing agencies in India to fulfil your needs?
Additionally, understand the Indian culture and adjust your in-office practices. This includes everything from morale boosting tactics to incentives.
- Optimizing Supply Chains
Most industries have concerns of assembly, transport, storage, distribution etc. However, on expanding into India, you don’t need to continue with your current setup. You can think of local goods acquisition, local assembly, local storage, and then distribution. With a more optimized supply chain, you can get your new office in India up and running faster.
- Freelancers versus paid hires
This is a new trend that’s settling in. Entrepreneurs build a team of freelancers, each with a very specific skill. This saves them the hassles of managing an office per se, but then they lose out on reliability and availability. Still, depending on the nature of your work, you can think of this option. Suppose you are in the tourism niche, wanting to expand into India. Some destinations in India are seasonally scenic and visit-worthy. When it’s not your season, what will your employees do? Why have them on payroll? Evaluate the possibilities and lookout for opportunities to hire freelancers in India.
Expanding in a new country can be scary. If you need help with company formation in India.