What does it take to Startup an FMCG Business - YRC

PUNE, India - March 4, 2021 - PRLog -- Foresee untapped needs

Instead of competing with the established players, a smarter decision would be to identify an untapped need and focus your energies on it. For example, before the COVID-19 situation, the demand for hand sanitizers was minuscule, and then as the pandemic situation erupted, the demand for hand and surface sanitizers also increased substantially. Looking into the future, such safety and hygiene products for regular use will be a part of the FMCG bucket, an opportunity which many popular FMCG brands have already tapped into.

Decide the business model

Is the channel going to be retail, ecommerce or both? In retail, the popular options are small kirana store, departmental store or a supermarket. It can be a single-brand store like Patanjali or a multi-branded store which is more common. It can be self-owned and operated or a franchising arrangement may be involved. In eCommerce, the two wide categories of selling are the inventory model and inventory-less model. In the inventory model, you manage your inventory including its procurement and storage and order fulfilment at your own cost and effort. In the inventory-less model, you play the role of a facilitator connecting the buyers and sellers. Some of your key responsibilities here are providing and maintaining a digital marketplace platform for buyers and sellers, completing order fulfilment, and providing customer support.

Plan the supply chain network

Depending on the business model, plan the roadmap of how the inventory will move from source (manufacturers/suppliers) to destination (customers) via the roles and responsibilities involved at your end. This will also include identifying the suppliers and logistic service providers and establishing the terms of business with them.

Other advanced aspects are preparing a FMCG businesses plan (https://www.yourretailcoach.in/industries/retail-grocery-...), financial planning, pricing strategies, inventory management, SOPs (https://www.yourretailcoach.in/standard-operating-procedu...), regulatory compliances, human resource management, etc.