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How to franchise your business

how to franchise your business

Whenever a company is doing well by providing good quality products and valuable services, then franchising is the right decision that they should take. It will not only help the businesses to increase, but it will also allow other customers to avail the services that you are providing. If your brand already has a good name in the industry, then franchising will help you to earn better profits and gain potential customers, and at the same time, you will be expanding your brand from a huge distance.

Operating and owning all the outlets of your business can be very hectic, and it will also reduce the efficiency of the services. The quality of the services must not fall, and that is when franchising can help you, as it is an effective business model that will provide your business with the opportunity to bloom in several places. This article focuses on how to franchise your business.

Even the entrepreneurs can have their business franchise to reach a greater audience and create a brand name in the competitive market. You can also provide opportunities for the entrepreneur to use your brand for running different establishments. If you are wondering how to franchise your startup in India, then these steps will be very helpful.

Tips to franchise your business


how to franchise your startup

Before you start franchising, you should know what it stands for and what are the business prospects that it comes with. You will have to analyze different sources and research on the location and target consumers before you are opting for franchising the business. Unlike the other business, the franchise business will be operated in a different manner, and that is why one needs to have proper knowledge regarding this business model. It takes a lot of efforts and commitment to franchising a company because it comes with additional cost and maintenance. The coat that you will have to pay for franchising is quite overwhelming. Hence, it is very crucial to concentrate on the development of the brand and the networks that you are having. Your brand must be competitive and should sell quality services and product in order to flourish in any place. Therefore, this 2019, start planning on creating a franchise.


When you will be franchising your business, you will need a franchise agreement, which will be made between the franchisees and you to maintain transparency. It must be made by maintaining all the legal procedures, and it should not depend on the location of the franchise. One must not provide any sort of negotiation to the franchisees related to the credit, territory or any other item, which will be handled in the addendum. You must talk to the franchise and see what are their expectations from your business and how your brand is going to help them in gaining potential customers. If your brand is not a reputed one, then a franchisee will have to implement much more effort to build your business at their location. It is an important procedure of how to franchise your business.


This information or document will be provided to the potential franchisees, and it will contain all the minute details regarding the company and the key information related to your business and sales figures as well. You will have to keep on updating this document every year. You will also be subjected to several complications if your process is not legally sound or is not having transparency, which the franchisee may expect from your company. It is mandatory in the journey of how to franchise your business.

Fees of the franchise

franchise your business

The fees of the franchise can be a hefty amount, so you need to analyze it properly. By looking into the gross revenue, the profit will be shared between the company owner and the franchisee. Ensure that you are well transparent with the person who will be representing your brand and outlet and it can also happen that the franchisee will have to pay a royalty or franchise fee in the initial stages as a gesture of loyalty. Have the capital ready before thinking about how to franchise your business.

Experimenting before expanding

It is essential for a person to evaluate the success rate of the business before they are thinking of investing in any other places. It will help you to stay away from complicacy. The process of a franchise is very important, and one must do a proper study on the areas. You cannot operate a franchise from a place that is not having a demand for the product or service that you are providing. Before you make any business plan make sure it is a smart decision. You will need the right set of people who will guide you if you are new to this and make sure you are not ignoring any errors because it can hinder your growth in the latter stages. This tip is essential if you are wondering how to franchise your business.

Take help from professionals

creating a franchise

One must not endure the journey of the franchise alone. Before you start the franchise, you need to analyze the location, and you need a person who will take the responsibility of checking all the factors that can affect the business growth of that place, and at the same time, you need some other people who will help you to take decision-related to business. By seeking help from professionals, you will be able to regulate your business and other operations optimally. All the guidance that you will need during this time must come from people who have experience in this field. A perfect team will help you to grow the business systematically and bring success. List out the things that you will need for creating a franchise.

Have marketing strategy

It is very important to have a proper marketing strategy if you are franchising your business because you need to market the products in order to make it reach your consumer and at the same time look at the perspective of the business. Only if you can maintain a healthy balance between these two things then only you will be able to flourish your business.

Budgeting and marketing are the two things that should not be ignored, and you need to spread awareness related to the brand and do proper marketing; otherwise, successful franchising is not possible. To understand the entire business model, it is very important to have a proper understanding related to the franchise, and you need successful franchisee for becoming the successful franchisor in the venture of how to franchise your business.


It is true that you need some expert advice and in the process of franchising you will need an attorney to deal with the legal procedures and have all the franchise disclosure document prepared. A lawyer will help you to deal with the entire process of setting the price, creating the franchise agreement and will help in including laws that will help in protecting the intellectual property. Ask their advice on how to franchise your business.

Be picky

When it comes to picking the franchisees, it is very important to be picky. You will need the right set of people, and you can analyze it by looking into the capital that each person has to come into the business bond with you. They are going to represent you so make sure you are joining hands with people who will help in protecting and growing your brand. Make sure you are having the interview process and list out the things that can be a deal breaker.

Temper expectations

One will have to analyze franchise with properly because they will be building a new franchising network and at the same time will be operating their other businesses. It is very important to know that when you are launching the new franchise that you will be operating a new business, and you will also be risking your capital.

These few things will help you with the initial process of how to franchise your business. You must also have the clarity to know whether you are ready for franchising the business. If your business is already popular in the market, then the process of franchising will not be difficult, but if you are an entrepreneur where your brand awareness is not much compared to other brands, then you will have to reconsider the entire process.

Make sure you are visiting the location and inspecting it properly before providing the franchise there. It is always beneficial to open your franchise at a place that is crowded and is a place where people visit for purchasing other product as well. Even if you are operating the business from a distance, you need to ensure that it is working optimally and is not compromising your brand name.

Every franchise that you are opening will be equally important and will represent your brand. If you are confused with how to open a franchise, then these tips will help you with the procedure.

If you can start your franchising venture successfully, then your business is going to bloom very rapidly. It will not only give you great exposure, but you will be able to get a lot of target audience that will help in the overall expansion of your brand.

Keep on communicating to avoid miscommunication or complications in the entire business journey of how to franchise your business. The quality of the product and services must not fall, and that is why you need to choose the right set of people who will be representing your brand. Follow all the steps for creating a franchise properly.

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Benefits of Feb Union Budget 2019 For MSME Sector

Benefits Of Feb Union Budget 2019 For MSME Sector

The Micro, Small and Medium Enterprise sector has always formed an important part of Indian Economy. This sector is also known for its innovations, technological advancements and providing jobs to many people. The Union Budget 2019, was presented by Piyush Goyal, India’s Finance Minister in February. This year’s Union budget offers lots of advantages to MSMEs. Business can achieve new heights of success by making optimum utilization of the benefits Of Feb Union Budget 2019 For MSME Sector. The budget shows that the government has a clear aim of strengthening the backbone of the Indian economy, i.e., the MSME sector.

3 major benefits of Feb Union Budget 2019 For MSME Sector

Union Budget 2019

Tax Rebate

The most important change brought in the MSME sector is in the field of the tax rebate. Earlier the limit for individual taxpayers used to be 2.5 lakhs. In 2019 budget, this limit has increased to 5 lakhs. Individual with annual an annual income of 6.5 lakhs can also take benefit of this limit provided they make investments in provident funds, etc.

Under tax rebate benefits, the government has made positive changes in terms of interest earned on funds deposited with posit office or banks. The limit has increased from 10,000 to 40,000.

Instant loan

msme startups

Another important benefit that the MSME business can use to expand their business is the launch of ‘instant loan scheme’. As per this, the MSME can get a loan up to one crore within 59 minutes. This would be highly beneficial for MSME startups. A further rebate of 2% on the interest of loan amount would be given to MSME’s who have GS-registration.

