Ultimate Guide To Build, Launch & Grow A Profitable Business

Starting a business and building it with patience requires energized spirit and passion. For startups, success in business is all about taking the right action at the right time. Making too many mistakes at the initial phase can prove expensive in the long run. On the whole, building a successful business requires clear vision, thoughtful actions and actionable strategies. In addition to this, you must have thorough knowledge of the products and services that you intend to offer to the clients.

Have a glimpse of the ways to begin, launch and create a successful and profitable business.

Cash flow and offerings

Having a pool of financial resources is a great way to build and launch a business. Nor only does it allow you give shape to your ideas but you can diversify your thoughts into different directions. The next step is to identify the demands of the customers rather than focusing on the things that you have decided to sell. Carrying out a market research is an important aspect of a profitable business.

Sticking to your budget

It is important to stick to a budget during every phase of the business although many people fail to follow a budget during the time of launching a business. You can invest money when your business reaches a stable position with respect to your targets.

Taking care of the other aspects

Do not ignore your family and health in a bid to grow your business. If you are not smiling, you have got to find a reason to smile.

Getting maniac with sales and marketing

Try to work on your strategies until you can put your products and services on sale. Getting good leads, converting them into sales and ensuring repeat sales requires a lot of hard work but you must always remain prepared to take the chances until you get success.

Building a profit-driven business

Getting profits in business may not always have a seamless approach but once you get a grasp of the approaches that drive profit in business, success will come easily. As soon as you convert the leads into customers, you have to ensure that you get more and entice them to buy your products and services. From a certain point in your business, you can think of increasing the average prices of the products and enhance the profit margins.

Tracking the results regularly

Monitoring the progress of your business is necessary to find out how you can improve the state of your business and take it towards a better state. Spending money uselessly for advertising campaigns without any results will not get you anywhere unless you can envisage progress gradually over a period of time. Therefore, you have to consider taking measured steps and assess the actions that you have taken for talking your business forward and achieving the goals.

The last tip

When you are armed with the right strategies and take enough time to arrive at informed decisions, you will end up adding value to your business and also achieve remarkable results. Getting to the destination of success requires time and an organized approach and allows you set up important milestones for your business. KartRocket provides you with a end to end solution that will help you launch your business.

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Get The Right Name For Your Business With These Quick Generators

Choosing a name for your business is vital as it sends the message to your audience. Over the years brand name has played an important part in generating profits for businesses and people have tried playing with fresh and challenging ideas to create profitable brand names. Nowadays, businesses have started relying on tools and techniques for creating brand names quickly. Before digging into these technical details, you have to take a quick look into the comprehensive list of generating the right business name for your business.

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crowdfunding for startups

The A-Z of Crowdfunding for Startups

“When you determine what you want, you have made the most important decision of your life. You have to know what you want in order to attain it.” Douglas Lurton, Author, Forbes Magazine

Often we hear business collect millions of dollars through crowdfunding for startups. Today, entrepreneurs actively engage in crowdfunding, but what it is, and why so much hype around it? This article highlights the importance of crowdfunding for new businesses, and shares ways in which you can accumulate a large chunk of money to kick-start your venture.

What is Crowdfunding?

The strategy of raising several small amounts of funds from a large group of people, usually over the Internet to financially aid a venture or a project is termed Crowdfunding. Several young entrepreneurs, filmmakers, and financial houses have lucratively raised funds and cultivated this new culture of obtaining finances minus the traditional route of approaching a bank or moneylenders for a business loan.

While there are a few potholes in this new method of accumulating funds, but the profits distributed among investors is huge, just like a share market where investors enjoy a windfall. To resource your business goal, you must have a strong conviction about your product/service first. This implies that your business must have clocked robust profits in the previous few years.

