Blog Page 347

30 Small Scale Business Ideas

Shitanshu Kapadia
-
0
30 Small Scale Business Ideas

Small Scale Business Ideas –  n the realm of entrepreneurship, initiating a small-scale business and gradually expanding it over time is often the key to long-term success. If you find yourself contemplating leaving the confines of a 9 to 5 job and are on the lookout for promising small-scale business ideas, you’re in the right place. This article unveils 30 proven and dynamic small-scale business ideas that can not only be a lucrative venture for young and dynamic individuals but also for enterprising housewives. Let’s explore these business opportunities that have the potential to yield substantial profits.

small scale business ideas

30 Small Scale Business Ideas

Small Scale Business Ideas with Investment up to 50,000 Rs

1. Coaching Class Marvel: Unlocking Potential

Embark on the journey of starting a tuition or coaching class, an evergreen low-cost business idea. Education stands resilient in the face of economic fluctuations, making coaching classes a profitable venture. With a break-even period of just one year and a gross profit margin reaching up to 30%, this endeavor promises both stability and financial success.

2. Culinary Entrepreneurship: Homemade Treasures

Delve into the world of homemade food or tiffin services, an excellent small-scale business idea requiring exceptional culinary skills. Offering home or office delivery services at customer cost, maintaining consistent taste and quality is crucial for business continuity. Anticipate a break-even period of 6 months and a gross profit margin of 20%.

#3 Marriage Bureau 

For aspiring women entrepreneurs, a home-based marriage bureau is an ideal small-scale business. Success in this venture hinges on being soft-spoken with a strong social circle. The break-even period for this business is approximately 1 year.

#4 Hobby Centre

Establish a hobby center offering courses like music, drama, dance, and crafts. Initially, start small and expand gradually. A skill set is essential, with a break-even period of 1 year and an expected gross profit margin ranging from 20-30%.

#5 Baby Sitting

In metropolitan areas, capitalize on the demand for babysitting services. The break-even period for this business is a year, with an expected profit margin of 30-40%.

#6 Dressmaking

Enter the realm of dressmaking or tailoring, a home-based business for women. A sewing machine and dressmaking skills are essential. Collaborate with schools or small businesses for orders, expecting a break-even period of 1-2 years and a profit margin of 20-40%.

Also Read – 21 tips for successful business

#7 Real Estate Agency

Explore the unorganized sector of real estate by starting your own agency. Success depends on contacts and detailed property knowledge. Achieve a break-even period of 6 months.

#8 Blogging

Embark on the journey of home-based blogging, requiring technical skills and in-depth knowledge of your chosen topic. The break-even period is 1-3 years, ensuring a gradual but rewarding venture.

#9 Beauty Parlor

Open a beauty parlor, a low-cost business idea for women that can start from home. Complete a proper course before venturing into this business, anticipating a break-even period of 1 year and a gross profit margin of 20-30%.

10. Photography

If photography is your forte, start your own photography business. Invest in a high-quality DSLR camera and begin with a home-based studio. Achieve a break-even period of 6-7 months and a gross profit margin close to 20%.

Small Scale Business Ideas with Investment up to 1 Lac

#11 Stationery Store

Open a stationery store with a modest investment. Ideal locations include areas near schools or businesses with high stationery demand. Break-even within 1-2 years with a gross profit margin of 10-15%.

Also Read – 21 Online Business Ideas with low investment

#12 Provision Store 

Establish a provision store in residential areas, a profitable small-scale business idea with a break-even period of 1-2 years and a gross profit margin of 10%.

#13 Courier shop

Embark on the courier business, ideally located in office areas. Secure agency partnerships with major courier companies. Expect a break-even period within the first year.

#14 Seasonal Business

Tap into the festive spirit of India with a seasonal business, specializing in items like firecrackers, kites, and rakhi. A thriving venture with a break-even period to target within the first year.

#15 Game Parlor

Kids adore games, making a game parlor a lucrative venture in residential areas. Include attractions like battery-operated cars and PlayStations. Expect a break-even period of 12 months with a gross profit margin of 10-15%.

#16 Wedding Planner

Unleash your creativity and managerial skills by diving into the world of wedding planning. A small-scale business idea that requires constant effort and a dedicated team for success.

 #17 Placement Services

Offer manpower services to large corporations on a commission basis. This business can be initiated with a low investment, relying on building strong client relationships.

#18 Chocolate Making

Delve into the world of chocolate making, a low-cost home-based business for women. Effective marketing and advertisement efforts are crucial for success.

#19 Custom Gift Making

Witness the rising trend of customized gifts by starting your own business. Consider taking this business online for a broader reach, with a break-even period of 1 year.

