Categories
Finance

Gold And Jewellery Industry Hopes to See Demand Recovery in H2FY21: ICRA Report

Mumbai, November 27: The gold and the jewellery industry expects a demand recovery in H2FY21. According to a report published by ICRA, the industry believes that demand will improve on the back of occasions like festivals and weddings. The gold jewellery retail industry had witnessed a sharp 64 per cent contraction in H1FY21.

A positive trend highlighted in the survey was that the opening of the stores post the coronavirus pandemic induced lockdown has seen a steady improvement in footfall although these were still much lower than last year.

The report further mentioned, “Further, factors like rising preference towards gold as an asset class, favourable rural output amidst good monsoons, expectations regarding the further rise in gold prices etc are likely to support demand in the next few months.”

The industry is grappling with a decade-low level of demand during FY2020, battling multiple headwinds like weakened consumer sentiments amid a sharp rise in gold prices, subdued rural output, and fall in consumer surplus.

Categories
Startup

Makeup Artist Business: Here Are 4 Things Which You Need to Remember If You Want to Establish Your Makeup Artist Career

Mumbai, November 26: The beauty industry is constantly growing and evolving. Every day new trends are emerging, and therefore, this is an extremely exciting space for those who want to establish a career in becoming a makeup artist.

There are certain things which need to be remembered if you want to establish yourself as a makeup artist.

Make a business plan: Chalk out a business plan, where you will have to ask yourself who will be your customers and the what kind of makeup services you will provide. At this stage, also assess the budget and the expenses that you will have to make in order to establish the business.

Learn good make up: Remember, it is a very competitive field and thanks to several tutorials available online, consumers today are well-informed of the latest trend. It is very important to hone your skills.

Marketing: In today’s age and day, the majority of your customers will find you on social media. So it is very important to be present on all the platforms where your competition is there. Highlight your skills and market it well.

Create a relationship with your customers: Makeup business is about creating a bond with your customers. It is very important to make them satisfied with your service. Post which, they will share it on social media and share their experience with their followers on the online forum. Make them feel special, add something extra and customise as per their requirement.

Categories
Startup

Festive Season 2020 Sees Around 40% Rise in E-commerce Volumes Amid COVID-19 Pandemic, Growth Similar to Last Year

New Delhi, November 26: We have seen how COVID-19 has been a major roadblock to every category this year. The world saw the adoption of online technology and sales amid the coronavirus outbreak. A report by financial services major, Bernstein said that the festive season has seen a 30 to 40 percent growth in e-commerce volumes with overall growth similar to that witnessed last year.

The report further mentioned how in the festive season some categories seeing the strength and some others still down year on year. Another interesting read was that there were no major supply constraints this season suggesting adequate channel re-stocking.

Another interesting trend in the report was that tier 1 and 2 mainly comprised of existing shoppers who are buying more, while Tier 3 and 4 reflected new online shoppers. Apparel (including footwear and sportswear) continued to be the largest category in e-commerce. The number 2 category was filled by consumer electronics like mobiles, laptops and others.

Another positive factor highlighted in the report was that people have been increasingly comfortable buying things online. The sharp reduction in return orders which declined by over 25 per cent, and is a good indicator of increased consumer engagement with the online platform and also reflects the quality of growth.

Categories
Startup

5 Biggest Challenges Faced by the Cold Storage Industry

Cold storage business is important in ensuring the smooth operations f other industries. Proper storage is crucial requirement for firms that deals in perishables goods, without a proper inventory storing place their entire produce will go waste, and so will all the financial and human resources invested in the production process. According to a report by Crisil, the cold storage industry is expected to grow at a CAGR of 13–15 per cent till 2023, mainly driven by rising demand for processed food, fresh fruits & vegetables, seafood and bio-pharmaceuticals in exports markets. Though the initial investment in a cold storage plant is huge, and involves a lot of paperwork but the business surely ensure continues long term returns, once established.

