He or she is searching for every possible way to operate the organization smoothly and raise sales, i.e., the overall objective is profitability. Company ideas of low spending and high income are addressed in this article.

Instead of working with someone else, the young and dynamic people of today want to launch their own business. With large turnover, they search for small-scale openings. In setting up some form of firm,’ return on investment’ or ROI has become a prevailing consideration. It’s a measuring scale that determines eventually whether or not to go forward.

A common misunderstanding is that, in the form of capital, labor, machinery, etc., earning huge profits requires serious investment. If one is conscious of the multitude of market ideas that can be started with minimal investment, that is surely not the case. Today’s world has completely changed. People do not require huge investments to start the most profitable businesses in India.

7 Business Ideas With Low Investment and High profit

It can be a daunting challenge to start your own business. Yet, one of the world’s greatest emotions is no longer doing the everyday and monotonous 9-5 workplace schedule and make all choices yourself.

But not all are able to fulfill the dream of operating a corporation, usually because of inadequate funds. But no more! You can now start your own business and turn your passion into a career with some small investment business ideas, which also produce decent profits.

Some of the best business ideas with low investment and high profit are:

Fitness Centers

About 65 percent of the population of India is less than 35 years old. Teenagers are a health-conscious community and all of them are members of a gym or fitness center. They enjoy visiting the gym and burning a hundred calories in abundance.

A lot of fitness lovers and health-conscious individuals still make up the remaining 35%. A fitness center can be started by someone who has qualified in the fitness field. Space or assets and services can be rented or acquired. As individuals tend to come into the exercise center at all times of the day, the room can be used for about 16 hours a day.

A business venture of minimal investment is the idea of opening a wellness center. Even if it can not be afforded by the entity involved in opening this facility, he has many options at his disposal to take advantage of a small business loan.

Social Media Agency

Most businesses want to invest their marketing budgets on ads through digital platforms and via paid social media campaigns in the digital age.

You could launch your own company to help businesses build a strong digital footprint if you have good knowledge of marketing, communications, branding, online presence management, and social networking.

 An office, a few laptops, some trained practitioners are all you need and you’re ready to start. Are funds a challenge to begin with? You don’t need to fear, since there are several ways to launch a web / social media agency using a small business loan.

Dropshipping

Dropshipping is one of the most promising ideas these days for small companies. It is a form of retail fulfillment where you can open an online store but without stockpiling any stock.

Thus, you do not spend a penny in inventory and can start a limited-fund business. The merchandise is bought by a third-party if the shop makes a deal and sent directly to the customer. Simply placed, you make a sale, pass the order to the provider, and on your behalf, he ships it to the client.

It is a low-investment company model in which you can still test the competition to find the right one before investing and releasing your own goods.

Online Fashion Boutique

As individuals becoming more trend-conscious, India’s fashion and lifestyle industry is on the rise. The online fashion trade in India is projected to grow by the end of 2020 to $14 billion.

Therefore, one such small, viable business concept that you might suggest is an online fashion boutique. You may not really need to be a fashion designer, just a fan of fashion. Make money by selling your online sense of style! The launching of an online fashion boutique is very easy. It’s possible to start at home.

Create the brand across single or several product niches, from dresses to hats and boots to jewelry. The consistency of the goods, customer service, and distribution methods will play a major role here, in particular.

Courier Agency

Starting a company in the courier sector, being one of India’s fastest-growing markets, is yet another low-cost business concept with high benefit.

Inevitably, a recent change in the eCommerce market has allowed the courier service sector to expand at an unprecedented pace. You might start taking a license from a well-established delivery firm at the point of beginning the business right from scratch, which may cost a lot.

The franchise is sold at a minimum price by several reputed delivery firms. In addition, you can also get access to their resources related to technologies and training and development.

Coaching Classes

All you will need to start teaching a topic is a space, some tables, a chart, marker, and duster. If you’re familiar with a foreign language, such as French, Spanish, or German, you can easily teach such languages and start a small business without a major investment.