Capital Gain TAX

The exemption limit of Capital Gain Tax has been increased to the amount of 2 crores. Moreover, Piyush Goyal has also made an announcement regarding the second house’s notional rent. He said that as per new budget the notional rent in such case would be tax-free. He also announced that emphasis would be given on promoting local businesses. For this, all the public sector enterprises would be covered by GEM platforms.

Another major advantage of Union Budget 2019 for MSME Sector include the announcement of submission of quarterly returns for business with an annual turnover of less than 5 crores.

Other major benefits of Feb Union Budget 2019

  • The launch of Pradhan Mantri KisanSammal Nidhi Yojna: Under this scheme, an annual amount of rs.6000 will be given to all the farmers of India, who own less than 2 hectares of land.

Under this Union Budget, the government has announced rebate for the farmers who have become a victim of natural calamities. Such farmers would be given a subversion of 3% on the interest of loan taken by them.

  • Farmers in animal husbandry would also be given a subversion of 2% on interest.
  • Developing 1 lakh digital villages in next 5 years.
  • Increase in the ESI cover limit.

Besides the above-mentioned benefits of Feb Union Budget 2019 For MSME Sector, Finance Minister Piyush Goyal has also announced that for any government project, 25% of sourcing would be done from MSMEs. It is also announced that out of this 25%, 3% would be procured from women entrepreneurs.

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Importance of Market Research

importance of market research

To achieve success in the business, it is imperative to have a clear understanding of the customer, ongoing market trends, competition, etc. and the best way to get all this information is through Market research. Many businesses either ignore or fail to understand the importance of market research. These businesses either end up losing their customers in the long run or in extreme cases a complete shutdown.

Today’s market is highly competitive. Survival has become very challenging. Companies who carry out a thorough and regular market research stay for longer duration.

Defining Market Research

Before understanding the importance of market research, it is very important to understand ‘What is Market Research?’

key steps of successful market research

Use of any specific process or a set of processes to gather information regarding companies or people. This formation is then analyzed by businesses to understand their customers, markets, ongoing trends in the industry and competition. Companies can use market research at any stage of their business’s life cycle be it the stage of pre-launch, at the time of launching or at the time of updating the product or service. Market research helps the companies in understanding the type of customer they want to target.

Objectives of Your Market Research

Market Research is a broad term. Different companies conduct market research for diverse purposes. Hence, it is very important to lay down the objectives of your market research. These objectives will not only give you a clear understanding of your ultimate goal but will also help you in selecting the types of market research that you should use to achieve those goals. There are two major kinds of market research:

Primary Market Research

This kind of market research can be carried out by an individual or business to fulfill their own specific requirements. In this, the information is collected directly from the source. The data is collected via conducting postal and e-mail surveys, telephonic interviews, by observation, etc. These market research reports are used for purposes like monitoring sales, accessing competition in the market, understanding customers’ preferences, etc.

Secondary Market Research

In these kinds of market research, the companies collect information from secondary sources like government data, newspaper reports, reports of trade associations, reports of existing studies, etc.

Once you have selected the kind of market research, the next question that pops up in your mind is: How to get most out of your market research? In simple terms how to make your market research a success? Well, market research is considered as successful when it fulfills its objectives. Understanding the role and importance of market research is not sufficient. Conducting successful research is also important. Below are some tips which may result in successful market research.

Key Steps of Successful Market Research

Check the previous existence of the market research you are planning to conduct. There is no point in conducting market research, which has already done earlier. This will further save time, money and effort.

If you found the existing data, then analyze on the basis of your objectives and requirements.

Find out the methods through which you can use that data.

In case the research is not done earlier, you might need to conduct new market research. If you are planning to go for primary market research then, you need to check with whom you want to carry out this research.

In 2019, various companies including new and existing, big and small, have understood the importance of market research. Still, some businesses especially individual and small-scale businesses overlook market research as they find it a long and time taking process.

4 Important Things That Market Research Can Do for Your Business

Provides A Better Understanding of Your Target Customers

Buyers forms the priority for all kinds of businesses. The more you know about your customers, the better it will be for your business. Market research will not only help you in understanding your customer’s requirements but will give you a full insight about your customer’s preferences and buying behaviour which will help you to manage your projects and products efficiently. You can use all this information in planning your sales as well as marketing strategies.

Helps in Understanding the Approach and Strategies Used by Your Competitor

objectives of your market research

Every individual or company is your competitor who tries to win your existing or potential customers. Successful businesses never take their competitors lightly. If you want to be ahead of your competitors, it is important to find out their strengths, weaknesses, marketing strategies used by them, etc. Regular market research will also keep you updated if any new player is planning to enter the market or if your existing customer plans to launch a new product or is planning to update the existing one. You can use this information for planning new strategies to fight your competitors.

Reduces the Risk of Failure


use of market research at various levels of business turns out to be very beneficial for the business. For example: If you are at a phase of launching a new product you can use market research to find out customer’s reaction at the pre-launch level. On the basis of the response you get for your new product, you can make improvements (if needed) and can plan your sales and marketing strategies accordingly. Similarly, if there is a continuous drop in your product’s demand than you can use market research to pinpoint the exact area of concern. Once the problem is found, you can work on it and save yourself from going out of business.

Helps in Planning Promotion Strategies

Understanding the types of customer

Market research has become a crucial part of every business. Your business might be based on an excellent idea, but to sustain, you need to have a continuous supply of the information related to your market, customer, and competition.

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Planning to Start a New Venture

Planning to Start a New Venture

You have an idea, and you are thinking to work on that idea and planning to start a new business, then this is the right time.  This is an era of technological breakthroughs. Moreover, if your idea shows potential and you have the vision to support, finding the source of capital would not be difficult for you. The challenges faced by the earlier generation were entirely different as compared to the new generation. Digitalization has opened up numerous gates of opportunities for attaining entrepreneurship. As a result, anyone who has the capabilities to convert these opportunities to generate revenues is very much eligible to start a successful business.

If you are planning to start a new venture, then there are few steps which you may need to follow to start a successful business in the year 2019.

Steps to start a successful startup

start a new business

Conduct thorough research: An idea forms a base for any business. If you have thought about an idea then before starting its implementation, you should check its potential. This means you need to check if your product or service has any demand in the market or not. If yes, then you need to find answers to the questions like which is your target segment, who all are your competitors, etc. 

Make a business plan


Planning plays a vital role in establishing a business. Depending on the type of business you need to select a business plan. If you are planning to start a new venture, it is essential that you should make a detailed business plan which goes with your vision and states the process you need to follow to achieve success.

Plan Finances

To start any business, you need to have an initial investment amount. Planning of your finances is very crucial. You need to calculate the amount you need to start up your business along with the amount which you need to run your business for a year. Once calculated, look out for the ways to funds for your venture.

Choose the structure of your business

There are three major business structures for small and medium scale business. These are

  • Proprietorship,
  • Partnership
  • LLC.
  • Corporation

Select a name for your Business and get it registered

Complete all the paperwork including getting a license and other business-related permits.

Select an appropriate location for your Business

Be careful while setting up your office. Select whether you want to buy the location or go for a lease. You have to take decisions regarding office location, equipment, etc.

Recruit appropriate team and get them ready.


Once the business is set up and you have started selling your product or service, it’s time to work on promoting your products and services.

If you are planning to start a new venture in 2019, then there are few success mantras which you need to follow. Planning is a significant part of the entire process of setting up a business. However, if you want to stand out in this competitive market and make your business a huge success, then you need something more.

