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Harsh Bharwani  |55 Answers  |Ask -

Entrepreneurship Expert - Answered on Jul 04, 2023

Harsh Bharwani is a fourth generation entrepreneur.
As CEO and managing director, he leads the international business and employability initiatives at the computer networking institute, Jetking Infotrain Limited.
After graduating from Delhi University, Bharwani joined the family business in 2010 and set up operations in the US and Vietnam.
He has trained over three lakh students in employability, confidence and key life skills.... more
Asked by Anonymous - Jun 13, 2023Translate

Hello, I want to setup my business with 25-35 Lakh own fund + bank/govt loan. I want fixed sales way of our product (like solar power setup, cab service) means i do not want to have intense marketing or sales & demant chain. It should sale for sure with minimal effort. May be any B2B would be good for me. Please suggest.

Ans: Certainly! Based on your criteria of setting up a business with minimal marketing and sales efforts, along with a fixed sales approach, here are a few B2B business ideas that you can consider:

1. Wholesale Distribution: Start a wholesale distribution business where you purchase products in bulk from manufacturers or suppliers and sell them to retailers or other businesses. This can include various products such as electronics, household goods, industrial equipment, or consumer goods. The key is to establish strong relationships with manufacturers and retailers to ensure a steady flow of sales.
2. Industrial Supply: Focus on supplying essential products or equipment to industries or businesses in a specific sector. This could include providing machinery, tools, raw materials, or specialized components. By targeting a specific industry, you can build a reputation and become a trusted supplier.
3. Business Services: Offer specialized services to other businesses, such as accounting, IT support, human resources, or consulting services. These types of services are often in demand, and if you can provide high-quality solutions, you can establish long-term partnerships with clients.
4. Logistics and Transportation: Start a logistics or transportation company that focuses on providing reliable and efficient delivery services to businesses. This could involve local or regional delivery, freight transportation, or specialized logistics for specific industries. Building strong relationships with clients and ensuring timely and secure deliveries will be key to your success.
5. Equipment Leasing: Consider offering equipment leasing services to businesses in need of specialized machinery or equipment. This can be particularly lucrative if you target industries such as construction, healthcare, or manufacturing. By providing cost-effective leasing options, you can attract clients who prefer to avoid large capital investments.

Remember, even with a fixed sales approach, it's essential to thoroughly research the market, identify potential customers, and build relationships to ensure a steady stream of sales. Additionally, consider conducting a detailed feasibility study, analyzing costs, and creating a comprehensive business plan before starting your venture.

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Moneywize   |66 Answers  |Ask -

Financial Planner - Answered on Mar 03, 2024

Asked by Anonymous - Mar 03, 2024Translate
I'm contemplating a career change in my late 30s, earning Rs 14 lakhs annually. How can I navigate this transition while ensuring financial stability and working towards long-term goals such as retirement?
Ans: Transitioning to a new career in your late 30s while maintaining financial stability and planning for long-term goals like retirement requires careful consideration and planning. Here are some steps you can take to navigate this transition effectively:

1. Assess Your Skills and Interests: Reflect on your skills, interests, and values to identify potential new career paths that align with your strengths and passions. Consider seeking career counseling or taking career assessment tests to explore different options.

2. Research Potential Careers: Conduct thorough research on the industries and roles you're interested in pursuing. Look into job market demand, salary potential, and growth opportunities to ensure your chosen career path is financially viable.

3. Skill Development and Education: Determine if you need to acquire new skills or education to transition into your desired field. This could involve enrolling in courses, obtaining certifications, or pursuing higher education such as a degree or specialised training programme.

4. Financial Planning: Evaluate your current financial situation and create a budget to understand your income, expenses, and savings. Factor in any potential changes in income or expenses associated with your career transition. Consider setting aside an emergency fund to cover unexpected expenses.

5. Debt Management: If you have any outstanding debts, develop a plan to manage and pay them off efficiently. Prioritise high-interest debts like credit card debt while maintaining minimum payments on other loans.

6. Retirement Planning: Review your retirement savings accounts like the EPF, and assess whether you're on track to meet your long-term retirement goals. Consider consulting a financial advisor to develop a personalised retirement plan based on your age, income, risk tolerance, and retirement objectives.

7. Health Insurance and Benefits: Evaluate the health insurance and other benefits offered by your new employer, if applicable. Ensure you understand the coverage provided and any associated costs. If transitioning to self-employment or freelancing, research options for obtaining health insurance coverage independently.

8. Networking and Building Connections: Network with professionals in your desired industry to gain insights, advice, and potential job opportunities. Attend industry events, join professional associations, and leverage online networking platforms like LinkedIn to expand your network.

9. Side Hustle or Freelancing: Consider starting a side hustle or freelancing in your desired field while maintaining your current job. This can provide additional income, valuable experience, and a smoother transition into your new career.

10. Evaluate Risks and Rewards: Assess the risks and rewards associated with your career change, including potential income fluctuations, job stability, and work-life balance. Be prepared to adapt and make adjustments as needed throughout the transition process.

By following these steps and carefully planning your career transition, you can navigate the change while maintaining financial stability and working towards your long-term goals, including retirement.
Dr Karthiyayini

Dr Karthiyayini Mahadevan  |599 Answers  |Ask -

General Physician - Answered on Mar 03, 2024

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