Starting a matrimony business is a great way to begin an individual career in India with lots of income potential. India has a huge population categorized into different caste and religion. A large number of people till now go with arrange marriages hence choose bride/groom from their own community. Naturally matchmaking services have huge importance in Indian weeding. At the same time, with the increasing burden of work and responsibilities, it is becoming a quite difficult task to search for the eligible bride or groom. That is where the matrimonial services come to the rescue.
If you have a good communication skill and power to influence people, the matrimony business is a great option to use your skills and have a successful business.
Market Potential of Matrimony Business
There is a huge prospect of a good matrimony business in India. Studies found that approximately 8,000 new registrations happen every day in matrimony services. Furthermore, the total market value of this business in the year 2013 was Rs. 520 crore, which is expected to grow up to Rs. 1500 crore by the year 2017. It is important to choose the location of the business for the success as you can’t expect a huge business if started in a rural or backwards area. So you need to have a good business plan for starting the business.
Business Plan for Starting a Matrimony Business
A business plan is a mandatory thing to make in any kind of business niche you chose. It will contain the detailed process of how you are going to run the business along with the different steps to grow it and get a return of the investment. You also need to mention your future goals and targets and steps you plan to achieve them.
A business plan usually contains everything that you plan on having a successful business. What is in your mind is mentioned in the paper. A well-crafted business plan will also help you to get financial assistance from banks.
Don’t Miss: Becoming a Wedding Planner is a Real Challenge
Select your Matrimony Business Type and Scale
You need to decide whether you want to start the business as a sole-proprietor or in a partnership. It is suggested to start on a small scale as an individual owner and later on enhance the business. If required then you can go for partnership. There are other legal formalities that you need to do like: –
- Registration of Business: Give an attractive and unique brand name to your business. Register your business as per the local or state municipal laws. You will also need to register for service tax. All this process may need a small amount of fees but can be completed with little hassle.
- Current Account: You need to open a current account in the name of the registered business. Amount of Rs 10,000 is the minimum requirement to open the current account.
The legal process may vary in different states, so you can consult with your local administrator about the same and get the detailed information. After this, you are ready to start your business.
Steps to Start a Matrimony Business
As the legal process and importance of business plan are already discussed above, now let’s find out how to process the business setup.
Selection of Location:
Your office for the matrimony business should be in a popular location which can attract more attention of the public. If you want, you can also start the business at your home but then you need to do extensive marketing and promotion so that people know about your whereabouts.
If you start your business from your home then you will not need much of capital for investment. But to get a place in a posh location, you need to pay more. If you don’t have enough cash of yours own then you can take a loan from financial institutions.
With the help of new government policies, you can avail loan from the banks for your matrimony business even without any collateral. You just need to submit a well-crafted business plan to the bank which will clearly have the detailed process of how can you get the return on the investment. You can take professional assistance for creating the business plan.
Nowadays, people prefer to check for services online rather doing a physical visit. Contact any professional and expert digital media agency and create an attractive website for your business. The website should be user-friendly and have all the details of the services provided by you.
You can also have an online portal so that people can register themselves there. It will become much easier to get a vast number of registrations from where you can do the matches.
Read Also: Start a gift basket making business
From the beginning of your business, do an extensive promotion of your matrimony business. You can start your website before having an infrastructure of the same. With the different marketing policies, you can easily promote your business with digital media like ads in internet, social media and others. Traditional ways of marketing are also effective like handbills, billboards, ad in newspaper or magazine and others.
The success of matrimony business completely depends on your people handling skill. Keep everything open to your clients like the terms and conditions and other factors. One satisfied customer can bring you dozens more. So always be polite with them and provide the best service.