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The Indian start-up ecosystem is the third-largest in the world. More than 50,000 start-ups were incepted from 2015 – 20, and 11 unicorns (start-ups worth more than $1 billion) were added in 2020 alone. Entrepreneurs are leveraging opportunities across all sectors, with EdTech, FinTech, and HealthTech being the high growth sectors.

If you want to be one of the entrepreneurs and start your own venture, then read ahead to find out the necessary steps of starting your own venture.

Build your Business Idea

Value creation is the core of entrepreneurship, you should only do what people are willing to pay for. Nothing else will matter if you build a product that no one wants. There are three ways to identify an opportunity. Observe the trends in the market or find gaps in the marketplace leading to business opportunities. Another way would be to solve an existing problem through a product or service that creates a sustainable business.

To understand what value creation is, let us take an example of selling melons. A businessman would buy a melon for $1 and sell it at $1.50, but an entrepreneur would buy a melon for $1, process it, and sell melon juice at $5. Thus, entrepreneurship is about moving the low economic value resources to higher economic value products.

From Idea to Opportunity

After you have your business idea, the next thing you must think of is your idea validation. You must know the aspects of your idea that need validation and plan low-cost experimentation for that. Some early prototyping techniques would include building a non-functional version of the product and visualising how the final product would look. You may also act out the use of the product or service playing the end consumer’s role.

Another great way of early prototyping is creating a fake entry for your product that does not yet exist. For instance, you can build a website for your product/ service and add the necessary details to make it look real. You may also add the expected price for your product/ service and fake testimonials. Finally, add a link for the people to register if they are interested in buying your product/ service. Now, circulate it among your network and buy some keywords on search engines. Using the number of registrations, you would get a rough idea about whether people would be interested in your product/ service even before you actually build it. Ideally, these early prototypes could cost you around Rs. 5000.

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Outsourcing for startup

Remember the time when you started out in this field, with a handful of customers and employees? The first of these customers were precious and all your employees probably worked hard to tend to all these customers one by one. Customer engagement is crucial as most businesses would agree but there comes a point when not all customers can be dealt with equally. Some require more attention and some, regretfully, are not here to stay and therefore should be let go.

Companies these days are implementing techniques like lead scoring to better sort out the easily convertible leads from the difficult ones. According to a case study conducted by DMS Digital Agency, 5 months of implementing lead scoring resulted in 15.3% of leads being rejected due to low scores. These rejected leads were replaced with new high-scoring leads, thus increasing the conversion rate by 12.1%. Techniques like these prioritize customers effectively to increase the productivity of your company.

So how do you pick and choose? How can these customers be identified and how should they be treated? To answer those questions, one must first understand why some customers are easily converted while others are not.

Converting a prospect into sales depends on what the client needs as well as what the service provider is offering.

How to prioritize customers for sales outreach - Insellers

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Remember when Flipkart lost its ‘F’ back in September? Twitter went into overdrive trying to find the missing ‘F’s. The supposed ‘error’ soon grew into a campaign () with giants like Spotify and Swiggy retweeting the hashtag. Now that is what we call successful digital marketing. Thanks to that out of the box idea, Samsung announced the launch of its F-series on Flipkart amid all the buzz the campaign created. Why do you think it worked? Because the strategy was carried out after careful planning. It took advantage of human curiosity and it took advantage of a time when most people were at home owing to the lockdown, looking for something refreshing

To know more about business and SMEs http://www.inellers.com provides blogs with precious information about business to find the entrepreneur in you. to login and know the not so often talked stories about SMEs.

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Remember when Flipkart lost its ‘F’ back in September? Twitter went into overdrive trying to find the missing ‘F’s. The supposed ‘error’ soon grew into a campaign (#WheresTheF) with giants like Spotify and Swiggy retweeting the hashtag. Now that is what we call successful digital marketing. Thanks to that out of the box idea, Samsung announced the launch of its F-series on Flipkart amid all the buzz the campaign created. Why do you think it worked? Because the strategy was carried out after careful planning. It took advantage of human curiosity and it took advantage of a time when most people were at home owing to the lockdown, looking for something refreshing.

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Tax Audit

There are various kinds of audit being conducted under different laws such as statutory audit (which is commonly known as company audit), conducted under company law provisions, cost audit, stock audit. Similarly, the income tax law also mandates an audit called tax audit. As the name suggests, tax audit is a review of accounts of taxpayers with business or profession from income tax point of view which takes into consideration income from all heads, deductions, and other compliance with tax laws. The purpose of conducting tax audit is to ensure the correctness of books of accounts maintained by the taxpayer and such audits can be conducted by a chartered accountant who holds the certificate of practice and is in full time practice.

Objectives

Tax audit is conducted to accomplish the following objectives:

An auditor ensures and certifies that the books of accounts are correct and properly maintained.

