Top Business Areas In 2017 That Promise Growth

Top Business Areas In 2017 That Promise Growth

Setting out to establish your own small business has never been easier. The allure of being able to do whatever you wish, in the field of your choice, is driving millions of entrepreneurs to set up a business of their own. In light of this, it is important to identify the best areas for small businesses to thrive and grow.

Here are 2017’s best segments for starting a small business:

Doorstep Repair

  • Automobile Repairs

Car and bike users are forced to visit expensive service centres and wait for days to get their vehicle fixed. However, this practice is soon changing with doorstep repair services. If you are a skilled mechanic, you can start a mobile auto repair business with a few simple tools at first, and then investing in specialised equipment. Advertise online and use a smartphone app to approach customers within a specific radius.

  • Electronics Repair

Most of us use multiple electronic devices at home and work. Even a slight issue in the functioning of an everyday gadget, such as a cell phone, causes a major inconvenience. Instead of having to visit

an electronics shop, it would be much more convenient to receive help right at the doorstep. If you have a degree in electronics and technology, you can provide door-to-door electronics repair services.

Child-oriented

  • Private Tutoring

A growing number of parents in India are realising the importance of all-round development for their children that schools alone are unable to provide. There is also a growing need for specialised coaching to help children excel in academics. If you are an expert on any subject or skill, leverage your knowledge to set up a successful business holding private classes in subjects such as self-learning, drama and speech or even water colour painting.

  • Mobile Apps

If you’re interested in creating teaching aids, mobile apps are a good avenue for you. You must have expertise in the subject matter and can either outsource the technical development or do it yourself.

Apps related to general knowledge, mathematics and overall development are highly sought after, and can help you create a substantial business.

Also Read : How To Find Your Business Niche

Renting Lifestyle Goods

  • Clothes and Accessories

There is a growing business trend to rent clothing and accessories at much lower rates as compared to their original prices. If you are excited by fashion, you can establish a renting service and turn it into a lucrative business. Use social media to advertise your offerings and set competitive prices to attract millennials.

  • Home and Office Furniture

As people move all across the country for short-term projects and jobs, they require furniture at home and at the workplace to feel more comfortable. However, they don’t want the hassle and expense of buying new furniture. You can tap into this mind set by providing tables, chairs, PCs, printers, couches, TVs, ACs, etc., on rent. You can tie up with tempo services and seasonal labour to shift furniture when required and gain on using the same inventory over and over.

B2B Services

  • Consulting

If you are well versed in a particular industry or subject, you can become an independent consultant and create quite a customer base. You can speak at events and conferences, provide strategic solutions on a contractual basis or serve as an advisor. This may be in fields as diverse as education overseas, expat coaching or investment.

  • Accounting

Efficient money management is a vital part of all businesses. However, most people need help with keeping their finances in order. If you have a background in finance, accounting, or bookkeeping, you can run a very successful business that offers financial solutions to SMEs and single-person businesses.

When creating your business plan, make sure to account for the right source of external finance.

You can easily avail the funding that you need by applying for a Business Loan from Bajaj Finserv. It offers you finance up to Rs.30 lakh available on flexible tenors and via a quick online application.

Apply for Business Loan Online Check your Business Loan Eligibility

4 Financial Habits To Better Manage Business Growth

4 Financial Habits To Better Manage Business Growth

Apart from skilled employees and efficient processes, your financial habits also influence your business’ growth. Since there’s always scope for improvement, we recommend revisiting the way you look at your business’ finances.

Here’s a look at 4 habits to implement so that your financial practices lead to business growth:

  • Review Your Finances Regularly

As a business owner, it is imperative that you perform weekly or monthly financial reviews. This will help you understand the frequency and scale of your operations. It also aids in understanding whether your business is actually growing, or if it is experiencing a temporary phase of profitability. Moreover, a financial review will identify seasons during which your business does well as well as learn more about the lean periods. This will help you plan a growth strategy, improve your marketing activities and make revisions in your payment collections processes.

  • Keep An Eye On Taxes And Liabilities

While your company’s gross profit may seem impressive, it’s important to set aside money for taxes and other liabilities. This will ensure that you know what your net income is, and you confuse available income with income locked for tax purposes. Rake the time to also explore various tax benefits and see which ones are applicable to you. Tax deductions lower your taxable income, and help you retain a larger chunk of your profits. If your business is new, you can get help from a financial advisor.

