Month: December 2020

Categories
Technology

‘Nayi Shuruaat’, a Campaign Launched by Facebook to Celebrate the Success of Small Businesses in India Amid Crisis; All You Need to Know

Facebook (Photo Credits: Pexels)

In a bid to spread the success of the small business and their growth in India, social media giant Facebook on Tuesday launched ‘Nayi Shuruaat’. The newly launched campaign celebrates the small businesses of across the country. The campaign will help these businesses crawl back to normalcy and make a new start or a ‘Nayi Shuruaat’ amidst the deepest crisis the world has seen in recent times. The campaign by Facebook celebrates many such real stories of optimism, strength, and economic recovery from across the country. Facebook on Tuesday said that it is committed to help India quickly recover economically and socially in 2021 from the pandemic-hit year, by deepening support for small businesses and test and roll its new features from the country to the rest of the world.

About ‘Nayi Shuruaat’ campaign:

  1. The ‘Nayi Shuruaat’ campaign was launched during Facebook’s ‘Fuel for India’ event. It is an ode to the resilience of small businesses amid crisis.
  2. Nayi Shuruaat celebrates many such real stories of optimism, strength, and economic recovery from across the country
  3. Several such stories were also be unveiled during the upcoming Facebook Fuel for India virtual event on December 15 and December 16.
  4. Facebook CEO Mark Zuckerberg via a virtual address during the event said that India’s building local capabilities and tech capacity to power innovative new business models and provide the citizens access to digital financial inclusion.

Facebook said it will continue to work closely with key partners to build a stronger ecosystem for small business growth in the country by investing in skilling programmes such as Boost with Facebook, entering in key partnerships such as with venture capital funds for the VC Brand Incubator program, and by giving people new ways to support small businesses such as the Instagram Food Stickers.

Zuckerberg on Tuesday said its partnership with Jio Platforms will help support millions of small businesses in India. Zuckerberg made the remark during a conversation with Mukesh Ambani, Chairman and Managing Director, Reliance Industries at the first Facebook Fuel for India 2020 event.

Categories
Strategy

Year End Sales Promotion: 5 Strategies to Increase Your Sales As We Say Goodbye to 2020

Promotional strategies to enhance year-end sales| Representative Image (Photo Credits: Pixabay)
Promotional strategies to enhance year-end sales| Representative Image (Photo Credits: Pixabay)

The year 2020 has been quite rough on businesses with the COVID-19 outbreak and subsequent lockdown may firms found it hard to stay afloat and cover up their daily costs. However, the good news is the troubled year is ending soon. The year-end doubled with Christmas celebration and holidays is a gold period of businesses. This is the right time to attract as many customers as possible and make up for the lost sales. Various firms launch many offers to promote their businesses at this time. The market is filled with high-spirited customers who are willing to spend enough providing a perfect opportunity for the businesses to capture it.

Businesses, online as well as offline offer huge discounts and attractive offers to divert the attention of the customers to their products and services. According to market surveys, many entrepreneurs feel that it is the right time to introduce a new product in the market. Here are some sales promotion strategies you should follow to reap the benefits of year-end shopper bloom –

Festive Themed Promotions

One of the easiest ways to increase sales in the year-end is to bank upon festive themed sales promotion offers. Adding the festive, seasonal sentiments to the marketing mix helps to connect easily with the customers who are themselves engulfed in the celebratory spirit. Grabbing their attention and making an association becomes easier.  Firms can run a holiday-themed giveaway, offer branded mini games such Christmas puzzles, bingo and other board games. Online businesses can also create a virtual advent calendar like highlight products daily, daily discounts etc, they can also install holiday-themed geo-filters to attract customers to their social media handles.

