Author: Nishant Kapoor

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Startup

Tour Operators Write to PM Narendra Modi Seeking Release of SIES Benefits For 2019-20, to Help Them Survive & Revive Amid COVID-19 Pandemic

Travel
Tour Operators (Photo Credits: Pixabay) (Representational Image)

New Delhi, October 28: The coronavirus pandemic affected the tour operators as businesses remained shut for several months. On Tuesday, the tour operators approached PM Narendra Modi asking for immediate relief.

According to an IANS report, their demand is asking for the release of Service Exports from India Scheme (SEIS) benefits for 2019-20, which could help them survive and revive their businesses in this difficult period of Covid-induced disruptions.

The Indian Association of Tour Operators (IATO), a body representing more than 17,00 tour operators in a letter to the PM mentioned that the industry is not seeking any extraordinary help from the government but only SEIS funds which has not been released in this difficult period.

What are SEIS benefits?

SEIS benefits are given to the tourism industry based on its foreign exchange earnings under foreign trade policy (FTP) 1995-2000. The benefit is then used by the industry for promotions, marketing and packages to attract more foreign tourists to the country. These benefits are given annually, however, it has not been announced for 2019-20. Which means that the funds have been spent by tour operators anticipating a payment, the same had not been done so far.

Another request at increasing the SEIS scrips percentage from 7 per cent to 10 per cent for tour operators and travel agents has also been made.

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Business motivation

How To Build A Kirana Store Business From Scratch

Kirana Stores are undoubtedly the lifeline and the favorite of every middle-class Indian household. No matter how much we progress as a nation and no matter how much we learn about digitization, we would always find ourselves ending up at that Kirana store just around the corner for every other thing.

What Is A Kirana Store, After All?

A Kirana store is a general department store that stocks and sells all kinds of household items, especially the ones that belong in the kitchen like groceries. Depending on the funds you have available or raised, you can decide the grandeur of your store or shop. Mentioned below are the key steps that you need to take in order to build a Kirana store of your own. 

What All Do You Need To Take Care Of To Build A Kirana Store?

Every Business Starts With A Solid Plan first and foremost, you need to conduct thorough research based on which you will prepare a great and realistic business plan. You really need to identify what is the kind of customer base you would want to target. You need to then figure out what their prices are, likes, and dislikes. By observing what is the financial status of your target customer, you can plan the pricing of the commodities/products you are planning to sell. All in all, you need to 

  • Know your customer preferences 
  • Recognize their buying potential 
  • Be aware of their financial status 
  • Check for the competitors and their winning strategy 

Choose your Location Wisely 

Be Wary of the location you chose because the well-being and growth of your business depend a lot on this factor. Either choose a location where you can capture a bigger market but keep in mind that the better the market, the tougher the competition. If you chose to serve a bigger market, make sure you have something unique to your business that could attract customers. On the other hand, you can open this store at the outskirts for the customers who drive far off to the city just to make day to day purchases.

Arrange The Funds And Prepare The Stocklist

The two most critical factors in building a successful Kirana store. Once you are done choosing the location, please set your focus on arranging funds to take care of building your store or renting it, and all other expenses that tag along such as salary of the staff, utility bills, etc. Along with this, you also need to look after the inventory management. Focus on the products that are sold immediately and the demand never goes down. Do not stock too much, neither too lease. Just try and strike that balance to earn yourself a decent profit and keep the business running.

Work On Customer Retention

Always try and maintain a good rapport with your customer especially those who are quite regular at your store. Be a keen observation of what all the customers are demanding that your inventory still lacks. Ask for their feedback and always ensure supreme quality products. Work on the look, feel, personality, offers, AND digitization of your store because it is always important to keep up with the change and the need.

A Kirana store is a business made for people and made by people. It is no rocket science to set up a Kirana store but surely requires you to treat your customers as your top priority while retaining them for years to come. If this has ignited the fire in you to start your Kirana business, our goal is achieved.

 

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Business motivation

MUDRA Loan Explained: All About Pradhan Mantri Mudra Yojana Loan For MSMEs

MUDRA is a praiseworthy effort of the government to provide financial aid to the non-corporate and non-farming Micro and small enterprises across India. MUDRA stands for Micro Units Development & Refinance Agency, which is aimed to provide loans of up to Rs 10 lakh to the enterprises who are eligible with the help of the eligible enterprises through the Commercial Banks, RRBS, Cooperative Banks, NBFC, etc.

What Is The Structure Of Mudra Loan?