  • Establish A List Of Priorities

For any growing business, there is always a mountain of financials tasks that need to be completed. To maximise your productivity and focus on the important tasks first, define your workload on a daily, weekly and monthly basis. For example, decide beforehand whether you will carry out an analysis of key financial ratios like profitability, debt ratio, and financial autonomy of the business on a particular day. Similarly, categorise your schedule by planning what you are going to do in a given week—like credit management, investment analysis, or budgeting. This will help you organise your efforts and keep track of your progress.

  • Understand Your Financing Options

It is vital to educate yourself about financial sources such as loans, which can come in handy whether you need working capital, want to purchase machinery or put your growth plans into motion. Knowing your loan options is also important for a growing business, in case you need urgent funds during a lean season. Be informed about eligibility criteria of collateral-free business loans and ensure you have a good credit score too. Also understand your various business loan options.

For example, an SME has the following options for business funding:

  • Business Loan

The most preferred option by small businesses, this loan can be utilized for any and all business expenses. It is collateral-free, carries a high loan amount up to Rs. 30 lakh, and provides online account management.

  • Machinery Loan

Machinery loan helps you buy, upgrade or repair your business’ equipment and machinery. You may utilise the loan amount for any machinery-related expense.

  • Working Capital Loan

Working Capital Finance is the best option if you require help with financing the day-to-day operations of your business. It can be used to pay bills, employee salaries, and other short-term operational costs.

  • Line Of Credit

This option offers you a credit line for a predetermined duration. This comes in handy when you are unsure of the exact funds you require, or if you need periodic financing, such as for working capital needs. A line of credit gives you the right to withdraw funds as many times as you like during the tenor and prepay when you have the funds to do so at no extra charge. You need to pay interest only on the amount of funds that you use, and not the entire sum, thus managing your cash flow better. Additionally, your EMIs consist only of your interest component; you can repay the principal at the end of the tenor.

Once you make reviewing your financial status a habit, your enterprise is sure to flourish. Bajaj Finserv helps you get access to funds by offering you an excellent Business Loan, Machinery Loan and Working Capital Loan. These loans feature quick and easy online approval, high loan amount, and a unique line of credit facility.

Apply for Business Loan Online Check your Business Loan Eligibility

How To Cut Costs Without Affecting Your Business Growth

How To Cut Costs Without Affecting Your Business Growth

Trimming excessive expenditure helps your business become lean, streamlined and more efficient. But it is important to cut costs while ensuring that you do not demotivate employees or negatively impact your commitments to existing clients.

Here are six ways to cut costs without risking your business’s growth:

  • Outsource Tasks To Reduce Cost

A successful business requires a team of skilled individuals who specialise in required areas. Recruiting specialists in all these fields is expensive and time-consuming. As an alternative, you can outsource some functions to smaller companies, consultants and freelancers. This is easy, cost-effective, and helps cater to valuable clients. Moreover, your in-house resources can work on tackling other important tasks.

  • Rework Your Marketing Spend

Almost all businesses invest in marketing their products or services. But it is important to review your marketing spend and analyse the channels that are giving you maximum results. Periodically, examine this data to review strategies and alter them. Also, don’t forget to tap into your professional network and pursue leads that may result in conversions. It isn’t worth it to spend excessively on marketing, especially if you’re noticing that the number of new clients isn’t in line with what you are spending.

  • Eliminate Wasteful Expenses

In the course of running your business, you will encounter tasks that need special attention. For example, you may have a client that requests a particular service, but only once a month. Instead of hiring a new employee just for this purpose, you can hire a freelancer. This will help cut down unnecessary expenses. Similarly, try to lower costs on office amenities like expensive brands of coffee for employees when a cheaper alternative will do or paying for equipment that is not required regularly.

Also Read : Cash Management Pitfalls To Avoid In Your Business

  • Lower Your Overhead Costs

Usually, the biggest overhead cost is the rent you pay for an office space. Irrespective of whether your business is doing well or not, you can’t forgo making this payment. If you want to cut back on expenses, consider shifting to a smaller office space, signing up for a co-working space or converting your firm into a virtual office.

  • Be Transparent With Your Employees

If you’re cutting costs, be honest with your employees about why you’re doing it. If you’re making cuts to boost efficiency, let your employees know. They will respond better if you trust them with important information. Also, float cost-cutting suggestions and get their inputs. This makes it easier for everyone when it comes to adapting to change. A fringe benefit is that employees feel more motivated, empowered and involved in the business.

  • Scout For The Best Deals

Finding the best deals requires time and effort, but the end result is always satisfying and cost-effective. There are offers and discounts on almost every product and service these days. Along with hand-picking these offers, you should also ask your regular vendors for reduced rates. You can also shop online and reduce costs of say, office stationery or printer ink.

