Author: Editor's Desk

Categories
Finance

How the Revised Exchange Rates by CBIC will Impact Businesses in 2021?

Custome Exhange Rate

Whether it is importing machinery from Europe or exporting your goods to China, every business involves either receiving or sending a foreign currency from or to your business partner. Therefore, the custom exchange rate can have a direct impact on your business (small or large scale).

The Central Board of Indirect Taxes and Customs (CBIC)`s has issued a Press Release w.e.f from 18th December 2020 to rate of exchange. This exchange rate exposure can affect every business and the economy in both the respective ways -positively and negatively on a magnified level.

The RBI exchange rate is the value of the Indian currency to another currency. How businesses are affected by currencies can be divided into four categories i.e translational, credit, and liquidity risks. All four categories can then be subdivided into numerous subcategories to fit all kinds of businesses.

According to the recent Press Release issued by CBIC the field officers are suggested to refrain from raising unnecessary requests for the verification of preferential certificates of origin under the Customs Administration of Rulf Origin under Trade Agreements Rules or CAROTAR rules.

Read all the important information mentioned below:

Custom Exchange Rate

 

 

Categories
Startup

4 Key Skills Every Entrepreneur Should Have to Be Successful and Stand Out From the Rest

Women Entrepreneurs in India (Photo Credits: Pixabay)

Any person aiming to be a successful entrepreneur will always think out of the box and have several creative ideas as to how to go about in the business. There are key traits to success in small business which attributes no matter what your endeavour is. A great entrepreneur must be able to effectively communicate, sell, focus, learn, and have the skills to manage efficiently. The ability to keep on learning is not just a key entrepreneurial skill, but also a very valuable skill on one’s life. Some of the characteristics are innate, while some others can be nurtured.

If there are new businesses, more jobs will be created in the market. New ideas will pour in and better ways of doing business will be incorporated. Entrepreneurship also makes the marketplace more competitive so that outdated thinking is challenged.

Here are few characteristics of an entrepreneur can take you far in the workplace.

Communication:

Communication holds the key to any business, be it small or big.  Any entrepreneur needs to be an effective communicator to become known in the industry. No matter even if it’s a solo entrepreneur, you need to have the communication skills to attract all the potential that will bring profit to the business. An entrepreneur to be able to communicate with employees, investors, customers among others.

Creativity:

This is the most important entrepreneurship skill that one must possess. If your idea is not out of the box, you will not be able to stand out from the rest in the market.  “They want employees to be able to not only carry out assignments, but also come up with better ways of doing things,” Litzinger says. It is very important to be creative in this competitive world. If you are creative, you can improve your company’s workflow, productivity.

Dr. Vivek Bindra welcomes all to be the part of Bada Business Family; Watch Video:


Persuasiveness:

In order to be a successful entrepreneur, you need to have the quality to persuade people with your creative ideas. Persuasiveness can make you a better negotiator and help you achieve great things in your businesses. You may face hurdles in your business journey, but you will have to convince your client or your co-workers to take actions on certain things, so you need to be persuasive.

Ability and desire to Learn:

Any entrepreneur, who wishes to reach great heights, needs to be always open to learning new things. The ability to learn is one of the most important skills to have in life, be it an entrepreneur or be it anyone else. If a person is able to learn in any situation, even failure, they have the skills necessary to become a successful entrepreneur.

Categories
Business motivation

5 Auspicious Dates in January 2021 to Kick-Start a Startup!

auspicious dates in January 2021

“Nobody in the history has ever created history, without tasting some failures”.

The impact of coronavirus is not just physical, it is psychological, ergonomic, and temperamental and it is here to stay for quite some time. The year 2020 has been dreadful for businesses due to coronavirus lockdown and worst for the working class, courtesy to the Covid-19 pandemic, but January 2021 can be a bounce back.

The pandemic took a massive toll and millions of people have been laid off and lost their jobs worldwide due to the coronavirus. India too saw numerous layoffs, pay cuts, and shutting down of many businesses (small & large). Many people have lost their source-of-income and are struggling to meet their basic needs.

