Month: October 2020

Categories
Finance Sales

Planning to Start a New Business? These Dates Are Auspicious for the Opening of Shop, Office and Factory in November 2020

Hindu Puja (Photo Credits: Pexels)

If you are setting up a new business, you will always consider an auspicious time to start the venture or a firm. It is believed that the ‘auspicious time’ known as ‘mahurat’ followed by Hindus before starting any kind of new business, small or big, can provide many benefits and help the business flourish. Any work, office, shop or factory that is started at a ‘shubh mahurat’ always open up new business opportunities for the entrepreneur. If one starts the business at an ‘shubh’ time, the business will become a great success with rapid growth. Let us see when are these auspicious days in November 2020 according to astronomy.

In November 2020, a new shop, new office or factory can be inaugurated in these auspicious times-

  1. November 8: If you wish to open a new shop, November 8, 2020 is an auspicious day as it is Saptami Tithi and Pushya Nakshatra on that day.
  2. November 12: On 12 November 2020, Dwadashi tithi will be observed which is considered to be auspicious for starting or opening new office as the day falls on Hasta Nakshatra, which is lucky.
  3. November 13: It is a Friday and it is an auspicious time to start trading as Trayodashi and Chitra Nakshatra fall on the same day.
  4. November 15: Sunday, November 15, 2020 is an auspicious day for opening shop due to Amavasya and Anuradha Nakshatra.
  5. November 19: On Thursday, November 19, 2020, Panchami Tithi and Uttarashada Nakshatra are auspicious to start business.
  6. November 20: On Friday, Shashthi Tithi will be auspicious for shop Opening due to Uttarashada Nakshatra.
  7. November 25: Ekadashi falls on November 25, 2020, which is a Wednesday. The date is auspicious and lucky for office opening due to Uttarabhadrapada nakshatra.
  8. November 27: On 27 November 2020, Dwadashi Tithi and Ashwini Nakshatra are beneficial for the beginning of any trading in business.
  9. November 30: Rohini Nakshatra with full moon on Monday is auspicious for starting a new business.

The Auspicious time for shop-factory-office opening as per Sarvarthasiddhi Yoga are: November 12, November 13, November 25, November 27, November 30. The auspicious time for opening of shop or office – November 8, 12, 13. With the onset of the festive season, people are now gearing up to bring their business to normalcy after being severely hit by the coronavirus pandemic. In the new normal, entrepreneurs are now gearing up to look for opportunities to revive their businesses.

Categories
Finance

Gold Rate Today: Price of Yellow Metal Down at Rs 51,100 Per 10 Gram, Silver Slips to Rs 62,847 Per Kg

Gold
Gold (Photo Credits: Pixabay)

Mumbai, October 22: Gold and silver prices slipped today in the futures market in India mirroring queues from the global markets. On MCX, December gold futures fell 0.45 percent to Rs 51,100 per 10 gram while silver futures declined 1.2 percent to Rs 62,847 per kg.

The reason why gold in the global market slipped was because of uncertainty over the US stimulus package. According to reports, there were rising concerns that an agreement on a new US fiscal coronavirus aid package will not be reached until after the presidential election when US President Donald Trump accused the Democrats of being unwilling to craft a compromise on aid.

Spot gold fell 0.2 percent to $1,920.86 per ounce, falling from a one-week high of $1,931.01 hit in the previous session. According to Good Returns.com, the price of a 10-gram 24 carat gold in Mumbai was Rs 51,100 on Thursday.  Customers need to pay Rs 51,710 in Kolkata for 24-carat 10-gram gold.

Categories
Startup

Women Entrepreneurs in COVID-19: From Starting New Business, Closing Funding Deals to Innovating, Here Are the Women Who Saw Opportunity in Adversity

Women entrepreneurs
Women entrepreneurs (Photo Credits: Pikist)

New Delhi, October 22: The coronavirus pandemic has caused a devastating effect on the economy. From job losses to factories being shut, people across the world were impacted by COVID-19. However, in spite of this, there is also a positive side where few women entrepreneurs took the challenging market condition as an opportunity and flourished amid the pandemic.

