Tag: Start-Ups

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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.

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Startup

Planning to Launch a Start-Up? Follow These 5 Tips to Select the Perfect Name for Your Business

Tips for Naming Start-Ups| Representational Image (Photo Credits: Pixabay)
Representational Image (Photo Credits: Pixabay)

As per an old and highly popular saying, First Impression is the Last Impression. For a business, the name creates its first impression in the minds of people. It provides an identity to the firm. The name also helps in creating a unique position to the firm as well as its product. The business carries the name for years to come. It is associated with creating brand image, goodwill and developing a connect with the people. Hence, an entrepreneur needs to be very careful while naming the business.5 Billion Dollar Sales Strategies that will Boost Business Sales!

From incubation to implementation, for starting a business an entrepreneur has to face various stages and struggles. They usually overlook the most important aspect of business establishment, that is deciding a suitable name for the firm and end up picking up the first name that comes in their minds. Various factors effect the process of naming the business. Here are some tips to follow while deciding the name for your start-up –

Keep It Short

The business should have a short name, so that people grasp and remember it easily. People should be able to say it in one breathe. Ideally, the name of the business should be between 17 to 24 characters. It ideally should not have more than two words. A short name helps in creating more attractive marketing campaigns as well.

Go With Catchy Words

Another way to embed the business’ name in consumers mind is by making is catchy and quirky. Go for words and phrases which are appealing to the public at large. Try to make the name as relatable as possible. Do not use difficulty or ornamental vocabulary which is difficult for the people to grasp and understand. It will fail the purpose. Govt. of India Free Online Learning Program for Start-Ups.

Name Should be Easy to Spell

The name should be easy to spell and pronounce. People should not get confuse in its spelling. Use the original spelling of the word. Entrepreneur should avoid twisting or modifying the spelling of the name. Consumers should be able to pronounce the word as soon as they look at it, so that they are able to retain it.

Check for Domain Name Availability

If your business is on an online platform, before deciding the name the entrepreneur should run a quick check on the availability of the domain name. The name should reflect the business’ operations as well as its vision. It is important to make sure that the name is not similar to already established business that would create confusion and divert the firm’s customers to other website.

Feedback

One of the easiest ways to find out whether a name will work for the enterprise or not is by asking for feedback from the people outside the business circle. This can be done through social media campaigns or survey.

The process of selecting an appropriate name for the business involves various factors. An entrepreneur should consider all these parameters and choose a name that justifies the vision and mission of the business without compromising on its originality and appeal.

However, to establish a successful business, it needs more than just a perfect planning. Know the deep insights that can help you establish a profitable business with our Everything about Entrepreneurship. To know more about it, visit: https://www.badabusiness.com/?ref_code=ArticlesLeads.

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Startup

Kerala Government’s NORKA-Pravasi Start-Up Scheme Helped 4,179 Expatriates to Establish Business in the State

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

The Non-Resident Keralite Affairs (NORKA)-led Pravasi Start-Up Scheme launched by the state government in Kerala has proven to be a boon to the start-up ecosystem in the state. The scheme has been able to create 4,179 expatriate entrepreneurs over the last five years. It was introduced with the aim to rehabilitate expatriates in Kerala who can contribute to the economic development of the state according to their professional skills. Prarambha: Everything you must know about the Startup India International Summit!

Over the last five years, the Kerala government has sanctioned Rs 220.37 Crore for the start-up projects initiated by citizens in Kerala, who have returned to the state after spending a lot time abroad. During the last financial year 2019-20, 1,043 entrepreneurs were sanctioned Rs 53.40 Crore under this scheme. “Since the LDF government came to power, this government has distributed 45.21 Crore as subsidy to 2,895 entrepreneurs till November 2020,” said NORKA Chairman and senior leader of CPM, K Varadarajan during a media briefing.Tech Startups in India Report Nearly 10% Growth in 2020 Despite COVID-19 Pandemic, Over 1,600 Tech Startups Added in a Year: Nasscom.

