Month: February 2021

Categories
Startup

Maharashtra To Create Incubation Centre for Startups Near Mumbai To Give Major Boost to New-Age Enterprises

startup ipo india

Mumbai, February 20: Maharashtra is planning to set up a large incubation centre for startups near Mumbai- then financial capital of India, soon, Chief Minister Uddhav Thackeray said on Friday. The setting up of an incubation centre for startups will give a boost to new-age enterprises. While speaking at the annual NTLF event of IT industry lobby Nasscom, Thackeray said that the state is also determined to make Mumbai as one of the fintech hubs in Asia. The Chief Minister added saying that in the last three years since launching the Nasscom 10,000 startups programme, which has a warehouse in nearby Navi Mumbai, over 50 new companies have benefitted and over 1,300 jobs have been created.

“Encouraged by this success, we are planning to set up a large incubation centre near Mumbai with Nasscom in the near future,” Thackeray said. After the success with the 2015 IT Policy, Thackeray said the state is now creating an IT/ITes (IT enabled services) promotion policy for 2021 which will have a focus on creating the right ecosystem for technology companies, incentives for innovation and research and development, and a close working relationship with the state. Maharashtra is already using tech inputs for governance and extending services to the public, including blockchain, internet of things and artificial intelligence-based solutions, he said.

The Chief Minister added saying that besides the traditional hubs of Mumbai and Pune, Thane, Raigad, Nashik and Nagpur are also getting traction and tech investments lately. He said in the last five years, the state has received Rs 65,000 crore in investments from IT companies which have helped create 8.5 lakh jobs in the state. Reiterating his predecessor Devendra Fadnavis” target, Thackeray said the state is on its way to becoming a USD 1 trillion GSDP state by 2025.

At present, its GSDP is close to USD 500 billion or 16 per cent of the national GDP, he said, adding that a third of the foreign direct investment received by the country comes to the state. Thackeray said the pandemic period was a testing time for all and the tech industry helped in ensuring that people stay connected through audio and visual modes and said COVID-19 helped hasten the pace of technology adoption. He also noted the sacrifices of emergency services rendering personnel including those from the police and medical fraternity to ensure the city keeps moving.

Categories
Finance

4 Smart Ways to raise fund for your startup without Investors

4 Smart Ways to raise fund for your startup without Investors

Building a business from the ground up is often very hard. To build it without the initial capital investment from the investors can be even harder. It may take a little longer, but starting a startup in India without the burden of investors can yield benefits that outweigh the cons.

You can be in complete control of your destiny, and can quickly change the business direction whenever it`s needed. Here are 5 ways in which you can do fund-raising for business without investors:

  1. Do not quit your Job

Since starting a startup business in India without investors can leave you with a lack of funds, it is always a cool idea to continue with your day job. This will give you the advantage of saving your salary.

  1. Government Loan Schemes

Whether you want to start your business without an investor or unable to find one, you can still fulfill your entrepreneurial dream, thanks to government schemes. To focus on ‘Make in India’, the government has started a few loan schemes.

Schemes like CGTMSE, MUDRA, and Stand-up India can provide you collateral-free debts and can get access to low-cost capital.

  1. Use your Revenue to do Fund Raising

Not all startups are pre-revenue generators. Many startups have customers and monthly revenue, so why not plan smartly and use that money to grow faster. A Revenue Based Loan can turn your revenues into growth capital and can help you to do fund-raising without an investor.

  1. Crowd Funding

You can also raise money through crowd-funding. Crowd-funding refers to raining money from a large number of people who contribute with a small amount of cash. The process of crowd-funding is typically done via online platforms.

Make Necessary Sacrifices for Business

A business is like a baby! Hence, be ready to give all your time and attention. Not just that, you must be willing to make sacrifices to free up your time.

As an entrepreneur, you may want to taste success as soon as possible. However, patience is the virtue that makes any business successful. You may feel challenged at the initial stage of building a start-up. If not prepared, you may have to suffer losses too. Hence, get all the information and knowledge from the industry experts.

Learn from their experience to take your business ahead with our Everything about Entrepreneurship course. To know more, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

Categories
Business motivation

3 Best Marketing Strategies to Boost profit margin in Tiffin Services Business

tiffin service

A tiffin business in India is not a new segment in the F&B industry. But as the young entrepreneurs in India are willing to step into this segment with their innovative approach, the segment has begun to gain popularity.

