Starting an online business in India can not only significantly benefit budding entrepreneurs, but also the economy of the sub-continent.
I was recently reading an article on Quora that highlighted how India is about to overcome the United Kingdom to become the world's 5th biggest economy. Can you believe this? Not too long ago we were under their shadows for over 200 years and now we are about to overtake them in 2019.
Even though this news sounds fascinating, India still has several drawbacks
Unfortunately, while we were busy clearing the mess created by the British Raj, entrepreneurs in countries like USA and UK were leveraging knowledge to create radical technologies that play a big part in our lives. For example - the device that you're using right now, the internet connection your console is connected to, the browser you are using to view this article, and the Social Networking website you were checking out before you clicked this post.
Does this mean that it's too late and this problem can't be solved? Incorrect. The fact is that companies like Jio have started taking big initiatives to provide cheap devices and internet to the majority of the population. This has enabled India to become the second largest country with internet users. Therefore, consider yourself extremely lucky as we live in a time where you have been provided with all the tools that you have to put into action. If you want to contribute to the economy while improving your financial situation drastically, the best thing you can do is to start your own online business.
Does starting an online business require a lot of investment?
Unfortunately, most people believe that starting an online business in India requires you to invest lakhs. This is far from the truth as one can start this venture for as low as under Rs 1,000. Think about this - the major costs involved when setting up tangible (physical) business include land, property, raw materials (stock), electricity/water bills, and staff. Now think about what would happen if all of these costs are removed? An online business requires none of those things and can be setup in couple of hours.
What's the best online business to start in India?
There are several options available that you can use to get started. In fact, I would love to do a detailed post in the future to explain them all in detail. However, for now, let's talk about the top 3 options available.
Option #1 - A dropshipping / eCommerce business: eCommerce websites have become extremely popular lately especially after the introduction of websites like Flipkart, Snapdeal, and Amazon in our country. There is a lot of potential in this sector, but in order to win the race, you MUST have a mind-blowing product/[s]. My personal opinion is that it's extremely difficult to compete in this space where billion-dollar giants are taking hefty losses to win the batter. The truth is that these companies have a lot of money in backing and they're not afraid to lose it as they're playing the long-term game (fifth-order consequence thinking).
For example - Amazon and Flipkart offer products at a lower cost than any other vendor in the market. How? By taking a loss on the front-end and building a brand while playing the long-term game. They also have other key features such as one-day delivery that differentiates them from others. Such differences prevent novel eCommerce entrepreneurs from overtaking these giants and struggle to grow at a significant pace.
Does this mean you cannot be successful starting an eCommerce business? Definitely not. There are several success stories of young eCom giants growing massive (like Ustraa). However, to make it big, you must have the necessary skills, capital, experience, USP, and most importantly an outstanding product.
Option #2 - Affiliate Marketing: Don't want to take the hassle of hosting inventory or building a brand from scratch? Affiliate marketing enables people to promote products of other brand's and take a percentage of every sale they make. Big companies like Amazon and Flipkart have their own affiliate tools. For other affiliate products, you can check out http://vcomission.com Affiliate marketing is promoted significantly in our country
The truth is that this business model is extremely easy and can be started by any individual with basic digital marketing skills. However, there are
- No sense of business accomplishment - Personally, I dislike doing affiliate marketing. Why? Because I feel like I am not forming an institute of my own that is actually adding value to somebody's life. I am merely promoting other's products and this gives me ZERO sense of accomplishment. If somebody asks me what I do for a living? I can't say that I am a business owner. I
won'tfeel proud and will feel as if I am not contributing.
- Too much investment of time or money -Affiliate marketing involves sending traffic to your affiliate link and hoping it converts. One can get traffic either by buying from Google/Facebook OR spending a lot of time doing SEO. Whatever the case might be, it requires investment either in the form of cash or time.
Therefore, I am not a fan of the process due to the factors mentioned above. However, several people use this form of marketing to make millions. If your opinion is like mine, then you might like the third option in this list.
Option #3 - Freelancing/Consulting/Agency Business: After observing all other options, I have personally concluded that this is the best option that anyone should go with. A freelancing/agenc online business in India involves offering services/advice to an individual/business owner in exchange for money.
We live in a solution-oriented space where thousands of business owners and individuals are always looking to solve their problems. These problems could be in the form of marketing issues all the way to health issues. Whatever the case might be, people need their issues fixed.
For example - Picture a real estate agent is struggling to sell properties and needs consistent leads that are highly qualified. Let's say you come into the picture and say you can use digital marketing to deliver these leads to the real estate agency in exchange of a certain price tag that'll be significantly less than the sale he will make. Do you think the agent would take this offer? Of course! Any sane individual would! This type of business allows you to scale quickly without taking on a lot of clients.
What do I require to start my own agency business?
Thankfully, this business model is extremely easy to get started. You do not require any investment or time to begin your online business in India. Here is a list of all pre-requisites -
- A laptop with proper internet connection.
- Mobile phone to make calls to clients/prospects.
- Determination to never give up.
That's literally all! I am not kidding, if you need to start an online business in India then this is the best thing to pick especially for beginners.
How do I get started with this business?
If you want to start your own agency business, then you need to know how to get clients and understand how to deliver them top-quality service so that they re-hire you again.
Lucky for you, we at UAbility are hosting a FREE training session along with a challenge that will teach you how to get started with this business. Interested in learning how?