#20 Online Ad Service Business

If creativity and technical knowledge are your forte, delve into the realm of online ad services. Collaborate with advertisers and publishers, achieving break-even in 3 years with an approximate profit margin of 15%.

Also Read – 7 Common Qualities of Successful Business man

Small Scale Business Ideas with Investment up to 5 Lac

#21 Toy Shop

Initiate your own toy shop, ideally located near residential areas. Ensure a unique toy collection for a thriving business with a break-even period of 3 years.

#22 Mobile Shop

Embark on the venture of starting a mobile shop, catering to the frequent mobile phone trends. This business can be a symbol of status, ensuring success in the current market.

#23 Internet Service Provider

If you are tech savvy with good technical knowledge you can start your own internet service provider business. Internet usage in India is growing with jet speed, hence it makes sense to start this business. The break-even period for this business is 3 years.

#24 Food Parlor

Serve delectable food to earn money by starting a food parlor. Select a suitable location and hire a professional chef for success. Expect a break-even period of 3-4 years.

#25 Ice cream and Juice parlor

Launch an ice cream or juice parlor, offering refreshing treats. Secure a suitable rental space and consider partnering with a reputable ice cream company.

#26 Bakery or Dairy

Start your own bakery, offering fresh cakes and biscuits. Distinguish your business by introducing unique items to achieve quick success.

#27 Tour Travel Agency

If exploring new locations is your passion, initiate a tour travel agency. Organize tours for people and earn a good margin, with the potential for substantial profits.

#28 Medical Store

Start a medical store, choosing a strategic location near hospitals or clinics. Remember to obtain the necessary pharmacist license before venturing into this business.

#29 Advertising Agency

Start your own advertising agency, specializing in print media, radio, or public spaces. Create a prototype and work towards success, achieving break-even in 2 years.

#30 Cloth Boutique

Embark on the journey of starting your own cloth boutique, showcasing unique clothing varieties. Invest in marketing to ensure success, with a break-even period of 3 years and an expected profit margin of 15-25%.

In conclusion, these 30 small-scale business ideas offer a diverse range of opportunities for aspiring entrepreneurs. Share your thoughts and ideas to contribute to the growth of this list, and don’t forget to spread the inspiration on social media platforms like Facebook and Twitter! Your business journey begins now, unlocking the doors to a future filled with success and prosperity.

How to Secure Credit Card? CVV and OTP is enough?

Shitanshu Kapadia
-
0
How to Secure Credit Card? CVV and OTP is enough?

credit card

Credit card is one of the most used financial products now a day. You spend a lot of time to select best credit card, but do you really spend a time to understand how to secure credit card? Do you know the importance of CVV and your credit card number?  Credit card frauds are increasing at the jet speed. Social Engineering, skimming, phishing are some of the methods used by fraudster for credit card fraud. Let me share one recent incident of social engineering with you.

My friend received a call from Credit Card Company. A caller explained that your credit card usage history is very good and company decided to give you 50% cash back offer for every transaction. In order to avail this offer, you need to send scanned copy of your credit card for verification. You will receive offer letter after verification. Without thinking twice, he forwarded scan copies of a front and back side of a credit card as required. But the caller didn’t turn up after that. A couple of days later he received a big bill of the credit card. While inquiring he came to know that his card was used in doing a couple of unauthorized transactions. He immediately filed complaint at a police station and cyber-crime cell were able to trace cheater. Fraudster also confesses that he has done a couple of frauds like this. He used most popular social networking site Facebook to get personal information for this type of frauds. This incident is an eye opener for the people who keep all personal information open on social networking sites.

Although we have additional security features like OTP, 3D Secure PIN etc. How come someone with credit card number and CVV can do credit card transaction? Well, it is because many sites allow online transactions without OTP. You must be thinking what is meaning of CVV and OTP?

What is CVV?

CVV is known as credit card verification value code. The CVV is 3 digit number mentioned at the back side of credit card nearby magnetic strip. In order to do any financial transaction online, you need to enter CVV. CVV is proof that card is physically in your possession. Other agencies also refer CVV as CVV2 or Credit Identification number CID.

CVV is enough for all credit card transactions?

Apart from CVV many banks and credit card companies ask for OTP, 3D Secure PIN to complete the transaction.

What is OTP?

OTP is one-time password sent to your mobile number. Before completion of online credit card transaction, you need to enter OTP. Unless you enter the OTP transaction will not be completed.

What is 3D Secure PIN?

3D secure PIN or password is additional security layer applied to your credit card. This 3D secure PIN is required whenever you want to use a card to make an online purchase. The requirement of 3D secure PIN prevents unauthorized usage of your credit card. It is also termed as Verified by Visa password or SecureCode.