Product Combination Offer

Another way to attract customers is through providing them quantitative benefits. Go for Buy One Get One Free schemes or offer discounts on buying more than two products. Such product combination also works for unrelated items, for instance on buying a cosmetic product give a ready to eat food package free. Such offerings have dual benefit; one being the obvious customer attraction and other is that will comparatively cost less. Business can lure more customers into buying products by coming two or more products and offers a discount on the same. Use phrases such as ‘Exciting Offer’, ‘Offer you Can’t Resist’, ‘BOGO’, among others to attract customers.

Gave Away Free Gifts or Redemption Coupons

One of the key attractions of Christmas is giving and receiving surprise gifts, businesses should use them as a part of their year-end promotional campaign. No one resists a free gift, especially during festive season. However, firms should carefully determine the value and quantity of products they can afford to give free of costs. Ideally business should set a lower limit for such free of cost offerings. For instance give away a free gift worth Rs 500 on a purchase more than Rs 5000. Another strategy is to provide redemption coupon on purchase.

Contests and Lucky Draws

Customer participation is a great way of sales promotions. Organise contests to encourage participation of potential customers. Various cafes and youth centric businesses may organise Christmas themed treasure hunts. Quizzes, jingle making, logo making among others can also be undertake to catch customers’ attention. Various competitions, like best Christmas tree, best decoration, and best outfit can be organised on the social media pages on the businesses. Firms can also organise lucky draws to attract more and more customers.

End of Year Sales/Discounts

The most tried and tested way of getting customer attention is by organising sales – year end sale, stock clearance sale, winter sale, Christmas sale among others. By providing huge discounts, businesses can make up for the lost turnover over the year. It helps the firms to clear their old stock at the same time provide some earning. Use phrases like  ‘Now or Never Sale’, ‘Time is Running Out,’ ‘Buy When You Still can’, ‘Once in A Year Offer,’ ‘Get Over 2020 Blues’, to attract customers.

Sales promotion is an important part of the marketing mix and has proven to be beneficial for the firm in increasing their turnover and earnings. Given the year-end shopping spirit doubled with appropriate promotional tactics are bound to generate good revenue for the firm.

 

 

 

Categories
Startup

Business Ideas for Young Entrepreneurs: 5 Low-Cost Business Options That Aspiring Youngsters Can Take Up to Enhance Their Skills

Business Ideas

Every person, who aims to be a successful businessman in his life, desires to have a business that really does well in the market and has a unique brand identity. However, if you are young and want to explore the business ideas that you have in mind, this is the right time! The classic example of starting early is that of Mark Zuckerberg, who started Facebook as a teenager and grew it into a multi-billion dollar industry over the years. There are many low-cost business ideas for students and young entrepreneurs which one can get their hands on!

  1. Start your own YouTube Channel and promote brands

In this online world, starting a YouTube channel can be easily done without any hassle. All you need to do is use your mobile phone and skills to shoot a video. You can easily make and edit short videos with your phone. Just be creative. You can make videos that are comical, dramatic or unusual that the world would want to know about. Companies need teenagers and students to talk about their products on camera. You can approach these companies with short video samples that you have made.

  1. Offer language translation services

If you are a pro in languages, this is certainly your thing! There are companies that wish to expand in other countries. They are usually ready to pay people who can speak those languages. So if you are good at languages and have the skills, you can make good money from this by offering language translation services to individuals and companies.

  1. Become a fitness trainer

Crazy about fitness and exercise? Don’t waste your skills by just not doing anything about it. If you are a fitness specialist, who has a hang about a lot about the human anatomy, the gym and other things, then this is for you.

  1. Be a music teacher

If you are a fan of musical instruments and love playing them, you can teach others too and spread the good vibe. People these days are very much interested in taking music classes. You can start by teaching a few daily and then go on to starting your own freelance music training school. If you want to take your teaching skills online, you can make short video lessons that you can sell online for a fee.

  1. Become a tutor

If you have loved a particular subject in school and you are still fascinated by its facts and theories, you can revisit those books again, but this time, by teaching others. Yes, if you have knowledge of a particular subject, you can earn you good money as a teenager or student. Your knowledge of any subject can fetch you good money.

