Tag: Businesses

Bootstrapping Basics: How to Start Your Business with Minimal Funds

Starting your business with limited funds challenges you to use strategic foresight and resourcefulness, enabling the creation of a successful enterprise without significant financial input. This guide outlines key strategies that assist in launching your venture while safeguarding your financial reserves. By leveraging available resources intelligently, you set the stage for a prosperous business. Adopting these tactics ensures you can embark on your entrepreneurial path with confidence, despite financial constraints.
Leverage Free Marketing Channels
Harnessing the power of free publicity is a cornerstone for businesses operating on a shoestring budget. Social media platforms offer a vast arena to connect with potential customers without financial investment. Crafting engaging content that resonates with your audience can spark interest and build a community around your brand. Networking, both online and in person, opens doors to collaborations and partnerships, expanding your reach. By strategically utilizing these channels, you can establish a robust presence and drive attention to your venture without the need for substantial marketing funds.
Opt for a Limited Liability Structure
Forming your business as a limited liability company (LLC) ensures your personal assets are safeguarded against business liabilities. This structure grants you the flexibility to manage your business according to your preferences. You also benefit from tax advantages that can optimize your financial outcomes. Utilizing a formation service like ZenBusiness simplifies the process, making it accessible and straightforward.
Focus on High-Margin Offerings
Centering your business model around products or services with high profit margins can significantly enhance your revenue stream. Identifying a niche market or developing a unique value proposition can justify premium pricing, setting your venture apart from competitors. By concentrating on offerings that promise higher returns on investment, you can ensure a more sustainable business model that maximizes profitability with minimal upfront expenses.
Implement Innovative Pricing Strategies
Exploring various pricing strategies can unlock the potential for increased profitability and market appeal. Dynamic pricing allows for flexibility in response to market demand, while bundling products or services can enhance perceived value and encourage purchases. Tiered pricing models cater to different segments of your customer base, making your offerings accessible to a wider audience while maximizing revenue from those willing to pay more for premium options. This experimental approach to pricing can help you discover the most effective strategy for your business and customer base.
Drive Early Sales through Special Offers
Generating initial revenue through pre-sales or offering discounts to early adopters can provide crucial cash flow to support your business’s early stages. This strategy not only validates the demand for your product or service but also builds a loyal customer base eager to support your venture from the outset. Early financial support can alleviate some of the pressure on your startup budget, allowing you to focus on scaling your business and refining your offerings.
Optimize Your Inventory Management
Adopt a just-in-time inventory management approach to significantly reduce your inventory costs. By implementing dropshipping, you can eliminate the need for holding stock, thus lowering your overhead expenses. Consignment allows you to offer a wider range of products without the financial burden of purchasing inventory upfront. On-demand manufacturing enables you to produce goods only as they are ordered, minimizing the risk of excess inventory. These strategies together ensure you maintain optimal inventory levels, enhancing your business’s operational efficiency and cost-effectiveness.
Launching a business on a tight budget showcases your creativity, discipline, and strategic acumen. Embrace essential tactics like forming an LLC and leveraging free marketing channels to overcome financial obstacles, laying the groundwork for future growth and success. Patience and persistence become crucial as you maneuver through the initial phases of your venture. With careful planning and resourcefulness, your business is set to thrive, even without a large initial investment. This approach not only tests your entrepreneurial spirit but also paves the way for a sustainable business model.
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March 11, 2024
Delhi businesses suffer Rs 200 crore losses due to floods

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New Delhi: An estimated Rs 200 crore worth of business has been affected due to rains and flooding in parts of the national capital, a traders’ body said on Thursday.

While appealing to traders to suspend movement of goods from other cities for next few days in view of the rising water level of the Yamuna river, the Chamber of Trade and Industry said that the markets of Old Delhi, Kashmiri Gate, Mori Gate, Monestry Market, Chandni Chowk, Jama Masjid, Bhagirath Place, Lajpat Rai Market, Kinari Bazar , Fatehpuri, Khari Baoli, Naya Bazar have been affected.
“We appeal to the traders and market associations of old Delhi to halt movement of goods from outside in the next few days,” Chamber of Trade and Industry (CTI) chairman Brijesh Goyal said.

