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Business motivation

February 2021 Shubh Muhurat Dates: Lay foundation for New Business venture on these auspicious dates

auspicious days February 2021

Whether you are planning to start a factory setup or a business startup, every aspiring entrepreneur, solopreneur and wantrepreneur want to be successful in a new project. A right beginning can make things easy and smooth, especially when you are starting a new business.

Starting a new business, opening an office or a shop on an auspicious date can bring fortunate luck, prosperity, success, and growth to the business owner.

In Hindu culture a Shubh Muhurat holds significance. A shubh Muhurat means an auspicious time that is based on the calculations and positions of the planet in the solar system. Based on these astrological calculations auspicious dates are decided.

Starting a new factory set-up or a business on a Shubh Muhurat date will keep the hurdles at bay, ensuring the success of your business. The month of February 2021 is predicted to be immensely auspicious for the shop-owners, entrepreneurs, and solopreneurs who want to lay the foundation of their new startup.

Here is a list of all the auspicious dates in February 2021 on which you can start your dream business startup:

14 February 2021– The 14th February this year is falling on Sunday and is considered to be auspicious. There are two Shubh Muhurat timings from 7.30 AM to 8.57 AM, and 10.22 AM to 06.27 PM.

18 February 2021– The 18th of February is Thursday and is a perfect day to do the inauguration of a shop or a factory setup. The auspicious timings begin from 10.06 AM to 11.41 AM, and 01.37 PM to 06.12 PM.

19 February 2021– The 19th of February is Friday and the shubh muhurat starts from 07.07 AM to 11.37 AM.

25 February 2021– Considered to be extremely auspicious, the 25th of February is Thursday. You can lay the foundation of your new business between 03.24 PM to 05.44 PM.

27 February 2021– 27th Feb is Saturday and if you are planning to open a shop, it is the perfect time to do it. Do the inauguration of your shop from 01.01 PM to 07.54 PM.

28 February 2021– The last day of the month is falling on Sunday and the best time to start your business is from 07.18 AM to 11.02 AM.

The above-mentioned dates in February are extremely auspicious according to astrology. So, plan the start of your venture around these auspicious dates and take your first step towards success, growth, and wealth.

 

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MSME

Key Learning from 2020: How Indian MSMEs survived COVID 19 & Prepared to Kickstart 2021

key learning from 2020

The year 2020 was tough due to COVID 19 pandemic and like a nightmare for Indian brands & businesses and MSMEs. However, it has also proven to be a great learning curve. The global pandemic has redefined the business rules, forcing entrepreneurs to think out-of-the-box to find innovative ways to survive amidst challenging times.

According to a report published in Financial Express, ‘in 2020 about 38% of startups struggled with funds, and 30% of them had only 1-3 months of reserved working capital. Many businesses also reported around 80-90 % drop in their revenue’.

Though the Indian startup ecosystem emerged in the early 2000s, most businesses followed the traditional path to run their business operations in a straight, simple, and most convenient way.

According to the global innovation mapping and research company StartupBlink, ‘Indian startups ranked 23rd amongst 202 countries, based on their strength.

When the worst-ever global health emergency was also stuck in India, immediate measures were required to survive the lockdown. Though many Government Schemes were launched, Indian businesses and MSMEs also stepped up their game by mobilizing their operations online.

So how did they manage to survive during the challenging times? Check out the key learning’s from 2020 that helped the Indian MSMEs survive:

  1. Digital Innovation & Manage Cash Better

The reason why Indian startups are growing at a rapid pace is their flexibility to adapt to new changes and optimistic approach. During the pandemic, the most important learning that entrepreneurs or solopreneurs are willing to implement in 2021 is cash management and digital innovation.

Umar Akhar, Founder of Bengaluru-based Koskii also agrees. He says, “every entrepreneur must learn to increase their efficiency and manage cash better.

Also, digital innovation and the rise of online business operations is a promising trend, for which every business owner must be prepared.

  1. An Upward trend for Ecommerce

If there was one way through which most of the businesses survived during the pandemic, it was the power of digitalization.

With the imposed nationwide lockdown, the SMEs realize that for their business survival, they needed to adopt technology and constantly power themselves with digitalization.

