Month: November 2020

Categories
Startup

Cold Storage Business in India: Here Are 5 Major Investments Required Before You Plan to Start a Cold Storage Business

Cold Storage
Cold Storage (Photo Credits: Wikimedia Commons)

New Delhi, November 25: Cold storage is a one-time business investment, where the initial investment required is on the higher side. However, the returns are higher and are on a long-term basis, as compared to other small businesses.

Also, it will become more popular and the demand will increase over the next few months as cold storages will be used to store vaccines.

There are certain big investments that need to be made if you want to start a cold storage business. Some of the food items that require cold storage are fruits and vegetables, poultry and fish products, meat.

  • Buying cooling machinery
  • Acquire the land and construct the storage facility
  • Get required licenses from the Government
  • Managing essential things like water, electricity, and other related materials
  • Hire equipped staff who will be able to handle the machine.

    Prime Minister Narendra Modi on Tuesday held a meeting with chief ministers of all the states and Union Territories to review Covid-19 situation where he asked them to start working on cold storage facilities for coronavirus vaccine.Three billion people may be denied a COVID-19 vaccine when it’s here because a number of countries don’t have sufficient cold storage facilities, the Associated Press reported.

Categories
Startup

5 Ideas to Start-Up Business in Healthcare Sector

Start-Up Ideas for Healthcare Sector| Representational Image (Photo Credits: Pixabay)
Start-Up Ideas for Healthcare Sector| Representational Image (Photo Credits: Pixabay)

The business environment is quite uncertain. There are constant changes in the way it operates. It is affected by several factors, including political, social, legal, and cultural among others. A business therefore experiences many direct and indirect interventions making its path highly unpredictable. However some businesses are hardly affected by such market fluctuations. One such is the healthcare sector. The medical and healthcare businesses are not prone much to disturbances in the external environment.

As more and more businesses are away from the traditional brick and mortar shops to advanced website and other online platforms, varied opportunities for starting non-conventional business in the healthcare sector has also emerged. Here are some of the start-up ideas for healthcare sector-

Health Information Website

One of the most straightforward business ideas for healthcare or medical sector is to start a website to provide information on routine healthcare. People are increasingly becoming more and more health conscious and are seeking for quick tips to stay healthy or the uses of medicine. The website can have multi-format content such as blogs, podcasts, infographics, videos, tutorials, articles, multimedia stories etc. It can be divided into different categories based on the food habits, working life, other health problems of the people.

Daily Nutrition App

More and more are becoming aware about the need of proper nutrition in their diet. An app with provides information for the nutrition requirements of the user depending upon his/her physical activity, BMI etc., can be highly useful for the health conscious people who are busy in the life enough to not have any time for separately looking for such information. Users can also provided by the opportunity to get in touch with a trained nutritionist or dietician who can help them to regulate their intake, helping them realise the effects that various foods have on their health.

Medical Records Management App

One of the best healthcare start-up ideas could be to start a digital service for hospitals, clinics, and doctors’ offices to help them manage their medical records It could assist the users to maintain and identify medical records of their patients in an organised and chronological manner. Moreover, even individual with heath conditions can also keep regular records of their condition.

Maternity/Child Care Guidance App

Many new parents face difficulty in accessing doctor as and when required and look for continuous guidance on how to take care of their new born.  You can build an app that has all the necessary information related to various stages of child birth and care. A child-specialist can be roped in for advice in emergency situations. A similar guide on pregnancy will also add to the demand and usage of the app.

Mental Health Tracker App

In today’s faced passed-anxiety inducing world, more and more people are facing several mental and emotional disturbances. Many of them are too afraid to seek help owing to the stigma associated with it. An app devoted to keep a track of the mental health of individuals is a highly viable business idea. Counselors and therapist can be roped for users to discuss their problems anonymously. Daily mental de-stressing activities and exercises can be an added attraction of the app.

Heath is the biggest wealth a person can ever earn, with growing awareness of importance of leading a health life, people are progressively looking for sources to guide and regulate their lifestyle. A start-up in the health-care sector will be highly profitable and useful for both the service provider and user.

