Month: September 2020

Categories
Marketing

3 Easy Marketing Tips for Startups in 2020

मार्केटिंग
मार्केटिंग

What is marketing? Why do we need to do marketing?  These are a few common questions we ask us when we embark on the new business.  Getting your new startup off the ground is all marketing it to your target consumer and gaining a place among them. We need marketing to produce your brand visible among your consumers. Every product, service, and everything needs an equal amount of marketing.

When you initiate a new startup, it is a challenging task, and for sure one of the biggest challenges in starting to build your brand awareness and chose the right marketing for the product.

In such a situation, we are here with some quick tips for you to help you to do the correct marketing of your company.

Online Adverts

Online marketing is the simplest and popular investment.  It guides you to target a certain web demographic and target audience. There are three big online advertisers like Google, Facebook, and Amazon who give you a clear understanding of your customer.

Online ads are growing rapidly with changing times. This will facilitate you to expand your business on a large scale, and it’s easy to handle with the help of tools. It gives multiple opportunities for both minor and large to enhance marketing. So, start adding online advertising in your strategy to boost your presence.

SEO Strategies

SEO strategies are the most familiar and beneficial strategy for your business. It will help you to improve your ranking in search engine results. Today one of the most potential marketing strategies which creates a vast impact on your company goals.

When you desire to focus on attracting user who is actively searching for information about your industry or product-related information, this is a lot more efficient in reaching your target audience. Additionally, this permits you to reach your audience while they are already looking for the information.

Virality

These days, many startups are owned by a young entrepreneur who is digital-savvy people. If you are one of them, then this strategy is made like this good marketing strategy for you. Here you need to create some content that encourages your consumer to share and promote your brand. Now many brands collaborate with influencers to promote themselves.

If you want to move ahead with this marketing strategy, then started working on creative concepts and bounce up your ideas off. It can be in terms of the giveaway, contest as virality gives your brand a huge marketing boost with little investment.

When you plan to build up your brand, remember to keep marketing as one of the most important aspects. There is no requirement of spending tens of thousands of money in the beginning.  Well planned and observed marketing strategy can help you to build your brand reorganization among the target audience. Three major marketing strategies to start with is mentioned in the article. These strategies will help you grow your brand and reach out to your audience easily with less investment.

 

Categories
Startup Technology

‘Grow With Google’, a New Online Programme Launched by Google to Help SMBs Build Digital Safety Net Amid COVID-19 Pandemic

Google (Photo Credits: Unsplash)

Tech giant Google has introduced a new online programme to help business owners learn how to build an online presence, find more customers, sell online or work remotely. This is being done amid the coronavirus pandemic to help business that digital tools can provide a safety net for small businesses. The new ‘Grow with Google’ lessons that have been included in the programme can vary from two-minute tutorial videos to live workshops. It can range from beginner level to advanced, so every business can find what they need to become more prepared.

According to a report by IANS, the programme was announced after a report this week showed how a ‘digital safety net’ can serve as a support system for small businesses and helps to mitigate the negative business effects of COVID-19. A report by non-profit Connected Commerce Council in partnership with Google stated that practically all small businesses in the US were disrupted by the pandemic, facing reduced customer demand and hours of operations as well as employee layoffs. 85% of small businesses said COVID-19 made them rethink their approach to digital tools, allowing them to adapt.

The study further revealed that businesses that had a digital safety net in place and used a variety of digital tools — like digital ads, digital payments, data analytics and customer insights tools — felt better prepared. However, not all small- and medium-sized businesses have a digital safety net. The new ‘Grow with Google’ lessons are designed to serve the interest of these businesses.