But 2020 was not only all about the bad omen! And as Dr. Vivek Bindra says, “do not fix your problems, fix your thinking, then the problem will fix themselves”, there are few determined young people who have seized this opportunity to make fortunes of this state.

While for some of us Covid-19 pandemic is the battle for survival, some young entrepreneurs changed their status quo from an ‘employee’ to an ‘entrepreneur’, emerged as unicorns, and have been doing impressive work.

If you too have a dream of a start-up or have been planning a business model that inspires you to wake up and get going about your day, every day then January 2021 could be your chance to give your start-up wings of fire.

The shubh muhurat dates & timings are decided with the help of planetary positions along with other astrological factors that are in a particular alignment and provide fruitful results.

Any business or shop owner inaugurated on any shubh muhurat dates will deliver profitable results, fortunate luck, and rapid growth to the entrepreneurs who are planning to turn their dreams into reality.

Here is a list of auspicious dates that can prove beneficial for those who are looking to lay a foundation for their start-up:

  • January 09, 2021-, January, 9th, 2021 is auspicious as Krishna Paksha Ekadashi is falling on this day. What makes it a perfect time for the inauguration is that it is Saturday!
  • January 14, 2021- Makar Sankranti is falling on Jan, 14th, 2021, making it a very auspicious time for a shop opening.
  • January 17, 2021- Sunday, January 17, 2021, is Shukla Panchami which is an excellent day for opening any business.
  • January 18, 2021- January 18, 2021, is Purvabhasdra Nakshatra which is a Shubh Muhurat Date for new business opening
  • January 23, 2021- Krittika Nakshatra is an auspicious date for starting new ventures and meeting clients for businesses.
  • January 31, 2021- Jan 31st is Sanakshti Ganesha Chathurti which makes it perfect for the opening ceremony of any small business or factory set-up.

Although the impact on businesses after coronavirus lockdown was severe, there have been some amazing developments in the Indian startup ecosystem. Pull up your socks as the only way to be successful is to love what you do and be persistent in your efforts.

 

 

 

 

 

 

Categories
Startup

Here Are 5 Easy Ways in Which Small Business Owners Can Manage Work Stress

Stress (Photo credits: Mypain.ca)

Mumbai, December 18: Being your own boss is the most satisfying job on earth. However, it comes with extreme work stress as well, since all the major decisions are taken by you.

It is therefore very important to manage stress and channelise it in a positive manner, which will not affect your health, mind and also work.

Lifetime Membership | All Courses Free by Dr Vivek Bindra: 

Here are 5 easy ways in which you can manage your stress: 

  1. Take a break. In between work, if you are feeling too stressed out, take a break. Go out for a 10-minute walk around the office premises, chat with your employees, grab a coffee at the office canteen or simply go out in the balcony and inhale fresh air. These are some quick fixes to uplift your mood instantly and declutter your mind.
  2. Get enough sleep. Don’t ignore sleep. It is very important to keep your mind working. The more you are sleep deprived, you will be burdened and won’t be able to concentrate on your work.
  3. It’s okay to fail: There is no harm in failing, accept the fact that it is okay to fail and then move on. Don’t always keep on telling yourself that you will have to succeed or else there is no way out.
  4. Channelise your stress in a positive manner: If you are being stressed and burdened, then learn to find ways in which you can channelise it in a positive manner. For e.g. join a gym class, go for a run or listen to soothing music. It is very important to take care of your health because there are others who are dependent on you.
  5. Learn to Say No: Small business owners need to remember that when you are starting out, there may be several opportunities flying at you and so you end up saying yes to everything. However, it is very important to learn to say No and focus on things which will help your business in the long run. Don’t pile on to your stress by accepting everything that comes on the way.

During your free time and on Sundays, start to keep yourself away from devices like mobiles, laptops and instead spend quality time with your friends and family. It is also very important to unwind yourself. We really hope that these things come in handy for you to relieve your stress.