These six methods ensure that you cut costs on the business front while maintaining efficiency and productivity. Though cost cutting is a good way to save money for use as working capital, you may experience the need for additional funds. Identifying a good business loan is the key to keeping your business running smoothly. It also helps fuel business growth if you plan to diversify or expand your activities. For such purposes, consider a Working Capital Finance from Bajaj Finserv, which is collateral-free and doesn’t require you to tie up your personal or business assets.

Apply for Business Loan Online Check your Business Loan Eligibility

How You Can Avoid A Burnout While Running Your Small Business

How You Can Avoid A Burnout While Running Your Small Business

More often than not, small business owners end up doing everything, from taking executive decisions about 5-year goals to deciding on the interiors of the office and recovering payments. But doing everything is more harmful than you imagine, and can lead to a burnout. A business burnout occurs when a founder is overloaded with work and urgent matters all the time.

Here’s how to keep yourself from burning out, and manage your SME in the most efficient and productive way possible:

Learn To Manage Time Like A Pro:

  • Your time management skills will determine the success of your company in the short and the long term.
  • It is important for you to create schedules or time tables to manage time without losing sight of targets and deadlines. You can use scheduling and job list apps on your smartphone to remind yourself of tasks to be completed and arrange them in order of importance.
  • While getting work done is important, it is also important for you to take time off for relaxation and leisure. This way, you can tackle your to-do list with renewed vigour.

Embrace Delegation:

  • Don’t hesitate to assign tasks to your team and subordinates. Doing this can help you in more ways than one.
  • Not only does it build employee morale and lead to better performance, it reduces your stress and also allows you to focus on the truly important tasks.
  • When you delegate, establish a follow-up procedure so that you still give the final sign off and ensure that things are on track.

Also Read : What Do You Choose To Grow Your Business? A Small Business Credit Card Or A Business Line Of Credit?

Be Organised Every Step Of The Way:

  • It is natural for any upcoming business to have a never-ending to-do list. From picking an internet provider to hiring a tax auditor, there is a lot that you need to tackle.
  • It is important that you prioritise the tasks that require attention first, and then go about completing the other work.
  • Tackling your tasks in a haphazard manner can be exhausting, and leads to disarray. Make daily, weekly and monthly priority lists to stay on track.

Pay Attention To Sleep, Exercise, Diet And Downtime:

  • To prevent burning out, it is important to pay attention to the other aspects of your life such as relaxation, exercise, sleep, and a healthy diet.
  • When you ignore all these aspects of your life, your mind and body don’t get a chance to recover from the day’s stresses. As a result, you burn out faster and cannot catapult your business into its next growth phase.

Set Realistic Goals And Expectations:

  • Every organisation must work to achieve goals in a timely manner. But ensure that you set achievable targets. Setting unrealistic goals can put extreme pressure on you and your employees. This can cause you to burn out quicker.
  • Unrealistic expectations also culminate into poor work-life balance, disinterest, and lack of satisfaction with one’s work.

Managing finances is another aspect that can give you sleepless nights. But, don’t let it get to you. A business loan can help you tackle all your financial needs without any stress. Having sufficient cash flow makes it easier to hire the right kind of people to delegate tasks to, thus improving overall efficiency. Raise finance to tackle your business worries with Business Loans Bajaj Finserv. These loans come at attractive rates of interest, offer credit up to Rs. 30 lakh, and have an easy application procedure.

Apply for Business Loan Online Check your Business Loan Eligibility

What is Bajaj Finserv wallet?

What is the Bajaj Finserv Wallet?

Bajaj Finserv is making it effortlessly convenient for existing customers to manage everyday affairs, through a new mobile application. The Bajaj Finserv Wallet—powered by one of India’s most popular wallet companies, Mobikwik—brings new meaning to the term ‘easy-to-use’ due to its innovative and practical list of features.

Ways to use your Bajaj Finserv Wallet

You can utilize your wallet to:

  • Access your Digital EMI Card
  • Pay for your shopping, or collect payments
  • Pay your monthly utility and phone bills
  • Book tickets for bus travel
  • Check for new offers at nearby stores

Features of Bajaj Finserv Wallet

  • No need to carry physical cards anywhere; you can use your wallet instead!
  • Availability of a pre-loaded Digital EMI Card
  • You can pay for purchased items through the wallet, or even collect payments through it
  • You can pay all online bills through the wallet
  • You can book bus tickets with your wallet
  • You can check if nearby stores have any discounts or offers through your wallet
  • You can purchase products like electronic items, fashion wear, watches, and even groceries online, through the MobiKwik merchant network and the Bajaj Finserv Limited partner outlets.