There is a very interesting observation that everybody will make once they go through the structure of this scheme. The names of these products are based on the various stages of the development of human life.  Human beings go through various stages of their lives such as childhood, adulthood, and old age. Similarly, an enterprise also goes through various phases of development, hence the name of the products; Shishu, Kishore, and Tarun. Let’s acquaint ourselves with this structure briefly.

Shishu

This is that part of the structure which is specially designed for the enterprises in their nascent stages. All those enterprises who are in the process of establishing their business or thinking to start one can apply for a loan of up to Rs 50,000 under this product. 

Prerequisites
  • Machinery quotation and other items to be purchased
  • Details of the machinery to be purchased
  • Details of the machinery supplier
Kishor

It is pretty easy to predict what kinds of businesses can apply for a loan under this category. Every child grows up to be an adult someday and so does a business. This category is designed for all those businesses that are already established but looking for fresh funds in order to expand it. 

The loan that is provided under this category starts from Rs 50.000 to Rs 5,00,000. 

Prerequisites
  •  Last 6 months of account statements from an existing banker, if any.
  •  Balance sheet for the last 2 years.
  •  Income/sales tax returns.
  •  Estimated balance sheet for 1 year or for the duration of the loan.
  •  Memorandum and articles of association, if any.
  •  Sales made before filing the loan application and in the current FY
Tarun

Tarun Category is designed for businesses and enterprises that have completely established themselves and solidified their position in the market yet try to diversify and expand their business. Under this category, businesses could apply for loans ranging from Rs5,00,000 to Rs. 10,00,000. 

Prerequisites
  • All the requirements listed for Kishor Mudra Loan.
  • Address and Identity proof.
  • Caste certificate, if eligible for reservation

Advantages Of the MUDRA Scheme

  • the loan doesn’t require any collateral. It will save you further expenses and/or loss of a personal asset
  • For defaulters, the government takes the responsibility to repay the loan.
  • It is very beneficial to businesses that are looking to set up a micro-enterprise.
  • This loan will help you develop and further your company with up to Rs.10 lakh of funding.
  • The MUDRA Yojana scheme is available for small businesses regardless of the area.
  • Women borrowers get additional benefits as well as lower interest rates
  • It helps you raise funds easily to invest in your dream business
  • This loan also allows you to take advantage of the overdraft facility balance of up to Rs.5000.

With such a safe scheme and hassle-free process, MUDRA yojana has proved to be a godsend for all the entrepreneurs who are facing difficulty in raising funds for their business ventures. If You have an idea worth turning into reality, this might be the best option for you to hit your idea off the ground.

 

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Marketing Student Webinar

Resourceful Techniques For Improving Sales In FMCG Sector

बिजनेस टिप्स
बिजनेस टिप्स

One of the extremely competitive industries is FMCG. This industry is always on the edge of change with rapid growth in terms of customer choices and preferences. Sales are one substantial factor for any business which every brand owner wants to achieve. FMCG business sales act similar to a balancer in which both the side required to be balanced equally.

In FMCG, quality and price are the main objectives to fulfil the sales targets. It doesn’t matter whether you sell any products the basic factors remain the same. In past years, many new ways came up to increase the sales have taken place like high use of e-commerce websites and subscription boxes have developed, and catered to niche markets. Thanks to the internet and technology developments have acted upon the industry to run the business.

So, if you want to dominate this competitive sector, then follow the following sales increasing tips and grow your business.

Try To Learn Your Customer’s Requirements

With a change in time, your customer changes with its purchasing habit also change. Its observed customer habit and buying attitude are changing rapidly, and to interpret this attitude of customer behaviour towards the products of your brand, one needs to build its own strategy.

It will aid you, in the long run, to know about customer attitudes and capturing the market. Therefore, you’re first towards facing the competition, and standing up front in the market is to know who is your real customer and then know their buying nature.

Set Dealer Margins

Being new in the industry and aim to build your brand, then you should set the margins for dealers who are going to buy your product. These people will buy the product with cash or credit to and make it reach your target audience. Make sure your pricing strategy should be made by focusing on all the factors like the discounts they will offer to customers.

To attract the dealer towards your product, you need to offer them a quantity discount which attracts them to order products in huge quantities. Think about the commission percentage also and limit at what level they can earn this commission. Hence, once you know your customer then focus on the dealers who will help you to reach your customer.

Maintain Your Operation Effectively

An operation in the company is needed to be focused very efficiently in any company. For this one, needs to acquire proper tools to manage all operational activity. FMCG industry is observing changes in every aspect like tastes and choices, so one should know the precise type of customer software to make your business grow.

