Month: October 2020

Categories
Business motivation

MUDRA Loan Explained: All About Pradhan Mantri Mudra Yojana Loan For MSMEs

MUDRA is a praiseworthy effort of the government to provide financial aid to the non-corporate and non-farming Micro and small enterprises across India. MUDRA stands for Micro Units Development & Refinance Agency, which is aimed to provide loans of up to Rs 10 lakh to the enterprises who are eligible with the help of the eligible enterprises through the Commercial Banks, RRBS, Cooperative Banks, NBFC, etc.

What Is The Structure Of Mudra Loan?

There is a very interesting observation that everybody will make once they go through the structure of this scheme. The names of these products are based on the various stages of the development of human life.  Human beings go through various stages of their lives such as childhood, adulthood, and old age. Similarly, an enterprise also goes through various phases of development, hence the name of the products; Shishu, Kishore, and Tarun. Let’s acquaint ourselves with this structure briefly.

Shishu

This is that part of the structure which is specially designed for the enterprises in their nascent stages. All those enterprises who are in the process of establishing their business or thinking to start one can apply for a loan of up to Rs 50,000 under this product. 

Prerequisites
  • Machinery quotation and other items to be purchased
  • Details of the machinery to be purchased
  • Details of the machinery supplier
Kishor

It is pretty easy to predict what kinds of businesses can apply for a loan under this category. Every child grows up to be an adult someday and so does a business. This category is designed for all those businesses that are already established but looking for fresh funds in order to expand it. 

The loan that is provided under this category starts from Rs 50.000 to Rs 5,00,000. 

Prerequisites
  •  Last 6 months of account statements from an existing banker, if any.
  •  Balance sheet for the last 2 years.
  •  Income/sales tax returns.
  •  Estimated balance sheet for 1 year or for the duration of the loan.
  •  Memorandum and articles of association, if any.
  •  Sales made before filing the loan application and in the current FY
Tarun

Tarun Category is designed for businesses and enterprises that have completely established themselves and solidified their position in the market yet try to diversify and expand their business. Under this category, businesses could apply for loans ranging from Rs5,00,000 to Rs. 10,00,000. 

Prerequisites
  • All the requirements listed for Kishor Mudra Loan.
  • Address and Identity proof.
  • Caste certificate, if eligible for reservation

Advantages Of the MUDRA Scheme

  • the loan doesn’t require any collateral. It will save you further expenses and/or loss of a personal asset
  • For defaulters, the government takes the responsibility to repay the loan.
  • It is very beneficial to businesses that are looking to set up a micro-enterprise.
  • This loan will help you develop and further your company with up to Rs.10 lakh of funding.
  • The MUDRA Yojana scheme is available for small businesses regardless of the area.
  • Women borrowers get additional benefits as well as lower interest rates
  • It helps you raise funds easily to invest in your dream business
  • This loan also allows you to take advantage of the overdraft facility balance of up to Rs.5000.

With such a safe scheme and hassle-free process, MUDRA yojana has proved to be a godsend for all the entrepreneurs who are facing difficulty in raising funds for their business ventures. If You have an idea worth turning into reality, this might be the best option for you to hit your idea off the ground.

 

Categories
Process & Business Expansion Strategy

2020 Entrepreneur Trends For Business Expansion

As an entrepreneur, one has to be ready to adapt to the changes happening in the business world. The faster you adopt the change, you will able to establish your brand. As per your thought process, the idea you had must be great only due to the rapid changes the idea can get submerged or can come out as flying colours.

These changes can be bases on the political landscape, economy, technology, and social changes that can boost or kill your idea. As an entrepreneur, one needs know-how competitive the business industry is. In this case, to stay ahead, one needs to be updated with the latest trends. These trends can be in terms of technology, work culture, or operations.

Therefore, by keeping this in mind, mentioning a few trends that as an entrepreneur can help you to grow. These trends will help you, team, or business in the coming years and beyond.

Build Your Business as Part of The Economy

As a business owner, you should always remember how you are giving inputs in the country’s economy. You must understand the circular economy, a business model in which you benefit the business society and the environment.

When you are the owner of a new start-up, it will be easy for you to follow this model as in the later phase, it can be difficult to incorporate the model. Once you follow this model, then it can help you to achieve a great advantage over the competition.

Work on Global Path

When you plan your business, always plan to work on a global basis. Once you start thinking about the global growth, don’t think only about your product or services, but also when you create a team, make sure it has diversification in terms of education, nationality, gender, and experience. It will help you to become innovative and built a strong foundation for growth.

For reaching your destination, you need to start taking steps towards it. So, if you dream of catering to a global market, then, you need to plan this from day one, and it should reflect on your action and planning.

