Month: February 2021

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Business motivation

How to Write the Winning Business Proposal in 5 Steps

business proposal

Starting up a business is not an easy task to do. It may sound exciting, but the journey to change an idea into reality requires discipline, clear goal settings, and a winning business proposal!

A business plan is like a road map that guides you through your journey and helps you reach your ultimate goal. Just like it is difficult to travel without a road map, it is impossible to start a business without a proposal.

What is a business proposal?

Many people believe that a business proposal and a business plan are similar. However, they couldn`t be more wrong.

The primary purpose of a business proposal is to persuade a company or an organization to do business with you. While a business plan is all about your company`s strategies and growth plans.

It also outlines your value proposition and bridges the gap between you and your potential clients. A well-written business proposal can help entrepreneurs to build up their customer base.

It is a formal document that is created by a company and is provided to the prospect of securing a business agreement. A brilliantly written business proposal sells either your product or service, rather than your business itself.

Types of Business Proposals

A business proposal can be of two types: unsolicited and solicited.

Solicited Business Proposal: The business proposal when requested by a customer or a client is called a solicited business proposal.

Unsolicited Business Proposal: As the name defines, the unsolicited business proposal is usually meant to approach a client or a customer, even if they do not ask for it.

Key Things to keep in mind while writing a business proposal

A common mistake that small business owners often make while writing a business proposal is that they do not cover the key questions in their proposal. Every small business owner must cover these questions in their proposal to customize it according to their potential clients.

The person you might be meeting with your business proposal might not be the final decision-maker. It is always best to ask the prospect about the entire decision-making process or approval process.

Do your homework carefully. Research your competition to find their pain points or gaps. Ask your prospect about their past experiences related to the product or services that you are offering them.

Keep the budget in mind and find out their target price that will help you avoid wasting time on projects that have no chance for much profit.

Calculate the costs of your labor or materials, you will incur in case your proposal might get accepted. Make sure that you have got all the revenue numbers in place.

5 Steps to Draft a Persuading Business Proposal

Here are five sections that every business proposal must address:

  1. Introduction- Beginning a business proposal with a clear, crisp, and informative introduction can get your brownie points. Highlight what makes your business and product unique, your credentials, achievements, and awards.
  2. Executive Summary– In this section, you can explain why you are the perfect fit for the job, and give the reader the crucial message for the proposal.
  3. Table of Contents- This is useful for longer proposals that consist of details. List each section with its corresponding page number to make it easier for the reader. However, try to keep your business proposal short.
  4. Body- Here you can explain the information on scheduling, pricing, and logistics
  5. Conclusion- Ending your proposal with a call-to-action encourages your potential client to contact or visit you. Hence, end your business proposal with a powerful Call-to-Action.

Once your business proposal is complete, send it to your main point-of-contact and primary decision-maker. If you are unsure of who will receive the proposal, do not hesitate to ask.

You can send your business proposal via an email attachment. Plan a follow-up to see if they have any query.

If you regularly send business proposals, but not getting any desired results, you must join our Everything about Entrepreneurship course. With this course, you can learn the mantra that makes every entrepreneur successful.

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

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Business motivation

How Investors can contribute with more than Investing Just Money into the Startups

Investors
ईज ऑफ डूइंग बिजनेस

Investment is the blood of any startup that is vital for its smooth functioning. However, investing in startups is a lot more than just buying stocks.

A report by IBM (Institute for Business Value and Oxford Economics) stated that around 90 percent of the Indian startups fail within the first 5 years of their inception due to the lack of innovation.

Truth to be told, many entrepreneurs themselves believe that post the initial ideation, the startups fail to scale because they lack funds, strategy, or strong leadership. More often than not founders or the owners of small businesses place too much focus on raising money, rather than emphasizing the value that each investor can bring to the table.

So how can an investor add value to the startups beyond making investments into the company?

  1. Financial Aid & Funding

Needless to say that backing startups with finances are often a huge advantage if you are an investor. By providing capital and financial aid, an investor adds immense value to a startup. But, it would be beneficial for the startup if an investor brings more than just money to the table.

As the initial years are crucial for small businesses, investors can help MSMEs and SMEs with their deep industry insights and mentorship. They can help young entrepreneurs in the early stage of the business and guide them to success.

  1. Strategic Planning & Decision Making

Customer satisfaction, cost-effectiveness, and relevance of the product or service in the target market are often lost in the struggle to scale. A seasoned investor who has gained expertise with years of experience can lay a crucial role in decision making.

