CHOOSE THE RIGHT BUSINESS PARTNER
Today, India is one of the largest and fastest growing world economies, fuelled by the youngest global demographic dividends and one with ever more disposable income.
To tap into the India opportunity you need to create a personal connection.
When you find a right business partner, their local knowledge and presence can take you on a journey from humble beginnings to build a little market share to creating real brand recognition for you, creating options to evolve your business model over time based on success.
A GREAT PARTNER WILL TELL YOU THAT :
India is diverse and intricate
India is an incredibly diverse market with 29 nation sized states. Its linguistic diversity is vast (380 different languages). Similar diversity can be found in food, climate, and local business customs.
Knowing where and how to start, how wide your reach should be, also informs who your best business partner would be. Your partner’s role is to demonstrate that they understand what the best tailored market approach suitable for you is.
Pricing is the key to success
While India is now the 3rd largest economy in the world in terms of Purchasing Power Parity (PPP), the purchasing power per capita is much lower than in
advanced economies. The right partner will give your cost structure an edge, helping you save money on resources, trade and foreign exchange.
Regulatory knowledge is essential
You need the right business partners to keep your business running smoothly while staying on the right side of the law. A great partner helps you anticipate as well as resolve any challenges that may arise. For example, moving money and setting up a business requires adherence to rules and regulations. The above, illustrate the need for finding the right partners across the business spectrum – banking and finance, suppliers and marketing. Investing time and effort in choosing your partners will go a long way in making your foray into India a resounding success.
If you are interested in exploring how we can partner in your India venture, please
get in touch via this enquiry form.
To watch ICICI’s webinar ‘Doing Business in India’, click here.