As the millennial and students are migrating across different cities because of job opportunities and education, the tiffin services in India has witnessed an increasing demand.

Zaika Tiffin Service was started with an investment of INR 7,000. Started from the kitchen of Jinisha Jain is now serving more than 1500 meals over two years.

You too can open a tiffin service and turn it into a popular brand with the correct marketing strategy.

Good food and excellent service in the tiffin service business are essential. But what if nobody knows you are serving? It could be a game-over stage for your tiffin business.

If you already have a tiffin service business and want to increase your profit margins, here are the 3 best marketing tips:

  1. Customer Engagement on Social Media

We know that Facebook & Instagram may sound overwhelming at first; however, they can help your tiffin services gain vast exposure. According to Bain & Company, ‘customers who engage with the business on social media spend about 20-40% more money on that business’.

Promoting your business on social media platforms will drive more customers, which means a significant growth of profit margins in tiffin services.

  1. Include Complimentary Items in the Tiffin

We all love complimentary stuff! So why not give your existing customers or new clients something that they are not expecting? Include some pickles, curd with spices, chutney, or a mouth freshener to make their meal-of-the-day extra delightful.

  1. Keep Updating the Menu

To prevent the boredom that might crawl in after a certain duration of time, refreshing your menu now and then is highly advised. Also, you can ask your customers what they will like to eat on weekends. This will help you understand your customers better and improve your tiffin business services.

Don`t forget to take regular feedbacks from your customer and work upon them to have a large database of Happy Customers! You can learn more strategies that can prove to be powerful for your tiffin business services via our Everything about Entrepreneurship course. To know more, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

Categories
Finance

3 Top Investment Schemes in India to put your money at!

investment

While growing up, for the longest time, most of us believed that the money plant in our house will grow cash for us in the future. Though, it would have been great had that belief was true, the reality remains the same- we all want to see our money grow!

So, if you are looking to grow your wealth, investing your money in different schemes can be a brilliant option provided you make the right investment decision, at the right time.

India is a land of savers and not many investors. According to a report by New Indian Express, ‘only 2% of the Indian population participates in equity markets directly or through mutual funds due to their risk-averse nature.

Most of the Indians are always on the look-out for a high-return, low-risk combination in an investment plan. Unfortunately, it does not exist, at least not in the real world.

So does that mean you should not invest? Certainly not! Here are 3 top investment plans to look at while reaching for your financial goals:

  1. Debt Mutual Funds

Do you want steady returns? The Debt Mutual Fund schemes are for you! These schemes are less volatile and involve less risk as compared to equity funds.

Debt mutual fund primarily invests in fixed-interest generating securities like government securities, corporate bonds, commercial paper, treasury bills, and other money market instruments.

  1. National Pension System (NPS)

Managed by the Pension Fund Regulatory & Development Authority (PFRDA), NPS is a long-term plan focused on retirement. This investment scheme is a mix of equity, corporate bonds, fixed deposits, government funds, and liquid funds among others. The minimum annual contribution has been reduced to INR 1,000 for an NPS Tier-1 account to remain active.

  1. Public Provident Fund (PPF)

The Public Provident Fund is one of the most popular investment schemes that every Indian turns to. The scheme has a long tenure of 15-years. Thus, it offers huge tax-free compound interest. One of the major reasons behind its popularity is that it is a safe investment as it is backed by a sovereign guarantee.

Some of the above-mentioned schemes are fixed income while others are linked with the financial market. Where fixed-income schemes help to preserve your savings, market-linked investments offer high returns and high risks too.

However, for a long-term financial goal, it is important to make use of both worlds. Hence, make informed decisions by keeping time duration, taxation, and risk in mind. You can understand the in-depth stock market knowledge with our problem-solving courses. To know more, click here: https://www.badabusiness.com/psc?ref_code=ArticlesLeads

Categories
Finance

SMBs in India To Benefit As Google Announces Rs 109 Crore for Small and Micro Enterprises in the Country

Google (Photo Credits: Unsplash)

New Delhi, February 18: With an aim to support small and micro enterprises (SMBs) in India amid the COVID-19 pandemic, tech giant Google on Wednesday said it would give $15 million to Indian SMBs. The amount that has been announced by Google for businesses in India is nearly Rs 109 crore. Reports inform that the investment is part of the $75 million commitment from Google to help small businesses outside of the US. “In India, we will invest $15 million to support small and micro enterprises across the country and are in discussions with local partners,” the company said in a statement.

