Category: Business motivation

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Business motivation Student Webinar

How To Let Goods And Services Tax Play To Its Strength To Support And Grow Your Business

goods and service tax

The moment Goods And Services Tax was introduced back in 2017, it was met with mixed reaction from the nation. GST made some huge changes in the form of removal of VAT, excise, and service tax by absorbing them all in it and bringing down the overall cost of goods and services of a product. We all know nothing great has been ever achieved without a few challenges here and there and the same happened with GST reform as well.

Nonetheless, gradually GST has proven its mettle and convinced all of us that it is doing way more good than causing incontinence. In this article, we will be discussing the various benefits GST offers that can end up being in the favour of your business.

Convenience With Filing Returns

Earlier businesses, especially businesses that belonged to the MSME sector, used to face a lot of difficulty in tracking the number of taxes there were back such as excise duty, VAT, purchase tax, luxury tax, etc. Things were so complicated that a normal businessman without great knowledge in this domain would end struggling and hire an expert to crunch those numbers. Since GST has been introduced, filing returns has become easier than ever as businesses now have to take care of just 1 tax that has subsumed all other taxes. 

Shipping Made Super Easy

With so many tax checks and different kinds of taxes, while shipping goods from one place to another, the process was extremely inefficient as it would increase the cost of transportation in terms of fuel and time.  The process was made much easier when the government removed the border checkpoints from the process when GST was introduced. Now with GST, the shipping has not only been made efficient but has been made less time consuming than ever.

Canopy Of Technology

There is a reason why technology is said to your best friend these days. With the help and backing of technology, many businesses are now getting to enjoy a much more convenient way to deal with their taxes. Yes, we are talking about the GST online portal. This online portal has made the process extremely easy where you are just required to get GSTIN to pay your taxes every month. Also, you need not worry about keeping all the paperwork safe, because it is automatically getting saved for you in your personal account. Amazing, isn’t it?

Put An End On Cascading Tax Effect

The Biggest relief and joy GST has brought into the lives of business owners and consumers is the elimination of the cascading Tax Effect. Cascading tax effect is the concept where good is taxed on each and every step of its creation which sums up to be a huge amount of burden, which the consumer bears in the end. GST put an end to this by introducing Input Tax Credit. ITC allows you to subtract the GST you paid to your vendors from the amount you owe to the government.

Sure, the GST might take you a bit to get familiar with, as it involves a great deal of technology and digitization, you will only thank the government later to have introduced this in the first place. 

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Business motivation Student Webinar

Food And Everything Wholesale: Everything You Need To Take Care Of Before Starting A Wholesale Food Company

एक्सपोर्ट बिजनेस
एक्सपोर्ट बिजनेस

We Indians love to eat and no economic or fiscal crisis could stop us from spending on food. Realizing the love of Indians for food, many businesses are getting into the food industry, to be specific to a wholesale food company. From chocolate and candies to condiments and confectionery, food items are always in demand and are provided by manufacturers only in bulk. 

Many small businesses are finding it a perfect time to enter this industry and sell their amazing handmade local products as the entire nation is standing in solidarity to support the Make In India campaign. With a brilliant thought process, strategy, and execution, you too can try your luck.

Find What You Want To Sell And Profile The Target Audience

Before starting any business, it goes without saying that you need to find what is it that you are going to sell. Whatever you decide on should strike a balance between what you like doing and what would fill a gap in the market. In the wholesale food business, you need to figure out what it is that you want to sell. 

Whatever you select that should be easy to make in large quantities without it altering the unique flavor. Also, pick your consumers carefully. See who will be happy to utilize these products. For example, if you sell pizza dough, you need to get in touch with all pizzerias around and see who can end up being your potential customer.

Get Permit/Licence & A Storage Facility

It is very important to take care of all the legal requirements before starting your wholesale business, it becomes even more important if that wholesale business revolves around food. The laws, rules, and regulations vary from area to area, hence do your research beforehand. 

Also, make sure you have a  place to stock up your product. In case, you are trying to build your product yourself, you need to rent a kitchen or a manufacturing facility carefully.

