Category: Startup

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Business motivation Business Startup Ideas Startup Strategy

5 Common Pitfalls Startups Encounter and How to Avoid Them!

Home to 21 Unicorns, India is being the 3rd largest startup ecosystem. The Indian startup has received increased attention in recent years. This simply means that their numbers are on the rise and they are widely being accepted and recognized as an integral part of growth.

Though the immense growth and support for startups that are available in all dimensions is a pleasant change, the cold and hard fact is that most of the startups in India fail within 5 years of their launch, as per a report by IBM Institute for Business Value and Oxford Economics.

There are numerous reasons behind the failure of the startup. But one major reason is due to the lack of innovation. Also, startups that fail tend to repeat the same mistakes that prove costly shortly.

Here is a list of five common pitfalls that every entrepreneur makes at the early stages, but should steer clear of them at any cost:

1. They don`t have a Leadership Team that encourages diversity

Starting our list with the most common but costly mistake that founders usually make is when they begin hiring people for their team. Many entrepreneurs hire people just like themselves. On the surface, this appears to be a sound idea, but the danger lies underneath.  Without people who challenge the stereotypes and the founder`s thinking, a startup fails to identify new opportunities or to spot risks until it`s too late.

Avoiding this trap is essential to make a startup business successful. Startups should hire people who think out-of-the-box and know no creative boundaries. The diversity of ideas, skill sets, and backgrounds are the key essentials of every successful startup.

2. They Don`t Invest Time To Find The Right Venture Capital

Capital is essential. But this does not mean that every startup should rush after it. Speed is important, yes, but without breaks, it will result only in a misadventure. Finding a balance speed to find the right fit is equally essential.

Finding perfect Venture Capital is just like finding the right partner for marriage. Take enough time to find the right match- and avoid jumping at the first or the biggest check.

VCs are always on the lookout for the next Uber, Razorpay, Nykaa, or Facebook. To increase their chances, they may invest in multiple companies and come with a growth-at-all-mindset.

To avoid a situation like that put in a considerable amount of time to find a VC partner that will provide thoughtful guidance, mentorship and will be there for you during the challenges.

3. They Create Products Without Considering Customer`s Pain Points

Too often founders get overly enthusiastic about their ideas related to their product or service. They often believe that once they build a product, customers will come. But building a product or a service without any customer validation or A/B testing can be dangerous for a business.

Instead, founders of startups should always find an alpha customer and then create a product to solve the customer`s biggest pain point. Creating a customer-centric product doesn`t happen by just sitting around a conference table brainstorming. The idea to build an amazing product comes from seeking out and tackling the real problems in the world that already exist.

4. They Lack a Clear, Concise & Focused Go-to-Market Plan

More often than not, startups are known to overestimate the demand for their products. Generally, they also lack a clear understanding of how to bring their big ideas to the market. Entrepreneurs should document a clear and concise path to their profitability. To chart this document they should conduct rigorous research and analysis that challenge their market estimates.

This requires an in-depth knowledge of the strengths and weaknesses of their market competitors. Along with that, they should also determine the company`s proprietary advantage in each market segment it is looking to penetrate.

It is also important to be prepared in advance to be able to shift the business with the technological advancement or according to customer needs. And while adaptability is crucial, having a focused plan is also essential. As a startup the resources are generally limited, thus, it is important to be laser-focused for maximum impact.

5. They don`t build Strategic Partnerships

Many startups think about partnerships just in terms of capital and checks. But startups also require strategic alliances that will help them refine their business models, new customers, scale revenues, and generate market awareness.

By making partnerships with large and established companies, startups can save costs on R&D resources as well as the expertise of their professional team.

Want to know what are the other pitfalls that entrepreneurs should avoid? Know it all from the top industry experts with our Everything about Entrepreneurship course. EAE course will give you access to marketing expertise and essential mentorship.

To know more, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

‘Completion before expansion’- Invest your money on a complete project

Planning to buy a new home? Know why you should invest your hard earned money on a complete project rather than an under-construction project.

 

 

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E-Commerce Startup Strategy

5 Crucial Tips for Entrepreneurs & Wantrepreneurs to Enhance Productivity!

Productivity is critical for success! It acts as a catalyst to enhance the efficiency and growth of a business. From entrepreneurs to wantrepreneurs, solopreneurs to business owners, productivity is of utmost importance.

