unboxingstartups

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How Are Fintech Companies Helping MSMEs Increase Customer Reach?

FinTech companies have ensured that outstanding services are provided to MSMEs at the most reasonable cost.

One sector hit the hardest by the pandemic has been the MSMEs. Several entrepreneurs have reported the failure of businesses and been forced to shut down their startups in the last two years.

Small business enterprises have faced a deep crater in business operations, supply chains, and other areas that have led to unparalleled losses and an inability to stay afloat. With the rise in digital payment solutions, many FinTech companies came to the rescue of small businesses, which helped small businesses to manage their operations and clients.

FinTech companies have seen outstanding growth since 2016 due to the introduction of one of the most popular digital payment solutions in India - Unified Payment Interface (UPI). On November 8, 2016, PM Narendra Modi imposed a demonetization in India. From that moment, the cashless transaction gained popularity.

The MSME network includes approximately 6.30 crore enterprises, contributing 32% to the Nominal Gross Domestic Product (GDP) and 48% to exports. With such a substantial impact on the economy, there was a solid need to digitize the sector to improve the efficiency and effectiveness of these businesses. FinTech companies have played as innovators in introducing financial products for the MSMEs, which include the following - Market lending or peer-to-peer lending, which seals the funding gap for MSMEs. Increasing customer reach is the latest trend for MSMEs and Investors.

Currently, around 47% of MSMEs in India have incorporated digital tools for business processes, payments, and online sales. As a result, digitization has dramatically impacted the MSME sector, increasing efficiency, profitability, and customer reach.

Fintech businesses act as a single option, supporting financial needs such as instant short-term loans, simplified procedures, low-interest rates, and transaction costs. In addition, the Goods and Services Tax (GST) has helped encourage MSMEs to reach out to fintech startups, thereby offering tax filing solutions.

India is moving towards a cashless economy, and according to the Home Minister of India, Amit Shah, by 2035, India will deal only with cashless transactions. With such high digital conversion rates, the economy has strengthened over time and efficiently coped with the financial crisis that arose during the pandemic and nationwide restrictions. The PayTech industry has created a revolution in the way we transact. Technology advancement has played a vital role in the way businesses operate in the current digital age. With low transaction costs, Fintech is efficiently collaborating with MSMEs to provide the best services to its customers and create a seamless customer experience for years to come.

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5 Benefits of a Good Invoicing System for Your Small Business

We’ve said it before, and we’ll repeat it - small business/startup entrepreneurs, we salute you. Having the passion, drive, and strength to set up your own business is no mean feat, and you know all too well it involves the constant spinning of wheels, and invoicing system for your small business is likely one of them.

These software-based invoices keep a check on the income and expenditure of a business. Apart from that, it reviews employee productivity and the time they worked for. You might have checked the cashier's name at the end of the invoice.

In this article, we’ll walk you through some benefits of a good invoicing system.

1. Invoice processing is essential for legal reasons 

Legal matters aren't the most exciting topic, and we also don’t want businesses to face legal trouble, but it's necessary to talk a little about them. Although invoices are mostly issued as a better way to keep track of and receive customer payments, they also protect you in the event of a dispute.

When a customer wants to return any products, that time, an invoice is the proof of purchase. It includes the date and time. Other than this, there may be times when a customer doesn't pay you even after multiple reminders. An invoice acts as legal proof that you had a financial agreement and can therefore be evidence if you decide to take the dispute further.

2. Valid invoices keep customers happy

And who doesn’t want that? If you offer invoices, you allow your customer to pay after you’ve provided a service, completed a job, etc., making their life easier. So by providing an invoice, you give your customer a convenient way to pay. It is also proof of the purchases you made.

Invoices contain information on what was purchased, when, for what price, time, and so on, and this is super helpful information for consumers both now and in the future when it comes to keeping track of their cash.

3. Invoices keep you organized 

This seems obvious, but keeping an organized record of your invoices is critical. It’ll help you keep an eye on or track all your payments, pending or otherwise, so you know where you stand financially.

4. Time is money

Money is every small business owner's ultimate goal, right?. 90percent of the startups fail due to a lack of funds.

If you adopt an efficient invoicing process such as an online system, you can send invoices quickly, freeing up extra time for the heaps of other essential jobs on your to-do list.