Keep The Policies Crystal Clear

It is of utmost importance to have a detailed conversation with your retailers regarding all the policies that revolve around your business relationship with them. You are supposed to be very clear about the minimum ordering amount, and the payment terms. Also, don’t forget to check if the retailer of your choice has a resale license or not to steer clear of troubles later on.

Get Retailers On Board

What good is a business that fails to attract customers? Ask Yourself the question and buckle up to find your business some great local retailers. It will be a bit hard at first but once you start networking and meeting different retailers, you can hand out some samples and let them know the USP and how that particular product will attract the customer. Solely but steadily, you will start to see results in the form of a solid customer base.

Individuals over the globe love to eat and drink making the food and beverage industry develop a lot. Keep in mind the above-mentioned points and get on your toes to encash the opportunity and become a merchant for prepared to-eat snacks, FMCG items, natural food, juices, sodas, and whatnot.

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Business motivation Student Webinar

GST: Types Of Goods And Services Tax And Different GST Rates Across The Nation

In the simplest of words, GST can be defined as the value-added tax that is levied on the goods as well as services which are sold indigenously. GST is the expense that is taken care of by the end consumer and is ultimately remitted to the government by the businesses that sold the goods to the end consumers.

Now, there are basically 4 kinds of GST which we are listing below

  • The Central Goods and Services Tax (CGST)
  • The State Goods and Services Tax (SGST)
  • The Union Territory Goods and Services Tax (UTGST)
  • The Integrated Goods and Services Tax (IGST)

Central Goods And Services Tax (CGST)

CGST is the tax that is levied by the central government on the transactions of Goods And Services that take place within the same starters, which is Intrastate transactions. The Tax is levied along with the other two taxes known as SGST. Please note that the revenue that is collected in the form of GST on intrastate transactions is shared equally between the state government and the central government. 

State Goods And Services Tax (SGST)

Let’s now try and understand what SGST is. SGST is the tax levied by the state government over the transaction of the goods that are manufactured and sold within the same state. This Tax is levied along with CGST.

Union Territory Goods and Services Tax (UTGST)

UGST could be defined the same way as SGST, only it is applicable in the union territories. The only aim to introduce Union Territory tax is to provide the same benefits to all the businesses in a union territory that a business would enjoy in any state. The UTGST is applicable to five Union Territories namely Lakshadweep, Daman and Diu, Dadra and Nagar Haveli, Andaman and Nicobar Islands, and Chandigarh.

Integrated Goods and Services Tax (IGST)

Now, this one is a bit different from others as it deals with the transaction of goods and services between two states. If any good or service is transacted from one state to another, there is a tax that will be levied on those transactions and it is called the Integrated Goods and Services Tax. IGST is also applied to goods and services that are imported and then distributed among various states.

Rates Of GST

There is a slab proposed by the government which is divided into 4 categories of GST rates applied to various kinds of goods and services. The rates are 5%, 12%, 18%, and 28%.

  • 5% GST is for the goods that are included are the day-to-day household items like kitchen essentials such as sugar, spices, tea, coffee, edible oil, etc.
  • 12% GST would be applied to goods such as computers and processed foods are included like cheese, ghee, ayurvedic medicines, cell phones, and fertilizers, etc. Services like work contracts, business-class air tickets
  • 18% GST will be applied to products like jams, sauces, soups, ice cream, instant food mixes, mineral water, tissues, envelopes, tampons, notebook, steel products, printed circuits, camera, etc.
  • 28% of GST will be applied to various luxurious items.

It is important for each and everyone, be it a consumer or a businessman, to understand the concept of GST inside out in order to make the entire process more convenient with everybody being on the same page. We hope this article was of some help to enhance your information on various kinds of GST and the different rates that vary with the category. 

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Business motivation Student Webinar

Who Are You – Entrepreneur Or Employee? Let Us Help You Find Out

What, according to you, being an entrepreneur means? If as per your thought process, entrepreneurship means to start a business, then you are wrong in interpreting the meaning of entrepreneurship. The real understanding of entrepreneurship is more of a mindset. If you do not possess this mindset, then from the mind, you are still an employee.