Clear Vision

steps to start a successful startup

For anyone who is planning to start a new venture, having a clear vision is very important. Vision provides you a clear understanding of your long-term goals. Entrepreneurs with clear goals always remain motivated as they work their best to achieve their targets. You can plan your business on the basis of your vision, and together they lay a solid foundation for your venture.

Long-term approach

Having a vision is not sufficient. You need to have a long-term strategy which can help you in achieving those goals. You need to find answers for all the “how” and “what” of your business. Today’s market is not stable. Innovation and change in technology play a very important role. With a long-term approach, you will be prepared to handle upcoming changes, and this will further keep you much ahead of your competitors. 


Starting a new venture is not the most difficult part of the entrepreneurship. Being committed to your business is the most challenging part. Most of the new ventures fail as the owner becomes careless once the business starts giving profits. When you decide to run your own venture, remember that you have to work on it 24/7. You need to keep working on new ideas, find innovative ways to increase productivity, be ready to face all kinds of problems and try to find their solutions. Remember ” A successful entrepreneur always lives on the edge.”

Dedication and passion


For anyone, who is planning to start a new venture, dedication and passion are very important. Starting a new venture can be a life-changing decision for many individuals. Both these qualities keep a person self-motivated.  An entrepreneur who works with dedication and is passionate to take the business to new heights would never give up. Such an entrepreneur will give their 100% to achieve their goals. Moreover, these two qualities help an entrepreneur to face various challenges that may come while running the business.


Having a strong network is very important to run any kind of business.  Good and strong network help you in running your business in many ways. Your networks can give you a true insight of the market. They can further help you getting funds, finding new customers, alliances and can act a very important source of all market-related information.

Open to take risks

start a successful business

When you plan to start a successful startup, be ready to take risks. Starting and running a new venture is not that easy. Various difficulties and new challenges will keep on coming in your way of achieving success. You should have the willingness to take a risk and find new ways to overcome these challenges and difficulties.

Keep your customers’ first

Always remember your customer is the key to success. The main aim of any establishment is to earn more revenue. Revenue can be generated only through customers. Hence always keep your customers in the centre and plan your business strategies accordingly.

Take good care of your employees

Success of any business is the result of effective teamwork. Always make your employees part of your vision and goals. They are the only one who can help you in achieving them successfully. Running a new business is a road full of speed breakers. You need to be patient and should be prepared to face all kinds of difficulties. You need to have the vision to convert these difficulties and challenges into new and potential opportunities.

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India Feb Budget 2019

Feb Budget 2019


The Union Finance Minister, Piyush Goyal announced the Interim Budget for 2019 on Friday, the 01st of February 2019. New schemes or any policy measures are not generally unveiled in the Interim Budget. However, it is contemplated that along with the interim budget, the government will present the vote on account for the upcoming four or five months. With the General Election scheduled in March or April of 2019, the full-fledged Budget will be announced only after the new Government comes to power.

Note: Union Minister Piyush Goyal is temporarily in charge of the ministry of finance, till the time, the Finance Minister Arun Jaitley return from his indisposition.

At A Glance

India is expected to have an economic boost in the next five years and be a USD 5-trillion economy. As per the forecast, over the next eight years, we can seek to become a USD 10-trillion economy.

  • For 2018-2019, fiscal deficit has been at 3.4% of GDP
  • In the financial year 2020, the overall expenditure is seen at ₹27.84 trillion.
  • In the financial year 2020, the capital expenditure is seen at ₹3,36,292 crore
  • In the fiscal year 2020, the schemes of Central Government to get a ₹3,27,679 crore.
  • It has recuperated ₹3 lakh crore through the bankruptcy code.
  • The existing account deficit for the financial year 2018 and 2019 is seen at 2.5% of GDP.
  • The banks like Bank of India (BOI), Bank of Maharashtra and Oriental Bank are not anymore under the RBI’s prompt remedial action.
The Interim Budget

The Interim Budget covered:

  • Taxation policy
  • Rural Sector   
  • Labour
  • GST
  • Health
  • North East
  • Defence
  • Railways
  • Women
  • MSME and Traders
  • Fiscal Plan
  • Entertainment Industry
  • And Various Other factors

Taxation policy

  • Income tax exemption has been raised to ₹ 5 lacs, and if individuals invest in provident funds and prescribed equities, he can claim exemption up to the gross income of ₹ 6.5 lacs.
  • The rate of income tax to continue at the current percentage.
  • IT returns to be processed within 2d hours, and it will be paid within the subsequent two years.
  • Tax to be exempted on notional rent of two properties.
  • Rental income’s TDS limit is increased to ₹ 2.4 lakh.
  • The benefit of rollover of capital gains is extended to two residences and up to 2 crores, which can be claimed once in a lifetime.
  • Rural Sector   
  • An announcement of Pradhan Mantri Kisan Samman Nidhi (PM-KISAN), under which the Government will transfer ₹ 6000 directly to every farmer (with less than 2 hectares of land) each year, in three in three portions.
  • Rashtriya Gokul mission budget is increased to ₹ 750 crores.
  • For maintenance and genetic development of cows, Rashtriya Kamdhenu Ayog to be set up.
  • New distinct Department of Fisheries to cater to 1.5 crore fishers.
  • For Animal husbandry and Fisheries: 2% interest grant. An added 3% if repayment is made timely.
  • Rebate of 2% on interest to farmers affected during a disaster will now be given for the entire period of loan payment.
  • For all 22 crops, an increase of MSP (minimum support price) will be 1.5 times the cost of production.
  • ₹60,000 crore allocated under the Mahatma Gandhi National Rural Employment Guarantee Act 2005.
  • Over the future five years, the Government has plans to convert 1 lakh Indian villages into Digital Villages.


  • Workers in the unorganized sector will be eligible for a confirmed pension of ₹3000 per month under the Pradhan Mantri  Shram Yogi Mandhan scheme after the individual attains the age of 60 years. For this, the worker will need to contribute an amount of only ₹ 100 or 55 every month till 60 years of age.
  • With effect from 01st April 2019, the New Pension Scheme (NPS) had been improved from 10% to 14%.
  • Gratuity limit payment raised to ₹ 20 lacs from ₹ 10 lacs.
  • ESI will now cover up to ₹ 21,000.
  • There is an increase in the minimum pension also (up to ₹ 1000).


  • GST is expected to be reduced for house buyers.
  • Interest rebate of 2% for small and medium size business registered under GST, on a loan amount of ₹ 1crore.


  • Haryana to have its 22nd AIIMS.
  • Estimate of the National Health Mission budget increased from ₹ 30,634 crore to ₹ 32,251 crores.

North Eastern States

  • Allocation of funds to be hiked by 21% to ₹ 58,166 crores in 2019-2020 Budget Estimates.
  • A recent addition to the air map: Arunachal Pradesh.
  • A recent addition to the rail map of India: Meghalaya, Tripura, and Mizoram.
  • Due to the improvised navigation capability of the river, the Brahmaputra, chances of container cargo movement introduced.


  • For the first time in India’s history, Government to hike the defence budget to over ₹ 3 lakh crore’ with provision for additional funds, if required.
  • Under One Rank, One Pension scheme, ₹ 35 thousand crores have been disbursed over the last few years.