 

 

Categories
Startup Strategy

‘Innovation Culture’ Important for Performance and Resilience of Indian Businesses, Shows Study

Innovation important for business resilience, shows study (Photo Credits: Pixabay)
Innovation important for business resilience, shows study (Photo Credits: Pixabay)

Any firm that aims for a long-term survival and growth, innovation is of utmost importance. Owing to rapid changes in the macro and micro environment of business operation, a firm needs to be flexible and accommodating to new opportunities and threats. A dynamic and innovative attitude becomes important for an overall development and existence of the organisation. The outbreak of COVID-19 pandemic, for instance, is one such situation where innovation was highly desired for to keep the firm afloat.  According to a recent study by Microsoft and IDC, 77 per cent of Indian organisations have found innovation to be critical or important to their performance and resilience, amid the worldwide pandemic. Around 439 business decision makers and 438 workers were surveyed in India within a 6-month period, before and since COVID-19 outbreak.

The study concluded that the businesses in India have increased their ability to innovate by 4 per cent in mere six month time period, as it became essential to cope up with the threats of the external environment. It also revealed that around 78 per cent of the Indian organisations are speeding up digitalisation in a variety of ways to adapt to the new reality. Thereby launching digital products and introducing digital payments, and increasing moving towards e-commerce and automation by adapting the innovative culture in businesses. As a result, Indian companies are aiming at increasing their revenue from digital products and services to 50 per cent in the next three years from 36 per cent at present.

“Innovation is no longer an option, but a necessity. We have seen how the recent crisis has spurred the need for transformation; for organizations to adapt and innovate in order to emerge stronger,” Rajiv Sodhi, Chief Operating Officer, Microsoft India, told reporters in a virtual round-table. “We commissioned this research to gain better understanding of the relationship between having a culture of innovation and an organization’s growth. But now, more than achieving growth, we see that having a mature culture of innovation translates to resilience, and strength to withstand economic crises to recover,” he added.

Since the external environment, amid the COVID-19 outbreak, has necessitated the innovation and diversification of business operations and its products, more and more firms are looking for opportunities and areas to innovate. According to the survey, 64 per cent of respondents acknowledged that innovation has become easier in the post-COVID-19 era. Prior to the pandemic, only 32.5 per cent of Indian business found innovation in their products and services easy. The study introduced the culture of innovation framework, which spans the dimensions of people, process, data, and technology, to assess organizations’ approach to innovation.

According to the survey, as much as 45 per cent of the Indian organisations feel that their priorities for the next 12 months will be to focus on technology as most essential for business resilience and recovery. Some best practices will include developing a culture that promotes investing in disruptive technologies and leveraging data to differentiate and enhance products and services, the study said.

 

 

 

Categories
Startup

Online Gift Business: Follow These 4 Steps If You Want to Boost Sales Ahead of Christmas & New Year 2020

Gift
Gift (Photo credits: Wikimedia Commons)

Mumbai, November 24: Online gifting business is one of the most profitable business options which you can open just ahead of Christmas and New Year 2020. This is such a category, where there will be demand 365 days and the sales will also peak as the festive season approaches. This is such a business, which doesn’t require a big investment.

However, thinking of the huge competition in this space, it is very important to take care of few factors in order to stay ahead in the race.  We have listed a few steps for you to follow if you wish to boost sales ahead of Christmas and New Year.

Stock Up with good products: Create a good website and stock up with essential products. The festive occasions should be properly highlighted and gifts around those specific days should be arranged for.

Marketing strategy: Once you have a good stock, it is important to market it so that customers will come to know about it. Be regular with social media marketing, update at least thrice a week. Whenever you add a new product, inform your customers about it. The website should also be updated with the latest products.

Product Delivery: Pay attention to product delivery. In today’s age and day, hire a good delivery partner who will ensure that your product will reach in the safe hands of the customers.

Customer Relation: Remember, you are in the servicing industry. The topmost priority should be to make the customers happy and leave a good impression on their mind. If customers have complaints, then address it and don’t sit over it. You should make them feel special and be humanely in your approach.

Customers are not only spending their money but also their time in buying your product. So it is your responsibility to see that they have a fruitful shopping experience. In today’s digital age, customers share their experience in a jiffy on social media, be it good or bad.