New Delhi: National Disaster Response Force (NDRF) personnel rescue residents from the flood-affected Old Usmanpur village, in New Delhi, Thursday, July 13, 2023. The Yamuna water level touched 208.53 metres on Thursday morning, breaking a 45-year-old record, according to officials. (PTI Photo/Manvender Vashist Lav)
New Delhi: NDRF personnel resuce a livestock at flood-hit at Nigam Bodh Ghat as the swollen Yamuna river floods low-lying areas, in New Delhi, Thursday, July 13, 2023. The torrential Yamuna in Delhi swelled to a staggering 208.48 metres Thursday morning, inundating nearby streets and public and private infrastructure, and causing immense hardships to people living in close proximity to the river. (PTI Photo)
Kashmiri Gate Market President Vinay Narang said that there is a possibility of a loss of more than Rs 50 crore due to 3-4 days of rain, whereas CTI estimated that a business of about Rs 200 crores have been affected due to rains.
“The rising water level in Yamuna is affecting Delhi markets badly. Business has almost come to a standstill. Traders are waiting for the situation to return to normal. The customers coming from nearby cities have also postponed the plan. Railways stopped the movement of trains on the old iron bridge, many train routes have been changed, while some have also been cancelled. Even more traders and buyers are not coming to Delhi,” Goyal said.
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( With inputs from www.siasat.com )

July 13, 2023
Nightlife, businesses in Hyderabad to get boost following govt’s 24/7 open permit

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Hyderabad: The nightlife and businesses in Hyderabad to get a bigger boost following the Telangana government’s decision to allow shops and establishments in the state to operate 24/7. The move is being seen as a win-win for consumers, businesses, and the government.
The decision to allow 24/7 operations will not only benefit consumers who will now have the freedom to shop and dine at any time of the day or night but also businesses that will now have the opportunity to generate more revenue. Moreover, this move will bolster tourism in the state and create more job opportunities for job seekers. It will also lead to more collection of tax for the government.
Relaxation in other Indian states
While Telangana is not the first state to allow shops and establishments to operate 24/7, the relaxation of the rules is still being welcomed by the people of Hyderabad as it is likely to promote nightlife and businesses in the city.

Maharashtra announced similar relaxation in 2017, and Karnataka gave this relaxation for three years from January 2021. The relaxation also exists in Tamil Nadu, where it was first announced in 2019 and later extended to three more years in June 2022.
As per the Telangana Labour Department Order, “The Telangana government, hereby, issues guidelines for granting exemption from Section 7 (opening and closing hours) of the Telangana Shops and Establishments Act 1988 to all shops and establishments as defined in Section 2 (21) of the Telangana Shops & Establishments Act 1988 for operating 24×7 in the State.” The shops and establishments can avail this option by paying an annual fee of Rs 10,000.
Decision to give boost to nightlife, businesses in Hyderabad
With the decision, shops, and establishments, including malls and restaurants, can remain open round the clock seven days of a week. This move has been widely appreciated on social media, with many netizens taking to Twitter to express their views. While most of them expressed their view in favour of the decision, some expressed their apprehensions.
The decision is expected to give a major boost to Hyderabad’s nightlife and businesses. With the city now being able to operate round the clock, it is expected to attract more tourists and generate more revenue.
It is a move that is being welcomed by businesses and consumers alike and is expected to have a positive impact on the economy of the state.

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( With inputs from www.siasat.com )

April 10, 2023
Sharjah: Businesses must obtain special permits to extend working hours in Ramzan

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Abu Dhabi: The Sharjah municipality on Tuesday announced the start of issuing permits to extend working hours after midnight during the holy month of Ramzan for commercial establishments, the Emirates News Agency (WAM) reported.
The municipality provides these services as part of its preparations for the holy month and to facilitate these institutions by giving them the opportunity to carry out their business activities late at night.
Restaurants, bakeries and cafeterias are exempt from this requirement as they can extend their hours after midnight without a permit.
During the holy month of Ramzan, engineering contractors are not allowed to obtain work permits after midnight.
This permits can be obtained from dedicated service channels including Sharjah municipality website.
On March 9, Sharjah municipality announced new rules for the operation and supply of food during fasting days of delicatessens.
Restaurants and food outlets are obliged to comply with the new rules and obtain the necessary permits to operate during the day in the holy month.
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#Sharjah #Businesses #obtain #special #permits #extend #working #hours #Ramzan
( With inputs from www.siasat.com )

