Aug
18
2022

Execution of Strategies for Starting a New Business in India

A startup is a company initiated by individual founders/entrepreneurs to search for a repeatable and expandable business model. Startups refer to new businesses that intend to grow beyond the solo founder, have employees, and grow large with time. Startups also tend to face high uncertainty. You can register your company as a private company or a partnership company as your startup.

Steps for Starting a new Startup Business

Evaluate Yourself
Before starting a startup you should know about your strengths and weaknesses. The reason why you want to start a startup and you should clear about your goals and be determined enough to work hard to fulfil them. The services and products you are going to deliver to the people and is it to be a full-time venture or a part-time venture. When Evaluating yourself You should be clear about the above questions.

Conduct of Industry Research
After deciding which business fits your goals and lifestyle, evaluate your idea. Before putting your money in a business you should know all the important information about that industry. You Should Talk to people who are already working in your target industry and collect information of your interest. Reading and researching about the people who are a successful image in that industry can also help you in understanding the industry.

Have a Plan
A business plan will help you figure out how much money you will need to get started, what it will take to make your business profitable, what needs to get done when, and where you are headed. The business plan will help you to chart your progress according to what you planned and what position you are now according to it.

Have a plan for funding
Depending on the size and goals of your venture, you may need to seek financing from an investor. The financial help can be available from your friends or banks. When starting a new business you need a huge capital for making it work thus you have to plan your finances to see how much you are lacking in capital and how will you be going to arrange it.

Set up your space
You have planned your business, strategies for your business, you have funding, till now. Now you have to decide whether you want to set up a storefront for your business or you want to start your business online. If you want a storefront then are you going to open a home office or rent an office space. These decisions you have to make in this step.

Prepare for trial and error
Whether you are starting your first business or third expect to make mistakes. It is natural and you should always learn something new from your mistakes. If you do not make mistakes, you do not learn what to do less of and what to emphasize. Be open-minded and creative, adapt, look for opportunities.

Strategies for Funding Startups
Funding depends primarily on the nature and type of business. Once you have realized the need for fundraising, below are some of the different sources of finance available.

Bootstrapping your business
Self-funding, also known as bootstrapping. It is an effective way of financing a startup, especially when you are just starting your business. The first-time entrepreneurs usually have trouble getting funding since they do not get funding without first showing some plan for potential success.

Self-funding should be considered as a priority funding option because of the advantages associated with it. When you are funding your own business, you are tied to the business. At a later stage, the investors consider this as a good point. But this option is only suitable only if the initial requirement is small. Some businesses need money right from the day-1 and for such businesses, bootstrapping may not be a good option.

Crowd Funding
Crowdfunding is one of the newer ways of funding a startup that has been gaining a lot of popularity lately. It’s like taking a loan, contribution/investments from more than one person at the same time.

An entrepreneur has to put a detailed description of his business on a crowdfunding platform. He has to mention the goals of his business and the plans he has for making a profit, how much funding he needs and for what reasons, etc. Then consumers can read about the business and decide to give their money or not. Anyone can contribute their money in helping a business that they believe in.

Get Angel Investments
Angel investors are individuals who have surplus cash with them and want to invest in upcoming startups. The angel investors also work in groups of networks to collectively assess the proposals before investing in it.

Angel investors have helped to start up many leading companies, including Google, Yahoo, and Alibaba. This form of investing generally occurs in a company’s early stages of growth, with investors expecting up to 30% equity. They are ready to take more risks in investment for higher returns.

Venture Capitals for Funding
This is where you make the big bets. Venture capitals are professionally managed funds who invest in companies that have huge potential. They usually invest in business against equity and exit when there is an IPO or an acquisition. VCs provide expertise, mentorship and acts as a litmus test of where the organization is going, evaluating the business from the sustainability and scalability point of view.