There is still a market from students and academics for foreign language courses, so you don’t need to think about drying up the pipeline as an entrepreneur. The principle is not only about low investment and high returns, it also has a certain sense of predictability of cash inflow and demand.

You can start with a very small business loan for such firms, too, and there is no lack of avenues from which you can get a simple loan to start this form of business.

Handcrafted Products

Through switching from artists to practitioners, the internet and the introduction of technologies have opened the doors for artisans to expand their horizons. Handcrafted firms make goods in-house, unlike department stores that purchase their products from different outlets.

Their main emphasis is on supplying customers with a personal touch that no other organization would provide. You are in a position to start a unique company, whether you are making candles, soaps, pottery, and even sauces. Here, the production and acquisition of goods are in your hands, very simply. Candles, for example, are no longer seen exclusively during power losses.

Today, they are more of a home decor piece and are still commonly used for numerous occasions as presents. Consumers choose to purchase candles with different fragrances. They enjoy buying items that are exclusive and personalized. The situation for other things is close.’

Conclusion

There are many Business ideas with low investment and high profit. One only needs to look around.

India is the world’s third-largest start-up hub. In the year 2019 in India, over 1300 new start-ups, including 7 unicorns, were added. The knowledge illustrates the determination of the people of India to start their own company.

You should also try beginning the start-up with low investment and high-profit market models. What it takes is a solid definition. And if properly executed, you will be a good company owner.

Frequently Asked Questions (FAQs)

The post 7 Business Ideas With Low Investment And High Profit appeared first on Growthonomy.

In order to thrive and promise the smooth functioning of the business, it is extremely important to keep a handy checklist of foolproof accounting in place. It not only ensures that anything important is not missed by the business and as well promotes the practice of keeping a complete and an all-inclusive financial records in place which helps in streamlining the tax preparation.

It becomes indispensable for any kind of business to keep a proper team of accountants on hand so as to determine whether it is in a profitable state or not. Furthermore, accounting is also extremely important in order to understand which areas of the business are doing well, and which ones need more attention. A book keeping function ensure that every transaction of the business is properly recorded.

Normally, most big companies have a dedicated accounting section to cater to accounting needs it is of equal importance for small businesses to keep a checklist on tips for having a seamless accounting experience.

Although most big companies have separate units for various sectors of finance and accounting like cost accounting and retail accounting etcetera; it would be in favor of small businesses to keep a composite accounting record.

Small Business Accounting Checklist

Let us take a look at a handy checklist that shall help the small entrepreneurs to keep their accounting in place and setting up a robust accounting strategy!

1. Checking the daily Cash flow

Cash liquidity is extremely crucial in order to ensure the day to day operations of the business enterprise. The business should always study and analyse the expected payments to creditors, vendors and cash inflow from debtors to evaluate any particular trend if exists.

By daily checking the cash flows so the entities can keep a track of avoidable and unavoidable expenditure, and is, therefore, one of the most important tenets of the accounting checklist for business start-ups.

2. Day to day recording

A business should record all the transactions that happen during the course of normal business cycle. This shall help in ensuring that all the functions like the customer billing, vendor payment and cash receipts etcetera are in place and there is no room for embezzlement or fraud.

Although this can be done manually but a lot of accounting software and accounting applications help the owners to ease this recording function like the MS Excel or the QuickBooks.

A day to day recording in the chronological order makes the owner have a strong hold over the businesses’ accounting functions.

3. Documentation

A proper invoice always ensures that the documentation process is in place. This makes the recording of transactions complete and to the point. It also makes the audit trail complete and easier to trace.

Nowadays the businesses prefer to issue and accept digitized invoices thereby reducing any clutter. In case of any theft or fraud, the documented processes are easier to trace the whereabouts.

The documents must be generated as and when the transactions occur in order to prompt and accurate record generation.

4. Time management

It is inevitable to keep a prompt system of payment and receipts. This helps in building the credibility and goodwill in the market. A delay in payment is like a bane to the business.

The small business owners should always keep a track of their accounts payable and ensure that enough funds are available at all the time and have been earmarked to pay their suppliers on time.

