Some of the business ideas relevant in today’s market

Posted by on Oct 11, 2014 in Business, Self-employment, Start-up business | 0 comments

business ideas

Entrepreneurship and Business Ideas

Top 10 business ideas for start-ups.

Suggested business sectors:

  1. Food Processing
  2. Textile and ready made garments
  3. Technology [Software Product Development and maintenance, eCommerce, Internet Security, IT literacy, Digital Infrastructure deployment and maintenance]
  4. Social Computing / Social Media
  5. Smart Infrastructure development
  6. Solar Energy and allied infrastructure [MW Solar plants, Rooftop Solar Plants, Trading in PV Panels, Inverters and Batteries, Structural Services to erect Solar Plants, Specialist Electrical Services for Solar Installations]
  7. Automobile Components
  8. Textile & ready made garments
  9. Service Sector [associated with Sea Ports, Airports, Healthcare and Lifestyle segment]
  10. Training [Soft skills, Leadership, Sales and Customer Support Management, Finance Skills, Entrepreneurship Development Skills, Data Analytics, Digital Marketing,

Check this before you go for manufacturing activity.

  1. It would be ideal to take up any manufacturing activity based on product buy-back arrangement [job work] or specific network / market strength in the line of activity considered.  If not we will have to bear credit line to buyers, minimum 6 months working capital (depending on the product cycle), R&D and more.
  2. The other option is going with collaborative model with a foreign company to produce import substitute items in India.
  3. The DMIC corridor, Make in India, and proposed Industrial Estates in Telangana and AP are another opportunity in the coming years.  The focus areas of these projects are many varied items to cut dependency on China made capital equipment and end user products.  These efforts are definitely going to provide opportunities for ancillary industry growth.
  4. The other way to explore manufacturing opportunities is to scout for takeover of sick unit or advertise in local News paper for collaboration / partnership opportunities.  This may reveal some good opportunities.
  5. For manufacturing ventures, it always helps if one of the member promoters come with technical or marketing expertise in the chosen manufacturing activity.
  6. Last but not least one can go for manufacturing activity to produce any innovative product.  Innovation doesn’t mean a totally new product idea.  A small twist and improvisation of any existing product which enhances the utility value at affordable cost can be considered.

Brief on IT sector business ideas:

Software product development is an evergreen sector as long as the product becomes a solution to focused problem and the product is designed with inherent efficiency, security and compatibility to various environments.  Considering the growing patronage to cloud computing technology, smart phone infrastructure, and internet security tools,  there is sufficient scope to devise new products or improvise existing solutions to the newer environments.  The other perpetual avenue is enterprise market constituting ERP and ERP integrated with social computing tools and data analytics.

The other promising business ideas in IT Sector:

Website development:

This is a perennial market.  The challenge, however, remains to be the capability of the organization to develop a professional website [elegant interface, aesthetics, mulsti browser compatibility, efficient loading, nil dead links, user friendly navigation, professional and crisp content compatible to search engines and self declarations for content and design ownership] incorporating digital documents [pdf brochures, e-readers, digital collateral with various presentation options, interactive forms for online interaction by customer for enquiries, feedback, survey, referal, and more].

eCommerce:

Practically many offline business models could be converted to online models.  The approach would be offering of related product group constituting a few items in the initial stage.  The products could be from segments like Lifestyle, Food [especially organic food items], Construction, Infrastructure, Supplementary services to Healthcare, Hospitality and Travel & Tourism.
Success of any online venture depends on right scoping, application efficiency, aggressive and judicious marketing strategy.  Many of the failed online ventures have their root to inappropriate business model, poor infrastructure and/or wrong positioning.  The important advantage with the online business models is that they become attractive for funding institutions or individuals once the initial sustenance is proven with promised future.  Popularity and application efficiency are the foremost attractions for any online business models.

Mobile & Tab Applications:

Again many desktop applications, online applications could be ported to Mobile and Tab platform.  Thus opportunities are immense in this segment.  Any application addressed to customer service, sales, marketing, consumer behavior analysis, analytics has good scope irrespective of any number of competitive products. This market has bright future.

Internet Security.

In the coming one year we are going to witness Digital India through which efficient Internet bandwidth is going to be made available to lakhs of villages.  As the Internet infrastructure grow so the requirement for safe and secure management of such infrastructure. One may think about collaborating with existing security products to be offered in the market with supported maintenance.  This can be combined with Internet literacy offering to the users.

Social Computing and Analytics

The end users for these products are small companies to large corporations whoever have implemented intranet social computing infrastructure and/or Internet presence.