Categories
Startup

Artificial Jewellery Business From Home: 4 Things to Keep in Mind Before Starting an Online Imitation Jewellery Business

Artificial jewellery busines
Artificial jewellery business (Photo Credits: Pixabay)

Mumbai, December 15: Indians have a huge obsession for jewellery, be it precious or artificial. The demand for artificial jewellery has increased due to the high in gold and silver rates. The young generation prefers to wear artificial jewellery because it is less expensive, more stylish and can be worn with any attire.

According to reports, India’s artificial or imitation jewellery business is one of the largest in the world and contributes GDP at 5.9 per cent in the Indian economy. It is estimated to grow by leaps and bounds in the years to come and therefore it is a profitable business in case you are thinking of investing. The social media channels have increased the scope of initiation business.

Here are 4 things to keep in mind if you are planning to start an online imitation jewellery business from home.

Have a strong online presence: Your brand should be accessible to the customers in the online platform. It is a very competitive category and since it is a low investment business, many players have launched in the market. Therefore be sure where your customers are and then formulate a strategy to target them. Be regular in terms of posting your content to be at the top of the mind.

Focus on good photographs of the product: Since you run an online business, it is very important to have good photographs. The customers don’t have the option of physically seeing the product, so the pictures should be clear and give enough detailing. Invest in a good camera and take proper photos.

Find your niche: 

Jewellery business is a vast field and you should know in what jewellery items you are interested in. Identify a niche which will be the identity of your brand.

Hire people based on their knowledge: 

It is impossible to do everything on your own. Hire people based on their knowledge and expertise.

We hope these tips will help you in starting your online artificial jewellery business.

 

Categories
Startup

Livestock Farming: 5 Viable & Low Cost Businesses to Start in Animal Husbandry Sector

Businesses one can start in livestock farming industry| Representative Image (Photo Credits: Pixabay)
Businesses one can start in livestock farming industry| Representative Image (Photo Credits: Pixabay)

Indians for centuries were involved in the primary sector occupation only. These included the activities that are directly linked to nature for instance agriculture, mining, animal husbandry etc. Till the date maximum number of people are employed in this sector only. Animal husbandry or livestock farming is also a very popular and viable business in the country. From dairy to poultry, there are several businesses one can start in the livestock farming industry. In order to benefit the people involved in the industry, the centre has launched the Pradhan Mantri Matsya Sampada Yojana (PMMSY) and e-Gopala App, a comprehensive breed improvement marketplace and information portal for direct use of farmers, which will do away with the role of middlemen in procurement and purchase.

Animal farming or livestock farming business in India is very promising. Livestock farming business can be operated from the backyard of one’s home or as small scale industry. It can be launched at a large scale also. However, not much investment or technological know-how is required to open a firm in this sector. Here are 5 businesses you can start in the animal husbandry or the livestock farming industry –

Dairy Farming

One of the most viable businesses in this sector is the dairy farming. The annual average milk production in India is 78 Million tonnes. Milk is the main raw material in numerous food and beverages widely demanded in India. Apart from this, it is highly popular in the cosmetics industry as well. Starting a dairy plant and distributing milk and related items is one of the most easiest and assured source of income in the country. Apart from milk production, the cow and buffalo waste can be sold to organic farming centres as well.

Pearl Farming  

Another business that is viable and involves low cost in this sector is the pearly farming. One can start with initiate freshwater pearl culture as small scale basis.  The production of a cultured pearl is a complex process that requires a thriving marine ecosystem, important knowledge and skill, and several years of patience. However, given the nature of the product, the business is profitable and growth driven.

Poultry Farming

Commercial poultry farming in India has been a source of steady income to various families over the years. All types of poultry products have good demand in the markets within the country as well as internationally. Highly productive local and foreign breeds are also available in the market for commercially successful poultry farming. Three major types of poultry species are broiler (for meat production), cockerels (for meat production) and layers (for egg production).  With moderate investment one can start and survive this business.

