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Startup

Piyush Goyal Invites Startups to Register at Public Procurement Portal GeM And Offer Goods, Services to Government Organisations & PSUs

Startup
Startup (Photo Credits: Pixabay)

New Delhi, October 7: Commerce and Industry Minister Piyush Goyal on Tuesday invited startups to register at public procurement portal GeM and offer goods as well as services to government organisations and PSUs. According to a Business Standard report, he mentioned that about 4,000 startups have already registered at GeM.

He made this announcement at the first edition of the National Startup Awards 2020 event. Goyal elaborated about the huge potential in areas including railways, airport services, food processing, education, healthcare, agriculture, electronics and defence, and that about Rs 4,000 crore was already disbursed through Fund of Funds for startups, to about 361 startups.

The National Startup Awards, conceived by the Department for Promotion of Industry and Internal Trade (DPIIT), recognised and rewarded the outstanding startups and ecosystem with high potential of employment generation. The first edition of the Awards invited applications across 12 sectors, which were further sub-classified into a total of 35 categories.

For the Awards, a total of 1,641 applications were received from startups spread across 23 states and 4 Union Territories. These applicants included 654 women-led, 165 academic institutions based, and 331 startups working in rural areas.

Then in the next step, all the applicants were evaluated against six broad parameters namely innovation, scalability, economic impact, social impact, environmental impact, and inclusiveness and diversity. Then after three rounds of detailed evaluation, 199 startups were selected for presentation before the jury.

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Startup

Franchise Industry Trends to Remember in 2020

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रुपे कार्ड के फायदे (Representational Image)

As far as trends are concerned, every year they are marked with new beginnings and possibilities. If you are all set for your entrepreneurial journey, then the franchise route can prove to be beneficial. If you are new to entrepreneurial life, you can start by taking the franchise route as it has proven to have a higher success rate.

You must be wondering why this route is more successful. It is due to the fact start-up owners have to work on how to run their business from scratch with the plan and everything, whereas in franchises gets all ready with the plan and strategy from the parent company.

Due to the constant shift in trends coupled with technological advances, it’s making the Indian franchise industry push boundaries.

So, let’s have a look at the latest trend that is influencing the franchise industry in 2020.

The Rise of F&B

Due to the pandemic, people may have stopped eating out, but being an Indian, we can’t miss out on the food from the restaurants. We prefer to eat Indian food as well as fusion and international cuisines. Therefore, the F&B sector has always one step ahead of its expected growth rate in the franchise industry.

Take a look at how successful McDonalds, for example, how it has proved to be one of the most successful food franchises across the globe. Therefore, it is expected post-COVID this industry is going to see the excellent growth opportunities for entrepreneurs to invest in a franchise.

The Homecoming of International Brands

India is all ready to become the second-largest market for many international brands. Brands like taco bell, Wendy’s, or most popular brand Starbucks is the fastest- growing international brands in the Indian market.

In the past few months, various renowned brands from the US, UK, Europe, Russia, Australia, GCC & Asia Pacific were expected to start franchising in the coming years in our country. Enlarging a brand internationally by the method of franchising involves less risk, minimum capital, and provides a high rate of scalability of the brand.

Indian brand versus Global

That’s true, international brands attract and woo more to Indian customers. But now we are moving towards vocal about local brands the initiative, which gives Indian brands a platform as well opportunity for you to take up the franchise as a minimum investment with more revenue.

Local brands are curated in keeping Indian taste, preferences, and mindset, which leads to seeing rapid growth too.

Wellness still going, Strong

Health and wellness are still a top priority of ours, and during this COVID-19 time had made it an only priority. Therefore, it’s rising steadily over the years as consumers continue to invest in wellness.

Therefore, investing in this sector can always turn out to be a good investment, and holding franchising can benefit you well.

Going through trends explains, there is n number of opportunities for entering the franchise market. So, many options available to choose in this franchise industry have something for everyone. The industry will aim to grow and progress in an upward direction. Hope the above-mentioned trends, help you figure out and clear your thought regarding the franchise industry.