Categories
MSME

MSME Ministry Plans to Lease Technology Centres to Engineering Colleges, IITs, Industry Associations to Encourage Research & Innovation in India

Nitin Gadkari (Photo Credits: Facebook)

With an aim to encourage research and innovation in India, the MSME ministry plans to lease technology centres to engineering colleges, IITs, polytechnic colleges and industry associations. The announcement was made by MSME Minister Nitin Gadkari on Wednesda during the MSME Finance Week. Gadkari said micro, small and medium enterprises are the backbone of the economy and there is a need to create employment using surplus resources. The MSME Finance Week was a virtual event organised by the Global Alliance for Mass Entrepreneurship (GAME).

Under the MSME Ministry, the facilities of the technology centres allow designing and manufacture of sophisticated tools, parts, components and products in conformity with international standards. Reports inform that the latest hardware and software available at these centres ensures professional design and 3D solid modelling. The production facilities at the technology centres offer an array of cutting edge production services to MSMEs.

Moreover, these institutes provide technical services such as design of parts and components, materials testing, heat treatment, quality control, and technical consultancy related to the product & process improvement. The technology centres, apart from extending design, development & manufacturing support to MSMEs for complex tools, parts and components (many that serve as import substitutes), have also supported the strategic sectors such as aerospace, defence, atomic energy etc. of the country for their R&D requirements.

Gadkari observed that Rs 6,000 crore have been invested in technology centres until now. “Now we are planning to give these technology centres on a lease basis to engineering colleges, IITs, polytechnic colleges and industry associations with a good track record”, he said. He added saying that a key reason for most MSMEs to turn into non-performing assets (NPAs) is delayed reconciliation of their receivables and bills that creates liquidity constraints hence affecting their sustainability.

While delivering the keynote address at the event, Gadkari said at present, there is an import of Rs 8 lakh crore crude oil in the country. “Instead, we can build Rs 2 lakh crore ethanol economy by tapping into domestic resources. The gap between India and Bharat is still wide but with our motto of reform, perform and transform, we can definitely overcome the challenges,” he added.

Categories
Startup

3 Budget Friendly Hacks to Grow Your Business Online

Social media Marketing
Social media Marketing (Photo Credits: Wikimedia Commons)

Mumbai, December 17: The online medium has become one of the fastest ways to reach out to your target audience. It has a huge potential and you need to know some easy hacks to grow your business through online by not spending a huge amount of money.

It is very important to remember that if you are just starting a business, then you cannot afford to waste money.

  1. Choose a simple and easily navigable website: It is very important to choose a design and a temple which your audience will be able to understand. Don’t clutter with too much information and keep it simple. The website should be responsive, which means customers should be available to view it properly on desktop, mobile, tab and other platforms.
  2. Work on a good content marketing strategy: In this stage, one needs to focus on SEO and a good content marketing strategy. If you have a brand dealing with jewellery, then the product page of the website should have the tags and other details. This will help customers to land on to your company page. You can have blogs as well, by sticking to your niche and educating people about your category.
  3. Use social media to drive your traffic: All the social media channels have huge marketing potential. Therefore, it is important to know how to use it. There are few things that need to be remembered- be consistent, engage with your customers and pay in promoting a few special posts.We hope these growth hacks for the online platform is useful for your brand.
Categories
Technology

‘Nayi Shuruaat’, a Campaign Launched by Facebook to Celebrate the Success of Small Businesses in India Amid Crisis; All You Need to Know

Facebook (Photo Credits: Pexels)

In a bid to spread the success of the small business and their growth in India, social media giant Facebook on Tuesday launched ‘Nayi Shuruaat’. The newly launched campaign celebrates the small businesses of across the country. The campaign will help these businesses crawl back to normalcy and make a new start or a ‘Nayi Shuruaat’ amidst the deepest crisis the world has seen in recent times. The campaign by Facebook celebrates many such real stories of optimism, strength, and economic recovery from across the country. Facebook on Tuesday said that it is committed to help India quickly recover economically and socially in 2021 from the pandemic-hit year, by deepening support for small businesses and test and roll its new features from the country to the rest of the world.

About ‘Nayi Shuruaat’ campaign:

  1. The ‘Nayi Shuruaat’ campaign was launched during Facebook’s ‘Fuel for India’ event. It is an ode to the resilience of small businesses amid crisis.
  2. Nayi Shuruaat celebrates many such real stories of optimism, strength, and economic recovery from across the country
  3. Several such stories were also be unveiled during the upcoming Facebook Fuel for India virtual event on December 15 and December 16.
  4. Facebook CEO Mark Zuckerberg via a virtual address during the event said that India’s building local capabilities and tech capacity to power innovative new business models and provide the citizens access to digital financial inclusion.