Railways budget
  • Proposed capital support of ₹ 64,587 crores in 2019-2020 Budget Estimates.
  • Total capital expenditure proposed to be ₹ 1,58,658 crores
  • The expected improvement in an operating ratio from 98.4% in 2017-18 to 96.2% in 2019 fiscal year and 95.2 in the 2020 fiscal year.
  • Expected to be the safest years for railways.
  • To eliminate all Unmanned Level Crossings on a broad gauge network.
  • A first of its kind developed and manufactured by India, a semi-high-speed express train, “Vande Bharat Express” to be introduced.


  • With the Mission to Protect and Empower Women, fund of ₹ 1330 Crore is allocated.
  • Maternity leave will continue to be six months along with the benefit of cash compensation under the Pradhan Mantri Matru Vandana Yojana for pregnant working women.
  • Under the Pradhan Mantri MUDRA Yojana, more than 70% of the recipients are women.
  • Under the Ujjawala Yojana scheme, ₹ 6 crores free LPG connections are planned.

MSME and Traders

  • If a small and medium enterprise, registers for GST, it will get 2% subvention on interest on an incremental loan of up to ₹ 1 crore.
  • As per the plan, at least 3% of the total 25% sourcing for the Government undertakings will be from women owned SMEs
  • Internal trade; DIPP which has been renamed as Department for Promotion of Industries and Internal trade will be under high priority of the Government’s plan.

Fiscal Plan

  • The fiscal deficit is nailed at 3.4% of GDP for 2019-20
  • The target of 3% of the fiscal deficit is aimed to be achieved by the financial year 2020-21.
  • The fiscal deficit has been cut down to 3.4% in 2018-19 with respect to approximately 6% which has been there seven years ago.
  • There has been an increase in the total expenditure of over 13% amounting to ₹ 27,84,200 crore in 2019-2020.
  • The total capital expenditure for 2019-20 is projected to be around ₹ 3,36,292 crores.
  • Allocation of a fund to CSS or the Centrally Sponsored Schemes have been increased to ₹ 3,27,679 crores in the year 2019-20.
  • Indian Government is assertive on achieving the disinvestment target set at ₹ 80,000 crores.
  • Heavy focus is now being given on consolidating debt along with the consolidation of fiscal deficit.

Entertainment Industry

  • Lives of Indian filmmakers to become smoother with access to the Single window clearance. They will also have the comfort of shooting films.
  • Regulatory provisions will depend mostly on self-declaration.
  • To bring strict vigilance of piracy and to control it, plans to announce anti-cam cording provisions in the Cinematograph Act.


  • To support the National Program on Artificial Intelligence a new portal named, New National Artificial Intelligence to be introduced.
  • For identification of all the outstanding De-notified nomadic and semi-nomadic tribes, a new committee under NITI Ayog is to be formed.
Budget 2019

Chief Areas of Fund Allocations

  • Rural Development: in comparison to the current fund allocation of ₹ 1.12-lakh crore, funds have been augmented by 4.6 percent to ₹ 1.18 lacs crore for the upcoming financial year.
  • Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA): ₹ 60, 000 allocated crore for MGNREGA scheme in 2019-20 Budget Estimates. The MGNREGA, i.e. Mahatma Gandhi National Rural Employment Guarantee Act has been introduced in 2005. It aims at providing manual and unskilled work to each individual above 18 years residing in the rural areas of India, for at least 100 days in a year.
  • In the fiscal year 2018-19, allocation of funds to NREGS was ₹ 55,000 crore.
  • Pradhan Mantri Awas Yojana (PMAY-G): the distribution of the fund is reduced to ₹ 19,000 crores from ₹ 21,000 crores in 2018-19.
  • Pradhan Mantri Gram Sadak Yojana (PMGSY): it is the same as it was in the last financial year and it stands at ₹ 19,000 crores in the fiscal year 2019.
  • Education sector: funds of ₹ 93,847.64 crores to be allotted in the education sector for 2019-20, which is an increase of over 10 percent from ₹ 85,010 crores 2018-19
  • The budget estimation for higher education is at ₹ 37,461.01 crores, and ₹ 56,386.63 crores have been held in reserve for school education.
  • Job and Skill Development: Funds have been increased to ₹ 7,511 crores in 2019-20 as compared to ₹ 5,071 crores in 2018-2019.
  • Urban Rejuvenation Mission under Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and Smart Cities Mission: Budget estimation is increased to ₹ 13,900 crores in 2019-20to from ₹ 2,169 for the 2018-19 fiscal year.
  • Food Corporation of India: Subsidy for food to Food Corporation of India (FCI) under National Food Security Act is hiked to ₹ 1, 51, 000 crore in the financial year 2019-20 from ₹ 1, 38, 123 crore of last fiscal year.
  • Space Technology: budget allocation has been raised to ₹ 7,483 crores from ₹ 6,576 crores.
  • National Highways Authority of India: hiked to ₹ 36,691 crores from ₹ 29,663 crores in the upcoming financial year.
  • Transfer of Direct Benefits: it is increased to ₹ 29,500 crores from ₹ 16, 47800 crores.
  • Subsidiary for Urea: it is expanded to ₹ 50, 164 crores from ₹ 45,000 crores.
  • The budget for Sports: it is raised to ₹ 2216.92 crores in 2019-20 from the amount of ₹ 2002.72 (2018-2019) crore.
  • Allocation for Integrated Child Development Scheme (ICDS): it is amplified by over 18% to ₹ 27,584 crores in the budget estimation of 2019-20.
  • Considerable raise in fund allocation for the Scheduled Castes (SC) and Scheduled Tribes (ST)
  • Apportionment of the budget for the SCs is increased by 35.6% to ₹ 76,801 crores in budget estimation for 2019-20 from ₹ 56,619 crores in budget estimation 2018-19.
  • Apportionment of a budget for the STs increased by 28% to ₹ 50,086 crores in 2019-20 budget estimation from 39,135 crores in budget estimation 2018-19
vision for the year 2030 in Budget

The vision for the year 2030 in Budget

Besides presenting the Interim Budget, the Finance Minister has also laid out the Government’s ten point vision for India to be attained by 2030.

They are as follows:

  1. Next Generation Infrastructure also is known as Gen-X Infrastructure is to make available an “ease of living” for all citizens.
  2. Vision Digital India is to make sure digitalization reaches to every corner of the country and enhances the life of each citizen.
  3. Cleaner and Greener India is to make India a pollution free country by leading the transport revolution in the form of electronic transports and to focus on renewables.
  4. Industrializing Rural India is to increase the usage of contemporary digital technologies which will create enormous employment opportunities.
  5. Clean Rivers is to make safe drinking water available to every Indian citizen, by introducing the usage of micro-irrigation methods.
  6. Oceans and Coastlines are mounting up of Sagarmala.
  7. Space Programme – An Indian astronaut is to be placed in space by 2022, and thus making India a launch pad for the entire world. 
  8. Self-Sufficient India is to ensure that India becomes self-sufficient in its food production and to improve agricultural yield with significant prominence on organic food production.
  9. Healthy Country to make sure a stress less, affordable, and all-inclusive wellness arrangement for every citizen.

Minimum Government, Maximum Governance is to put in place a pre-emptive, responsible, approachable administration and automated governance system.

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Business Management Tips and Tricks

business management tips

As new entrepreneurs, you will have a lot of things to take care, and it is easy to fall prey to the umpteen tasks in your hand. You will have to manage client deadlines, keep track of payments and income, value your customers’ needs, the to-do list never seems to end.

Upon talking to a few successful entrepreneurs of 2019, to learn how to manage a small business, we have understood that the most challenging ordeal is “time management.” Once you can manage your time efficiently, you will be able to handle every other aspect your business seamlessly.

In this article, today, we will talk about some of the business management tips.

