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Business motivation

Karnataka Government Offers Sops to IT Companies To Encourage Them to Invest Outside Bengaluru

Investments (Photo Credits: Pixabay)

Bangalore, September 4: In an effort to develop a strong IT ecosystem beyond Bengaluru, Karnataka government has offered a slew of sops for IT companies. According to an IANS report, the aim is to encourage them to set up shops outside the city.

IT, BT, Science and Technology Minister C.N. Ashwath Narayan as quoted in the report said, “We aim to also strengthen the ecosystem and boost growth in Tier 2 and Tier 3 cities of the state.  The Minister was optimistic that over 60 lakh plus new jobs will be created in this sector.

In order to help IT companies, the government would be offering financial support to IT hubs and clusters of up to Rs 3 crore outside Zone 3. In the same way, players would also be eligible for financial support of Rs 2 crore outside Zone 3. In addition to this, stamp duty exemption — 75 per cent was also announced in Mysuru, Hubballi, Dharwad and Mangaluru, and 100 per cent for all other zones except Zone 3.

Among some of the sops announced, companies outside the zone will also be eligible for provident fund and ESI reimbursement of up to Rs 10 lakh.

As part of the other major initiatives, the government will consider incentives for mega projects above Rs 250 crore on a case by case basis. The state offered these attractions as part of its new IT policy for the period 2020- 25.

 

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Business motivation

Business Plans: 4 Types of Simple Yet Effective Start-Up Plans

इन्वेस्टमेंट प्लान
इन्वेस्टमेंट प्लान

A start-up business plan is a cohesive document that demonstrates how a business or an organization has decided or strategized to achieve the set goals! But are all business plans the same? Does one kind of business plan suffice all kinds of business requirements in this world? NO! Just like a suit is tailor-made especially to fit your body, the same way a plan should be made exclusively to meet the needs of the respective businesses.

There is no denying the fact that just like an individual goes through several phases of life, a business also experiences several changes. With constant evolution and necessary developments, the needs of a business change and to fulfil those needs, different plans might be required. With the help of this article, we will try and divide business plans broadly into 4 categories. 

The One-Page Business Plan

Do you have a mind-blowing idea but despise making complicated and boring business plans? If yes, then this one-page business plan is your go-to option. This kind of business plan would be enough to put things in order and cover all the ideas that you might have to run your business. A short/one-page business plan is not only easy on you to make but also helps the potential investors or partners go through the strategies easily and quickly.

Traditional Business Plan

A traditional business plan is more or less a detailed account or cohesive document that covers all aspects of how one plans on running a business. This section includes the official name of your business, its legal structure, and the location where you plan to operate. It is highly recommended by the experts to include a chart showcasing the authority accountable to accomplish various tasks such as sales and marketing, finance, operations, etc. In the long run, a Business plan holds the potential to save money as it carefully presents the present and future financial projections.

Business Model Canvas

A business Model Canvas is basically nothing but a visual alternative to a normal business plan. In layman terms, it is all about your business ideas on a piece of paper. When you draw a business canvas model, you will be able to visualize your business, find out the weak points, and assess the viability as well. The business canvas model is not necessarily designed for presenting new business ideas, one can make the most out of it by using it to analyze the current business situation to make improvements if need be. A business model canvas is used by many businesses as it helps them break down the entire process into key segments that are easily understood with the help of charts and figures. 

Business Pitch

A business pitch is nothing but a systematic and interesting way to present your vision and idea to an investor or a group of people in order to secure the necessary resources to run a business and/or to bag the much-needed funding. This pitch is generally prepared to take a business plan forward or to improve an already existing business. A business pitch is supposed to put the message, mission, and vision across pretty clearly. It is important to get to the main point and save investors from losing interest. 

Choose wisely which kind of plan is the need of the hour and go about it. Highlight all the aspects of running the business of your dreams, mention all the information that is required, and make that business plan so irresistible that no investor could afford to turn a blind eye to that masterpiece. Always remember, a carefully crafted business plan could prove to be the deal maker for your business if presented the right way. 

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Business motivation

Business Plan: The Key To Flawless Execution

It’s tough to build a successful business when you don’t even know what you are trying to build and how you will build that. It is always advisable to come up with a  business plan. This layout of your business will help you realize where you are, what you want to achieve, and strategies to achieve them. It will allow and help you to get some clarity for yourself in order to set the key objectives for your dream business!  