How to Secure Credit Card? – Useful Tips

There is always a risk of credit card frauds. However, you can take the following precaution to avoid it.

  1. Don’t give Credit Card Details to anyone.
  2. Never respond to unsolicited phone calls, visits or email messages from individuals asking about personal information, unless you verify its authenticity.
  3. Do not respond to emails from unidentified sources.
  4. Scratch your CVV number from Card. Memorize CVV number.
  5. Do not write CVV or Credit card number anywhere.
  6. Do not share your credit card password (3D Secure PIN) with anyone ever.
  7. Sign back credit card immediately after you receive it.
  8. Beware of Forged websites. A website where it is safe to enter personal information begins with “https” — the “s” stands for secure.
  9. Regularly monitor your credit card transactions.
  10. While making an offline transaction at a petrol pump, hotel etc make sure a card is swiped in front of you.
  11. Make sure that card is used on a machine which is authorized machine/POS by banks and not on a machine which looks doubtful; it can be “Skimmer” which can steal your data.
  12. Use credit card with an inbuilt limit of 20,000 Rs. or 30,000 Rs.

So, Next time when you receive any call related to credit card do remember what you have read here!

Deductions under 80G – IT Act 1961

Shitanshu Kapadia
-
0
Deductions under 80G – IT Act 1961

The need of charity in a resource crunched country like India cannot be undermined. Therefore, in order to encourage charity, the government has made a provision for deduction under 80G. At the same time, in order to prevent misuse of the tax benefit, the government only gives out tax soap for charities that meet a certain criteria. The amount donated can be subjected to either full or partial exemption.

Any taxpayer – be it Individual or Company, can claim for deduction under 80G. It is important to note that only monetary donations are exempted. Hence, value of any other donation – like blanket, food supply in natural calamity, is not exempt.

Also, only donations made to institutions that have valid 80G certificates are considered for exemption, so you must ensure that the charity or trust which you are donating to, has a valid 80G certificate. With effect from 1st October 2009, it is not important for charity institutions to apply for renewal of 80G certificate, so any certificate valid till 1.10.2009 is valid unless specifically withdrawn.

Maximum amount deduction under 80G – It is capped to 10% adjusted gross total income, however there are certain institutions to which the donations are fully exempt or are eligible for 50% of the total benefits, irrespective of your adjusted gross total income.

Donation under 80G

Deductions under 80G – Scenarios

A. Donations to Institutions without Any Qualifying Limit

Suppose your adjusted gross total income is 10 Lakhs, and you donate 3 lakh to various institutions where donations are exempted without any qualifying limits, then here is how it works:

  1. For all donations made to institutions with 100% exemption (Prime minister’s National relief fund), total donation of Rs 3 Lakhs shall be exempted from taxation.
  2. For donations made to institutions with 50% exemption (Indira Gandhi Memorial Trust), 50% of the donation amount i.e. Rs 1,50,000 shall be exempt.

B. Donations to Institutions With Qualifying Limit

Now suppose, with the same adjusted gross total income (Rs 10 lakhs) you donate Rs 1,50,000 to various institutions where donations are exempt subject to qualifying limits (which is 10% of your gross total income)

  1. For donations made to institutions with 100% exemption (Charity institutions like CRY), Rs 1 lakh shall be exempt (As only a maximum exemption of 10% of your total income is allowed)
  2. For donations made to institutions with 50% exemption (Charity institutions Oxfam), Rs 75,000 shall be exempted from taxation (Rs 10 lakh minus 75,000 – 50% of Rs 1,50,000)

The Process to claim tax benefits under 80g: In order to claim benefits, you – the donor, would need to furnish a proof of payment. A trust, charity or institution receiving your donation will issue you a stamped receipt, and you would need to produce the receipt while filing your returns.

Charitable organizations that take online payments like CRY and Oxfam India, they will mail you the receipt once the donation is made. The receipt should contain your name, name of the charity, amount donated and the registration number of the charity/trust. You can simply make a donation to some of these charities while e-filing your IT return.

Deduction under 80G Deduction under 80G

You can claim deduction under 80G through employer only for the donations made to institutions or charity that don’t have any qualifying limits. Therefore, if you donate Rs 10,000 to Prime Minister’s relief refund, you can claim tax benefits for the same through your employer. But, if you donate the same amount to a charitable institution like CRY or Oxfam India, then you would need to claim the tax benefit at the time of filing your tax returns.

You also can claim tax benefits for any donation that you make through your employer. Such donations will be a part of form 16, through which you can file your tax returns and claim tax benefits.

1...346347348...376Page 347 of 376