Author: Editor's Desk

Categories
Business motivation

How to Get Financial Help To Turn You Innovative Idea into A Business

Innovative Idea

While many business aspirants come up with innovative ideas that have the scope to mark their own presence in the market, they often lack the finances to be able to start their business. In such a case, they search for sources to provide them with financial support. Here are 5 ways in which you can fund-raise for your start-up:

1. Customer is the best investment:
A customer is the best person to invest in a company. The money earned by the first few customers helps in preventing the need to take a loan or search for other investors.

2. Bootstrap:
Investors often check whether the business owner himself is also investing a business or not. This helps in building the investors’ trust towards you and proves your seriousness towards your business. This also increases your dedication towards your company

3. Peer-to-peer lending
When you lend money from your friends or family, you get a lot of advantages. You don’t need to give them interest or share in the company. Moreover, this doesn’t bring the hassle of documentation with it, and you mostly get money instantly.

4. Crowd-funding
Crowdfunding refers to raising finance from public. While on one hand this helps in raising funds for your start-up, it has also turned out to be a good source of free marketing.

5. Angel Investment
As the name proves, these investors work as magic for your startups. Angel investors may give debt or equity as financial aid for your company. If you have a strong belief towards your business’ growth, but lack revenue to drive it, angel investors can prove to be very helpful.

Bada Business offers a complete course on Fund-raising which gives you a complete guide on the types and ways in which you can do fund-raising for your business. The ‘Fund Raising” Problem solving course by Dr. Sanjay Kathuria has 32 videos. To know more about the PSCa course or to enroll, visit https://www.badabusiness.com/psc?ref_code=ArticlesLeads

Categories
Finance

Union Budget 2021 Live Updates: Expect Costlier Phones as Govt hikes customs duty on parts

Budget 2021 live updates

Finance Minister Nirmala Sitharaman today presented her third Union Budget in the Parliament this year. The Budget 2021 is based on the six pillars as physical, financial capital and infrastructure, health and well-being, inclusive development for aspirational India, reinvigorating human capital, innovation, and R&D, and minimum government and maximum governance.

Calling the current Budget an active and not a reactive budget, the FM stated that India is moving from Covid-related reforms to Atmanirbhar resolve. All eyes were set on the Union Budget 2021 and besides the parliamentarians, it was seen by both domestic and foreign investors, middle class, and corporates, along with various interest groups like farmers.

The 2.5 % duty hike is also applicable on parts of manufacture of PCBA (Printed Circular Board Assembly)of cellular mobile phones, camera modules, and manufacture of connectors and raw materials.
In a bid to improve the manufacturing sector in India, the government has increased the customs duty for up to 10% on mobile chargers, sub-parts of phones. This step could lead to a rise in the cost of mobile phones by 3-4% from February 2, 2021.

Categories
MSME

Union Budget 2021: Here Is What the First Paperless Budget Has In Store for the MSME Sector

union budget-2021
Union Budget 2021-22 | Representational Image

Union Finance Minister Nirmala Sitharaman on Monday presented the central government’s Budget for the upcoming financial year 2021-22 in the Parliament. The MSME sector got a fair share of the estimated public expenditure for the next fiscal year set to begin from April 1 this year. In the budget unveiled today in Lok Sabha, Sitharaman has allocated a fund of over Rs 15,000 Crore to the Micro, Small and Medium Enterprises, which stands at double the amount apportioned to the sector last fiscal. “We have taken a number of steps to support the MSME sector in this budget. I have provided Rs 15,700 crore more than double the previous year,” said the Finance Minister. Union Budget 2021: How the post-COVID Budget will Impact the Corporates & Common Taxpayers?

The budget has also slashed the custom duty rates on various commodities to support the MSMEs affected by the COVID-19 induced economic slowdown. Customs duty on semis, flat, and long products of non-alloy, alloy, and stainless steels has been reduced to 7.5 per cent uniformly as per the Union Budget for 2021-22.  “To provide relief to metal recyclers, mostly MSMEs, I am exempting duty on steel scrap for a period up to March 31, 2022. Further, I am also revoking ADD and CVD on certain steel products,” said Nirmala Sitharaman.

