Have you ever calculated the amount of time you spent on Facebook, Twitter or any other social networking sites? Or have you calculated how much money you spend for your daily expenses? If you have spent a part of these to establish your own business, you will be surprised to know how many businesses you can build with that existing time and money.
Instead of surfing just like that on social media websites, spare that hour to develop a new commercial activity. Here’s how you can launch a new business in just 60 minutes.
1) 20 minutes – Prepare for your new business
Create a business deck that has four sections:
- Objectives – Have a detailed version of your idea and figure out the finances needed to start the business.
- Problems – Draft those problems which your customers and clients are facing today.
- Solutions – This part should contain answers to the above problems and also the solution to fix them.
- Market Analytics – Conduct surveys to understand the market better.
2) 25 minutes – Launch your business online
- Select a name for your business which is attractive and eye catchy for your customers
- Log on to any domain name registrar and check availability for your domain name
- Book your domain name and web package
- Create your website with a single page overlay
- Meanwhile, create pages on different social networking websites to provide the visibility of your business.
3) 15 minutes – Check for your business legal registration
- If you are already running a business and want to merge the new ones to the existing ones, then you just have to call your CA and complete a few formalities.
- Otherwise, if you are starting your business from scratch, then opt for a general partnership.
- You can hire a professional service provider who is an expert in business entity formation and taxation solutions as well.
- Next, go for trademark registration of your business.
- Leave a message to the CA of the service provider you select and you are done with your business’s legal formalities.
Well, now you own a business model, a brand for your business and also the legal formalities in place in just 60 minutes. Kick start your business with the same enthusiasm in your near future.
How To Onboard The Right Investor For Your Startup
Most startups begin with the founders investing a startup capital to get their business up and running. As a startup slowly refines its business model in order to complement their sales model and start generating revenue, the founders would then be focused on expanding and growing the startup. It is at this point having an investor on board would be a huge help for the health of the startup. An investor would provide the much needed capital to expand a startup and scale up the business model, in order to amplify demand and increase supply to match it. But finding an investor is not always an easy task but, there are some simple steps which can be used to maximise probability of finding the right investor.
Have A Product or Demo Ready
Investors need to know where they are investing their money and therefore they will always request a demonstration (demo) of the product before investing. Therefore, it is important to have a working demo along with the sales pitch in order for the investor to make a calculated decision.
Research on investor portfolio
It is important to research prospective investors as in what kind of portfolios they have invested their money. Learning about an investor portfolio gives an insight into the health of an investment company. If an investor has experience with handling similar startups to yours in the past, they would be able to provide guidance and mentorship. However, the most important reason for research is to see if the investors have a similar kind of startup in their portfolio, which would mean the investor would be reluctant to invest because the startup in question would be a direct competitor to your startup.
Finding a mentor and a core team
A mentor in this case is someone who has prior experience navigating the choppy waters of the startup industry. FInding a mentor will be invaluable in the long run as a mentor brings their experience to the forefront and would be able to guide the founders by nudging them in the right direction. A good mentor will also be able to attract investors through their network as well. A core team should consist of skills not just from the technical side but also from the business and revenue perspective. A good example here would be Larry Ellison, the founder of Oracle and Marc Benioff, founder of Salesforce. Ellison mentored Benioff during the initial days of Salesforce by providing valuable technical and business inputs and even investing in Salesforce, which paid off in multiples later on in the future. Benioff founded Salesforce while he was still working at Oracle and Larry Ellison was supportive of the endeavour so much that he let Benioff split work so that he can work on Salesforce in the mornings and at Oracle in the afternoons.
Proven Business Model
Investors are more likely to invest in a startup which would be able to show a proven business model complemented with numbers. The business model need not be elaborate and can instead focus on a small demographic which would provide a lot of valuable data useful for scalability like revenue forecasting, sales and marketing demographics, overheads, burnout rates, processes which can be automated and troubleshooting, but more importantly it offers investors a glimpse into the revenue model.
Prepare for due diligence and have documentation ready
Startups need to be ready for a due diligence check by an investor and therefore ensure they have all the documentation ready and up to date. There would be due diligence checks on various fronts. If a startup is building a software, investors will be running various scripts to check compliance and software licensing requirements. Important documentation includes product roadmap (from demo to live,) timelines, cash burnout rate and financial projections for the future among others.
A startup should have a clear goal and define specific outcomes with their investors in order to achieve the maximum output from the partnership. Onboarding investors is the first major hurdle any startup should clear and then focus on scaling up, in order to increase a startup valuation which in turn will attract more investors. Following these steps will help finetune the search to identify a potential investor which would go a long way in scaling up a startup.
How To Increase Online Sales Of A Business
Sales is an important part of any establishment or organisation as it is a major revenue contributor. A product or service can be sold any number of ways, but mostly it falls under either offline or online sales. The present consumer is increasingly relying on technology to make their purchases and that is the reason why almost every company or organisation has an online presence on an aggregator platform or via their own in house app.