Here’s How ‘Grow With Google’ Will help SMBs:

  1. Google has introduced a new programme called ‘Grow With Google’ on the ‘Google for Small Business website’. Click here for direct link.
  2. Grow with Google is partnering with SCORE, a network of volunteer, expert business mentors, and non-profit International Downtown Association (iDA) to complete a series of affordable and easily accessible Grow with Google workshops for 50,000 small businesses across the US.
  3. Business owners can find personalised Google product recommendations for their business, as well as helpful tips and practical guides to help small businesses get the most of these tools
Categories
Startup

Early-Age Investment Firms Like Blume Ventures, 3one4Capital & Others Set up Buildup Funds to Support Top Startups in Their Portfolios

Investments (Photo Credits: Pixabay)

Mumbai, September 4: A number of big early-stage investment firms are now setting up buildout funds to continue to support top startups in their portfolio. According to an Economic Times report, the objective is to stay invested and earn bigger returns from these potential winners.

Blume Ventures, 3one4Capital, and DSG Consumer Partners have all set up opportunity funds which have the ability to cut larger cheques in companies that are highly valued, and are seen as breakouts in their respective segments.

With a tremendous rise in funds vying for mid and later-stage companies, smaller-sized venture capitalists are trying hard to keep their ownership intact as much as possible, according to people quoted in the report.

The advantage with early-age funds is that they may have an advantage in striking competitive deals in later rounds due to their reputation and familiarity after backing a venture in a usually pre-revenue stage when their business success is highly uncertain.

 

Categories
Startup

5 Tips for Writing the Stand Out Business Plan

When you have decided to move forward with the idea of starting a business, the first thing you need to write is a business plan. As the business plan serves many important key functions that are essential for succeeding in a new startup.

You must be wondering why Business Plan is so important, its place significant, as it lets you understand what you need to do to reach your goals. The well-defined business plan helps you to keep you remember about your goal.

We came up with the tips which you should remember while writing the business plan.

Identify your competition

Who is my competition, one of the prominent and relevant questions you need to know before starting the business? Be quick to mention the name and make sure to explain why you are different or better. But make sure not to defame your competition, you can interpret from them but not disrespect them.

Be Prepared with Facts

You plan to get success in the industry you stepping in, and you know you will be lead on the grocery store, then you need to be ready with facts why you say it. If you suppose your product will take over the market, then you have to support it with facts.

Likewise, if you believe your team will bring success to your business, then be sure the team resume demonstrates that.

Be Real

While composing your business plan you need to be as realistic as you can be. You necessitate, to be honest with your business plan. If you believe your idea is secure enough to let it stand on its merit.

Don’t be too overly optimistic about your time and imagination, that is the common mistake made by entrepreneurs.

Be Creative

For grabbing attention don’t forget to express your creative element in your plan. Thusly, for making your plan stand out make use of the creative element.

Utilize templates to design their many software which can help you grab the correct attention to represent your idea. Serve something different to make your plan.

Learning how to compose a correct business plan is like winning half the battle. Make sure while writing the plan make language always need to be clear and concise. Remember to take in your facts and vision clear when writing. Then, when you write your business plan keep mind above 5 steps and have a successful business plan with you.

 

Categories
Startup

Traditional Business Plans for Your Start-up: 7 Steps to Follow

Business Plans
Business Plans

“A vision without a plan is just a wish.” Any business success depends on how effective and well-thought business plan you build. Once you have a vision of the business, the next step should be making a solid business plan.

A business plan is one of the crucial for the task as if you want to take out a loan, things to discuss with a business partner for all this, you need a solid plan in order.

The traditional way of writing a business plan is simple and contains more details than other business plans. While writing the length and information about the plan, vary with your audience. Here seven several crucial steps you need to keep in mind while writing a traditional business plan.

Step 1: Writing a Supervisory Summary

Writing an introduction to your business is as important as any other introduction. This will make your customer believe in your business, so tell your audience to sell your business and explain to them why it matters.

While writing this summary doesn’t go over then one or two pages. Your summary should incorporate the business name, key employees, address, and business background.

Step 2: Write Your Description

As per the company requirements, a traditional business plan needs a good description or introduction of your business. This plan covers key concepts of your business, such as marketing, finances, and tools required to operate the business.