Under the Non-Resident Keralite Affairs (NORKA)-led Pravasi Start-Up Scheme, loans up to Rs 30 Lakh with a capital subsidy of 15 per cent (Subject to a maximum of Rs 3 Lakh), are available for start-ups by expatriates who have returned to the state after working for a minimum 2 years in a foreign country. It also offers a 3 per cent interest rebate for the first four years for those who pay the interest on time. Kerala Bank, Canara Bank and the Travancore Pravasi Development Cooperative Society are some of the financial institutions which provide loans to under the provisions of the scheme.

It was started as a joint venture between NORKA and the Kerala Startup Mission to create self-employment opportunities for Pravasis who return to the state from foreign countries and who are looking forward to start their own business. Under the scheme, NORKA undertakes field camps for easier distribution loans and increased reach. It also aims to provide loans in a single day. Seven camps were conducted during 2019-2020 and around 500 expatriates benefited from these camps.

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Startup

Planning to Start Your Own Business in 2021? Follow These 5 Rules For a Successful Start-Up

Tips to follow for successful start-ups| Representational Image (Photo Credits: Pixabay)
Tips to follow for successful start-ups| Representational Image (Photo Credits: Pixabay)

The Indian start-up ecosystem is blooming, with more and more individuals giving up their regular jobs and taking the path of entrepreneurship. As per the Economic Survey for 2019-2020, India now ranks in the number of new firms created annually. Quoting the data from the World Bank, the survey concluded that number of new firms in the formal sector has grown by a significant 12.2 per cent between 2014 and 2018, compared to a meagre growth of 3.8 per cent from 2006-2014.

From idea generation to implementation, starting a business takes a lot of efforts, dedication and perseverance. A start-up founder should be extremely careful while making entry level decisions as the initial success of the business depends upon them. Having a business of your own does look like a Herculean task, but with proper research and guidance, starting, surviving and being successful in the business is not impossible. Being a Solopreneur: 5 Business Tools to Grow your Business.

Here are Five Golden Rules Every Entrepreneur should follow to Make the Start-Up a Success: 

Undertake Market Research and Analysis

The first and foremost rule of any business is to properly research the market. This includes analysing the market demand, competition, price range, and channels of distribution among others. Understanding customers’ taste and preferences is also an essential pre-requisite of launching a product or service. Analysing the market trends and patterns help the entrepreneur to make informed decision and deal wisely with external environment challenges. 7 Powerful Marketing Ideas to Boost your Business in 2021.

Ensure Constant Funding

A start-up needs steady and committed sources of funding to establish itself in the market. Many start-ups shut down in the initial years owing to lack of finance. Before jumping into the market, the entrepreneur should ensure that the business has adequate source of funds and have an access to a regular stream of finance. Various private and public sector banks, venture capitalists, angle investors, government grants are among secured source of finance for start-ups.

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Devise Comprehensive Marketing Strategy

For a business to establish itself in the market, it needs to be visible to its potential customer. Marketing and advertising helps the start-ups to increase its reach. Entrepreneurs should carefully choose their marketing plan and advertisement campaigns. Ads should convey real vision of the business and create a positive image in the minds of the people. Efficient marketing policy also helps in generation the ‘want’ for the product among the potential customers, thereby increasing sales and profits.

Know Your Customers

It has been rightly said and preached for generations that ‘Customer is the King.’ Every entrepreneur need to believe and follow the same. Knowing the customers in extremely important as their attitude, preference and tastes effect the business’s offering. Start-ups should avoid indulging any activity that might upset the customers. Businesses should understand the overall society as well, the cultural and social environment also effects the functioning of the start-ups.

Comply With Legal Requirements

In order to undertake various operational and production activities without any hindrances, businesses should make sure that they comply all the legal requirements. There are various legislations that govern any business, to avoid any penalties or fine, entrepreneurs should make sure that all laws are abided by. These include laws related to incorporation, labour, product, customer safety among others.

