In India, the world’s fastest-growing market, there are few jobs in branding and there are no marketing specialists to turn to.
However, that’s not stopping people from trying.
Here are 10 things you need to know about starting your own company in the country.
It’s a great way to get paid A good network marketing business is a great starting point for an aspiring entrepreneur.
According to data from BrandMapping, the global network marketing market in 2016-17 was worth $3.2 trillion, which was up 30 per cent on the previous year.
That’s a lot of money to spend on a startup.
However you choose to build your business, the key is to understand the business model.
“The main reason why a network-based business is so successful is because of the simplicity and flexibility of the business models,” says Vijay Kaleja, founder of Network Marketing Inc. (NMI).
“It’s much easier to start a business if you have the basics down,” he says.
You can also find advice from industry experts on how to start an effective network marketing strategy.
Network marketing is all about SEO Network marketing, or SEO, is an online marketing tool that allows you to search and rank keywords for the target websites.
Google uses it to target ads to your customers.
However the practice is growing rapidly in India.
In 2015, Google had about 3,000 websites in India with more than 100 million monthly visitors, says Amit Agarwal, co-founder of SEO Tools.
“That is an exponential increase from just five years ago,” he adds.
It will cost you nothing Network marketing can be an expensive way to make a quick buck.
But there are a few caveats.
“For instance, if your network is small, you won’t have a lot to pay for SEO services,” says Mr Agarwall.
“On the other hand, if you want to make money out of your business you’ll need to hire people to do SEO,” he explains.
“So, a network that can grow in the short term, but doesn’t take any risk, is definitely worth it,” says Dr Jyotiran Gokhale, managing director, BrandMapped India.
“If you have a great network and are ready to scale it, you will get a lot more results in the long run.”
It has the best return rate If you have an existing network in India, you’re not limited to just launching a few projects.
A few months after launching a network, your business can go from a small-time venture to a big one.
“This is when a business can become a multi-billion-dollar company,” says K. Jayadev, CEO, Networking Capital in Hyderabad.
“You’ll need a lot for this to happen,” he also adds.
“In terms of profitability, if a network is thriving, it’s doing really well,” says N.G. Pradhan, CEO and founder, Adiabatic, in Mumbai.
It won’t cost you anything to hire someone Network marketing doesn’t have to be expensive, but it will take some time to set up and it will be difficult to scale.
“As an entrepreneur, you should always have the confidence to invest in your network and pay for it,” Mr Agarswal says.
“But if you don’t, you’ll have a bad time in the end,” he warns.
“I’m not talking about going from a couple of hundred rupees to a few lakhs, but you can go for as little as Rs 5,000,” he tells MoneySense.
“It will cost less than 10 per cent of what you spent to build up your network,” he concludes.
It gives you a solid foundation Network marketing has to be built from the ground up, and the foundation you build will pay off over time.
“An entrepreneur has to understand that network marketing is the foundation to build their business,” says G.M. Rao, founder and CEO, Adipurama.
“Network marketing is not only about getting rich from your business but also giving the customers an experience that is unique and that is relevant to them,” he notes.
You’ll be a network pioneer Network marketing needs to be structured well, which is a big challenge in India because of bureaucracy.
“Even the most senior person in your company can’t just walk in and start a new company,” Mr Rao says.
So, it helps if you’re a network specialist who has already built a strong network.
“A network specialist needs to understand how the network works and what its role is,” he further explains.
And network marketing should be a team effort, which also means a lot from a network consultant.
“People need to be able to work from home and have flexibility in scheduling and other issues,” he points out.
It can be done at home In India there are so many options for starting a network