The transport and logistics industry in India is more lucrative than other businesses for any individual to start up a business with moderate capital investment.
India being one of the fastest growing and developing economies in Asia, the transport and logistics industry in India shows a superior growth rate for Indian market players. The spends on Transport and Logistics services are estimated at 14% of the GDP annually as the share of the total value of goods.
Road transport constitutes over 64% of the total freight movement. This type of consists of 2.2 million heavy trucks and 1 million light-duty trucks covering around 18,00,000 kms of road length carrying 4000 million metric Ton of load annually.
There are multiple opportunities in Indian logistic industry in both smaller or new startups and large-scale businesses. On the other hand, analyzing and starting a transport business can be considered a cash-intensive business. The business particularly demands strategic operational planning, manpower investment, and digital promotion.
Steps to start Transport Business in India
Some essential steps to be taken by entrepreneurs in transportation industry who wish to start a Business in India, hoping for a better future and outcome. The steps are to :
Research about the Transport Industry
To start with the Transport and Logistics Business in India, entrepreneurs must have full knowledge about how the transport industry works and what are operational requirements. Business owners need to learn about what are some legal rules and regulations to be followed by a transport business. It is also necessary to conduct full research on the transport business before getting into it.
Plan and Register for a Loan
To plan and execute a business idea and start any business in the world, a clear Business Plan has to be recorded. In business world, each and every effort should be counted and should be recorded carefully as it can prove to help raise funds for the transport business.
The business owners also need to think of a catchy brand name for the business and secure a copyright/ trademark. After planning a business in and out, business registration has to be done. Entrepreneurs get the option of registering their businesses as a private limited company or a Partnership. Once the registration is done, the economic factor should be taken care of and should probably have to take a business loan for the investment
Manage Transport Trucks and Lorries for business
After registering, entrepreneurs need to hire the right kind of people for Transport Business Operations and get vehicles that are required for the business by securing Vehicle loans.
Advertise the Business
To set up the new company, entrepreneurs have to advertise and Market their Transport company on regular basis by building a website and maintain an account of business on regular basis.
Profitable Transport Business Ideas
There are multiple lucrative business ideas in the Transport and Logistics Industry in India. The business opportunities are easy to find and can be made successful and help get started with the Business.
Car rental is a traditional business idea. This type of business is a successful one in both urban areas as well as small towns. These Organizations need to understand the local and customer business demand. It is profitable for the company when people who want to travel a certain distance and go out of their respective city and reach a destination, they are the target consumer of the business.
Ambulance service company demands less capital investment from the entrepreneur as compared to other businesses. The business owner must know and identify the market demand and target audience. It is also beneficial because there would be numerous medical emergencies and situations which prove profitable for the business. The Business owners should have a better connection and network with local hospitals, nursing homes, and clinics.
App-Based Taxi Service
The transport taxi businesses which are based on an app in the Indian market is growing with huge numbers. Big Companies or giants like Ola and Uber are operating almost in the whole country helping commuters travel every day and capturing the transport market. These companies also provide an option of using a user's car with the companies and they will ensure them a monthly profit. Hence, it works both ways for the users.
Car shuttle service
Car shuttle service refers to a not exactly door-to-door pick up or drop but a reliable transport business for employees. It is mostly availed and used by the company employees, needing a transport service for commuting daily to work.
Company's Employees can book cabs through a third party agency. These days’ different cabs are being introduced for women who work in the night shifts.
Cold chain travel company is a profitable one in the industry as it demands substantial capital investment and a greater amount of care and personal attention. It is because cold chain generally operates in the temperature-controlled supply chain. This business helps to cover the goods and ensure the safe transport of the perishable products.
Livestock Carrier Services
Livestock transport companies in India provides an enormous opportunity by carefully transporting Poultry eggs, birds, goats and chicks as they are the major products that need special infrastructure at the time of transportation. There are also numerous other animals who are transported with the help of these services.
Transport and logistics company takes time and effort anywhere to build. These businesses have to make sure that they have the financial backing and enough human resource to pay attention to details. Entrepreneurs need to concentrate on the service efficiency which will improve the quality of the services provided and ensure the safety of delivery of goods.