The Chief Corporate Affairs Officer of Flipkart Group says the COVID 19 pandemic has helped MSMEs realize the potential of technology and e-commerce. Thanks to that, they have become modernized and upgraded.

  1. Cloud Adoption

Cloud adoption is the latest entrant that has given a new direction to SMBs. By upgrading themselves, the SMBs have increased their efficiency and productivity, since remote working allowed them to work in a secure environment.

2021 has come with great opportunities for SMBs to grow and expand with the power of technology, reimagined business models, and optimized business operations. Most of the MSMEs are willing to make the changes that are required for them to sustain.

However, it takes more than just the willingness to bring your business from the losses inflicted by the year 2020. Other key problem areas might require your attention. Resolve all the business-related challenges with our Problem Solving Courses.

Get more than 600 business templates that will give you exactly what you are looking for. Learn from the top industry experts that can help you change the business dynamics for the future. To know about our courses, click here: https://www.badabusiness.com/psc?ref_code=ArticlesLeads 

Categories
Business motivation

How to Start a Coffee Stall Business Under Rs. 20000

coffee stall

Mornings are incomplete without a coffee. And it is no secret that we Indians love our morning brews. Whether you have to rush for a morning meeting or manage your household chores, a hot cup of coffee gives a great start to our mornings.

According to a report published in Economic Times, India is now the world`s 10th fastest growing market for specialist coffee and tea retail chains. The industry is estimated to grow 6.9% a year to Rs 4,540 crore by 2023 in value sales’.

The industry has gained popularity, especially among young consumers. Specialist coffee shops attract youth, especially in large cities. So, if you are planning to open a coffee stall business in 20K, it would be a perfect time to do it.

Opening a coffee shop can be profitable and a self-rewarding business. So if you are a young entrepreneur who wants to become financially independent, open a coffee stall business.

Here is a step-by-step guide to help you come up with a brilliant coffee shop business plan:

  1. Choose a Coffee Stall Business Model

Having the right business model is paramount for any startup business. Hence, you will have to decide which type of business you would like to start. You will have to zero in on whether you want to come up with a small coffee stall or a café.

A small coffee stall business sells low-cost tea to the customers along with snacks. Depending on your investment capacity, you can decide whether you also want to provide seating arrangements to your customers. You can use disposable cups and provide snacks like omelets, toasts, and other snacks.

This is a low-cost coffee shop business idea and can be started with as low as Rs 20K.

  1. Franchise or Ownership

In urban as well as cities in rural areas, the demand for coffee has gained popularity. A lot of companies are now offering franchise business opportunities to new entrepreneurs, solopreneurs, and wantrepreneurs.

If you want to start a coffee and snack stall with a brand, then a franchise is the best option for you. Why? Because an already established brand will attract customers since the very first day.

However, if you want to start your own coffee stall business under Rs. 20,000, then starting your own business is more profitable for you.

  1. Select a Location

The next thing that you must do after deciding the business model, you will have to find an apt location for your coffee stall. The choice of location can be the deciding factor between success and failure.

  • Always select a place which is located in a busy market or shopping area. This will ensure you get high footfall throughout the day.
  • The location should also be easily accessible by the consumers. Your selected place must also possess great visibility too.
  • It is very important to understand your target audience. You can then choose your location accordingly.
  • The location should be affordable too. It is best to choose a place for your coffee stall business that is easily affordable. Also, check the lease fluctuation patterns of the past few years.

 

  1. Business Registration & License

Most of the coffee stall businesses in India run as proprietorship models. If you too are planning to follow the course, your PAN card is sufficient for that. You will also need a Trade License from the Local Municipal Authority.

  1. Go Online

With a nominal investment, you can sell your coffee online on the internet. If you do not have enough funds to advertise, you can use the power of social media platforms.

The online presence of your brand on popular networking platforms like Facebook and Instagram can help to build your brand`s reputation.

Opening a coffee stall business in India is one of the most popular business ideas. However, it also needs a great deal of market research and business planning. You can learn the dynamics of business, challenges you might face, and solutions in advance to make your business successful with our Problem-Solving Courses.