Set clear and measurable goals


Without clear goals and objectives, you will find yourself caught in the web of multitasking. While you are bound to have a lot of tasks on your hand, it is imperative that you prioritize them for completing them.

So, the first and most crucial business management tip is to have a clear goal which you can measure. Create a list of realistic and achievable goals for each day of the week. Be specific about what you want to achieve over the week and how do you want to meet it, and then start completing one at a time.

Prepare a vivid to-do list and start tracking your time against each activity. Initially, it might take up sometime of yours, but once you get the hang of it, it will be a quick task. Moreover, it will help you to find out what are the functions which takes up most of your time and which tasks generate maximum output.

Technology has made our lives easier, so to track your time you can use the various apps available depending on your activity types and business.

Invest time in proper recruitment

learn how to manage a small business

Some businessmen might feel that they will be able to carry out all their tasks single-handedly, our research has revealed, “please don’t try to do so.” While you might keep the crucial tasks for yourself, delegate the other jobs to your employees because this way you will be able to save time and focus more on the priority task.

There are a lot of activities in a business, and if you can prioritize them, you will be able to sort them and delegate them.

So, another crucial business management tips are to hire the correct resource. While as a small business, you might not feel the need of hiring too many employees, we will advise you to choose them meticulously. Your business is in the initial phase, and you cannot afford to waste time and money on the incorrect resource.

Approach your professional network, look out for referrals, and find professionals who are reliable and can get your job done. Delegating tasks becomes meaningful only if it gets done appropriately.

So, take time, scan profiles, and employ only those who are not only resourceful but also resonate your business objective.

Plan your financial sources


This was one of the most common business management tips that each successful entrepreneur had stressed on. According to them start-up mostly keeps this aside for the next level, i.e., till the time they start growing, which is incorrect. From the very inception of the plan, you must start planning your finances; this will keep you prepared for the coming days.

Do thorough research, work out on your proposals, and keep your financial options open. Even if you are planning to invest your savings, do it cautiously as business is unpredictable and you cannot empty all your savings on it.

Having more than one source of finance is safe. In case you are not comfortable with investments, you can take the help of a financial advisor, who can guide you.

Keep strict vigilance over your financials

management tips

Even if you own a very small business, you must maintain your books of account; it might not be a detailed one, but it should have all your incomes and expenditures; always make sure that you do not miss out any of the financial entries.

If you are vigilant on your income and expenditure, you will know from where you are earning the maximum amount and which all factors need control to maximize your profit.

Keep your personal and business finance utterly separate from each other, and never overlap them or else you will lose track of your finances.

You can either use a simple spreadsheet to track your income and expenses, or you can also take a smarter approach and use the various available apps. Most of these apps are easy to use, and you can access them from both your laptops and your smartphones, on the go.

Keep your family separate from your business


A simple yet one of the most impactful business management tips is to stay maintain a difference between your family and your business.

Being your boss is a bliss; you do not have anyone to breathe down your neck and to follow up with you, but it also comes with a few challenges and the most important of all is to stay away from distractions. This challenge mounts up if you are working alone without any team.

So, it is crucial that you keep your family and business separate. While it might term crude to say family causes distraction, but the fact of the matter is your family is essential, and therefore they take up a lot of space in your mind.

When you are at work, focus on it, and try to stay away from your family matters. If required have a small office of your own; or if you are doing your business from home, keep a designated space for your work.

If you can do that it will also help you to have a better work-life balance. Once you can finish your tasks on time, you will be more at ease, and thus you will get to spend quality time with your family at the end of the day. If you want to learn how to manage a small business, adhere to the above management tips, and you will see the difference in both your business and personal life

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How to identify Industry trends?

How to identify Industry trends

The trend identification in 2019 of your business is crucial, and researching these trends is your primary duty to survive in this growing competitive market. Every type of business is continuously evolving depending on the type of trend that they are dealing with. It is essential to properly build your business by using optimal marketing strategies with analytics tools like Google AdWords, Moz, etc.

You should also analyze the competition of the business along with the network that you have built with several types of business professionals for having a proper insight on how your business is going to work. You need to spend some attention along with diligence for identifying trends and how to keep it trendy. Given below is a list of the ways as to How to identify industry trends.

Analytics and tools

market trends

We all have heard about Excel sheets or spreadsheets. One of the most preferred analytics tools is Microsoft Excel, and it is very useful. You can quickly learn to utilize it properly. Excel will help you in summarising the data, visualizing the data and then manipulating the basic data. Moreover, several places will help you to get a proper idea of implementing excel in a way that it will be beneficial for your business when it comes to mapping and tracking of data.

It is very easy to see how your business is growing when you have proper tools for calculating the numbers. You can start by tracking the gross income of your business every month by using charts and graphs and see how the predicted income is behaving each month. One can also utilize excel for the analysis of regression. If you want to use excel, then you will have to install the Microsoft Office, or you can also use other alternatives if you know how to use them optimally. This is one of the crucial market trends that you need to know about.

Google AdWords

researching trends

Google AdWords is basically an online advertising tool which has been developed by Google, and it will help you by offering relevant services and provide opportunities for advertisement of products or services. It will help you in boosting the traffic in your website and will make you see significant changes in the online sale along with increasing the brand awareness.

By using this Google AdWords, you will be able to identify all the business or industry trend and will help you to analyze what the customer wants right now. You will have to visit the website to know more about them. This is a crucial answer to How to identify Industry trends.

Research on Consulting industry

It is crucial to go through the website of your competition to check how they are approaching the customers for getting a decent marketing position. In this way, you will be able to get yourself aware of new innovations and ideas. Analyze the process of how your competitors are bringing and attracting their customers and see the reviews of their customers to check out what is working for them and what is not.

If you have started a business and you are not much aware of how a particular field is working, then you should definitely check out the relevant blogs or publications. When you are dealing with a particular field, you should do proper research on it by getting online reports because all the people in the industry are making out the compilation of all the success and the failure rates related to the business and how much growth can be achieved. This is definitely a perfect solution for How to identify industry trends.

Talk to other people from the industry


It is very important to always surround yourself with people who are dealing with similar business and learn about their approach. Whenever you are surrounding yourself with relevant and intelligent people, then they will keep you motivated and will discuss all the industry trends which you can later implement. This industry research is crucial, and you need to know the advantage as well.

You can also talk to your co-workers or anyone from the industry if they have any new ideas to share. You can also attend the regional and local marketing campaigns along with entrepreneur conferences and make sure to introduce yourself to people with whom you can build a professional relationship. This is an amazing thing that you need to know about How to identify industry trends.

Keep track of the changes

When you are thinking of succeeding in a particular field, you must be smart enough to get out of your comfort zone and approach people. You will have to keep on modifying your business trends and approaches if it is not working for the customers. Since the field of business is changing rapidly, always make some room for improvements and innovations and keep your mind open so that you can easily achieve whatever is coming into your way.

Have patience

The world of business will keep you in a lot of uncertainty because one day your product might be in demand and on the other day it might not be. You will have to keep yourself calm and implement marketing strategies and trends at the right time. So, if you think that a particular trend is not working for you and you are not satisfied, then you can definitely try out something new. You can also do a survey where you can ask your customers about their opinion regarding your company and what are the changes they are looking forward to.

identifying trends

Having a good connection and keeping up with the trend is very important if you are an entrepreneur or even a skilled business leader. Customers will be your god, and you need to treat them properly to maintain the profit margin. If you see that your company is gaining a good profit every month, do not just shift the price to the higher range because it may drive away your potential customers and make them choose any other brand over yours. As mentioned above, find the answers for How to identify industry trends and incorporate the tricks into your business.