Advantages of your Bajaj Finserv Wallet

The wallet is specifically customized for Bajaj Finserv customers, thus providing benefits such as:

  • Easy financing on products
  • Minimum documentation during purchase
  • Management of cards and keeping track of purchases
  • Faster service, since you are not required to recollect different numbers and email accounts
  • Accumulation of all cards in one convenient place
  • View all the available offers at stores near you

Products and services available for shopping with your Bajaj Finserv Wallet

Your wallet can be used at any Bajaj Finserv Limited Partner outlet and across the entire MobiKwik merchant network, for:

  • Purchasing mobile phones, computing devices, fashion wear, small appliances, electronic items, eye-wear, watches, groceries, and much more.
  • Booking travel and holiday packages, children’s coaching classes, and other assorted services.

So, whether it’s to use SuperCash for earning, transacting, and saving on MobiKwik, or to benefit from a perfectly-researched plan recommendation for pre-paid recharge, you can do it all by installing the Bajaj Finserv Wallet here.

Advantages of Bajaj Finserv wallet

Why Bajaj Finserv’s Digital EMI card is the next big thing

The Bajaj Finserv Digital EMI Card provides a novel way for you to pay for all the purchases you make at Bajaj Finserv Limited Partner Outlets and merchants. Pre-loaded on your Bajaj Finserv Wallet App, it serves as a non-physical, convenient payment option for everyday use.

The card will appear on the app as ‘Digital EMI Card’, where EMI stands for Existing Member Identification. It can be your go-to option for buying any and all products under the sun, including:

  • Electronic items, fashion wear, mobile phones, watches, eye-wear, small appliances, groceries, and many more products.
  • Travel bookings, holiday packages, coaching classes for children, and other such services.

Advantages of Bajaj Finserv Digital EMI Card

With a pre-loaded EMI Card, you can:

  • Eliminate the need to carry multiple, space-consuming cards around wherever you go.
  • Increase your financial security by obtaining protection against counterfeit transactions.
  • Block or unblock your card much more speedily.
  • Carry out transactions with greater ease.

Information about your Bajaj Finserv EMI Card

Here are a few things to keep in mind regarding your EMI Card:

  • Your card number will be displayed on the Bajaj Finserv Wallet App after your product is delivered. After approval of your loan, it will take between 20 days to 60 days for it to get activated.
  • To receive the PIN that should be used to operate your EMI Card, simply SMS PIN to +91 92275 64444 from your registered mobile number. If needed, you can change your PIN by logging on to the Experia portal.
  • If you wish to update your registered mobile number, you can do so by logging on to the Experia portal directly, or by contacting the call center at 020 39575152.
  • The liability of a loan taken through the EMI card is the sole responsibility of the EMI Card holder, which is why sharing your Bajaj Finserv Wallet and EMI Card with someone else is not recommended.
  • You can view your Bajaj Finserv EMI Card limit either through the ‘Available Balance’ icon on your Wallet App’s home screen, or below the EMI Card in the EMI Card section of the App.

For queries regarding blocking, unblocking, or card limit of your Bajaj Finserv Digital EMI Card, you can email wecare@bajajfinserv.in or call on 020 39575152.

A Retiree’s Guide to Selling Investments

Once you retire, the first thing you need to plan for is the amount of funds that you need immediately. For example, you may want to encash certain investments and move to a different city. Further, you may also want to add some conveniences to your life. These could include buying a larger television or applying a fresh coat of paint to your house. Let’s have a look at how you can go about funding your cash needs when you retire.
If you have invested wisely, you will have several types of investments, ranging from real estate to fixed deposits.

Here is a look at which investments you could convert to cash:/

1. Residential Property:

Selling residential real estate attracts capital gains tax. You can tackle this by reinvesting the earnings into another residential property for a short term. This manoeuvre is useful when you need to sell your current residential property and buy another property. This can mean selling your house in a metro and purchasing a holiday home somewhere more quiet and peaceful. Do remember that selling a property is a big move, so make this decision if you feel that it is right for you.