This, would ensure that friendly relationships are maintained with the vendors and shall avoid any late fees. A business that pays on time also has better chances to receive on time.

5. Check on financial statements

A close check on the financial statements ensures that the financial health of the company is in fact in place. The unpaid vendors, expected cash inflows and outflows, projected earnings statements etcetera are some of the indicators about the good financial health of the company.

A check on statements requires close scrutiny for all the to and fro transactions. This would cover up checking the cash flow statements, income and expense statement, and the balance sheet.

This helps the company to know the limits of the credits, loans and the deadline meeting criteria. This would also help the business in the long run by making a better-informed decisions.

6. Reconciling the pass book and cash book

An accurate reconciliation of cash records as per the books of accounts and as per the bank statement is very helpful in knowing the position of the cash liquidity, the cheques in transit and charges of the bank in particular.

A reconciliation done after every 2 months helps in cross-checking whether or not the creditors have actually deposited money in the bank for repayment. This also makes it easier to correct errors or find omissions which can then be looked into and corrected

7. Physical Inventory check

The inventories must be verified physically from time to time at a fixed interval. This helps in calculating the economic order quantity needs and the reorder needs. It also helps in locating and regulating the pilferage, leakage or theft if any. This is extremely important in case where the operating cycle is high and the goods are of perishable nature. This helps in knowing the authenticity of the store keeper as well.

The business may fix either 15 days or 1 month for checking; depending on the length of operating cycle of the business. Even a surprise visit shall add more security.

8. Tax and other legal paper work

It is extremely important to keep all the legal documents in check. Keeping an up to date paperwork with respect to tax, payroll, foreign laws, licences and trademarks (if needed) and the documents needed to start the business as per the country law has no other option.

This shall ensure the company is complying with all the laws and regulations with respect to federal, state, or other local taxes. It is helpful for avoiding unnecessary legal implications and attracting any unwanted legal attention from the government.

In India a company is required to pay tax annually, with advance tax every quarter (may change subject to relevant amendments from time to time)

9. Receivables Ledger

This act as a life jacket in the time of financial crunches. Sometimes, due to unforeseen circumstances, the business might not get paid back in time. Therefore, always maintaining a ledger separately to record all past-due invoices can help to keep a track of how much money is owed to the company and from whom.

This shall make reaching out to the people who owe the money much more easily. The debtors can be contacted at appropriate time intervals.

It is also helpful in knowing the amount collected, the amount due, the portion of the amount that remains uncollected. This shall further help in estimating the percentage of bad debts and the amount of provision which the business needs.

This shall also help in maintaining the finances promptly. It would be in favour of the business to check the receivables ledger every quarter.

10. Variance calculation

Variance refers to the difference between the budgeted and actual amounts. It is crucial to correlate the current year’s profit & loss statements with what was budgeted at the start.

This is always a way to assess if the company is moving rightly in the direction it initially thought it would. Whether the company’s goals and objectives are met or not can be ensured with the help of variance calculation.

An entrepreneur can check historical profit-loss statements to compare yearly performance while finding out problem areas in the business. Comparing it against what was budgeted is also extremely useful in finding out how close the company is sticking to its goals.

The study of variance also tells how much the basis on which the goals have been initially formed needs revision. It is recommended to do it semi-annually.

11. Horizontal and Vertical comparisons

By comparing the balance sheet on an interval smaller than one year for the same time period for the previous year, a better clarity of how the assets and liabilities are performing can be evaluated.

By looking out for significant trends and changes, the company can predict much better future outcomes, and take necessary actions as and when necessary. This also helps in finding what new the company can introduce in a particular month or quarter to boost up the profits.

A cost accounting comparison of the products shall give better and deeper insights of how the company should take the product further. A comparison on quarterly basis shall be really beneficial.

12. Making the reports as per the country and industry

Every business enterprise function as per the laws of the industry and the economy in which it is operating. The entity needs to be sure about complying with the needs of reporting as per the norms as laid down.

If the legal frameworks require submitting some of the reports on a specified time interval it should be well aware of and must be complied with.

The time period whether it is monthly, quarterly or semi -annually must be checked and the reports must be submitted accordingly.