Worm Farming

Earthworm production and rearing is an uncommon yet highly successful business. There has been an increasing demand of worms in composting industries. Worms can also be sold as baits in the fishery industry. Earthworm production is an enterprise that could be suitable for many small landowners. Operation with one or two worm beds requires only minimal setup costs, maintenance, and labour. However, certain amount of knowledge is required to start it.

Fish Farming

If you live near the coastal area, one of the most profitable businesses for you is the fish farming.  One can start their own home based small scale fish farming with small capital investment and a nearby pond.  Carp fish like Rahu and Katla, Tilapia, Prawn, Crab, and Shrimp are the major popular fishes in India. There is a huge demand fishes in the food industry. Apart from this, fish hatchery and ornamental fish farming also very profitable business with not much investment required.

Though livestock is comparatively a low cost business set-up, it requires an expertise in several aspects. One should be careful while selecting the right species according to the area, weather and soil condition as well as selecting the right breed. However, there is no denying that the livestock farming sector has been the source of livelihood for generations of a family and will continue to do so.

 

 

 

Categories
Startup

Business Networking Tips: Here Are 4 Effective Networking Tips Which Small Business Owners Can Use

Business Netowkr
Business Network (Photo Credits: Pixabay)

Mumbai, December 14: Business networking as a concept has been there since ages, but it is just the technique which has changed. Before the internet, people connected at social events, conventions, seminars and such events. Today, networking has become extremely easier for business networking groups. Business owners can connect with like-minded people through social media, online forums and video calls.

What does Business Networking Mean?

Business networking means cultivating and building relationships with individuals of similar interests in various ways that can be beneficial to people involved. This means getting leads for new businesses, searching for jobs, selling products, hiring employees and other such aspects.

We have curated 4 quick networking tips for you: 

Attend Business Networking Events: Small business owners need to identify the events where they can network. While almost any activity or event can serve as a networking opportunity,  but they should attend local business events without fail.

Develop Relationships: Networking is not about selling, but rather developing relationships that can lead to sales or referrals. The idea is to get to know people and allow them to get to know you.

Follow up: Follow up and staying in touch is one of the basic rules of networking. After the event gets over, exchange pleasantries to show how much you enjoyed meeting them. But, do not add them to your mailing list without their permission.

Be active on relevant social networking channels: In today’s age and day, you can’t afford to not use these channels to find and stay in touch with your customers. LinkedIn is a great business platform which helps you to solve several business problems- like hiring, sharing news about your growth and expansion and connecting with people who might be interested in your business.

It is also very important to join relevant business groups where discussions take part. Try and participate in them. Don’t always try and push your brand into everything. For e.g. Quora is also a great platform for small business owners to be. People post their questions and you, therefore, need to keep an eye to see if there is any relevant question where your brand can fit it.

We hope these networking tips come in handy for your brand.

Categories
Startup

Startups to Become Backbone of India as it Promotes Young Entrepreneurs With New Ideas of Doing Business, Says Piyush Goyal

Startup
Startup (Photo Credits: Pixabay)

New Delhi, December 13: The future of India is going to be startups as its ecosystem is encouraging innovation, promoting and strengthening new young entrepreneurs, Union Minister Piyush Goyal said on Saturday. While addressing the 93rd Annual Convention of Federation of Indian Chambers of Commerce and Industry (FICCI), Goyal said that startups are going to be the backbone of the country as they come up with new ideas and new ways of doing business.

The Union Minister further stated that the government has identified another 24 sectors on which work is going on by industry leaders who are working together to come up with actionable agenda to add nearly Rs 200 lakh crores worth of manufacturing in India in the next 10 years. “I have no doubt in my mind that that FICCI will be a part of our journey of a new India, of transforming India and building a more powerful India,” said Goyal.