 

 

 

 

 

 

 

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Startup

Top 5 Franchise Business Ideas in India in 2020

If you believe in working hard and with the correct process, then a business is an occupation that can help you to earn. At current times India is one of the leading commercial and economic hubs for many international ventures coming to the country with various franchise opportunities.

These franchises not only benefit the brand to increase its footprints but also plays a vital role in the country’s economic development with more job opening. It is one of the factors why people are aiming to franchise business in India.

One of the biggest myths among business owners have opened a franchise in India will cost you a lot. But, that’s not true one doesn’t need a lot of funds to start a franchise business. A lot of people search for business ideas for but they doubt the success rate but, in the franchise business, the risk factor is less as in this, you get well – established brand business model.

Now, it’s time enlighten about some of the best franchise businesses in India.

Patanjali

Patanjali started in 2006, founded by Baba Ramdev, along with Acharya Balkishan. It is known as one of the trusted and popular Indian brands with exceeding revenue of 200 crores. The product line of the company is herbal and Ayurvedic items.

This brand has become one of the most value-added products in the FMCG market. For the franchise, you only need a minimum area space of 500Sq Ft and a minimum investment of 7 lakhs. In return, you can earn a great amount of money from it, as it became a reliable and economical brand.

Archies

Who doesn’t know the name of this brand? The brand has a network of 500 national and international outlets, as its popular brand that is well known for selling greeting cards, personalized gifts, artwork, and many more such things. Therefore, starting an Archies store can be a profitable business for you as it does not require a lot of staff to work for you.

Therefore, if you have an interest in the arts and are creative, then it can be a great franchise business for you.

KidZee School 

KidZee is one of the popular and fastest-growing franchise businesses in the education sector. It is one of the largest pre-school chains in Asia, which concludes more than 1900 centres opened in over 700 cities in India.

For opening a franchise of it, you need to have a minimum floor space of 2000-3000 sq. ft. This brand is listed in the top 100 franchise opportunities in 2015 as well and awarded as a leading pre -school brand of the year 2018.

Amul

One of the trusted and oldest brands is Amul. Its milk or ice cream, we look forward to one brand that is Amul. It is one of those brands which, growing – rapidly in our country, thanks to their best innovation and marketing strategies, they always stand out.

For the franchise, you will require at least 300 sq. Ft feet plot at a good location with an investment of a minimum of 2 to 5 lakh.

DTDC Courier Franchise 

One of the essential commodities is courier service in which everyone would need at a certain point. DTDC is one of the reliable and trusted by most people across the country. It is another fastest-growing industry, and the growth rate is high than normal.

Additionally, the best aspect of taking this franchise is you don’t need a make a huge investment. A small area of 10*10 will be enough.

Starting a franchise business is one great idea to consider in the current marketing trend. One of the best things you don’t need to start from scratch, the parent company provides the service in which they do the marketing of the business.

 

 

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MSME

MSME Sector to Grow and Contribute to Job Creation With the Help of Structural Reforms Taken by Modi Govt, Says Finance Ministry Report

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New Delhi, October 6: The Finance Ministry on Monday said that the major structural reforms launched by the Modi government in agriculture markets, labour laws provide unparalleled opportunity for the MSME sector to grow and prosper. These reforms will in turn contribute to job creation in the primary and secondary sectors. A report by the Finance Ministry stated that the historic labour reforms will benefit MSMEs to increase employment, enhance labour productivity and thereby wages in MSMEs.

According to a report by PTI, the Finance Ministry said that important structural reforms that have been taken by the government to ease the risks posed by COVID-19 pandemic will strengthen India’s economic fundamentals and ensure long-term sustained growth. “The enabling policy environment and initiatives taken by all stakeholders to seize the available opportunities will actualise the growth potential of the Indian economy,” the monthly economic report prepared by the Economic Affairs Department of the Finance Ministry said.

