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Startup

Livestock Farming: 5 Viable & Low Cost Businesses to Start in Animal Husbandry Sector

Businesses one can start in livestock farming industry| Representative Image (Photo Credits: Pixabay)
Businesses one can start in livestock farming industry| Representative Image (Photo Credits: Pixabay)

Indians for centuries were involved in the primary sector occupation only. These included the activities that are directly linked to nature for instance agriculture, mining, animal husbandry etc. Till the date maximum number of people are employed in this sector only. Animal husbandry or livestock farming is also a very popular and viable business in the country. From dairy to poultry, there are several businesses one can start in the livestock farming industry. In order to benefit the people involved in the industry, the centre has launched the Pradhan Mantri Matsya Sampada Yojana (PMMSY) and e-Gopala App, a comprehensive breed improvement marketplace and information portal for direct use of farmers, which will do away with the role of middlemen in procurement and purchase.

Animal farming or livestock farming business in India is very promising. Livestock farming business can be operated from the backyard of one’s home or as small scale industry. It can be launched at a large scale also. However, not much investment or technological know-how is required to open a firm in this sector. Here are 5 businesses you can start in the animal husbandry or the livestock farming industry –

Dairy Farming

One of the most viable businesses in this sector is the dairy farming. The annual average milk production in India is 78 Million tonnes. Milk is the main raw material in numerous food and beverages widely demanded in India. Apart from this, it is highly popular in the cosmetics industry as well. Starting a dairy plant and distributing milk and related items is one of the most easiest and assured source of income in the country. Apart from milk production, the cow and buffalo waste can be sold to organic farming centres as well.

Pearl Farming  

Another business that is viable and involves low cost in this sector is the pearly farming. One can start with initiate freshwater pearl culture as small scale basis.  The production of a cultured pearl is a complex process that requires a thriving marine ecosystem, important knowledge and skill, and several years of patience. However, given the nature of the product, the business is profitable and growth driven.

Poultry Farming

Commercial poultry farming in India has been a source of steady income to various families over the years. All types of poultry products have good demand in the markets within the country as well as internationally. Highly productive local and foreign breeds are also available in the market for commercially successful poultry farming. Three major types of poultry species are broiler (for meat production), cockerels (for meat production) and layers (for egg production).  With moderate investment one can start and survive this business.

Worm Farming

Earthworm production and rearing is an uncommon yet highly successful business. There has been an increasing demand of worms in composting industries. Worms can also be sold as baits in the fishery industry. Earthworm production is an enterprise that could be suitable for many small landowners. Operation with one or two worm beds requires only minimal setup costs, maintenance, and labour. However, certain amount of knowledge is required to start it.

Fish Farming

If you live near the coastal area, one of the most profitable businesses for you is the fish farming.  One can start their own home based small scale fish farming with small capital investment and a nearby pond.  Carp fish like Rahu and Katla, Tilapia, Prawn, Crab, and Shrimp are the major popular fishes in India. There is a huge demand fishes in the food industry. Apart from this, fish hatchery and ornamental fish farming also very profitable business with not much investment required.

Though livestock is comparatively a low cost business set-up, it requires an expertise in several aspects. One should be careful while selecting the right species according to the area, weather and soil condition as well as selecting the right breed. However, there is no denying that the livestock farming sector has been the source of livelihood for generations of a family and will continue to do so.

 

 

 

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Startup

Business Networking Tips: Here Are 4 Effective Networking Tips Which Small Business Owners Can Use

Business Netowkr
Business Network (Photo Credits: Pixabay)

Mumbai, December 14: Business networking as a concept has been there since ages, but it is just the technique which has changed. Before the internet, people connected at social events, conventions, seminars and such events. Today, networking has become extremely easier for business networking groups. Business owners can connect with like-minded people through social media, online forums and video calls.

What does Business Networking Mean?