We bring to you a list of few entrepreneurs who dared to dream in spite of the negativity and gloom. Here are stories of some women entrepreneurs sailing amid the coronavirus pandemic.

Boju’s Kitchen:

Amid the pandemic, we saw how several women started delivering food and helping others when most restaurants and other food delivery options were not available. One of them was 23-year-old Chitrangadha Gupta who along with her mother and grandmother, started a sought after momos making and delivery service under the name Boju’s kitchen. She started the venture with just an initial investment of Rs 2,000. From around 6-7 orders per day, her business now caters to over 30 orders and delivers across Delhi.

NOTO:

Mumbai based startup launched NOTO, an ice cream brand that specialises in making healthy, low-calorie, low sugar, and high-protein ice cream in May 2019. Entrepreneurs Ashni Seth raised an undisclosed amount of funding as part of a Pre-Seed round led by WEH Ventures, with participation from Lead Angels, in July 2020.

Enklose: 

Rakhi Khera founded Abiti Bella Enterprises in 2014 and has been generating good revenue. However, amid the pandemic, her business incurred major losses and was not able to earn a single penny. It was then that Khera came up with the idea of Enklose, a coverall that can be used by domestic maids, beauty salon workers, and hotel employees. It is a cost-effective, reusable, and washable overall.

Ni-Varak:

Ni-Varak is a contactless mobile-based thermometer. The need for wide-screening of body temperatures during the pandemic fueled its invention. Using the Internet of Things (IoT) technology, it enables a contactless way of measuring temperatures, along with geo-location and time. It is the brainchild of Chinnayya Math and Vaishali Chinnayya.

These women are an inspiration for others who want to start something of their own but are sceptical. Their determination, innovative idea and zeal to become successful have helped them see success amid the pandemic.

Categories
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.

Categories
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. 

Categories
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

Categories
Startup

4 Business Lessons Which Every Entrepreneur Should Take From the COVID-19 Situation

Startup
Startup (Photo Credits: Pixabay)

Mumbai, October 21: The coronavirus pandemic has affected every business around the world. Several companies have been shut, people have been fired and many are on the verge of closing down. The pandemic has taught entrepreneurs some harsh lessons which every owner needs to keep in mind before starting a business.

The coronavirus pandemic has caused changes in mindset, attitude, direction, and the behaviour for organisations, according to CISCO.

Here are 4 lessons which entrepreneurs need to keep in mind after the coronavirus pandemic:

Keep a plan B ready:

No one expected that coronavirus pandemic will have this massive impact and the effect will be lasting this long. Due to the coronavirus pandemic, strict lockdowns were enforced and there were several restrictions. This was not an ideal scenario for businesses to run smoothly. Here comes a plan B in handy, on which you can fall back on if your initial plan doesn’t work.

Every day is not going to be the same. Therefore, as an entrepreneur, if you’re struggling to cope with ups and down of the entrepreneurial journey then it is critical for you to have a Plan B in place.

Hire carefully: Allocate a set budget and then hire accordingly. Don’t overspend on resources which can easily be done with limited resources.

Keep a contingency fund ready: Prepare a contingency fund for emergency purpose. This fund is cash or other assets reserved to address unforeseen circumstances or losses in a business. The role of the contingency fund is to improve a company’s financial stability by developing a safety net that the firm can use to fill emergency needs.

Be Open to accepting new technology:  The virus has emphasised the importance of technology, as it was relied on more than ever for companies to conduct work. From work from home to business meetings, closing deals and interviews, everything was done online with the help of technology amid the pandemic.

 

Categories
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.

