Category: Business motivation

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Business motivation

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.

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Business motivation

Manufacturing In-Depth: The Good And Bad Of The Manufacturing Industry

उद्योग
उद्योग

How would you define manufacturing? In popular opinion, manufacturing is the process of combining the efforts of machinery and labour to make wonderful things with the help of raw material to put up for sale and making money out of it. Generally, when the manufacturer is used, it is associated with large scale manufacturing of finished goods. However, India is a developing country and has seen its fair share of struggles with keeping up with the manufacturing business.

Realizing the need to keep up with the pace and establishing India as a global player, the government is on top of its game to encourage businesses to make in India. This piece is written to present to you some advantages and disadvantages of starting a manufacturing business in India so that you can decide if you will be up for the challenge to emerge as a winner.

Let’s Break The Bad News First

The power shortage

One of the biggest drawbacks of running manufacturing is the unavailability of power 24*7. This setback does not allow the operations to run properly during business hours, let alone the smooth operations 24*7. This ultimately affects the efficiency, productivity, and output.

The affected Labour Productivity

The evident lag in supply chain management, transportation, and maintenance takes a toll on the productivity of the labour assigned to operate the machinery or to do the manual tasks.

The Costs of transportation & Logistics

The costs of transportation in India are really high and we all know. It takes very long to transport raw material from one point to another. The condition of logistics makes the situation even worse.

Troubles With IP Rights

One of the biggest issues with having a manufacturing business is the trouble that business goes through while protecting intellectual property.  As if it wasn’t bad enough, the ongoing reforms in India related to IP are only adding to the problem. 

We Saved the Good For The Last

The Government Support

Much needed in these troubled times, the support of the government of India is successfully managing to plant a hope in the heart and a dream in the eyes of the potential manufacturers by giving the message loud and clear in the form of the “Make In India” campaign. This pandemic has forced us all to realise the need to become independent as a nation, regardless of the kind of industry.

Top-Notch Quality Of Production

The recent example of Apple moving its manufacturing unit in India is perfect to back the fact that India ranks pretty high when it comes to the quality of production. Indian manufacturers have always believed in using top quality machines which is not beginning fruitful results.

Cost-effective Labour

Now let’s be specific that hiring labour in India is way more economical than hitting it in any other country. Both India and China have a very large population with a very high number of skilled and unskilled labor, but India has a clear upper hand as the labor cost is way less. The corporate giants have realized this fact and now is the time for the start of the Indian Manufacturing industry to shine.

Pros and cons are two sides of the same coin. If you sign up for something, you can not give yourself a false hope that it will be a bed of roses. Just accept the fact that India is still in a developing phase and will take its own sweet time to get there. If you start now, chances are you will be among the leaders in the coming years. Just promise your hard work and dedication to your business, the rest will fall in [place on its own.

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Business motivation

GST: What Is Goods And Services Tax And What Are The Benefits It Offers?

The change that is now recognized as one of the biggest reforms made in India that changed the entire game of how and what taxes are paid. Yes, We are talking about GST, goods and services tax, that includes many indirect taxes which were imposed by the central government such as excise, VAT, and service tax. GST has helped the MSME sector a lot by simplifying the process of filing returns, hence, decreasing their dependence on the experts who used to help them earlier with filing their taxes.

Components of GST
  • State Goods and Services Tax (SGST): Tax levied by the State Government
  • Central Goods and Services Tax (CGST): Tax collected by the central government
  • Integrated Goods and Services Tax (IGST): Tax applicable on inter-State supply of goods and services by the central government

There are many such benefits and advantages that GST offers, and anybody who is an aware and responsible citizen of India should know about it as it affects not only the entrepreneurs but the customer as well. Some of the main benefits are

Technical Advantage It Offers

The best thing about the introduction of GST is the technology that is involved in the process which is playing to its strengths. It is now way easier to register and to file the returns. There is an online GST portal that will help you with

  • Registration
  • Return filing
  • Application for refund
  • Response to notices
  • Consumer grievances

Uniformity In Taxes

Earlier, when GST was not in existence, there were several other taxes that unintentionally increased the cost of goods and services. However, GST has not absorbed all these taxes such as VAT, Excise, and service tax to rescue the cascading effect they had on the entire process. GST has brought that uniformity that much required and has ultimately resulted in the reduction of the total cost.

The Composition Scheme

GST offers a composition scheme under which small businesses that have a turnover of up to 75 lakhs can benefit by lowering their taxes by making the required changes. This has helped so many businesses with the unnecessary burden of tax and compliance.