By making available strategic planning, investors can also help in achieving market penetration and profitable operating ratios.

  1. Network Creation

For small businesses, it is essential to gain access to the right people at the right time in the early stages. An established investor can help in the creation of valuable connectivity to the potential customer or the right talent pool.

Young entrepreneurs who hail from tier II or III cities struggle in finding the right investors and right talents due to the limited access. Hence, investors can help small business owners by being the mediator in business talks. They can also help entrepreneurs in grooming and incubating new profitable ventures to help them grow.

  1. Visibility & Credibility

To add and increase the overall value to an innovative startup venture media attention and access to established domains are required. Hence, an investor can help to build associations with industry doyens, which results from a startup gain visibility and credibility in the market.

Making introductions, build meaningful & profitable associations, giving insights, an investor can do more than just buying the company stocks. With their immense contribution, they can increase the chances of that company`s success.

If you think about it more deeply, why an experienced investor shouldn`t help the startup he is investing in? Want to know how you can find an investor for your business?

Learn the best business strategies that will help you to get investment for your small business with our Everything about Entrepreneurship course. To know more about this course and exclusive offers, click here https://www.badabusiness.com/?ref_code=ArticlesLeads.

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Business motivation

3 Simple & Effective Growth Hacks for Every Small Business

growth hacking strategies

Having a successful business is the dream of every aspiring entrepreneur. But let`s face the truth. Scaling and expanding your business is difficult. Initially, it means wearing multiple hats, sometimes all at the same time.

Sometimes it means understanding taxes and corporate compliance. Other times, it could also mean juggling between sales and marketing. It will also require you to interact with customers daily to create a meaningful customer relationship. And so much more!

At the end of the day, this tiring process will drain all your energy. However, if you want to scale and grow your business, there is still light at the end of the tunnel. All you need is to de-clutter your mind and shift your perspective a little to identify the most effective business growth hack.

Though, there are many existing growth hacks, here is a list of 5 strategies that will take your small business to the next level efficiently and quickly:

  1. Stand Out of the Crowd

Creating a unique experience for customers is necessary in the business world. There must be plenty of other business owners selling the same product as yours. Then why a customer should buy your product?

How your product will solve the immediate problem of the consumer in the market will make the ultimate difference. Sell the benefits and tell your target customer how their life will be changed after they purchase your product. Consumers want to know the stories behind your product, and not about your product.

  1. Research Competitors

“Keep your friends close, and your enemies closer”. Knowing about your competitors is necessary to stay ahead. Hence, do a market analysis and research about your competitors. Find out their key selling points and build a strategy that will work for your product. This is an excellent growth hack for small business owners who are in the early stages.

  1. Innovative & Personalized Marketing Strategies

In this digital age, creating a marketing strategy that is tailor-fit for your brand is a little tricky. But, if done properly, it can fetch more customers and boost sales. Small business owners can deploy creative growth hacks to pull more customers to their platforms by email marketing, product recommendations, visually appealing ad creative, and identifying high lifetime value (LTV).

Most of the business growth hacks state with a simple idea that emerged in the conversations. These growth hacks, if implemented quickly, can be quite effective for small business owners. A planned approach is necessary to scale these experiments.

Learn what works for what, not for your business. Find a customized business strategy as per your requirements with our Problem Solving Course. Click here to learn more: https://www.badabusiness.com/?ref_code=ArticlesLeads.

Categories
Startup

Union Budget 2021-22: Here Is What the First Paperless Budget Has In Store for Business Start-Ups

Union Budget 2021: Key Takeaways for Start-Ups| Representational Image (Photo Credits: Pixabay)
Union Budget 2021: Key Takeaways for Start-Ups| Representational Image (Photo Credits: Pixabay)

Union Finance Minister Nirmala Sitharaman on Monday presented the central government budget for the upcoming financial year 2021-22 in the parliament. The start-up sector also received a fair share of the estimated public expenditure for the fiscal year set ti begin from April 1, this year. To encourage budding start-up owners and aspiring business person, several steps have been proposed by the Finance Minister in the Union Budget that unveiled in the Lok Sabha yesterday. The allocation for Startup India initiative has been increased marginally to Rs 20.83 crore for the fiscal 2021-22 from  Rs 20 crore in 2020-21.

Mostly importantly, Sitharaman proposed to provide an extension of tax holiday to start-up owners for one additional year upto March 31, 2022. Along with this, he eligibility period of claiming capital gains exemption for investment made in the startups has also been extended till March 31, 2022. Union Budget 2021: Here Is What the First Paperless Budget Has In Store for the MSME Sector.