It’s not just sending invoices either; with the app, you’ll get notified every time you get paid. If the transaction fails and your money deducts in that case, you will get your money in the next 48 hours.

5. They’re a branding bonus

We already mentioned that customer experience and branding could play a big part in making this the best it can be.

You might not immediately think of invoices as marketing or branding, but play your cards right, and they can be just that. The key to nailing it is brand fluidity, so think about:

Tone of voice

Logo

Brand image

Once you’ve got all these things, make sure they flow throughout touchpoints with your customers, including on invoices, your website, posters, etc.

Conclusion

Luckily, companies have recognized the importance of automated invoice processing, and as a result, we’ve seen an increasing number of online and in-app invoicing solutions. This means that business owners can send invoices to customers in seconds.

Invoicing solutions can help you create simple and error-free invoices fast. Even better, with automation, you only have to make a template and change the amount due each time. All from your phone or laptop.

By referring to the above information using invoices for your small business could benefit your business in the long term. Invoices also help in brand promotion, and people's perception of your brand changes positively.

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5 Reasons Why Fractional Executives Are the Best Investment For Your Business?

1. Strategic approach2. Expert insight3. Expansion4. Steady financial transitions5. Long-term results

MSMEs /small businesses struggle at every stage and find striving in the competitive world challenging. But with the help of fractional executives, things could be easier to tackle all the challenges down the line. We will be talking about why Fractional Executives Are the Best Investment? And how can you find the best for your business?

What is a fractional executive?

A fractional executive is an individual a company hires to fulfill an executive role (5Cs). These individuals do not work long office hours, but they work as consultants. Companies hire fractional executives on a part-time or on a contract basis.

These individuals are highly experienced with years of experience in the corporate field, and they could be valuable assets in your business. In addition, fractional executives may have a vast range of skills in different disciplines, depending on the qualifications and experiences they carry.

Such executives may practice independently or with companies on a contract basis. These experts can fill in different roles besides consultancy. For instance, you can recruit a fractional executive to fulfill senior management roles and make crucial decisions.

Here are a few reasons to consider hiring a fractional executive for your small business.

The first primary reason to consider hiring a fractional executive for your small business is a strategic approach. There are several things your small business needs to excel in, and one of them is a strategic approach. If you recruit a fractional executive, they can help you develop a well-considered strategy. These experts will review all the details and mold all the business activities in your organization as per the situation.

A strategic approach is crucial to accomplish all the goals you set for yourself to target problem areas and appear successful.

You may have a hundred employees on board, but they may not have all the required skills. For instance, they may not have the right working skills needed for particular projects, and if you are looking to develop a new product, you need a sound technology strategy. The best way forward is to hire a fractional CTO in this situation. This CTO can spend some days with you and help you develop a technology strategy that is tailored to your business objectives.

For scalable business expansion, you will need the help of an expert. Hiring an expensive full-time employee is not possible for small businesses, which leaves them with the option of hiring a fractional executive. A fractional executive will give your company the tools to expand and the relevant insights that can help sustain the expansion.

Their expertise will be able to guide you in the right direction that you can use for the expansion of your business.

Most startups go through financial ups and downs, but the vital thing to consider here is how they manage these transitions. Again, hiring fractional executives can help here. For instance, if the business is not doing too well, it can engage a fractional financial officer to provide a plan to get back to financial health. In addition, CFO executives can help you manage financial health and have a stable business by being there when you need them the most.

Fractional executives may not stay with your business for a long time, but they indeed leave you with long-term benefits and create a road map for your business. These fractional executives can help set up a practical blueprint for your business, which can prove beneficial even if the executive is no longer working in your company.

How can one find the best fractional executive for business?

There are various ways you can find a fractional executive. You can build a network with different people and find a fractional executive who works independently and who suits best in your company. You can also take help from a consulting firm.

Just make sure that you hire an executive who fits the profile of the perfect employee you are looking for. Don't forget to focus on their qualifications and experiences to determine if they are the ideal and best fit for you.

Hiring a fractional executive is the best idea for Investments for Your Startup and can help them be very successful in different ways. They can also share their experience with your full-time employees and show you the direction to ensure your MSMEs do not stay small for too long.