Goyal appreciated the growing digital environment as said as we go forward in the post-COVID world, the country will see a mix of virtual and physical engagements, combining to help us expand our global outreach, helping us reach out to new markets, customers and products. During his address, Goyal also said that under the Brand India initiative, consumers both in India and internationally will be educated about products which are made in India.

“We are pushing all industry to certify the Make in India products. Under the Brand India initiative, we are also looking at branding India. It’s time now that India demonstrates to the world our leadership position and commitment of quality,” said Goyal.

Categories
MSME

MSME Sector in India Gets Major Boost As Banks Sanction Rs 2.05 Lakh Cr Loans to 81 Lakh MSMEs Under Credit Guarantee Scheme

New Delhi, December 12: With an aim to help the MSME sector which was impacted by disruptions caused due to the coronavirus pandemic, the Finance Ministry on Friday said banks have sanctioned loans worth Rs 2,05,563 crore to about 81 lakh accounts under the Rs 3-lakh crore Emergency Credit Line Guarantee Scheme (ECLGS) for the MSME sector. In a series of tweets, the Finance Ministry said that as many as 40 lakh MSME accounts have received Rs 1,58,626 crore till December 4. Another tweet informed that Rs 3 lakh cr Collateral-Free Guaranteed Loans – Budgetary provision of Rs 4,000 crore made for the Scheme in First Supplementary Demand for Grants for FY 2020-21.

While announcing the Aatmanirbhar Bharat Package 3.0, Finance Minister Nirmala Sitharaman had said that Rs 2.05 lakh crore sanctioned and Rs 1.52 lakh crore disbursed under ECLGS 1.0. “As part of the Atmanirbhar Bharat Abhiyan 3.0 (announced on November 12), ECLGS Scheme has been extended through ECLGS 2.0 for the 26 stress sectors and health care sector with credit outstanding of above Rs 50 crore and up to Rs 500 crore as on February 29, 2020,” a tweet said. Credit Guarantee Scheme: Banks Sanction Rs 1.86 Lakh Cr to 50 Lakh MSMEs Impacted by Slowdown Amid COVID-19 Pandemic.

The Finance Ministry said that under ECLGS 2.0, entities with outstanding credit above Rs 50 crore and not exceeding Rs 500 crore as on February 29, 2020, which were less than or equal to 30 days past due as on February 29, 2020 are eligible. The loans provided under ECLGS 2.0 will have a five-year tenor, with a 12-month moratorium on repayment of principal. Meanwhile, the entire Scheme (ECLGS 1.0 and ECLGS 2.0) valid till March 31, 2021, it said.

As part of the Aatmanirbhar Bharat Package, the government has announced to cover 2.5 crore farmers under the KCC scheme with a credit boost of Rs 2 lakh crore through a special saturation drive.

Categories
MSME

MSMEs Backbone of Indian Economy, Govt Aiming to Increase the Sector’s Contribution to India’s GDP to 50%, Says Nitin Gadkari

Nitin Gadkari (Photo Credits: Facebook)

Hyderabad, December 12: Terming Micro, Small and Medium Enterprises (MSME) as the backbone of Indian economy, MSME Minister Nitin Gadkari said the Modi government is now aiming is to increase the MSME sector’s contribution to the GDP to about 50 percent. The existing contribution of the MSME sector to India’s GDP is 30 percent. While speaking at the inaugural session of the three-day TiE Global Summit (TGS) being held virtually on Tuesday, Gadkari said the MSME sector currently constitutes 48 per cent of total exports from India and the government aims to take it to 60 percent in future.

“MSME is the backbone of Indian economy…a total 30 percent of the GDP in Indian economy is contributed by the MSME. Out of our total exports, 48 percent is also from MSME. At the same time up till now MSME created 11 crore jobs. And that is one of the reasons why MSME is the backbone of the country,” he said. “Now we have decided to make this 30 per cent contribution to GDP to 40 per cent and 48 per cent of the exports contribution to 60 per cent. And we want to create five crore jobs, he added. MSMEs Can Help in Boosting Exports, Says Nitin Gadkari.