In the Union Budget 2021-22, Nirmala Sithraman has also proposed to set up a ‘world class’ Fintech (Finance-Technology Firms) park at Gujarat International Finance Tec-City, near state’s capital Gandhinagar. It has also been proposed to apportion a sum of Rs 15,000 to enhance the penetration of digital payments as well as other measures to boost financial inclusion.

For making legal compliance and regulations easier, the finance minister has proposed to use data analytics, artificial intelligence, machine learning to make regulatory filings more frictionless for businesses and startups in a revamp of the ministry of corporate affairs (MCA) portal. Centre had said that the ministry would look to introduce AI-based features in MCA-21 when version 3.0 of the portal is rolled out. Union Budget 2021 Highlights: The 5 Big Takeaways.

MCA-21 shares crucial information about firms to various stakeholders such as the regulators, investors, creditors and companies. The MCA-21 3.0 will reportedly have various process to ease the regulatory process. It is expected to have a single source of truth, ease of doing business, e-adjudication, online compliance monitoring, among others, thereby making the authenticity and comprehensiveness of corporate affairs even better.

For the start-ups and initiatives in the healthcare and wellness sector, the Budget has proposed to allocate a sum of Rs 2.23 Lakh Crore. It includes a healthcare portal for the entire country for digital health management, as well as a Mission Poshan 2.0 for nutrition and diet programmes in rural districts.

Categories
Business motivation

Things You Need To Remember If You Are Planning to Open a Play School

play school business plan

In today’s era, parent’s want to have the best for their children, since the very beginning, be it beginning of their lifestyle, or education. This has thus lead to a rise in the expectations of the parents for their children as they look for getting their admissions done in pre-school or nursery. In such a case, it becomes vital for the preschool business plan to include what children and their parents want.

Long gone are the days when pre-schools and junior classes meant teaching the young minds. Just like the changing times, the ways of giving education to children have also changed drastically over a few years. The young minds now need to teach their alphabets and everything else they need to know through fun learning. With this new concept, it often becomes challenging for those planning to open a playschool to understanding what all their school should have. Here is a guide to how to start a play school in India:

Location

Opening a playschool at primary locations, such as residential areas helps you in getting more children. Apart from the locality, you also need to take care that the space you are planning to take for your playschool has enough space for the little ones to run and play. You also might need to install some swings or toy-cars, so keep in mind you have enough space.

Amenities

Parents expect their child’s day at school to be full of fun-filled activities. Having some chairs and tables to sit and read is no more sufficient. You need to install various amenities across the playschool premises. These can be swings, swimming pool, toy cars, ball pool etc. While a school doesn’t need to have all of these, but the more you have, the more they add to your school’s impression.

Security

Parents these days are highly concerned about their children’s’ safety. Install CCTV cameras across the premises and also provide live access to parents if possible to gain their trust towards your school. If your budget allows, you can also hire a guard who is responsible for taking in the students and handing them back to the parents.

Staff

Your play school requires different types of staff members for different requirements. This includes qualified teachers to indulge children in activity-based learnings, many who can take care of the children, a receptionist who can show the parents around and make them register their students, a guard as mentioned above, and a driver who can pick and drop the children to their homes.

Learn a lot more about how you can turn your innovative idea into a start-up business with the help of Everything about Entrepreneurship course by Bada Business. To know more about the course, visit https://www.badabusiness.com/?ref_code=ArticlesLeads

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Motivational

8 Interesting Facts you must know about Gita Gopinath, International Monetary Fund`s first woman chief economist

Gita Gopinath

As Finance Minister Nirmala Sitharaman revealed the first post-COVID Union Budget 2021, all eyes are set on it. One of the expectations that are common across industries is certain relief measures that help them to cope-up with the pandemic-induced losses.

As the country`s economy was already on a downward trajectory even before the pandemic, everyone is hoping Union Budget 2021 to bring in some relief. And Gita Gopinath, the first woman chief economist at the IMF (International Monetary Fund), has a lot to say about India`s economic growth.

Without being hesitant even a bit, she has spoken boldly on the controversial farm laws, the revival of the economy and how the government must continue to support the economy, and more.