Apart from these, entrepreneurs should also focus on sticking to the budget, garnering knowledge about the various aspects of business. Start-ups also need a strong and dedicated team of employees to achieve its goal. Starting a business is indeed a big and courageous step which requires perseverance and dedication. However, with proper knowledge and hard work establishing and succeeding in business world is not impossible.

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Startup

Start-Up Funding: 5 Sources that Provide Quick & Easy Funds

5 Sources that Provide Quick & Easy Funds to Start-Ups| Representational Image (Photo Credits: Pixabay)
Representational Image | (Photo Credits: Pixabay)

Funds are the lifeline of any enterprise. For a firm to start, succeed and sustain, consistent and adequate funding is of utmost importance. Without regular flow of finance, all the other operations of the businesses including production, marketing, and selling among others become stagnant. Especially, in the present business environment which is fast paced, dynamic and highly volatile a secured stream of financial resources is important to defend the start-up against the harsh competition and market shocks. Narendra Modi Govt Clears Payments of Over Rs 6,800 Crore Owed to MSMEs Over Past 3 Months.

As the start-up ecosystem bloomed in India, it has become easier for young entrepreneurs to procure funds on lenient terms of repayment. The central government has also through its Start-Up India initiative, opened funding avenues for start-ups. Here are five options a start-up owner has to avail easy and regular funding –

Venture Capitalists

One readily available option for start-ups to avail funds is through venture capitalists. A venture capitalist is a private equity investor which provides seed capital to start-ups exhibiting potential of high growth in exchange for an equity stake in the firm. It provides funds at early, growth and later stages of business cycles. Apart from the funds, venture capitalists also provide expertise and monitoring of the business operation of the start-ups. Mostly, VCs invest in equity and once the business releases its IPO or is subscribed, they exit.

Angle Investors

An angel investor is an individual with high-net worth and surplus financial resources, who provides funding to small start-ups or entrepreneurs with high-yielding business plans to earn huge revenues from the investment. It is also known as a private investor, seed investor or angel fund. Though angel investors usually have higher return expectations and offer lesser investment amounts, they can prove be highly beneficial of start-ups in their early stages or during expansion. Finance Ministry Sanctions Rs 1.61 Lakh Crore Worth of Bank Loans to MSMEs Under ECLGS to Battle COVID-19 Pandemic.

Business Accelerators and Incubators

Various investment and asset management firms work as business incubators and accelerators for other enterprises. While a start-up looking for seed capital or early stage investment needs to look for a business incubator, they ‘incubate’ potential business plans with a hope of turning them into successful enterprises. A business accelerator comes into picture when an already existing firm looks for expansion or diversification  and need money for the same, it ‘accelerate’ the business.

Banks and NBFCs

Banks and Non-Banking Financial Companies (NBFCs) also provide quick loans to start-up owners at easy terms and conditions. However, these institutes consider more factors other than growth potential before offering the loan. They may even ask for a collateral security or a guarantor. The rates of interest are higher than the other funding alternatives. A start-up owner can apply for a term loan to buy fixed asset or do construction or working capital loans to meet day to day administrative and functioning requirements.

Crowdfunding

Sourcing capital through crowdfunding has garnered lot of attention and popularity in recent times. It does not require any organised institute; the founder raises funds from more than one person at the same time. In crowding funding, more than one investor is involved. These investors offer a fixed amount of funding depending on several factors including his budget, in return of regular and high dividends. One can gather funds from family, friends and co-entrepreneurs that believe in the start-up potential.

It is crucial that the start-up owners are aware about all the funding alternatives available to them. They should carefully analyse all the terms and conditions of procurement of funds and make informed choice. Regular and low cost financial resources keep the start-ups afloat.