The custom duties on steel screws and plastic builder wares has been increased from 10 per cent to 15 per cent while on prawn feed it has increased to 15 per cent from the existing 5 per cent. Meanwhile the duty on cooper scrap has been halved from 5 per cent to 2.5 per cent. For MSMEs dealing in the textile industry,  nylon chain has been made in par to polyester and other artificial fabrics as part of easing duty on raw materials and inputs.Union Budget 2021: Healthcare, Infrastructure will remain in the limelight!

In order to provide budgetary incentives to the promoters and exporters of garments, leather and handicraft products that are in the MSME sector, Nirmala Sitharaman announced the withdrawal of exemptions on imports of some types of leathers as they are manufactured domestically in quality and quantity.

Apart from the above measures, the finance minister has announced the establishment of a special framework for MSMEs for debt resolution. To resolve cases faster, the NCLT framework will also be strengthened including the implementation of the e-Courts system from the businesses in the sector. An additional year of tax holiday has also been provided to the affordable housing business.

Categories
Finance

Union Budget 2021 Live Updates: Healthcare expenditure doubles up in “Get Well Soon” budget

Budget 2021 live updates

With FM Nirmala Sitharam unveiling the annual budget on February, 1, the government focuses on the healthcare sector in the wake of the pandemic. The focus of the entire world has been majorly centered on the healthcare industry. Keeping with the trend, the post-COVID budget provides a major boost to healthcare and infrastructure.

In healthcare spending, Sitharaman announced a total spend of around Rs 2.23 Lakh crore on healthcare, which is a 137% increase from last year under the Atmanirbhar Swasth Bharat Yojana. The government also proposes a budget of Rs 35,000 crore on COVID 19 vaccine development and inoculation. This will ensure uninterrupted healthcare services for more people.

Along with the National Health Mission, the investment of Rs 64,180 crores over the next 6 years are expected to improve primary, secondary, and tertiary healthcare. The government has also proposed the establishment of critical care units and hospital blocks that will act as a catalyst in the country`s domestic market growth and place India as a key player in the global markets.

Categories
Finance

Union Budget 2021 Live Updates: No Income Tax Slab Change in Budget 2021.

Budget 2021 live updates

Finance Minister Nirmala Sitharaman has concluded Union Budget 2021 speech. She has proposed various benefits for the investors, depositors, and taxpayers. While keeping the Income Tax slab rates unchanged, FM Sitharaman has provided relief for senior citizens above 75 and NRIs by proposing few changes.

Senior citizens who are earning pension and income from deposits are exempted from filing Income Tax Return. Annual premium up to Rs 2.5 lakh on the maturity of ULIP will also be exempted from Tax. However, EPF interest income above Rs 2.5 lakh will be taxable.
The Government will also take all the necessary steps to provide GST relief by reducing inverted GST structures.

As the FM earlier had promised that the post-COVID Budget 2021 will be like no other, the common man was expecting that the government would expand some tax advantages through the budget. Several experts and professional bodies like ICAI had also recommended the government to increase the deduction limit under Section 80C of the Income Tax Act.

Categories
Finance

Union Budget 2021 Live Updates: Government focuses on Fiscal Deficit & Tax Exemption for Senior Citizens

Budget 2021 live updates

Finance Minister Nirmala Sitharaman is presenting the most awaited post-COVID Budget 2021. Not only the Union Budget 2021 will be paperless this year, but it will also put forward a concrete plan to boost the COVID-hit economy.

Finance Minister has announced some significant changes to the taxation process that involves the removal of income tax for senior citizens under certain conditions, new rules for the scrapping of double taxation for NRIs, and a reduction in the period of tax assessments. She has also announced that the advance tax liability on dividend income will arise after the declaration of payment of dividends.
In her speech, Nirmala Sitharaman also said that India`s fiscal deficit is expected to jump to 9.5 percent of Gross Domestic Product in 2020-21 as per Revised Estimates. The rise in fiscal deficit is estimated on the account of the increase in expenditure
While unveiling the Union Budget 2021-22 in the Lok Sabha, Sitharaman said that the government is expecting to bring down the fiscal deficit below 4.5 percent, which has soared to a high of 4.6 percent in 2019-20. The fiscal deficit is expected to go down below 4.5 percent of GDP by 2025-26

.
What is a Fiscal Deficit?
Fiscal Deficit is the difference between the expenditure of the government and the revenue generated in a financial year. It is calculated both in absolute terms and as a percentage of the country`s gross domestic product (GDP).