So, stand like a pillar with your company because you can’t expect overnight success from a business. You will have to give it your hard work. Make sure you are also engaging your employees as they are a part of the family who is also dedicating their time for the welfare of the company.

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Financial Planning For Companies

What is Financial Planning?

What is Financial Planning

Financial planning is a crucial part of a company’s financial management, regardless of the size of the business. During financial planning, you need to decide how you will plan your finances, from where you will arrange the same, and how you will bifurcate it under different subheads to achieve your business’s objectives.

It revolves around the strategies, actions, and programs to optimally utilize the funds. It is planned instantly after setting the targets and visions.

Resources including finances are not available on abundant, and thus planning its usage is crucial to ensure optimum utilization. You should plan your funds and resources in such a manner that your business never runs short of budget and can function smoothly.

Importance of Financial Planning

Importance of Financial Planning

Financial planning helps you to define your company’s both long and short-term goals and craft a stable proposal to meet both these goals. Let us look in details some of the benefits of accurate financial planning

The smooth functioning of the business

Proper financial planning helps you to derive your policies more conveniently. Thus, you can run your business including all administrative functions effectually.

Business expansion

If you can manage your current finances to produce better results, you will be in a situation to take future endeavors and grow your business.

Cash inflow

Study your expenditures meticulously, plan where it can be curtailed and accordingly also try to increase your income from different sources. This overall process will ensure that you never run short of funds for your business.

It Enhances security

Unplanned finances can lead to uncertainties in the business and also in the personal life. So, to reduce that, it is vital that you plan your resources properly.


Before creating any relationship with your company, investors and other stakeholders focus on your profit, and modus operandi of business. So, a good income and expenditure statement is crucial and is sure to get the confidence of your customers and investors.

Apposite Capital Structure

You can arrange funds from numerous sources and for different durations. To plan this appropriately, to help you to bring in funds from right sources at a suitable time, a clear vision and proper financial planning are inevitable.

Steps to do proper Financial Planning for small business.

Until and unless you start assigning numbers to your plans, it is not concrete and is only in the conceptual phase. Though the business plans and marketing plans might be exciting to read, the feasibility of the same comes in to picture only when you assign figures to it. And, assigning numbers and figures to your plans and giving life to them starts happening in the financial planning phase.

Linda Pinson, the owner of publishing and software business ‘Out of Your Mind and Into the Marketplace’ has rightly said about financial planning that it tells an entrepreneur whether his business plan is viable and profitable or whether he is wasting his time or money or both by focusing on it,

Let us now look at the steps to plan your finances in the most effective manner:

1. Review your existing plan

While financial planning is not the same as your financial statements, it is essential to look into your current financial statements to understand the current status of the business. You also need to revisit your strategic plans and try to modify the loopholes if any.

Rethink on what you want to achieve, gaze where you stand, and make a plan accordingly; decide the financial effect in the upcoming twelve months, which includes expenses on key projects like purchasing of equipment, a shift of location, an introduction of new service lines, redesigning of the web page, marketing expenditures.

2. Cultivate on your financial forecasts

Cultivate on your financial forecasts

Now that your overall objective is in place, you need to break it down in smaller segments for intricate planning and execution. Create monthly financial projections by jotting down your predicted income on the basis of expected sales and predicted expenditures on the workforce, technologies, supplies, and other overheads.

You might also go for a weekly plan depending on the cash flow and the size of your business; for new companies with limited cash, this is good as it helps in tracking the growth and in also rectifying any error.

You can use any database tool or reporting tool like Excel or Access or SAP to maintain the books of your income and expenses. Keep it simple to understand. Not necessary that your sales will generate cash immediately. So, ensure to enter them as cash inflow only when it is converted. You can maintain one projections report, and other actuals report. It will also guide you in understanding the discrepancy between your plan and actual finances.

3. Arrange finances

Once your financial forecasting is in place, now you can go ahead and decide on the sources of investments. During this stage, you need to decide where you will raise your finance and in what proportion. Your investors will be more confident on you when he sees that you are particular with your books of accounts and have clear financial planning. They will rely on your words if they know that your vision is clear and is back-up with numbers.

4. Frame contingency plan

If you are a finance student, you will know that maintaining a contingency account is imperative. For non-finance students, let us explain why. You must have commonly heard people saying that business is for those who can take a risk and this is because not all the factors in a company are under control.

For example market, change in technologies, etc. are not in your control but they might have a severe adverse effect on your business. Yes, they can have a positive impact too, but a businessman needs to be prepared for the worst come worst scenario. Contingency funds are for these scenarios. You must create a cash pool that will help you to sustain during the bad days. So, while designing your company’s financial planning, consider the contingency fund also.

5. Review and monitor

Monitoring your progress is a continuous process. Compare your projects with actuals to see the difference between them and also to understand how far you are from the target. It will help you to find the actual problem areas and rectify them before they exaggerate.

6. Take support

To run a business effectively, you will need to look into various things like finances, administration, legalities, marketing, etc. and paying equal attention to each at times might become a challenge. So, at times it is good to take the help of experts as they can help you with suggestions that you might not be able to come up with always. Don’t try to do everything yourself and take support whenever required.

Significant components of Financial Planning

Financial planning depends on various factors; the plan for a new business will not be same as that of an already established one; there will be a difference depending on the type of business and the value proposition also. To reap benefits from a financial plan, it is essential to write down the plan, keeping in mind the following components:

Proper clarity on objectives.

It is the first and one of the most crucial components of financial planning. Without knowing where you want to reach, you will not be able to draw your road map. Similarly, if your goals and are not lucid, you will never be able to achieve them. Note down your purpose and objectives in measurable terms, be specific and prioritize them accordingly.

Forecast your sales

You must have an estimation of revenue to be generated from sales in the upcoming weeks, months, quarters and year. If you can identify the pattern of your sales, it will help you to understand your business, and you can accordingly create your marketing strategies.

Plan your income tax

Plan your income tax

Maximize tax returns to ensure that you are saving tax fees wherever possible while abiding the laws and regulations. Tax can be quite cumbersome if not planned and in sync with your objectives and financial strategies.

Financial Statements.

You must create the books of accounts consisting of Income and Expenses statement, Cash Book, and Balance Sheet, which helps you to know your current financial status. While the Income and Expenses accounts give you the profit or loss, the Cash Book tells you about your cash in hand or cash in a bank, and the Balance Sheet provides clarity on the assets and liabilities.

For prediction, analyzing the current scenario is a must, and these books of accounts will help you to do it. So, update them regularly and visit them more than often.

Contingency and Risk Management Plan.

An unexpected incident can cause damage to the most detailed and precise plan. So, it is good to be prepared for catastrophic situations. Purchasing insurance products for your resources and company’s belongings is essential and helps to deal with contingency situations. It is also a good idea to buy life insurance products to ensure unanticipated situation in life.

Plan your Investment

Plan your Investment

A thorough understanding of the investment market, including banks, financial institutes, share market can help you in doing it. Spread your investment over a few sectors to mitigate risk factor. Do not rely only on one source of financing and do it after analyzing the portfolio’s risk and earning capacity; this will also make sure that you never run short of cash flow.


Significant components of Financial Planning

It is an essential component of financial planning. Plan your liquid cash judiciously and invest in other places accordingly. Depending on your business’s requirement, you should plan the ration between liquid cash and investments.

Break-even investigation

A break-even point’s study will give an idea of how many units or products you will need to sell and at what price to cover your expense. Ideally, you should plan it in such a way that your income at least covers the cost you have incurred with a minimum profit margin.