Google said it is working with non-government partners who have a long track record of providing resources to businesses that are generally overlooked by traditional lenders. When the coronavirus pandemic hit in 2020, Google had announced a $200 million investment fund as part of its more than $800 million commitment to support small businesses. In a statement, Google said it has had a special relationship with small businesses around the world – helping them scale, innovate and reach new customers. “With today’s announcement, we’re proud to help them meet a new challenge — accessing capital needed to recover and build resiliency for the future,” the tech giant said.

In July 2020, Sundar Pichai, the CEO of Google, had announced a ‘Google for India’ digitisation fund through which, the company will invest Rs 75,000 crore or approximately $10 billion over the next five to seven years to help India go digital. During the ‘Google for India’ virtual conference, Pichai had said, “We will do this through a mix of equity investment, partnerships, and an operational infrastructure ecosystem in India. This is a reflection of our confidence in the future of India and its digital economy”.

 

Categories
Motivational

10 Inspiring Steve Jobs Quotes that will Dramatically Shift your Mindset!

steve jobs

Stay Hungry, Stay Foolish- Steve Jobs

A perfectionist, a visionary, an inventor, and perhaps a genius; everyone knows Steve Jobs. If not all about him, at least they know of his existence. Or, about the innovative range of products he created and changed the world of technology.

Steve Paul Jobs was the co-founder and the former chairman and CEO of Apple- a world leader in its sector. Long before he died in 2011, Jobs became a household name. Known for his charisma and strong leadership qualities, perhaps even he never imagined the global impact he had made by being a powerful entrepreneur in the world of computers.

So whether you find him polarizing or like a saint, Apple`s late co-founder, Steve Jobs was certainly an inspiration for the young entrepreneurs. With his passion and creativity combined, he touched many lives.

His legacy still lives on through his company- Apple Inc. However, his powerful presence can be felt all around the world through his motivational thoughts and revolutionary ideas.

Here are 10 Steve Jobs quotes that will inspire you to follow your dreams, despite the thousands of setbacks:

  1. “The people who are crazy enough to think they can change the world are the ones who do.”
  2. “Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart.”
  3. “Getting fired from Apple was the best thing that could have ever happened to me. The heaviness of being successful was replaced by the lightness of being a beginner again. It freed me to enter one of the most creative periods of my life.”
  4. “It’s really hard to design products by focus groups. A lot of times, people don’t know what they want until you show it to them.”
  5. “I’m as proud of many of the things we haven’t done as the things we have done. Innovation is saying no to a thousand things.”
  6. “Quality is more important than quantity. One home run is much better than two doubles.”
  7. “Be a yardstick of quality. Some people aren’t used to an environment where excellence is expected.”
  8. “Sometimes when you innovate, you make mistakes. It is best to admit quickly and move on with improving your other innovations.”
  9. “That’s been one of my mantras—focus and simplicity. Simple can be harder than complex; you have to work hard to get your thinking clean to make it simple.”
  10. “I’m convinced that about half of what separates successful entrepreneurs from the non-successful ones is pure perseverance.”

You live only once, make it count! You too can fulfill your entrepreneurial dreams with our Everything about Entrepreneurship course and do what you truly love. Click here to know more: https://www.badabusiness.com/?ref_code=ArticlesLeads

Categories
Motivational

11 Business Lessons every Entrepreneur should learn from Late Dhirubhai Ambani!

dhirubhai ambani

Known for his futuristic vision and ideas powerful enough to bring the entrepreneurial revolution in the business world, Dhirubhai Ambani is a famous household name in India. The late founder of Reliance Industries Ltd (RIL) has been an inspiration for the youth.

Dhirubhai Ambani`s larger-than-life ideas made India a force to reckon with. His innovative ideas were not only meant to expand his business but also consisted of an excellent opportunity for the nation to grow.

Hailing from a small village in Gujarat, Dhirubhai Ambani dared to follow his dreams. He started his journey with only Re 1. Later, he became one of the biggest business tycoons of modern India. He created enormous capital not just for him, but for all the thousands of shareholders. He has always been credited for unlocking the Initial Public Offering (IPO) culture in India.