Auditor reports the observations and discrepancies noted during the examination of the books of accounts.

An auditor ensures that all the provisions of the income tax act have complied.income tax audit, limit, report, penlty in 2020-2021 - Insellers

Details to be furnished in form 3CA: Audit Report in form 3CA is furnished when auditing of books of accounts is required under any other law other than income tax law. Details to be furnished are:

Details of the taxpayer such as Name, Address, PAN, etc.

Date of Audit Report

Annexure (Audited Balance Sheet, Profit and loss Account, Form 3CD)

A declaration by the auditor that all the details filled in form no. 3CA and annexure attached are true to the best of his knowledge

Audit observations and qualification if any

Auditor’s name, Address, Membership no., Firm Registration no., and signature with seal/stamp.

Hope the information provided will be helpful and assist in your timely furnishing of returns and getting books audited before the due date. In case of query, please reach us at core@insellers.com.

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Vertical Sales ChannelLet’s start with the vertical sales channel. The vertical sales channel unifies the different levels in the sales channel.In a conventional marketing system, the wholesalers aim to make a profit at the cost of the retailers’ profit and vice versa. For example, in the apparel industry, profit margins for retail clothes are generally within a range of 4 per cent to 13 per cent. If the wholesale profit margin is increased, the profit of the retailer would decrease. The profit margin of the retailers must cover expenses like transportation costs and storage costs. Therefore, both the wholesalers and the retailers must not have conflicting interests.Horizontal Sales ChannelThe horizontal sales channel as the name suggests involves the combination of two or more companies on equal terms. As these companies are from the same level, there is no hierarchy and the arrangement is mutually benefiting.Have you ever waited for that one collaboration music video of your favourite singers? For the customers, when two companies come together for a venture, it creates the same kind of excitement. When the collaboration happens between well-established companies, like Uber and Spotify, the buzz generated is extensive, to say the least. Some collaborations may even make you wonder what brought them together. An example of this kind of collaboration is when Forever 21 launched a clothing range for the Taco Bell fan base. Fashion and food may not be an obvious pairing but what made this collaboration a success was the similarity in their target audiences. Both Taco Bell and Forever 21 cater to the youth and provide affordable products.ConclusionChoosing the right combination of sales channels for your company can be trying. When you are creating the sales channels you want to follow, firstly, make sure you have a clear cut idea on who your target audience is and what their needs are. The system you choose must ensure that you reach your target audience and fulfil their needs. The second point to keep in mind is the resources and capital you have. For example, you have limited resources and wish to expand your target audience, consider a horizontal system and choose a contributing company with the expertise and resources that can complement yours. And thirdly analyse which system gives your company the maximum profit. Making an informed choice can make all the difference as you are getting ready to start your venture.

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Corporate tax laws and slabs

In India, taxes on income, wealth, Capital Gains are some of the most significant taxes paid by the taxpayers. Corporate houses too, be it domestic companies or foreign companies, are required to pay taxes on their income to run their business. Indian taxes are divided into two types: One is Direct Taxes and the other is Indirect Taxes. Direct tax is again subdivided into two types: One is Income Tax and the other is Corporate tax. There are different types of taxpayers registered with the income tax department and they are required to pay taxes at different tax rates. For example, An individual and a company being a taxpayer are taxed at different rates. Therefore, Income tax is paid by the taxpayers other than companies registered under company law and they are taxed based on slab rates applicable as per their income. Corporate tax is paid by the companies registered under the company law on the net profit it makes from businesses.

Corporate taxes in India

A corporate is an entity that has a separate and independent legal entity from its shareholders. For the calculation of taxes under the Income-tax Act, the companies can be divided into two types: Domestic company and Foreign company. A domestic company is one that is registered under the Companies Act of India and includes the company registered in the foreign countries having control and management wholly situated in India. A domestic company includes private as well as public companies.

Tax Audit

Income tax act requires a class of companies to get their accounts audited and submit an audit report to the IT department along with the Income-tax return. This audit is known as Tax Audit. This tax audit report is also required to be mandatorily submitted by eligible companies by 30 September. However, for FY 2019-20 (AY 2020-21), the due date for submitting the tax audit report is 31 October 2020.

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Sales team Inhouse or Outsource

In House –

Salary – Fixed and variable salaries, bonuses, ESOPs (company shares), retention bonuses, joining bonuses, relocation bonuses are some of the costs that go into your salary account.

Hiring – HR appointments, reaching out, connecting and interviewing potential candidates and sometimes even buy out cost of the existing company are the few costs that a company faces

Training and Onboarding – Before a sales person is ready to start generating revenue they need to be trained in your company’s product line, way of business, culture, processes and general sales acumen.