Now you must be thinking, what does it take to be an entrepreneur? It is essentially what you think and how you do things. Being an entrepreneur is not something mythical. It is to figure out how you need to get a mental leap from the mindset of being an employee to an entrepreneur. As working for the company as an employee and acting for the company as a boss is different, it is more demanding. Being an entrepreneur is a massive lifestyle change.

Let us discuss the thought process of how mindset is different of employees as compared to entrepreneurs.

Remodel Yourself from Working Hard to Working Smart

It’s common when we work for someone, tend to believe that we work smartly, but we are working hard. As an employee, we want to create a good impression for our boss, this leads to more work, and this cycle keeps continuing.

But as an entrepreneur, you classify the work into a checklist of urgent and not urgent. Being an entrepreneur, you need to work smartly and generate good results.

Valuing of Time over Money

Being an entrepreneur, you have a mindset that tends to pay importance to time over money. But on the other hand, you tend to wait to deliver the right amount of money to start working on your dream. Being an employee, you invest in money, but being an entrepreneur, they invest in time.

Being an employee, you work for earning more money, but being an entrepreneur, you value time and always endeavour to invest more in it.

Handling Disappointment in Everyday Base

Being an entrepreneur tends to face some setbacks. As employees working for a couple of years, eventually routine catch up and let you lose focus easily, which results in being frustrated and let it take a permanent place in us. But being an entrepreneur, you won’t let frustration and setback permanent space at work.

Trusting Your Abilities and Skills

Being an employee, you believe you need to have specific skills for running the business, but as an entrepreneur, they take off with whatever they know and learn while running the business. As an entrepreneur, they incline to trust their abilities, and on the other hand, as an employee, they start doubting their abilities.

As an entrepreneur, you tend to have a leader’s skill on you, and as an employee, you tend to be a follower. It happens because an employee focuses on tasks assigned while entrepreneur, they go the extra mile and try to see the bigger picture. If after, going through the points we mentioned, you think you have the skills of an entrepreneur, then go ahead, take a step forward to the journey from employee to entrepreneur.

 

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Business motivation Student Webinar

Want To Become a Distributor in India? These 5 Tips Will Help You

You have an idea to make a great product and found the seller in the target market. But how you reach the target seller on time is a significant factor. The distributor business is a link between producer and seller.

Thus, now you know the concept of the distributor. It is a simple business about supplying goods to other people who can sell it to end customers. It is a very profitable business idea if one can build up a good network. In changing times, distributors are making a direct network with the target customer.

This business may expect a tough job, but if you create the correct thread and follow the right pattern, then you can be a successful distribution business owner.

Here are a few tips which can help you to grow and be successful in the business.

Finding Right Product

The product is the factor that plays a significant part in this business. So, choose the products which you see huge potential in the market. Determine the right product which most people use in the area around you. Hence, give the proper time to research and understand the demand for the consumer on the market.

In this process, talk to retailers, dealers, and end customers, it can be a great assist in your market research to find the right product to choose.

Get In Touch With Suppliers

Now you know the products, but now it’s time to look for the right supplier from whom you will take the products. As you will be new to this line, therefore, we suggest you speak at least 2-3 suppliers for the product to understand the rates and quality. While doing market research about the product you will come across the stain that is popular as per the demand of the customer.

Give Your Business Name

The brand name is one of the significant ingredients for all kinds of businesses. Thus, create a name for your distribution business for making yourself known in the market. Register yourself in business as a business entity. Don’t forget to apply and look for the licenses and permits are required to run the business.

Network Building

The key to running any business with success is to establish a good network. In distribution, business success depends on how effective the network chain you have constructed, therefore work on building a strong network in a circle of dealers and distributors.

Reach out to as many resellers as you can and create a catalogue, product kit for talking to the concerned people. Be prepared with order forms, pitch to take orders if they wish to collaborate with you.

Noticing Your Business Growth

Make sure you keep in touch with your dealers and retailers always. It will not only save your business relationships healthy but also helps in the retention of them.

As we know, the distribution business is one of the most successful ventures, only to be a successful distributor, one needs to do work hard and dedication.

This business requires proper strategy and implementation of the plan. End of the day, everyone needs to work hard towards a proper understanding of business and growth.