Some of the business ideas in Education & Training Sector:

  1. IT Skill development [Career centric technology training].  Market is inundated with training institutions whose primary focus is volume of business than the quality of content.  Thus if an organization can focus right curriculum with efficient faculty there is enough room for new comers.  Almost 70% of engineering graduates are failing the eligibility criteria in the technical aptitude and professional outlook.  This fact itself vindicates that the existing training and skilling infrastructure lacks right content and approach. This business idea works well in the future as government is looking to collaborate widely with private institutions under PPP model.
  2. Softskill & Leadership development [Govt. of India and Govt. of AP are coming up with special mission to train youth in softskill and leadership development].  This is one of the topmost priorities in India in the path of youth empowerment for employment or self employment.
  3. Multi vocational skill development unit inline with ITIs & Polytechnics. These are going to be in much demand in the coming years.
  4. Education (Professional education / coaching centers / Mentoring hubs )

Few other business ideas:

  1. Stainless Steel Fabrication, Furniture for domestic, commercial and industrial purposes.  Every furniture product should provide the benefits of aesthetics, space optimization, ergonomic advantages, multi-use and must come at affordable cost. Many of the home furniture items can be redesigned using SS, wood, aluminium, plastic or any other composite material.
  2. Trading in Modern Building material
  3. Industry specific help desk solutions
  4. Industry specific Customer Management solutions
The above are just indicative.  However, among other things every business opportunity at the outset has to be analysed considering (i) Promoter’s expertise (ii) Place of business (iii) Product / Service demand in the target areas (iv) Promoter’s equity (v) Government support; and (vi) Competition.
If you need any clarifications may please leave your comments.  I will attempt to answer to the extent possible.  However, if you need personal consulting the consulting fee shall be INR 1000/- [one time].  We don’t charge consulting fee for micro business setup, or students who come from humble background.
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How to start an Online business

Posted by on Oct 11, 2011 in Business, EPM World, Marketing, Branding, Start-up business, Technology | 7 comments

Online Business:

The digital world has paved way for a new and additional business source in the form of online business.  The traditional marketing budgets which were in the range of millions and billions of dollars are no more a must for someone who would like to attract global business sales.  It could be a largest retailer like Wal-Mart Stores or sheer online shopping mall eBay.  Generous broadband connectivity and Internet proliferation have brought dollar cheers to business men and discount cheers to customers in the online business world.

The significance of online business is its nature to be able to function as the tiniest business model propelled by a single PC to the largest business model driven by gigantic technology infrastructure.  It is as practical as that, an ordinary individual who can invest $100 (INR 5000) of his pocket money can even create blog based online earning revenue model.

(A)  Types of online business:

Online business is prominently dominated by product sale.  Consumer electronics, household provisions, ready made garments, drug store and the list is unending and is limited to our imagination.  The other business type is service sale.  The most popular among them are job portals, matrimonial sites, service exchanges and even research services.

(B)  Online business idea:

epmworld online businessChoose a single product which has large scope in the market and which can be sourced by you at required parameters.  You can go for marketing of all cereals like Green Gram, Black Gram and so.  You can choose art items if you are an artist.  You can go for designer garments if you are a designer.  You can sell photo frames if you are an artisan.  Or you can market handyman services.

Every business opportunity is portable as online business model, provided you know the target market scope.

(C)  Approach:

Idea consolidation:  Finalize the product choice after proper market research.  Make a quality business plan to understand the investment and ROI.

Technology: The major points of consideration could be:

  1. High level requirements of portal
  2. Operating System & Database
  3. Hosting platform
  4. Design considerations for Front-end feel and look
  5. Analytics and Reporting structure
  6. Payment Gateway options
  7. Support
  8. Security measures; and
  9. Development and deployment time.

(D)  Process development and deployment:

What constitutes this?

  1. Finalization of terms with vendors, affiliates for product supply or service deliver.
  2. Statutory and mandatory rules & regulations related to sale and purchase of products contextual to target markets.
  3. Procurement and supply logistics.
  4. Transaction cycle like Ordering, invoicing and delivery.
  5. Operational structure.
  6. Performance monitoring and controlling procedures; and
  7. Customer Data & Privacy Protection Controls.

(E)  Marketing and promotion of portal: 

Search Engine Optimization (SEO) and Social Media tools are the cheapest measures to market any online businesses.  You should engage a professional organization or designate an internal two member team who will promote your portal on continuing basis.  You could check this link on ways and means of online promotion.

epmworld online business portal

(F)  Consistent improvement through market intelligence: 

The success of online presence majorly depends on the factors like (i) Ability to introduce trendy and quality things (ii) Accountability on extended services (iii) Tech intelligence to identify the constraints faced by users during their engagement with your portal.