Business networking means cultivating and building relationships with individuals of similar interests in various ways that can be beneficial to people involved. This means getting leads for new businesses, searching for jobs, selling products, hiring employees and other such aspects.

We have curated 4 quick networking tips for you: 

Attend Business Networking Events: Small business owners need to identify the events where they can network. While almost any activity or event can serve as a networking opportunity,  but they should attend local business events without fail.

Develop Relationships: Networking is not about selling, but rather developing relationships that can lead to sales or referrals. The idea is to get to know people and allow them to get to know you.

Follow up: Follow up and staying in touch is one of the basic rules of networking. After the event gets over, exchange pleasantries to show how much you enjoyed meeting them. But, do not add them to your mailing list without their permission.

Be active on relevant social networking channels: In today’s age and day, you can’t afford to not use these channels to find and stay in touch with your customers. LinkedIn is a great business platform which helps you to solve several business problems- like hiring, sharing news about your growth and expansion and connecting with people who might be interested in your business.

It is also very important to join relevant business groups where discussions take part. Try and participate in them. Don’t always try and push your brand into everything. For e.g. Quora is also a great platform for small business owners to be. People post their questions and you, therefore, need to keep an eye to see if there is any relevant question where your brand can fit it.

We hope these networking tips come in handy for your brand.

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Startup

Startups to Become Backbone of India as it Promotes Young Entrepreneurs With New Ideas of Doing Business, Says Piyush Goyal

Startup
Startup (Photo Credits: Pixabay)

New Delhi, December 13: The future of India is going to be startups as its ecosystem is encouraging innovation, promoting and strengthening new young entrepreneurs, Union Minister Piyush Goyal said on Saturday. While addressing the 93rd Annual Convention of Federation of Indian Chambers of Commerce and Industry (FICCI), Goyal said that startups are going to be the backbone of the country as they come up with new ideas and new ways of doing business.

The Union Minister further stated that the government has identified another 24 sectors on which work is going on by industry leaders who are working together to come up with actionable agenda to add nearly Rs 200 lakh crores worth of manufacturing in India in the next 10 years. “I have no doubt in my mind that that FICCI will be a part of our journey of a new India, of transforming India and building a more powerful India,” said Goyal.

Goyal appreciated the growing digital environment as said as we go forward in the post-COVID world, the country will see a mix of virtual and physical engagements, combining to help us expand our global outreach, helping us reach out to new markets, customers and products. During his address, Goyal also said that under the Brand India initiative, consumers both in India and internationally will be educated about products which are made in India.

“We are pushing all industry to certify the Make in India products. Under the Brand India initiative, we are also looking at branding India. It’s time now that India demonstrates to the world our leadership position and commitment of quality,” said Goyal.

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MSME

MSME Sector in India Gets Major Boost As Banks Sanction Rs 2.05 Lakh Cr Loans to 81 Lakh MSMEs Under Credit Guarantee Scheme

New Delhi, December 12: With an aim to help the MSME sector which was impacted by disruptions caused due to the coronavirus pandemic, the Finance Ministry on Friday said banks have sanctioned loans worth Rs 2,05,563 crore to about 81 lakh accounts under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector. In a series of tweets, the Finance Ministry said that as many as 40 lakh MSME accounts have received Rs 1,58,626 crore till December 4. Another tweet informed that Rs 3 lakh cr Collateral-Free Guaranteed Loans – Budgetary provision of Rs 4,000 crore made for the Scheme in First Supplementary Demand for Grants for FY 2020-21.

While announcing the Aatmanirbhar Bharat Package 3.0, Finance Minister Nirmala Sitharaman had said that Rs 2.05 lakh crore sanctioned and Rs 1.52 lakh crore disbursed under ECLGS 1.0. “As part of the Atmanirbhar Bharat Abhiyan 3.0 (announced on November 12), ECLGS Scheme has been extended through ECLGS 2.0 for the 26 stress sectors and health care sector with credit outstanding of above Rs 50 crore and up to Rs 500 crore as on February 29, 2020,” a tweet said. Credit Guarantee Scheme: Banks Sanction Rs 1.86 Lakh Cr to 50 Lakh MSMEs Impacted by Slowdown Amid COVID-19 Pandemic.