A thorough analysis of the break-even point will give you an idea on how to manage your resources, what is the price you should keep for your products when to think of growing your business, and t what cost.

Raw materials planning

You purchase raw materials or hire labor in return of the service. You should do a thorough analysis of the return on investment before making any decision. This way you will be able to keep control over your financial statements, and your liabilities will not be more than your assets.

Though at times your expenses might be more than your incomes, if it persists then that should ring the alarm bell in your mind, and you should revisit your costs.

A delegation of responsibilities and sticking to a detailed plan.

Though this might not necessarily be directly correlated to financial planning, a proper delegation of work do have an immense impact on the company’s performance and its finances.

Some Questions to guide you

Let us write down a few questions; think over them and write down the answers. It can be the guiding star in planning your finances.

  • What is the core product or service of your business?
  • In which phase of the business life cycle are you right now?
  • Where do you see your company five years down the lane?
  • Do you have sufficient funds and capital to invest in your company?
  • Are you planning to take loans or are you planning to increase your personal investments in your company?
  • What is the business module?
  • Is your retirement plan in place?
  • How much can you afford to spend to earn sufficient revenue while saving for future requirements?
  • Do you maintain your books of accounts?
  • Do you have a legal advisor or do you think you need one?
  • Do you have a financial planner or do you plan to hire one?

Business is all about taking measured risks. However, you must ensure to rush into anything and pay close attention to all your strategies, specifically your finances as that is the backbone of any business.

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How To Register A Company In India

how to register a company in india

In India, to own a company, you need to register under certain legal compliance’s. But, before jumping into the process of registering a company, it is crucial we need to understand the various types of business modules in India. Once you can decide on the module, it will be easier for you to understand the process of registration also.

Types of Companies

The different types of companies in India.

business registration in india
  1. One Person Company: Introduced in 2013, One Person Company is somewhat similar like sole-proprietorship and suited for single owners who want to perform within the periphery of company law. Unlike a sole proprietorship, the company is treated as a separate legal entity from the owner with limited liabilities.
  • Limited Liability Partnership: It is suited where more than one partners are there. However, the liabilities of individual partner is restricted to the amount agreed upon by them.
  • Unlimited Liability: While this form is the company is also for business where more than one person is involved, but the liabilities of these members are not restricted to business assets. But, it can extend to the personal assets of each of the partners, if required.
  • Private Limited Company: The Company and the founders are treated as two separate entities and starting from 2 it can have up to 50 members. The rights of stakeholders are limited and common public cannot invest in it.
  • Public Limited Company: To start a public limited company at least seven partners are required, and as it open to the public, it has no restriction on the maximum limit. The company and the shareholders are treated as a separate entity, and their liabilities are limited to the percentage of share held by them in the company.

Steps to Register a Company

Let us now discuss the various steps to register a company.

company registration

There are four steps to register a company:

  1. Obtain a Digital Signature Certificate (DSC). DSC is a digital signature that is made compulsory for each director under the information act 2000. It takes approximately two days to obtain the e-signatures, and the directors can proceed with the rest of the steps once it is acquired.

Since a lot of applications, forms can be submitted online, and a lot of other activities can be carried out online, it is essential to have a verified e-signature. However, it is necessary to obtain a DSC from Government approved agencies only and it must be checked before being used anywhere.

Also note, in case a director already has a DIN, he will not have to apply for once again. But, he needs to get the existing one verified to ensure its validity.

new company registration

New applicants can apply using the simple steps on the MCA portal:

  • On MCA homepage, under MCA service, click on “Acquirer DSC.”
  • Select on “Director” and key in your DIN precisely.
  • Only once the system verifies the number, it will allow you to proceed.
  • You will have to finish the remaining of the form with the utmost concentration. The information should be the same as DIR-3 or DIR-6, whichever the director has.
  • Click “Next.”  In case the system finds some mismatch in the information, it will throw an error. The information submitted while applying for DIN and the information here should be the same. Without which the director cannot proceed.
  • Once you fill in all the details correctly, and carefully, you can select DSC.
  • Click “Select Certificate” and ensure to select the correct DSC while browsing through the list of it.
  • If the DSC is already tagged to the DIN, there will be a message on the same. In case there is any separate DSC tagged to a DIN, then that will also be intimated to take confirmation if any change is desired.
  • Key in the system generated code and get yourself verified as human.
  • Agree to the terms and conditions by tapping on “I Agree.”
  • Submit the form and acknowledge the information that appears on the screen.
  • Take a print out of the acknowledgment slip for future reference.

The process is same for managers, CEOs, CFO, or Practicing Professionals; they only need to select their respective field instead of “Director’ post clicking on “Register DSC.” Rest of the process is the same as explained above.  Also not, instead of DIN, PAN number is the critical validating factor for the rest except Director.

  •  Obtain Director Identification Number (DIN) from MCA. Each director must have a DIN by submitting all the information about the self. It is a simple procedure:

a. Create an account on the MCA website and upload the DIR-3 form after completing it carefully. (In case of any change in address or other details in a later period, the same need to be updated using DIR-6). A fee is applicable to acquiring DIN.

Affix the director’s photograph and scan the copies of required documents. List of documents required are:

  • ID proof of identity.
  • Address proof.
  • Verification application containing information on the applicant’s name, his/her father’s name, DOB, the address of residence, declaration that the applicant is making the request, and signature of the applicant.

b. The form needs to be validated with a digital signature before being submitted.

c. Once the director receives his DIN, he needs to intimate the company about the same.

d. Once all the directors have acquired their DIN, the company should further intimate the Registrar of Corporates about the compiled list of DIN through an eForm and application.

  • Register under new users and create an account on the MCA webpage.

It is necessary to have a registered account in the MCA portal as it plays a very crucial role in making online transaction with the Government, like submitting an online form, payment of fees with convenience (and without paying any extra charge), and various other transactions which can be done online without going to the office physically.

You need not have to pay any fees for registering yourself and creating a new account on the MCA portal. You merely need to go to the MCA portal, click on Register and submit the required information along with a unique user id and password.

Remember this user id and password as these will be required for all the future online transactions on this portal. Post registration, for every time you log in you, need to click on “Login” and type in your registered User Id and Password.

  • Acquire the Certificate of Incorporation.

This is the last step for registering your company. It is for recording the details pertaining to the company like the address, the details of the directors, managers, and secretaries, and their shares.

Checklist of documents to be submitted for acquiring a certificate of incorporation.

  • Director Identification Number of each of the directors.
  • A Digital Signature Certificate
  • Original copy of the letter from ROC confirming that the selected name is available and can be opted as a new company name.
  • Form-1: as proof of incorporation.
  • Form-18: confirming the address of the company that is to be started.
  • Form-32: containing all the information of the to-be-appointed directors, managers, and secretaries.

Besides the above, you will need to submit the following documents

  • Passport-sized photograph(s) of the founder(s).
  • PAN Card’s copy.
  • Proof of address of the founder(s).
  • Copy of Voter card or passport.
  • Rubber stamped rent agreement, in no other language than English.
  • Clearance certificate from the landowner (known as No-Objection certificate).
  • Address proof of the proposed company.

You will have to submit all these forms and documents to Minister of Corporate Affairs for verification. These can be submitted online, and no physical copies are required. However, you can take printouts of the same for reference. Post verification, MC will send you an authorization email confirming the acceptance of the application for incorporation. The status of the application will change to “Approved.”