Categories
MSME Startup

COVID-19 Impact: 78% MSMEs and Startups in India Reduced Workforce in Last 8 Months Since Pandemic Broke Out, Says Survey

Startup (Representational Image Only, Photo Credits: NeedPix.com)

New Delhi, October 20: Ever since the COVID-19 pandemic broke out in India, as many as 78% MSMEs and startups across the country have reduced workforce in the last 8 months. As per a survey by LocalCircles, only 22 percent startups and MSMEs have the same or increased workforce as compared to the pre-COVID levels. According to reports, India’s startups and MSMEs ecosystem went through a torrid time due to the deadly pandemic and lockdown that was imposed across the country. Revenues and operations were severely impacted for most businesses which led to cost cutting and some even shut down temporarily or permanently. Per CMIE, 6 million Indians had already lost white collar jobs in the March – August period.

To understand the impact of the pandemic on startup and MSME, a survey conducted by LocalCircles received over 7,000 responses from startups, MSMEs and entrepreneurs spread across 104 top business districts of the country. In the survey, startups and MSMEs were asked about how have workforce adjustments taken place in their business during the Covid-19 pandemic. In response, 25 percent said their business has shut down and all workforce has been let go, while 15 percent said their workforce has reduced by 50 percent or more.

A 19 percent said their workforce has reduced by 25-50%, and another 19 percent said their workforce has reduced by up to 25 percent. A 6 percent said their workforce has increased and 16 percent said they have same workforce as pre coronavirus time. This shows that 78 percent MSMEs and startups in India have reduced workforce in the last 8 months since the COVID-19 pandemic broke out and only 22 percent startups and MSMEs have the same or increased workforce as compared to the pre-COVID levels.

The Government also took steps to help these small businesses through the Atmanirbhar Bharat scheme, but its advantages per feedback from businesses in July this year has been quite limited, the survey said.

The startups and MSMEs in India were asked about how employment of women has been in their business 8 months into the COVID-19 pandemic. In response, 7 percent said women in their workforce have been reduced by 50-100 percent, 12 percent said women in their workforce have reduced by 25-50 percent, and 12 percent said women in our workforce have been reduced by up to 25 percent. 46 percent said they still have same number of women in the workforce as pre COVID-19. Not a single business reported increase in the number of women employees during the course of the 8 months of COVID-19 pandemic.

This means that 31 percent MSMEs and startups in India have reduced women workforce in the last 8 months. The Labour Force Participation Rate (LFPR) among women in India, is one of the lowest in the world and appears to have slid even further during the COVID -19 pandemic.

In the final question, startups and MSMEs were asked looking at the next 6 months as to how do they see employment of women in their business. In response, 50 percent said they don’t plan to hire any women employees while 30 percent said they plan to hire 1-5 women employees. 13 percent said they plan to hire 6-10 women employees and 7 percent were unsure about it.

 

Categories
Startup Strategy

Startup Growth Strategy: Follow These 4 Steps to Sustain in the Competitive Market

Startup Growth
Startup Growth (Photo Credits: Pixabay)

Mumbai, October 20: Starting a company is not an easy task and one of the most important things is a strategy. You need to have a robust strategy in place for your startup to grow.

It is a very difficult and competitive space for a new company to establish itself. According to a report on the Entrepreneur, 50 percent of the startups fail every year and only a few manage to survive for more than five years. The ones who succeed for a longer time in the market can do so by creating a startup growth strategy.

Check Startup strategies shared by Dr Vivek Bindra: 

Today, we will talk about 4 steps to develop your startup growth strategy: 

Create your vision statement

When you are starting, create a vision statement where you would like to see your company in the future. Dream big, aim big but is also very important to remember that there are various restrictions in the form of budget and other resources, unlike a big company. But, if the focus is right, you will soon be able to achieve it.

Own your strengths and weaknesses

Identifying your strengths and accepting your weakness will help you to sustain in the market for long.

Determine your positioning in the market:

You must have an understanding of your business. You must know, what sets you apart from your competitors.

Keep a check on your competitors: 

In the age of digital media, a consumer is bombarded with numerous information from various sources. Very few manage to stick on to the mind. Therefore, it is very important to check on your competition and never underestimate them.

These strategies will help you to increase sales of existing products or services on existing markets, and thus will help in increasing your market share. They will also create a strong brand recall.