The Finance Ministry said that under ECLGS 2.0, entities with outstanding credit above Rs 50 crore and not exceeding Rs 500 crore as on February 29, 2020, which were less than or equal to 30 days past due as on February 29, 2020 are eligible. The loans provided under ECLGS 2.0 will have a five-year tenor, with a 12-month moratorium on repayment of principal. Meanwhile, the entire Scheme (ECLGS 1.0 and ECLGS 2.0) valid till March 31, 2021, it said.

As part of the Aatmanirbhar Bharat Package, the government has announced to cover 2.5 crore farmers under the KCC scheme with a credit boost of Rs 2 lakh crore through a special saturation drive.

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MSME

MSMEs Backbone of Indian Economy, Govt Aiming to Increase the Sector’s Contribution to India’s GDP to 50%, Says Nitin Gadkari

Nitin Gadkari (Photo Credits: Facebook)

Hyderabad, December 12: Terming Micro, Small and Medium Enterprises (MSME) as the backbone of Indian economy, MSME Minister Nitin Gadkari said the Modi government is now aiming is to increase the MSME sector’s contribution to the GDP to about 50 percent. The existing contribution of the MSME sector to India’s GDP is 30 percent. While speaking at the inaugural session of the three-day TiE Global Summit (TGS) being held virtually on Tuesday, Gadkari said the MSME sector currently constitutes 48 per cent of total exports from India and the government aims to take it to 60 percent in future.

“MSME is the backbone of Indian economy…a total 30 percent of the GDP in Indian economy is contributed by the MSME. Out of our total exports, 48 percent is also from MSME. At the same time up till now MSME created 11 crore jobs. And that is one of the reasons why MSME is the backbone of the country,” he said. “Now we have decided to make this 30 per cent contribution to GDP to 40 per cent and 48 per cent of the exports contribution to 60 per cent. And we want to create five crore jobs, he added. MSMEs Can Help in Boosting Exports, Says Nitin Gadkari.

During his address, Gadkari said at present, the village industries such as handlooms, handicrafts, Khadi Gram Udyog are generating Rs 80 thousand crore revenues which needs to be taken up to Rs 5  lakh crore in the next few years. Gadkari requested industrialists to invest in India and stressed that the country currently has an excellent network of roads, abundantly available power and water and reformed labour and other administrative laws. According to him, though there is an impact of COVID-19 globally, the Indian industry may get some opportunities out of it.

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Startup

Business Performance Indicators: 4 Important Metrics Every Start-Up Should Track

Key Performance Indicators of Business| Representational Image (Photo Credits: Pixabay)
Key Performance Indicators of Business| Representational Image (Photo Credits: Pixabay)

It is essential for business, especially in their early stages, to keep a regular check on its various performance indicators. A start-up should have a clear understanding of various KPIs or Key Performance Indicators that measure the quantitative aspect of business activities. These metrics or indicators not only tell the current status of business but are also helpful in predicting the future of the enterprise. A wise entrepreneur always takes into account key business metrics while taking any decision related to business.

Business Metrics or Key Performance Indicators are nothing but data pertaining to various business activities like production, customer retention, return on investment, daily turnover, and self-generated goodwill among others. A careful analysis of all the data helps the start-up owner to evaluate his business’ day to day activities as well. It helps in identifying the loopholes as well. Here are 5 Key Performance Indicators Every Start-Up Owner should know and track –

Cost Of Acquisition (CoA) –

The first metric is the cost of acquisition, it measures the cost incurred to acquire each customer. So it tells a firm how much money goes in getting a customer. Every business needs customers to survive. It is important for an entrepreneur to increasingly acquire new customers and retain the old ones.  To attract the customers, firms make lot of investment in marketing and advertising. It is therefore important to know whether the expenditure is worth it or not.