The 49-year old first woman chief economist also added that the government should try to focus on more reforms that are needed to accelerate the economic revival. If you find this powerful personality intriguing, here are 7 interesting facts about the trailblazing leader:

  1. The India-born Gita Gopinath was appointed as the first woman International Monetary Fund`s chief economist in 2018.
  2. Gita Gopinath completed her Bachelor`s in Economics from Lady Shri Ram College in Delhi. Later, she finished her Masters in Economics from Delhi School of Economics (1992-94), and University of Washington (1994-96). She did her Ph.D. in Economics from Princeton University (1996-2001).
  3. Gita, 49, also serves as the Director of Research Department and Economic Counselor at IMF. She is also a John Zwaanstra Professor of International Studies and Economics at Harvard University. However, she is currently on a leave of public service.
  4. In 2019, she was awarded Pravasi Bharatiya Samman, the highest honor for a person of Indian origin, by the Indian President- Ram Nath Kovind.
  5. She is also the co-editor of the current Handbook of International Economics with former IMF economic counselor Kenneth Rogoff.
  6. After former RBI governor Raghuram Rajan, Gita Gopinath is the second Indian who shall be holding the title of IMF`s chief economist.
  7. She has also written around 40 research articles on topics such as international financial crises, trade & investment, exchange rates, international financial crises, and monetary policy.
  8. After the Nobel laureate Amartya Sen, Gita is the third woman and the second Indian to become a permanent member of the Harvard economics department.

At the time of the pandemic, Gita said that around 90 countries had reached out to IMF to discuss financial assistance. She has referred to the pandemic-induced recession as the ‘The Great Lockdown’, while speaking to Trevor Noah in April 2020.

Want to start a business? Learn how you can be your own boss and make money with our top industry experts. Gain every ounce of knowledge that will help you to climb the ladder of success in the business world with our Everything about Entrepreneurship course. Click to know more: https://www.badabusiness.com/?ref_code=ArticlesLeads

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Finance

Union Budget 2021 Highlights: The 5 Big Takeaways.

highlights of Union Budget 2021-22

When Finance Minister Nirmala Sitharaman presented her third Union Budget 2021 on Monday, everyone had great expectations from it. The Union Budget 2021 came at a time when the economic growth of India is on the downhill due to the COVID-19 lockdown and its aftereffects.
During her two-hour-long speech, Sithraman said that the proposed Budget for this financial year is based on six pillars- health & well-being, physical, financial capital and infrastructure, reinvigorating human capital, inclusive development for aspirational India, innovation, and R&D, and ‘Minimum Government, Maximum Governance’.
There have been many significant announcements that include a proposal to disinvest two more PSBs and a general insurance company, hikes in customs duty to benefit Make in India, and numerous infrastructure pledges to poll-bound States.
The fiscal deficit that currently stands at 9.5% of the GDP, is estimated to be 6.8% in 2021-2022. Personal income tax slabs remain the same, however, there have been changes induced for the senior citizens above 75 years.

Here are 5 most important Budget takeaways:

Healthcare Sector
Along with focusing on the strengthening of the Urban Swachh Bharat Mission, the Government has launched new schemes such as PM Atma Nirbhar Swasthya Bharat Yojana to develop primary, secondary and tertiary healthcare, and Mission POSHAN 2.0 to improve nutritional outcomes across 112 aspirational districts.
The set-up of around 17 new public health units is proposed at points of entry. Also, the existing health units at 32 airports, 15 seaports, and land ports will be modernized.
Keeping the healthcare sector in focus, FM allocated Rs 2,23,846 crore to the healthcare sector in 2021-2022, Rs 35,000 crore for the Covid-19 vaccine.

Growth in Focus
Despite the year 2020 is hard on the common man, Sitharaman has avoided any tax relief exemptions to the ‘aam aadmi’. There have not been any increase in the standard deduction and no raise in the tax slabs.
Taxpayers are not required to estimate the dividend income while making advance tax payments. The advance tax will be payable only when the dividend is declared or paid by the company. Taxpayers can save the payment of interest due to underestimation while paying advance taxes.

Road to Recovery
After struggling for six years, the government has finally decided to come up with an asset reconstruction company to take over the bad loans of banks that will give them the flexibility to boost the economic growth.

Asset Monetisation
This is one sector, where the government has not performed much to inspire confidence. National Monetisation Pipeline of potential assets of NHAI, PGCIL, warehouses, airports, Railways, sports stadiums.
Major Highway Projects
The four poll-bound states get major highway projects: Kerala (1,100 km- Rs 65,000 crore), Tamil Nadu (3,500 km- Rs 1.03 lakh crore), Assam (1,300 km –Rs 34,000 crore), and West Bengal.
Finance Minister Sitharaman`s third budget is bold on multiple levels. It not only carves a pathway to growth but also signifies a strong intent for reforms.

