The lottery is one of the most popular gambling games, mostly played by common people worldwide. Well, for a population as huge as India, inculcating a culture of playing the lottery would be an extravagant affair.
Read on to stay ahead of the curve and claim your title as the biggest international lottery agent in India!
The Mindset
Before starting any business at all, you need to have the appropriate mindset of an entrepreneur. Perhaps the business world is a lot like the lottery itself – for every winner, there are hundreds of losers who let their dreams go when the going gets tough.
You need to realize that you’ll probably have to invest a lot in your business – and not just your money! So keep at it and trust your plan!
The Licensing Roadblocks
Since the lottery is a relatively new phenomenon in India, the government does not have any centralized lottery licenses. Only certain State Governments permit one to obtain a license and start their lottery business.
Some states where a license can be obtained are:
- Punjab
- Madhya Pradesh
- Sikkim
- Assam
- Nagaland
- Meghalaya
- Manipur
- Arunachal Pradesh
- West Bengal
- Maharashtra
- Goa
If you want to set up a lottery business in any of these states, you can apply for the lottery license in the format prescribed by the respective state governments.
Just the right place
A business like a lottery isn’t necessarily going to be successful in all contexts. For example, a town population might be more inclined to spend a few bucks on the lotto here, and there is a dream of maybe making it big one day.
But don’t take our word for it! Put together a demographic and feasibility study in several possible locations instead of plopping your lottery kiosk in any old place. This is as important to your success as any other aspect of the process of setting up the lottery business.
The application itself
According to your state, a state lotto rep will visit you to check out your establishment before signing off your license. The following are some key areas your rep will be on the lookout for:
- Security: Selling lottery tickets is a systemic and data-intensive endeavor. It would help if you kept your inventory and accounts checked off and up to date.
- Sales: Again, depending on your state, your rep may require you to have a minimum sales volume for you to qualify for the license.
- Training: Several states require you to attend some training courses to teach you how to establish your lottery business. Topics typically include lottery laws, operation of machines, and selling techniques.
Get together the squad
Once you find out whether you can enter the lottery business in your specific state, the next step is to set up your agency. While you might think that you can take on the extra workload by yourself, you will quickly find yourself burned out.
Instead, do the smarter thing. Look to hire professional consultants who have significant experience in your territory and industry to help you set up your endeavor.
Market Deep-Dive
Now that you have your team of specialists, it’s time to study the consumer and the competition. Do a deep-dive into consumer behavior, market trends, potential competitors – the whole nine yards. You’ll need this information at your tips to break into any industry, not just lotteries.
Getting a feel of the market you’re trying to break into will avoid any nasty surprises along the way when mistakes are harder to fix than they are now.
A SWOT Analysis
Based on all your marketing research, it’s time to sit with your team and develop a SWOT analysis for your own business. SWOT is an abbreviation for:
- Strengths
- Weaknesses
- Opportunities
- Threats
Even the biggest companies have regular SWOT analysis for their various departments to utilize their strengths, minimize their weaknesses, capitalize on their opportunities and stay wary of their threats.
The Legal side
As mentioned before, the lottery license is a relatively new phenomenon in India. Therefore, you need to understand the legal aspects of the business. Sit with a legal expert and think about the scope of the license itself.
An evaluation of Direct and indirect sales channels, various distribution options, and an online dimension will spell the difference between a successful or lackluster launch.
Conclusion
If you went through all of that, congratulations! You are well on your way to become a successful and lucrative lottery business owner. If not, what’s keeping you? The market is ripe for you to make your move. The early bird gets the worm!
These tips should put you ahead of your competition for the time being. However, implementing these in the real world is what’s most important. Good luck!