Infrastructure – Office space with the addition of electricity and general expenses, travel and rental costs, phone bills etc. are the common expenses that an in house team brings in

Time – Time is Money and in house teams can sometimes take a while before producing results as training and education apart, hands off experience is a different ball game altogether. Also, there is always a chance of an employee underperforming and requiring additional training or even just becoming a sunk cost.

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Outsourcing –

Salary – Most of the time outsourcing is done on a contractual basis. There may be a component of variable payout depending upon the type of contract.

Hiring – One time cost of selecting the right outsourcing company

Training – Product training needs to provided as and when necessary

Infrastructure – Little to no additional cost

Time – This can both go for and against your company’s requirement. An outsourcing company, once they understand their product can be up and running in no time but at the same time as they work for multiple clients, your product might not get as much of their time as you’d like.

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What is R&D?

Research and development – R&D – is the process by which a company works to obtain new knowledge that it might use to create new technology, products, services, or systems that it will either use or sellStagesBasic Research Basic research aims to give a company a better knowledge and understanding of a specific problem and how to tackle it. It provides the first steps in developing a strategy and finding a solution.This type will provide you with the wide knowledge necessary to understand the Big Picture of one or several recognized practical problems within your organization. It is the first necessary step allowing you to find solutions and resolve these issues. It can also enable you to ensure a continuous lookout of the market trends and eventually to take advantage of it.Applied Research Applied research is about the investigation work necessary in acquiring new knowledge to create commercially marketable products and services. This type of research can provide to your company methods to address specific customer and industry needs/requirements. It is therefore the second step in the process allowing you to find solutions and resolve any issue you may have observed and also on how to take advantage of any detected trend.Development Research Development is when findings of the research are utilized for the production of specific products including materials, systems, and methods. Design and development of prototypes and processes are also part of this area. A vital differentiation at this point is between development and engineering or manufacturing. Development is research that generates requisite knowledge and designs for production and converts these into prototypes. Engineering is the utilization of these plans and research to produce commercial productsKnow more about research and development at How R & D is essential for a business - InsellersWe at insellers, have been doing a lot of research and carrying out the implementation with our clients. We tell you the not so often talked about inspiring reverie to real stories of SMEs and startups, to inspire the Entrepreneur in you. All you have to do is Log in for more. 2 views Add a comment...

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How to tackle a difficult customer

What are the best strategies for dealing with difficult customers?

Customer A is furious about poor service. The key here is to apologise. Apologise before you ask what exactly is troubling the customer. Most customers are looking for an apology for the poor treatment they suffered and saying exactly what they want to hear can instantly make the customer more rational and responsive. After apologising enquire about the issue that made the customer dissatisfied, find out the reason why the issue occurred and if it was your fault admit it and apologise again.2. Customer A is unclear about her needs and is taking too much time to decide.The resources and personnel a company can afford is limited and time management is crucial in our field. A customer who takes too much time to decide may not be an obvious difficult customer like the angry customer. However, this kind of customer is harder to manage and if not correctly dealt with can lead to substantial losses. Time is money and if too much time is spent on a single customer, the chances of losing other potential customers increase and may consequently generate more dissatisfied customers.3. Customer A is making unreasonable demands.Not all customers are reasonable, but a good employee is quick to recognise a customer who is making demands that cannot be fulfilled. When dealing with these customers, make sure that you talk pleasantly regardless of the rudeness of the customer. Other customers who watch the interaction are listening and every word you say is being noted.As always, apologise for the issue and politely explain why the customer’s demand cannot be fulfilled. Instead of saying something along the lines of “I’m sorry but we cannot do that”, say “I’m sorry for the inconvenience, our company offers so-and-so services but the one you mentioned is not available, let me help you select a better alternative.”Know more at How to tackle a difficult customer - Insellers.Visit Insellers for more innovative ideas and information about business and SMEs to awake the entrepreneur in you. Here we have good quality content. For more information Contact - Insellers.

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Online marketing strategies for SMEs

List of Online marketing strategies for SME

There are mainly Ten types of online marketing to look for. They are-

Search Engine Optimisation (SEO)

Email Marketing

Pay Per click

Video Marketing

Blogging

Content Marketing

Social Media Marketing

Network Marketing

Affiliate Marketing

Contextual marketing

Why Online Marketing for SMEs?

Living in this digitized generation we are always attached to one or other technology. The internet has become an unavoidable part of our life. So, it’s the best way for SMEs to correspond and connect with their audience.

Some of the merits of online Marketing are

Minimum expenses

Excellent conversation rate

Promotion of customer service

Provides a competitive advantage

Potential in numerous platforms

Absence of a geographical barrier

Some tools for managing social media contents are

Canva – Social Media Graphic

Trello – Content Calendar

Grum – Scheduling Tool

Ripl – Crafting and Measure Social Media Content

Social Blade – Social Media Statistics Tracker

Know more about online strategies of SMEs at What are the online marketing strategies for SME - Insellers

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Automating your small and medium business to next level by 2021

Some of the main targets of SMEs is to generate quality service using limited workforce and resources. When cutting down on your workforce, remember the fact that overburdening your employees can be counterproductive in the long run. Consider an average employee multitasking to meet your demands, you may feel like you are getting the best out of your employees but this couldn’t be farther from the truth. Contrary to popular belief, multi-tasking can be counterproductive and costs companies 40% of lost productivity simply due to constant task-switching.