Develop a system, streamline the entire process, and increase the efficiency of your business. not only making it faster and simpler. If you wish to get your business organized and strategically increase the profit margin, then keep reading.

Overview

First and foremost, we will talk about the overview of your business plan. An overview that tells what actually your business is all about. This section includes the official name of your business, its legal structure, and the location where you plan to operate. Along with these core points, you also need to mention the mission of your business because it is what all your plans are focussed on achieving. We would also suggest to include a chart that says who is accountable to accomplish the various tasks such as sales and marketing, finance, operations, etc.

Message

We all want our businesses to be successful but often fail to put across the message that our business wants to convey! All successful businesses to date have been very clear on the message they want to communicate to their target consumer base. The message that shows your importance in their lives and how you help them solve their burning problems! 

Marketing Strategy

To successfully market a business, it’s a basic requirement to know who is your target customer. You can figure out your target audience and evaluate their respective demographics and psychographics. You need to calculate the estimated size of your target market and where you can find groups of your target audience. If you do not have enough information to build up this section of your business plan, then probably you might require to conduct careful and detailed research to set and pivot your marketing position.

Products/Services

This section describes the product you sell, physical or digital. Choose one product as the primary product/service that your business revolves around and invest your energy and undivided attention in promoting and developing it. One of the many advantages of making a single product/service your primary concern is that the business development becomes way easier if only a single product is involved at the nascent stage.

Goals

It is very important to set goals for your respective businesses as all these plans would end up being of no use if you do not have a benchmark set for it. Always be prepared with the goals that you want to achieve and these goals should basically revolve around sales, revenue, impact, and progress.

With all the points mentioned above, it is understood that a goal and a plan, go hand in hand! Writing a business plan is all about knowing what you have taken care of and what you are unaware of! Try to become more aware of the things that you have not already thought about and note it down somewhere to make a cohesive document. You know there are hundreds of thousands of ideas crossing your mind around your dream business venture, you might as well pen them down in the form of a business plan to make the most of it. 

 

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E-Commerce

Flipkart Wholesale Launches Business-to-Business Platform for MSMEs and Kiranas

Flipkart. (Photo Credit: Twitter/@Flipkart)
Flipkart. (Photo Credit: Twitter/@Flipkart)

Bengaluru, September 3: E-commerce platform giant Flipkart has recently launched operations of its digital business-to-business marketplace, aiming to connect local manufacturers with retailers. With the launch of Flipkart Wholesale’s B2B platform, Flipkart aims to bring the entire wholesale marketplace at their fingertips.

Issuing a statement, Senior Vice President and Head of Flipkart Wholesale — Adarsh Menon — said, “With the strong capability within the group in B2B, we will focus on meeting the needs of kiranas and MSMEs by providing these small businesses a wide selection at significant value, powered by technology to make their lives easier.”

Adding more, he said, “Whether in grocery, general merchandise or fashion, these businesses will have one-stop access to an extensive selection of products with attractive schemes and incentives.” Menon stated that Flipkart Wholesale is currently available for fashion retailers, especially footwear and apparel, in Gurugram, Delhi and Bengaluru. However, Flipkart is planning to expand the platform to Mumbai as well.

Meanwhile, Head of Flipkart Wholesale stated that e-commerce is planning to the new platform to 20 more cities and in categories such as home and kitchen and grocery by December 2020. It is also aiming to rope in over 300 strategic partners and has over two lakh listings in two months.

Apart from this, the business-to-business (B2B) platform will enable the onboarding of 50 brands and over 250 local manufacturers in the coming days. Through this platform, kiranas, resellers and MSMEs will have access to the easy credit facility. The company statement said that platform, will provide a wide range of assured quality products, micro-market level B2B and B2C insights from the Flipkart ecosystem and an easy order tracking facility.

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Startup

What is a Unicorn? Here Are 4 Ideas to Help Startups Become a $1 Billion Company

Startup
Startup (Photo Credits: Pixabay)

A unicorn is a term used in the venture capital industry to describe a privately held startup company with a value of over $1 billion. The term was coined in 2013 by venture capitalist Aileen Lee, choosing the mythical animal to represent the statistical rarity of such successful ventures.