Higher Threshold

According to this very beneficial reform, businesses that have a turnover of up to Rs. 20 Lakhs will be exempted from paying the GST. Earlier, with VAT, businesses that had a turnover of more than Rs 5 lakhs had to pay this tax. This change is speaking for the evident relaxation that has been provided to small businesses.

These are only a few of the many changes that were brought into existence to ease up the burden on the needy and to bring transparency in the whole system, Sure, which reform of this magnitude, there were some difficulties that were introduced, but the number and magnitude of the positives it brought can any day overweight the negatives.

 

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Business motivation

Distribution Business: The Business Trend That Has Been Winning The Hearts Of Budding Entrepreneurs Over The Years

Distribution business ideas or as many would call it wholesale business ideas, is one business trend that never lost its charm over the years and has continued to solidify its significance in the Indian market. All entrepreneurs who are trying to build a business from the scratch and have a budget that is a bit stretched could start this business without worrying about the overhead expense/costs that a manufacturer or a retailer has to bear. 

In this article, we will introduce our readers to 4 such business ideas where they just have to carefully strategize, execute, and plan along with keeping eye on the product demand and the capital.

Business That Involves Distribution Of Medical Equipments

The most important thing that this global pandemic of COVID-19 has taught us is that the healthcare system needs to be more organized and needs to be well equipped. Medical and healthcare equipment will always be needed by hospitals as well as patients. Hence, if you have good connections with a good supplier as well as a medical organization, this business will be a profitable affair for you.

Cosmetic And Personal Care Distribution Business

The majority of the population in India that is 65% is below the age of 35.  The millennials in our country, who are all very aware of the beauty and personal care regardless of their gender, have made this business this popular. If you are someone who has an interest in selling these kinds of products and know-how and where you can find your potential retailer, this is the best business to be in. Just remember to be associated with a supplier that only and only makes high-quality products.

Automobile Distribution Business

This has been a popular choice and is continuously growing as a market. We all as a nation are witnessing the development and can clearly see better connectivity in the form of roads in semi-urban and rural areas. With better connectivity, emerges the ease to have your own vehicle for communion. With the growing demand for vehicles, this business is topping the chart as one of the best distribution businesses. However, it will require you to put in a large capital.

Home Appliance Distribution Business

This distribution business has always been in demand and has always experienced good profits because home appliances are something that is now a very common thing to be seen in every household. With new models coming in every now and then, people tend to replace the old with the new and better ones. This cycle has proved to be extremely profitable for the people who are in this business. If this is something that excites you, go for it.

There are sure goods and services that are greatly sought after and one needs to distinguish that item and sell it remarkably. In case that the item wins the hearts of your customers, they will be prepared to follow through on an excellent price for it.

 

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Business motivation

The Key To Successful Marketing Business: How To Make Your Marketing Agency Number One In Market

Very fondly we write in big bold letters in the tagline “the best marketing agency in the market”, but do you agree with this statement? Deep down you know it is very hard to live up to your words and make your customer believe in you and your business. Nonetheless, there are a few traits that make a marketing agency stand out and be known for something it is best at doing. 

To take pride in your business and to make it more successful than ever, we are presenting to you some traits that are often observed in some of the very successful marketing agencies regardless of the scale they operate at. Brace yourself and walk this journey with us to become a part of the successful lot.

The Abundance Of The Creative Juices

The success of a great marketing strategy heavily depends on how creatively the campaign has been designed. Yes, creativity holds the same importance for a marketing firm that marketing holds for any business, You can not survive without it. It is important to have that creative eye to be thriving in this business and to make your marketing strategies not fall into the same old stale ideas that have been used to date.

Execution Is Key

Just imagine you coming with a solid plan that nobody has ever thought of, but the catch is that nobody is experienced enough to execute that idea and turn it into reality. To avoid finding yourself in such a situation, work on coming up with some tried and tested processes that have never failed you in the past and with the help of which you can

Market Yourself Before Marketing Your Customer

How exactly do you think your customer will trust you with marketing their business if your business lacks it in the first place. To help your customer develop faith in you and your business, work on marketing your business first. Let the world know that you are all about setting an example for others. Work tirelessly on building a strong online presence and let the word of mouth work its wonders.

Flexible And Fluid With the Media

Why do you think a client comes to expect of you when he asks you to market his business? He wants his business to market via all kinds of mediums, be it print media, electronic media, social media, radio, and whatnot. It’s okay to have expertise in a particular medium but you should be fluid with working on others as well and kill all the reasons for your customer to get disappointed.

Most of us think that marketing is all about posting social media creatives and increasing brand visibility. No, marketing is much more than that as there is a lot to it than meets the eye. It demands a lot of attention, creativity, execution, and awareness. Although success is mostly driven by your hard work, these traits will surely help you solidify your credibility and image.