The report further said that the sustained spread of the virus poses a downside risk to short-term and medium-term growth rate, adding that the government has strategically undertaken various important structural reforms, encompassing various sectors, to combat these risks. Meanwhile, the implementation of ‘Atmanirbhar Bharat’ package and unlocking of the economy have ensured that economic recovery in India has gained momentum.

The PTI report adds that as on September 25, India’s foreign exchange reserves stood at USD 542.02 billion, equivalent to more than 13 months of imports. India”s probable growth path is visible in this assessment.

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Startup

5 Things to Remember Before Starting a Business

Big cheers to the people who have the ambition to start a business. Remember this before you take the first step towards your startup or even if you are at an early stage when working on the idea formation. You need to step back and think about the strategic vision of your business as starting a business can be stressful.

As you start working on its main plan, you think it’s a million things to get done all in one go. There is no lie, saying every new and small business owner have to take care of many things, and it’s tough. Therefore, a little planning can make it more manageable, and help you in taking action towards building your business.

As said by many, a few simple significant steps taken at the beginning of the business can help you streamline things easily. Therefore, we have listed some tips you need to remember to do before starting a business.

Do your Homework on Customer

Make sure you know your industry you are entering so you can dominate it. It doesn’t matter how different or unique you think your idea is, still you need to be aware of the competition. We always believe our business concept is brilliant, but it doesn’t mean anybody else hasn’t thought about that idea.

You start with the research, with your target demographic as is they are the driving force for your decision making. You can’t earn sales or profit without the right customer. It is crucial to make sure you are presenting what your customer need. Once you have researched the right way, then you will get insight into your customer buying decision and save you time for future experimenting.

Give importance to the legal aspect

Always follow the law, always remember this line. It’s one of the significant factors you need to keep the mind and should take while strategizing. In the first step, you should take in starting your business, choosing the right legal structure. At the beginning of the startup, you need a proper registration from the government, and you need to see all other legal aspects like taxes, paperwork, etc.

As an entrepreneur, you need to create the articles of incorporation, obtain an employer identification number, and apply for all required licenses.

Roadmap Your Finances

Every business needs money, which you need to plan from where you will get the capital. A lot of entrepreneurs start a business with limited capital, which is a large hurdle to many. There are plenty of options for arranging funds, but the most common is to seek from family or friends. And if you have exhausted this option, then apply for a business loan under government schemes.

Therefore, whenever you start your business, then make sure your road map completes financing for the present and future.

Know the risk.

That is the fact, there will always a risk with a new business startup. Understanding, calculating, and then planning as per it is a significant step for any new and old startup. Therefore, this means you need to assess your industry risk before entering and moving forward with your plan.

So, before taking the faith of leap in your idea, you need to sit down and talk about all the risks you about to come across.

Time it right

Time is money because timing is a significant factor in setting up a business. Of course, you want to start your business when the economy is healthy, but there is also a flow to decision making that’s important to be aware.

Therefore, the timing should be right where and what you need to think through and take what decision should be taken.

Starting a business can be exciting and challenging, but you need to do your homework and think about all the steps you need to take now and in the future.

 

 

 

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Startup

Zomato, Toppr, Rebel Foods & Other Startups Raised Funding Amid COVID-19 Pandemic; Here Are 5 Indian Startups Which Closed Funding Deals

Startup
Startup

Mumbai, October 6: The year 2020 has not been an easy year so far due to the pandemic, from the rising infections, increasing deaths to job losses, businesses being shut to the dwindling economy. However, there have been few players who performed well and managed to hold high in spite of the challenges laid out on their path.

The crisis has also seen some startup raising funds and closing deals. Here is a list of five startups who raised funding during the coronavirus lockdown.

Cloud Kitchen Hoi Foods: In May 2020, Cloud Kitchen raised $2 million in a Pre-Series A funding round led by 1Crowd. The cloud kitchen startup also saw participation from Sprout, Angelist, Samar Singla (Founder of Jugnu), Jaideep Mehta (CEO of VCCircle), Mukund Kulashekaran (SVP of Business at UrbanClap), and other

Zomato: Gurugram-based Zomato closed four rounds of funding, securing its latest round of $100 million in September from Internet Fund VI Pte Holdings.