So, when you write the introduction, make sure you cover key points specifically and in simple words, this description needs your vision on paper.

Step 3: Studying your Market

Before starting any business, you necessitate to understand and study your audience. This is your chance to highlight your business to describe your industry and market. Demonstrate the competitive aspect as well.

This work will help you to understand your competitors well. This will contribute you to touch the points where your competitors have missed out.  You interpret the target audience well with their need and requirements.

Step 4: Operational Structure

This is where business factual details will induce. Means here you will explain how day to day basis your company will work. Here your plan contains full details. Here you will plan out your business legal structure, sole proprietorship, include these details easily.

We recommend you to put together an organizational chart if you possess multiple stakeholders just to show how and who is involved.

Step 5: Product Specification

Here where you finally get to tell in detail what you will be selling or offering. This section will be likely to be a bit longer as it’s important to share every basic detail of your product. Make sure to tell why your product is different from your competitor’s products. From price and how does that play in the market compared to competitors.

Don’t forget to include a marketing or promotion plan here. It is important if your product will be good, but it won’t matter if your audience won’t know about it. Here understanding your target market is important and understands details of how you going to make your product stand out.

Step 6: Raising Capital

If you are planning for a prospective investor, then this step is essential for you. While writing this step, you need to be clear how much funding request you are asking and why.

The investment plan should be clear and how much amount you need and where you will be using it. Explaining the role of funds would be used to clearly state the projected ROI.

Step 7: Financial Analysis and Predictions

You require to analyze the financial plan of your business.  If you are beginning a new business and not yet profitable, then you need to be clearer and more realistic with your predictions.

Consider your industry norms and find out about the comparable business have performed. While showcasing your financial outlook, you need to show your logic about your vision for the succeeding 5 years.

Later on, these seven steps remaining piece of information which are relevant to your business. But don’t dump your plan with vague information try to put those which are necessary and crucial for your business.

 

Categories
Business motivation

Festive Season 2020: Use These Tips To Boost Your Business Amid Festive Time

That time of the year is here–the festivities! It’s time to put a temporary halt at this long year of suffering, the overpowering anxiety, tons of struggles, and the never-ending sadness. The world has been through enough and is now eagerly looking forward to the festivities to bring some joy back into their lives and make the most of the little things that bring them happiness.

This time of the year not only has the potential to bring a smile on the face of a common man but also emerges as a ray of hope for entrepreneurs to encash the seasonal business and bounce back once more! This article is all about the smallest of tips on festive business ideas that could possibly bring the biggest of changes in your small business. If that interests you, keep reading.

Let Your Personality Shine

Since everybody stays in a very festive mood, it would be a perfect time to build a strong relationship with your customers. Show them what your brand is all about by conducting various chat sessions with them. Let them know how fun you are by running interesting contests for them. 

Social Media Is The Holy Grail

There is no doubt that social media has completely taken over the marketing world. An official social media account does not only allow you to build a personality, it helps in staying connected to your audience as well to find prospects. Brands usually wait an entire hour to encash these festivities and we would suggest you do the same. Build a good social media presence so that you have a wider audience to market and sell your products to.

An Offer They Can’t Deny

A good offer to a customer means exactly what a flame means to a moth—It’s hard to keep your distance with it. Introduce some kickass offers that your customers can not turn a blind eye to. If a sale suits your business the best, go for it. Believe it or not, a sale has been recognized as the best tool to push the overall sales to another level altogether. Similarly, if discount coupons work well in your favor, leverage that. Be it anything, do not forget to make the most of it or be ready to wait an entire year to make up for the lost opportunities.

Allow Them To Order Online

Shoppers in today’s day and age belong to the generation that likes to make the payment through digital wallets. If you want to keep up with the trend and make some sales, introduce the option for your potential customers to shop online. It has been estimated that in the year 2020, 8 payment transactions out of 10 are going to be done digitally and 4 out of every 5 shoppers would choose online ordering over anything else.

