India’s domestic production in electronics witnessed a sharp increase from $29 billion in 2014-15 to $67 billion in 2020-21, and it is safe to conclude that we are on course and accelerating towards a digital future. The idea of opening an electronic store is something that no longer requires a second opinion.
As the startup capital of India, Bangalore is home to a plethora of large as well as small-scale industries. While established businesses are reaping the benefits of Bangalore’s conducive business environment, small businesses struggle to get access to formal credit. This article looks at ways you can fund your electronic store with a business loan in Bangalore.
Opening an Electronics Store in Bangalore: A Few Benefits
- An electronics store is a great business idea for entrepreneurs looking to make quick profits.
- The demand for electronics supplies and repairs is something that will only increase in the future. Therefore, you are entering a market where the demand is healthy and on a projected rise.
- Opening an electronic store gives business owners the flexibility to spend as much time as possible in commencing and expanding operations. Entrepreneurs can start small and supervise almost every aspect of their business independently.
- A great benefit of opening an electronics store in Bangalore is scalability. The advent of new features and components in the world of electronics presents healthy opportunities for small business owners to expand their operations.
Challenges of Opening an Electronics Store
Opening an electronics store in Bangalore has its fair share of challenges, especially for small business owners.
- Workforce: One of the most significant challenges of opening an electronic store is hiring the right employees. You will need trained individuals to manage all the repairs and cater to the customers on a routine basis.
- Location: Finding the right location is essential to the growth of your electronics store. You will need to find a location where there are fewer or no electronic stores, and the density of customers is likely to be higher.
- Permits and licenses: It is imperative for you to acquire all the licenses and permits to function legally. Some important licenses would include the shops and establishment certificate, labor license, and trade license.
- Competition: An apparent challenge of opening an electronics store is that your business will face a lot of competition. You will have to invest in the right areas and adopt the right business model to grow.
- Costs: Meeting the routine expenses of your electronic store like rent, salaries, and inventory can present a challenge for small business owners, especially in the initial stages of operation.
Business Loan in Bangalore: A Comprehensive Solution
Acquiring a business loan in Bangalore from a reputed NBFC like Kinara Capital can help small business entrepreneurs scale the multiple challenges to business growth. It can allow electronic store owners to find the perfect location for business, hire the right employees for the job, pay the suppliers on time, and meet the routine financial obligations on time. An unsecured business loan in Bangalore is the ideal solution for small business owners to scale the competition and purchase inventory without waiting for the cash flow.
Kinara Capital has helped myriad of small business owners realize their entrepreneurial dreams. Their online loan application process is seamless and looks beyond the credit score for approval. Being an RBI– registered and technologically advanced FinTech, Kinara Capital disburses the loan amount directly into your account in just 24 hours to help you address any immediate financial needs.
You can start your loan application process today by taking the one-minute eligibility test on Kinara Capital’s website or mobile application. If you qualify, you can complete the loan application on the website or myKinara app. Alternatively, you will be contacted by a professional loan officer who will walk you through the entire process in your language of choice.
So, fund your electronic store from an RBI registered NBFC and give wings to your business plans!