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5 Best POS Systems for Small Businesses (2022 Exclusive)

1. Shopify2. TouchBistro3. Intuit QuickBooks4. ShopKeep5. Loyverse

What is a Point of Sale (POS) System?

Point of sale systems is a combination of software and hardware that enables merchants to process transactions.

These days, POS Systems for Small Businesses provide limitless features, such as credit card and contactless payment processing, employee management tools, and detailed POS reporting and analytics.

The 5 Best POS Systems for Small Businesses in 2022.

Best for small to large businesses.

Price: POS app is free to download. Shopify POS has three pricing plans, i.e., Basic Shopify ($39 per month approx), Shopify ($89 per month), and Advanced Shopify ($301 per month). With all these plans, there is a facility for unlimited products. Staff accounts vary based on the plan.

Shopify provides software for small businesses. In addition, it includes hardware for retail and on-the-go selling.

Recording of customer’s address and contact details.

Assigning or creating barcodes.

Inventory management.

It will help you to offer different variations of products.

Retail and product reports.

Verdict: Shopify is available on Mobile. It has features and functionalities for customer management, discounts, store management, payment, and checkout.

Best for small to large businesses.

Price: The price of TouchBistro POS starts at $69 per month. There are several add-ons; you can check and include add-ons as per your requirement or get a quote.

TouchBistro offers a restaurant POS system suitable for any business of any size. It is an all-in-one platform and offers all the functionalities for managing restaurants. Furthermore, it has flexible pricing options and can be a good solution for small businesses. In addition, it can be used for various restaurant types such as cafés, food trucks, coffee shops, etc.

TouchBistro has functionalities for reservations, online ordering, gift cards, loyalty, etc.

It offers a customer-facing display that helps with increasing guest satisfaction and shortens queues.

It has products for restaurant operations such as payments, a self-serve Kiosk, a digital menu board, and a kitchen display system.

It can provide reports and analytics.

Verdict: TouchBistro is an intuitive platform and can be used for various restaurant types. This all-in-one solution will help you increase sales and save time & money. In addition, by using this system, you will be able to deliver a standout guest experience.

Best for Small businesses.

Price: QuickBooks has three pricing plans, i.e., Basic (Starts at $500), Pro (Starts at $850), and Multi-Store (Starts at $950). All these plans will cost a one-time purchase rate. A free trial is available with all the projects.

QuickBooks provides an all-in-one POS solution for retail businesses with coupons, gift cards, tracking, and rewarding customers, tracking of inventory, and accepting credit card payments.

Features:

You will get the following features with all the pricing plans:

Taking payments.

Tracking of inventory and customer data.

It provides basic reporting.

It can be integrated with QuickBooks Desktop financial software.

Verdict: Intuit QuickBooks provides a POS system for small businesses with features like syncing with QuickBooks and a barcode scanner. With every sale/order/return, QuickBooks updates the inventory.

Best for Small Businesses.

Price: Get a quote for its pricing details.

ShopKeep provides Business Software for Your Small Business with all the features. In addition, it offers in-depth inventory management, an intuitive register, innovative staff management, and real-time analytics.

It has back-office features like staff management and customer management.

It has functionality for label printing, customizable receipts, and billing management.

Managing the inventory has functions for managing the inventory in bulk, tracking the inventory, and reporting on sales inventory.

Verdict: ShopKeep can be used for various retail, restaurant, clothing store, food truck, etc. It is an iPad POS system with features like an iPad cash register, payment processing, inventory management, etc.

Best for small businesses.

Price: Loyverse offers four products, i.e., POS, Dashboard, Kitchen Display, and Customer Display, for free. Some add-ons are also available, like Employee management ($5 per month) and Advanced Inventory ($25 per month). A free trial is available for 14 days with all features.

Loyverse provides a POS system for small businesses like stores, coffee shops, and cafes. It is available for iPad and Android devices. It is free POS software. It offers four products, i.e., POS, Dashboard, Kitchen Display, and Customer Display.

Loyverse POS software can be used on iPhones, iPad, Android smartphones, and tablets.

It supports multiple payment methods.

It works offline.

It also has features for managing multiple stores, inventory management, and employee management.

Verdict: Loyverse can be used for salons, retail, pizza stores, etc. It is a web-based system and can accept credit cards. You can start using Loyverse for free with all its features.