March 15, 2023
No Property Tax for small houses; meagre for small businesses

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Collections to be utilized exclusively for developmental activities in respective Municipalities
JAMMU, FEBRUARY 23: In a meeting chaired by the Chief Secretary to deliberate upon misinformation created regarding property tax in Jammu and Kashmir, it was clarified that all the poor, marginalized having small houses having built-up area up to 1000 square feet have been exempted by the government from paying any property tax to be levied from April onwards this year.
The meeting was attended by Additional Chief Secretary, Home; Principal Secretary, H&UDD; ADGP Jammu/Kashmir; Deputy Commissioners; SSPs; Commissioners of Jammu and Srinagar Municipal Corporations and other concerned officers.
It was informed that levy of property tax is essential part of urban sector reforms. Jammu and Kashmir is one of the last States/UTs to levy property tax and non-imposition of the tax was depriving local bodies to become self sustaining. Urban Local Bodies (ULBs) are required to render multiple civic services in their jurisdiction and need resources. The levy of this tax will improve the financial health of these institutions and improve services, besides creating employment.
While explaining the methodology of levying this tax in the UT, the Principal Secretary, H&UDD, Rajesh Prasad stated that there is no tax liability for those having built-up area of their houses less than 1000 sft besides the proportion of taxes is considerably lesser here than that levied in other parts of the country. Similarly, all places of worship, including Temples, Masjids, Gurudwaras, Churches, Ziarats, Cremation grounds, Burial grounds etc are exempt from payment of property tax.
It was further informed that the Tax is proposed to be levied at just 5% of Taxable Annual Value (TAV) of the property in case of a residential property and at 6% of TAV in case of Non-Residential property. It was also apprised that the tax rates, even in the Corporations are one of the lowest in the country, almost half that of Himachal, and one fourth to one sixth, overall, of other progressive States like Gujarat Maharashtra, Karnataka and Delhi. Tax to be paid in Municipal Committees shall be much lower than that of Municipal Corporations. There is no property tax in rural areas. Besides the property tax is to be assessed and paid on annual basis.
Elucidating further the Commissioner, Jammu Municipal Corporation, Rahul Yadav informed that the tax is progressive in nature with low tax on smaller assets and is linked to circle rates – lower the circle rate, lower is the tax liability of the owner. The tax also takes into account factors like age of the property, usage type and construction type etc to arrive on TAV for realistic capturing of value of property.
Cases illustrating such as property tax to be levied on a 35 year old residential house with built up area of 4500 Sft in Gandhi Nagar is assessed to be Rs.5758 for one year. Similarly, a 25 year old residential house in Sarwal with built up area of 2000 Sft will have to pay only Rs1063 as property tax. A 5 year old residential house with built up area of 3500 Sft in Channi area would be assessed to Rs5374 property tax for one year.Small shops shall have to pay very small amounts with the example of a small shop in the old city area of Jammu with area of about 200 Sft which is only 0-20 years oldwould be liable to pay tax of only Rs 838 per annum.

In this regard Dr Mehta directed the DCs to create awareness in their areas by giving such real examples of calculation of the tax for different properties in their ULBs of the district. He observed that the misinformation created among people should be addressed by taking them along. He asked them to involve the elected representatives and civil society members in dissemination of the information and actual objectives of imposing this tax here.
On the occasion the Chief Secretary also impressed upon the officers to create awareness among public for removing misconceptions. He told them to create a helpline for the masses which would disseminate the correct information about this matter. He urged them to come up with a simple ‘Property Tax calculator’ for people so that they themselves are able to assess the actual amount they are liable to pay.
It was also mentioned that economy of J&K has been doing well and unemployment rate as per GoI data has shown healthier trend. The per capita income of people of J&K is amongst better States/UTs.
Dr. Mehta emphasised on the fact that people should be made aware that it is not permitted to direct ULB resources for any other purposes. The property tax paid by people shall be used in their own areas. The accumulations of the tax money will be collected by the ULBs, retained by them and used for their development needs exclusively. The tax to be collected from the people shall be spent only for their betterment, improving their quality of life.
Regarding its implications it was said that the Property Tax is to be levied annually and can be paid in two equal installment. Further, 10% rebate can be availed by early payment of the Property Tax.
The payment of property tax shall also facilitate common people in availing various facilities and services through their concerned local bodies with the expenditure of funds collected by levying this tax.
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#Property #Tax #small #houses #meagre #small #businesses
( With inputs from : roshankashmir.net )

February 23, 2023
No Property Tax For Small Houses; Meagre For Small Businesses: Govt