Finding ways to be productive and not just busy is essential for every entrepreneur and wantrepreneur is crucial in these economically turbulent times. And, if you are between managing people, meeting deadlines, and performing random tasks dutifully, you are running a business, perhaps you are also running out of time.

If you can thrive while juggling between the distinct job roles, then CONGRATULATIONS! But, if you feel like you are hanging by a thread most of the time while managing the hectic work schedule, then don`t feel bad. Because being an entrepreneur can be a tough task.

And, if you are not making constant efforts to improve your productivity, it`s only a matter of time before all those goals and aims will come crashing down. However, increasing your productivity is not rocket science, given that you are willing to put all your efforts down.

You can complete all your major tasks in less time if you maximize your efforts and minimize distractions. Here are 5 brilliant tips that will improve your productivity rapidly, as a busy entrepreneur:

1. Build Time Blocks- Figure out your most productive time

Do you struggle with focusing on prioritizing tasks? Do you often fail to manage your time? If you found yourself nodding your head while reading the above two questions, then Time Block could be the solution.

A time block is nothing but small parts of your scheduled time throughout your day. You can decide the tasks you would like to complete according to their priority. Focus on a single task and ignore everything else. Focusing on a single task at a given point of time helps you to concentrate and perform better. It also ensures that you tick off all the important tasks for the day.

2. Implement Accountability

We often underestimate the power of public accountability. Public accountability is something that can truly motivate us.

Make a to-do list and set short-term goals, even if it means finishing your pending tasks for the day/week. Share your tasks and goals with a co-worker, friend, or with your team. Knowing that you will have to report back and be answerable for not meeting these goals will keep you motivated to perform better to see them through.

3. Say Goodbye with Multitasking

We know that in today`s busy world, most people will suggest you handle multiple tasks at one go. However, what most people forget to mention is that it reduces efficiency & productivity. When you are being pulled in hundred different directions daily, it is really hard to give your best and deliver quality results. Jobs are often left open and incomplete, or they are full of human errors due to simple oversight.

This is why staying focused on one task until its completion ensures that it has your 100% concentration and done to the fullest potential.

4. Minimize Distractions

Easier said than done, we know, but try to reduce unnecessary distractions throughout the day that we perform unconsciously. You can also right ‘Day in your life off’, which is a wonderful way to take note of where you are spending your maximum time.

All you have to do is write about your assigned task and your daily routine which you follow. This will give you an idea of where your maximum amount of time is getting spent. For instance, you can reduce social media browsing, or spending too much time on your phone.

5. Learn to say ‘NO’ Politely

When you segregate your daily tasks and schedules, it is time to prioritize them whole-heartedly. Allocate your time to the most worthwhile tasks, which will help you to achieve your goals. This also means saying ‘No’ to new projects, new assignments, new clients, and new responsibilities.

Saying NO to non-essential tasks will help you to finalize the list and helps you to stay adhered to your to-do list.

When you are an entrepreneur or a wantrepreneur who is ‘work under progress’, it`s easy to be “on” at all times. However, staying busy and occupied all the time can stifle your mind and block your creative juices from flowing.  Take time to distress your mind regularly as it will impact your effectiveness. And your mind and business will thank you.

Want to know how to deal with business challenges that come unannounced? With our ‘Everything about Entrepreneurship’ (EAE), you can learn business insights and in-depth knowledge from the top industry experts. To know more about EAE, click: https://www.badabusiness.com/?ref_code=ArticlesLeads.

 

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Process & Business Expansion Startup Strategy

White Label Solutions: A Cost-effective Solution for Start-ups to build a successful Business!

White label solution

Being an entrepreneur is not an easy task. Especially in a start-up world where the competition is fierce and the market is dynamic! From taking care of multiple tasks at the same time to managing your products, marketing, brand reputation, and customer service, it is hard to do everything on your own.

For an entrepreneur who is facing a business challenge, doing everything on their own could be the first reflex. However, keeping a considerable pace with the market trends that are forever evolving could be an overwhelming experience. And, in many cases building a customized solution right from the start has proved to be a disaster.

According to a study conducted by MIT Sloan Management Review and Deloitte found that ‘around 23% of the marketers needed to develop a stronger talent model. By hiring a full team with a white label model, they were able to skip the problems of hiring in-house and recruiting and straight away built a team of highly qualified experts working for your brand’.

White label business solutions are a gateway into the business world. It helps you to scale your business and sell your products at no extra cost and without pre-planning, training, hiring, and implementation work.