Want to start your own coffee stall business? Click here: https://www.badabusiness.com/psc?ref_code=ArticlesLeads

Categories
Marketing

What is Channel of Distribution? Here are 3 Factors Businesses Should Keep in Mind While Choosing Distribution Channels

Channel of Distributions for Business | Representative Image (Photo Credits: Pixabay)
Channel of Distributions for Business | Representative Image (Photo Credits: Pixabay)

No business can survive on its own. It needs a proper and robust network to carry on its business smoothly and ensure regular transportation of goods from the site of production to various market outlets. A business should carefully choose its channel of distribution so that its manufactured products reach the customers on time. This also ensure that the investment in the stocks and products is repaid quickly by materialising sales. 4 Top HR Trends & Priorities for 2021.

A distribution channel a network or  chain of middle men or intermediaries through which manufactured products passe until they reaches the final buyer or the end consumer. Distribution channels can include wholesalers, retailers, distributors, and even the Internet. It is part of a firm’s marketing strategy. There are two forms of  distribution channels -direct and indirect. Direct channels does not involve any middlemen and the product reaches to the customers directly from manufacturing site. In an indirect channel, product passes through various intermediaries to reach the final consumers. 8 Types of Working Capital & Everything you should know about them!

Here are factors that need to be considered while choosing a distribution channel –

Nature of the product 

The first and the foremost aspect while deciding the channel of distribution is the type and nature of the product. If the product is perishable in nature, which get spoiled easily and quickly, should mostly use direct channel of distribution so that the goods reach the customers fresh and well in time. However for durable and semi-durable products longer and indirect channels of distribution can be used.

Cost of Distribution Channel

Another important aspect to be considered for determining the channel of distribution is the cost involved. Mostly the direct channels are less expensive than the indirect ones and involves less time . Firm should examine various options available and choose the one which is most cost effective. Every middlemen involved leads to an additional increase in the overall price of the product.

Channel of Distributions Used by Competitors- 

Firms should also look at the channels of distributions being used by its various competitors. It gives firm a sense of expenditure related to distribution channels to the firm. The business could also take the first mover advantage. By regularly analysing the market scenarios, businesses can quickly change the channels to have an advantage over its competitors.

Firms should be careful while  choosing a channel of production and it is the only source through which its products reach the customers and sales materlise. Any distribution channel should be flexible enough to accommodate for opportunities and threats of the dynamic business environment.

Categories
HR & People Management

4 Top HR Trends & Priorities for 2021

hr trends

The COVID 19 pandemic will be recorded in history as an event that has significantly and permanently changed the present and the future of the work, eternally.

Though the last year has been physically, mentally, and financially challenging, most of us have made it through it. The good news is that the long and agonizing year of 2020 has finally turned a new leaf!

The world is adopting the ‘new normal’ and most of its credit goes to the Human Resources department that led from the front to ensure an uninterrupted route to navigate through the unseen challenges.

According to a recent survey by Gartner in which around 800 HR leaders took part, building essential skills and competencies continues to top the list of priorities in 2021 for all the HR leaders. Organizational design and restructuring of the management are also among the key objectives.

The organizations in 2021 will look to give their strategies a competitive advantage by making the best use of learning gained through the last year.

So what are the HR trends that are expected to bring more sustainable operations to the organization? Let`s find out below:

Workforce Analytics Tools

As the organizations battling the realities of the slowdown in global and domestic demand, employee cost remains a huge area of concern. Hence, the organizations will need to deploy digital job evaluation where the gap between the job role and the compensation being paid can be optimized.

A Dynamic Approach to Building Critical Skills & Competencies

From growing business to improving operational excellence, building critical skills is considered extremely vital for HR leaders as it leads to business transformation. According to Gartner`s report, one-third or more HR leaders believe that lack of visibility and understanding of current skill gaps are one of the many other major challenges.

The total number of skills required for a single job is increasing by 10% every year, and 1/3rd of the skills present in an average 2017 job posting, might not work by 2021, according to Gartner TalentNeuran data.

Hence, a dynamic approach for future-forward skills development has become necessary as the traditional ways of upskilling the workforce are passé.

Adopt New Recruiting Tactics

As the working norms have been changed completely, HR leaders also need an innovative, modern, and out-of-the-box recruiting approach. Generally, organizations look to replace the roles and individuals in the workforce by seeking a similar candidature from the known talent pools as well as EVP (Employee Value Proposition).