Selecting the Name for New Company

Why is it important to choose the right business structure

While applying for the name of your company, you must ensure that the name is unique and has not been used by any registered company earlier. Form-1A is used for this purpose. This form needs to be submitted with a processing charge of INR 500 to the Registrar of Companies. You will have to suggest four options as the proposed name of your upcoming company.

It should also contain the details like name and address of the directors. The minimum number of directors details required are:

  • For the private limited company – 2
  • For the public limited company – 7.

The primary business objective and the services or products your company will offer should be clearly stated along with the amount of capital authorized for the same.

It takes about ten days for the Registrar of Companies to confirm you. If the name is not unique, then you the Registrar of Companies’ office will suggest you with a few names, and you can choose one from them. Once your name is finally approved, you will receive a letter of confirmation.

What are the types of business structures in India

Once a company is registered with Registrar of Companies, the Certificate of Incorporation (COI) is issued by the MCA. It is proof enough to ensure that you can start operating your business using the name registered.

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Major Principles Of Brand Management

Major Principles Of Brand Management

In a subsequent as well as consistent growing economy of India, the competition in the market industry regarding who serves the best and how long has increased with the passage of time. Also in the recent years, India has shown enormous growth in terms of business startups. As a matter of fact, people are now willing start their business startups in India. 

If you too are the one who wish to enter in the Indian market industry, then Anakeen Business can help you out. You can get to know all the procedures related to the starting of the business startup. Now, whether it deals with the market research, entry, or the establishment of the business startup, Anakeen Business assists you at every step.

Peering the current marketing scenario and the mood of the customers these days, people are rushing behind the brands that can satisfy their needs and tastes. Plus, in a condition, when you are serving numerous people via your products and services, then   you need to bring all the customers on a single platform and then help them out that what is there for each of them. The basic aim should be to generate the public engagement that can help them change their perception and diagnose their expectations.

Transforming your product into a brand is something that will be the most precious asset that you can own. But have you ever thought of what it takes to make your products and services a brand? However, in our previous blogs, the experts of Anakeen Business have give you a brief idea about the brand building procedures but in case if you have missed it, you can read it here. Apart from the brand building process, you need to know that what are the basic foundations that can assist you to the manage your brand.

This article broadly consists of the expert tips and rules and principles from the professionals of Anakeen Business that you should follow in order to manage your brand.

What Is Brand Management?

What Is Brand Management

You would probably be thinking that what is brand management? Basically, it is all about capturing a targeted market for your products and services. Apart from this, you also need to build the confidence for your products and services within the minds of your current as well as forthcoming customers. Branding is all about conveying a message in various forms, creating a bond called trust among the targeted audiences and persuade an individual to purchase the item which will further establish an emotional connect with the customers.

Adding more to it, branding also helps in making customers’ perception about any product or any service. If branding has to be defined in a single statement, then it can be concluded that the ultimate aim of branding is to create the difference.

For an instance, ‘Colgate’ is a brand of toothpaste but generally when someone has to brush their teeth, they don’t that they are going to brush their teeth using toothpaste. Instead of this, people usually say, that they brush their teeth using ‘Colgate’.  So, for a customer, toothpaste means ‘Colgate’. Henceforth, that’s the effect of branding, where your product is not known by the product but it is famous on the name of the brand. Anakeen Business can help you create this difference with mastermind strategic plans for the enhancement of your business.

A strong brand can help you reduce in the perceived safety, monetary and social risks of the customer to buy a particular product. This because a customer can have a better perception of tangible goods with a brand name. A strong brand has a higher share of the whole market and it supports in the sustainability of the product in the market industry. Henceforth, it is indispensable to manage all brands and build brand equity time to time.

Importance Of Brand Management

Importance Of Brand Management
  • A perfect brand management helps in building the righteous image of the product and the company as well. And a brand manager is responsible for the overall performances of the brand. Successful brands are the result of marvelous brand management system.
  • On the whole, a brand management includes the management f both tangible and intangible characteristics of brand. In terms of product branding, the tangible include the item itself, packaging, pricing, etc. In case of services, tangible comprises of the experiences of the customer with the product. However, intangibles include the emotional instincts with the target audiences.

Major Principles Of Brand Management:

  • Define Your Brand:
Define Your Brand

Your company can only grow when it is authentic. Apart from the authenticity, the main purpose, mission, position, character and value are some of the factors that can help you in a perfect start of your business startup. You just need to focus on what you can do in an effective and best manner. Once, you have found the answer to this, go ahead and communicate your strengths along with the constancy.

There have been many times, when company’s acquisitions don’t fit in the parent organization’s brand architecture. For an instance, Microsoft acquired Razorfish—a major internet and technological innovation company—when it bought aQuantive—a digital marketing service company—for about $6 billion in 2007. But a couple of years later, Microsoft sold off Razorfish for about $530 million.

You can simply consider as, Razorfish wasn’t a good fit for Microsoft’s brand strategy.

  • A Brand Is Your Business Model:

Keep on maximizing the potential of your brand by supporting it enthusiastically and challenging it with even more power. Along with the changing trends and moods of your customers, you too will have to modify your products and services. However, at Anakeen Business, you can get the information about the transforming moods of your customers. Think of personal brands like Richard Branson, Martha Stewart or Barack Obama. These individuals almost built their businesses right atop their personal brand, and everything they offer are an extension of that brand promise.

  • Be Consistent:
Be Consistent

If it wasn’t enough, keep consistency in imparting your message and keep it different from rest of the others. If you can’t do things faster, then you need to keep a consistent pace of your business and own your position on all the reference points for all the things whatever you do. For an instance, Obama, focused on only one message during his 2008 presidential campaign: Change. Automobile major BMW has always been branded as the “ultimate driving machine”.

  • Start Inside Out:

Begin everything and work on each and every factor that relates to your organization. For an instance, all those people who are working for you can let you know that what they do possess a perception about your company. In other words, it can also be concluded as what they think of your brand. And that is where you can hit a game changing masterstroke in front of your customers.

This is exactly where, you can begin differentiating your products and services and your business startups from rest that are available in the marketing industry. Work in such a way that can put a powerful impact even beyond the walls of the marketing. This is how online apparel store, Zappos empowers its employees to build customer perception about the brand.

  • Connect At The Emotional Level:
Connect At The Emotional Level

There are many organizations that consider the product a brand and limit it just to the logo, name, website, public relations exercise or the television commercials. However, these are not just a brand but are the tools of the brand management. A brand is a much larger thing. In other words, it can be said as it a desirable idea that is manifested in the products or services, places, people, and experience.

Starbucks, that serves people coffee, created a third space of experience that was exclusive and desirable lest people do prefer them and pay for the overpriced coffee.

What this basically signifies? It means, you need to sell something which satisfies not only the physical needs of the people but also their emotional instincts. Get them attracted towards your products by making your simple thing in a different manner. Slowly and steadily, people will surely start to identify you and your brand as well.

  • Empower Brand Champions:

Appreciate those people as well who love your brand and help to drive home a message, lest they can be a part of the brand building process. In case your brand stops telling that what you should do and what you shouldn’t, it’s about time you need to start evaluating the brand’s promise that you made earlier with your target audiences.

Just go and speak to someone who is working in an organization like Apple’s retail outlet, for instance, and you will clearly be able to see that how passionate they are about their organization. It is something like a culture and a lifestyle over there.

I hope that you might have got a clear picture on how you should go ahead with the brand management of your products and services. However, in case, you want to look forward a helping hand for your business startup, then you can reach out to the professionals of Anakeen Business. Their experts solutions can assist you stand strong in the competitive field of Indian market.