Category: Business motivation

Categories
Business motivation Startup

4 Things to Remember If You Are Planning to Start Your Own Business Amid COVID-19 Pandemic

Business growth
Business growth (Photo credits: Needpix.com)

Mumbai, November 20: Starting a business is a paramount task, it is not just an idea that needs to click, but several other things should fall in place. You have been longing to start your own company since long, but the COVID-19 outbreak came as a roadblock. No doubt, starting your own business in the middle of the pandemic is extremely difficult, but it is surely not an impossible task.

We have listed a few important things which you should remember if you are planning to take a leap amid the pandemic.

  1. Study the Market: It is very important to study the market in order to find if there is a demand for your product. There are certain things which need to be considered, for e.g, if you are planning to launch a hi-end product, then keep the current market situation in mind, where there have been job losses, businesses being shut among others. So, if you feel there is no demand, then you can delay the plan for some more time.
  2. Have a strong online presence: Given the current scenario and more months to come, people will feel comfortable to shop online, rather than going out to a physical store and purchasing. The coronavirus outbreak has also changed the dynamics of business. So even if you are planning a store, make sure you are marketing well on social media channels and you have a good responsive website.
  3. Check your finances: In the current market situation, people are not splurging as they are hesitant to spend money. So expect longer than usual time for your business to kick start. Spend wisely and keep a tight budget in the initial few months.
  4. Hire a good team: Don’t go overboard and hire too many people. Recruit the strength which you require. There will always be time to expand.

    We spoke about the challenges, but there are certain positives also on your way. For e.g, if you are planning to rent a shop or an office space, it will be a great time because the property rates have slashed. Also, since people are spending more time at home and with their family, it will also be easier to target them.

    Being an entrepreneur is the most satisfying job, as you can take your own decisions. So if all things are in place and you are confident of starting your own business, go ahead, and take the plunge.

Categories
Business motivation

5 Steps to Help You Become a Successful Entrepreneur

Entrepreneur
Entrepreneur (Photo Credits: Pixabay)

Mumbai, November 18: Being an entrepreneur is not as easy as it sounds. Most people want to start their own company because it gives them a sense of freedom and empowerment. You can take your own decisions and implement them for the wellbeing of your own company.

However, even though, it sounds fancy, but there is a huge responsibility that comes the moment you start your own business.

Here are a few steps to follow in order to become a successful entrepreneur: 

Trust yourself: The first and foremost quality which an entrepreneur is required to have is to have great trust in one’s decision and capabilities. However, this shouldn’t be confused with overconfidence.

Believe in the people around you: It is very important to stand and believe in the people around you, like your colleagues, workers and others who are the pillar of your company. You should always believe in them, this gives immense confidence to their belief and they will stand by you, even when times are not good.

Be Passionate: You should be extremely passionate about what you are doing. The moment you love your work, everything falls into place.

Take Risks: Taking risk is another quality which entrepreneurs should have. If you have launched your own company, you need to make decisions sometimes without worrying about failure.

Identify your weakness: It is very important to identify your weakness and this will be the base where you can work on and improve. Listen to complaints and understand what the customer is saying. Try to be in their shoes and then analyse the problem.

Categories
Business motivation

5 Steps You Can Take to Get Your Business Off the Ground

Startup Growth
Startup Growth (Photo Credits: Pixabay)

Mumbai, November 17: Starting a business can be a daunting task and more so amid the coronavirus outbreak. There are several things which one needs to take care of, from the right idea to proper marketing, everything needs to fall in place for a business to take off.

The process of starting a business is always filled with challenges. Therefore, it is very important that you should be prepared before you take the final leap. The success of a business is never guaranteed, but there are few changes which you can do to reduce the risks and improve the chances of your business in being successful.

We have curated a list of 5 steps which you need to take before you get your business off the ground:

1. Think of a unique and a great idea: Think of a unique idea for your business and ask yourself how will my product be different from thousands of products which have already cluttered the market. Try to offer the customers something which they haven’t experienced before. Also, the product should solve the customer’s problem and then only will they be able to relate with your product.

2. Define your business: This is another critical step. Before you start a business, it is very important to understand how much time (and money) you’re willing to devote to your new venture. Also, a few other questions which you need to answer is that will you have a brick and mortar store or only have an online presence.

3. Study the market & competition: Do extensive study before launching a product in the market. Try to understand if there is a demand for your product. Never underestimate your competition. Always learn from their strength and also be aware of their weakness and understand the space where your product will be able to enter.