Here is how to calculate Cost of Acquisition for your business –

Cost of Customer Acquisition = Total Sales & Marketing Cost / Number of New Customers Added

Return on Advertising Spending –

For a firm to establish it in the market, it needs to reach the masses and creates its brand presence. An upfront way to do this by going for promotional activities. Advertising is the main component of a promotional and marketing plan. A huge chunk on firm’s funds goes into advertisement, it is therefore important for any entrepreneur to keep a track on the returns received by investing a particular amount in advertising.

Here is how to calculate Return on Advertising Spending for your business –

Return on Advertising Spending = Total Sales/ Advertising Spending

Customer Loyalty and Retention Rate –

According to a study a firm incurs 70 per cent more expenditure to acquire new customers than to retain the old ones. It is important to know that how many customers are willing to avail the products and services of the firm again. It also is a direct measure of customer satisfaction. In the initial years, loyal customers are important for start-up to deepen its roots in the market. Therefore, an entrepreneur should keep a check on this ratio as well.

Here is how to calculate Customer Retention Rate for your business —

Retention Rate = (No. Of Customers at end of Period- No. Of Customers acquired during Period)/No. Of Customers at beginning of Period

Rate of Return –

One of the most popular business metric and important business performance indicator is the rate of return. It is the net gain or loss of an investment over a specified time period, expressed as a percentage of the investment’s initial cost. All the stake holders have a special interest in knowing the RoR. It also signifies the level of growth of a firm. For a start-up it is important, especially those dependent on external funds, it is crucial to keep a tab as to how much return is being earned. Prolonged negative rate of return leads to the winding up of the firm.

Here is how to calculate the Rate of Return for your business –

Rate of Return = {(Current value of Investment – Initial Value of Investment)/ Initial value of Investment } X 100

A regular track of these metrics helps entrepreneur in figuring out whether the business is on right track or not. It helps in taking quick corrective measures as well. Proper analysis of the KPIs helps in ensuring long term growth of the start-up as well as help to decide upon future course of actions.

 

 

 

Categories
Technology

Eric Yuan, Founder and CEO of Zoom, Named ‘Businessperson of Year 2020’ by TIME Magazine

Eric Yuan (Photo Credits: Twitter)

Eric Yuan, founder and CEO of Zoom, has been named the ‘Businessperson of the 2020’ by TIME Magazine for the growth of his video conferencing platform amid the coronavirus pandemic. Yuan, who began at WebEx as a coder, soon became integral to the creation of his video-conferencing platform that served as a communication medium for millions during the COVID-19 pandemic. The birth of Zoom by the 50-year-old founder and CEO became successful after he struggled for a decade to build the no-frills, highly functional conferencing platform for businesses. With his determination and hardwork, Zoom was now being used in all sorts of unexpected places, from delivery rooms to grade schools.

Zoom’s popularity grew in 2020 as the world was hit with the pandemic at start of the year, which forced people to stay indoors, maintain social distancing and work from home. With the pandemic spreading its arms over the world, Zoom started growing with leaps and bounds, helping people to continue with the work through online mode. The video conferencing platform allows individuals to communicate virtually face to face. Zoom is now in the business of connecting everybody, originally intended for businesses and universities. Business Ideas For 2021: Here Are 4 Business Ideas Which You Can Start Next Year.

“We never thought about consumers or K-12 schools when we started planning the year 2020,” Yuan was quoted by TIME while speaking over Zoom from his home in the Bay Area. He had ordered employees to work from home in early March, but it wasn’t until weeks later—around when U.K. Prime Minister Boris Johnson tweeted a photo of a Cabinet meeting over Zoom—that it dawned on Yuan that his company might play a major role in this new virtual world order.