Look and work towards maintaining all operations in your company, from managing deals to understanding the customer with quality and quantity of the product. Once you streamline your operational factor, it will easy to manage and reach the target sales.

After Sales Services

For any business, the most significant factor is to build the reliability, approachability, and convenience of after-sale service warranty claims and possible refunds. You should never ignore your customer once they have bought your product. If you do so then, not only you lose one loyal customer and lose trust in the market.

The brand which is easily accessible and available for all kinds of queries always creates a strong relationship between them. As it said, one happy customer brings more customers, similarly, one unhappy customer can make you lose potential customers.

The FMCG industry is a high potential growth industry. You can find a lot of hidden growth strategies for existing and new brands. The main point is not how many years you have given in the industry, but also how smart you make your business strategies. Utilize the given tips to increase the sales of your brand.

 

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Motivation & Mind Control Student Webinar

Learn From The Secret Strengths Of Successful Entrepreneurs

Startup Tips
स्टार्टअप टिप्स

The success story of any entrepreneur is different from the other, but one common component is their decision-making skill and motivation towards the work. But the question is, what is one common thing that makes an entrepreneur influence both decisions? That common factor is strength. It engages a lot of strength to follow your passion and become an entrepreneur.

While talking about being an entrepreneur, you need to have an understanding of the major strengths of being one. It’s beneficial for those who are embarking on the journey as an entrepreneur. We know very well, nobody is a born entrepreneur, but in time you learn and skill up yourself.

Let us give you some idea of the strengths you need to focus on while in your entrepreneur journey.

Physical Power

Many entrepreneurs tend to ignore this strength as they start the journey of being entrepreneurship. But nobody realizes it physical and mental fitness work together in the growth of yourself and your business.

Yes, we agree while starting the new business, tough to time manage this in your busy schedule, but taking out 30 min for this strength can take you a long way in personal and professional life. It will also help you to motivate your team to be physically and mentally fit. Once a person is happy this way, they able to focus on their work that is directly beneficial to your brand.

Spiritual Energy

Many entrepreneurs are successful, it’s also true all are not good at decision making. Likewise, entrepreneurs have a different motivation to work like some are money-driven while some mission-driven. We know it takes hard to learn about spirituality and find the purpose to help. As an entrepreneur, this strength helps you to promote leadership as every entrepreneur is a leader, and once you know how to lead it, then it shows the level of growth of your business.

As an entrepreneur, learning is a perpetual process, and when you harness this strength, you open the process of self-improvement. Therefore, spirituality is a major significant role in the growth of your and business as it empowers your mind that leads to bringing more focus on work.

Mental Power

Mental wellness is important for anybody and everybody. When you need to work with a team, it’s significant for your focus on building mental strength. One requires to understand the real meaning and purpose of mental toughness is the ability to deal with any situation and pressure and bring out the best of the ability.

When you are in a position when you have to make a decision, then you need to keep the mind calm and relax. One needs to discover the art of handling the situation without making yourself upset as the whole team looks up to you for strength and solutions. Thus, mental strength is something that can help you to beat up the situation.

Ethical Strength

Ethics is something that one needs to have in a kind of work. No business or brand is not successful if they don’t abide by the ethical route. Success is marked when your customer is glad about your services and fulfil their needs.

Ethics is something that can’t come overnight, something you need to have in you. For any long-term relationship, you need to exercise with your team and customer for growth and success.

There is no shortcut to success, it is a long process, but few things can help you to start the journey of successful entrepreneurship. These strengths will not only help you to build your business, but also as a person to grow. Therefore, if you want to come as a successful entrepreneur then focus on working on these strengths and start the journey of an entrepreneur.

 

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Startup Student Webinar

Smart Digital Marketing Tips Which Will Help Your Startup to Grow Amid COVID-19 Pandemic

Digital Marketing
Digital Marketing (Photo Credits: Needpix)

Mumbai, October 28: Coronavirus pandemic has made every business to restructure their strategy and planning for the future. It has come as a roadblock, where companies have been forced to sit down, brainstorm on new ideas and evolve. The pandemic has also seen several companies shutting down and many on the verge of collapse. Here are some smart marketing tips which you can implement to help your business grow amid the pandemic.

We need to remember that it is an extremely difficult work environment, demand has been ebbing and sales have been low. Businesses, therefore, need to implement some cost-effective and smart ideas to target their audience.