Innovation Is The Secret to Growth

As a business owner, one needs to keep working on a new opportunity for growth and expansion. Innovation is your best friend in this case as it will help you to create a better product or service but also help you tell to sell it to the right target market.

To have an advantage over the competition, you need to make innovation a priority, as it is the best chance to remain in the industry and help you to have the business grow.

Use Of Technology For Operations

You can play safe and smart by using the right technology. Tools that save time helps you to accomplish the goals with fewer resources only. These technologies will help you to streamline work, correct use of resources, and have better results.

These steps help you to grow your business and bring more focus to the team working better in the right direction.

As an entrepreneur, we understand you have many tasks to finish, but keeping yourself updated with these trends is important for you and your business plus your team. To expand your business and stay in the competition, you need to focus on the right things and at the right time

 

 

 

Categories
Marketing

Resourceful Techniques For Improving Sales In FMCG Sector

बिजनेस टिप्स
बिजनेस टिप्स

One of the extremely competitive industries is FMCG. This industry is always on the edge of change with rapid growth in terms of customer choices and preferences. Sales are one substantial factor for any business which every brand owner wants to achieve. FMCG business sales act similar to a balancer in which both the side required to be balanced equally.

In FMCG, quality and price are the main objectives to fulfil the sales targets. It doesn’t matter whether you sell any products the basic factors remain the same. In past years, many new ways came up to increase the sales have taken place like high use of e-commerce websites and subscription boxes have developed, and catered to niche markets. Thanks to the internet and technology developments have acted upon the industry to run the business.

So, if you want to dominate this competitive sector, then follow the following sales increasing tips and grow your business.

Try To Learn Your Customer’s Requirements

With a change in time, your customer changes with its purchasing habit also change. Its observed customer habit and buying attitude are changing rapidly, and to interpret this attitude of customer behaviour towards the products of your brand, one needs to build its own strategy.

It will aid you, in the long run, to know about customer attitudes and capturing the market. Therefore, you’re first towards facing the competition, and standing up front in the market is to know who is your real customer and then know their buying nature.

Set Dealer Margins

Being new in the industry and aim to build your brand, then you should set the margins for dealers who are going to buy your product. These people will buy the product with cash or credit to and make it reach your target audience. Make sure your pricing strategy should be made by focusing on all the factors like the discounts they will offer to customers.

To attract the dealer towards your product, you need to offer them a quantity discount which attracts them to order products in huge quantities. Think about the commission percentage also and limit at what level they can earn this commission. Hence, once you know your customer then focus on the dealers who will help you to reach your customer.

Maintain Your Operation Effectively

An operation in the company is needed to be focused very efficiently in any company. For this one, needs to acquire proper tools to manage all operational activity. FMCG industry is observing changes in every aspect like tastes and choices, so one should know the precise type of customer software to make your business grow.

Look and work towards maintaining all operations in your company, from managing deals to understanding the customer with quality and quantity of the product. Once you streamline your operational factor, it will easy to manage and reach the target sales.

After Sales Services

For any business, the most significant factor is to build the reliability, approachability, and convenience of after-sale service warranty claims and possible refunds. You should never ignore your customer once they have bought your product. If you do so then, not only you lose one loyal customer and lose trust in the market.

The brand which is easily accessible and available for all kinds of queries always creates a strong relationship between them. As it said, one happy customer brings more customers, similarly, one unhappy customer can make you lose potential customers.

The FMCG industry is a high potential growth industry. You can find a lot of hidden growth strategies for existing and new brands. The main point is not how many years you have given in the industry, but also how smart you make your business strategies. Utilize the given tips to increase the sales of your brand.

 

Categories
Motivation & Mind Control

Learn From The Secret Strengths Of Successful Entrepreneurs

Startup Tips
स्टार्टअप टिप्स

The success story of any entrepreneur is different from the other, but one common component is their decision-making skill and motivation towards the work. But the question is, what is one common thing that makes an entrepreneur influence both decisions? That common factor is strength. It engages a lot of strength to follow your passion and become an entrepreneur.

While talking about being an entrepreneur, you need to have an understanding of the major strengths of being one. It’s beneficial for those who are embarking on the journey as an entrepreneur. We know very well, nobody is a born entrepreneur, but in time you learn and skill up yourself.

Let us give you some idea of the strengths you need to focus on while in your entrepreneur journey.

Physical Power

Many entrepreneurs tend to ignore this strength as they start the journey of being entrepreneurship. But nobody realizes it physical and mental fitness work together in the growth of yourself and your business.