Yuan soon found himself serving as the world’s relationship liaison, social chair, principal, convention-center host, chief security officer and pallbearer. Despite competition from corporate behemoths like Google, Apple and Microsoft, Zoom jumped out in front of the video pack, catapulting from 10 million daily meeting participants in December to a staggering 300 million in April. Zoom became a verb and a prefix, a defining syllable of a socially distant era. As his company’s valuation soared, Yuan crashed into the Forbes billionaires list.

Zoom’s software was released in 2013, promoting a free basic service for different-size organisations along with many paid levels. Although many other startups relied heavily on free goods to cause widespread saturation, Zoom targeted modest school and company networks that would pay year after year for subscriptions.

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MSME

Amazon India & CII Sign MoU to Help MSMEs Adopt E-Commerce & Digitisation of Business

Amazon India and CII tie up to help MSMEs| Representational Image (Photo Credits: Facebook)
Amazon India and CII tie up to help MSMEs| Representational Image (Photo Credits: Facebook)

E-commerce giant Amazon India and the Confederation of Indian Industry on Thursday signed a Memorandum of understanding (MoU), following which they aim to bring benefits of digitisation of businesses to Micro Small and Medium Enterprises (MSMEs) in ten states across India. “As part of the MoU, Amazon.in and CII will conduct trainings, workshops and host masterclasses to enable MSMEs to sell online. Amazon and CII will work together to create a special exports module to simplify exports with e-commerce for lakhs of MSMEs across India,” Amazon.in said in a statement. Amazon India to Host 4th Edition of Small Business Day 2020 on December 12, to Support Startups to Sustain Their Business Growth.

Amazon also intends to work with the Ministry of MSMEs and enable MSMEs across the country to take their business online so as to ensure a wider customer base for them, not only in India but at a global level. As a part of this initiative, the CII and Amazon will publish regular reports on market analysis and conditions to help the MSMEs foresee any opportunity and be ready for threats. They will also publish insights for enterprises on promising categories, marketing, and branding of their products, logistics, MSME success stories and information on top performing products and services. IIT Kharagpur Develops Portable AI-Based Device to Enable Automatic Inspection of Goods in MSME Sector.

The Director General of CII, Chandrajit Banerjee, said that their initiative will help Indian MSMEs to reach customers at a global level. She added, “education about e-commerce and e-commerce exports will enable MSMEs to identify opportunities that help them access national and global customers.”  Adding, “We are excited about our partnership with Amazon that will help bring e-commerce closer to MSMEs and drive their digital transformation.”

Early this year, Amazon India had made three key announcements including digitising 10 Million MSMEs, enabling $10 Billion in e-commerce exports and creating 1 Million jobs, by 2025.”As we continue to work closely with the government on this important agenda, our collaboration with CII will help bring more and more MSMEs online, help them be part of the growing digital economy and create newer business opportunities for them,” said Amit Agarwal, Senior VP and Country Head, Amazon India.

Recently Nitin Gadkari the Union Minister for MSMEs had also talked about the importance of technology and digitisation of the sector. “In the next 5 years, technology and e-commerce will play a key role in enabling this growth and ensuring the success of millions of MSMEs in domestic as well as international markets. The combined efforts of government and the Industry will bring us closer to realizing the vision of an Aatmanirbhar Bharat,” he had said.

 

Categories
Startup

Hottest Startups of 2020: Paytm, Dream11, Zomato, Ola, Swiggy Among Top 10 Startups of 2020, Says Report

Startup
Startup (Photo Credits: Pixabay)

Mumbai, December 10: As per the Hottest Startups of 2020 Report, Paytm, Dream11, Zomato, Ola, Swiggy, Big Basket, Oyo, Byjus, Snapdeal, and Unacademy are the top 10 hottest startups of 2020. It needs to be mentioned here that all the ten startups hold the title of unicorns.

Paytm topped the list in terms of creating the most consistent buzz throughout the year while Dream11 bagged the title for the prominence of its brand.