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How to Fund Your Startup With Credit Card - Unboxing Startups

1. Negotiate for better terms.2. Make timely payments.3. Correct problems immediately.4. Always watch for better deals.

Every entrepreneur wants to get funding from investors; there are many Startup Funding Options available. However, sometimes things go opposite your expectations, and you start finding ways to approach investors, tell them your business plans, and many other things.

But still, if you don’t find your investors, the Credit Card is the option that comes into the scene. However, before financing your startup with a credit card, you need to know about the Pros and Cons of investing in your small business with a credit card. In the article, we will tell you whether funding your startup with a credit card is a better option or not. And what things you need to consider while owning a business credit card.

Startup business credit cards are easy to get, making them an excellent option for startups – credit issuers don’t care if you started your business a day ago; they are more concerned with your credit score and interest.

Use a credit card when you need it – it gives you an advantage over other paying options; use it whenever required.

Rewards and only rewards– business credit cards generally come with a whole host of prizes, including sign-up bonuses, cashback offers, discounts on business class seats, and free entry to the VIP lounge.

Build up your business credit score – using your credit card wisely (timely payment), you can build up your credit score; keep in mind that your business credit score is separate from your credit score.

Interest-free – some credit cards are interest-free for the first year, meaning you could get access to funds literally for nothing, although we recommend you check all the terms and conditions before applying.

It can be risky – using credit cards for a startup business, especially as the sole funding for your business, can be a little risky; if your business fails, you can get into big trouble, but the bank won’t mind if your business fails or succeeds. What matters to them is on-time payment, and if you delay the payment, they can charge interest up to 18%.

It can be more expensive – using credit cards for long-term expenses can be costly, depending on the rate fixed on your card. Overall, credit cards minimise your savings because you use your money by paying your credit card every month.

Not suitable for those bad with money management – if you’re prone to putting off payments and someone with sloppy financial habits, then a credit card may be the wrong way to go. By putting off payments and not paying your card off in full, you can create cash flow issues in your business.

Tempted spending – business credit cards can be easily misused on things you don’t need (but want) for your business, think business lunches. Or, if you plan to buy an expensive phone, you can easily buy it with a tap, but later, you realize you made a mistake by purchasing a costly phone through your credit card. In short, your purchasing power decreases, and your debt increases.

Pro Advice- Don’t fall into the trap of ‘Minimum Amount.’ People think by paying the minimum amount; they feel safe for that particular month. But in reality, it’s a trap; at last, you pay more than your credit limit.

The basics of using a business credit card

Using a credit card to finance your small business should be treated differently from a traditional loan. First, you have to think carefully about your ability to repay the money and keep your balance in check. A bank providing you with a credit card doesn’t mean you can spend on anything, always remember you have to repay the loan on time. If you do not pay, then the bank imposes a hefty interest. Treat credit cards as an emergency fund, they help you in crucial situations, but they must be avoided if it’s not necessary.

Let’s take a case- If some of your clients are late with their payments, it can affect your operations down the line. And what if you missed your payment? Your CIBIL score will decrease, and the bank will call you to repay the amount immediately, and during that stretch moment, you pay the minimum amount; as we said, it is a trap.

We are not saying opting for a credit card for funding is bad, but you must know how to use it and for what purposes you’re using it.

Things to keep in mind about using credit cards

The market is full of business credit card offers, so don’t feel rushed to apply for the first one you see. Every bank offers credit cards with attractive cashback offers. Always check what benefits the credit card is providing and whether it is worth your business needs or not.

Get confirmation about the interest rates and other hidden charges. Make sure that you get the complete picture regarding what each card can do for you – this is especially true if you’re planning to have multiple lines of credit open. Here are four additional pointers for using credit cards to fund your startup.

Credit card deals are open for negotiation for the most part, and you can often get better terms if you have good credit. So if you’re taking out a personal credit card, pay attention to your credit score. This will be a critical factor in negotiating better terms for the card and may even unlock special, generally unavailable deals.

This is one of the essential parts of a credit card. If you do not pay the credit card bills on time, you can be overstressed.

Make a budget to ensure that your business is operating within its means. Use the budgeting tools in your accounting software to help you keep track of your financial streams and notify you when payments are due. Never lose sight of your big financial picture because the entire future of your company is tied to your success here.