Connect With your customers: Use digital media to connect with your customers. This is a time to really show empathy to others and help out where you can. Remember, not to be too pushy with your products, but spread love and make your customers feel special and connected.

Strengthen your online presence: Make sure you are there on Google. Strengthen your presence on the online platform. In this age and day, the first thing a customer does is to use google. For e.g. if he is searching about restaurants near me and if your eatery doesn’t show up on the list, you have lost a chance to connect with your probable customer.

Work on your SEO: SEO will help your business increase organic traffic to your website and move past your competition.

Invest in good and relevant content: It is very important to invest in good and relevant content. For it, you need to do research. Put up information which is relevant for your business and which the customers want to see.

We are hopeful that you will get some insights from these marketing tips and it will help your startup to grow in these challenging times.

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Business motivation Student Webinar

It’s Raining Business Ideas: 4 ways To Think Of Successful Business Ideas

A king may die but a kingmaker lives forever in the several leaders that he produces! Do you see where we are going with this? No? Let us simplify things a bit in order for you to understand the concept better.

 

By simply suggesting you or introducing you to new and innovative business ideas, we are helping you in a very limited and restricted manner. However, with the help of this article, we are going to turn you into someone who will be able to produce or think of new business ideas all by themselves. Does this excite you? If yes, keep reading.

 

Put Your Skillset To Best Use

Fish can’t fly and birds can’t swim. There is a reason why we are stating this example which is to make you realize the importance of understanding the skills you are good at! This analysis will help you understand what it is actually that you can do brilliantly even if it has been done several times in the past. What is that one thing with the help of which you can dominate the market? The chances of a business becoming successful are way higher when you bring your skillset to the picture. We would highly recommend you to start focusing on your skillset to chalk out an idea that paves you the road to success.

 

Rescue The World By Solving A Problem

When do you think business becomes successful? It is only and only when it helps solve a problem that nobody had really paid attention to solving to date. Do you have it in you to accept the challenge and become a problem solver? If yes, then use everything in your power to think of a problem finding a solution to which is the need of the hour. Look at what the market lacks. Think of the gaps and build yourself a successful business out of it. Always remember, the world has only accepted those who have become part of a solution and not the problem!

 

Don’t always Stick To Original

Surprised much? Don’t be, as we have a solid reason to back up with suggestions. Let’s say there is an idea that has already been implemented by many and has been going on and on for years but couldn’t drive great results. Imagine you have the perfect qualification, skillset, capital, and manpower to implement the same idea, would you let it go just because it isn’t original? Nobody would. All we mean to say is that reject an idea just based on how many times it already has been attempted. If you are confident of your own take on the same idea, go for it.

 

Perfection Is A Perfect Illusion

Agree with us? If not, let’s agree to disagree but allow us a chance to explain the concept behind it. We all know that there will come a time in our lives, professional or personal, where we will find ourselves in a dilemma whether we are making the right decision or not. This is about the same confusion. Sometimes we let go of those ideas which do not occur to us in a perfect form. If there is any such idea that doesn’t let you sleep but you are too unsure of how it will roll out, then try and start small. Workaround it, it may take time, but there will be a moment when the picture will be crystal clear and then you can decide if you would like to scale it up.

 

We know identifying your niche is something that is easier said than done. Try and give serious thought to the tips mentioned above and you will find yourself thinking from a whole new perspective, a perspective that will help you never run out of ideas that can change your life.

 

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Startup Student Webinar

Piyush Goyal Says ‘Futuristic Vision Combined With Decisiveness Has Provided India a Solid Startup Ecosystem’

Union Minister of Railways, Commerce and Industry Piyush Goyal. (Photo Credit: PIB)
Union Minister of Railways, Commerce and Industry Piyush Goyal. (Photo Credit: PIB)

New Delhi, October 27: Union Commerce and Industry Minister Piyush Goyal on Tuesday said at an event that futuristic vision combined with decisiveness has provided India with a solid startup ecosystem. He spoke this at the inauguration of the 1st Shanghai Cooperation Organisation (SCO) Startup Forum.

Goyal highlighted how India’s startups have demonstrated their ability to convert this severe adversity amid the coronavirus pandemic into a great potential of the future. He further lauded Indian startups for demonstrating high energy and enthusiasm to give many timely and cost-effective solutions. He mentioned that this forum is an opportunity for all the member nations to share and learn from their experiences.

Goyal said creativity, innovation and disruption will be the new mandate in the emerging future. The minister said the new unique concepts that startups come up with will get a much larger engagement through this forum, according to a report on PTI.