Crowdfunding for Startups- How to Start

Crowdfunding is a lucrative platform for both startups and investors. It helps new businesses accumulate funds for expansion or jumpstart the venture, for the investors, it is a high return on their investments (ROIs). Before you launch the process you must weigh three important factors, and these include,

Prepare Your Pitch Well: Your product should highlight the problems it can solve and not the benefits it offers. When you speak about the specific challenges and your tailored solution, with relevant market statistics, your investors would care to listen; the idea would greatly appeal to them, and motivate them to make a bigger investment.

Evaluate Your Financial Goals: Borrow only that much that you require to fund your business goals. Over borrowing can result in a disaster in the future, as it would limit your capacity for crowdfunding, in case if you fail to keep up the initial promises made to the investors. Instead of borrowing a lump sum, establish short-term goals in tandem with funding phases, it would make good sense to your investors and keep them hooked in your startup.

Prepare Your Investors’ List: Do not wait until the launch date of your crowdfunding campaign to gain investors, rather do your homework beforehand. This entails pitching your innovative startup idea to a group of potential investors and gaining their trust and investment, so you can announce your initial round of funding with confidence on your campaign launch.

Crowdfunding for Startups- The Process

Gain Trust

When it comes to investment in a startup, trust matters the most. Your potential investors seek conviction in your novel idea to take that giant leap of faith. Moreover, your idea must be strongly persuasive to reflect the genuineness of your idea and the scope of the possibilities it exhibits. Therefore, you must have records of your market statistics, profits generated, and any initial funds you have.

What you are offering may not click with all investors, but on what scale are you helping the society can take you to new heights with your potential investors. In this manner, you must garner trust and confidence among your potential investors to convince them to invest their resources into your creative business idea.

You need to prepare a presentation, preferably a power point, focusing on these key aspects
• Gauge the market potential to highlight the possibility of a feasible business idea
• How your business idea is better than your competitors?
• Why investors should invest in you?
• What is your score on the Success yardstick?

Press Publicity

The moment your crowdfunding procedure spreads its wings, you can expect the Press (Print & Media) to cover it on their first page. The media is a blessing to your dreams so utilize it wisely. Steer clear form any bad publicity and stay on top of the news with pioneering ideas, or a new round of investments, or highlighting your business expansion.

Use the different online and offline media channels to promote your business and its positive results. The more you advertise your business achievements and aspirations the better are the chances of new investors gaining interest in your business ideologies. Some of the best methods to broadcast your crowdfunding strategies are through YouTube, Facebook, LinkedIn, Twitter, Press Release, WhatsApp and more.

Promoting Efforts

When you have sufficient investors, you have ample funds to run your startup. Additionally, you will have the capacity to utilize a part of the funds for advertising campaigns. Thus, you increase the probability of tapping a larger market that who would require your products/services, instantly. Resultant, your business expansion would further build a base for new markets and for potential investors.

Some of the best ways to promote your efforts and success is participating in business seminars, connecting with a social cause, or celebrating your success with your clientele by distributing freebies or offering huge discounts.

Was this article helpful? Do let us know by writing on the Comment section below 🙂

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how to make your first sale

Easy Ways To Make a First Sale on Your Ecommerce Website

So, you have decided to step your foot into the eCommerce business. When it comes down to any business, the first sale plays a vital role in triggering the furtherance of sales and to get the momentum going. Also, it helps in strategic branding and marketing while enabling you to iron the kinks out in terms of your operations. However, this is a natural fact that your first sale is also the hardest one. Let us see & discuss the effective ‘mantras’ on how to make first sale on your ecommerce website.

Create A Pre-Launch List & Email Them

Generate a buzz while you create an email list that tells the story of your launching of business. If you have already got your pre-launch lists built, then shoot it right away before you apply any other tactics. You have already got their email shared by them, so they are perhaps your easiest potential leads when starting an eCommerce business.