Categories
MSME

Here Are 3 Major Roadblocks on the Path of Indian MSMEs’ Road to Digital Transformation

Digital Transformation
Digital Transformation (Photo Credits: Pxfuel)

New Delhi, November 24: Indian MSMEs realised the importance of digitisation amid the coronavirus crisis. Infact, digitisation opened the gates for many local businesses and helped them strengthen their operations and cope better with stressful times.

However, there are some roadblocks on the path of Indian MSMEs which needs to be cleared to achieve success.

Limited growth capital: MSMEs have limited growth capital that makes technology adoption and digital transformation demanding.

Expensive: Digitisation is an expensive affair, from buying the latest smart devices, strong internet services, to getting skilled employees to manage the system.

Unaware of digital impact: Indian MSMEs are still unaware of digitisation and they fail to create customer loyalty and retention.

India’s micro-, small- and medium-sized enterprise sector is a vital contributor to the country’s growth story. According to a 2019 study conducted by YES Bank, it revealed that over 50 percent of digitally-empowered MSMEs improved their profits, operational efficiencies, as well as customer engagement. In addition to this, the Narendra Modi government has pushed out several initiatives to boost the sector.

MSMEs are not alone in their journey to digitisation, e-commerce companies like Amazon and Flipkart to corporates like Mastercard all have been doling out initiatives to help the MSME sector. Also, several startups like Khatabook, FarEye, Udaan, and others are dolling out several initiatives to help MSMEs in the digitisation journey.

 

Categories
Startup

IESC Signs Pact With FLO to Provide Guidance to Startups and Women Entrepreneurs in Becoming Job Creators

Women Entrepreneurship (Photo Credits: Pexels)

New Delhi, November 23: In a bid to provide guidance and to mentor startups and entrepreneurs to grow, the Incubation and Enterprise Support Centre (IESC) of IIM Shillong has signed an MoU with FICCI Ladies Organisation (FLO). Reports inform that the IESC chairperson Sanjeeb Kakoty and FLO national president Jahnabi Phookan signed the deal for their respective organisations on Saturday. The pact is signed with the mission to generate and disseminate knowledge in all aspects of management for sustainable development and to develop innovative leaders with strong ethical values.

Under the pact, entrepreneurs who are a critical stages of starting up a new business will get nurturing, instructive and supportive environment which would increase the chance for a startups to succeed. The mentorship would shorten the time and reduce the cost of establishing and growing its business, the IIM said in a statement issued here. The new pact between two very influential organizations is just the right boost at the right time particularly for women entrepreneurs of the region.

Talking about the importance of women, particularly those in the northeastern part of India, in safeguarding the rich culture and traditions of the people, Prof Sanjeeb Kakoty felt that women were also very much responsible for keeping alive the entrepreneurial nature and spirit emanating from the region. Speaking about the work of FLO, Phookan elaborated that FLO’s vision under her presidency is to focus on ensuring sustainable practices and creating sustainable livelihoods for the economic empowerment of women towards becoming sufficient job creators than just mere job seekers.

IIM Shillong chairman Shishir Bajoria expressed confidence that this initiative could be a defining moment in impacting firstly the region and then beyond, in line with the responsibility bestowed on this premier institute of national importance in the region.

Categories
Legal

5 Indian Legal Provisions that Every Startup Needs to Know and Follow

Legal Laws For Startups (Photo Credits: Pixabay)

India has been witnessing the emergence of many new-age entrepreneurs, these are the people who have the urge to set-up and run their own businesses. They have idea, aim and objective, with a clear plan to enter in the business of their own. For a start-up to survive a sound flow of funds, adequate knowledge of market condition and proper resource management skills are of utmost skills. Apart from these, one of the most important aspects of the business field which young entrepreneurs often overlook is the understanding of the legal framework on the country where the start-up is operated.

All the countries have a set of legislations to govern the business environment. In India, as well, there are various laws and legislation that deal with the establishment and functioning of a business enterprise. They supervise the internal management as well as the external relations of the business. It is important for any entrepreneur to know and comply with these legislations, in order to ensure that the business does not land in any legal troubles.

