India is one of the biggest producers of textiles which manufactures and exports the products worldwide. A textile business can be an ideal avenue for an entrepreneur to start a profitable business. Here is how you can initiate a company for textiles in India:
How To Start Textile Business
1. Market Research
This is the first step in the process of how to start a textile business in India. Researching the market is essential to know about the customer interests and the current market trend in the textile business. Once you know the market position and what the customers want, you can create a supply chain and a product line that can capture a good customer base.
After prudent research, you can begin developing a product line. However, it is necessary to find the proper suppliers to source the correct raw materials, such as fabrics, to ensure the manufactured product is of the highest quality. You should locate an experienced supplier that offers a wide range of good quality raw materials.
Textile business in India requires investing in infrastructure such as factory space, machinery, equipment, skilled employees etc. Hence you must ensure the ideal infrastructure for your business. It is better to create a detailed infrastructure blueprint beforehand.
4. Capital Requirement
Once you know you have all the plans ready to execute your business for textiles, it is crucial to create a financial plan to detail the monetary aspect. It will allow you to know how much money you will need to start the business
and the loan amount you must take to invest in the business healthily.
5. Raising Capital
Raising capital is crucial in starting a business for textiles in India. Based on the monetary plan you have created, you should look for a quality and experienced lender who offers an ideal business loan
at an attractive interest rate.
Textile Export Business
Once started, entrepreneurs in India can expand their textile business by creating a textile export business to export the textile made in India to countries worldwide. Creating a textile export business requires developing an influential network of suppliers and buyers to ensure they have entities to export their textiles from India. If you are considering growing your textile business, you can participate in events such as ‘Textiles India’ to find foreign suppliers and buyers. Here too, you can take a business loan from an ideal lender to cover all the costs of exporting your textiles outside India.
Avail Of A Business Loan From IIFL Finance
Starting a business for textiles in India can prove to be highly profitable but requires investing a healthy amount for infrastructure purposes. IIFL Finance business loan is the ideal product to fulfill all of your business needs. The loan interest rate
is attractive and affordable to ensure you do not have to cut down on essential expenses of your business. The business loan offers instant funds up to Rs 30 lakh with a quick disbursal process.
Q.1: Can I use the business loan to start a textile business?
Ans: Yes, you can use IIFL Finance business loan amount to start a business for textiles in India.
Q.2: What is the interest rate on IIFL Finance Business Loans?
Ans: IIFL Finance business loans come with an attractive interest rate of 11.25%*, depending on the eligibility and loan amount.
Q.3: How long does it take for the business loan disbursal?
Ans: IIFL Finance loan for business takes less than 48 hours to get disbursed.