Did
you know that SMEs account for 45% of the country's manufacturing output while
employing 40% of the workforce? This figure was reflected in an article
published in The Economics Times in June 2013. The start-up environment is only
getting better by the day and it wouldn't hurt to dig in. Amidst such an environment SME loans in India
are hot picks.
Business Start-up Strategy
The
romance really gets to you whether it’s your first love or your first business
start-up. Starting a business is no cakewalk and sometimes may take months or
years of planning. Getting your business dreams together can only be true if
you have a strong financial backing. You can checkout SME loans to finance your business model.
- Business Plan – The very
first thing that you must identify is your business model. The type of
product you plan to offer, it’s USP and the market needs it will fulfill;
your target consumer, your business plan for immediate future, the risks
involved and your competitors, are some of the things that you must think
through. It is recommended to roll out a small batch of products at first
in order to determine consumer response. A SME loan will take care of your
business plan for at least a couple of years till you start earning a
minimal profit.
- Finance – Getting
your start-up financed may prove to be a major hitch. You must think your
options through before taking a plunge. While investing one's own money
may look like a suitable option to you but it is not a reliable one. SME
loans are a great option as you can secure enough money to run your
business smoothly till profits start to show up. You can also garner tax
benefits from tax deductions on interest payments if you are on a high
marginal tax rate.
- Marketing On Budget– Efficient
marketing within a budget is the key to give your product the required
push. A low-cost website, social media marketing which includes positive
feedback coverage are two of the ways out. You can also let close friends
and family try out your products and spread it through word of mouth.
- Ask for Help – Identify
the experts in your surroundings and ask for assistance. Likewise, you can
ask an accountant friend to look after your company's financial account in
the initial years. This will save you money while giving you expert help.
You can also browse the internet and learn the perks of a field yourself.
- Infrastructure – For the
initial years you can function from a small space with rented or second
hand infrastructure necessities. Browse through SME loans to fund your
business financial needs including infrastructure.
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