Raise Money Through Bank Loans
The bank provides two kinds of financing for businesses. One is the working capital loan, and the other is funding. Working Capital loan is a type of loan required for running one complete cycle of revenue-generating operations, and the limit is usually decided by hypothecating stocks and debtors. Funding from the bank would involve the usual process of sharing the business plan and the valuation details, along with the project report, based on which the loan is sanctioned.

Govt Programs That Offer Startup Capital
Government-backed ‘Pradhan Mantri Micro Units Development and Refinance Agency Limited (MUDRA)’ starts with an initial amount of Rs. 20,000 crore to extend benefits to around 10 lakhs SMEs. The company is supposed to submit your business plan and once approved, the loan gets sanctioned. You will get a MUDRA Card, which is like a credit card, which you can use to purchase raw materials, other expenses, etc.

Jul
18
2022

Cheap Auto Insurance- 5 Tips To Getting The Cheapest Auto Insurance

If you have been in an accident, received a ticket, or have a child on your auto insurance plan you are probably beginning to think that it is just too expensive. This is true for almost every American family and because of this many are trying to get cheap auto insurance.

The question many people ask is, “Is cheap auto insurance worth buying?” When you get the bill for your car insurance it is nice seeing it being a small bill but that small bill could be a mistake when it comes to the actual policy. You should search into the insurance company before you buy the policy.

If you want to stay with the best company then there are ways to reduce the cost. Here are some tips you should follow when looking for cheap car insurance:

1. The best way for you to get cheap car insurance, no matter what company you are with, is to drive carefully. Things such as speeding tickets and accidents are going to make the bill higher. If you are a good driver who has not received a ticket or gotten into an accident there are going to be big discounts for you. So, drive safe.

2. Pay close attention to your policy when it is time for you to renew your plan. Most of the time there are things you can eliminate from your plan, which will lower the cost.

3. Do not just renew with a company because they are the company you have always used. There are many online discount car insurance brokers now that give you fast quotes, not only for their company but for the major ones as well. Using these sites will help you to find the cheapest car insurance possible.

4. Pay close attention to your deductible amount. The deductible amount is the amount of money you pay first out of any claim. If you are a very good driver with a great driving record you should put out a large amount of money in the event of a claim. Why do this? You should do this because you will be able to save money by increasing your deductible.

5. Look at the car you have. Certain cars, such as sports cars and cars that are more likely to be stolen, increase your bill. If you are buying a car try to avoid cars like that so you do not have to pay a lot.

Buying cheap auto insurance is a good idea if you are trying to save money and if you follow these five tips you should be able to find a cheap car insurance policy.

Jun
18
2022

How to Profitably Market Your Published Work Both Online and Offline

If you are self publishing your work, it will be wise if you can get a marketing plan before publishing. Statistics have shown that the most difficult aspect of publishing is getting the published work to the end users.

Below are some marketing options available to the self publisher.

  • Recruit Marketing Agents

The process of recruiting marketing agent is very simple. All you simply do is to place a simple advert in the classified column of newspaper or magazine that your target audiences frequently patronize. The advert should be catchy and specific on the number of marketers needed and the nature of the product to be marketed. The locations where the marketers will be needed should also be specified. Lastly, the issue of commission to be must be emphasized, but the amount should not be disclosed. Remember to insert your phone number or email address at the end of the advert. The good thing about these adverts is that they are very cheap, and the return on investment is so high depending on the newspaper or magazine you eventually chose to use.

  • Outsource the Job to a Marketing Firm

There are specialized marketing firm, whose sole duty is to market products of companies at an agreed amount or commission. These marketing firms have their own marketing teams that are recruited and trained on the act of marketing. They have branded vehicles, t-shirts and fliers that they use in increasing their marketing penetration. These firms often help self publishers and business owners to accomplish their marketing task with ease. The only draw back, is that some of these marketing firms normally require a down payment from their clients in addition to outrageous commission. The secret is to identify the one that suit your financial goal and aspiration.

