Category: Business motivation

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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.

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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.

 

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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. 

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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!

 

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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!

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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.

 

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Business motivation

Franchise Business: The New Favourite Business Trend Of Independent Entrepreneurs

Business Expansion Ideas

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

What All Should be Taken Care Of?

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

Why Should You Choose Franchise Business?

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

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

But There Are A Few Catches. . .

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

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

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

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

Low-Cost Franchise Business Opportunities

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

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

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

 

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Business motivation

MUDRA Loan: Eligibility Criteria And Documents Required

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

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

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

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

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

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

Who All Can Avail MUDRA Loan?

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

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

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

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Business motivation

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

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

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

Spa and Salon Industry

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

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

Education Industry

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

Apparel Industry

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

Final Thought

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

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Business motivation

MSME Credit Health Index: New Indicator Launched to Help Govt, Policymakers, Lenders & Others to Measure the Health of MSME Sector, Check Details

Ministry of MSME
Ministry of MSME (Photo Credit: PIB)

Mumbai, November 2: In order to boost the MSME sector in the country, TransUnion CIBIL in partnership with the Ministry of Statistics & Programme Implementation (MoSPI) has launched the MSME Credit Health Index.

This becomes very important as the MSME Credit Health Index will provide government, policymakers, lenders and MSME market participants, a unique and reliable numeric indicator to measure the health of the sector.

Here are details about the MSME Credit Health Index:

The MSME Credit Health Index is built using credit data submitted by lending institutions to TransUnion CIBIL. The index measures the credit health of India’s MSME industry on two parameters: Growth and Strength.

Growth will be measured by plotting increase in exposure value (outstanding balances) over time and strength is measured by a decrease/ increase in credit risk in terms of non-performing assets (NPA).

The first version of the MSME Credit Health Index is based on data from March 2018 to June 2020. Rajesh Kumar, MD and CEO, TransUnion CIBIL, in a statement mentioned.

According to reports, the MSME sector has seen an increased level of NPAs in the last two years due to a slower rate of economic growth. The cash flows of MSMEs have been impacted over a period of time thereby limiting their ability to service debts. This has resulted in the Strength Index reflecting a decreasing trend.

 

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