It goes without saying that people of every age belonging to various social classes wait eagerly for this time of the year to make the purchase of their dreams. Now, it’s completely up to the business owner as to how they encash this opportunity to make their sales go through the roof. 

 

Categories
Finance MSME

Indian Banks Have Sanctioned Rs 1.63 Lakh Crore Loans to MSMEs Under ECLGS, Says Finance Ministry

Union Finance Minister Nirmala Sitharaman. (Photo Credit: PIB)
Union Finance Minister Nirmala Sitharaman. (Photo Credit: PIB)

New Delhi, September 13: The Union Finance Ministry on Sunday said that Indian banks have sanctioned loans worth over Rs 1.63 lakh crore to MSMEs and other eligible businesses so far. These loans have been sanctioned under the Emergency Credit Line Guarantee Scheme (ECLGS) for over 42 lakh borrowers and till now over Rs 1.18 lakh crore has been disbursed, the Ministry added.

Informing about the sanctioned status, the Union Finance Ministry took said in a statement, “As on 10.09.2020, as reported by Public Sector Banks and top 23 private sector banks, additional credit amounting to Rs 1,63,226.49 crore has been sanctioned to 42,01,576 borrowers. Amount of Rs 1,18,138.64 crore has been disbursed to 25,01,999 borrowers as on 10.09.2020.”

Laying down the progress of the schemes announced under the Aatmanirbhar Bharat economic package in May, the Union Ministry said that around 37 proposals involving an amount of Rs 10,590 crore have been approved under the Rs 30,000 crore Special Liquidity Scheme for NBFCs, housing finance companies and micro-finance institutions till September 11. Adding more, it said, six more applications seeking financing of Rs 783.5 crore are under process.

On the Rs 30,000 crore Additional Emergency Working Capital Funding for farmers through NABARD, the ministry said that as on August 28, 2020, Rs 25,000 crore has been disbursed. The balance amount of Rs 5,000 crore under the Special Liquidity Facility (SLF) has been allocated to NABARD by the RBI for smaller NBFCs and NBFC-MFIs. Also, ANABARD is finalising operational guidelines to roll it out soon.

Apart from this, the Centre said that NABARD has also launched Structured Finance and Partial Guarantee scheme in collaboration with two agencies and banks to help unrated NBFCs and MFIs to get credit from lenders. The mechanism will enhance eligibility of credit by 5-6 times to those small MFIs who do not have any rating.

Among other details, the ministry said that refunds of over Rs 1.01 lakh crore have been issued to more than 27.55 lakh taxpayers between April 1, 2020, and September 8, 2020. Also, income tax refunds of Rs 30,768 crore have been issued in 25,83,507 cases and corporate tax refunds of Rs 70,540 crore have been issued in 1,71,155 cases. The ministry said that all corporate tax refunds up to Rs 50 crore have been issued in all cases.

Categories
Startup

Startup Ranking 2019: Gujarat, Andaman & Nicobar Islands Emerge As Best Performers in Implementing Policies to Uplift Startup Ecosystem

Startups (Photo Credits: Unsplash)

Gujarat has been named as the best performing state by the government in terms of implementing policies for uplifting the startup ecosystem.  While Gujarat was the best performing state, Andaman & Nicobar Islands was adjudged as the best performer amongst Union Territory and North Eastern states. On Friday, the ‘Startup Ranking’ framework 2019 judged states and Union Territories on seven broad reform area, consisting of 30 action points.

The Ministry of Commerce and Industry said that to establish uniformity and ensure standardisation in the ranking process, ‘States and UTs’ have been divided into two groups. “While UTs except Delhi and all States in North East India except Assam are placed in Category ‘Y’. All other States and UT of Delhi are in Category ‘X’”, the statement read.