Problems will come up in your finances whether you like it or not – and that’s going to happen quite often. You need to get used to this fact and start promptly preparing to deal with issues because otherwise, the problems will compound, and you’ll feel very stuck. Whether it comes from the side of your business, or your finances, it doesn’t matter. However, you need to be on top of these issues and ensure that they’re resolved as quickly as possible.

Even if you’re satisfied with your current credit card, you should never underestimate the market’s potential to surprise you with more attractive deals. Credit card companies are always looking to tempt new customers, and you will find a plethora of contracts to browse through if you haven’t checked in a while. Set some time aside to see what’s available to ensure you’re getting a good deal.

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5 Ways to Protect Your Company from Cyber Attacks

1. Keep All Of Your Software Updated2. Encrypt and Back-Up Data3. Educate your Employees4. Secure All Wireless Access Points & Networks5. Use Robust Anti-malware and Firewall Software

Cyber-attacks could hamper your business, whether you’re running a small business or a multibillionaire business. Do not think that you’re an owner of a startup and that you’re safe from cyber attacks. 81percent of all cybersecurity breaches happen to small and medium-sized businesses. Businesses in the SME segment are often unprepared for a small business cyberattack, making them highly vulnerable to such attacks.

In reality, there are just five specific steps that all companies need to follow to effectively protect from cyber attacks but to safeguard your business from such threats, kindly read till the end to get the most from the article.

How to Defend Your Company Against Cyber Attacks?

We all know how software plays a vital role in your device's performance. As a result, companies roll out many updates yearly to fix bugs and strengthen the security of your devices. Unfortunately, old apps and devices have loopholes, so updating your apps and devices is recommended as soon as the company releases updates.

Hackers can exploit your sensitive data, launch a cyber attack, and could cause damage to your business reputation. If your devices stop getting new updates, replace them as soon as possible.

Keep checking the latest updates, and update it immediately when available.

An actual Cyber security strategy must majorly consist of two elements: preventing physical access to sensitive data and rendering that data useless if it falls into the wrong hands, let's say, hackers. Companies can achieve this by always encrypting their data. Researchers in the International Journal of Advanced Computer Science and Applications highlight that data encryption remains the ‘most efficient fix’ for data breaches, should they occur. So be sure to encrypt all sensitive data, including employee information, customer information, and business data. Full-disk encryption software is included in virtually all operating systems today and can encrypt all the data on a desktop or laptop computer when it’s at rest.

No matter how much you strengthen your security in your company, if your employee is not familiar with cyber-attacks, then it’s a waste. Your employee must be aware of what is a cyber attack and why you are taking the necessary steps. For example, educate them by telling them to change their password frequently, not open unknown links, leak sensitive information, and not share a password with anyone in the office except the IT department (if required). And train your employees to double-check in person if they get rush requests to issue unexpected payments—a common scam.

For secure wireless networking, use these router best practices:

Change the administrative password on new devices

Set the wireless access point so that it does not broadcast its service set identifier (SSID)

Set your router to use WiFi Protected Access 2 (WPA-2), with the Advanced Encryption Standard (AES) for encryption

Avoid using WEP (Wired-Equivalent Privacy).

If you provide wireless internet access to your customers or visitors, make sure it has a separate connection from your business network.

It’s essential to invest in anti-malware software that has been specially designed to deal with the latest malware threats. While anti-malware software can catch and isolate malware and viruses when they strike, it’s critical to prevent these threats from attacking your systems in the first place – and this is where a firewall comes into the picture.

Final Thoughts

Concerning the above information, it is clear that cyber attacks can not be eliminated, but they can be minimized. By referring to these five points, you can safeguard your business activities on time before the cyber attacks.

Keeping your company safe and secure against cyber threats requires plenty of diligence and developing a foolproof cybersecurity strategy. By combining best practices and professional advice, you can effectively protect your company from cyber-attacks.

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Fake Accounts: Is Marketing on Twitter Worth It?

The Tesla founder bought Twitter for approximately $44 billion, which is more than the many small countries' total GDP cost. Twitter is already at a loss, and many factors are responsible, but it is still one of the best platforms, especially for leaders worldwide. But when it comes to marketing on Twitter, it is not the first choice of companies. A report says, around 19.42percent of the active profiles on Twitter are fake. Due to this, many companies have observed a sudden drop in followers, but no need to panic. You didn't do anything wrong; this has happened to almost everyone.

