In the current situation, people are attracted to running own business in Nepal. Nepal is a developing nation and has got a lot of potential for a businessman. If a person pays enough attention to some strategies then the business will be successful and profitable. Much Nepalese show carelessness while running the business in Nepal. Many Nepalese migrate to foreign nations to earn money however they do not see the productive areas in Nepal. This blog is for them who want to run business and get appropriate profit in own country.
1. See and analyze the opportunity for business in Nepal
First of all, it is very important to watch the opportunity of business and analyze the opportunity based on productivity and profitability. The opportunity can be different as per the place, time, and people. For e.g., if you want to start a machinery shop in a remote area where people usually do not buy expensive machinery then you can achieve failure in your business.
Therefore, you need to think critically about the type of business you are starting and the population you are selling your products or services. Analyzing the opportunity means to analyze the competition in the area also. However, if you have a better strategy to compete among highly competitive business then you are okay to start your business. But if you do not have any strategy to cope with the competition then simply drop the idea and think about the next idea.
2. Make a plan as per your capacity
I have seen many people achieve a great failure in their business because they do not have appropriate financial management for their business. In Nepal, it will be effective to start from a small business with less capital. You can get a small number of loans and grow your business with an effective strategy. If your business strategy is weak and has invested lots of capital then you will be in great difficulty. You can find partners or any investors to collect capital for your business. But make sure, you share your business idea with them and have collected feedback from them as well.
3. Align with the national and local rules and regulations
The rules and regulations of Nepal are different from other countries. Due to political instability and weak government, the rules and regulations keep changing in Nepal. So, before starting any business in Nepal, you should analyze the past rules, current rules, and current political affairs regarding the area you are planning to start a business.
Let’s take an example, currently, the Nepal government has banned international payment through unofficial media and the official gateway has not been provided yet. This is the regulatory situation of Nepal. In this situation, if your business needs to make international transaction then you will face difficulties. If you go through illegal ways then obviously you are going to face legal cases. So, think about the regulations before you start your business.
4. Wise Promotion channel and advertising strategy
If you are starting your business, then I think you have already selected your niche (means the type of customer you are targeting). You should be aware of the fact that you cannot sell a particular product or service to all types of population. You already know, Nepal is a multicultural, and multilingual country. Therefore, you need to make a strong strategy for your promotion and advertisement.
After targeting a particular population, you should choose effective means to promote your business. For e.g., if your target population is elderly people then you can advertise your products through television media which have a higher number of elderly people viewers. If your business sells cultural products then you should make your promotion strategy as per culture such as promoting products in Tharu language if your product deals with Tharu culture and targeted population is Tharu community.
5. Social Responsibility
Nepalese people are very emotional and you can win them with good works. I have learned this through my personal experience. For e.g. Dhurmus Shuntali Foundation is working on international cricket stadium construction and I have seen much Nepalese donating money in a blind way.
I only wanted to show the emotion of Nepalese people and I am not criticizing the work of Dhurmus Shuntali foundation and I am not saying they are doing something wrong. I just wanted to say that you can adopt the same strategy to grow your business. If your business work for social welfare then your business will get a high reputation. This will enhance your brand value and customer engagement. So, be sure to think about some social responsibility when you start your business.