Facebook said it will continue to work closely with key partners to build a stronger ecosystem for small business growth in the country by investing in skilling programmes such as Boost with Facebook, entering in key partnerships such as with venture capital funds for the VC Brand Incubator program, and by giving people new ways to support small businesses such as the Instagram Food Stickers.

Zuckerberg on Tuesday said its partnership with Jio Platforms will help support millions of small businesses in India. Zuckerberg made the remark during a conversation with Mukesh Ambani, Chairman and Managing Director, Reliance Industries at the first Facebook Fuel for India 2020 event.

Categories
Strategy

Year End Sales Promotion: 5 Strategies to Increase Your Sales As We Say Goodbye to 2020

Promotional strategies to enhance year-end sales| Representative Image (Photo Credits: Pixabay)
Promotional strategies to enhance year-end sales| Representative Image (Photo Credits: Pixabay)

The year 2020 has been quite rough on businesses with the COVID-19 outbreak and subsequent lockdown may firms found it hard to stay afloat and cover up their daily costs. However, the good news is the troubled year is ending soon. The year-end doubled with Christmas celebration and holidays is a gold period of businesses. This is the right time to attract as many customers as possible and make up for the lost sales. Various firms launch many offers to promote their businesses at this time. The market is filled with high-spirited customers who are willing to spend enough providing a perfect opportunity for the businesses to capture it.

Businesses, online as well as offline offer huge discounts and attractive offers to divert the attention of the customers to their products and services. According to market surveys, many entrepreneurs feel that it is the right time to introduce a new product in the market. Here are some sales promotion strategies you should follow to reap the benefits of year-end shopper bloom –

Festive Themed Promotions

One of the easiest ways to increase sales in the year-end is to bank upon festive themed sales promotion offers. Adding the festive, seasonal sentiments to the marketing mix helps to connect easily with the customers who are themselves engulfed in the celebratory spirit. Grabbing their attention and making an association becomes easier.  Firms can run a holiday-themed giveaway, offer branded mini games such Christmas puzzles, bingo and other board games. Online businesses can also create a virtual advent calendar like highlight products daily, daily discounts etc, they can also install holiday-themed geo-filters to attract customers to their social media handles.

Product Combination Offer

Another way to attract customers is through providing them quantitative benefits. Go for Buy One Get One Free schemes or offer discounts on buying more than two products. Such product combination also works for unrelated items, for instance on buying a cosmetic product give a ready to eat food package free. Such offerings have dual benefit; one being the obvious customer attraction and other is that will comparatively cost less. Business can lure more customers into buying products by coming two or more products and offers a discount on the same. Use phrases such as ‘Exciting Offer’, ‘Offer you Can’t Resist’, ‘BOGO’, among others to attract customers.

Gave Away Free Gifts or Redemption Coupons

One of the key attractions of Christmas is giving and receiving surprise gifts, businesses should use them as a part of their year-end promotional campaign. No one resists a free gift, especially during festive season. However, firms should carefully determine the value and quantity of products they can afford to give free of costs. Ideally business should set a lower limit for such free of cost offerings. For instance give away a free gift worth Rs 500 on a purchase more than Rs 5000. Another strategy is to provide redemption coupon on purchase.

Contests and Lucky Draws

Customer participation is a great way of sales promotions. Organise contests to encourage participation of potential customers. Various cafes and youth centric businesses may organise Christmas themed treasure hunts. Quizzes, jingle making, logo making among others can also be undertake to catch customers’ attention. Various competitions, like best Christmas tree, best decoration, and best outfit can be organised on the social media pages on the businesses. Firms can also organise lucky draws to attract more and more customers.