Since April, Twitter has been trying to clean and remove the fake accounts used to mislead users; around 5percent (70M) of the active counterfeit profiles have been drawn, but we can expect some pace after the acquisition.

Why Do Fake Twitter Followers Even Exist?

If it’s true that fake followers don’t work as a marketing strategy, why are there still so many fake followers? We still live in a virtual world where everyone cares about the number of followers. People check the numbers no matter how many active or fake profiles. Users connect numbers with success; the more followers you have, the more successful you’re.

Another reason why fake followers still exist. Fraudsters make money with them. Not just by selling them, but by using them to deceive you and steal from you.

To make one thing very clear, fake Twitter followers are bots. They’re not real people. Fraudsters create them and then use them for illegal purposes, including fake reviews,  fake news dissemination, ad fraud, online abuse, content abuse, and spam.

Bots Are Pilfering Your Identity

A 2018 article from the New York Times exposed the practices of a company called Devumi that sells fake followers; often, as the article makes clear, these accounts are created using personal information stolen from legitimate user accounts:

“The accounts that most resemble real people … reveal a kind of large-scale social identity theft. At least 55,000 of the accounts use real Twitter users' names, profile pictures, hometowns, and other personal details, including minors.”

In short, fake followers are predatory bots built to defraud and destabilize otherwise legitimate platforms.

Analyzing the Analysis

“From May 13-15, 2022, SparkToro and Followerwonk conducted a rigorous, joint analysis of 44,058 public Twitter accounts active in the last 90 days...our analysis found that 19.42%, nearly four times Twitter’s Q4 2021 estimate, fit a conservative definition of fake or spam accounts (i.e., our analysis likely undercounts).”

The report describes fake followers this way: “Spam...that does not frequently have a human being personally comprising the content of their tweets, consuming the activity on their timeline or engaging in the Twitter ecosystem.”

Re-Approaching Influencer Strategies

“I'd recommend still working with sources of influence on Twitter," assured Rand Fishkin, author of the report and founder of SparkToro "Just because, broadly, they may have 10 or 20 million fewer active users than their public statements say doesn't mean the hundreds of millions of folks you can reach there aren't valuable.”

Indeed, for any organically grown account, the majority of followers are going to be real, interested, and targeted. One of the reasons fake profiles are such an issue with the platform is the ease at which they can be purchased.

Any brand considering working with an influencer can measure how “real” their followers are and use that new number as the basis for their analysis.

As Neal Schaffer, author of The Age of Influence, noted: “There are still real people on Twitter who prefer that platform to others and thus can be engaged with, and it is also where the media continues to look for information.”

Solution: AI-Powered Fraud Prevention

There is no place for fake accounts and fake followers in our digital economy. The way counterfeit currencies harm the economy is how they hurt the digital economy.

The answer comes down to proactivity. When you can prevent fake accounts from being created in the first place before damage occurs, then you win. DataVisor CEO and Co-Founder Yinglian Xie regularly point out, “If you are only keeping up, you are already behind.”

We’re sure you have why companies do not prefer marketing on Twitter with the above information. Active, genuine users are required for marketing, and Twitter is not good at this. You can take help from the fake follower's tool, but Twitter does not carry trust in marketing. However, the platform is still good at delivering news and information.

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How to Turn Your Idea Into a Product – Unboxing Startups

Turning Ideas Into Products is not an easy job to accomplish. Do you need to focus on who will be your target audience? For whom you’re developing a product? What would be the future of the product for the next five years? And much more.

Bringing invention ideas into a product isn’t an easy task. It may require a lot of homework and research to build a tangible product that helps you make money. Everyone has an idea, but only a few succeed because they divert their ideas or choose the wrong product.

1. Brainstorm Ideas

The first step towards successful product development is brainstorming different ideas. Consider all aspects of the products and see how your product demand will be in the next couple of years.

2. Do Market Research

Performing and conducting market research can help you learn about the buying nature of the customers. What do people like? At what time the demand goes high? Who are your competitors? And much more. You can also ask the customers what they are missing from the existing products and what they want? This will give you an idea of what next things to consider in your final products. Overall a Product is Important for Startups that could lead to growth.