Despite the necessary nature of the industry, the progress of cold storage in the country has also been extremely skewed.  As per the NCCD data for 2019, Uttar Pradesh contributes the maximum cold storage space in the country, around 33 per cent followed by Gujarat at 15 per cent. A cold-storage owner has to face several problems – legal, administrative, operational, and environmental – to keep the plant functional. Here are some of the problems the cold storage plants face-

  1. Infrastructure –

One of the biggest initial challenges is to build a suitable infrastructure for the cold storage plant, itself. It requires careful identification of location of the plant, which is not too far from the production outlet and is connected through a proper transportation system. Once the location is chosen, well trained and specialised workers are required for its construction. They should have knowledge and experience in fitting and installing the freezers, condensers, and other devices. It requires huge financial commitment as well.

  1. Workers Protection-

Another challenge is to keep the workers well protected all the time. People working in refrigeration facilities need to stay warm, so proper protective gear should be made available to them. The workers are highly prone to get ill because of extreme working condition and environment. They deal with electric equipment on daily basis; cases of electrocution have to be accounted for.

  1. To maintain the product temperature-

Each product has its own temperature for it to stay fresh and consumable for long term. However, every time a product is placed in the warmer area from the freezer zone- for example, when it needs to be picked and palletized- it loses its required temperature and gets warm. So when the product is brought back to the fridge after being out for some time, it needs to be carefully put inside by to maintain the temperature so that it does not get spoiled or unfit for consumption.

  • To Maintain Different Temperature Zones-

But maintaining a cold storage plant is actually a lot more difficult than that. For example, depending on the type of product being stored, different areas of the same warehouse need to be stored at different temperatures- fresh products should be kept at 12.778 degrees Celsius, dairy products should be kept at 1.11 degrees Celsius, meat should be stored below freezing at -2.22 degrees Celsius, Ice cream should be at – 23.33 degrees Celsius.

  1. To Change Temperature Zone Sizes-

All at once, the size of various temperature zones often needs to be scaled up or down depending on the number of products. In traditional warehouses, layout relocation is relatively straightforward- one can move or stack material pallets until they are in the right place. But with the cold storage plant facilities, the temperature has to be taken into consideration. The modular curtain wall system is the method by which the problem can be solved.

Continuous and coordinated efforts and investment go into the maintenance and proper functioning of a cold storage plant. There are several challenges a cold storage owner faces from day to day, be it employee health, maintaining proper temperature zones, government clearances, ensuring product quality among others.

 

 

 

Categories
Technology

Facebook Rolls Out ‘SMB Guide’ to Help 9 Million Indian SMBs in Building Digital Presence and Reaching Potential Customers Online

New Delhi, November 4: With an aim to help the micro and small businesses in India to limp back to normalcy, social media giant Facebook on Wednesday rolled out a dedicated offline to online ‘SMB Guide’. In order to help these businesses recover from the pandemic-induced crisis, Facebook has come up with new resources to help make this journey frictionless for them. Reports inform that this offline to online SMB Guide for India is free and publicly available. However, the social networking giant is also proactively reaching out to nine million small businesses across the country to ensure it reaches the businesses who need it the most.

The SMB Guide is available in Hindi as well as in English in order to support a large number of businesses across distinct geographies. Archana Vohra, Director Small and Medium Businesses, Facebook India, said in a statement said that the new resources are geared to helping the smallest of businesses across geographies to move from offline to online with minimum effort. “”While the offline to online SMB Guide is publicly available, we are proactively reaching out to 9 million small businesses across India to ensure timely support”, she said.

The SMB Guide:

According to a report by IANS, the SMB Guide has been designed to provide a step-by-step direction on how the smallest of businesses can build a digital presence quickly, and reach potential customers online. The guide covers Facebook, Instagram and WhatsApp, and key themes such as building an online presence, mobile storytelling, social media advertising, and creative and performance strategies.