So what exactly is a White Label Solution?

A White Label Solution is a generic product that is created by one company but marketed by another under their log and branding.

If you think only budding entrepreneurs are using White Label Marketing then let us tell you a secret, which is no more a secret. Do you know that around 84% of Walmart customers purchase private label products?

With lots of products on the shelf do you think that all the products are manufactured by Walmart? Not entirely! There are many products that Walmart uses under its name by using its branding and logo.

Essentially, a White Label Solution involves a manufacturer who sells an unbranded piece of product or service to a reseller who then places their logo and sells it to their business clients. Hence, in a white-label market, the manufacturer and seller are two separate entities that work for mutual benefit.

It is not only limited to small business owners and large enterprises, but many college and institutions are also making the most of this service with White label content creation.

How does White Label Solutions come into existence?

This concept was drawn from the fashion industry where retailers acquired mass-produced goods from the manufacturers and sewed their branding on the product. What did they get? A product that was similar to private label brands. However, at a competitive price point!

Advantages of White Labelling

Naturally, the foremost benefit of white labelling is its cost-saving aspect. However, there are plenty of other benefits that white labelling that every entrepreneur, solopreneur, or business owner must consider:

1. It saves time– Time is money! And since businesses do not have to build or develop solutions from the start by putting their own time and resources, White Labelling saves up a lot of time, financial and human resources.

2. No Infrastructure Needed– As the resellers can purchase the product from the manufacturer and start reselling it under their branding, they do not need an infrastructure to set up a manufacturing unit.

3. Happy Customers– With quick customizations and quicker time to market the products at the reseller`s end, you will have more happy & satisfied customers.

4. Allows you to focus on your business– More often than not, the companies hoping to build a solution find themselves in a precinct that does not fall under their expertise. Pre-packaged solutions with White Labelling that are prepared by experts can help businesses to reach their goals more efficiently.

White Label Solutions can help businesses who are trying to establish themselves in the market to utilize their unique branding to offer a range of products and services without having to incur money in resources, infrastructure, and technology.

By using white labelling entrepreneurs can give their customers a quick solution to their immediate problems. They can also focus on the core competencies of their business, and move towards building a brand and greater conversion rates.

Want to know how you can grow your business with White Label Marketing? Click here to watch this video: https://www.youtube.com/watch?v=cpSf2e-k7CM.

 

 

 

 

 

 

 

 

 

 

 

Categories
Business motivation Startup Strategy

5 Powerful Fundamentals every Entrepreneur must know for growing Startup!

Startup Tips

Starting your own business can be very exciting. A young mind, which is full of aspirations and creative ideas willing to give everything that it needs to turn a dream into reality, knows no limits. But just like there is no shorter way to success, every successful entrepreneur will tell you that the journey to success is daunting!

No matter what the nature of the business is, there are fundamentals that every entrepreneur must be aware of to keep their business thriving. Doing multiple things at the same time and without having a solid business background, being in charge of a lot of things can feel overwhelming.

Understanding how to read a balance sheet and a financial statement is just as vital as it is to understand how to make, launch and market the product or offer an A-class customer service.

Here are five fundamentals that you must know to grow your business startup:

1. Build & Grow Network

Networking is one of the most crucial factors that can help a business to grow immensely. Topping the list, every entrepreneur must focus on building an online and offline network. Building an online network with some of the most important key influencers is a really powerful thing to do. This can lead to people sharing your brand with others.

If you don`t have a large circle, go out and meet new people to build meaningful connections. Create a profile on social media and be socially active with influential people. Follow their blogs, leave comments on their social network profiles.

Engaging with influential people on social media can bring you to their notice. This can further help you in growing up your business because you never know on which door opportunities will knock.

2. Avoid Rushing

Business expansion is on every entrepreneur`s mind. However, rushing to do a lot of things in a very short time can result in a disaster. If your business is in the early stages then do not try to market your product or service to everyone. Target a small niche of consumers first, and then focus on reaching out to a wider audience. Here is a very informative video that will tell you how you can scale-up your business. Watch it here: https://www.youtube.com/watch?v=LxTCBzr9q-k&t=76s

3. Cash Flow

Budgeting is the first step that will take you on a successful entrepreneurial journey. Understanding the concept of cash flow projection is a vital step. You must be well acquainted with information like how much money your startup can expect to earn. How much profit will be generated, and how much fund will be required to continue day-to-day operations. It is essential to set realistic goals and take a cold, hard, fact-based look at what you can reasonably expect in the future from your business.