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Startup

Startup Ecosystem in India To Get Major Boost As IIT-Kanpur and IIM-Lucknow Sign MoU To Empower Future Innovators of the Country

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

New Delhi, February 1: In a bid to give an impetus to innovation in the startup ecosystem in the country, the IIT Kanpur Research and Technology Park and IIM Lucknow-Enterprise Incubation Centre (IIML-EIC) have signed a memorandum of understanding (MoU). The pact between the two world-class premier institutes would boost the entrepreneurial ecosystem and empower future innovators of the country. The two teams met over a zoom call for signing the MoU.

Abhay Karandikar, Director, IIT Kanpur and Chairman Board of Technopark, said that the association between the two top institutes will not only foster close linkages between academia and industry but will also open new avenues for resource sharing. The official further added that IIM Lucknow Incubator and Technopark are a part of academic powerhouses and bring unique values to the innovation ecosystem. We are delighted to partner with the IIM Lucknow Incubator to blend these strengths and leverage synergies. “We believe that this partnership has the real potential to make a deep and tangible impact on not only Uttar Pradesh but also the country at large,” he added.

Anadi Pande of IIM-Lucknow said that as an emerging economy, one needs to fill in the institutional voids that have long existed to create something on the lines of the Silicon Valley and incubation and innovation is the only way out. “At IIM-Lucknow, we are deep into artificial intelligence and have many technology start-ups incubated with us. This MoU will facilitate a collaborative exchange of ideas and knowledge between our start-ups and IIT-Kanpur and Technopark companies and our faculty,” he added.

India is witnessing an unprecedented boom in the innovation start-up ecosystem of the country. The association between IIT-Kanpur and IIM-Lucknow may serve as a benchmark for other IITs and IIMs to follow. In the current scenario the motto of “self-reliance” and ‘Make in India’ and start-up holds more prominence than ever before.

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Business motivation

How to Get Financial Help To Turn You Innovative Idea into A Business

Innovative Idea

While many business aspirants come up with innovative ideas that have the scope to mark their own presence in the market, they often lack the finances to be able to start their business. In such a case, they search for sources to provide them with financial support. Here are 5 ways in which you can fund-raise for your start-up:

1. Customer is the best investment:
A customer is the best person to invest in a company. The money earned by the first few customers helps in preventing the need to take a loan or search for other investors.

2. Bootstrap:
Investors often check whether the business owner himself is also investing a business or not. This helps in building the investors’ trust towards you and proves your seriousness towards your business. This also increases your dedication towards your company

3. Peer-to-peer lending
When you lend money from your friends or family, you get a lot of advantages. You don’t need to give them interest or share in the company. Moreover, this doesn’t bring the hassle of documentation with it, and you mostly get money instantly.

4. Crowd-funding
Crowdfunding refers to raising finance from public. While on one hand this helps in raising funds for your start-up, it has also turned out to be a good source of free marketing.

5. Angel Investment
As the name proves, these investors work as magic for your startups. Angel investors may give debt or equity as financial aid for your company. If you have a strong belief towards your business’ growth, but lack revenue to drive it, angel investors can prove to be very helpful.

Bada Business offers a complete course on Fund-raising which gives you a complete guide on the types and ways in which you can do fund-raising for your business. The ‘Fund Raising” Problem solving course by Dr. Sanjay Kathuria has 32 videos. To know more about the PSCa course or to enroll, visit https://www.badabusiness.com/psc?ref_code=ArticlesLeads

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Finance

Union Budget 2021 Live Updates: Expect Costlier Phones as Govt hikes customs duty on parts

Budget 2021 live updates

Finance Minister Nirmala Sitharaman today presented her third Union Budget in the Parliament this year. The Budget 2021 is based on the six pillars as physical, financial capital and infrastructure, health and well-being, inclusive development for aspirational India, reinvigorating human capital, innovation, and R&D, and minimum government and maximum governance.

Calling the current Budget an active and not a reactive budget, the FM stated that India is moving from Covid-related reforms to Atmanirbhar resolve. All eyes were set on the Union Budget 2021 and besides the parliamentarians, it was seen by both domestic and foreign investors, middle class, and corporates, along with various interest groups like farmers.

The 2.5 % duty hike is also applicable on parts of manufacture of PCBA (Printed Circular Board Assembly)of cellular mobile phones, camera modules, and manufacture of connectors and raw materials.
In a bid to improve the manufacturing sector in India, the government has increased the customs duty for up to 10% on mobile chargers, sub-parts of phones. This step could lead to a rise in the cost of mobile phones by 3-4% from February 2, 2021.