The social networking giant said it is also rolling out the next leg of ‘Boost with Facebook’, a skilling and learning programme for scaling young businesses. The programme went virtual earlier this year, and is now going vernacular, and will be delivered primarily in Hindi through Facebook Live sessions. One of the key themes discussed during Boost with Facebook will be how small businesses can build for Diwali and the festive season beyond it, the company said.

Categories
MSME

Good News! MSME Business Activity Returning to Near-Normal Levels, Tier 2 & 3 Witness Faster Recovery Than Tier 1 Cities

Mumbai, November 4: It comes as a ray of hope amid the pandemic that the business activity of the micro, small and medium enterprises is returning to near-normal levels. According to a report published on PTI, the SMEs are rapidly developing a digital business tool to increase efficiency and growth.

The positive sign is that out of 36, 16 states and Union territories have witnessed business activity levels higher than pre-covid times. The data gathered by startup OkCredit further pointed out that business activity in Karnataka, Maharashtra, Gujarat, Andhra Pradesh, Tamil Nadu and Delhi are trending at 90-95 per cent of their pre-COVID levels.

A similar positive trend is being witnessed in Uttar Pradesh, Madhya Pradesh, Chhattishgarh, Odisha, Jharkhand, Uttarakhand, Bihar, Haryana, Assam, Rajasthan, and Himachal Pradesh.

The report further mentions that businesses activity in tier 2 and tier 3 cities are witnessing faster recovery than tier 1 cities. This has been attributed to the rise in micro-retail players increasingly taking up digital bookkeeping solutions.

 

Categories
Startup

Startups in India: 6 Women-Led Startups Win COVID-19 Shri Shakti Challenge Organised by MyGov in Collaboration With UN Women

In a major boost to women-led startups in India, six startups by female entrepreneurs have won COVID-19 Shri Shakti Challenge organized by MyGov in collaboration with UN Women. MyGov in collaboration with UN Women, launched the COVID-19 Shri Shakti Challenge in April 2020 to encourage and involve women led startups to come up with innovative solutions that can help in the fight against COVID19 or solve problems that impact a large number of women.

After thorough screening, 25 startups were shortlisted for presentations to the Jury which included Debjani Ghosh, President NASSCOM, Rohini Srivathsa, National Technology Officer (CTO) Microsoft India, Dr R Ramanan, MD Atal Innovation Mission, Nishtha Satyam, Dy Country representative, UN Women India and Abhishek Singh, CEO MyGov. In addition to the earlier announced reward of Rs 5 lakhs for the top 3 winners, UN Women was generous enough to agree to reward Rs 2 lakhs each to the 3 startups chosen for their promising solutions.

Top 3 Female Entrepreneurs Who Won Are:

  1. Dr P Gayatri Hela is the founder of Bengaluru-based Resada Lifesciences Private Limited that designs and develops home and agricultural-based products using plant extracts instead of synthetic chemicals. As per Gayatri, germs and other bacteria/viruses become resistant to chemicals over time, whereas nature always has a way of fighting back against these organisms. For Shri Shakti Challenge, Gayatri submittedherinnovative product which is a non-alcoholic hand sanitizer that is  relevant not only for COVID- 19 but also for other infections. The idea had come to her in 2017, when she was battling the SARS pandemic with her with her one-year old daughter.
  2. Romita Ghosh,a cancer survivor, is the founder of Shimla-based iHeal HealthTech Private Limited which is a healthcare start-up that has been at the forefront of the fight against COVID and has been providing PPE kits to hospitals. Romita has also built a Made in India UV sterilization box for safe reuse of PPEs and masks that can help reduce costs for hospitals and other service providers.
  3. Dr Anjana Ramkumar and Dr Anushka Ashokan are the product manager and co-founder of Kerala based Thanmatra Innovations Private Limited have come up with the innovative solution of an anti-microbial solution that could be sprayed into handkerchiefs or dupattas for making them safe to be used as Face Masks. This also made it easier to protect kids. Their innovation is simple and scalable and can help convert any piece of cloth to anti-viral mask within minutes by a simple process of spraying and drying with their unique formulation.