Here are Five Legal Frameworks that Every Startup Owner Should Know –

Incorporation Laws

The first step to bring a start-up idea to reality is incorporation; every firm needs to be duly incorporated under relevant laws before it could start its business. The founders are free to register their firm in any category they want. There are different legislations for different types of venture. A Limited Liability Company has to be registered with the Ministry of Corporate Affairs under the LLP Act, 2008. A Private Limited Company needs to be incorporated under the Companies Act, 2013. Partnerships can be registered under the Indian Partnership Act, 1932; though their registration is optional. For a sole-proprietor firm there is no registration required.

Labour Laws

Another important set of rules is the labour laws. It is morally and legally important to comply with the various labour laws including the laws on payment of wages, provident fund and gratuity, workplace sexual harassment, maternity benefits, etc. However if the start-up is registered under the ‘Start-Up India Initiative’, it can avail exemption from nine labour laws by signing a self-declaration, for a period of one-year from date of incorporation.  These laws are-

  • The Industrial Disputes Act, 1947
  • The Contract Labour (Regulation and Abolition) Act, 1970
  • 1The Employees’ Provident Funds and Miscellaneous Provisions Act, 1952
  • The Employees’ State Insurance Act, 1948
  • The Industrial Employment (Standing Orders) Act 1946
  • The Inter-State Migrant Workmen (Regulation of Employment and Conditions of Service) Act, 1979
  • The Payment of Gratuity Act, 1972
  • The Trade Union Act, 1926
  • Building and Other Constructions Workers’ (Regulation of Employment and Conditions of Service) Act, 1996

Laws Relating to Intellectual Property Rights –

One of the most important regulations for start-ups who are dealing in new inventions or discoveries is the Intellectual Property Rights or IPR. It is important for start-ups to safeguard the novelty and uniqueness of their product or venture. Therefore, they should be very careful in registering various intellectual property including, products, service, venture, brand name, trade mark, discoveries, data algorithms under relevant laws.  Some of the Indian laws guarding the IPR are –

  • Trade Mark Act, 1999
  • The Patents Act, 1970
  • The Copyright Act, 1957
  • The Design Act, 2000
  • The IT Act, 2000
  • The GI of Goods (Registration and Protection) Act, 1999
  • The Protection of Plant Varieties and Farmers’ Right Act, 2001

Contract Laws-

For any business to function and operate, it is essential to make deals with other firms, government or individuals. All such deals should be governed by proper legal provisions. Every contract with employees, suppliers, stakeholders, debtors, investors, creditor or customers should be binding following the provisions of various laws including the Contracts Act 1872, Sales of Goods Act 1930 among others. As per the Indian Contract Act, 1872, all agreements are contracts if they are made by the free consent of parties competent to contract, for a lawful consideration with a lawful object, and are not expressly declared to be void.

Laws Relating to Winding-Up of the Firm

No start-up owner would ever wish their firm to liquidate or wind up. However, under certain circumstances it becomes absolute necessary to close down the business. In such situation as well, the company owner should follow proper legal route to wind up the start-up. From the legal point of view, there are three ways to close a start-up. These are –

  • Fast Track Exit Mode
  • Court or Tribunal Route
  • Voluntary Closure

Of all the three ways, the Fast Track Exit Mode is the best suited for start-ups as it allows companies to speed-up the closing process at a lower cost and within a short time period. In order to apply for a fast track exit, a company should not have any assets and liabilities and not have had any business operation for the past year. If these two conditions are met, the company can be struck off the registrar of the Registrar of Companies (RoC).

For a venture to get properly established in the market, grow, diversify and succeed it is important that it does not land into any legal troubles. The consequences of not complying with the laws do not only affect the operations and productivity of the business, but also hurt the delicate goodwill of the firm. It is hence, necessary for any start-up to know, understand and comply with the legal framework and provisions.

Categories
Startup

LPG Distribution Business: Here’s Why You Can Start a Gas Dealership Business For a Regular & Profitable Source of Income

Gas dealership agency
Gas dealership agency (Photo Credits: Wikimedia Commons)

Mumbai, November 23: If you have some money in hand and have been thinking of starting a new business then there is one idea which is extremely profitable. You can think of getting a dealership of a gas agency.

Gas companies run dealership programs from time to time. You can do this business by taking a dealership. Gas companies need dealers in every city and village to expand the distribution network.

