The logistics business in India is growing fast. If you’re thinking of starting your own logistics enterprise, you need to have a long-term plan to stay successful. A solid plan from day one will ensure you’re prepared for anything that comes your way. Along with a business loan for some capital, if you do your homework, you’ll be able to build a sustainable business model. But where do you begin, and how do you go about starting your own logistics business? Here’s how:
- Choose the type of business and your preferred business model
There are several different types of logistic providers like inbound, outbound, third party, fourth party, etc. for you to choose from. Along with this, also decide if you want yours to be a sole proprietorship, partnership, LLC or work out a franchise model with a reputed organization with the help of a business loan.
- Formulate a business plan
A business plan will help you determine if your business idea is viable and gives your firm’s future some structure along with being a guide to set up how a company achieves its goals. As a start-up, you might require financing, so a business plan for investors will help generate capital in the form of a business loan. A business plan includes everything from market analysis to how you plan to structure and manage your business to a breakdown of your products and services, how many employees you’ll hire, etc.
- Registration and compliance
Like any other business, you need to get your paperwork in order. This means completing all the required documentation for registration and compliance certifications. Getting this sorted out in the beginning will save you from any issues that crop up in the future. Some compulsory registrations areIncome Tax Department Registration, Registrar of Companies, Shop Act License and DGFT registration If you are looking at exporting or importing). The others depend on the type of business you begin.
- Identify assets and the software you need
Based on the type of logistics business you want to start; you need to acquire assets accordingly. This includes both physical assets like trucks, machinery, warehouses, etc. and the right employees for your business. Also, you need software for inventory management, tracking of goods, providing real-time updates, etc. With low business loan interest rates, securing all this will be hassle and stress-free.
- Secure funding
With all this in place, all you need for your plans to come to fruition is to secure funding. There are plenty of financing options that you can weigh by looking at a business loan EMI calculator. But don’t forget to check your business loan eligibility before anything!
Starting any business, including in the logistics space, means that you will have to do your basic research to get what you need. Of course, all through your journey, you have access to a business loan to boost working capital, fund your needs or save you in time of need so you can focus on growing your business.