3. Make a Prototype

A prototype is an initial model for a product. Building a prototype for your product idea can help you identify and solve design problems. In other words, the prototype is just like 'Beta' testing, just like the product's final launch.

4. Choose Your Target Audience

This is where your vision gets clear. You need to choose and define your target customers and their age, location, and more things. You can not sell your product to everyone, every company chooses its target customers, and accordingly, they offer their products.

5. Patent

You may want to patent the product. Seek professional help when you need to patent your product. There are two types of patents: Utility patent and design patent. Hire expert attorneys to help you with it.

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Which Indian State is Most Ideal for Startups?

India is giving tough competition to Silicon Valley because the country is providing better value, a business-friendly environment, and ease of doing business in India is now possible. However, we should not forget the massive market they are getting in India.

Now we discussed India; in this guide, we will discuss which Indian state is ideal for startups?

You have to understand that every state tries to give most of the facilities, but some states have surpassed other states by a margin. And 60percent of the startups are operating in five states; this means you can see the domination of these five states in India. Thanks to entrepreneurs in India, they took the startups to a whole new level.

After the successful first edition of States’ Startup Ranking in 2018, where 27 States and 3 Union Territories participated, the Department for Promotion of Industry and Internal Trade (DPIIT) released the second edition of Indian Startup Ranking for 2020.

The ministry said that DPIIT had prepared the framework after multiple discussions with state and UT governments.

The framework had evolved distinctly from last year as the primary focus. This time is on getting feedback from startups and other essential stakeholders from the startup ecosystem.

The government also proposed recognizing states and UTs for their exemplary performance in seven pillars. “As part of the Ranking 2020 exercise, DPIIT will recognize innovative Startup programs and initiatives from State/UT Governments,” the ministry added.

So far, 25 States and UTs have set up their respective startup policies to promote the local startup ecosystem.

In the inaugural ranking last year, Gujarat was ranked as the best state in developing a startup ecosystem for budding entrepreneurs, followed by Karnataka, Kerala, Odisha, and Rajasthan, which were regarded as the top performers on the list.

DPIIT examined 14,565 startups across India in the ranking. Maharashtra had the most significant number of startups (2,787), followed by Karnataka (2,107), Delhi (1,949), Uttar Pradesh (1,201), Haryana (765), and Gujarat (764).

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5 Reasons Why Entrepreneurs Start Their Own Businesses?

Entrepreneurs are working hard to make the world a better and more advanced place to live. However, working 9 to 5 won’t make any changes to make a difference in people’s lives. You need deeper motivation, capable of finding problems, delivering solutions, and much more.

Now coming on to the primary discussion topic, Why do Entrepreneurs Start Their Own Businesses? First, we will mention the Reasons for Starting a New Business.

1. Independence & Autonomy

Independence and autonomy are profound and compelling human desires. Entrepreneurs set their own goals; they compete with themselves and decide what’s best for their company. Entrepreneurs feel free, and they believe the society that was criticizing them now they are proud of them.

2. Delivering Solutions

As we said earlier, profit is not only what entrepreneurs focus on; they research the market before stepping into the business. After that, they find the loophole and develop solutions in their products and services after their competitors. 

 3. Income Security & Profit

This is another reason entrepreneurs take a risk and start their businesses. Every person in the entire work is working or operating a company for money. A typical nine hours job does not provide that financial stability and security. Starting a business is risky, but you will run your business successfully if you properly manage your business finances. 

4. Recognition and Status

Entrepreneurs can be celebrated or accused, depending on the community and culture. Entrepreneurs who create massive wealth for themselves and their communities are not automatically recognized as citizens we would like our children to emulate. Much depends on how they made their money and what they do with it.

5. Achievement, Challenge, & Learning

The challenge of solving a technology problem has motivated thousands of entrepreneurs here and abroad and created some of the largest and most successful companies in history. This motivation applies to anyone with a strong need for self-expression and a desire to create. 

[unboxingstartups]

5 Ways to Rebrand Without Losing Your Audience

1. Understand the Reasons for Your Branding Change.2. Retain Your Existing Customers.3. Launch A New Campaign.4. Anticipate Questions and Concerns.5. Rethink Your Content Strategy.

