India?s booming economy has propped
logistics business, both hyper-local as well as inter-state. India is poised to
remain on the high trajectory of GDP growth in the forthcoming years. The first
target is to become a USD 5 Trillion Economy by 2025, followed by bigger goals. It goes without saying, this is the best time to invest in a logistics company or start one of your own.
As a logistics company owner, it's
essential to consider a few things before starting up. Here are some of the
Human capital and
This may sound obvious but this needs
to be emphasized in the right earnest. You have to get your finances right even
before anything else. Your overall startup costs will depend on the size of
your company and whether or not you need to purchase equipment like trucks or
You should assess your capital
expenditure and operating expenditure carefully. Take the help of a competent
chartered accountant for the same. Bad financial planning is among the main
reasons for start-up failures.
Human capital is yet another critical
factor that can make or break a start-up. Until you have an exceptional team in
place, you would not go far. To take off the burden of HR services, you should
look for payroll services and contract staffing services. Weavings is one of the most reliable
and respected companies you should look for.
Define your business
You need to determine and finalise
the business model before moving ahead. You can either go for the aggregator
model or build your business from the scratch. In the former, you would get a
commission while in the latter one, you would create more wealth for yourself
and your stakeholders.
If you are creating your own logistic
company from scratch, you would need to build infrastructure and hire plenty of
manpower. You are well-advised to hire a
blue-collar agency, like Weavings - one
of the best contract staffing services,
to get things done quickly.
Do your homework diligently
start a new business, you religiously follow the basic 4 Ps of marketing. A
logistics company is no different. You need to assess your product (your
offering, your USP?s), the pricing (how will you compete against your
competitors), place (assess whether you wish to be a local player or wish to
have a pan-India presence) and promotion.
should also do the SWOT analysis. A detailed assessment of your strengths,
weaknesses, opportunities and threats would help you with the strategic planning
leading to building a successful company.
Starting a logistics company can be a
rewarding experience, but it's not without its challenges. Before getting
started, make sure you have a clear idea of what you're getting yourself into.
Consult with an experienced business advisor to help you navigate the waters.
We believe that if you follow the tips contained in this article, you will have
no trouble starting a successful logistics company!