Laghu Udyog Small Business Ideas With Low Investment in Hindi and English
It is a fact that the small scale business sector has been assuming a greater amount of importance with every passing day. A huge number of people are gradually looking forward to start their own business every year and more they are looking for opportunities to become their own bosses. While, we understand that entrepreneurship comprises of its own rewards, but at the same time, it comes along with several challenges. A successful business needs constant flow of funds not only for setting up the business but also for the operations and maintenance. The government is turning to offer financial aid for both the small and medium scale business organizations.
The Laghu Udyog aims at upgrading the Indian micro, small and medium enterprises through the modernization and also the promotion of exports under international co-operation scheme. The scheme covers the following:
- To enhance the possibilities of small and micro business organizations in India and also on other countries, the deputation of MSME business delegations are done. Also it will enhance the exploration of new areas and technological advancements for small business organizations.
- International participation of MSME is facilitated in different exhibitions, buyer seller meets and trade fairs, both in India and outside India. Also holding seminars and international conference to make Indian micro, small and medium business more popular.
The steps of MSME to be implemented
- The primary reason why an individual is looking for establishing an MSME unit can be summarized in one single word- opportunity. The opportunity is to offer a product or the service which generates sufficient amount of surplus.
- After screening of business ideas are done, the viability of the business is observed. So that the opportunity of the project can be estimated. This is why the business should cover all the perspectives.
- Some other factors that needs to be remember regarding the viability of the business are, the ease of raw material availability, technical process, availability of the market and incentive support from government.
How to set up the small scale business project
While the project conceptualization is being conducted, the following factors are really important.
- The product line- this indicates a width and depth of a product. At present people like to use handy articles and goods. Thus, organizations are going to benefit if they can come up with similar articles.
- Packaging- Product packaging is important because the appearance makes it attractive and more engaging for people to buy it. To enhance sales, packaging is really important.
- Branding: To promote your product, be it small scale or large scale, it is important that you make people aware about the purpose and objective of your product. This in turn will lead to the popularity of the brand that incorporates the product.
- Warranties and after sales service: The product should have a proper warranty for a certain period of time for the product to be legit and after sales services increases the loyalty of a certain organization. This why these are important.
It is important to gain information from the market for product selection. It is advised that those products that already have huge competitors should be avoided. It is a good idea to develop export-portfolio products, but the few conditions are important. They are external demand conditions, internal supply chain, complexity of the marketing tasks and also the amount of investment that is essential to penetrate the market.
A tabular overview of Laghu Udyog small business ideas and Laghu Udyog List
|SL NO||Factors to know||Brief Details|
|1.||What does Laghu Udyog Bharati cover||For enhancing the possibility of small and micro business organizations, the deputations of MSME business delegations are done. This will enhance the exploration of new areas and also technology is going to improve.|
|2.||Steps taken up by MSME||Screening the viability of business opportunity in all the areas.
Opportunity to offer product or services that generate sufficient amount of surplus.
|3.||Steps to set up small business||The product line
The packaging of a product to make it attractive
Branding of the product in both small and large scale for making people aware of your brand, and the purpose of the product.
Warranties and after sales: The warranties offer security to people for buying the product and after sales services enhance a brand loyalty.
Finally, market information is also important, avoid developing product with already established customers.