4. Check your finances: It is very important to track your finances from the get-go. Spend wisely and only on things that are required. Every business takes time to start off. The initial few days to a year might be full of struggles, so save your finances for tough times ahead. Keep an eye on your finances, so that midway, you don’t have to wind up your business and exit the market.

5. Keep Your Plan B Ready: Always keep a plan B ready before you start your business. One can never predict the challenges which can crop up and pose a hurdle in the path of growth. For e.g. no one could predict that coronavirus could get the world to a grinding halt. Several businesses shut due to the lockdown and thousands were left jobless. However, the ones which had a plan B ready could sail through the crisis period.

We hope that these steps will come in handy when you are thinking to get the business off the ground.

Categories
Business motivation Finance

Gold Price on Dhanteras 2020: Rate of Yellow Metal Up at Rs 50,635 Per 10 gram, Analysts Predict Higher Sales Ahead of Diwali 2020

Gold
Gold (Photo Credits: Pixabay)

Mumbai, November 13: On the auspicious occasion of Dhanteras today, gold price inched higher. On MCX, gold futures edged 0.07 percent higher to Rs 50,635 per 10 gram while silver rates dropped 0.2 percent to Rs 62,615 per kg on Friday.

Gold rates on Friday increased amid fears over the economic fallout from mounting cases of Covid-19 as they overshadowed hopes of a vaccine. Analysts had predicted that due to Dhanteras and Diwali, there might be a rise in sales. Dhanteras is considered as an auspicious occasion to buy gold. Jewellers offer incentives to lure customers to buy gold, silver coins and other ornaments on this day.

Spot gold rose 0.1 percent to $1,877.14 per ounce by 0325 GMT. For the week so far, it is down 3.8 percent. US gold futures gained 0.2 percent to $1,876.

The price of a 10-gram 24-carat gold in Mumbai is Rs 50,770. On the other hand, people in Kolkata will have to spend Rs 53,540 to buy a 10-gram 24-carat gold.

Categories
Business motivation

Start Small Seasonal Business This Winter With Investment As Low As Rs 50,000

Seasonal business has been a seasoned business trend for ages. It’s a great way to make some extra money without having to establish a full-scale business. The best part of seasonal businesses is that you have the rest of the ear to yourself to prepare for your business during that one particular season and it isn’t something that will have you invest tonnes of money. 

If you wish to start a business this winter season, you might as well give this article a read as it could end up being your motivation behind starting that profitable seasonal business. Let’s start!

Woolen wear

It is hard to imagine winter without those cozy, comfortable, and stylish woolen wear. Honestly, these beautiful woolen wear are the reasons people wait for the winter season and this is your chance as an entrepreneur to make some money out of it. Thi business could be started with an investment as low as Rs 15,000. You don’t even have to worry about this pandemic to go and get the stock as all this could be done online as well including the payment for the same. If it interests you, think about it as winter is just around the corner.

Blankets and Covers

Think of what protects you from the harsh winters. Yes, those cozy blankets. These are the products that remain in high demand before and during the winter season. The most loved blankets are from Rajasthan. If you have made your mind to do this business, do think about Rajasthan to bring in your stock from. Another good reason to do this business is the brilliant profit margin of up to 25%! Think no more, go for it.

Electrical appliances

Who doesn’t love a good heater to be around in winters or a great quality geyser? There is immense potential in starting a seasonal business that involves electrical appliances. 

All you need to do is look for a good wholesale market for electrical goods. One such market is at Purana Quila, Delhi. Retailers can often be seen here to purchase heaters, rods, and small geysers. You can also buy products from here and can sell them to a retailer. You can have a profit margin of upto 20%.

How To Sell Your Products

Now that you know the perfect product to sell, be prepared with an e-commerce platform or an online shopping website to sell these products on. Since on these platforms, the fixed price is low and the customer base is much wider, it is only intelligent to consider the option.

Once you put up your products for sale don’t forget to do some marketing and publicity via social media as social media is something that if done well will get you exposed to an immensely wide and broad customer base which also has global consumers.

Final Thoughts

You can think about running your business for a month/few months in a year while using the rest of the time to pursue your full-time career or other businesses. If you find yourself unable to kickstart the business this year, you can always try the next time with all the preparations. No matter how harsh these winters get, a smart entrepreneur will always find ways to warm up to new business opportunities to keep the cash flowing in.