Here are 10 powerful business quotes of Dhirubhai Ambani to inspire every entrepreneur in India who dares to dream big:

  1. Only when you dream it you can do it.
  2. You do not require an invitation to make profits.
  3. Pursue your goals even in the face of difficulties, and convert adversities into opportunities.
  4. If you don’t build your dream, someone else will hire you to help them build theirs.
  5. Think big, think fast, think ahead. Ideas are no one’s monopoly.
  6. Our dreams have to be bigger. Our ambitions higher. Our commitment is deeper. And our efforts greater.
  7. Meeting the deadlines is not good enough, beating the deadlines is my expectation.
  8. Challenge negative forces with hope, self-confidence, and conviction. I believe that ambition and initiative will ultimately triumph.
  9. Between my past, the present, and the future, there is one common factor: Relationship and Trust. This is the foundation of our growth.
  10. If you work with determination and with perfection, success will follow.

“True entrepreneurship comes only from risk-taking”. Do you have the courage to take the risk that will lead you to achieve your business dreams? If yes, then take our ‘Everything about Entrepreneurship’ course and get professional guidance to set-up your startup. Click here and take the first step now: https://www.badabusiness.com/?ref_code=ArticlesLeads

Categories
Business motivation

Most Powerful Sales Strategies that will boost your Business Profit Overnight!

sales strategy

Do you have an incredible product but facing problems to reach the target audience? Do you feel there are loopholes in your business strategy? Is your business going through a loss? Then worry not! Through upselling and cross-selling strategies, you can double your business revenue.

According to Deloitte research, “laying a foundation of cross-selling and upselling to any sales strategy during the challenging times can significantly help drive the enterprise value”.

If you are looking for ways to increase profits in your business, these fundamental concepts will help you strengthen the revenue strategy:

Upselling Strategy

Upselling is a brilliant sales strategy that encourages a customer to purchase a more expensive model in the same product range with additional features. E.g. Guests who are booking a room in a hotel will likely pay extra for additional services.

While timing is the key, it is essential to keep the budget, needs, and wants of your customer in mind too. If your customer is looking at a laptop of INR 20,000 that person may not be interested in buying a Macbook air of INR 72,000.

Always ensure to keep your upsell in alignment with the customer`s underlying needs and wants to the original product.

Cross-Selling Strategy

Have you ever ordered a combo meal instead of buying just a burger at a McDonald`s outlet? Probably, the answer is yes! This is cross-selling.

Cross-selling is a technique to encourage a customer to combine her initial purchase with products that compliment it.

Amazon attributes up to 35% of its revenue to this brilliant sales strategy. They cross-sell their customers with the “Frequently bought together” section, where they promote the products related to the item in the cart.

To cross-sell your customers, always pair products that naturally go well, like donuts with coffee or fries with a burger. Focus on the price points of the items you pair. Products that you are likely to cross-sell are typically similar in cost. Hence, pair them well.

Whether you choose to cross-sell or upsell or both, always consider tracking your data. Metrics can help you fine-tune the existing loopholes and improve your business revenues.

To know more about these sales strategies in-depth, join our Problem Solving Course. Learn from the mentors who will share their years of experience with you. To know more about this valuable course, click here: https://www.badabusiness.com/psc?ref_code=ArticlesLeads

Categories
Business motivation

A Quick Guide to Start your own Wedding Planning Company in 7 Simple Steps

wedding planning business

Weddings hold a great cultural significance in India. But Indian weddings have a reputation of being grand, glitzy, and glamorous. From destination weddings to Bollywood-themed private ceremonies, weddings have come a long way from being just a two-day affair.

Several stressful weeks of planning go into the preparation to ensure the outcome is breath-taking. From shopping to selecting a venue, sending invites to finalizing the food menu, decoration to attending guests, a wedding planner has to take care of a lot of other things.

Though pandemic in2020 acted as a speed-bump, with the government extending the social gatherings to up to 100 people, the weddings are back in business.

According to Business Insider, the $50 billion Indian wedding industry is back on its track and offers a lot of scope for growth.

But if the craziness, excitement, confusion, and overall euphoria give you an adrenaline rush, you can start your own wedding planning business.

How can you start a wedding planning business? Here is your step-by-step guide to understanding all the essential skills you will need:

  1. Give your company a Business Name & Type

Your business name is the first thing that a client notices. While the type of firm or service you will provide will attract future clientele belonging to the same segment. Try to offer a diverse range of choices to the bride & groom, so that they can choose accordingly.