 

 

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Business motivation

Gross Domestic Product: All You Need To Know About GDP And Its Dynamic Relationship With Business Cycles

Be honest and ask yourself a question – do you really understand what the abbreviation GDP is all about? If not, let us educate you on this topic. GDP stands for Gross Domestic Product and it is simply defined as the total number of goods and services that are produced by a country. GDP of a country is calculated over very specific timelines such as Quarter or Yearly. It is one of the most common indicators to figure or predict the health of a certain economy.

What Is The Role Of GDP?

GDP holds its importance and rightfully so as it helps the decision-makers and the central banks to assess if the economy is expanding or contracting to take the necessary actions required. GDP also helps the business sector and economists help understand the impact of a fiscal crisis on the economy and be prepared accordingly.

How Is GDP Calculated?

There are basically two approaches with the help of which you can calculate the GDP of an economy. These two approaches are known as the expenditure approach and the income approach.

In the expenditure approach, which is the most commonly used approach, the calculation is based on how much money has been spent by people that participate in the economy. The formula is GDP = C + G + I + NX where C stands for consumption, G stands for total government expenditures, I stands for the sum of a country’s investments, and NX stands for net exports.

Whereas, in the income approach, we use the formula GDP = Total National Income + Sales Taxes + Depreciation + Net Foreign Factor Income. 

What Is The Relationship Between GDP & Business Cycle?

All four phases of economic activities such as economic contraction, trough, expansion, and peak are referred to as business cycles. When an economy experiences some changes in the activities, the results reflect positively or negatively on GDP.

Economic Contraction

It is a phase where the demand for goods and services decreases or/and when the cost of raw materials increases. This results in less work, more layoffs, and an increased rate of unemployment. Even though the GDP, as a result, decreases in this phase, it still stays positive.

Economic Trough

This phase is an extreme and worrisome version of contraction where the unemployment rate is extremely alarming and the economic output experiences an all-time low. This is the time when an economy is either heading towards recession or already is in one with a negative GDP.

Economic Expansion

It is a phase where after going through the worst, the economy begins to grow. An economy is only said to be in an expansion mode when it experiences growth for 2-3 consecutive quarters as growth in just one quarter could be a temporary high, hence can’t be considered. In this phase due to more economic output, the GDP begins to increase.

Economy Peak

As the name suggests, it is a phase where the recovery reaches its peak and the GDP experiences a surge. But economists see this as a saturation point after which upward inflationary pressure and devaluation of the currency happens.

We hope we made this as easy and as fun as possible for you to understand the basics of GDP and how it affects the economy. Make yourself as aware and responsible as possible because our economy relies on participants like you who lay a solid foundation in the form of a healthy economy.

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Business motivation

Wholesale Distribution: The Most Lucrative And Convenient Business In Town

We understand that India being an overpopulated country has given birth to a lot of problems, but we can not deny the business opportunities it has produced which can be seen as a silver lining. With a customer base as huge as this, there are so many businesses that can be run, Distribution Business being one of those businesses. 

There is no shortage of goods and products being manufactured in India, it is just a matter of delivering these goods to the customers they are meant for. This is where the distribution business comes into play. It not only is lucrative but has a very high viability quotient.  Let’s walk through some of the very best distribution business ideas which will force you to think of it as a genuine option.

The Food Wholesale Business

Food is what? A basic necessity of life. We all can not survive without food, hence making it a very profitable domain to set your wholesale distribution business in. It is the kind of business that will never be affected by the dynamic nature of the economy. It is as evergreen as it gets. Just be wary of the fact that there is food that stands the test of time but there are also some things that are perishable. If you get into this, it is highly advisable to deliver food to the last mile as fresh as possible.

Electrical Appliances Wholesale Business

Why Electrical Appliances? The answer lies in our day by day increasing dependence on electrical appliances to help us complete the household chores. In today’s day and age, millennials are always looking for the latest models to help them meet their needs. So, if you are all stocked up with the latest models and are on top of your games regarding the after-sales service and customer care, chances are very high that your business will thrive with a high customer retention rate.

Wholesale Distribution Of Construction Work Raw Material

India being a developing country heading towards a brighter future at a very fast pace calls for the availability of supreme quality construction work raw materials so that the foundation that is being laid remains unaffected for years and years to come. With so much construction work happening these days, it is evident that the construction raw material distribution business is recession-proof. The fact that is the most encouraging is that the majority of the raw material is supplied by the distributors and not the retailers. 

Mineral Water Wholesale Business

Just like food, the constant supply of drinkable mineral water is one of the basic necessities of life. With so many offices, complexes, shops, and malls around, the demand for mineral water has never been this high. The success of this wholesale business lies in the highly localized demand of the product. If this is something that interests you, go for it because it will only reap in success and profits.

Before starting your own distribution business, analyze the market potential of the product of your interest and then all it takes is just a decent capital investment and a well thought out strategy to make the distribution wholesale business a success. 

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Business motivation Strategy

5 Smart Tips For Happy Customer In Festive Season 2020

The festive season means holiday time. It’s that time of the year when families, friends, and relatives come together to spend joyous moments. This auspicious time means a good reason to shop and enjoy the time of the year. All thanks to COVID-19, things will be a lot different.

COVID -19 has already taken seven months of the year and might take over our festive season too. To fight this, retailers, e-commerce, and different brands are trying to gear up in advance. Our country, which is a land of diverse cultures, has plenty of scope in playing with themes in each festival.

Therefore, it’s now time to create your plan and start building festive marketing ideas to please your customer.

Make Customer Experience Delightful

The festive season stands for a joyful time of year, and in a year like 2020, everyone needs a dose of happiness. The brands, easing out customer stress by providing a great experience. You can accomplish by giving great offers and deals.

Hence, plan your strategy around customers’ benefits and experience. Thus, when you create a piece of content for the festive season, ask yourself how it will benefit and help your customer.

Express Gratitude Towards Customer

Every festive season your customers have n number of options to browse. An excellent strategy includes maintaining a customer-dedicated and loyal towards your brand by focusing on gratitude.

Being on top-of-mind of your customer, you need to show them how valuable they are for your brand. Thus, try to showcase gratitude to them by sending a thank you email or physical card that can drive them towards your brand.

Free Rewards

We all love gifts while buying for our loved one, while we still get drawn into the idea of buying something for ourselves. That’s why giving free rewards on the purchase is such compelling in the festal season.

By this strategy, one can invite your customer to buy your product and come again to your brand to gain more rewards. These rewards can be in the shape of gifts or make free shipping. Highlight your deals and free promotions in the festal season.

Reach Back to Your Customer

Its fact that all the customer comes to your website, but they leave the website without making any purchase. With a Remarketing ad campaign and retargeting through email marketing, you can reach them. If the user provides you with their email, this will remind the reader that their cart still has an item in it.

In Remarketing ad campaign focuses on the customer who visited your site. So, make sure you give proper attention to your website stability.

Look for Touching Shopper Emotions

The festive season brings a mix of emotions, from excitement to nostalgia. A great marketing strategy makes sure to touch these emotions to bring customers near to your brand.

Therefore, make sure you have this factor include in your marketing plan.

With some planning and using good research, you can develop a great festive marketing strategy to touch your customer and your seasonal sale upward. By offering a personalized touch in your marketing plan, you can make your brand stand out in this festive season

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Business motivation

Basics You Need To Know Before Starting A Wholesale Distribution Business

 When one thinks of building a career, the two broad categories that emerge are getting a good job or starting your own business. The ones who choose to part with the latter generally have the idea that starting a business just means owning a business or getting a franchise. Distributorship is something that often goes unnoticed or missed by these aspiring entrepreneurs.

Wholesale distributor business has been the kind of business that has survived the test of times and proved its mettle by its impressive run time and the profits it brings. If this is something that has caught your interest, then we have some basics for you to make up your mind if you want to set foot into this business.

What Is The Role A Sistributor Plays?

If you were asked as a kid who is a businessman, you would have answered. If you were asked what you mean by the manufacturer, you will give the answer right away. But about when you are asked about the distributors? Distributorship is seldom a topic of discussion when choosing a profession is the point of discussion. Distributors are the intermediate between a manufacturer and the target customer for which the manufacturer produces goods.

