Clixflix: If you want to make it…
If you make that your speciality, you'd have a set of loyal people coming back for more and more of what they can't get anywhere else. Read on...india Updated: Nov 14, 2008 15:33 IST
Do your research
With no comparable businesses in Mumbai, Clixflix's Dale Edwards and Glenn Concessio looked abroad and studied the workings of international rental companies such as Netflix and Blockbuster.
Foreign films draw a devoted if not huge audience. If you make that your speciality, you'd have a set of loyal people coming back for more and more of what they can't get anywhere else.
Create a business plan
You need to fix the rent for each film cleverly. It's tricky: it can't seem unreasonable, yet you shouldn't be looking at losing too much money from the start. Have variety, so that you can attract more people.
Get a website designed with an easy-to-browse catalogue. Get permissions for online transactions. Have in place a software that helps you see which films are coming in and going out, and how often.
Be customer friendly
Allow people to borrow online, by calling or texting. Set up stores in areas where there aren't many of them.
Don't get pirated DVDs. Get licences from the four legitimate film content providers - SaReGaMa, Big, Sony Pictures and Excel. Sign an agreement with them and obtain a certificate of authenticity.
Plan your funding
Find out how much money you might need. Then - and this is the hardest part - try and get it. People who invest will like to know what future you have. Have your answer ready.