Top 3 Startups identified as‘Promising Solutions’are:

  1. Vasanthi Palanivel, is the CEO & Co-Founder of Bengaluru-based Seragen BioTherapeutics Private Limited.As a scientist and researcher, she studied the symptoms and impacts of the virus and realized that the lungs were one of the worst infected organs in COVID and she has developed a plasma solution to treat respiratory distress due to COVID-19.
  2. Shivi Kapil is the cofounder of Bengaluru-based Empathy Design Labsthat focuses on healthcare, and took the pandemic as an opportunity to design solutions for pregnant women who could not go to the hospital due to risk of infection. Shehas designed Kriya, a wearable device for daily monitoring of pregnancy. The IoT-embedded product provides alerts and suggestions to expecting parents for timely action.
  3. Jaya Parashar and Ankita Parashar – a mother daughter duo are the founder and co-founder of STREAM Minds, and ed-tech company that works on promoting Science, Technology, Reading/Writing, Arts, and Mathematics education among school children across India. They have designed ‘Dobot’, a fully automated robot which acts as an in-house delivery assistant to make hospitals and healthcare clinics safe from the risks of COVID19.

MyGov congratulated the winners of Shri Shakti Challenge and hope that the solutions developed by them mature into full-blown products, and can scale up into robust solutions that help in our fight against COVID19; and of course also help address challenges facing women. All the winners and the participants of Shri Shakti Challenge are true testimony to the talent pool that exists in India and this challenge will go a long way in promoting women entrepreneurship in India.

All 25 selected startups presented their solutions to the Jury which evaluated the solutions proposed by the startups on the parameters that included innovation, usability, relevance and impact of their idea on the society. After thorough review, 11 finalists were chosen for the next stage. All the 11 selected startups were provided a prize money of Rs 75,000 each to further develop their ideas.

After giving time to the 11 Startups to develop the solutions, the final presentations were again made to the Jury on October 27, 2020. The quality of the solutions presented was excellent and the Jury had a tough time evaluating them. After intense discussions and deliberations, the Jury selected top 3 entries as winners, and in view of the high quality of solutions presented decided to recognize 3 additional entries as ‘Promising Solutions’.

This was a unique challenge hosted on the Innovate platform of MyGov that called for applications from women led startups as well as startups who have solutions that address issues faced by a larger number of women. The Challenge was implemented in two stages: Ideation stage and Proof of Concept (PoC) Stage. The challenge received an overwhelming response with a total of 1265 entries, from across the nation.

Mentorship sessions were organized to enable graduation of the ideas into Proof of Concepts that can be scaled up. These sessions were topics that included Business Modelling, Financial Modelling, Legal Certifications, Digital Marketing, Product Design, Art of making Pitch and were conducted with the support of NASSCOM, Industry Experts, and the Atal Incubation Centre  at the Centre for Cellular and Molecular Biology.

Categories
Business motivation

Franchise Business: The New Favourite Business Trend Of Independent Entrepreneurs

Ever thought to yourself what exactly does franchise mean? A franchise is nothing but an extension of an already established business. It is a process where owners of an MNC or an extremely successful business sell the right to use their business logo, name, model to an individual or group of individuals. This is done to further the presence of a brand as much as possible.

What All Should be Taken Care Of?

  • It takes a franchisee to firstly pay a respective amount to the franchisor to buy the right to operate the same business, with the same logo, same name, and same business model.
  • Franchisors also may prude the particular territory to the franchisee to operate the business.
  • Franchisees then need to settle on a time period with the franchisors within which they can operate the business, which normally varies somewhere from 5-10 years. 
  • It is also important to decide on the royalty payment that is usually paid on an annual basis. A royalty payment is defined as the payment made by one party to the other for owning a particular asset

Why Should You Choose Franchise Business?

