Did you take a stroll down the road and wondered how difficult would it have been to own one of the famous malls in Bangalore or Mumbai? Starting a shopping mall in India can seem overwhelming. The process of getting all the required government approvals, licensing, and building permits can be time-consuming, particularly if you don’t have the right contacts. But worry not, because this step-by-step guide walks you through every step of starting a shopping mall business in any state of India
Prepare a business plan
A good mall business plan will help you manage your finances and increase profits and sales. It will also help you to ensure that your business meets all legal requirements such as tax payments and health and safety regulations. It will also give you an idea about how long it will take before your venture becomes profitable and if it will even survive for long enough until then! A good plan will include information about how much money you expect to make each year, how many employees you will need, and any other details about the operation of your store that you think will help potential customers understand what it is they’ll be getting when they visit your store or purchase something from it (for example: What kind of food does this place specialize in? Are there any high-end brands that sell at high prices?) Make sure that your plan includes an outline of all the legal documents needed if something were to go wrong during the start-up process. These include insurance policies, trade licenses and permits, etc., so make sure those are included as well!
Get the mandatory licenses
In order for you to open a shopping mall, you need to obtain the necessary licenses from relevant authorities. For instance, if you are looking to open a mall in Delhi NCR than you will need permits from institutions such as the Delhi Administration, Municipal Corporation of Delhi (MCD), State Government, National Capital Region Planning Board (NCRPB) etc.
Create a website
This is the most important step of the entire process. You need to create an online presence for your business, which will include a website and social media accounts. The best way to do this is by using a web design company that specializes in eCommerce websites. They’ll take care of all the technical aspects of creating a store for you and make sure it looks professional when it’s launched.
Prepare a marketing plan
It’s crucial that you have a marketing plan before you even begin building your store. Your marketing plan should outline all of the different ways you’ll be promoting your business, including social media posts, ads on Facebook and other platforms, as well as paid advertising on Google and other search engines. You also need to know how much money you’re willing to spend each month on advertising campaigns so that you can figure out what types of ads are more effective than others in terms of generating sales
Do your market research
One of the most important steps in starting a mall business is to do market research. You will be able to understand the current situation of the mall business, as well as the needs of customers. Additionally, you also need to do research on the alternatives to malls where customers usually go. For instance, if you want to open a mall in Bangalore you should have data on the local market in Bangalore. You must identify the target audience and their needs. You should also know what type of product or service that they are looking for. You can do this by talking to people in your local area or by doing some online research on the internet.