“Sharing our best practices, knowledge, engaging corporates and investors from all the member nations, monetising and mobilising capital, setting up incubators, providing exposure and scale with market access will certainly help the worthy ideas of our startups’ innovations,” Goyal added.

 

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Startup Student Webinar

Opening a Restaurant Amid COVID-19 Pandemic? Here Are 4 Tips Which Eatery Businesses Can Follow to See Success

Restaurants
Restaurants (Photo Credits: Pixabay)

Mumbai, October 27: The coronavirus pandemic affected everyone, from businesses being shut to people being fired. Now with the economy opening up, and several curbs being lifted, restaurants along with other eateries have started their operations, but at a slow pace.

With the coronavirus rapidly spreading across the world and cases still on the rise, restaurants may need to hold on a little more before resuming operations like before.

Here are a few tips which restaurants can follow to see success in their business: 

Maintain Hygiene: The first and foremost thing is to maintain hygiene. Customers always like to take their meals or have a good dinner at a place which is clean and gives attention to hygiene. This has become extremely important amid the coronavirus pandemic, where people are extremely sceptical of trusting anyone who scores low on this point.

Customer is king: Like any business, restaurants also thrive on customers. It is therefore very important to keep them at the centre of your planning and strategy. Be polite, hospitable and make them feel special. Invest your time and effort on your guests. Give them special offers on their birthdays, anniversary and other days.

Be online: If your business is not yet online, it is time, you should rethink and make a strategy on how to go online. With the increase in online food delivery apps and the rise among people ordering food from their home, you will lose out on a major chunk of the customers if your presence is not on the online platforms.

Be Active on digital: As a restaurant, it is very important to be active on the digital platform. You need to always keep updating your customer base about exciting offers and lure them with attractive food pictures.

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Business motivation Student Webinar

Easy to Start Manufacturing Business Ideas For 2020

A business is nothing more than just an idea on a piece of paper but only until it is met with flawless execution, sufficient fund, and a marvelous team to make it a reality. If Starting a manufacturing business idea has been on the cards, this is the best time for you to give it a go as the government has introduced many schemes to support manufacturers to strengthen the vision of making India Self reliant.

We are bringing to you some of the very popular manufacturing business ideas that are not going to lose their popularity anytime soon. If this is something that holds your interest, continue reading.

Toil Into Safe And Indigenously Handmade Toys

Recently, the Hon’ble prime minister spoke about the importance of manufacturing indigenously to support the growth of India making it self-reliant. He also insisted on manufacturers making handmade toys that can reflect the Indian culture in so many unique ways. If you have a skilled labor force or you find yourself enough to do the job, you must give it a try to contribute and aid to the cause as well as fulfilling your passion for making toys.

Play Around With Making Wooden Furniture

Custom made wooden furniture is one of the brilliant manufacturing businesses that you can get into if your interest lies in this particular department. From getting a custom made crib to getting a custom made a wooden shrine, we Indians are not shying away from getting things made our way tailored according to our personal preferences. Be it a chair, a coffee table, or a bookshelf,  we want all of it to have some sort of personality for which we depend on custom made wooden furniture manufacturers. If you have the expertise in building furniture and a whole lot of creativity, go for it.

Baked Goods For Life

 We are the generation that is comparatively warier of what goes into the food especially if it’s made outside. It takes us, as consumers, a lot of trust in a business to buy our staple food items from them. One such item is the bread and other baked goods. People want their bread to be made from the healthiest of ingredients that involve a lot of unprocessed things as close as possible to their natural form. If baking is your passion and you can manage to run this business at a decent scale, you should go for the kill and become the favorite of your customers.

Scented Candles And Natural Oils will Never Be Old

Be it a birthday, housewarming party, or just to make yourself happy, scented candles and other such essential natural oils are the best to delight your senses with those beautiful and aromatic fragrances. This is something that has been going on for quite a while now, but it is only in the recent few years that the scented candles and oils have started to pick up the pace. If you have a knack for it or have done a proper course in candle making and oil production, this is the best time for you to try it out.

We are sure the kind of resilience, perseverance, and dedication an entrepreneur possesses, it should not be very hard to crack the code of a successful venture in the manufacturing business. Be sure of the idea that you want to work on, make a business plan, look for a powerful sales and marketing team that will promote your business. It is just a matter of time before your hard work starts to pay off because a country like India has a lot to offer to the manufacturing industry, just be sure to invest your heart and soul into it.