A franchise is amazing when it comes to offering independence of business ownership supported by the benefits of an already established and thriving enterprise. To successfully run a franchisee you don’t need some fancy degree or experience in the business territory. 

You will be given proper training and guidance by the franchisors to operate the model. If you are hesitant to start your own business, running a franchise would be perfect because the success rate is way higher. Last but not least, because you will have a well-established name attached to you, generating funds would be much easier.

But There Are A Few Catches. . .

Be very aware of the fact that you will be formally into an agreement with the franchisor. We are counting this as a catch as franchisees will have little to no room to showcase their creativity at any point in time.

You will have to endure interference in regards to the place you want to operate at, the products you want to sell, and the supplier you want to work with.

Just like one bad apple spoils the entire lot, other franchisees might also have to take a hit when one of the franchisees perform badly.

No matter what the situation is, you will be sharing your profits with your franchisor.

Low-Cost Franchise Business Opportunities

If you have your heart set on buying a franchise, you sure should go forward with it. One fact that is going to help your ambitions is that there are many websites in India itself that could help you with starting a franchise business. You will be offered categories and price ranges to choose from to invest your money in. Some of the websites would also provide the options to choose from the brands available for starting the franchise business. Following are a list of few websites:

  • Franchiseindia.com
  • Startingfranchise.in
  • Fai.co.in
  • Smallb.sidbi.in
  • Franchisemart.in
  • Franchiseasia.com

All in all, franchise business sounds like an amazing option. However, don’t let the perks overshadow the fact that it takes equal amounts of hard work, sincerely, and dedication to making this business viable and successful. If you promise to put your best foot forward, the journey will be worth your while.

 

Categories
Business motivation

MUDRA Loan: Eligibility Criteria And Documents Required

MUDRA loan was introduced by the government of India under the Pradhan Mantri Mudra Yojana (PMMY) to help smaller enterprises, non-corporate and non-forming, meet their financial needs both to cover up the capital as well as the operational costs to set and run a business. In this article, we will stress on the eligibility to apply for a MUDRA loan.

These loans have surely been designed to help the small and micro enterprises, however, there still are some eligibility criteria that a business or an individual needs to fulfill to qualify for getting a loan under this scheme.

Mentioned below are the entities that can apply for this loan.

  • Those with a minimum age of 18 years and a maximum of 65 can consider applying for this loan.
  • These loans can be provided to the non-farming non-corporate income-generating businesses in trading, manufacturing, and services.
  • The requirement of credit must be ₹ 10 Lakh or lower.
  • Businesses must be engaged in agriculture services from 1st April 2016.

What Are The Financial Bodies That Are Allowed To Give Out Mudra Loans?

  • Each and every bank, be it a public bank, a privately owned bank, or a regional rural bank, is eligible to provide these loans to small businesses, however, for banks to give out these loans, there are some criteria to fulfill.
  • For a bank to be providing MUDRA loans, it should  have to profitable for 2 consecutive years
  • The net performing assets for the public sector banks, private sector banks, and regional banks should not be more than 15%,10%, and 6%.
  • The net worth of the bank in question should be Rs 250 cr for the private and public sector, while regionals banks need to have a net worth of Rs. 50 cr

Who All Can Avail MUDRA Loan?

You might be wondering what are the kind of businesses that can actually move forward and benefit from these loans. Worry not, we have summed it up for you.