After a manufacturer builds goods and products in a plant, the biggest challenge that arises is how to make it reach the right customer considering it’s difficult for the manufacturer to cover the entire geography. This is where a distributor helps by buying those goods, stocking them, and selling them to retailers or customers directly.

What Is Meant By A Distribution Channel?

A distribution channel could be easily defined as a process or way with the help of which manufactured goods finally reach the consumer. A distributor sells the products by covering a big area increasing the efficiency of distribution and retailers. The channels could broadly be categorized into four parts such as

  • When manufactured goods directly reach the consumer
  • When manufactured goods are bought by a distributor and sold finally to the consumer
  • When manufactured goods are bought by a distributor, distributed to the retailer, and sold finally to the consumer
  • When  manufactured goods are bought by a distributor, taken over by a dealer, distributed to the retailer, and sold finally to the consumer

Mandatory And Basic Requirements

It’s good that now you have realized the goodness of the distribution business and want to try your hand at it, but first, you need to figure out how you can afford the basic requirements of becoming a distributor. When you talk of wholesaling business, you can only imagine the kind of space it requires to stock a huge number of goods.

Secondly, if you have figured out a warehouse for your business, you will need to take care of the transportation to distribute goods across the area that you have targeted to sell the goods and products. Depending on the scale of your business, you can see what level of transportation works the best for you.

Most importantly, you will have to take care of the licensing and permits to carry out this business. There are many factors that can affect the process such as the area you are targeting and the laws that are followed in that area.

Hence, if you decide on becoming an entrepreneur, you need to first familiarise yourself with the basics of this industry to figure out what works the best for you and what field do you find yourself most comfortable with. Once the dust settles down and the vision is crystal clear, there will be no looking back.

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Business motivation

4 Reasons Why People Leave Their Businesses To Work For Someone Else

People are built different, they think differently, they talk differently, they work differently, and they want differently. People want different things from life. In the business world, where professionals can always be seen attracted to starting a business of their own as they that 9-5 routine doesn’t provide them the feeling of contentment.

This Job Vs Business debate has confused many brilliant minds and would continue to do so if people fail to realize what do they want along with what works the best for them. In this article, we will discuss some of the reasons why entrepreneurs leave their businesses to go to work for someone else. So, keep an open mind and try to understand the sincerity of the words.

A Job Provides An Enriching Experience

People often start their businesses thinking that they know enough to be starting an empire. But as time goes on, they realize that they do not know enough to make their business reach their maximum potential. This is the time they realize they need to join or work for someone else who has the expertise and could provide them with the relevant experience. It is almost like paid education.

Acknowledgment And Motivation

Some people who abruptly make the decision to start their own business do not really realize the amount of hard work and dedication it takes to build a business. Many times this hard work is not thanked enough. This causes a sense of hopelessness and a lack of motivation and drives to keep doing better. When you are in a job, you are time and again acknowledged, incentivized, and rewarded for the great work that you do. This motivation and appreciation is a very important factor for some of the businessmen to quit their business and start working for others.

Stable Income

ALthough People know that a business goes through all kinds of phases and ups and downs are the only constants in a business. However, some fail to take the pressure that tough times cause and they give up by quitting the business to go work for someone else. The regular paychecks and stable income is something that lures some of the entrepreneurs to go back to doing what used to do earlier. One can not deny the sense of relief that tags along with stable income especially if you have a family to provide for. 

To Make A Difference

People may be impeccably good at what they do but still might not get the desired results. Some people are ambitious which is not at all a negative trait but sometimes leaves a person less fulfilled with the difference they are making with their business. Some people do not have the required patience to wait and see a business grow eventually, hence they leave to join a bigger organization to make the most of their skills and make a bigger difference with the help of a bigger platform.

The reason behind explaining all this is just to make you aware if you are ready yet to be starting your own business and not at all to discourage the entrepreneur within you. It is all about taking your own time, learning all that you need, and gaining enough wisdom to be enduring all that it takes to build a successful business so that you do not see it as a mistake midway.