(G)  Common mistakes:

Several online business portals go bankrupt or wound-up in the early stages owing to poor planning, unfounded projections or technological challenges.  The mistakes to be avoided among other things would be (i) Keeping the site static in terms of design, look and user experience components (ii) Faulty design or insufficient features causing navigational confusion and frustration (iii) Poor performance like slow loading of site (iv) Inadequate or slow support (v) Limited payment options; and of-course (vi) non-competitive in price, product, offers or variety.

(H)  Success metrics:

When you ensure rectification of failure points as indicated above you would obviously find success in your way.  Still the major points or metrics of online business portal success would be (i) Efficient technology (ii) Presentation of clutter free and just in time and contextually required feature(s) (iii) Price and product attraction; and (iv) Real-time support.

Online business portals offer the advantage of business numbers which means a huge market, though with small margins.  From backyard products, house made items to far off place products every item could be traded online.  The secret is creating a brand of your own and maintaining it on consistent basis.  A small mistake or ignorance could distract the long-time customer.  You may tread slow initially but once the portal becomes attractive you would transact just dollars not the merchandise.

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Do you need a Part time CEO?

Posted by on Sep 12, 2011 in | 2 comments

Part Time CEO

Whether a start-up or an established business at times would find it difficult to fill the requirement of CEO who can steer the promoter’s Vision and bring in definite implementation of detailed processes. We can extend our Part time CEO services on project basis or on short-term basis with guaranteed results under SLAs.

Speaking Assignments Conferences, Workshops, Seminars, Inaugurals

For your technology events, business meets, mentoring sessions, leadership summits or any management related events, you can avail our special services to deliver Keynote address or handling a particular topic delivery before the National or International audience.

Back Office Services For Business / Technology Events

Organizing any event calls for detailed and strenuous planning to precise management of event cycle. May talk to us to handle entire backoffice services for any of your National or International event. We will extend any and all of following services:

  • Event planning
  • Participation Management
  • Drafting and delivering entire correspondence
  • Speaker Panel Mangement
  • Media Management
  • Issuance of Participation Certificates

 

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Business Consulting

Posted by on Sep 12, 2011 in | 33 comments

Business Consulting:

The growth and development of any business depends on the thorough understanding of business, changing market requirements, growing competition, trending technologies and an efficient team that shares and works for achieving the Vision and Mission of the organization.  This aspect is not possible with every business owner considering the time constraints, relevance of his / her pre-business-experience and many other related facts.

As a Business Consulting firm, we can evaluate your business in “as is whereis basis” and work for a right solution to take forward the business to achieve projected growth. We have christened our company as EPM World to denote our service range spanning Enterprise Portfolio Management (EPM). Enterprise functions constitute every thing right from setting up company, formulating detailed business plan, going for commercial launch, conducting operations to achieving sustenance and growth. We may discuss any of your business concerns for a right advice, strategy or service extension.

  • SWOT Analysis and Due diligence
  • Marketing & Branding Strategy
  • Business Development Strategy
  • Collaborations / Tie Ups
  • Drafting Of MOUs, Agreements
  • Content Management
  • Online and Internet marketing Strategy
  • Process Development and Deployment for functional efficiency
  • Information Technology implementation strategy

Our business consulting services and development strategies would guarantee the defined short-term and long-term benefits to the organization.  May talk to us for a free discussion and brainstorming of your growth concerns for a clarified path.

 

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3D in Business

Posted by on Sep 7, 2011 in Business, EPM World | 0 comments

The subject 3D in business is going to be very important in India especially for Retail sector businesses like Shopping Mall, Departmental Store, Multiplex and other retail business houses.  The online shopping trends in India are highly encouraging for retail sector business enterprises.  The trends are very obvious from the findings of The Nielsen Company on the Global Online Shopping Report conducted in September 2010 among Internet users in 55 markets.  Summary of the Key Findings:

  1. More than eight out of ten Indian online consumers plan to shop online in the next twelve months
  2. More than a quarter indicate they spend upwards of 11 percent of their monthly shopping expenditure on online purchases
  3. 71 percent Indians trust recommendations from family when making an online purchase decision, followed by recommendations from friends at 64 percent and online product reviews at 29 percent
  4. Half the Indian consumers (50%) use social media sites to help them make online purchase decisions.
  5. Online reviews and opinions are most important for Indians when buying Consumer Electronics (57%), Software (50%), and a Car (47%).
  6. More than four in ten Indians are more likely to share (post a review/ Tweet/ review) a negative product or service experience online than they were to share a positive experience
  7. In the next six months Indians are most likely to buy Books (41%), Airline ticket/reservations (40%), and Electronic equipment like TV, Camera, etc. (36%) online
  8. When shopping online, one third of Indians (33%) purchase most frequently from websites which allow them to select products from many different stores.
epmworld online shopping

Shop and hop, VIRTUALLY!