So how will you go about automating your business? Insellers is here to point you in the right direction.

Automating your small and medium business to next level by 2021 - Insellers

Automate Basic Processes

Processes like lead generation and nurturing can be taxing and often requires the attention of a good part of your workforce. Automating these processes can have several benefits. It can save time and free up your employees to engage in other tasks. Automation solves this problem. For example, chatbots are effectively used to provide better customer service and they are rapidly gaining popularity.

Business Process Management Software

BPM software can be expensive but the good news is that there are some good free and open-source BPM systems that can help your small or medium business. BPM systems can help you maintain the quality of your service and deliver consistently. Cloud BPM systems do not require much investment unlike an on-premise system like UiPath, that requires hardware and a dedicated IT team to manage it.

Marketing Automation

Approximately 49% of companies are currently using marketing automation, and more than half of B2B companies (55%) have already adopted the technology.

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What is Lead Scoring?

Lead scoring is a methodology used to rank prospects against a scale that represents the perceived value each lead represents to the organization. The resulting score is used to determine which leads a receiving function will engage, in order of priority. The score leads based on the interest they show in your business, their current place in the buying cycle, and their fit regarding your business.

How to calculate the lead score and its benefits

Key Benefits of Lead Scoring

When a lead scoring model is effective, the key benefits are:

Increased sales effectiveness and efficiency: Lead scoring focuses sales attention on leads that the organization deems most valuable, ensuring that leads that are unqualified or have low perceived value are not sent to sales for engagement.

Increased marketing effectiveness: A lead scoring model quantifies for marketers, the type of leads or leads characteristics that matter the most. This helps the marketing team more effectively target its inbound and outbound programs and deliver more high-quality leads to sales.

Tighter marketing and sales alignment: Lead scoring helps strengthen the relationship between marketing and sales by establishing a common language with which marketing and sales leaders can discuss the quality and quantity of leads generated.

Increase in Revenue: Lead scoring also ensures that sales go first for leads that are qualified by their scores. The probability of a lead with higher scores closing is higher than one with a lower score. This indirectly contributes to the growth in revenue as well.

Lead scoring ways

Companies use various ways to determine the success of lead scoring efforts, and the importance of those ways varies from company to company. Some companies use lead scoring software to manage their leads, it is a very efficient way of doing it. Some examples of lead scoring software are ActiveCampaign, Vanilla Soft, Velocity lead manager, etc. This software is rented from ₹600 a month to ₹6000, the price can also depend on how much you are using the software or how much it is providing you. This way is not so suitable for SMEs and is not suggested but it is surely advised. There are also many other ways to lead scoring, examples of lead scoring ways include the following:

1.) Unsubscribe rates on mails

2.) Average engagement per lead

3.) Customer's response

4.) Sales time

5.) Upsell and cross-sell opportunities

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Personalization

From personalized emails to targeted ads, lead generation has greatly benefited from digital marketing. Personalised experiences prompt over 40% of customers to indulge in impulse purchases and almost 86% of customers are ready to pay more for a better customer experience. Think from the perspective of a buyer. No one wants to be bothered by irrelevant emails and ads. According to Smart Insights, 63% of consumers will stop buying from brands that use poor personalization tactics. The market space is highly competitive and the only way to stand out is to provide personalised content.

Cost-Effective

While gaining better visibility can be a challenge when your enterprise is in its initial stages, digital marketing can get it done without the expenditure of extra resources. Strategies like pay-per-click(PPC) can be effectively used to gain visibility. For example, Google Ads is a popular PPC platform and by paying for each click on your advertisement, you can create more traffic to your site

Engagement

According to ClickZ, “Internet users now make up 57% of the global population. On average, people spend 6 hours and 42 minutes online each day. By 2021, a projected 73% of all e-commerce sales will come from mobile.” Digital marketing can help you connect directly with these customers and address their complaints and queries in real-time.

Wider Outreach

Globalisation and social media have closed the distances between people and digital marketing can potentially widen the reach of your product or service. Hence digital marketing can spread brand awareness without being limited by physical borders like traditional marketing is. This can effectively enhance lead generation and consequently widen your customer base through lead conversion. After all, more prospects equate to more customers.

Get to know more at The power of digital marketing in 2020

At Insellers take a look at the benefits of digital marketing and how it can be used to its full potential. At present everyone is competing in the world of competition to one of the crowd we provide you the best Startup stories and tips and facts for your business. Contact us for more information