Small Business Ideas In China – With a refreshing new use of the term ‘good news’, it seems a wave of positivity has finally arrived in this regard from China and for India as well. Now, are you satisfied already?
Coming all the way from the oriental country is something so exciting that it can give a new lease of life to India’s small scale businesses. In case, you were wondering what is so great from a small business perspective in India and also, from a Chinese perspective, of all things, then there is no need to speculate.
Small Business Ideas In China
Apparently, China’s biggest bank has just set up a $200 million fund for Indian small businesses. You read it clearly and guess what, you will only get some satisfaction from what you will read ahead.
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ICBC is China’s largest state-owned bank. This means that the government has direct control over it. And now the country’s largest lender, by market value, has set up a branch in Mumbai.
Having said that, should it actually be a surprise that a branch of ICBC has been established in Mumbai? After all, Bombay is the financial capital of the country and also responsible for contributing maximum tax to the democratic nation.
So it is this Indian unit of the famous and widely revered Industrial and Commerical Bank of China that has decided to put together a special fund. And the sole purpose of this fund is to provide financial support to India’s small scale enterprises or let’s simply put it simply, small businesses.
Now here comes a simple observation. At a time when skills among businesses, regardless of scale, are already experiencing record levels, and that too, on a global level, isn’t this good news?
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At the end of the day, if you were to think about how companies struggle to scale up in terms of size and scope of operations, creativity is often sidelined by a real lack of resources, especially when it comes to small-scale businesses, the positive step that the Chinese bank has provided a beacon of new hope for Indian companies.
While on the one hand self-financed companies, often either originating from well-established industrial houses or recognized companies, in many cases, owned by family businesses hardly seem to struggle with liquidity, there are also small companies that, regardless of their enormous vision and talent, cannot scale up due to a real lack of money.
So as India seeks to strengthen its economy, the already evident entrepreneurial wave gaining traction with each passing day, developments in the realm of China’s largest state-owned bank are only meant to make things better and more enjoyable for the budding entrepreneurs, one hopes.
In lieu of this important development, an attempt that may establish a closer link between China and India in some way, popular news portal NDTV.com shared the following:
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Zheng Bin, CEO of Industrial and Commercial Bank of China (ICBC) India, on Monday gave an overview of the Indian start-up ecosystem and how to invest in them at the second ‘Start-up India’ investment seminar organized by the Indian Embassy here. “
“He also informed that ICBC India has established a USD 200 million fund to invest in the promising Indian micro, small and medium enterprises (MSMEs) and ventures,” the Indian embassy said in a statement on Tuesday. To make a big profit when you sell an item, you need to buy at a low cost so you can offer a lower price than your competitors. When looking for items to sell, many people turn to drop shipping as a way to buy products for cheap. While drop shipping companies sell items for less than retail value, it is not an effective sales strategy. To get good deals on products, one must learn how to import from China because buying real wholesale goods directly from the manufacturer in China is the best option. Buying Chinese products wholesale means you can eliminate the middleman, earn a higher profit for yourself and still manage to remain competitive.
Since the economic downturn of 2008, it seems that everyone is struggling to make ends meet and in the current economic climate, most of us still need to make a little extra money. In fact, I don’t know anyone who doesn’t need to make a little extra money every month, unless they’re very lucky. No matter what type of business you are in, there will always be competitors. As a business owner, you will definitely be happier when your business is on top of others. But you are also worried when others rise to your position. Competitors use different strategies in the business. When you notice that a competitor is selling the same items at cheaper prices than yours, your competitor will definitely be at the top of every customer’s list. This has been made possible because your competitor has received a good wholesale price. Through this, both the competitor’s sales and profit will increase. We all have extra expenses every month and on top of that the price of everything increases all the time. Unfortunately, your salary does not increase incrementally with inflation, so there is a constant need to have more money. Most of us have extra expenses every month; some of us would like to buy things we can’t afford right now, or go on vacation so we have to save our money. Most of us simply need to pay off our debts and stay a little ahead of rising costs. If you are a new seller, placing large orders may not seem like an advantage. It requires large investments which may make you doubtful. But if you can do it, then try. Doing so will really increase your sales as it is actually cheaper to take on large orders. This should be your goal. When you say massive orders, you will typically be buying in bulk that costs over $1,000. Buying single items that sell for around $100 is not good at all. Your $1000 is not actually a bulk order. Also, you won’t even get the best wholesale price at all. But if you can get an item for $4 each, then $1,000 is already worth it to get a good arrangement. To do all this we need extra money. Fortunately, there are many ways to supplement your income, even if only in small ways; you can fill out surveys, you can blog, you can mow lawns in your neighborhood or do a variety of other odd jobs. These methods will all bring in some money, but there is a way to make money and keep making money, and all with $20 or less. Are you curious yet? I bet you think this is some kind of get rich quick scheme. Actually, this is a very legitimate business idea and if you are interested, you can also make money by buying wholesale from China and selling at a profit. And if you’re smart, you’ll find a supplier that offers free shipping, reducing your expenses even more! This is how it works. Connect with suppliers Top sellers don’t just get the best wholesale prices overnight. Instead, they work hard for it. Apart from getting massive orders, top sellers also connect with their suppliers. First time sellers should really do this as a good relationship between the seller and the supplier is really an important part in any business. As a new seller, it is best that you call them often. Discuss new products and your future plans. By doing so, they can see that you are genuinely interested in building and maintaining a relationship with them, whether now or in the future. No matter how small or meager the amount, almost all suppliers still give your company high regard. 99% of online retailers started this way. They started with a small amount and gradually grew bigger and bigger in business while retaining their loyal customers. In turn, the suppliers will also do their best to know you and keep you satisfied as much as possible so that you will keep them as your suppliers in the future. As much as possible, both you and your suppliers need to be able to trust each other. Whatever measures they show you, you must take them into account. When they give you time, make the most of it by telling them about yourself, your family, and your future plans for your business. These steps and other ways to get to know each other are actually very important so both you and your suppliers will maintain a good relationship in the near future. In addition to the usual treatment for foreign suppliers. When dealing with foreign suppliers, language can be your barrier to getting to know and befriend them. However, you should never give up. Instead, you should try even harder to befriend them by giving them a treat out of the ordinary. You can send your supplier with local goodies
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