Yes, we agree while starting the new business, tough to time manage this in your busy schedule, but taking out 30 min for this strength can take you a long way in personal and professional life. It will also help you to motivate your team to be physically and mentally fit. Once a person is happy this way, they able to focus on their work that is directly beneficial to your brand.

Spiritual Energy

Many entrepreneurs are successful, it’s also true all are not good at decision making. Likewise, entrepreneurs have a different motivation to work like some are money-driven while some mission-driven. We know it takes hard to learn about spirituality and find the purpose to help. As an entrepreneur, this strength helps you to promote leadership as every entrepreneur is a leader, and once you know how to lead it, then it shows the level of growth of your business.

As an entrepreneur, learning is a perpetual process, and when you harness this strength, you open the process of self-improvement. Therefore, spirituality is a major significant role in the growth of your and business as it empowers your mind that leads to bringing more focus on work.

Mental Power

Mental wellness is important for anybody and everybody. When you need to work with a team, it’s significant for your focus on building mental strength. One requires to understand the real meaning and purpose of mental toughness is the ability to deal with any situation and pressure and bring out the best of the ability.

When you are in a position when you have to make a decision, then you need to keep the mind calm and relax. One needs to discover the art of handling the situation without making yourself upset as the whole team looks up to you for strength and solutions. Thus, mental strength is something that can help you to beat up the situation.

Ethical Strength

Ethics is something that one needs to have in a kind of work. No business or brand is not successful if they don’t abide by the ethical route. Success is marked when your customer is glad about your services and fulfil their needs.

Ethics is something that can’t come overnight, something you need to have in you. For any long-term relationship, you need to exercise with your team and customer for growth and success.

There is no shortcut to success, it is a long process, but few things can help you to start the journey of successful entrepreneurship. These strengths will not only help you to build your business, but also as a person to grow. Therefore, if you want to come as a successful entrepreneur then focus on working on these strengths and start the journey of an entrepreneur.

 

Categories
Startup

Smart Digital Marketing Tips Which Will Help Your Startup to Grow Amid COVID-19 Pandemic

Digital Marketing
Digital Marketing (Photo Credits: Needpix)

Mumbai, October 28: Coronavirus pandemic has made every business to restructure their strategy and planning for the future. It has come as a roadblock, where companies have been forced to sit down, brainstorm on new ideas and evolve. The pandemic has also seen several companies shutting down and many on the verge of collapse. Here are some smart marketing tips which you can implement to help your business grow amid the pandemic.

We need to remember that it is an extremely difficult work environment, demand has been ebbing and sales have been low. Businesses, therefore, need to implement some cost-effective and smart ideas to target their audience.

Connect With your customers: Use digital media to connect with your customers. This is a time to really show empathy to others and help out where you can. Remember, not to be too pushy with your products, but spread love and make your customers feel special and connected.

Strengthen your online presence: Make sure you are there on Google. Strengthen your presence on the online platform. In this age and day, the first thing a customer does is to use google. For e.g. if he is searching about restaurants near me and if your eatery doesn’t show up on the list, you have lost a chance to connect with your probable customer.

Work on your SEO: SEO will help your business increase organic traffic to your website and move past your competition.

Invest in good and relevant content: It is very important to invest in good and relevant content. For it, you need to do research. Put up information which is relevant for your business and which the customers want to see.

We are hopeful that you will get some insights from these marketing tips and it will help your startup to grow in these challenging times.

Categories
Business motivation

It’s Raining Business Ideas: 4 ways To Think Of Successful Business Ideas

A king may die but a kingmaker lives forever in the several leaders that he produces! Do you see where we are going with this? No? Let us simplify things a bit in order for you to understand the concept better.

 

By simply suggesting you or introducing you to new and innovative business ideas, we are helping you in a very limited and restricted manner. However, with the help of this article, we are going to turn you into someone who will be able to produce or think of new business ideas all by themselves. Does this excite you? If yes, keep reading.

 

Put Your Skillset To Best Use

Fish can’t fly and birds can’t swim. There is a reason why we are stating this example which is to make you realize the importance of understanding the skills you are good at! This analysis will help you understand what it is actually that you can do brilliantly even if it has been done several times in the past. What is that one thing with the help of which you can dominate the market? The chances of a business becoming successful are way higher when you bring your skillset to the picture. We would highly recommend you to start focusing on your skillset to chalk out an idea that paves you the road to success.

 

Rescue The World By Solving A Problem

When do you think business becomes successful? It is only and only when it helps solve a problem that nobody had really paid attention to solving to date. Do you have it in you to accept the challenge and become a problem solver? If yes, then use everything in your power to think of a problem finding a solution to which is the need of the hour. Look at what the market lacks. Think of the gaps and build yourself a successful business out of it. Always remember, the world has only accepted those who have become part of a solution and not the problem!