  • Arrange for a Formal Launching

When I published my first book, this was the option I implemented in my marketing process. It involves inviting key personals, close friends, family members, Journalists, colleagues and the general public to the official unveiling of your published work.

A detailed list of invited guest will have to be drawn, and a suitable venue must be used to host such a program. If there is enough fund, you can include a musical band and some light refreshment. The essence of the launching is to raise fund and also to help market your work to the general public. If the right guests are available, this is a very good marketing strategy. It will however cost you a little fortune.

  • Integrate an Affiliate marketing Plan to your Publication

This option is good for self publishers wishing to publish online. All you need to do is to get a good website and install an affiliate marketing plan into your sales page. The software should be able to track registered members who refer clients to the site, and if these clients eventually buy your published works, they will be paid commission. Under this option, the publishers should be able to make available the hard back and e-book format of the published work, so that visitors to your site can choose the format of their choice. The internet has made the readership of e-books to expand beyond measure, and the popularity of online books has even superseded that of contemporary books.

Getting your website running will not take more than 48 hours, but the ability to deliver what your visitors are requesting is a crucial key to your marketing plan.

  • Market the published work on your own

I will not advice anyone to go for this option, as it can be so demanding and stressful. It requires that the individual carry the published work from one city to the other and distribute it to bookshops and vendors. He will be expected to monitor the sales progress and this can eat deep into the profit margin. Moreover, the human hour wasted in traveling and distributing these published works can be utilized into other profitable ventures.

May
17
2022

$5,000 Unemployment Loans: Securing Loan Approval Without An Income

On the surface, it seems ridiculous, but there are lenders who are willing to grant loans to the unemployed. Surely, this is foolish, since the unemployed obviously have no source of income, but the fact remains that it is possible to get a $5,000 unemployment loan when most needed.

How can this be possible? Well, let us be honest and admit that $5,000 is not a huge amount of money. It means that lenders can easily create terms that can see them benefit but in a way that, should the borrower default, will not hit them very hard. Getting loan approval without employment depends on the same faith that students get.

Lenders will offer even unemployed applicants a chance to secure a loan, because there is a strong chance that unemployment is temporary. Granting affordable installment loans are therefore considered a viable decision rather than a major risk.

Why The Unemployed Are Accepted

So, why are the unemployed accepted by lenders? Well, the lenders are not ignorant of the risks involved and are not willing to grant loans to everyone who is without a job. But there are some cases where the chances of defaulting are quite low, so granting a $5,000 unemployment loan is fine.

There are two separate types of jobless. The long-term unemployed have been without a job for several years, so the chances of them finding work again have become very slim. This type of unemployed individual is not going to be considered for a loan.

Those who can hope to get approval without employment will have been recently made redundant, but it is understood that at least 6 months will have passed before the application can be made. The reason why an affordable installment loan may be on offer is that some form of employment is likely to be found within the next 12 months.

Unemployment Loans Explained

If approval on a $5,000 unemployment loan seems contrary what might be deemed logical, understand that the loan itself is used to keep on top of existing loan repayments and bills. For this reason, there is an understanding that the loan is a stop-gap.

However, it is the fact that the borrower is still considered highly employable that attracts the attention of the lender. It is similar to a student loan where the loan is granted in the faith that the borrower will graduate and get a good job.

Similarly, lenders have faith enough to grant approval without employment because the borrower will get a new job. Of course, they must also offer affordable installment loans because at this moment in time, the means to meet normal repayment terms does not exist.

Terms To Look Out For

It may seem that giving a $5,000 unemployment loan is more social charity than business. To an extent that is true, but it is also a business arrangement, and lenders expect the loan to be repaid in full and on time. But what are the terms that should be expected?

The key terms are the interest rate and the repayment period, just as with any other loan. However, because the lender is granting approval without employment, the interest rate is higher to cover any potential losses, while the repayment term is longer.

The longer loan term is what ensures these affordable installment loans are, in actual fact, affordable. For example, a loan of $5,000 repaid over 12 months is more expensive than over 5 years.