According to Investopedia, companies with valuations of over $10 billion are sometimes referred to as decacorns.

According to the Hurun Research Institute’s Global Unicorn List 2020, India is home to 21 unicorns, valued at $73.2 billion. Paytm is India’s highest-valued unicorn, at $16 billion. Top 10 Indian unicorns make up 78 percent of the total value of unicorns, while Paytm alone claims nearly 22 percent of the total valuation share of these unicorns.

Find the right idea

The most essential work of your startup if you are aiming to become a unicorn is to find the right idea for your business. The idea has to be innovative and should have the potential to work. The idea should create a change in customer behaviour and also improve their lifestyle.

Understand the potential of your product

It is very important to understand whether your product will fit the crowded and the cluttered market and has the potential to stand out. Your product should also be attractive enough to encourage customers to pay a premium price on a regular basis.

Keep your customers in the centre 

The job of a startup is to find a solution to a problem that customers want to solve.

Recognise your weakness & Keep an eye on the competition.

Never lose sight of how the industry and competitors are evolving, especially start-ups with new and potentially disruptive ideas. If you have to succeed, along with your strength, it is also very important to identify your weakness. If you understand your gaps and imperfections, you can always make away with them. This ability defines the success of a startup.

 

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Finance

Narendra Modi Govt Clears Payments of Over Rs 6,800 Crore Owed to MSMEs Over Past 3 Months

रुपया
Money

In a bid to help the MSMEs, the Modi Government has been taking a series of measures. The government on Wednesday informed that the Central ministries and PSUs have cleared payments of over Rs 6,800 crore owed to micro, small and medium enterprises (MSEMs) in the last three months. It said almost three-fourths of the monthly dues have been paid during the same month by most of the ministries and CPSEs. The pending amounts are expected to be released in the normal course of business and within 45 days.

The MSME ministry, in a statement, said that “more than Rs 6,800 crore have been paid by the Ministries and CPSEs in the last three months alone”. Finance Minister Nirmala Sitharaman, as part of AtmaNirbhar Bharat package, had announced that Government entities should make such payments within 45 days. The Ministry of MSME followed up this announcement vigorously and took up the matter with the Central Ministries and Central Public Sector Enterprises (CPSEs) and State Governments. Particularly very active follow up has been done with the Heads of CPSEs.

The MSME Development Act of 2006 provides that such dues should be paid within 45 days. To make the reporting easy, regular and seamless, a dedicated online format has been made for reporting the monthly payments and pendency, the ministry said.

“However, it is seen that MSME suppliers of goods and services do not receive their due payments within stipulated time. Public and private entities do cross this time limit and hence they cause hardship to the MSMEs,” the statement said. According to a government release, the ministry also said close to 4 lakh registrations have already taken place on the Udyam registration portal for MSMEs since the new system was launched in July.

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Finance MSME Startup

98% Exporters, Especially from MSMEs, to Benefit Under Merchandise Exports from India Scheme, Says Union Commerce and Industry Minister Piyush Goyal

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, September 2: The Union Minister of Railways, Commerce and Industry Piyush Goyal on Tuesday said that 98 per cent of the exporters — especially Micro, Small and Medium Enterprises (MSMEs) — will benefit under Merchandise Exports from India Scheme (MEIS) with reward cap of Rs 2 crore per Importer Exporter Code (IEC) from September 1 to December 31, 2020.

Issuing a circular, the Union Minister took to Twitter and wrote, “98% of exporters esp MSMEs will benefit under Merchandise Exports from India Scheme (MEIS) with reward cap of Rs. 2 Cr/ Importer Exporter Code from 1st Sep to 31 Dec 2020. This will remove uncertainty & protect genuine exporters while ensuring Make in India-Make for the World.”

Here’s what the Union Minister for Commerce and Industry said:

The notification stated, “In exercise of the powers conferred by Section 5 of the Foreign Trade (Development and Regulation) Act, 1992 read with Para 1.02 of the Foreign Trade Policy, 2015-20 and the enabling para 3.13 of the FTP, the Central Government hereby makes the following amendments in the Foreign Trade Policy 2015-20 with immediate effect.”