Categories
Business motivation

4 Most Popular Business Models That Can Work Wonders For Startups

If you have ever been a participant in a discussion around establishing a startup, there is no chance you have not heard about the term business model. In case you have not, the startup business is all we are going to discuss in this article. So what exactly is a business model? A business model is nothing but a long term plan that focuses on value, both for the business and the customer.

A business model should be such that it delivers value to its consumers consistently while helping the business monetize the strategies. If you are in the process of starting your business or looking for a better plan to roll things out, this article might serve you the purpose. Read on to know about 4 such business models.

Marketplace Model

It is the kind of business model where a business makes money by charging the buyers and sellers some transaction fees for using their platform. The best part about this model is that the server you need to run your business doesn’t cost that much money and the cost will only go down in the future. You can take inspiration from companies like Uber and Amazon

Sponsorship Model

Have you ever given a thought to how youtube actually earns? Think right now. If you are clueless about it, we will walk you through its business model, that is sponsorship based. In this model, the businesses usually make money from the sponsors and the users usually do not pay to use the platform. Other than youtube, Wikipedia could serve as a great example. 

Franchise

In the franchise business model, Franchisee pays royalties to the Franchisor to use the brand’s name, logo, values, business model, as well as how the entire operation works. Rapid growth can be achieved without much capital vs full ownership. The best part of buying out a franchise is that you do not need to invest a huge chunk of money in the form of capital, rather you will get a steady and regular income out of your association with the established name. The best examples could be food chains such as McDonald’s India.

Reseller 

This is the business model where the businesses give the responsibility to their resellers to sell the products on their behalf. If we talk about the USP of this business model then it would surely be the hassle-free experience of not managing the inventory, as it is managed by the resellers. A great would be Amway. Just by going through its business model, you will get to realize how efficiently and profitably the company has been running the business all this while.

It is important to understand that a single kind of business model would suit all kinds of businesses. Think through what your business is all about and what is it that you want to deliver to your customer and what you want to achieve as a business. Once you have a clear picture, it’s just a matter of time before you see a business model fitting your needs perfectly.

 

Categories
Business motivation

Restaurant Startup: Does it Really Burn A Hole In Your Pocket?

Aspiring restaurateurs are often faced with the question as to how much it really costs to open a restaurant. The question is very important because fulfilling your passion for owning a restaurant does involve some serious money which depends on basically your location and the scale of the restaurant. 

This article is going to revolve around the various costs and expenses that you may face while trying to set up your dream restaurant. Costs that vary from renting a place/buying a place to paying the salary of the staff. If opening a restaurant business has been on the cards, then this guide to calculate your expenses will prove to be a godsend for your business.

Let’s Talk Money

How much do you think the average cost of opening and setting up a restaurant is? Can’t figure it out? Let’s bifurcate it together and proceed step by step.

Owning/Renting A Place

The most difficult part is to finalize the locality where you would want to set up your restaurant. Then comes the size of the restaurant which will have you decide if it is going to be a cozy, small, and casual setup, or is it destined to be a high-end posh restaurant. These two factors will affect your finances hugely. The better the area, the costlier the place. Doesn’t matter if you have a generous budget or a stretched one, there is always a place that you can find accordingly. If you are thinking of renting a place, the average cost would be somewhere between Rs 30,000 – Rs 1,00,000. However, if you are looking to buy out a place, you will have to spend a much higher amount that will vary from Rs 50 lacs to Rs 1 cr.

The Cost Of Acquiring Licenses

The most tedious task and equally time-consuming task is to get all the necessary permits and licenses to run a restaurant business without any hassles. You will be required to have a

FSSAI License: It will cost you around  7500/- for the central license and Rs. 2000- Rs.5000 for the state license. 

Health/Trade license: This license will cost you Rs. 500 – Rs. 50,000 depending on the requirements of your restaurant.

Eating house license: On average Rs. 300 will be the cost to get it and it’s valid for three years.

Shop and Establishment License: The cost ranges from Rs. 200 to Rs. 4,000 per year. The number of employees and the location of the restaurant plays a big role in this license.

Music License: The annual fees range between Rs. 3,500 – Rs. 10,000. This license is issued by the Phonographic Performance Limited (PPL).

Operational Costs And Staffing Costs

You will always want your restaurant to run as smoothly as possible without any glitches. However, to ensure that you need to get good quality equipment for your kitchen so that the operations are never halted due to the quality of the equipment such as grills, stove, mixers, etc. The appliances would cost you an average of 5 Lcs. Also, the staff you intend to hire to run your restaurant will take up to 20-30% of the total revenue you generate.