 

However, to ensure quality hires, the focus should be on prioritizing skills rather than hiring profiles. Instead of tapping into the known talent pools, try to explore the total skills market too.

Organizational Design & Change Management

According to a Gartner survey, 46% of HR leaders have put the objective of organizational design as their top priority. Many organizations have realized during the pandemic that their focus on efficiency has left them with rigid workflow, structures, networks, and role design that are completely useless in today`s fast-changing conditions.

Rethinking the work design strategies can help employees to be more responsive towards the changes. It can also help to address the issues that lead to work friction. Thus, a shift from designing for efficiency to designing for flexibility is expected in 2021.

Current & Future Leadership

A Gartner research shows that only 44% of employees in an organization trust their leaders and managers to navigate through challenging times. This also contributes to the lack of confidence and trust in the current leadership. Therefore, strong leadership is essential during times of great change.

Employee loyalty will be the goal of 2021 that every good organization will try to achieve. However, there could be many more upcoming trends and challenges that might require one to adapt for business growth.

You can learn the nuances of Human Resource Management that will help you to resolve the organizational conflicts you might be encountering with our Problem Solving Courses. Find out the new HR policies and trends to stay updated with the trend.

Click here to know more: https://www.badabusiness.com/psc?ref_code=ArticlesLeads

Categories
Startup

Mastercard`s Swipe makes this Indian Startup Nation`s First Unicorn Company in 2020

Start upsunicornio

In January 2020, India received its latest entrant into the unicorn club- Pine Labs, a startup valued at over $1 billion. After 22 years, since its inception, Pine Labs was the first to join the unicorn companies in India in 2020.

Pine Labs raised an undisclosed amount from New York-based financial services major Mastercard at a valuation of approximately $1.5 billion. Although the details related to the transaction were not disclosed, the funding round is estimated to be at $100- $150 million.

Founded in 1998 by Rajul Garg, Lokvir Kapoor, and Tarun Upadhyay, Pine Labs was initially launched as card-based payments and loyalty solutions provider. However, it was in 2009 that Pine Labs` real journey was started.

The founders of this Noida-based startup realized that the merchants were looking to find solutions to enhance their customer engagement during the payment process. Thus, they ventured into the traditional payments space intending to provide solutions to merchants by providing a point of sale (PoS) machines.

Pine Labs is not a brand that resides in your pocket. However, the chances are that you might have come across a point-of-sale (PoS) machine from Pine Labs while making a payment. It acts as a gateway to data that every merchant or business owner likes to store about their customers to understand them better.

Even during the COVID 19 pandemic, Pine Labs has recorded almost a 67 percent jump in monthly merchant onboarding due to digital transformation. From 12,000 every month to 20,000 merchant- onboarding in the last few months, Pine Labs has witnessed rapid growth.

Given that Pine Labs is over two-decade-old, many might say Pine Labs is not a start-up. However, the founder of the company thinks a little differently. According to Executive Chairman & Former CEO Lokvir Kapoor, Pine Labs still has the DNA of a startup because of the innovative measures and the agility it has always demonstrated.

Lokvir took over as CEO after Tarun Upadhaya and Rajul Garg left Pina Labs. He then spent the next 10 years taking the organization into the fintech world.

He stated, “there was a time when banks offered a counter sales terminal to merchants and the transactions carried out over a phone line. There was a gap in terms of what the merchants and the market needed from a payments technology solution, and what the banks were able to offer”.

To cater to their customers` needs, Pine Labs zeroed in on this gap by becoming a technology partner for several banks. It began providing merchants with PoS devices. Banks, in return, started referring Pine Labs to merchants.

Pine Labs has a versatile list of clients, which also includes the Future Group and Shoppers` Stop as its earliest clients.

Want to read about more success stories of Indian startups that have become unicorn companies in 2020? Then visit www.news.badabusiness.com.

If you need expert guidance to establish your startup, learn about our ‘Everything about Entrepreneurship’ course, which is designed specifically for upcoming entrepreneurs. Visit https://www.badabusiness.com/?ref_code=ArticlesLeads now!

Categories
Finance

8 Types of Working Capital & Everything you should know about them!

working capital

Wouldn`t it be easier to start and manage your business as an entrepreneur or a solopreneur had there been a problem-solving course on working capital management?