 

Don’t always Stick To Original

Surprised much? Don’t be, as we have a solid reason to back up with suggestions. Let’s say there is an idea that has already been implemented by many and has been going on and on for years but couldn’t drive great results. Imagine you have the perfect qualification, skillset, capital, and manpower to implement the same idea, would you let it go just because it isn’t original? Nobody would. All we mean to say is that reject an idea just based on how many times it already has been attempted. If you are confident of your own take on the same idea, go for it.

 

Perfection Is A Perfect Illusion

Agree with us? If not, let’s agree to disagree but allow us a chance to explain the concept behind it. We all know that there will come a time in our lives, professional or personal, where we will find ourselves in a dilemma whether we are making the right decision or not. This is about the same confusion. Sometimes we let go of those ideas which do not occur to us in a perfect form. If there is any such idea that doesn’t let you sleep but you are too unsure of how it will roll out, then try and start small. Workaround it, it may take time, but there will be a moment when the picture will be crystal clear and then you can decide if you would like to scale it up.

 

We know identifying your niche is something that is easier said than done. Try and give serious thought to the tips mentioned above and you will find yourself thinking from a whole new perspective, a perspective that will help you never run out of ideas that can change your life.

 

Categories
Startup

Piyush Goyal Says ‘Futuristic Vision Combined With Decisiveness Has Provided India a Solid Startup Ecosystem’

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, October 27: Union Commerce and Industry Minister Piyush Goyal on Tuesday said at an event that futuristic vision combined with decisiveness has provided India with a solid startup ecosystem. He spoke this at the inauguration of the 1st Shanghai Cooperation Organisation (SCO) Startup Forum.

Goyal highlighted how India’s startups have demonstrated their ability to convert this severe adversity amid the coronavirus pandemic into a great potential of the future. He further lauded Indian startups for demonstrating high energy and enthusiasm to give many timely and cost-effective solutions. He mentioned that this forum is an opportunity for all the member nations to share and learn from their experiences.

Goyal said creativity, innovation and disruption will be the new mandate in the emerging future. The minister said the new unique concepts that startups come up with will get a much larger engagement through this forum, according to a report on PTI.

“Sharing our best practices, knowledge, engaging corporates and investors from all the member nations, monetising and mobilising capital, setting up incubators, providing exposure and scale with market access will certainly help the worthy ideas of our startups’ innovations,” Goyal added.

 

Categories
Startup

Opening a Restaurant Amid COVID-19 Pandemic? Here Are 4 Tips Which Eatery Businesses Can Follow to See Success

Restaurants
Restaurants (Photo Credits: Pixabay)

Mumbai, October 27: The coronavirus pandemic affected everyone, from businesses being shut to people being fired. Now with the economy opening up, and several curbs being lifted, restaurants along with other eateries have started their operations, but at a slow pace.

With the coronavirus rapidly spreading across the world and cases still on the rise, restaurants may need to hold on a little more before resuming operations like before.

Here are a few tips which restaurants can follow to see success in their business: 

Maintain Hygiene: The first and foremost thing is to maintain hygiene. Customers always like to take their meals or have a good dinner at a place which is clean and gives attention to hygiene. This has become extremely important amid the coronavirus pandemic, where people are extremely sceptical of trusting anyone who scores low on this point.

Customer is king: Like any business, restaurants also thrive on customers. It is therefore very important to keep them at the centre of your planning and strategy. Be polite, hospitable and make them feel special. Invest your time and effort on your guests. Give them special offers on their birthdays, anniversary and other days.

Be online: If your business is not yet online, it is time, you should rethink and make a strategy on how to go online. With the increase in online food delivery apps and the rise among people ordering food from their home, you will lose out on a major chunk of the customers if your presence is not on the online platforms.

Be Active on digital: As a restaurant, it is very important to be active on the digital platform. You need to always keep updating your customer base about exciting offers and lure them with attractive food pictures.

Categories
Business motivation

Easy to Start Manufacturing Business Ideas For 2020

A business is nothing more than just an idea on a piece of paper but only until it is met with flawless execution, sufficient fund, and a marvelous team to make it a reality. If Starting a manufacturing business idea has been on the cards, this is the best time for you to give it a go as the government has introduced many schemes to support manufacturers to strengthen the vision of making India Self reliant.

We are bringing to you some of the very popular manufacturing business ideas that are not going to lose their popularity anytime soon. If this is something that holds your interest, continue reading.