Toppr: In July, ed-tech startup Toppr raised Rs 350 crore in Series D round, led by Foundation Holdings, with participation from existing investors, including Kaizen Private Equity.

Rebel Foods: In April 2020, cloud kitchen operator Rebel Foods raised $50 million from existing investor US-based hedge fund Coatue Management, according to its filings with the Registrar of Companies.

JetSynthesys: In July 2020, gaming and entertainment startup JetSynthesys crossed 100 million users across 180 countries. It raised an equity round of Rs 300 crore led by Adar Poonawalla and Kris Gopalkrishnan.

According to a report published earlier this year, the funding in Indian tech-led startups rose by 14 percent in the first quarter of 2020 as compared to the same period last year, yet only 16 percent startups and SMEs had the cash to survive for more than three months revealed a study in June.

The consumer confidence collapsed in May 2020, with the Current Situation Index (CSI) touching historic low and the one year ahead Future Expectations Index (FEI) also recording a sharp fall, entering the zone of pessimism, as per the Consumer Confidence Survey (CCS) released by the RBI during the COVID-19 lockdown.

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Startup Strategy

5 Latest Business Development Trends of 2020

एंटरप्रेन्योर
एंटरप्रेन्योर

2020 is half passed, and still, if you have not noticed the new business development trends, then pull up your socks and start working on it. A lot of new trends like personalization to advances in AI trends are taking reshape these trends will help you in increasing the sales and growth of your business.

The digital introduction has helped to create personalized interaction to build a relationship with the customer better than before. For uplifting your business strategy, we mentioned new business trends that will impact your business growth.

Mobile Internet Advances

This year promises additional movement in making mobile connectivity more reliable and more durable by introducing the 5G arena. We are quite sure in the coming year; many cellular networks will introduce this service.

Introduction to this service will make it a lot easier to reach the customer in remote locations. There is the scope of a lot more services introduction, which you should keep an eye on.

Brand Collaborations

Today customers, are highly spoilt and confused with the choices between India and international brands. Now for reducing this confusion given by online and traditional platforms, business owners have started focusing on brand collaborations with brands locally and internationally. That will bring great business opportunities to brands for growth.

It is just not only helping brands, but it is helping consumers to get a structured services model, as a result of its winning situation to both.

Adoption of Data Centre

With the higher use of technology, the amount of data that passes through customer have also increased. Therefore, the need for the data centre has increased, whether its small or big company is using the data centre in a small or big way. Cloud-based computing is known by many but expected that the need for more storage is going to come very soon.

Therefore, all companies, from startups to the big players, will have their own personal data centre.

Machine Learning and AI Introduction

With time machines are getting smarter, which is leading opening for new jobs. A lot of employees are scared to lose to the job due to the high demand for machines, but smart companies will aim to retain their best employees and train them to be better at work.

For any business growth investing in the new technology will be a significant part of matching up the industry standard and gaining one step ahead over the competition.

Diversification:       

In the coming time, expected that brand owners are going to focus on the newest trend of diversification, where owners will be opting for multiple businesses that will be different from the main business.

Aside from setting their business skills, this trend is supposed to bring and offer the greatest business opportunities to brand owners.

Our country has already demonstrated immense business growth potential in the past few years. With the change of technology is the business world ready to change and accept new trends. These trends are going to have a huge impact on growth. We have mentioned a few trends which can help you to grow your brand.

 

 

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Business motivation

What NOT To Do While Writing A Business Plan

 Why do you make a business plan? To pitch the idea of your dreams and turn it into reality. But what if this business plan does the exact opposite? You will be crushed to see your years and years of hard work and excitement going down the drain just because of few loopholes that were not paid attention to. The whole world talks about what to do when you make a business plan, but we will talk about what not to do while making the plan.

Let’s together ponder upon a few mistakes that are repeatedly made by the entrepreneur while writing their startup business plan and be sure of learning our lessons.