  1. But First, Get Some Relevant Experience

Delivering the best customer experience is very important for your wedding planning business. Hence, it is advisable to work with a team to gather experience before starting your own company.

  1. Investment

Deciding on the initial investment is important for any business, and the wedding planning business is no exception. Initially, you will have to invest in a good laptop that could cost you INR 20,000 or above. To save on the rented workspace, you can start working from home or a co-working space.

However, to place initial orders with vendors, you will require around INR 2-5 lakh. Create a reliable network of vendors to keep the smooth supply of essentials.

  1. A Business Plan

Anything without solid plan bombs in no more than 2 minutes. Thus, having a business plan in place is crucial for a wedding planner. This includes a business name, industry research, target segment, financial management along with long and short-term goals.

  1. Getting a Team On-board

A skilled team is imperative for a wedding planning business. Before taking any assignments, you will need to figure out a team. From decorators, venues, caterers, musicians, travel arrangements to Mehendi artists, choreographers, and apparel stylists, you must rope-in all of them to ensure a successful wedding.

Cost-effective tip: Hire freelancers rather than a full-time team to save time & money.

  1. Marketing

Once you have organized few ceremonies, showcase all of them and start marketing your services. Instagram and Facebook could be your best friend. However, a word-of-mouth recommendation could be your best bet. You can also create a website, which could cost you anywhere around INR 1,500 to INR 3,000.

  1. Earnings

Depending upon your clientele, and the ceremonies you organize, a wedding planner could easily earn up to INR 1 lakh on a wedding with a budget of INR 10 lakh.

So what are you waiting for? With restrictions being eased-out and weather playing its charm, you too can become a wedding planner. You can know more about how to set up your business with our Everything about Entrepreneurship course. To know more click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

Categories
HR & People Management

4 Ways to Build Customer Loyalty Naturally!

Employee Loyalty

Customer loyalty is important! Today, many organizations have separate departments dedicated to brand and customer loyalty. Why? Customer retention is more profitable than customer acquisition.

  • A study by Harvard Business School revealed that new customers cost 20-40% more to gain than old customers are to retain
  • According to a survey conducted by Gartner 80% of your future revenue comes from 20% of your existing customers.
  • Repeat customers are more likely to spend twice as much as their original expenditure after they have been a customer for more than two years a Harvard Business School research revealed.

While most small business owners (entrepreneurs or solopreneurs) focus on attracting new customers, the key to increase business sales lies in retaining the existing customers.

If you too want to create a large database of repeated customers, follow these tips that will help you to create customer loyalty towards your brand:

  1. Build Your Product As Awesome As Humanly Possible

A business is built around a product. Your customers purchase that product. And you market the product. This proves that a product is a BIG DEAL! It is the foundation of any business.

Retaining customers will be an impossible task if the product you have built is not top-notch. You can always improve your products, but you must offer the best you possibly can.

  1. Give your customers Love, Attention & Care

Customer service is as important as the product. It can be vital for the health of a business, depending on your specific industry. It is a concept that should be integrated into every facet of the business. From product design to marketing strategies, everything should be created with a customer-centric approach.

Some customers care more about how they feel like a customer than how your product performs.

  1. Customer Loyalty Programs

According to a survey by Harvard Business School, online loyalty programs are stronger online than brick-and-mortar loyalty programs.

One of the most brilliant customer loyalty programs is the Amazon Prime membership. It is a subscription-based service with annual fee offers.  It offers its subscribers free-shipping and streaming capabilities through Prime Video. The program had proved to be a great success for Amazon.

  1. Unique Experience for Customers to make them feel special

Every customer wants more than just a product in return for a purchase. However, offering customers a unique experience sometimes requires more than just discounts alone.

Starbucks offers its customers a unique experience by providing their coffee in a mug with their names on it. It also provides its customers with one of the most successful mobile apps ever. The Starbucks app is used by around 23.4 million people. (source: https://www.adweek.com/performance-marketing/the-most-popular-mobile-payment-app-isnt-apple-pay-its-starbucks/)

Just like business success, customer retention is more about a mindset. Creating great products is also a mindset. The existing customers are like a gold mine if only we realize how invaluable they are for the business. To apply these tips and see your customers become loyal towards your brand.

Adopt the mindset of a customer retention master with our Everything about Entrepreneurship course. To know more about this course and how it can help you, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads