E-commerce firm MD & CEO Saahil Goel recently opened up on the massive business opportunities in India and how aspiring entrepreneurs can benefit from them. Saahil Goel who is the CEO and MD of Shiprocket also explained that in the current times starting a business is cheaper and easier than it was in the past. Saahil Goel appeared in Raj Shamani's Podcast in which he also explained how an entrepreneur can start a business at just Rs 25,000. Not only this, but Geol also explained How to start a business with Rs 25,000 along with an example.
Below is an expert from the podcast-
Talking about his company Shiprocket, Saahil said, "We are the fourth largest E-Commerce country in India. Our sales are from 30 to 35,000 crores. India's 5 percent e-commerce goes through us. We have delivered to more than 100 million consumers."
"There are many opportunities in India. I can talk about my sector. It is cheaper and faster to launch a business today. Earlier, it used to take too much money. Everyone thinks that you need money to start your business. But, today there is nothing as such. You can start a business in Rs 25,000."
How to start a business with Rs 25,000?
Saahil Goel explained, "You only have to identify a problem and you have to think very small. It means you pick up a niche. For example, I play the guitar. I know about it and I am very passionate about it. Now, I know a guitarist gets these kinds of problems. It is possible that I am 1 percent of the market. The market doesn't need to be big. But, I have an insight of that 1 percent that is number 1. Number 2 is I have an interest in that. So, I will invest my time in it, research it, and talk to people regarding it, I will feel good about that."
"Third is I said a small market. What you can do is test your small idea. Suppose guitar straps with a neon glow in the dark. I have filtered the entire segment. Now, you need a lower investor. You will be needing... 5 variants, and 10 MOQs, you can also get the sourcing. You don't have to say that you are working on a very thing. You don't have to hire anyone, it is quite straightforward, and you don't even have to make a website. Do your business on Instagram," added Goel.
Goel further said, "Because it is a niche community your marketing will also not spread. People will start to think you are neon straps guys. Oh these guys, then they will buy your products. These kinds of micro businesses will give you the breadth of trying everything, also the depth because you are doing it such a small sliver. Put a target that you will sell at least 5 straps in a day..The business can be established in 90 to 180 days."