Don’t Conduct A Half-hearted Research

The Colosseum in Rome has been standing tall since forever. It has been made possible only and only by the solid foundation that was laid for it. Similarly, a good, productive, and detailed research is something that will provide the strongest of the bases to your business and help it stay in the market longer than whatever you are hoping for. Bad or wrong research which is not reviewed or double-checked can make things go haywire. Be wary of it, and always double-check your sources.

Don’t Present Unrealistic Financial Goals

We all know nobody is a fool these days. When we talk about financial goals, investors observe keenly. Nobody likes to show a dreamy picture which is far from reality. Avoid being over the top and tell them about the real financial trajectory. Tell them how and what you have planned for a particular business in order to make it successful. The more real you are, the higher are the chances for you to get the funding.

Don’t Be Unaware Of Your Target Consumer

Can you sell maternity clothes to office going men? No, right? It is of extreme importance to who does your product/service target. Make it very clear in your business plan the kind of audience you intend to target and the demographics you are going for. Always remember, only after defining your target audience can you move further with conducting the secondary and tertiary market research.

Don’t Publicize Unnecessarily

Don’t try to amaze them with what they want to hear, rather show them the power of your vision. We know you believe in your business idea but how do you plan on making others develop the same kind of faith? By using the abused adjectives of all times like greatest, mind-blowing, promising, hottest, worth your while, or by presenting your extensive research and the growth trajectory to back your excitement up? Only and only the latter will be able to help you solidify your claims.

Don’t Underestimate The Competition

They say keep your friends close and enemies even closer and we don’t see anything wrong in this. Never forget to talk about the competition in your business plan or business pitch. Your investors will not appreciate your confidence where you completely scraped the competition section out of the business plan. Even if you don’t think you have any competition just because you have a brand new idea that has not been touched yet. Think about how, if you become successful, people would want to copy you and encash the opportunity. Think about how you are going to deal with the competition then. Think about what is unthought-of and always be prepared.

Writing a business is a tough job and needs a lot of factors to be considered before finally it is shown to the investors or prospective partners to gain their trust and sentiment. Your plan should be designed in a way that paints a coherent and realistic picture with a hint of your enthusiasm and determination to make it work. 

 

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Business motivation

Start An Online Business And Become More Successful Than Ever

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फिशिंग अटैक से बचने के तरीके

 If you have been thinking for a while about when to start the business of your dreams, now is the best time. The world has progressed a lot in terms of technology and innovation, and any entrepreneur worth their salt knows that with the kind of tools available today, growing a  business has become much easier. The best option these days is to start an online business considering almost the entire world has shifted online. Whether you are financially sound or not, you can always start an online with minimum to no investment with a wonderful advantage of connecting with a wider audience/consumer base to showcase your skills and making money out of it.

Observing the power and raging popularity of online businesses, we are presenting to you some of the many reasons that are convincing enough for you to either start an online business or take your present business online. Let’s get started.

It Won’t Burn A Hole In Your Pocket

Starting an online business is just going to cost you peanuts, it is that inexpensive. There are some online businesses that you can even start without even investing a single penny. There have been cases where people just started their online business with only Rs, 10,000, and grew their businesses exponentially thereafter because of the connection with the worldwide audience. The fact that you can outsource most of your work and do not require to hire full-time employees is another thing that will save you a lot of money.

Helps You With Work-Life Balance

For ages, the professionals/entrepreneurs as well as their families have been complaining about the work-life balance. This is one of the many reasons why online businesses are being preferred these days over anything else. It allows you to work Depending on what kind of an online business you choose, you can end up making a schedule for you that allows you to have a life of your own and some downtime to relax. Another huge advantage of running an online business is that you are free to choose whichever location works best for you. You can end up working on a bench in a=park surrounded by greenery or far away in the mountains away from the hustle and bustle of the city. 

Growth, Income, And Development

What happens when you move your business online? You expose your business to a wider set of audiences. However, it is of extreme importance to learn and implement some very important techniques such as internet marketing, search engine optimization, and social media optimization in order to reduce your working hours and encourage growth for more income.