2. PPF Accounts:

When you retire, your PPF account will mature. This is another method to fund immediate needs. Moreover, these gains don’t attract any tax at maturity. It is a good idea to transfer the balance PPF amount to a small- or medium-term fixed deposit. This will help you further multiply the money to fund your daily needs.

fd apply

3. SIP and Equity Investments:

These tools are known for their high returns. So if you’ve invested early on, you would have gained a substantial amount over the years. As you plan your retirement, it is ideal to withdraw your money from these investments and use them for immediate requirements. You can also reinvest these funds in a low-risk assured investment such as senior citizen fixed deposit. In case the stock market is in a slump, it is advisable to liquidate your other investments before you cash in your equity investments. This way, your investment will get a chance to recover.

4. Fixed Deposits:

This safe investment is ideal for senior citizens as it provides high security and considerable returns. Additionally, interest rates on senior citizen fixed deposits are higher than regular fixed deposit accounts. Fixed deposits also allow you to get easy access to your money on a short notice. You can choose to invest in a cumulative FD to get monthly or quarterly pay-outs to use for daily living expenses too.
For example – Bajaj Finance is a leader in personal finance and offers a Senior Citizen Fixed Deposit Scheme. While their other customers get an interest rate of 7.85%, senior citizens are offered 8.10% interest. You can deposit a sum as little as Rs. 25,000 in this FD which has been awarded with CRISIL’s FAAA/Stable rating.

5. Investments in Other Property:

Investments in an office space, or any other property that yields rent is a good asset to hold on to. This ensures regular income to fund your retirement. Moreover, the excess money can reinvested in other low-risk options.
At the time of retirement, it is a good idea to rework your monthly requirements. As they reduce significantly, you can revaluate your financial needs and create a plan for yourself.

Calculate FD Maturity Amount Invest in FD Check FD Interest Rate

5 Financial Habits That Will Help You To Get A Business Loan Faster

5 Financial Habits That Will Help You To Get A Business Loan Faster

Managing a business enterprise is anything but simple. Regardless of whether you are a newcomer to the industry, or a seasoned professional, most of your business-related problems stem from inadequate finances. That is why it is vital to cultivate good financial habits, especially if you are in the market for a business loan.

Here are a few practices you can adopt to get that invaluable business loan as soon as possible:

  • Manage Your Cash Flow Efficiently

The success of any business depends on the proper management of its payments and receivables. If you don’t get paid, or there is a delay in payments for services rendered, your working capital is affected negatively. So, it is better to proactively revise the payment process for your clients. Try to take precautions by performing your client company’s credit check with credit report providers like Creditsafe. This way, you can choose to work only with those clients that are known to pay on time and in full. Similarly, develop a system for making on-time own payments You can use dedicated software like Zoho Checkout and Canopus EpaySuite for this purpose.

  • Pay Your Bills And Emis On Time To Have A Good Credit Score

The credit rating of your enterprise has a big impact on its stability and growth. There are certain ways to maintain and improve your credit rating, with the most important being making payments on time. As long as you make timely payments on all of your outstanding debt, you will retain a good credit score. Being creditworthy is one of the most important clauses for securing a business loan.

  • Apply For A Business Loan Only When You Need It The Most

Each time you apply for credit or a loan, your credit undergoes a critical analysis, which can affect it negatively. Frequent credit checks suggest that you are struggling financially and unable to manage your business in a proper manner. Since it has become easier than ever to secure a collateral free loans today, ensure that you don’t apply for it impulsively. It is important to make sure that you apply for a business loan only if it Enhances your business’s growth and profitability.

  • Analyse All Business Loan Options

Business loans come in a variety of customizable options. It is a good idea to select a specialized loan depending on your specific needs, so that you can gain maximum benefits. For example, you can choose a line of credit facility instead of a standard business loan if you are looking for greater control over your finances or are having unpredictable needs for funds. Similarly, you can opt for a machinery loan if you are looking to buy or repair equipment, or a working capital loan if you want help in managing day-to-day finances.

  • Research Your Lender And Consult Them About Your Chosen Loan

A personal discussion with your loan provider can go a long way in ensuring you have a pleasant and profitable loan experience. Talk to a representative about various issues like the business loan eligibility criteria, interest rate, and documents required for a business loan as well as the fees and charges associated with a business loan. This will help you understand the cost of the loan. In case you don’t immediately qualify for a loan, you can learn more about what you can do in the next 6 to 8 months to meet the eligibility criteria by having a conversation with the lender.

There are no shortcuts to cultivating healthy financial habits when it comes to applying for a business loan. However, once you do follow these practices, companies like Bajaj Finserv offer to you the fastest and most convenient Business Loans that feature simple eligibility criteria and fast processing of your loan application.

Apply for Business Loan Online Check your Business Loan Eligibility

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