Wouldn`t it be wonderful to have a course that enables you to understand the concept of Working Capital Management in an easy-to-understand language? Fortunately, you can understand the basics of Working Capital Management and a lot more in this article.

What is Working Capital?

Considered as one of the most crucial components, working capital is vital for a smooth business operation. In simple words, it is the difference between the company`s current assets (cash, inventory, marketable securities, and receivables) and liabilities (rent, bills, and other expenses).

It represents a company`s operational activities and includes inventory, accounts receivable & payable, cash, and short-term debt.

How is it beneficial for a business?

Working capital is a vital factor for both business owners and financial professionals. An effective financial tool, the working capital gives an exact picture and a fair idea about a business` short-term financial standing. It also ensures the efficient use of all the components of current assets and liabilities to reduce the overall cost.

Types of Working Capital

Depending on the time, there are eight types of working capital in India:

  1. Permanent Working Capital

Also known as fixed working capital, the permanent working capital consists of minimum current assets that are required to run the business operations smoothly. However, the size of the WC depends on production scale and growth.

  1. Variable Working Capital

The amount that is invested in a business venture for a short period is considered as the variable working capital. In India, it is also used as temporary working capital and is used for changes in production and sales activities.

  1. Reserve Margin Working Capital

As the name suggests, this type of WC is reserved by the organizations for unforeseen expenses to sustain during a crisis.

  1. Seasonal Variable Working Capital

During the peak season of a business, a company requires more working capital to meet consumer demands. To fulfill the requirement the business owners opt for additional financial assistance which is known as seasonal working capital in India.

  1. Regular Working Capital

This type of WC is typically required by every organization under normal circumstances to ensure smooth business operations.

  1. Special Variable Working Capital

Special variable WC is the type of fund that is reserved by a business for its unique circumstances like the launch of new products, risk management, marketing campaigns, among others.

  1. Gross Working Capital

This type of fund is invested under a firm`s current assets. Its major components include cash, short-term investments, inventory,  marketable securities, and accounts receivables.

  1. Net Working Capital

NWC is an essential type of working capital that represents the amount by which a firm`s current assets surpass its liabilities.

The concept of Working Capital is vast and is extremely vital for a business. Thus, the understanding of this concept requires deeper knowledge from the industry experts who have faced and resolved the challenges with their experience and in-depth understanding of the concept.

Take our Working Capital course that will clear all your doubts and provide solutions to your burning problems. To know more about this course and how it will benefit you, click here: https://www.badabusiness.com/psc?ref_code=ArticlesLeads

Categories
Startup

Women Entrepreneurship To Get Major Boost As Telangana’s WE Hub and Gujarat’s I-Hub Join Hands To Support Startups in Raising Capital

Women Entrepreneurs in India (Photo Credits: Pixabay)

Hyderabad, January 18: In a bid to give a major boost to women entrepreneurship, Telangana’s WE Hub and Gujarat’s i-Hub have collaborated to help female entrepreneurs. The pact aims to encourage and support startups in raising capital. WE Hub is a State-run platform for Women Entrepreneurs in Telangana while i-Hub is an incubation set up of the Gujarat Government. As part of the MoU, as many as 240 women entrepreneurs will be selected for the pre-incubation program and a total of 20 will be shortlisted for the co-incubation program.

Here’s how the women entrepreneurs would benefit from the Collaboration:

  1. The partnership will initiate pre-incubation program for 240 aspiring women entrepreneurs in the EdTech, MedTech and Fintech sectors in the states of Telangana and Gujarat.
  2. Post three months of pre-incubation program and after rigorous interventions a total of 20 entrepreneurs will be selected for the final virtual/physical co-incubation program.
  3. This co-incubation brings in the startups the opportunity to scale up to viable enterprises and receive solid scale-up rapid growth mentorship from the leaders at i-Hub and WE Hub.
  4. The startups will also have Government supported exposure visits across Telangana and Gujarat, the pact read.

On Saturday, an MoU was signed by Jayesh Ranjan, Telangana Principal Secretary, IT and Industries and Anju Sharma, Principal Secretary Higher and Technical Education, Gujarat.