Have a basic understanding of financing and fundraising options that include angel investors, venture capital, self-funding, crowdfunding, loans, grants, and more.

4. The Regulatory & Legal Framework

Every business requires certain financial, economic, and legal frameworks in India. Adhering to all the regulatory and legal requirements is required to smooth the working of your business. Some of the legal aspects that your business must include are:

a).Business structure (corporation, partnership, and sole proprietorship).

b).Business name (copyright issues).

c).Tax IDs

d).Permits & Licenses

Understanding the legalities also means managing your rights and maintaining the right to do business. Also, insurance is crucial to any business as the future is uncertain. Having insurance is essential to growing a business at any stage of development.

5. Marketing Strategies

Last but far from least, having deep marketing knowledge is a must-know thing for every entrepreneur. Marketing is essential for the growth and profit of any business.

For instance, you have created an amazing product. It can change the lives of your customers, but your customers are not aware that your product exists in the market. Would it be beneficial for your business or your customer? Not exactly! Hence, you will have to invest a considerable amount of time into marketing.

Also, people do not like to make purchasing decisions impulsively. They need to be persuaded, coaxed, and reassured. That`s what a good marketing strategy does. You will need to understand your customers and their buying behavior to sell your product or services in the market.

These were some of the best tips that every entrepreneur must keep in their mind that will help you to scale up your startup business. Put these to use and with your determination and perseverance, you will see some excellent results.

For more such tips and in-depth knowledge to scale up your business, you can join our ‘Everything about Entrepreneurship’ course. To know more about this course, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

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Startup

Start-Up Ideas: 4 Profitable Retail Businesses You Can Start Right Away

Start-Up Ideas | Representational Image (Photo Credits: Pixabay)
Start-Up Ideas | Representational Image (Photo Credits: Pixabay)

Many people dream to start their own business, convert their passion into profession and become successful entrepreneurs. However, there are certain factors that are needed to be evaluated and considered before launching one’s own business. The first and foremost decision in this regard is in which industry should the business be started, which largely depends upon the interest and knowledge of the entrepreneur. Next decision to take is regarding the nature of the business – should the business be started in a retail set-up or a wholesale one. This depends on certain factors including location, finance, logistics, manpower, market conditions among others. 5 Financial Tips for Entrepreneurs Launching a Start-up.

For those who intend to start a business in the retail sector can choose among a range of alternatives available to them depending upon their finances, interest and market conditions. Here are some ideas for starting a retail business:

Stationary Store:

One of the most sought after product line is the stationary. It is an all season business. The demand for stationary items is not restricted only to the school and college students, but it has a vast market. Every organisation needs regular supplies of files, papers, pens, folders among others for both administration and operational work. Even though more and more firms are going digital, stationary still remains in high demand ensuring huge profits for the owner.

Confectionery Store:

Another profitable and ever green retail business idea is to start a confectionery store. With an year round demand, such stores is surely one of the safest business to undertake. Moreover, the list of products available in a confectionery store can also include a range of products, thereby attracting a larger customer base and more revenue. Part-Time Business Ideas for Students: Here are 5 Low Investment Businesses That Youngsters Can Take Up.

Gift Store:

Gift stores never go out of business. Be it birthday, anniversaries or any other celebrations, people look for unique and valuable gifting options to give their loved ones. Even during market slowdown, such products remain in demand. Especially during the festivities, the demand for gifts increase thereby increasing the revenue and sales of the stores.

Florist:

Another business to start as a retail set-up is that of a florist. These days ornamental and unique flowers are highly in demand of decoration purposes. Various event planning and executing companies require flowers on a regular basis and order them in bulk. Every season has its own unique flowers, hence the business never runs out of products to offer.

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Finance Startup

5 Financial Tips for Entrepreneurs Launching a Start-up

फाइनेंस

Building a company from the ground is one of the most difficult things to do. Starting your business venture can be daunting but a rewarding process. While a great business plan is imperative for entrepreneurs, financing is one of the most crucial elements that help a startup to succeed.

However, when it comes to financing management, the requirements of entrepreneurs are different. Not only an entrepreneur lacks the stability of predictable incomes, but they also have different spending decisions.

Securing funding to launch a startup can be difficult. More often than not entrepreneurs use their savings to start their business.  While this act showcases their immense commitment, it impacts their finances, and in few cases, leads to a severe cash crunch.