Rebranding shouldn’t be taken lightly. It takes time and money, but your company’s reputation is at stake if you miss the mark. Sometimes it has been observed that the company’s reputation dips after rebranding. Therefore you need to take some precautions, so you don’t lose your audience and name, already established in the market.

So below, we explain the five ways to rebrand without losing your audience and reputation. 

Without any purpose, if you’re planning to rebrand, you’re making a big mistake and might lose your existing customers. There should be a proper reason behind the change, and all departments in your organization have to play an essential role in ensuring a smooth run. This is why you need a solid reason behind the rebranding. This is one of the best tips to brand your business and you should definitely start with understanding the reasons for a brand change.

If you don’t have a proper strategy for rebranding, then don’t take the step. It would be great to keep the transparency about your rebrand and have an appropriate strategy for accomplishing the rebranding procedures to retain your existing customers.

You can easily give your branding a fresh look like a beautifully executed haircut without making massive changes. A new look appeals more with improved services. There are a few ways to approach this, but right now, you should start with the idea that demonstrates your most significant values as an organization.

Communicating with customers during a rebrand is crucial. Give them the confidence (assured) that the brand will come up with more refined services. So overall it boosts companies and customers relation.

An effective way to shift how your target audience views your brand is to re-tool your content strategy to focus on the intersection between your brand values and what’s important to the end-user. 

Therefore, blogging is important to your brand and it is an important part of content strategy.

[unboxingstartups]

5 Insanely Easy Steps to Manage Small Business Finances

Being a startup founder is not easy; where you need to hire employees and pay them. Not only this, but you also have to add other expenses like internet connectivity, additional bonus, etc. Limited funding and overfunding both could be dangerous for startups. This article will give you an idea of how you can Manage Small Business Finances.

1. Create a Budget and Stick With the Plan

The first and foremost thing that comes is to create a budget. If you don’t have a budget, you can’t plan anything further. A budget can change and manage your small business valuation to accomplish your business goals.

A budget can help you accurately forecast your business’s revenues and even identify unnecessary expenses.

2. Use Financial Planning and Forecasting

We know business market changes, and you might face some circumstances. It’s better to think practically rather than follow your emotions. Be realistic and estimate how much you will sell and how much you will spend. Plug these numbers into your financial plan and see if the results will still work for your business. If not, you may need to change your plan. 

3. Chart Your Cash Flow

Good accounting software can create charts of inflows (sales of goods or services) and outflows (accounts payable) for your business. It will let you change the period so you can understand what’s happening. If you look at these charts over weeks and months, you’ll get an idea of the rates of flow of money into and out of your business.

4. Choose Your Business Partners Mindfully

As a small business, it can be very tempting to take every other deal that comes your way. However, going into business with people who have a bad credit history can prove to be more harmful than profitable in the future.

5. Create a Separate Business Account

Do not mess your personal account with the official income. To avoid confusion, it is always recommended to create a separate account, one for personal and another a corporate account. Make sure all the corporate transactions should be from your official company account. 

[unboxingstartups]

The Best Online Legal Services for 2022

1. Rocket Lawyer2. Vakilsearch3. Nolo4. Incfile

You will find different types of online legal service providers in the list below. Where you can easily access resources legally easily, read our article below about the best online legal services for your small businesses. From the given list mentioned below, you can consider any online legal services for 2022.

Rocket Lawyer comes first on our list; it is an excellent choice for businesses that expect ongoing legal needs. In addition, Rocket Lawyer offers to individuals, depending on the requirement; it is one of the best value money platforms because it provides unlimited document access and unlimited 30-minute attorney consultations on different issues.

Vakilsearch is one of the best online platforms for legal services. The online platform is a technology-driven platform based in India, a repository of services. Who offers every service that covers the legal requirements of MSMEs and multibillionaire businesses.

If you think the above two are inappropriate as per your business model, you can consider Nolo for DIY legal documents. From starting an LLC company in your state to recruiting a consultant, you can purchase forms for any legal situation you can think about. Nolo also has a library of free legal articles that help you research your case. 

Last but not least, Incfile is one of the best online services for small businesses to file legal paperwork and other related documents. The firm is mainly targeted at small firms and companies with limited budgets. You pay a flat fee for every service you choose; no monthly payments or other ongoing expenses are required.