The Hottest Startups of 2020 Report by Wizikey, celebrates the top 100 most influential startups in India emerging sectors like Fintech, E-commerce, SaaS, Logistics & Edtech, that have successfully redefined the ecosystem in 2020.

2020 also emerged as the year of Fintech due to the strong wave of cashless transactions like UPI and wallet payments that were witnessed in both metro and non-metro cities.

Some of the new players that have found a place in the list of hottest startups are- CRED and Khatabook. Big Basket found itself leading the sectoral list but ranking overall at number 6, way above Grofers which is ranked at 15.

 

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Startup

Start-Up Funding: 5 Sources that Provide Quick & Easy Funds

5 Sources that Provide Quick & Easy Funds to Start-Ups| Representational Image (Photo Credits: Pixabay)
Representational Image | (Photo Credits: Pixabay)

Funds are the lifeline of any enterprise. For a firm to start, succeed and sustain, consistent and adequate funding is of utmost importance. Without regular flow of finance, all the other operations of the businesses including production, marketing, and selling among others become stagnant. Especially, in the present business environment which is fast paced, dynamic and highly volatile a secured stream of financial resources is important to defend the start-up against the harsh competition and market shocks. Narendra Modi Govt Clears Payments of Over Rs 6,800 Crore Owed to MSMEs Over Past 3 Months.

As the start-up ecosystem bloomed in India, it has become easier for young entrepreneurs to procure funds on lenient terms of repayment. The central government has also through its Start-Up India initiative, opened funding avenues for start-ups. Here are five options a start-up owner has to avail easy and regular funding –

Venture Capitalists

One readily available option for start-ups to avail funds is through venture capitalists. A venture capitalist is a private equity investor which provides seed capital to start-ups exhibiting potential of high growth in exchange for an equity stake in the firm. It provides funds at early, growth and later stages of business cycles. Apart from the funds, venture capitalists also provide expertise and monitoring of the business operation of the start-ups. Mostly, VCs invest in equity and once the business releases its IPO or is subscribed, they exit.

Angle Investors

An angel investor is an individual with high-net worth and surplus financial resources, who provides funding to small start-ups or entrepreneurs with high-yielding business plans to earn huge revenues from the investment. It is also known as a private investor, seed investor or angel fund. Though angel investors usually have higher return expectations and offer lesser investment amounts, they can prove be highly beneficial of start-ups in their early stages or during expansion. Finance Ministry Sanctions Rs 1.61 Lakh Crore Worth of Bank Loans to MSMEs Under ECLGS to Battle COVID-19 Pandemic.

Business Accelerators and Incubators

Various investment and asset management firms work as business incubators and accelerators for other enterprises. While a start-up looking for seed capital or early stage investment needs to look for a business incubator, they ‘incubate’ potential business plans with a hope of turning them into successful enterprises. A business accelerator comes into picture when an already existing firm looks for expansion or diversification  and need money for the same, it ‘accelerate’ the business.

Banks and NBFCs

Banks and Non-Banking Financial Companies (NBFCs) also provide quick loans to start-up owners at easy terms and conditions. However, these institutes consider more factors other than growth potential before offering the loan. They may even ask for a collateral security or a guarantor. The rates of interest are higher than the other funding alternatives. A start-up owner can apply for a term loan to buy fixed asset or do construction or working capital loans to meet day to day administrative and functioning requirements.

Crowdfunding

Sourcing capital through crowdfunding has garnered lot of attention and popularity in recent times. It does not require any organised institute; the founder raises funds from more than one person at the same time. In crowding funding, more than one investor is involved. These investors offer a fixed amount of funding depending on several factors including his budget, in return of regular and high dividends. One can gather funds from family, friends and co-entrepreneurs that believe in the start-up potential.

It is crucial that the start-up owners are aware about all the funding alternatives available to them. They should carefully analyse all the terms and conditions of procurement of funds and make informed choice. Regular and low cost financial resources keep the start-ups afloat.