13. Filling out requisite forms

The business unit must be well aware of the forms it is needing to fill as per the national and international standards. In order to avoid the penalties, proper knowledge of various deadlines is a must.

Setting a yearly remainder shall be like a savior for the business.

To better manage the time, e-filing services available online shall be used. This is a very efficient and effective way of saving time and cost as well.

In India a company usually requires, before registration

• Aadhaar Card
• PAN Card
• Bank account
• Registered office proof
• DSC – Digital Signature Certificate
• Form – 1 for Incorporation of Company in India
• Form-32 for particulars of managers, secretary, and proposed directors
• Director Identification Number of all proposed company directors
• Original copy of the formal letter which is published by ROC about company name availability
• Form- 18 for address or situation of the proposed company.

There are significant changes from time to time in the requirement of forms which should be adhered to and completed in keeping pace with the changes.

14. Dedicated accounting wing

Accounting is one of the most crucial function of the business. Whatever the business earns if not properly accounted shall go in vain. It is extremely crucial to keep a dedicated accounting wing to take responsibility of the same.

There are a lot of legal and procedural compliances which the business needs to adhere to. This means that there must be at least one dedicated person who is well versed and fully aware of how and when to do it.

Most of the big businesses are required by law to keep a Chartered Accountant which is not a compulsion for businesses up to a certain turnover limit; so usually they avoid keeping an accounting unit as well.

Though a lot of big businesses are doing it; efforts should be made by the small units as well to promptly maintain a dedicated wing for it. Even if the manpower resource is limited a small business unit must keep at minimum one dedicated staff for accounting.

A company needs to be profitable in order to survive. It is extremely important in order to maintain the records of its profitability. Any number if missed from book keeping can turn the business upside down.

Small business can accelerate their wheels of success at a fast pace if they have a good accounting function maintained. The business in their growing phase can take the help of qualified chartered accountants and various available QuickBooks online.

A good bookkeeping and accounting function ensure the loopholes are reduced to a minimum and the enterprise is greased from time to time for proper functioning.

The post The small business accounting checklist appeared first on Growthonomy.

Click here to Download list of all Kirana stores in Noida providing home delivery of essential items

(See below for sector wise list)

Although e-Commerce is in the latest trend and with the advancement of technology, a change in consumer behavior has been observed. With people switching from offline market to the online market.

However, with the break of Novel Corona Virus (COVID-19) and the lockdown that has been imposed because of the same. The traditional kirana stores are proving themselves to be the live savers, by operating under such pandemic situation and ensuring that the customers are at least able to fulfill their basic requirements like Groceries, milk and various other daily essentials.

Be it big departmental stores, government operated kirana stores, small society stores there are hundreds of stores in a locality and everyone is at the forefront to ensure that there is no panic that is caused because of the lack of daily essentials and we are able to overcome this situation.

Also another important thing to be noticed over here is, the kirana stores majorly operates on credit where the consumer pays once a month are still functioning. Wherein the E-commerce or online stores who have a bigger pocket are not even able to tackle this situation properly.

Therefore, these thousands of kirana stores which are available in every location be it mine or yours are putting in a great effort and even after risking their own lives are operating for us be it providing home delivery or in store service.

Below is a sector-wise list of Vendors or Kirana Stores for essential items (Grocery & Medical supplies)

PS: If we have missed out any store you are aware of, kindly leave the details in comment box and we will update the list. Also, try sharing the details of Kirana Stores or Medical Stores providing home delivery in your area so that a similar list can be prepared for other cities also.