Direct Selling to Friends & Family

The easiest and perhaps the basic way of making your first sale is to seek a legitimate help from your friends and family. You need not guilt-trip anyone for not purchasing your product, but you need to generate a subtle need by listing out the benefits of buying from your online store. You can connect with those who genuinely are interested in your product and you may want to try out MPOS which can be enabled through apps like KartRocket Online Seller App. Your friend/family can also benefit by saving their shipment costs as you can handle the product directly to them.

Giveaways, Contests & Sweepstakes

Okay, so it is a hands-down fact that giveaways are likable and help in grabbing quick attention towards any new product. If and when done correctly, these contests have the potential to garner quite a buzz and traffic to your website which can enhance your brand’s publicity by word of mouth marketing. There are plenty of apps which help you to generate contests and giveaways which you can share on your social media

Social Selling: Facebook, Whatsapp & Instagram

Your Facebook friends list or your Whatsapp contacts list is a gold mine, so dig deeper and plan how to resourcefully extract the best of the available opportunity. Most likely all your friends and family are on social media so share your product with them. Dip your toes into the world of social media where you can choose from multiple platforms like Facebook, Whatsapp and Instagram to generate leads. You are likely to find your potential first 10 sales on these platforms. You can also integrate your ecommerce website with your social media by using third party apps.

Selling On Online Marketplaces

The best part about selling on other marketplaces like Shopclues, etc. is the fact that they are well established brands and have their logistics chalked out intricately in advance so that new sellers like you can benefit from the strong brand presence and make your first sale. Do you want more? Then try and integrate your online store with these marketplaces by using ecommerce enablement platform which enable you with features for selling your stuff on marketplaces while rolling your ecommerce website into more sales.

Advertise on Facebook

Facebook has a native advertising platform by which you are enhancing the visibility of your newly established business. You can choose your desired target market, track and analyze your growth and pay according to the number of visits you get on your page. Collaborate this with your online store and you can generate more traffic to your ecommerce website.

Earn Credibility through Google Adwords

Google Adwords has been the most far-fetched and popular advertising platforms and networks available on the internet. Its reach is seamless and its search based or intent based advertising helps you in generation of targeted traffic to your ecommerce website. There are quite a lot of online guides through which you can acquire the basics of Google Adwords.

Create and Manage a Blog

Blog posts bring organic traffic to your website which, when effectively marketed can generate sales and bring revenue to your ecommerce business. Use this tool effectively and wisely by creating a rich, informative yet subtly selling content on your blog to create credibility for your brand and build a targeted audience.

Your first sale is more likely to be your important one. This will draw an ignition to your selling engine while helping in gaining a sustainable momentum for the business. The best advice is to try out the method that suits your business and its niche in the best way. Do not be hesitant in spending some money like in giving out discounts or offers if it is fetching you well and more in the future. When your business is fine tuned to your desire, it will automatically reach its break even very soon.

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All You Need To Know About Registering An Online Business In India

Establishing a new business in India is an arduous and time-consuming process, but if you learn from your mistakes, enjoy your laurels, and stay patient, the fruits of your labor will start to pour in in no time.

It would be best to have a business plan to outline your business objectives, funding, and setup. Once you know in which direction you are headed, it becomes simpler to start. Entrepreneurs seeking to launch their company must first receive a permit to operate it. This article shares information on the procedure of registering online businesses in India.

Company registration for online businesses in India can be done in two ways, either as a private company or as a public company. To register your online business in India, you need to have a good knowledge of the Companies Act, 1956. Every business that wants to register as a company must apply under this Act.

Registering An eCommerce Business In India: Sole Proprietorship

For starters, a sole proprietorship is the easiest way to start a company because it demands lesser legal compliance and is easier to handle. You, as a proprietor, are a single entity in all legal matters. Thus, your brand/company and you exist as one soul, with no bias whatsoever. You can run a proprietary business out of your home, for which no special registration is required. However, when your business turns profitable and seeks expansion, it is wise to set up a physical office/commercial store. And for that, you need to complete paperwork as per the Shops and Establishment Act of 1965 and register the documents with your local municipal corporation for further processing.