Toil Into Safe And Indigenously Handmade Toys

Recently, the Hon’ble prime minister spoke about the importance of manufacturing indigenously to support the growth of India making it self-reliant. He also insisted on manufacturers making handmade toys that can reflect the Indian culture in so many unique ways. If you have a skilled labor force or you find yourself enough to do the job, you must give it a try to contribute and aid to the cause as well as fulfilling your passion for making toys.

Play Around With Making Wooden Furniture

Custom made wooden furniture is one of the brilliant manufacturing businesses that you can get into if your interest lies in this particular department. From getting a custom made crib to getting a custom made a wooden shrine, we Indians are not shying away from getting things made our way tailored according to our personal preferences. Be it a chair, a coffee table, or a bookshelf,  we want all of it to have some sort of personality for which we depend on custom made wooden furniture manufacturers. If you have the expertise in building furniture and a whole lot of creativity, go for it.

Baked Goods For Life

 We are the generation that is comparatively warier of what goes into the food especially if it’s made outside. It takes us, as consumers, a lot of trust in a business to buy our staple food items from them. One such item is the bread and other baked goods. People want their bread to be made from the healthiest of ingredients that involve a lot of unprocessed things as close as possible to their natural form. If baking is your passion and you can manage to run this business at a decent scale, you should go for the kill and become the favorite of your customers.

Scented Candles And Natural Oils will Never Be Old

Be it a birthday, housewarming party, or just to make yourself happy, scented candles and other such essential natural oils are the best to delight your senses with those beautiful and aromatic fragrances. This is something that has been going on for quite a while now, but it is only in the recent few years that the scented candles and oils have started to pick up the pace. If you have a knack for it or have done a proper course in candle making and oil production, this is the best time for you to try it out.

We are sure the kind of resilience, perseverance, and dedication an entrepreneur possesses, it should not be very hard to crack the code of a successful venture in the manufacturing business. Be sure of the idea that you want to work on, make a business plan, look for a powerful sales and marketing team that will promote your business. It is just a matter of time before your hard work starts to pay off because a country like India has a lot to offer to the manufacturing industry, just be sure to invest your heart and soul into it.

Categories
Business motivation

Distribution Business Model: Know Which Model Is the Best Fit For Your Business

export and import
निर्यात और आयात

The fact has been established that distribution business is an extremely profitable affair given you have the perfect strategy chalked out to help reach you the perfect customer to promote and accelerate your business.

Now that the profitability has been identified, many entrepreneurs have started this business generating tough competition. The only thing that will make you and your business stand out is the way you conduct your business. Now, how do you make your business stand out? The answer is to bring to existence that one perfect business model to grow your business for good.

What Exactly Is a Distribution Model?

A distribution model is nothing but an intelligently figured out way to make the goods and services reach from manufactured to the end consumers in the best possible and efficient manner. 

The primary purpose of a sales distribution model is to deliver these prepared goods from the manufactures to the target customer base in the most cost-effective way.

A distribution model includes many factors such as logistics, transportation, warehousing, storage, channel management, and inventory management.

What Are The Various Kinds of Sales Distribution Models?

Broadly there are three types of sales distribution models designed such as Intensive or mass distribution, selective distribution, and Exclusive distribution.

Mass/Intensive Distribution Model

This is the sales distribution model where the goods and services are designed to cater to a broader market or goods are produced for a very big number of people to consume. 

Try to understand it this way, if there is a business giant who produces its goods and services on a very large scale can not cover the entire geography to make its products accessible to each and every potential customer. 

Nestlé is producing its products which are consumed on a very large scale, it will need this mass distribution model to get associated with many intermediaries to make things happen.

Selective distribution Model

This is the kind of sales model where a manufacturer designs a plan to provide their goods or services to a select few clients or minted number of retailers. 

Selective distribution models can give an impression that the limited number of clients could hamper the growth and survival of a business, however, dealing with a select few clients also come with a lot of advantages such as the control of distribution chains and training your distributors. To state an example, if there is a manufacturer that makes crackers and deals in pyrotechnics, it will have a limited number of clients or resources.

Exclusive Distribution Model

This is the kind of sales distribution model that is adopted by a select few organizations. In this type of distribution model, the manufacturer of a product or service chooses to associate with one distributor or one type of distributor. 

One of the benefits that come with this model is that the manufacturer or producer has the upper hand or greater control when it comes to distribution. The best example would be Rolex Watches or iPhones.

You will struggle to make your business a success if you don’t build and operate your business on an existing model that suits your business. Now, with a clear picture of all these sales distribution models in front of you, try to do some research to figure out what is that one model that will help you scale more in less time.