Noida Sector 11 & 12

Noida Sector 14

Noida Sector 15

Noida Sector 15A

Noida Sector 17

Noida Sector 19

Noida Sector 20

Noida Sector 21

Noida Sector 25

Noida Sector 26

Noida Sector 27

Noida Sector 28

Noida Sector 29

Noida Sector 30

Noida Sector 31

Noida Sector 36

Noida Sector 37

Ambedkar Vihar Sector 37

Noida Sector 39

Noida Sector 40

Noida Sector 41

Noida Sector 42, 43, & 46

Noida Sector 44

Noida Sector 45

Noida Sector 47

Noida Sector 48

Noida Sector 49

Noida Sector 50

Noida Sector 51

Noida Sector 55 & 56

Noida Sector 93 – Village Geyjha

Noida Sector 99

Noida Sector 100

Noida Sector 104 – Village Hajipur

Noida Sector 128

Noida Sector 130

Noida Sector 134

Noida Sector 135

Noida Sector 143

Noida Sector 150

Noida Sector 168

Noida – Village Aghapurr

Noida – Village Asgarpur

Noida – Village Atta

Noida – Village Badoli

Noida – Village Baktavarpur

Noida – Village Bhangel

Noida – Village Challera

Noida – Village Chapraulli

Noida – Village Dallupura

Noida – Village Dairy Gurjar

Noida – Village Dairy Pandit

Noida – Village Gulavali

Noida – Village Jhatta

Noida – Village Kambakshpur

Noida – Village Kondli

Noida – Village Mangrauli

Noida – Village Mohiyapur

Noida – Village Momnathal

Noida – Village Morna

Noida – Village Nagli Nagla

Noida – Village Nagli Sakhpur

Noida – Village Nagli Sultanpur

Noida – Village Nagli Vajidpur

Noida – Village Nalgada

Noida – Village Nithari

Noida – Village Rahillapur

Noida – Village Raipur

Noida – Village Sadarpur

Noida – Village Salaarpur

Noida – Village Samasthpur

Noida – Village Shahdara

Noida – Village Shahpur Govardhan Baangar

Noida – Village Yaakootpur

The post Kirana Stores Near Me – Location-wise Contacts for Home Delivery appeared first on Growthonomy.

Taking advantage of this, a lot of middlemen come in to picture and the profit ratio that the SHG women should get is reduced to pennies. The major reason this situation arises is because of the lack of education and knowledge of the digital world amongst these workers.

The Government, in its initiative to take India to a new horizon, is taking new steps each day and a major focus is also laid on improving the lives of the rural parts and regions of the country.

Taking a step forward in this direction, the Rural Development Ministry of India has proposed to provide a wider market for the products manufactured by women Self Help Groups by listing them on the center’s e-commerce platforms, as revealed by the sources on Sunday. Not only that, the Government has also decided to take some more steps in this direction by providing all necessary support to SHG’s like branding, packaging, pricing, etc. to make the products more marketable.

With the proposal of this strategy, products made or manufactured by the SHG’s will just be a click away, same as Amazon, Flipkart or other e-commerce platforms. As per one of the senior officials of the ministry, the groups or the products will be listed on the center’s e-commerce portal, Government e-Marketplace (GeM).

“This step will help in a big way in making women in villages financially independent and in overall improvement of the rural economy, officials in the ministry said.”

If we look at the current statistics, there are approximately 58.5 lakh Self Help Groups under the Deendayal Antyodaya Yojna- National Rural Livelihoods Mission (DAY-NULM), with almost over 6 crore women as members or part of this mission.

It is expected that Ministries and Departments under the Central Government and Public Sector Undertakings (PSU’s) may start the procurement from the GeM platform which is currently managed by and is under the control of the Commerce Ministry.

Talking about GeM, it was launched back in August 2016 in order to increase transparency and efficiency in the process of public procurement. Currently, GeM has almost 3.36 lakh sellers doing business on the platform. Out of which 74,240 are small and micro sellers. And looking at the total transaction value so far it is somewhere around Rs. 47,612 crores.

As proposed by honorable finance minister Nirmala Sitharaman, going forward, the expected increase in GeM’s turnover would be somewhere around Rs.3 Lakh Crores.

So, looking at all the proposals and the necessary steps taken by the Government, the proposal is expected to show a great boom in the Indian economy by making SHG’s digitally effective and allowing them to attract more audience/buyers that will automatically help raise the standard and condition of Rural India.

The post Products Made By Self-Help Groups To Be Listed On Centre’s E-Commerce Platform appeared first on Growthonomy.