The notification spoke about the insertion of two new paragraphs — 3.04A and 3.04B — in the Foreign Trade Policy. As per 3.04A, the total reward which may be granted to an IEC holder under the Merchandise Exports from India Scheme (MEIS) shall not exceed Rs 2 crore per IEC on exports made in the period September 1, 2020, to December 31, 2020.

Adding more, the para says those who have made any export with LEO date during the period September 1, 2019, to December August 31, 2020, will not be eligible for submitting any claim for benefits under MEIS for exports. However, para 3.04B says benefits under MEIS will not be available for exports made with effect from January 1, 2021.

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Business motivation

Basic But Crucial: The Basics Of Starting An Online Business

“But where do I start?”. This question, this very small yet complicated question has been crushing ideas to start an online business for ages now. Many online business ideas do not even get to see the light of the day because of the lack of proper execution. There are several brilliant minds that generate mind-boggling ideas that are capable enough to change the face of online commerce but do not get proper information and guidance on how to go about the plan.

We feel it is the need of the hour to make this information available to each and everyone who has a kickass idea and the passion required to start a successful online business. Follow and assess the steps below to simplify the complexities that tag along with starting an online business.

 

1. Choose The Battlefield With A Winning Idea

Now that the soldier in you has decided to fight against all the odds and make it big, it’s time to identify your passion and strengths. We all have been hearing our entire lives that without preparation, never enter a battlefield. It is very important to see for yourself and decide what is your niche. Which idea do you mind yourself most comfortable with?

Choose a business idea that excites you as an entrepreneur, however, it is equally important to realize the market around that product or service that you are thinking to build your business around. We suggest you conduct detailed research on your competitors to analyze if the market is overcrowded or undercrowded. Always go for a business that has a healthy amount of competition.

 

2. Lay A Foundation As Strong As Your Will

Talking of starting an online business, your social media following, your website, and your email list are some of the primary things that are supposed to be taken care of. First and foremost your website needs to be as clean and as simple as possible. Make sure it is catchy enough to hold prospects’ attention for potential conversion. Also, invest a good amount of your time and undivided attention in building your social media presence as well as an email list. We talk of the email list as organic reach is not that easy to obtain, hence email marketing, especially for the initial phase.

 

3. Pan Out That Business plan

Once you have THE idea and are aware of your social media presence and customer base, you will be required to make a business plan that includes all the strategic decisions around your business. This plan revolves around the target market, your unique selling points, the competition around you, the manpower, etcetera. This may sound like a daunting and complicated task but will help you once you start with the execution.

 

4. Make it official and register your business.

Once you lay out a business plan, it will be time to analyze the cost of production, shipping(if required), web hosting fees, etc. It is very important to understand the rules and regulations of the state that you are trying to start your business in. Figure out whatever is necessary, and register your business officially abiding by all the rules.

 

5. Market your business and never stop growing

Now that you have your well-built website with promising products or services to display, what should be the next move? Marketing! Yes, you will be required to market your business with the help of catch yet informative blogs. You can write this blog yourself or get it outsourced, just make sure it serves the purpose to direct traffic to your website. Always remember that to grow further, you always need to stay up to date with the ongoing trends and consumer behavior.

 

Keeping up with the world, and taking your business online might seem like a difficult transition at first, but if done carefully and cautiously, could bring you great results. If others can do it, so can you. Just make up your mind and inspire yourself to get over that 9-5 desk job to follow your passion, digitally!

 

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Startup

Checklist for Your Dream Restaurant!

If you are planning to get into the food business in India, you should start by acknowledging major factors like time, efforts required, and of course, the capital and the market research. Above these, you have so many options for you to enter into the food and restaurant business.

Beyond these, you have so many options for you to inscribe into the food and restaurant business. Simply start preparing the checklist of the requirements and the resources needed for any restaurant idea to go on the floor. Once you make your mind to get into this business, you require to keep a close eye on the next basic steps.

Let’s have a look at the top 4 steps required to be on the top list of your checklist.

Legal requirements
Any commercial enterprise, first and foremost, requires to have legal documentation. For opening restaurants, you need to take in the right knowledge regarding the licenses you need. For opening restaurants, you need to get permission from the local bodies and a license for the area where you want to set up your restaurant.