According to a report published on Inc42.com, in 2016, the major reason behind a large number of startup shutdowns was due to lack of funding. In 2017 lack of market demand was the major reason for the startup shutdowns.

Another report by NASSCOM states that around 25% of Indian startups shutdown untimely, due to failure in raising follow-on funding rounds majorly beyond Pre-Series A.

Good and effective management of finances can make a huge difference between a business that keeps climbing the ladder of success and one that falls at the very first challenge.

Here are 5 financial tips that would help every entrepreneur or small business owner manage their finances better:

  1. Create an Emergency Fund

A contingency or an emergency fund is created to provide financial security in desperate times. This fund helps an organization to meet large expenses in unforeseen circumstances. Ideally one should have six months of living expenses as a contingency fund.

If you own a business, it is suggested to create a larger emergency fund, in case your business has seasonal cash-flow fluctuations. It is best to build such a fund and invest it in a debt mutual fund as it will give far better returns than a savings account and help you encounter unforeseen challenges.

Having an emergency fund will also give you peace of mind and you can make more confident decisions for your business.

  1. Costly Credit must be avoided

Credit is the lifeblood of any business, especially for startups. Hence, entrepreneurs need to keep their credit scores high. Always pay your bills on time. Never miss a payment or delay the payment date, even if you are facing a financial crunch.

The cost of credit is a critical factor, when it comes to financing your business, especially in the initial months of operation. In the beginning, when the business has not even reached the break-even point, the financing of the business should be done keeping the interest cost at the bare minimum. This will reduce cost and attain profitability.

Also, keep your credit utilization ratio under consideration. The credit utilization ratio is the percentage of your available credit limits that you are borrowing during the month. Keeping your credit utilization ratio below 30% will help you to maintain a better credit score.

  1. Keep personal & business account separate

It is wise to keep your business and personal bank account separately. It will not only provide the benefit of easier accounting at the end of the financial year for tax purposes but will also eliminate the cash crunch situations in business caused due to withdrawals for personal expenditure.

  1. Bad Debts

Debts that cannot be recovered are called Bad DEBTS. When credit sales are not recovered, bad debts are created. Entrepreneurs should eliminate the situation of a fund crunch in business due to withdrawals for personal expenditure. Instead, these debts should be repaid in the next year so that a healthy financial position of the business can be showcased in front of potential stakeholders.

  1. Develop Financial Goals

Keeping the in-flow and out-flow of your finances is extremely important.  Planning a year for large expenses in advance can help small business owners to reduce the financial burden. If your future business goals involve the expansion and the launch of new products or services in the market, it is essential to plan everything related to finances.

If you are not sure how to manage your finances or how to ensure a strong financial future, you can also take the help of a certified financial planner. A financial advisor can also help you to build a strategy to meet your business objectives.

Instead of investing all your profits back into your startup venture, save for your future by investing your funds into multiple investment schemes. From stocks to mutual funds there is a wide array of investment schemes available. You do not have to invest every last penny into your business, save for your future as well.

If you can improve your finances with a better emergency fund, a solid credit score, and a strong portfolio of retirement savings aside from the equity that you own in your business, you can run your startup with a more focused and peaceful mind.

And for business owners, who are some of the busiest people in this world, having financial security is truly priceless. Are you planning to launch your dream startup business, but worried about managing your finances?

Get practical solutions easily with our ‘Everything about Entrepreneurship’ that includes step-by-step learning strategies, action plans, frameworks that are designed to empower you with various business functions. To know more about this course, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

Do you have any other financial tips for our entrepreneurs? Share them with us in the comment section below.

 

 

 

 

 

 

 

Categories
Startup

Part-Time Business Ideas for Students: Here are 5 Low Investment Businesses That Youngsters Can Take Up

Businesses in India (Photo Credits: Pexels)

Every person aims to become successful in life and for this to happen, one strives really hard all throughout. However, students, who are taking up their degrees and are planning to have a career in setting up their own business, can actually start with something small at first. This will help one to focus on what their goal should be and how they should be approaching their targets. Earning extra income with work from home jobs, freelance jobs are now in the trend. We often see students taking up part-time jobs for the sake of managing their own expenses.

Let us not forget that some of the popular and profitable businesses were launched by students: Microsoft, Dell, Apple. If you wish to supplement your income by doing business, you need to have a clear idea, a business plan, and a lot of patience and dedication. In this article, we will see some of the possible small businesses for students to earn money by doing part-time jobs or internships, that will help them start their savings and give them an idea to start, manage and grow their businesses in the future.

Start a YouTube Channel

Stating your own channel on YouTube can help you connect to more people in one go. If you are good at vlogging, this is the thing for you. Starting a YouTube channel needs a very little investment. All you need is a good camera, a good quality mic, and a decent background setup to record your videos. Students can use their smartphones, create the content which will be helpful for people, record and upload it.

Blogging

If you love writing, don’t let that skill go waste! You can earn a great deal of money by the power of words. Blogging is one of the most successful ways to make money online. All you need is to focus and articulate your thoughts to come up with ideas that will meet the expectation of the clients. Blogging, which is creating content in text format, can help you mint money in just no time. Your flair for writing can really be an added advantage to you.

Become a Radio Jockey

If you are good at communication and love to talk a lot, this is the right option for you. Along with studies, students can take up being a radio announcer. Once you are known to people, this can be one of the best full-time career options too. Of course, you can initially start with a bit of it to get some additional money. But, this side job can make quite a fortune.

T-shirt Designing

Make your artwork famous by making its presence felt online. What you can really do is, try and take up a T-shirt designing business, initially by printing just a few t-shirts. This is one of the growing and popular businesses in recent times. People usually go in for fancy t-shirts with artwork on it. You can try your luck and design some really fancy and unique style that will appeal to your target audience.

Translator

If you are good at languages, both verbal and written, you can become a translator and help people in their businesses. Companies usually hire translators to understand the core and basics of a language that is little known to them. Interpreting written or spoken material into one or more other languages and ensuring that the meaning and context are maintained, can help an individual deliver efficiently to the clients and corporations.

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Startup

Startup India Scheme: What Qualifies a Startup Under This Scheme? Here’s How Can One Register a Profile Online on startupindia.gov.in

Startups (Photo Credits: Pexels)

The Startup India initiative launched by the government on January 16, 2016, aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive to the growth of startups. In India, as many as 44,534 startups have been recognised by the department for the promotion of industry and internal trade (DPIIT).

What qualifies as a ‘Startup’ under Startup India Scheme

An entity shall be considered as a Startup:

1. If it is incorporated as a private limited company or registered as a partnership firm or a limited liability partnership in India

2. Up to 10 years from the date of its incorporation or registration

3. If its turnover for any of the financial years since incorporation/registration has not exceeded Rs 100 Crores

4. If it is working towards innovation, development or improvement of products or processes or services, or if it is a scalable business model with a high potential of employment generation or wealth creation

It must be noted that an entity formed by splitting up or reconstruction of a business already in existence shall not be considered a ‘Startup’.

How Can I register a profile online on the Startup India website:

  1. Visit the Startup India website startupindia.gov.inand click on ‘Register’ at the right side of the website where the profile photo box appears on the screen.
  2. Fill in the details as required in the registration form.
  3. An OTP will be sent to your registered email address, post submitting which your profile will get created.

 

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Startup

Startup India Initiative Gains Momentum, Total 44,534 Startups Recognised by DPIIT So Far, 339 Startups Granted Income Tax Exemptions

startup ipo india

New Delhi, March 12: Under the Startup India initiative launched by the government, as many as 44,534 startups in India have been recognised by the Department for the Promotion of Industry and Internal Trade (DPIIT). The numbers have been updated as of February 24 this year, Minister of State for Commerce and Industry Som Parkash said in the Parliament on Wednesday. Startup India is a flagship initiative of the Government whoch aims to build a strong ecosystem that is conducive for the growth of startup businesses, to drive sustainable economic growth and generate large scale employment opportunities.

Startup India, a flagship initiative of the government launched on January 16, 2016, aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive to the growth of startups. “Since, the launch of Startup India initiative, a total of 44,534 startups have been recognised by the DPIIT as on February 24, 2021,” he said.

Reports inform that as many as 339 startups have been granted income tax exemptions till January 2021. The recognised startups are eligible for several benefits under the Startup India initiative. They avail tax exemptions besides other support measures. Prakash said that startups are eligible for an 80 percent rebate in patent filing fees and 50 percent on trademark filing fees.

Giving details about the startups in India, the Minister informed that so far, 5,253 applications for patents have been filed by startups under the SIPP (startups intellectual property protection) Scheme, out of which 514 patents have been granted. Till November 2020, a total number of Trademark applications filed – 12,264.

Under the Startup India initiative, the Government aims to empower startups to grow through innovation and design. Several programs have been undertaken since its launch in January 2016 with an aim to contribute to his vision of transforming India into a country of job creators instead of job seekers. These programs have catalyzed the startup culture, with startups getting recognized through the Startup India initiative and many entrepreneurs availing the benefits of starting their own business in India.

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Business Startup Ideas E-Commerce Startup

How to Start Toys Manufacturing Business in India in 5 Steps!

Toys are an integral part of our childhood. Popular among babies, kids, teens, and even adults, everyone loves toys. Toys not only entertain children but also help them to develop the horizon of their imagination, dexterity, and more.

According to National Investment Promotion & Facilitation Agency, ‘the toy industry in India is estimated to be $1.5 billion, which is around 0.5% global market share. The Indian toys industry is also estimated to grow to $2-3 billion by 2024’.

The report also stated, ‘the demand for the toys will increase by 1.2 times in Tier II and Tier III cities by 2025’.

The toy manufacturers in India are mainly located in Karnataka, Maharashtra, Tamil Nadu, NCR, and across central Indian states. The sector has 4,000 toy industry units from the MSME sector.

Last year in August 2020, Prime Minister Narendra Modi also urged the young entrepreneurs to focus on bringing innovation in the toy sector as the Indian toy market has huge potential.

The Prime Minister also suggested that the start-ups should come up with creative designs and innovative toys that can instill a sense of pride and can help our domestic toy makers.

Apart from the domestic market, the toy manufacturing business also has potential in foreign trade.

Recently, the Swedish furniture maker IKEA announced to upscale the sourcing of toys from India on March 1, 2021. IKEA has a range of over 1,000 products as part of its kid`s range and is planning to expand its operations by sourcing toys in New Delhi.

Starting a toy manufacturing business is a brilliant low investment business idea. Here are 5 steps in which you can kick start toys manufacturing business startup in India:

1. Research your market

Whether you are planning to start a café or toys manufacturing business, it is essential to do market research. Having adequate and well-researched information will help you to create a business model. You will not only learn about your competitors but also about your target audience.

Hence, before starting a toy manufacturing business in India spend months researching to gather as much information as you can about this business.

2. Bring Innovation!

The toy manufacturing business does not need a huge investment to start it. However, there is one thing that you should have to succeed in the market- creativity!

Try to design unique toys and their exceptional designs will make you stand out from the rest of the toys manufacturer. Toy businesses in India are fast-paced, which means that the market will keep evolving. Your customers will want different things in a very short time. So, it is very important to be creative to meet the demands of your customers.

3. Find your Niche

The toy manufacturing business in India is booming with plenty of opportunities and competition at the same time. If you want to start a toy manufacturing business, you need to know what it takes to succeed in your niche market. Whether you want to manufacture soft toys or you would also like to venture into the market of electronic toys, you must make a decision.

Finding a niche market not only allows you to find your target customers but also gives in-depth knowledge to cater to their needs and preferences.

4. Raw Materials

The process of manufacturing toys is easy and simple. You will need basic raw materials that include pattern, fabric cutting, mold making, fiber for stuffing, sewing machine, eyes, and nose pinching.

However, if you want to venture into the manufacturing of electronic toys then you will need a toy manufacturing machine and raw material. Along with it, you will also need to hire a staff.

5. Toys manufacturing machine

If you only want to manufacture stuff toys, you will need raw materials of premium quality and a sewing machine. But, if you want to set up a manufacturing unit, you will need to secure a space first. Finally, you will need to install the toys making machinery. Some of the most vital machines and equipment are:

  • Digital Multimeter
  • Temp controlled
  • Drilling machine
  • LCR meter
  • Analog meter
  • Tool kit
  • Electronic screwdriver
  • Combined soldering desoldering station
  • High-speed mini drill set
  • Digital storage Oscilloscope
  • Tools, equipment, and dies, etc.

You will also have to obtain a fire protection system to protect your unit from fire. The initial investment might take around INR 2,00,000 to 5,00,000 if you want to start a toy store in India.

The toy manufacturing business in India has potential in the domestic as well as the international market. The main driving factor behind its growing popularity is the increased demand for quality and luxury goods.

Are you thinking about setting up your own toy manufacturing business in India? With our ‘Everything about Entrepreneurship’ course you will not only learn how to start a startup but also how to make it successful.

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