During his address, Gadkari said at present, the village industries such as handlooms, handicrafts, Khadi Gram Udyog are generating Rs 80 thousand crore revenues which needs to be taken up to Rs 5  lakh crore in the next few years. Gadkari requested industrialists to invest in India and stressed that the country currently has an excellent network of roads, abundantly available power and water and reformed labour and other administrative laws. According to him, though there is an impact of COVID-19 globally, the Indian industry may get some opportunities out of it.

Categories
Startup

Business Performance Indicators: 4 Important Metrics Every Start-Up Should Track

Key Performance Indicators of Business| Representational Image (Photo Credits: Pixabay)
Key Performance Indicators of Business| Representational Image (Photo Credits: Pixabay)

It is essential for business, especially in their early stages, to keep a regular check on its various performance indicators. A start-up should have a clear understanding of various KPIs or Key Performance Indicators that measure the quantitative aspect of business activities. These metrics or indicators not only tell the current status of business but are also helpful in predicting the future of the enterprise. A wise entrepreneur always takes into account key business metrics while taking any decision related to business.

Business Metrics or Key Performance Indicators are nothing but data pertaining to various business activities like production, customer retention, return on investment, daily turnover, and self-generated goodwill among others. A careful analysis of all the data helps the start-up owner to evaluate his business’ day to day activities as well. It helps in identifying the loopholes as well. Here are 5 Key Performance Indicators Every Start-Up Owner should know and track –

Cost Of Acquisition (CoA) –

The first metric is the cost of acquisition, it measures the cost incurred to acquire each customer. So it tells a firm how much money goes in getting a customer. Every business needs customers to survive. It is important for an entrepreneur to increasingly acquire new customers and retain the old ones.  To attract the customers, firms make lot of investment in marketing and advertising. It is therefore important to know whether the expenditure is worth it or not.

Here is how to calculate Cost of Acquisition for your business –

Cost of Customer Acquisition = Total Sales & Marketing Cost / Number of New Customers Added

Return on Advertising Spending –

For a firm to establish it in the market, it needs to reach the masses and creates its brand presence. An upfront way to do this by going for promotional activities. Advertising is the main component of a promotional and marketing plan. A huge chunk on firm’s funds goes into advertisement, it is therefore important for any entrepreneur to keep a track on the returns received by investing a particular amount in advertising.

Here is how to calculate Return on Advertising Spending for your business –

Return on Advertising Spending = Total Sales/ Advertising Spending

Customer Loyalty and Retention Rate –

According to a study a firm incurs 70 per cent more expenditure to acquire new customers than to retain the old ones. It is important to know that how many customers are willing to avail the products and services of the firm again. It also is a direct measure of customer satisfaction. In the initial years, loyal customers are important for start-up to deepen its roots in the market. Therefore, an entrepreneur should keep a check on this ratio as well.

Here is how to calculate Customer Retention Rate for your business —

Retention Rate = (No. Of Customers at end of Period- No. Of Customers acquired during Period)/No. Of Customers at beginning of Period

Rate of Return –

One of the most popular business metric and important business performance indicator is the rate of return. It is the net gain or loss of an investment over a specified time period, expressed as a percentage of the investment’s initial cost. All the stake holders have a special interest in knowing the RoR. It also signifies the level of growth of a firm. For a start-up it is important, especially those dependent on external funds, it is crucial to keep a tab as to how much return is being earned. Prolonged negative rate of return leads to the winding up of the firm.

Here is how to calculate the Rate of Return for your business –

Rate of Return = {(Current value of Investment – Initial Value of Investment)/ Initial value of Investment } X 100

A regular track of these metrics helps entrepreneur in figuring out whether the business is on right track or not. It helps in taking quick corrective measures as well. Proper analysis of the KPIs helps in ensuring long term growth of the start-up as well as help to decide upon future course of actions.