According to the Finance Minister, the government is planning to borrow Rs. 80,000 crores during the residual two months of the current fiscal year.

Categories
Finance

Union Budget 2021 Expectations: What India’s Aviation Sector is Expecting?

Aviation Sector (Photo Credits: Pexels)

The novel coronavirus pandemic has majorly affected the aviation sector. The industry incurred severe losses after thousands of flights daily came to a standstill in March 2020. To cope with this, the sector is hoping for support from Finance Minister Nirmala Sitharaman in the 2021 Budget on February 1.

From lowering air turbine fuel taxes (ATF) to reducing airport, landing, parking and navigation charges- the industry is expecting help from the government. The ATF comprises around 30-40 per cent of the total cost of an airline.

The sector is also expecting the government to remove a cap on fare prices. A fare cap price band was introduced in order to avoid exploitation by airlines. However, the sector now believes that the government should remove the price band and airlines should be allowed to set ticket prices.

“Since the airlines have to currently follow a fare band as per the directives of the Ministry of Civil Aviation (MoCA), which is constraining their ability to charge higher fares, they want relaxations in terms of the fares they can charge,” said Kinjal Shah, vice president, ICRA.

Recently, the government also hintend at rationalisation of various taxes in the aviation sector. “We are working on a long-term plan to help the sector by rationalizing various taxes,” said Usha Padhee, Joint Secretary, Ministry of Civil Aviation. As of now, the government has allowed airlines to run on 80 per cent capacity, after starting out with 33 per cent in May 2020.

 

Categories
Business motivation

12 Entrepreneur Quotes to Inspire Success in Your Life and Business in 2021

What is success? There are many definitions, but one thing remains common that success comes in the face of failures and barriers. The nature of success requires hard work, inspiration and motivation. An entrepreneur should focus on their business; having few phases that motivate can give businessmen support they need. That’s why we have gathered a few inspirational quotes for successful people like Steve Jobs, Bill Gates, Mark Zuckerberg and others to inspire you daily.

Motivating and Inspiring Quotes by Successful People:

  1. “My biggest motivation? Just to keep challenging myself. I see life almost like one long University education that I never had — every day I’m learning something new.” -Richard Branson, founder Virgin Group
  2. “You don’t learn to walk by following rules. You learn by doing and falling over.” – Richard Branson, founder Virgin Group
  3. “Your work is going to fill a large part of your life, and the only way to be truly satisfied is to do what you believe is great work. And the only way to do great work is to love what you do.” – Steve Jobs, Co-founder, CEO, Chairman Apple Inc
  4. “Every time you state what you want or believe, you’re the first to hear it. It’s a message to both you and others about what you think is possible. Don’t put a ceiling on yourself.” – Oprah Winfrey, media proprietor
  5. “I knew that if I failed I wouldn’t regret that, but I knew the one thing I might regret is not trying.” -Jeff Bezos, founder and CEO Amazon
  6. “Whether you think you can, or think you can’t — you’re right.” – Henry Ford, Founder Ford Motor Company
  7. “It’s not about ideas. It’s about making ideas happen.” – Scott Belsky, co-founder Behance
  8. “Your most unhappy customers are your greatest source of learning.” -Bill Gates, founder and CEO Microsoft
  9. “If you just work on stuff that you like and you’re passionate about, you don’t have to have a master plan with how things will play out.” –Mark Zuckerberg, founder and CEO Facebook
  10. “Always deliver more than expected.” – Larry Page, co-founder Google
  11. “Design is not just what it looks like and feels like. Design is how it works.” -Steve Jobs, founder, chairman and CEO Apple Inc
  12. “All humans are entrepreneurs not because they should start companies but because the will to create is encoded in human DNA.” – Reid Hoffman, co-founder LinkedIn

What’s your favourite success quote? We hope you can draw inspiration and motivation from these powerful quotes as you continue to grow your business.