Online sales can be made consistent by following some simple tips given below.
1.Show customer testimonials
Testimonials are an important way for a new user to get an understanding of the product or service they plan to buy. Testimonials offer customers a sense of confidence that they are making an informed decision about their purchase. Good testimonials are a way to convert impressions into sales. Amazon has reviews for every product it offers on its platform and urges customers to leave a review as well after making a purchase.
2. Money back guarantees
Most online sales happen without the customer physically inspecting a product or service before making a purchase. Therefore, it is a good practice to offer some form of money back guarantee for a sale, in case a customer is not satisfied with their purchase. Having a money back guarantee is also a form of conveying the strength and quality of the product being sold. Online clothing store Myntra has a return policy where, if a customer is not satisfied with their purchase, they can return it back and the cost of the transaction is reverted back to the customer’s account.
3. Create a call to action
Creating a sense of urgency or a call to action is a very subtle way of guiding a customer to make an online purchase. This can be achieved in many ways like offering a product bundle for a discounted price or creating a discount sales campaign. Showcasing high selling products or the most recommended products are some other ways to make the customer make their choice quicker. Food delivery platform Swiggy has an option called Swiggy Pop which has a curated list of meals for one person at attractive prices. This spares the customer the hassle of browsing through multiple restaurants and making a decision.
4. Streamline the checkout process
The checkout process is the most important part of a purchase. Items in an online shopping cart are often left in the cart itself as the checkout process is time taking. Lengthy information fields are most often a hassle and make a customer abandon their product in the cart and instead look for other alternatives elsewhere. Having a secure payment gateway, which does not interrupt transactions midway, is a must have for the customer to trust the brand.
5. Offer multiple payment options
Have multiple payment options like cash on delivery, netbanking, online wallets, credit and debit cards. The present day customer has many options at their disposal to make a payment and they would like to be able to make that choice in choosing how they would like to pay. In India, almost every online marketplace offers a plethora of alternatives for payment, like Paytm, Google Pay and credit/debit card transactions from multiple banks, from which the customer can choose.
While there are multiple tweaks and ways to increase the online sales of a product, following these tips can help streamline the sales process and offer a sense of understanding from a revenue standpoint as well.
Learn more about how to increase sales of a business here: 4 Tips For A Business To Increase Sales
4 Tips For A Business To Increase Sales
Any business, once established, needs to generate revenue in order to sustain itself. Sales are the major revenue generating stream for any business. In the current business landscape, it is highly imperative to have stable sales revenue. A good product will automatically generate sales if it has a target audience who like what they are purchasing. However, any product or service always has scope for improvement and generating more sales.
Let us have a look at some tips for a business to increase sales.
1. Invest in a good sales team
Any business needs a sales team which can look after pitching the product or service to the target demographic. Providing resources and training to the sales team will go a long way in generating a healthy sales forecast. Elevator pitches, quarterly audits and target based competition will generate a healthy atmosphere and a zeal to perform. Leading software as a service (SaaS) company Salesforce currently has one of the best sales teams in the world and they invest a lot on them by offering them training at an event called ‘Dreamforce.’ The sales team is trained by leading industry experts and Salesforce executives.
2. Generate positive reviews
A business needs constant feedback to know the needs and wants of the customer in order to optimise its offering to suit their audience. One of the easiest ways to do it is to go online and register on a reviewing site relevant to the industry in which the business is. Constant feedback, especially positive feedback, is important as it increases the likelihood of generating more traffic and demand for your product/service. Google is one of the best platforms to get reviews as it is used by almost everyone. For example, a business which is in the food service space can focus on reviews on platforms like Zomato or Yelp.
3. Create packages or bundles
Creating packages or bundles of products or services clubbed together is a good way to maximize sales. Clubbing together products or services which deal with the same issue or action increases the convenience and seem more useful to customers, who may believe they are getting more value out of a purchase. E commerce giant Amazon offers suggestions based on user purchases, which show similar products that will be useful with a purchase. For example, if a customer purchases a mobile phone, Amazon’s suggestions may include a screen guard and a mobile phone case.
4. Partner with other businesses
A business can explore the possibility of partnering with another business if investing in research, development and infrastructure is expensive. Partnering up with a business can create unique products which need less development time and investment because existing businesses have the necessary infrastructure in place and only need collaboration. Microsoft is a good example in this instance. Microsoft was notorious for its reputation of not offering its products on Apple’s Linux platforms because Apple is a competitor. However, Satya Nadella, when he was made CEO, decided Microsoft would partner with Apple and release a Linux compatible Microsoft Office suite for the iPad, the iMac, the iPhone and the MacBook. This move drastically increased the sales of Microsoft.
A business can adopt these tips to come up with a sales plan which creates a revenue stream. While these do not guarantee immediate results, they can provide an organic growth in sales traffic. A good product should be able to elicit a definite answer from the audience and these tips should always go along with a call to action for the customer.
Read more about how to increase business opportunities here: Five Steps Entrepreneurs Can Follow To Identify New Business Opportunities
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