Raw Material Costs

Please keep it in mind that the salary of your staff and the raw materials costs are recurring expenses, The raw materials will cost you around 30-40% of the total revenue that your restaurant generates. Getting good quality and fresh material will cost you even higher, hence, plan accordingly.

Marketing and Maintenance

If you do not market your business in the best possible manner, you will cost it its potential customers. If you have built something for a particular type of audience or crowd, it becomes your duty to let the prospect know that you are open to business. Depending on how much and what way you promote your business, the cost will vary.

We hope this gives you a clear idea of how much it actually costs to build a restaurant from scratch. It is important to know that there will always be some random expenses that will raise their heads occasionally and you need to be prepared. Nonetheless, based on the above details, we wish you luck chalking out your business plan. 

Categories
Business motivation

Affordable And Viable Business Ideas That Can Be Easily Executed In India

All things great and successful started small and this is the reason why you should not be hesitant to become a proud owner of a small business. If you do not compromise with the kind of hard work, dedication, and willingness to build a business regardless of the scale, your business is already halfway to becoming a great success.

We are bringing to you today some great small scale business ideas that will help you fulfill your dream of becoming an entrepreneur without burning a hole in your pocket. Does it sound like something that would excite you? If yes, this is a great read for you. 

Help Them Travel The World

It may have sounded like a bad idea at first, especially in this post-corona phase, but now that people have slowly started to step out of their houses to take that much-needed vacation, it would be a great idea to start a traveling agency. You can go for a home-based traveling agency that has an association with a host agency to have help wherever necessary. This home-based agency could be started with an investment as low as Rs 10,000.

Break The Rules With A Breakfast Bar

Cute little breakfast joints are gaining popularity nowadays. People, especially millennials and Gen-Z, enjoy having the first meal of their day somewhere nice and cozy and this is your opportunity to make some money out of it. You do not need a huge place for it, it could just be a shack that doesn’t require you to pay a lot of money as rent. If cooking is something where your interest lies, this is a great option for you to consider.

Juice It Up With  A Juice Bar

What is that one thing that concerns you when you stop by a roadside juice shop? We all will agree it’s hygiene! People love themselves a great glass of fruit or vegetable juice, but poor hygiene practices stop them from enjoying it. You have a great chance here to bring a change and make a business out of it. You can open a juice bar that ESPECIALLY takes care of the hygiene of the place so that people can enjoy the deliciousness without worrying about their health.

Bake Success With Your Online Bakery

Shocked? Don’t be as it is an actual business that some of the entrepreneurs have already started executing. Think about it, you get to work in the comfort of your home and own kitchen and you do not have to own a place and pay the unnecessary rent. It depends on you if you need helping hands which might increase the budget by a teeny tiny amount. If baking is something that has your heart and soul, it is the perfect time to hop on the bandwagon. The money will be spent on making a website, marketing, equipment, and of course the recurrent costs such as raw materials.

We are quite certain of the fact that we have left you amazed by these business options that do not require us to gather huge capital to invest. If you have a great entrepreneurial mind and strong work ethics, you will turn out to be great at what you do, be it small or big. Always remember, we always have to start small to go big!

 

Categories
Business motivation

4 Small Scale Business Ideas That Can Earn You Big Money

Why do you want to own a business? We are sure that your answer lies in the freedom, innovation, and passion that entrepreneurship brings along. The entrepreneurship and startup ecosystem in India has just been getting bigger and stronger and now is the best time for all wantrepreneurs out there to fulfill their dreams. It is not necessary to own a big business to become an entrepreneur, there are tonnes of small scale business ideas that can introduce to the truest essence of entrepreneurship.

The government has also been stressing over the power of business and encouraging wantrepreneurs to start their own business benefiting from Startup India Scheme & Stand Up India Scheme. Let’s get started with some small business ideas that will help establish as an entrepreneur without spending too much.

Blogging Is A Mind-Boggling Idea

Blogging is topping the chart when it comes to online business ideas, it is even popular when we talk about small scale businesses. All that you are required to do is create high-quality content consistently. You will be required to write an SEO friendly article which will really help you earn even better.  If blogging and writing have your heart, just find your niche and get started with it to earn as much as Rs 5,00,000 a month.

