Did you know that Australia’s Indian diaspora numbers approximate 700,000? That’s a huge number! And now that you know, don’t you think these numbers serve as a huge booster to embark on a venture that caters to an Indian clientele? Well, many IndianAustralians concurred with our thoughts. But everyone seemed to be stuck with a similar set of questions regarding starting a business. So we decided to deep dive into the ‘How’s’ of starting a business and here is a rundown of everything that you need to know.
BUSINESS IDEA
The Indian community offers a plethora of avenues to start a business. From the great Indian CHAI to Kancheepuram silk sarees to homemade soaps, desis relish anything Indian! The first step to starting a business would be to find a product or service that is untapped in the Australian market and one that resonates with you. You can do extensive research through your friends, family and the DesiPedia app where you can directly reach out to the members of the Indian community. You can shortlist 4-5 ideas that strike you and finalise one idea that you feel would be a success. Don’t forget to do a competitor analysis to keep an eye on who is currently in control of the market share for your product/service.
Before you start working further on the idea, ask yourself these questions:
• Is there a target audience for the product or service?
• What is the capital required to launch the business?
• Is the business idea viable financially?
• How will you handle sourcing and operations of the product/service?
• Can it sustain through the current situation of the pandemic?
• Does your idea solve an existing issue/problem?
Think wisely before you decide, as you will be investing a significant amount of time, money and effort to bring your business to life. As your focus is to serve the Indian community, it is prudent to research and survey meticulously amongst the Indian community before you move to the next step of your business.
BUSINESS PLAN
Starting a business to serve desis can be as exciting as a samosa-chai combination. However, effective planning can streamline it to success. It is pertinent to have an effective business plan to outline the purpose, direction and strategy of your business.
Why create a business plan?
• You can project a roadmap of your venture for 3-5 years ahead.
• It helps provide a sense of direction for each stage of your business.
• It helps assess the product-market fit of your product/service.
• It can help source investments for your business.
• It helps break down marketing, finance budgeting and sales plans.
So it is essential to have a solid business plan to start your business. Moreover, the number of Indian Australians in Australia is bound to increase. And that is an important aspect to add to your plan.
REGISTRATION AND LEGAL
Once you are all set with the business offering you would like to start with, it is time to get into the battleground and establish the legal framework essential for the business. Let us get registered!! According to Australian laws, there are a few requirements to set up a business:
1. ABN – Register for an Australian business number that’s unique to your business. Customers, the Australian Taxation Office (ATO) and suppliers use this number for identification purposes. It’s free to register.
2. Business Name – If your business name differs from your name, then you need to register it. The name helps customers identify your business.
3. Tax registration – Based on the product/service your business offers and the type of company you want to set up, you can register for the taxes applicable.
4. Licenses and permits – Licenses and permits are essential for your business and they depend upon several factors. The location and the industry of your business usually determine the kind of licenses and permits essential to run the firm.
5. Trademark – Trademark helps protect your business name from being used by others. It helps safeguard your brand for the future.
If the legal and tax procedures look super-daunting to you, then it is best to first reach out to business owners or CA’s from the Indian community before making a move. Networking on an app like DesiPedia can make the whole process quicker and hassle-free. Most desi’s have their business and services listed out and you can directly reach out to them through the chatbox.
SETUP OPERATIONS
Well, you cannot always run the entire business by yourself, right? Why don’t you hire some desi employees to help you run the show? Your customers would love the ‘desi vibe’ of your business and that would be a crowd-puller for sure. And we’re certain that by now you know where to put up your listing to find your employees. Another important aspect of operations would be finding the right supplier for your products. Set up a checklist for all the things that you would need to consider – right from quality to quantity to pricing. Ensure you start with a supplier who offers a low MOQ (minimum order quantity) as you would want to test your product prototype once you launch it in the market and see how it performs. Once you analyse the performance of the first set of products, you can then work your way ahead with your checklist and streamline your product base. Now that you have your employees and vendors, it is time to take off! Treat yourself with some biryani and jalebi, will you?
MARKET YOUR BUSINESS
Once your business is ready, it is time to spread the word. As Desis, we love to try out anything new that’s come up in town, especially when it’s for us. Use the reach of social media platforms like Instagram and Facebook to create the necessary hype for your business with a very strategic and consistent marketing plan. Additionally, you can create a customised website where products can be catalogued, fun and relevant blogs can be posted and targeted landing pages can be curated to land your clients. The DesiPedia app can be your go-to place to reach your target audience – the desis living in Australia where you can promote your business to thousands of Indian customers within minutes. You can also connect with them to improve your business through reviews and feedback. As they say – community is all about caring, sharing, learning and growing together: we desis are taking no back seat. Let’s start the business we envisioned and serve the Indian community the Indian way. Bolo Jai Mata Di.