Your online business encourages growth in many ways such as it runs 24*7 without you being present there to monitor every single activity. People will check your website, buy the product, make the transaction, and leave happily while you are asleep dreaming of how to grow business even further. Running an online business is a process that will earn you very good money given that you are consistent, continuously learning, and implementing those learnings.

Get To Be Your Own Boss

If you have been looking for an opportunity to get rid of the job that makes you follow orders that you do not even remotely identify with, online business has come to your rescue. Now that you have gotten a hang of professionalism, why not put that professional experience to best use working for yourself and making much more =money than you already have been making? Even if you are not at all bothered by your job and your boss, it will still prove to be a better experience for you to develop new skills and inspire the leader within you.

With online businesses, we can not manage to see the end of possibilities and the amazing ideas that you can start with an extremely low investment. Now that you clearly see that there won’t be unnecessary costs and bills to take care of, there will be flexible working hours, and you will get to work wherever you want, we don’t know if you are left with any good reason not to give online business a try. Just know that E-commerce has taken over the retail world and if you want to get a piece of this cake, now would be the best time to join the party.

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Startup

5 Simple And Worth Trying Manufacturing Business Ideas

Clarity, Precedes, Success, becoming an entrepreneur is your dream? Do you have minimum funding resources? This fact will shock you that the majority of Indians have a similar kind of dreams. Many entrepreneurs drop the potential idea of becoming a business owner because of a lack of investment resources. It’s a fact investment is a significant factor for business, but it’s also right to say that any idea can change your life with less investment.

Many business ideas can start with less investment. Today we are going to share one such business idea, manufacturing business. The manufacturing business does not always need to have expensive and machinery, with new opportunities blooming for manufacturers giving us a chance to step into manufacturing businesses.

It’s never before opportunity and time to step into the manufacturing business if you have the inclination towards it. So, we have come up with a list of manufacturing business ideas for you.

Light up the world with Luxury Candles

Luxury candles, demand, and usage have increased with drastic growth. You can notice the high use of these candles at weddings, restaurants, and for personal use. Due to the high demand for luxury candles which allows manufacturing also increased.

The manufacturing cost them is minimal, and in return, revenue generation is high. This business idea demand to require setup or high-end machinery. You can start this idea from home and touch the local market with online e-commerce platforms. In terms of raw material like wax, scented oils, threads, or other decorative items, are also very cheap can easily available anywhere.

Go Organic with Organic Farming

We all know we are slowly learning and following the trend of organic products, and organic farming is most popular among all. We very know the concept of this no use of harmful chemicals or some artificial additions for a healthy, clean, and harmless to us.

Being a manufacturer, you can collaborate with local farmers and sell the products directly. Organic farming requires a lot of time-consuming and requires more effort, but with the right marketing, it reaches great heights.

Time for Something Delicious Bakery Products

You love baking then, the bakery business is an idea is for you. Products like cake or pastries are always people’s favourites. You can start this business with a small fund with this one also needs an oven, and the ingredients of the bakery product, which are easily accessible in the market.

Selling your product can be convenient if you find a nearby local shop for touching the customer base. The success story of this manufacturing completely depends on the taste of the product.

Transform the Kitchen with Eco-friendly Cutlery

The trendiest in all successful manufacturing business is which make customer life easy. Going eco- friendly is a new trend, and love among people. It is the best replacement for plastics and also has hassle-free maintenance.

In this business idea, you have a one-time investment in cutlery making machine. With the great design, you can collaborate with stores, and with the help of social media, you can make a huge profit.

Tasty Pickle and Jam Making

Everyone enjoys the great preserved, with great jams, jellies, or pair Indian food with tasty pickles. One of a good idea for a business, you just need good research on details about the various ways of preserving, the shelf life of ingredients, etc.. You can start manufacturing with seasonal ingredients that are cheap and readily available.

Big thanks to e-commerce flourishment like Flipkart and Amazon providing a big platform for you and your product easily available in single click access to large customers. It may be new to you, but it’s never late to try, ask for advice, and also don’t ignore your instinct and have confidence in you and your idea.