These three companies issue advertisements and notifications from time to time to find dealers. You have to apply for them. To apply, it is necessary to be a class 10th pass.

Starting a gas agency is not a difficult task, one just needs some money to start it. The price may vary according to your city, village. In addition to this, there should be enough space for the gas agency.

Indane is the biggest LPG cylinder provider in the country followed by HP and BP. It is a highly lucrative business because there is a huge demand for it and also, there is no need to market.

However, it is very important to remember that since it is a service industry, it is very difficult to please the customers, who keep on complaining about the long waiting hours and other problems.

Categories
Business motivation Startup

Catering Business in India: 6 Quick Tips to Boost Sales, Attract New Customers & Stay on Top of Customer’s Mind

Catering Business
Catering Business (Photo Credits: Pxfuel)

Mumbai, November 23: If you have a knack for cooking, experimenting with different ingredients and a taste bud which appreciates different cuisine, a catering business can be a very profitable idea for you. However, this business is more about just food and ingredients. It requires great business skills, organisation planning and creativity.

We have curated 6 quick tips which you can use in your every day catering business to improve sales.

Have a business plan: Finalise on a business plan, where you need to decide your catering business will specialise into which kind of cuisine and what would be the highlight.

Stick to quality food: It is very important to feed your customers not only good but tasty food, this will make them come back to you again. Use good ingredients, where the health of the customers are not compromised. Innovate on the menu as people love to experiment and try out different things.

Make Your customer happy: Catering business till today works on the basis of word of mouth. If customer A is happy with your food and service, he will surely spread the word to two other people and therefore, it is very important to make your customers happy. Not only the food, but the service should also stand out.

Take care of hygiene: Keeping the COVID-19 crisis in mind, it will be a big challenge for caterers to present themselves in such a manner so that people can have their food without any tension. Look after the hygiene and sanitise all the food items and utensils frequently.

Offer competitive pricing. Remember one thing that your pricing should be such that it matches with your competition. If your price is higher than your competition, then your food and service should offer something more than what others are not giving.  Profitability is important in any business, so it doesn’t make sense to drop your prices to the point of losing money.

Market your business: In order to reach out to your prospective customers, it is very important that your market using both the online and the offline mediums. Make an attempt to always stay on top of the mind of the customers.

We hope these simple steps will help you focus and will reap success in your everyday business.

 

Categories
Business motivation

Aspiring to Become a Successful Entrepreneur? PM Narendra Modi Shares This Basic Mantra

बिजनेस सफल उद्यमी
सफल उद्यमी

Every entrepreneur aspires to become successful. Being successful often means learning from those who have already achieved their goals. For any entrepreneur, having a mentor is an amazing blessing. However, not everyone can find one! As the country is battling the coronavirus pandemic, many businesses across the country have suffered greatly during the crisis. Many entrepreneurs, who have strived hard to fulfil their dreams, have suffered hardships during the ongoing pandemic. Several business are now limping back to normalcy during this challenging time. Many startups are now managing to survive in the market as entrepreneurs have found ways and means to get their businesses going.

On Saturday, Prime Minister Narendra Modi shared a few noteworthy tips for aspiring entrepreneurs. During the 8th Convocation of Pandit Deendayal Petroleum University, Gandhinagar in Gujarat on Saturday, the Prime Minister addressed the students and told them to consider this pandemic a new opportunity to move forward and aspire of doing great things in life. He asked the students to have purpose in life and stressed that it’s not that successful people don’t have problems, but the one who accepts challenges, confronts them, defeats them, solves problems, only succeeds.

The Prime Minister added those who take on challenges, later succeed in life and cited an example of the youth of the 1922-47 period, who sacrificed everything for freedom. He urged the students to live for the country and join the movement of Atmanirbhar Bharat and develop a sense of responsibility. The Prime Minister remarked that the seed of success lies in a sense of responsibility and a sense of responsibility should be turned to the purpose of life. He pointed out that the same people are successful in life, do something by which there is a sense of responsibility in their lives. Those who fail are the ones who live in the Sense of Burden.

The Prime Minister added a sense of responsibility also gives rise to a sense of opportunity in a person’s life. He said India is progressing ahead in many sectors and young graduates must march ahead with commitment and stressed on protecting nature and the environment.