Serve Them With Your Excellent Courier Service

Courier service is not rocket science, you pick up a parcel from point A and you drop it at point B. To initiate the business, all you need to have is a vehicle(van) that you can rely on for transportation.  If done properly, this business can easily earn you somewhere around Rs25,000- Rs 30,000 a month.

Impart Wisdom and Become An Online Tutor

Do you love teaching? If yes, then this would be the best option for you to start your small tutoring business. All you need to have a great internet connection with even greater speed and an association with an online teaching platform to earn decent money. If you are good at what you do, you can earn up to Rs 60,000 a month. You can charge your student on an hourly basis or daily basis, it is all up to you.

Airbnb Is The New Rage

Do you have an amazing property lying empty? Worry not as this is one opportunity that you encash in the form of Airbnb. Just list your property on Airbnb and start making money out of the rent paid. The amount of money you earn totally depends on how well kept is that property and also the kind of services you provide. Some great Airbnb properties have been earning as much as Rs 1,00,000.

Never reject an idea based on how small it is, rather focus on how much profit could it make. Always remember small is just the beginning. If you manage to run a small business well you will not only get the experience of a business on a bigger level but also will get a chance to take that small business to new levels. Opportunities are everywhere, only if you have the eye to identify!

Categories
Business motivation

6 Steps To Register Your Private Limited Company In India

Wish to be an entrepreneur in India? Starting this journey can be overwhelming as well as scary at the same time. There are many steps to be considered before you step up out and start your venture. So, when you are planning to plan your own business, you need to work on deciding what kind of entity it will be.

Like if you wish to own the business by yourself, then you can register your startup as a sole proprietorship. Similarly, you may register for a partnership. But if you wish to separate your liability from the company’s liability, then you should go ahead with private limited company registration.

In this structure, you need to choose the amount for taxes, paperwork, and the amount of personal liability to be distinguished clearly.

Here are a few steps that can help you to understand Private Limited Company registration processes in India.

Step 1: Get Digital Signatures (DSC)

The digital signature is one you require to file the forms for company registration. This process is online, and the forms need a digital signature. DSC is one of the mandatory for any subscriber and witness in the memorandum and articles of association. You can obtain the digital signature certificates from the government recognized certifying agencies.

If we talk about the costing of DSC depends on the certifying agency you work. You need to obtain either Class- 2 or Class- 3 categories of DSC. In this process, the person needs to present him or herself before registering authority to prove their identity.

Step 2: Apply Director Identification Numbers (DINs).

The Director’s ID number or DIN is a unique eight-digit ID number that is issued by the central government to each person who must be a director of a business or who is already a director of a business. It must be obtained by those wishing to become directors of a company. A single DIN is sufficient for an administrator in several enterprises.

Step 3: Name Approval

The company name is something that gives recognition to the brand. So, getting approval is important. For this, there are two procedures for acquiring the approval for the company name.

One process is to apply the name through INC-32 (Incorporating Company) but, in this process, only one name can be in this form. Therefore, make sure you have the proposed name should follow the name availability guidelines, existing trademarks to avoid rejection. Another process is by filing INC-32 it is a faster process than the INC-1 route.

Step 4: Information About Form INC-32

Recently, the Ministry of Company Affairs proposed Form INC-32. It is an explained pro forma for incorporating a company electronically.

It solves, the three purposes with the benefit provided in a single application:

  • Application for allotment of DIN (Director Identification Number)
  • Reservation of company name
  • Incorporation of a new company

Step 5: Information About INC-33 and INC-34

Both forms have been introduced, to facilitate the Indian company registration process. INC- 33 refers to an electronic Memorandum of Association, and INC- 34 is electronic Articles of Association

The memorandum describes the company charter, while the bylaws include the company’s internal rules and bylaws. Before the completion of both forms physically and now, you can complete these forms online and must include digitally signed subscribers to the memo and statuses.

Step 6: PAN and TAN Application

When you apply a single Form INC-32, you may submit an application for the company’s NAP and TAN uses Forms 49A for the NAP and 49B for the TAN. Once you have submitted Form INC-32, you can automatically generate the form(s). After forms download, please remember to attach a digital signature and upload it to the ACM portal. Upon completion of all details, the registration will get approved by the MCO, and a Corporate Identity Number (CIN) is issued. It is possible to follow up on-line through the GAC portal.

These six steps will help you to register yourself to set up a Private Limited Company in India.  Once you intend to register your company, you can get all information at the Ministry of Corporate Affairs online.