Categories
Marketing

4 Cost Effective Marketing Strategies to Promote Small Businesses

Marketing Strategies| Representational Image (Photo Credits: Pixabay)
Marketing Strategies| Representational Image (Photo Credits: Pixabay)

In order to survive the dynamic market conditions and stiff competitors, businesses need to keep promoting itself and acquiring new customers while retaining the existing ones. Once the business has established itself in the market, next step is to expand and diversify. A pre-requisite for successful expansion and growth of the firm is a wide reach and awareness among potential and target customers. A comprehensive and well researched marketing plan is important for business development.5 Simple Steps to Start a Packaging Business in India.

With the coming in of social media, the avenues to promote businesses have increased. Marketing is no longer restricted to offline spaces. Business promotion involves all the activities that are undertaken to communicate about the enterprise and its product or service. It includes advertisement, public relations, branding among others. 5 Ways To Eliminate Work Stress And Avoid Burnout.

Here are 4 effective ways to promote Small Business:

List Your Business in Online Directories

One way to reach customers is by listing the business in online directories. There are various sites available over the net that gives you can opportunity to list your business for free. Especially, for small businesses with low budget listing is a beneficial option of promoting the business. Some of business listing sites in India are :

  • sulekha.com
  • tradeidnia.com
  • indiamark.com
  • justdial.com
  • freelistingindia.in

Partner With Other Small Businesses

Another way to promote a small business is by partnering in with businesses in the same or complementary field. This way the business can enter new markets and take advantage of partner’s resources and customers. It helps the business to understand the market orientation better and modify its offering accordingly.

Create and Verify Business Profile on Google

To promote business online, having a verified business profile on Google. It automatically lists your business on search engines and it pop-ups whenever someone looks for similar product or services in your locality. It helps in boosting consumers’ confidence in the business, as people are increasingly becoming depended on online resources.

E-Mail Marketing Strategy

E-mail marketing is the most important aspect of online marketing. By communicating with customers on regular basis through personalised e-mails help developing a connect between the firm and customer. As per surveys, e-mail converts more people into customers as compared to any other element of digital marketing.

Businesses should have a balanced mix of online and offline promotional elements in the marketing plan. No one business can survive without proper marketing strategies which are flexible and responsive to dynamic environment. To evolve and grow businesses should carefully choose and implement promotional strategy.

Categories
Business motivation

10 Inspiring Biographies of Business Leaders Every Entrepreneur Should Read

Biographies Every Entrepreneur Should Read| Representational Image (Photo Credits: Pixabay)
Biographies Every Entrepreneur Should Read| Representational Image (Photo Credits: Pixabay)

Every entrepreneur, before entering the market, reads and analyses various information required to establish and sustain the business. Not only budding entrepreneurs, established businessmen also need to do their research ahead to taking any decision. However, not everything is learnt and researched on our own, sometimes experiences from the lives- success and struggles – of others help in paving paths for success. The best way to do this by reading the biographies, autobiographies and memoirs of successful businesspersons. 5 Ways To Eliminate Work Stress And Avoid Burnout.

Not only the biographies provide a constant source of motivation, they also guide entrepreneurs in finding solutions to difficult business problems, accept failures and keep going despite all odds.Top 24 Business Movies Every Entrepreneur Should Watch for Inspiration and Motivation.

Here is a List of 10 Business Biographies every Entrepreneur Should Read-

Dhirubhai Ambani: Against All Odds by A G Krishnamurthy

Bhujia Barons: The Untold Story of How Haldiram Built a 5000 Crore Empire by Pavitra Kumar

The First Tycoon: The Epic Life of Cornelius Vanderbilt by T.J. Stiles

Hit Refresh by Satya Nadella
The Z Factor: My Journey as the Wrong Man at the Right Time by Subhash Chandra and Pranjal Sharma
Shark Tales by Barbara Corcoran with Bruce Littlefield
Steel King: Lakshmi Mittal by Prateeksha M Tiwary

My Life and Work: Autobiography of Henry Ford

Dream With Your Eyes Open by Ronnie Screwvala

By Invitation Only by Alexis Maybank and Alexandra Wilkis Wilson

Businesses take time to settle in and succeed. Many people lose their hopes and give up few steps for reaching the goal. A continuous and abundant inflow of positivity, inspiration and guidance is crucial to keep the spirits high and keep moving ahead despite all the bottlenecks and failure.