  • Individuals that identify themselves as Shopkeepers and vendors, can apply for a loan ranging up to ₹ 10 Lakh for different business activities such as covering the operational costs.
  • This loan scheme is super useful and beneficial for small businesses that are trying to make a mark for themselves in the textile industry. For example that deal in khadi work, knitting, weaving, etc.
  • Mudra funding can also provide benefits to the businesses that are into food services such as storage of food, tiffin services, and food stalls.
  • Loan under this scheme can be availed by the businesses that are into agricultural activities such as dairy farming, poultry, fishing, etc.
  • Businesses that are into social entrepreneurship and those serving other communities to provide services such as beauty parlors and salons, gymnasiums, dry cleaning shops, medical shops, tailoring shops, etc.
Documents for Vehicle Loan
  • application form of Mudra Yojana
  • Vehicle loan application form
  • 2 passport size photos
  • Identity proof such as Aadhaar Card, Passport
  • Address proof such as Aadhaar Card, telephone or electricity bill
  • Income proof
  • Bank statement for last 6 months
Documents for Business Installment Loan
  • application form of Mudra Yojana
  • Loan application form
  • 2 passport size photos
  • Identity & age proof such as Aadhaar Card, Passport
  • Address proof such as Aadhaar Card, telephone or electricity bill
  • Proof of ownership of the enterprise/residence
  • Proof of qualification, establishment, and business continuity
  • Trade references
  • 2 years ITR & CA certified financials
  • Bank statement for last 6 months
Documents for Business Loan
  • application form of Mudra Yojana
  • Loan application form
  • Identity & age proof such as Aadhaar Card, Passport
  • Address proof such as Aadhaar Card, telephone or electricity bill
  • Proof of ownership of the enterprise or residence
  • Proof of qualification, establishment, and business continuity
  • Proof of business continuity
  • last 12 months Bank statement 
  • Last two ITRs

We hope with this detailed account and prerequisites of MUDRA loan, it would be helpful for you to uncomplicate the entire process because post the documentation and application are the funds you have been trying so hard to get to establish your dream business. Give it a good thought and go for it.

Categories
Business motivation

Franchising Guide: Popular Industries To Consider While Trying To Invest In A Franchise Business

The franchise business has rightfully earned its popularity because of the perks that it offers such as the name and recognition that comes from an already established brand, the training and support, guidance all along, and a chance to work with the seasoned professionals. What more could you ask for?

However, according to a very popular opinion, franchise business is almost restricted to the food industry only which is a complete fact that we are about to bust in this article. The chairman of Franchise India takes pride in presenting the fact that The franchise industry in India is today estimated to be at USD 47-48 billion. With the help of this article, we are bringing up a few industries which, if explored well, can become a lucrative business and help this number go even higher.

Spa and Salon Industry

In today’s day and age, everybody wants to look and feel great and this is where the spa centers and salons come into play. This industry is experiencing a surge as people, be it any gender or age, are not shying away from spending a good amount of money in exchange for getting taken care of their rejuvenation and beauty in the best way possible.

However, opening a successful spa and salon isn’t that easy and it may take you years to turn into a profitable affair. This is where salon and spa franchises help you. Let’s take the example of TONI&GUY. This is an international name in the hairstyling industry and many people in our country wanted to enjoy their service. Only with the help of the franchise did we all get access to their services and nobody is complaining. In the same way, you too can look for an opportunity that is best suited to your needs.

Education Industry

Believe it or not, this industry generated a business of 91.7 billion and is expected to do a business of around 101.1 billion in the coming years! These numbers are huge and you can become active participants by contributing to the growth of this sector. There are a plethora of opportunities available to explore. If this holds your interest, you start researching opportunities in different kinds of training centers, schools, grooming centers, pre-schools, aviation centers, etc.

Apparel Industry

Now that we have access to global media and fashion trends around the brand, we are more interested than ever to try different kinds of styles and supreme quality clothes. Apart from the food industry, this is one industry that has become a raging success in India when it comes to the franchise business. Apparel retail has been working really well and is supposed to do a great business of $1576 billion by the year 2026. Consider this your chance to make the most of it by encashing this wonderful franchise opportunity. 

Final Thought

If you are one of those who want to be an entrepreneur but do not want to create and build a business idea from scratch, franchise business is the best for you. A well-thought-out Investment in a franchise is a great way to enjoy the benefits of entrepreneurship while enjoying the expertise and name of the established brands.