The above results are supported by the rapid growth in Social Media users.  As per an estimate there are around 52.5 million Social Media users in India who visit more than 4200 million pages on an average.  This number is projected to be swelling at 100% growth rate.  The Social Media visitors consists the visitors of LinkedIn, Facebook, Twitter and more.

The Indian retail market business is surging forward fueling further the online business growth.  The figures below are self-explanatory in the context.

  • The Q411 BMI India Retail Report forecasts that total retail sales will grow from INR19.74trn (US$411.28bn) in 2011 to INR30.96trn (US$804.06bn) by 2015.
  • The retail sales growth is at 11.9% per annum.
  • Tourist arrivals rose by 8% in 2010 to 5.40mn, from 4.99mn in 2009.
  • The growth in the overall retail market will be driven largely by the explosion in the organised retail sector.
  • Domestic retailers such as Reliance Retail and Pantaloon Retail continue to invest heavily in increasing their store networks and improving in-store offerings, and the impact they have on growth will be boosted by the arrival of expansion-oriented multinationals.
  • BMI predicts that sales through Mass grocery retail (MGR) outlets will increase by 126% to reach US$59.8bn by 2015.
  • BMI forecasts consumer electronic sales at US$29.44bn in 2011, with over-the-counter (OTC) pharmaceutical sales at US$3.10bn.
  • The former sub-sector is expected to show growth of 78.5% between 2011 and 2015, reaching US$52.55bn, with projected double-digit growth of key products such as notebooks, mobile handsets and TVs. OTC pharmaceuticals, meanwhile, should increase by 88.1% throughout the forecast period, to reach US$5.84bn.
  • Automotive sales are forecast to increase from 4.07mn units in 2011 to 5.89mn units by 2015, an increase of 44.4%.
  • Domestic vehicle sales surged by a phenomenal 45.9% year-on-year (y-o-y) in October 2010, driven by a 22.0% increase in commercial credit (the fastest pace since 2008).
  • India’s forecast market share of 13.2% in 2011 is expected to increase to 15.0% by 2015.
epmworld Virtual Shopping Mall

A Virtual Shopping Mall

The trends indicated above for retail market growth rate read along the growing trends in Social Media and Online Shopping present a huge business opportunity to embark on to online retail market opportunity.  One of the important constraints hither to for online users has been the inability to have near physical glimpse of the product they wanted to buy.  Now with the usage of 3D technology in building online shopping store, online retail users will have a walk through experience of their favorite retail outlet or shopping mall be it Big Bazaar, Food Bazaar, Pantaloons, Reliance Retail, Reliance Fresh, More Super Market, More Hyper Market or ITC Choupal.

The Hollywood movie Avatar is the best example for the users’ acceptance on 3D Technology.  If not in total, we can implement 3D technology to create virtual retail stores and provide the best experience to online shoppers.

3D Shopping Store is a good business opportunity to existing retailers and to the aspirant business population.  An individual investor can start his Shopping Mall without going for huge infrastructure, huge space, long gestation time and big budgets.

epmworld 3d in business

A 3D shopping mall

The advantages of going for a 3D Shopping Store:

  1. Can be started with small store house at one or more places without going for huge shopping area.
  2. Provides near physical 360 degree photo realistic view and the feel of a product and creates the sense of being within a real world location.
  3. Provides virtual walk through of the entire store.
  4. Saves from the physical movement of customer.
  5. Interoperable with existing shopping cart or POS application with a small customization and integration.
  6. Guarantees perfect accountability for return or refund as per the notified policy of the store.
  7. Corporate friendly for bulk procurement of Gifts, Goods and similar.
  8. Secured transactions
  9. Provides the ability to engage with the customer through Messaging and chat based communication.
  10. Allows your customer the opportunity to experience your product/environment online, heightening the desire to experience it in real life
  11. Integrated with multimedia presentation applications from standard text information to fully interactive animations including audio and video.
  12. The choice of using Avatars that can walk and talk which will attract and retain various user groups
  13. Personal user applications for networking & user generated content
  14. Business applications for e-commerce – sales, selling of advertising
  15. Accessible with no extra software to install and fast loading with small streaming files
  16. Client retention through membership log-on options
  17. An independent platform which runs on all computer browsers
  18. Affordable set up investment comparable to standard HTML websites
  19. Content management tools for anytime in-house web site management
  20. Face view navigation offers clear presentation of information, products and locations

3D Store is a real-time business opportunity for aspirant entrepreneurs who want to embark on to retail market.  This provides perfect small investment based opportunity to do business across chosen areas.

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