The Importance of Creating a Business Plan

Like any journey into unfamiliar territory, your business’s voyage into India can be much more successful if it has a precise map that shows where you’ve been, where you are, and where you’re going. That map should come in the form of a well thought out business plan. Without an extensive, thoughtful plan, minor bumps in your business’s journey can seem as tall as Kanchenjunga (India’s highest peak).

In this section, you discover a few reasons why you should approach your Indian business plan a bit differently than you would in the West. Take note of the important factors for you in coming up with the map for your business in India, and you’ll clearly understand why a business plan is so crucial to your success.

A few things to keep in mind

You may be a veteran business plan writer in your own country, having authored many success stories. But when you’re working on a business plan for India, remember that you’re on someone else’s turf, and you have a lot to learn and unlearn:

Audience: Study your target Indian audience thoroughly, and get to know its quirks before formulating your business plan. Market surveys, for example, can be an invaluable tool when it comes time to focus in on a particular target audience. (Check out “What need does your product or service propose to fulfill?” later in this chapter for more info on market surveys.)
Basic nuts and bolts stuff: If you’re writing a plan to set up a manufacturing unit at a specific ...

Get Doing Business in India For Dummies® now with O’Reilly online learning.

O’Reilly members experience live online training, plus books, videos, and digital content from 200+ publishers.