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Startup

Start-Up India Seed Fund: PM Narendra Modi Announces Rs 1,000 Crore Seed Fund to Help Start-Ups With Initial Capital for Growth and Operations

Seed Capital | Representational Image (Photo Credits: Pixabay)
Seed Capital | Representational Image (Photo Credits: Pixabay)

To provide impetus to the start-up ecosystem in the country, the government has announced seed fund for start-ups worth Rs 1,000 Crore. The fund will be set-up under the name  ‘Startup India Seed Fund.’ Seed capital is the investment required by any firm in the beginning of of its business cycle. PM Narendra Modi while addressing the Prarambh Startup India Summit via video conference announced the launch of the fund. It has been initiated to help startups with the initial capital for growth and operations, and help budding entrepreneurs peruse innovative ideas. Prarambha: Everything you must know about the Startup India International Summit!

“Going ahead, the government will provide guarantees to help startups raise debt-capital. We are trying to build a startup ecosystem which functions on the ‘of the youth, by the youth, for the youth’ mantra,” the Prime Minister Narendra Modi said while speaking at the Prarambh Startup India International Summit in an online address. PM Modi also said the target for India’s startups over the next five years should be to become global giants in their respective service areas.Kerala Government’s NORKA-Pravasi Start-Up Scheme Helped 4,179 Expatriates to Establish Business in the State.

The centre has been encouraging the start-ups to seek investment through borrowed funds or debt capital. The government has also been implementing the Fund of Fund Scheme to help startups raise equity capital, added Prime Minister.  11 Indian start-ups have entered the unicorn club- businesses with a valuation of Rs 1 Billion or more- in 2020 itself.  PM Modi also said that the start-up environment is not limited just to big cities, adding that about 40 per cent of entrepreneurs come from tier-II and tier-III cities. There are more than 41,000 start-ups in the country.

The Startup India Seed Fund comes after the Ministry of Electronics and Information Technology had earlier in 2020 had initiated a similar fund to identify startups and give them financial help. In August, the ministry had launched a fund to identify 300 startups which would be provided seed fund of up to Rs 25 Lakh and other facilities as well. A budget of Rs 95.03 crore has been earmarked for the programme named ‘Chunauti’, to be spent over a period of three years.

Categories
Strategy

Thinking of Ways To Grow Your Restaurant Business? Here Are 4 Tricks That Can Help You Boost Your Business

Restaurant Business (Photo Credits: Pexels)

If have you already started a restaurant and looking for growing the business, we’ve got you covered! Amid the COVID-19 pandemic, when the businesses are returning to normalcy, it might be time to sit down and draw up a plan to open your own business. Being the owner of a restaurant, big or small, you’ve likely asked yourself the question of how you can flourish the business. There are several components which goes into a profitable food business.To help you create an idea for success, we’ve put together a how to get you going to make sure you have all the things for a successful restaurant business with ease confidence.

Work on the Location

The first thing that you should keep in mind your restaurant will be known to people depending how accessible it is to them. You need to ask yourself how far it will be for people to reach the restaurant.  If the hotel is in the market area, it obviously has a lot of footfall unlike the ones that are in the interior parts. Of course, you need a location that fits within your budget too. For a restaurant, location is everything. You need a place that draws the attention of the crowds.

Announce Offers/ Rewards

People always look up to offers and are easily carried away by discounts. To attract customers to your restaurants, you can simply offer a discount, free drink, or some other offer like 30% or 50% off on selected dishes if people sign up and do the reservations. You can also reward them on a points-based system and can offer discounts when they complete a certain number of points.

Offer Free Wifi to Customers

In this digital era, people always want to be connected to the internet. They want to surf and watch movies or series or maybe listen to their favourite tracks while sipping on that coffee or eating their favourite dish. Most people click pictures and upload it on social media, for which obviously, they need internet, and if it a high speed one, nothing like it. Your restaurant will become their favourite place, especially for the teenagers.

Keep Marketing & make your social media game strong

The simple way to keep your customers engaged is to let them know about your offers and anything new that you plan to come up with. If you engage customers using social media, mobile apps, you’ll be able to reach your best customers. You need to keep your marketing efforts going to ensure that you are always in the minds of your customers whenever they think of dining. You need to establish a strong social media presence and try and announce offers on your Facebook Page and Instagram page with promo codes to keep your restaurant on the top of the list.