An eCommerce business that intends to accept online payments must be a registered company. Only registered companies can integrate an authorized payment gateway into their website.

Registration Of Sole Proprietorship For eCommerce Business

You can register your eCommerce business under sole proprietorship at your nearest local municipal corporation office. To complete the registration process with the authorities, you need to submit the duly filled Shops and Establishment Form.

Essential documents for submission to the municipal corporation include:

• Registration Form
• Undertaking
• Fee Schedule

Cost to Establish a Sole Proprietorship Business

There is absolutely NO additional cost required. All you really need is a current account in the name of your business at a bank of your choice. However, for opening an account, you would need to submit an address proof of the establishment like electricity or telephone bill or a rental agreement to rent the commercial space.

Apply For Company’s Registration

This is the final step in establishing a sole proprietorship business. This includes incorporating the company name, registering the office address, notice for appointment of company directors, managers, and secretary, and declaring the employees’ salary structure. The following forms are needed to proceed with the process.

Form 1: The application form for availability or change a company name is declared in Form 1. Once you apply for a new company name, the MCA (municipal authority) will suggest four different forms, and you have to choose the most suitable one from the options. Proprietors can download this form from the website www.mca.com.

Form 18: You must declare authentic office address for your new E-Commerce establishment in Form 18, which you can collect from your local municipality office or download from the website www.mca.com

Form 32: For a new E-Commerce company, Form 32 declares the appointments of new Directors, Managers, and secretaries. For convenience, download the form from www.mca.com or walk into your local municipal office.
After submitting these forms, once the municipal authority has approved the application, you will receive a confirmation email on your store being successfully incorporated, and the status of the form will change to “Approved.”

Essential Documentation for Registration Process

Promoters who intend to be the Directors in a company must apply for Director’s Identification Number (DIN). Thus they must have a Permanent Account Number (PAN) and Digital Signature Certificate. The DIN application (DIN 1 form) is available on the website – www.mca.gov.in. Shareholders can apply for DIN online as it is a convenient way to upload and attach essential documents.

Upon obtaining the DIN, Directors must apply for the availability of the company’s proposed name to the ROC. Shareholders must fill the MCA-21 form (available on the www.mca.gov.in portal) for the same. Upon receiving confirmation on the name, the proposed company must be incorporated within 6 months; the name must be renewed by paying a fee.

Here is the procedure for ease of understanding.

Step 1: Fill An Application To Obtain Directors Identification Number (DIN); It Hardly Takes One Day To Receive It From The Government Authority.

Step 2: Apply For The Digital Signature Of Directors Of The Proposed Private Limited Company (Pvt. Ltd.) In India.

Step 3: File An Application To The Respective Registrar Of Company (ROC) To Obtain Approval On Company’s Name.

Step 4: Once the confirmation on the name is obtained, fill an application for the company’s registration to the same ROC of the state where the company has its headquarters. Simultaneously, the company’s members must be ready with legal documents like Memorandum of Association and Article of Association, identity proof, and residential proof of the Stakeholders.

Step 5: Apply For VAT At The Commercial Tax Office, Followed By Professional Tax At The Profession Tax Office, Both These Identification Codes You Shall Receive Within A Few Days.

Step 6: Apply for Provident Fund (PF) with the respective Provident Fund Organization. You need to submit the essential documents of the employees in the process.

Step 7: Register with the Employees’ State Insurance Corporation for medical insurance of the employees. If your employees meet with an accident on the job, this plan will take care of the medical expenses on behalf of the company. Submit the essential documents of the employees to the regional office.

Step 8: Once All Approvals Are Through, Apply For The Certification Of Company’s Incorporation.
If you find the process complicated and cumbersome, you can hire the services of a reputed law firm that exclusively deals with the Company Registration process. These top service providers are based in Chennai, Bangalore, Mumbai, Hyderabad, NOIDA, Gurgaon, Pune, and Delhi.

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