 

 

 

 

 

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Startup Strategy

Social Media Marketing: 5 Key Principles Every Start-Up Should Follow While Promoting Its Business on Social Media

Social Media principles all start-ups should follow| Representational Image (Photo Credits: Pixabay)
Social Media principles all start-ups should follow| Representational Image (Photo Credits: Pixabay)

A business is able to survive and sustain in long-term only if it creates adequate and apt awareness about the products and services it offers. Enterprises all over the world have been increasing investing in widening their market and customer base. One way of reaching out to the potential customers is through social media. According to Satistia, nearly 50 per cent of the world’s population uses social media. That’s over 3 Billion users worldwide. It has become indispensable for businesses, both established and start-ups to increase their social media presence and attract people. For start-up owners, creating an online presence should be of utmost priority. Each person spends an average of 2 hours and 22 minutes on social networks and messaging, as per Global Web Index.

Mere creating accounts on various social media platforms won’t suffice. Every start-up should emphasis in creating a comprehensive, well-researched and flexible social media strategy. Different social media platforms including Facebook, Instagram, Twitter, YouTube,  LinkedIn, among others have been proved useful in promoting, advertising businesses and generating awareness about the product. However, strategy should be in compliance with the functioning of the respective platform. 7 Strategies For Getting More Business From Social Media.

Here are 5 Key Principles all Start-Ups Should Follow While Promoting Their Businesses on Social Media –

Choose Your Platform Wisely:

All social media platforms have their own reach and users, however one should be careful in choosing the digital platform used to advertise the products. One may choose multiple platforms as well, but careful prioritisation will be needed in that case. Usually one should start with a platform he/she has complete knowledge about. For instance, if the start-up is youth-centric, one should go for a full-fledged promotion of Facebook and Instagram, both of which have huge young followers.  According to data 7 4 per cent of users check Facebook daily, with an average of 8 times a day. LinkedIn is a better platform to promote research-based or KPO-based products and services.

Post Attractive Context:

One of the most important elements of any marketing and advertising strategy is the content. On social media, especially content is the king. One should try and incorporate various multimedia components in the post. Making the content attractive and unique is important so that it doesn’t get lost in hundreds of things being posted online every second. Several multimedia elements like audios, videos, graphics, images, interactive media, infograms, GIFs etc can be used to make the content attractive. Avoid writing in bigger texts as no one on social media have the patience to read and respond to it.

Collaborate with Social Media Influencers’:

The biggest gamble in the social media game is to get followers, likes, shares and clicks. One of the tried, tested and easy ways is to collaborate with social media influencers and personalities.  According to Fourcommunications report, 49 per cent of consumers claim that they depend on influencer recommendations on social media to inform their purchasing decision. A consumer feels confident in the recommendation from an influencer, and he or she will be more likely to purchase the product. Top Trends To Remember Before Planning Digital Marketing Strategy.

Use of SEOs and Hashtags:

Making an account of social media and posting content is not sufficient, one’s content should be visible to the target consumers as well. Scores of content is being generated and pushed on various digital platform every passing second. It is therefore necessary to create SEO-compliant content. SEO or Search Engine Optimisation are basically those keywords that are most searched online. When someone tactically puts the SEOs in its content, the probability of it being fetched by search engine increases. Similarly the use of appropriate ‘#’hastags is also important while promoting posts on digital platform.

Social Media Analysis:

It is important to have a regular monitoring of the performance of various social media posts, so that the firm knows what the customers want. Several social media engagements including number of likes, shares, retweets, quotes, comments etc,. There are various tools that help to analyse the social media, for instance Google Analytics, Snaplytics, Sprout Social among others. It is important to keep a note of social media performance, and receive the policy as and when required.

Promoting the start-up on social media is the need of the hour. As more and more people are drifting away from physical market place to digital ones, robust and detailed policy on social media management is important. 321 million new people joined social media in 2019, which brought the total from 3.48 billion to 3.8 billion social media users (an increase of 9 per cent) in 2020, as per a recent data.