Category: Startup

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Finance Legal Startup

RBI Extends Deadline For Udyog Aadhaar Memorandum of MSME Registrations Till March 31, 2021

Reserve Bank of India
Reserve Bank of India. (Photo Credit: Facebook)

New Delhi, August 24: The Reserve Bank of India on Monday extended the validity of Entrepreneurs Memorandum (EM) Part II and Udyog Aadhaar Memorandum (UAMs) from June 30, 2020, to March 31, 2021. The RBI circular even stated that all the enterprises are required to register online and obtain ‘Udyam Registration Certificate’ to be classified as MSME as per new definition.

Issuing the circular, RBI said, “The existing Entrepreneurs Memorandum (EM) Part II and Udyog Aadhaar Memorandum (UAMs) of the MSMEs obtained till June 30, 2020, shall remain valid till March 31, 2021. Further, all enterprises registered till June 30, 2020, shall file new registration in the Udyam Registration Portal well before March 31, 2021.”

Adding more, the circular noted, “‘Udyam Registration Certificate’ issued on self-declaration basis for enterprises exempted from filing GSTR and/or ITR returns will be valid for the time being, up to March 31, 2021.”

Following this, the Ministry of MSME said that the registration for Udyog Aadhaar Memorandum website is up and the registrations are underway. The Ministry said that the need for a document for classification purpose has been dispensed for a paperless approach.

Here’s what MSME tweeted:

Apart from this, the Ministry of MSMEs said in its circular that classification and re-classification of MSMEs is the statutory responsibility of the government. These classifications are done as per the provisions of the MSMED Act, 2006. With this, all lenders will have to obtain ‘Udyam Registration Certificate’ from the entrepreneurs.

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Startup

Small Business Ideas: 5 Easy And Profitable Startup Ideas

बिज़नेस
बिज़नेस

Several entrepreneurs face tough luck when it comes to getting funding, and the issue of arranging funds is existing for a decade now. Many quit their dream of building, creating, and innovating in the face of this struggle without realizing that easy business ideas are right in front of them.

If you dream of clocking out of 9 to 5 jobs and want to be your boss, then you must consider a variety of small business ideas. With the blessing of technology and high-speed internet, the nature of work has changed and consumers have also become tech-savvy. In such a scenario, we bring you a few easy business ideas to help you start up as an entrepreneur.

Blogging
Today, blogging is one of the most lucrative fields to step into, in this current digital age. You can start blogging as a professional business with minimal start-up cost or zero cost. The only investment needed in this is for a domain name and hosting space in the initial phase, at least. If you believe that you have the skill and have some expertise, then you should opt for this field. Blogging gives you an unlimited number of options – you can be a fashion blogger, technology, and lifestyle blogger.
There are many platforms available to help you showcase and enhance your skill, to reach the target audience, and in return, you earn enough money, along with popularity.

Content Writing
Content writing is one of the best business ideas for earning online and staying at home. Huge companies like Infosys, TCS, to mid-level media startups to bloggers and websites, now believe that content is king. Over the past few years, content creation has been in huge demand.
While the investment needed here is pretty small, the earning is significant. The investment required here is your time, skill, laptop, and good speed internet.

Be a Coach
Being a coach has always been in trend. Earlier, it was all about education, but now it allows other things like dance, yoga, etc. As time changes, so do the style of coaching. You can coach your students by staying home itself and you don’t need to spend extra money on leasing space. You just need space in your house, laptop, and high-speed internet.
In terms of being a coach, you need to make sure to be great in your skills. This will help you in creating trust and advertising, which brings new potential customers.

Adviser
If you are good at something and have experience with it, don’t let it go waste and start being a counselor. Consultancy services are gaining popularity at a fast pace and is now a big open opportunity to earn some money.
Start using your experience and help others who can utilize your guidance and excel in their careers.

Be A Youtuber
One of the popular hotspots these days is YouTube, which helps your creativity and your talent reach the world. YouTube lets you create your channel and upload videos free of cost. Many popular YouTubers are getting paid by YouTube itself.
For making money through a YouTube channel, your next step should be monetization of your channel. This feature will allow YouTube to display ads in or on video. If you put good content, YouTube will acknowledge you to apply for revenue sharing for your video. So don’t wait, if you have a talent, show it to the world.

The above five ideas are proof that giving up is not an option, especially when starting up is so easy. Each of the above businesses needs a fair amount of research and your skills. So, make sure you do your homework before starting a new business.

 

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Startup

5 Reasons Why Startups Fail; Here Are the Mistakes Which Need to be Avoided

Startup (Representational Image Only, Photo Credits: NeedPix.com)

Mumbai, August 24: Startups fail due to various reasons and one of the main reason is when they fail to offer the product which the market wants. In short, when they fail to meet the expectation of the consumers. It is very difficult for a startup to stand out until and unless their product offering is different from the others.

Below are a couple of main reasons why startups fail:

Failure to understand consumer demand: Several startups have failed over the years because their product couldn’t meet the expectation of the consumer. Therefore, it is very important to do proper market research before launching your product in the market.

Advertising Blitzkrieg Startups need to spend every penny wisely. However, most startups fall into the trap of spending a bomb on advertising. From getting on board celebrities to endorse their products to full-page ads and TV spots, brands end up burning cash in their quest to get the attention of the consumers. However, what they manage to get is momentary attention in the consumer’s mind space.

Insufficient Funds & Inability to raise capital: A lot of startups wind up due to insufficient funds after a few years of their launch in the market. Their inability to raise capital further adds to their worries with no option left, but to shut down their company, which by this time already have several employees on board.

Poor Leadership:

Startups often fail due to the wrong vision of the leader. A good leader, on the other hand, has the power to bind his team together and motivate, inspire and be with each other in times of crisis.

No Planning for crisis period: 

Several startups have shut because there has been no planning by the leaders on what action to take in case of emergency. Talking about today’s scenario in the middle of the coronavirus outbreak, not only in India but across the world, startups have been forced to shut because the coronavirus induced lockdown. Most of them had not planned for such a crisis scenario, and hence they failed.

A successful startup involves a team of hardworking people, good leadership and focus to help tide through any situation.

 

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Business motivation Startup

PM Narendra Modi Urges Indian Startups to Focus on Innovation in Toy Sector, Suggests Them to Find Ways to Boost Manufacturing And Global Footprints of Indian Toys

Toys
Toys (Representational Image) (Photo Credits: Piqsels)

New Delhi, August 24: Prime Minister Narendra Modi urged Indian startups to produce indigenous toys that not only have cultural connect but also helps in building life-skills and psychomotor skills among children at an early age. In PM Modi’s latest Aatma Nirbhar push, he urged the startups to not only innovate in this sector but also find ways to boost manufacturing and global imprint of Indian toys.

In a Twitter thread, PM Modi said, “I urge start-ups and youngsters to focus on innovations in the toys sector.” He further suggested educational institutions to organise hackathons for students to “innovate in toy technology and design, including online games, to reflect Indian ethos and values.”

PM Modi highlighted that the Indian toy market has huge potential and can bring a transformative change in the industry by promoting ‘Vocal for Local’ under the Aatma Nirbhar Bharat campaign.

He further suggested using tourism as a tool to promote India’s culture especially in regions that are known for handcrafted toys. PM Modi further stressed on the fast-growing digital gaming arena, Prime Minister said India should tap the huge potential in this area and lead the international digital gaming sector by developing games that are inspired by Indian culture and folk tales.

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Business motivation Startup

Online Business From Home: 5 Steps For Starting Up Virtually

Eager to start an online business, for alternative income, or want to switch the career graph. Then you are on the right path because of thanks to the technology available, which makes it easy accessibility and start a business or blogging when especially during this time. Starting an online business can help you make extra money on the side or you can replace your current income with this.
So, don’t waste time anymore work on the things or ideas on your mind. As it said, great plans and concepts need passions, hard work, and, the right steps to follow.
Here we come up with amazing simple steps you want to have in mind before starting Online Business-

  • Choose Business Idea
    It seems easy, not important enough, but you will be shocked to know a lot of entrepreneurs overlook this point and jump to branding or web development before having a solid idea. Plus, once you concluded you should start a business online and hold ideas in mind you need to validate it.
    The idea can be validated once you have researched and spoken to your potential customers, asking questions your group about the needs. One benefit of online business is you get additional methods for testing the markets through review reading and surveys.
  • Initiate Business Plan
    Time to work on your business planning as you have done primary phases of planning while you were working on a business idea. Your planning will involve pursuing funds, forecasting financials. You can conduct market analysis through SWOT analysis it’s essential to establish the mindset of the customer and identify your competition. The process will help you to figure out pricing models and possible benefits you can have when you enter the market.
  • Enlist Domain Name
    If you intend to aim a niche market, then you’re first step should be to register a domain name for your venture, which helps you to reach it easily. The domain name will be a unique address on the internet and will be like a patent or trademark for you. Their tons of domain registering companies which can help you to register domains. One thing you should keep in mind while registering is to keep the name very easy to say, speak, and, most importantly, easy to remember.
  • Setting Up Website
    Having the business plan in your mind the next step should be making a website that is up and running. But you need to keep in mind some process as setting up a landing page. You need to work on hosting, platform, and, a design that speaks about your business.
    As, your website will be a representation of your idea and will exhibit your product, services, and mission. When you create a website, try to focus on what can make you stand out, don’t forget to work on the quality of images, and content, you put on it
  • Get it legal
    For making yourself authentic and trustworthy you should opt for legalizing yourself. So, don’t forget to read online business regulations and register your company which can be done online. These legal steps will help you to keep you on the right path and will not let you fall in trouble in customer privacy or information.

So, these are five simple steps you need to look if you want to start a new business online, giving yourself and your career new dimensions. Now you can make your dream into reality, it’s time to get out there and create an online money-making business.

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Process & Business Expansion Startup

GST Registration Applicants Can Opt for Aadhaar Verification Or be Ready for Physical Inspection of Place of Business, Says CBIC

जीएसटी
जीएसटी

New Delhi, August 22: The Central Board of Indirect Taxes and Customs (CBIC) on Friday issued a circular stating that businesses can opt Aadhaar verification for registration of Goods and Services Tax or else be ready for physical verification of the place of business. Usually, physical verification takes 21 days, while the verification through Aadhaar can be done in 3 days.

Issuing a notification, CBIC directed that the new applicants can opt for the authentication of Aadhaar number while applying for GST registration. The new notification will be effective from August 21. However, the government stated that the applicant will have to undertake the said authentication while applying for GST registration.

The notification stated, “Where a person… fails to undergo authentication of Aadhaar number or does not opt for authentication of Aadhaar number, the registration shall be granted only after physical verification of the place of business in the presence of the said person.”

As per details, the linkage of Aadhaar with GST and PAN (permanent account number) would help the government build centralised database available facilitating data analytics and help in checking tax evasion. With this, the GST registration can be granted within 3 days without a physical inspection of the premises.

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Finance Process & Business Expansion Startup

Atal Innovation Mission Ties Up With India-Sweden Healthcare Innovation Centre to Boost Vibrant Start-Up Ecosystem

AIM-Business Sweden tie-up to boost start-up ecosystem.
AIM-Business Sweden tie-up to boost start-up ecosystem.

New Delhi, August 21: India on Thursday signed virtual Statement of Intent (SoI) with Sweden under the Atal Innovation Mission (AIM) to promote the disruptive potential of Indian entrepreneurs. The SoI was signed between AIM, NITI Aayog and Business Sweden on behalf of India-Sweden Healthcare Innovation Centre (ISHIC) to boost the vibrant start-up ecosystem across the country.

With this collaboration, the Indian government is looking forward to receiving support by the means of conducting programs, awareness campaigns, various activities and events. The motive behind the collaboration is to promote the overall innovation grid of both the countries through the initiatives being run by AIM such as Atal Research & Innovation for Small Enterprises (ARISE), Atal Incubation Centre (AIC), Atal Community Innovation Centers (ACIC), Atal Tinkering Lab (ATL) and Atal New India Challenge (ANIC).

Informing about the collaboration, NITI Aayog’s Mission Director AIM — R Ramanan — said, “We are very proud that India-Sweden Healthcare Innovation Centre is partnering with us in our endeavours to nourish the existing innovation and entrepreneurship ecosystem in India while also enabling innovation collaborations with counterparts in Sweden. Such synergies will enable a vibrant growth of world-class Indian startups addressing both Indian and global opportunities leveraging global partnerships and networks of Swedish companies.”

Sharing his opinion on the AIM-Business Sweden tie-up, Swedish Trade Commissioner to India, Anders Wickberg said, “We are very happy to partner with AIM who has been playing a significant role in promoting Indian start-up ecosystem. The collaboration with AIM will further strengthen the India-Sweden healthcare innovation centre eco-system to enable seamless experience and faster scale-up to startups onboarded with the India-Sweden Healthcare innovation centre.”

It is to be known that ISHIC agreed to support all the goals of AIM and hep in enabling synergies towards creating a sustainable ecosystem of entrepreneurship and innovation between India and Sweden. This includes building a seamless experience for the start-ups. Also, ISHIC has assured to further strengthen and support the innovators in finding solutions to the healthcare sector. Earlier, a similar tie-up was done by ISHIC between AIIMS Delhi, AIIMS Jodhpur and Business Sweden.

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Process & Business Expansion Startup

Uttar Pradesh, France Explore Opportunities to Develop MSME Sectors Amid COVID-19 Pandemic

A worker at an MSME firm
A worker at an MSME firm. | Representative image.

Lucknow, August 21: Ministry of Micro, Small and Medium Enterprises (MSME) of Uttar Pradesh and the Indian Ambassador to France on Wednesday joined hands to explore possibilities to develop sectors like defence/aerospace, textile, footwear and skill development.

State MSME minister Sidharth Nath Singh held a video conference with Indian Ambassador to France Jawed Ashraf intending to ease regulations to promote investments in the state. Both the leaders agreed to set up a working group to relocate disrupted supply chains amid the COVID-19 pandemic.

Sidharth Nath Singh said, “There is a huge opportunity to increase percentage potential of exports from India and U.P. to France. A large land parcel has been earmarked for maintenance, repair and overhaul (MRO) near the Jewar Airport in Greater Noida which can provide investment opportunities to French companies.”

Stating that the agreements between UP and France would help in the promotion of investments and exports, Additional Chief Secretary (MSME and Export Promotion) Navneet Sehgal said, “U.P. has excellent policies and incentives, and this is a great opportunity to promote investments in the state and exports out of the state to various countries.”

Expressing his opinion, Asraf said that UP was the first state to approach France with its initiative to promote investments and exports and had been successful in changing its image in recent years. Meanwhile, UP MSME Minister said that France is the gateway to the European Union market. He also opined that tie-up with France can be an attractive opportunity for Uttar Pradesh

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Startup

UP MSME Act of 2020 Introduced by Uttar Pradesh Government to Ease Conditions for Setting up Medium And Small Enterprises in State

MSME
MSME (Photo Credits: Wikipedia)

Lucknow, August 20: Uttar Pradesh is bringing an Act to ease the conditions for setting up Medium And Small Enterprises (MSME) units in Uttar Pradesh. According to a Times of India report, under this Act, an investor will be given 1,000 days to get necessary clearances after the first go-ahead. The new UP MSME (Establishment and Operations) Act of 2020, was cleared by the cabinet recently.

How does it work?

A person will have to make an application through a Declaration of Intent to a district-level nodal agency, which will have to issue an acknowledgement within 72 hours of receiving the application. On the basis of this acknowledgement, one will be able to establish their unit. At present, if a person wants to set up an MSME unit in UP, they need to get clearances from 29 different departments.

Units Not Covered in this Act:

However, there are certain restrictions as there are certain units that will not be covered by the Act. From products, gutka, pan masala etc, alcohol, to plastic bags of 40 microns or less or as banned by the government from time to time, Also, any other item identified by UP Pollution Control Board as a red category is also not covered under this Act.

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Marketing Startup

5 Cost-Effective Marketing Strategies for Startups

Marketing
Marketing (Photo Credits: Pickpik.com)

The greatest challenge in front of startups is that they are usually on a tight budget. Even if they are not, it is very important, that they should wisely spend each penny for a better result which they can see tomorrow. Therefore, startups shouldn’t be focussing on big marketing spends, but their attention should be on strategies which will help them reach out to a wider audience with limited spends.

Let’s take a look at some cost-effective marketing strategies which startups should consider.

1) Create a company website

Make a proper website, which is easy to navigate and can be opened on all the platforms, like a laptop, mobile phone or on a tablet. It should have all the information about what the company does.

2) Focus on Good Content & SEO

Once your website is up and running, the next step should be to populate the website with relevant content. Equal importance should also be given on SEO for your content to be easily found on search engines.

3) PR and news articles

If you are new in the market, it is very important to spread a word in the media about your arrival with the help of good PR and relevant news articles about your company.

4) Social Media Marketing

Use social media to reach out to your potential customers within a fixed budget. Don’t bombard the audience with too much promotional content. It is very important to create a niche and credibility so that people can trust your brand. Startups can also try influencer marketing, it is a very popular marketing form involving endorsements and product placement from influencers, people and organisations who have an expert level of knowledge or social influence in their field.

6) Be Part of Relevant Forums & Groups

Join as many relevant business groups on social media. Try and look out for questions pertaining to your business. You might see someone asking a question that you can answer (with your expertise), and use it as an opportunity to promote your business.

The marketing strategy of a start-up in the initial few months should be to engage with the customers, and not just sell a product. Remember, you are a new brand and people are not aware of your existence, so it is very important to engage and create a relationship with your customers.