End of Year Sales/Discounts

The most tried and tested way of getting customer attention is by organising sales – year end sale, stock clearance sale, winter sale, Christmas sale among others. By providing huge discounts, businesses can make up for the lost turnover over the year. It helps the firms to clear their old stock at the same time provide some earning. Use phrases like  ‘Now or Never Sale’, ‘Time is Running Out,’ ‘Buy When You Still can’, ‘Once in A Year Offer,’ ‘Get Over 2020 Blues’, to attract customers.

Sales promotion is an important part of the marketing mix and has proven to be beneficial for the firm in increasing their turnover and earnings. Given the year-end shopping spirit doubled with appropriate promotional tactics are bound to generate good revenue for the firm.

 

 

 

Categories
Startup

Business Ideas for Young Entrepreneurs: 5 Low-Cost Business Options That Aspiring Youngsters Can Take Up to Enhance Their Skills

Business Ideas

Every person, who aims to be a successful businessman in his life, desires to have a business that really does well in the market and has a unique brand identity. However, if you are young and want to explore the business ideas that you have in mind, this is the right time! The classic example of starting early is that of Mark Zuckerberg, who started Facebook as a teenager and grew it into a multi-billion dollar industry over the years. There are many low-cost business ideas for students and young entrepreneurs which one can get their hands on!

  1. Start your own YouTube Channel and promote brands

In this online world, starting a YouTube channel can be easily done without any hassle. All you need to do is use your mobile phone and skills to shoot a video. You can easily make and edit short videos with your phone. Just be creative. You can make videos that are comical, dramatic or unusual that the world would want to know about. Companies need teenagers and students to talk about their products on camera. You can approach these companies with short video samples that you have made.

  1. Offer language translation services

If you are a pro in languages, this is certainly your thing! There are companies that wish to expand in other countries. They are usually ready to pay people who can speak those languages. So if you are good at languages and have the skills, you can make good money from this by offering language translation services to individuals and companies.

  1. Become a fitness trainer

Crazy about fitness and exercise? Don’t waste your skills by just not doing anything about it. If you are a fitness specialist, who has a hang about a lot about the human anatomy, the gym and other things, then this is for you.

  1. Be a music teacher

If you are a fan of musical instruments and love playing them, you can teach others too and spread the good vibe. People these days are very much interested in taking music classes. You can start by teaching a few daily and then go on to starting your own freelance music training school. If you want to take your teaching skills online, you can make short video lessons that you can sell online for a fee.

  1. Become a tutor

If you have loved a particular subject in school and you are still fascinated by its facts and theories, you can revisit those books again, but this time, by teaching others. Yes, if you have knowledge of a particular subject, you can earn you good money as a teenager or student. Your knowledge of any subject can fetch you good money.

Categories
Startup

Artificial Jewellery Business From Home: 4 Things to Keep in Mind Before Starting an Online Imitation Jewellery Business

Artificial jewellery busines
Artificial jewellery business (Photo Credits: Pixabay)

Mumbai, December 15: Indians have a huge obsession for jewellery, be it precious or artificial. The demand for artificial jewellery has increased due to the high in gold and silver rates. The young generation prefers to wear artificial jewellery because it is less expensive, more stylish and can be worn with any attire.

According to reports, India’s artificial or imitation jewellery business is one of the largest in the world and contributes GDP at 5.9 per cent in the Indian economy. It is estimated to grow by leaps and bounds in the years to come and therefore it is a profitable business in case you are thinking of investing. The social media channels have increased the scope of initiation business.

Here are 4 things to keep in mind if you are planning to start an online imitation jewellery business from home.

Have a strong online presence: Your brand should be accessible to the customers in the online platform. It is a very competitive category and since it is a low investment business, many players have launched in the market. Therefore be sure where your customers are and then formulate a strategy to target them. Be regular in terms of posting your content to be at the top of the mind.

Focus on good photographs of the product: Since you run an online business, it is very important to have good photographs. The customers don’t have the option of physically seeing the product, so the pictures should be clear and give enough detailing. Invest in a good camera and take proper photos.

Find your niche: 

Jewellery business is a vast field and you should know in what jewellery items you are interested in. Identify a niche which will be the identity of your brand.

Hire people based on their knowledge: 

It is impossible to do everything on your own. Hire people based on their knowledge and expertise.

We hope these tips will help you in starting your online artificial jewellery business.