While releasing the result of the second edition of ‘Ranking of States on Support to Startup Ecosystems’ through a virtual felicitation ceremony, Commerce and Industry Minister Piyush Goyal called upon the high networth individuals, venture capitalists to finance ‘Startups’. During his address, Goyal said that the COVID-19 pandemic should not be seen as a problem or challenge but as an opportunity to reimagine and reinvigorate India. The Minister recommended that ‘Startups’ should come up with imaginative, relevant and innovative products, undertake reengineering and reform of processes, and orient their ideas to be people-centric.

 

Categories
Finance Startup

iStandup 2.0: ICICI Bank Launches Dedicated Offering for StartUps in India, Offers Current Account in 3 Variants

ICICI Bank. (Photo Credit: Wikimedia Commons)
ICICI Bank. (Photo Credit: Wikimedia Commons)

Mumbai, September 12: India’s second-largest private sector lender ICICI Bank on Thursday launched a news offering — iStandup 2.0. With this new offering, ICICI is aiming to catch hold on the growing number of startups in the country. Though the new improved features, its customers will get a current account in three variants, offering additional features.

Under the iStandup 2.O, the ICICI bank offers premium savings accounts for the promoters, salary accounts for employees and a dedicated relationship manager. For its effective reach, ICICI has tied up with vendors to offer a ‘concierge-like’ service. This will enable the startups to access various services like company registration, taxation, compliance, logistics, facility management, staffing and digital marketing.

On the issue, the charges of the account, ICICI bank’s Head of Self-Employment Segment Pankaj Gadgil said that the bank will waive average quarterly balance requirement on the current account for a year. Adding more, he said that around 20,000 startups were registered with the Ministry of Corporate Affairs in July 2020, which went up in August 2020. Since the trends are encouraging, the bank launched the new offering.

As per details, all the startups — up to 10 years old — including partnerships, private and public limited as well as limited liability partnerships, will be able to opt for current account. It is to be known that ICICI bank already serves an undisclosed number of startups as part of earlier offering and other offerings that also include a current account.

Categories
Startup

Starting Up a Business: 5 Things Young Entrepreneurs Should Know to Make Their Business a Success

Entrepreneur (Photo Credits: Unsplash)

It might seem hard to start to a business, but when the entrepreneurial project gets going, the brain behind it rejoices. However, in order to make your business a success, there are several things that you need to consider before you start your business. Young entrepreneur venturing into a new business, keep looking for ways and means to help them achieve their goals. Young entrepreneurs are at an age where they need a platform to prove their caliber. They want to run something of their own, create more job opportunities and be a part of the growing India.

Here Are 5 Things That Young Entrepreneurs Ought to Keep in Mind:

  1. Know your product: The first important thing before starting any business is that the entrepreneur should know in and out about his product. He should first, himself, know what is product is all about, how well he can pitch about it in the market, what is the demand of the product, and so many other related questions. A young individual will always know what is in trend and things that work in a market.
  2. Know your market: Understand who your target audience is! Before starting up a business, a young entrepreneur should very well understand what the need of the hour. Of course, there are other competitors in the market, so a beginner should consider all the risk factors before venturing into something new.
  3. Do what you love: Take your time and understand what you love. Let your passion be the driver for your product or service, which will always keep you motivated and get you going through the tough times. Before starting up a business, one should think with a calm mind as to what one loves because when you work on something that you actually care and love, you’ll probably be happy and make the idea a reality.
  4. Find a mentor: No matter how intelligent you are, you may falter! Hence, it becomes really important to find a mentor who can guide you and let you know when you go wrong. Find someone who can open your mind and share your ideas with. Surely, your ideas will be shaped in a better manner which will be easier for execution.
  5. Perseverance and Patience: The most important trait of any businessman is perseverance and patience. These 2 Ps go hand-in-hand and help people to get better and win laurels in their work. Once you have thought about an idea, don’t give up and work on it until you make it a success. For young entrepreneur, it is an added advantage that they have time, even if Plan A doesn’t work, then be ready with Plan B. There might be rough moments in your entrepreneurial journey but you have to keep working towards your goal.