Along with this, you need to have an FSSAI license for making food safer for the customers, a GST registration, and a business registration to file the ITRs.

Cost to Evaluation
While setting up a restaurant, you need to look at the cost as it is a major factor when it comes to opening a restaurant. These costs are to be further divided into food costs where you need to make an inventory of raw material daily.

Another most significant factor for evaluating cost is infrastructure costs, this is one time during or periodical an investment like rent, interiors, kitchen equipment, and engineering cost.

Fixing Technology Requirements

Technology is your best friend in this fast-paced world. When you open a restaurant, you will need some or the other kind of software which will facilitate you to ease your operations and management process. Careful investment in technology will help you add meaningful value to your job.

Technology not just helps to manage or operate a business; it also helps you connect with your customers in the best possible ways. Therefore, make technology the most significant factor to work on while building your restaurant.


Marketing is important

To gain traction for your restaurant, online or offline, you need your marketing and promotion game stronger than ever as it will bring cash flow in your business. Invest your hard work in marketing your restaurant and menu in the best possible way.

In terms of digital promotion, you need to register your business with all websites where you can attract your customer. This will not only increase visibility but also will give an option to your customers to order online. Don’t forget to be your most active self on social media and run as many campaigns as possible. When you think about offline promotions, you need to have posters and pamphlets with some attractive offers and discounts on them.

When moving forward with any business, you need to have a checklist that could facilitate you to ease out this mammoth of a task. We hope after reading this article, you can be one step closer to your dream restaurant. Start creating a checklist to give wings to dream restaurant.

 

 

 

 

 

 

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Startup

Cloud Kitchen the New Saviour for Restaurant Business

Ordering food online is the new big thing entirely due to COVID-19 and several lockdowns that have kept restaurants closed and affected business too. But the takeaway meal scenario is at an all-time high, and we believe that people’s interest in ordering food is going to stay with us for long.

As per NRAI reports, over 500,000 restaurants and around 20 Lakh people employed in this sector are likely to lose business due to a pause in the restaurant business. Due to this global pandemic, people are holding on their distance from the restaurants and are now drawn towards cloud kitchen ordering facilities that cater to online delivery.

Here are the factors which make Cloud Kitchens a silver lining in the dark skies of a pandemic-

Delivery is faster
As per reports, restaurants are facing all-time lows and sales are down by 90%. Therefore, the takeaway option has become a vital source of income for the business.
Research has been conducted by the Red Seer company, according to which, the number of orders increased by 60%. Therefore, the Cloud kitchen comes as a rescue as it works best in such a scenario.

Reduction of Operational Cost
While running a restaurant, operational cost is one of the toughest factors in terms of managing a business, and in the current scenario, it’s tougher to achieve.
Cloud kitchen came to be known as a great aid in minimizing the cost of operation in terms of rent and staff. This leads to a higher number of opportunities, low investments, and chances to experiment and scale.
Cloud kitchens don’t just help in maintaining social distancing, but also turn the operational cost in half.

Technology And Food Are Becoming Friends
The advanced technology and love for food are leading to the high growth of the Indian food tech industry. Digital menus, QR code scanners, and app orders have given a new definition to the dining culture.
This not only guarantees social distancing but also assures end to end contactless dining experience in the current situation.

Chance to Bounce Back
Due to this pandemic, many small restaurants and cafes are getting closed. With the help of Cloud Kitchen, they can re-open themselves and receive a steady income.
It also allows these restaurant owners to cater to an increased delivery demand and experiment with the menu levelling up in the acting field.

New Home Dining Experience
Thanks to the huge pandemic, which has transformed people’s approach towards dining out, normal dining out now looks like this – Pre-reservation of tables, sanitizer bottle on the mesa, and servers wearing PPE kits. However, still many are trying to stay away from going out for dining.
A bunch of restaurants has come up with the idea of sending the chefs to homes with the necessary ingredients for experiencing home dining or from 5-star hotels, sending full course meals delivered at homes with the help of a cloud kitchen.

Saying bye-bye to dining out is hard, but in the current scenario, your safety should be your priority. The customer has shifted from dining out to dine-in, which is making people choose a safer alternative like a cloud kitchen. So, if you are a restaurant owner or planning to open one, Cloud Kitchen will help you in stabilizing your business.