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JAMMU: In a meeting chaired by the Chief Secretary to deliberate upon misinformation created regarding property tax in Jammu and Kashmir, it was clarified that all the poor, marginalized having small houses having built-up area up to 1000 square feet have been exempted by the government from paying any property tax to be levied from April onwards this year.
The meeting was attended by Additional Chief Secretary, Home; Principal Secretary, H&UDD; ADGP Jammu/Kashmir; Deputy Commissioners; SSPs; Commissioners of Jammu and Srinagar Municipal Corporations and other concerned officers.
It was informed that levy of property tax is essential part of urban sector reforms. Jammu and Kashmir is one of the last States/UTs to levy property tax and non-imposition of the tax was depriving local bodies to become self sustaining. Urban Local Bodies (ULBs) are required to render multiple civic services in their jurisdiction and need resources. The levy of this tax will improve the financial health of these institutions and improve services, besides creating employment.
While explaining the methodology of levying this tax in the UT, the Principal Secretary, H&UDD, Rajesh Prasad stated that there is no tax liability for those having built-up area of their houses less than 1000 sft besides the proportion of taxes is considerably lesser here than that levied in other parts of the country. Similarly, all places of worship, including Temples, Masjids, Gurudwaras, Churches, Ziarats, Cremation grounds, Burial grounds etc are exempt from payment of property tax.
It was further informed that the Tax is proposed to be levied at just 5% of Taxable Annual Value (TAV) of the property in case of a residential property and at 6% of TAV in case of Non-Residential property. It was also apprised that the tax rates, even in the Corporations are one of the lowest in the country, almost half that of Himachal, and one fourth to one sixth, overall, of other progressive States like Gujarat Maharashtra, Karnataka and Delhi. Tax to be paid in Municipal Committees shall be much lower than that of Municipal Corporations. There is no property tax in rural areas. Besides the property tax is to be assessed and paid on annual basis.
Elucidating further the Commissioner, Jammu Municipal Corporation, Rahul Yadav informed that the tax is progressive in nature with low tax on smaller assets and is linked to circle rates – lower the circle rate, lower is the tax liability of the owner. The tax also takes into account factors like age of the property, usage type and construction type etc to arrive on TAV for realistic capturing of value of property.
Cases illustrating such as property tax to be levied on a 35 year old residential house with built up area of 4500 Sft in Gandhi Nagar is assessed to be Rs.5758 for one year. Similarly, a 25 year old residential house in Sarwal with built up area of 2000 Sft will have to pay only Rs1063 as property tax. A 5 year old residential house with built up area of 3500 Sft in Channi area would be assessed to Rs5374 property tax for one year.Small shops shall have to pay very small amounts with the example of a small shop in the old city area of Jammu with area of about 200 Sft which is only 0-20 years oldwould be liable to pay tax of only Rs 838 per annum.
In this regard Dr Mehta directed the DCs to create awareness in their areas by giving such real examples of calculation of the tax for different properties in their ULBs of the district. He observed that the misinformation created among people should be addressed by taking them along. He asked them to involve the elected representatives and civil society members in dissemination of the information and actual objectives of imposing this tax here.

On the occasion the Chief Secretary also impressed upon the officers to create awareness among public for removing misconceptions. He told them to create a helpline for the masses which would disseminate the correct information about this matter. He urged them to come up with a simple ‘Property Tax calculator’ for people so that they themselves are able to assess the actual amount they are liable to pay.
It was also mentioned that economy of J&K has been doing well and unemployment rate as per GoI data has shown healthier trend. The per capita income of people of J&K is amongst better States/UTs.
Dr Mehta emphasised on the fact that people should be made aware that it is not permitted to direct ULB resources for any other purposes. The property tax paid by people shall be used in their own areas. The accumulations of the tax money will be collected by the ULBs, retained by them and used for their development needs exclusively. The tax to be collected from the people shall be spent only for their betterment, improving their quality of life.
Regarding its implications it was said that the Property Tax is to be levied annually and can be paid in two equal installment. Further, 10% rebate can be availed by early payment of the Property Tax.
The payment of property tax shall also facilitate common people in availing various facilities and services through their concerned local bodies with the expenditure of funds collected by levying this tax.

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#Property #Tax #Small #Houses #Meagre #Small #Businesses #Govt
( With inputs from : kashmirlife.net )

February 23, 2023