Business Development in India
India, officially ‘The Republic of India’, is the most populous country in the world, comprising 28 states and 8 territories. India has 22 recognized regional languages, as well as many others spoken by over a million people. India is home for a fascinating, plentiful and diversified culture.
India is a fast-growing market with an enormous potential for businesses who aspire to expand into the international field.
Here are 6 of my insights about developing your business in India:
Study the local market:
Like any other market, the Indian market has its own unique characteristics, such as competition and consumer behavior. Identifying opportunities, challenges and local trends is
essential for decision making and strategy developing.
Know the local laws and regulations:
It is crucial to know and apply the local laws and regulations in order to join the Indian market. Many requirements, like business registration and licensing, trademark, branding, taxation, different licenses and permits might not be the same as you know. For example, the Indian tax year begins on April 1st and ends by late March.
Cultural differences:
India has various cultures, many spoken languages and different traditions. In order to succeed locally, it’s highly important to adjust our ‘business language’ to the local one, while respecting the Indian culture and traditions.
Business collaborations:
Creating collaborations with local businesses is founded on creating respectful, reliable connections with our business partners. It requires learning about the local culture and understanding what separates us, as well as what unites us. Those collaborations help us navigate the local market, understand its needs and requirements and help us integrate with it faster.
Technology:
India adapts easily to new technologies. If you have one that might fit in the local market, it is a great opportunity to leverage your product, improve its efficiency and help reach consumers and destinations. India is a fruitful platform for learning and experiencing when it comes to new technologies.
Protect your intellectual property:
In order to protect your intellectual property and avoid copyright infringements, you must study this subject deeply before approaching the Indian market (similarly to other markets).
Business development in India, like any other international development, requires careful planning, deep research and willingness to adjust to the local conditions.
Combining a correct approach with our knowledge allows your business to expand and break into the unique, profitable Indian market.