Are there times you get to some website and shake your head in disapproval after getting a business offer? Have you fallen for online lies and been left wondering how you couldn’t notice the conmen’s captivating language? This article will show and explain to you the most common frauds that you can fall for despite the intensity of your wits. Online fraud is a widespread problem because consumers often believe what they read, whether it is legit or not. We will tackle some of those seven most common online frauds that consumers cannot get past without getting hooked on. Let’s see.
Fraud is a criminal offense that a consumer falls for and is lied to about a purchase or a business opportunity, and they end up losing money. Many cases are the result of online fraud, like deception and conmen that sound valid when read. The following are examples of seven major cases involving fraud. They include:
Scams That You Will Get an Employment
Employment scams are the most common type of fraud that makes you stay glued to the screen, wondering about the payment. Everybody who is going through a financial crisis is bound to fall into this deception. The liar will ask for some fee so that you can get an appointment for an interview. Because of desperation, you will willingly send the money after they block you and delete the number or evidence.
It can be difficult to avoid falling victim to this type of fraud, even for individuals who are generally smart consumers. Scammers may simply exploit the desperation of individuals seeking employment, making false promises that seem like the most convenient way to secure a job. Whether you are a college graduate or still figuring out life, you need money. Most sites have been considered a full predatory zone with many scammers that have rendered many people hopeless to believe in blogs due to fraud. It’s not easy to take these criminals to court, making it an easy pass for cheating.
Collection of Tax Fraud
A survey that has been conducted has comprehensive statistics showing that scammers are cashing in a huge percentage of cash in fraud by collecting taxes. When the tax season begins, most people are not hesitant to consult the best people to file their returns. They head to the internet, pay scammers the tax, and fall for the deception. Whether you are wise or not, waiting until the last minute to pay your taxes can make you seek out online services and eventually fall for fraud. The scammers are very good at this, where they threaten to arrest you or get your property taken for compensation. They ask for the money to be sent to their debit cards or gift cards, and you end up getting conned.
Online Gifting Like Lottery Wins
Lottery fraud is a prevalent scam where the scammer calls and demands a small payment to enjoy your money. You are lured into this scam and end up believing in it. But come to think about it, who wouldn’t want such money as winning the lottery? The thought of getting such an amount of money for free is ecstatic, right? Many scammers have become so abundant because many youths are always on the internet.
An Exchange of Fake Checks for Cash
A fake check is revoked after some time. Bankers will not realize that they have been handed a phony check until the system notices. The online scammer will send the check to an online user, after which they will demand cash. Unfortunately, the person will not be willing to deposit fully, and eventually, the verification is rendered null. The scammer enjoys the benefits, and the online user, however smart they might be, won’t recover the cash.
These are electronic support sites that come at the ad part, assuring the user that they have a virus and need debugging. They ask for some cash in exchange for the fake service. The user falls for the trap because they imagine their expensive machine getting wasted. Several people have fallen for this trap set by the scammers.
Online Trading
Scammers are smart people, too, but in deception. They may create fake websites that resemble legitimate online marketplaces. Fraudsters will mark up the prices of items and promise free transportation if you place an order. You conveniently pay the money, but they fail to deliver the item. The scammers will claim not to have received any cash and apologize for not having an online connection, like missed messages and calls. They can also use the wrong check to compensate you. Adding the cherry on top, they will claim that they have sent extra cash and send them money. Due to your good morals, you fall for the trap.
How to Spot a Fake Website
Scams as a Result of Phishing
This is a type of scam that is not common because they lie online by pretending to be representatives of an institution. They ask for very vital information, including a password for your debit card. You end up exposing all your credentials, and they withdraw all the cash. However, this type of scam hasn’t been successful, and the percentage that falls for this cybercrime loses a hefty lump sum of money. You don’t need to be a smart consumer to evade this fraud because it sounds so legitimate.
Conclusion
Fraud is a common type of crime that has left a lot of people grieving over losses. You need to be careful, especially if you need a loan. The above are the most common types of fraud cases to avoid and be aware of. You don’t need to be smart to escape the wrath that comes from online scammers. A lot of people are on the net blindly, and they become victims of these cybercrimes. The only legit way of avoiding fraudsters is by considering legitimate sites to transact money.
FAQs
What are some common online frauds?
Some of the most common online frauds are:
Scams That You Will Get an Employment
Collection of Tax Fraud
Online Gifting Like Lottery Wins
Phony Technology Sites
Online Trading
What is fraud?
Fraud is a criminal offense that a consumer falls for and is lied to about a purchase or a business opportunity, and they end up losing money. Many cases are the result of online fraud, like deception and conmen that sound valid when read.
Let’s consider a business entity as a living organism, much like a human body. As such, it is propelled towards greater evolution by internal and external forces. The muscular system of the body develops and matures with more efficiency when nourished and animated in optimal ways. Simultaneously, the momentum of time and changes in the external environment exert additional pressure. In both instances, the only way to grow is up. Every business aspires to be a robust and high-functioning body that will accommodate the fullest experience of life, and profit, possible. To achieve this, it must provide its customers, or external forces, with a fit, futuristic, and fluent user interaction. In terms of software deployment, now a cornerstone of every successful commercial enterprise, video streaming tools are absolutely key.
Going Live in 2023
Live streaming in 2023 has well and truly surpassed its usage solely for entertainment. In terms of user popularity, recent studies have revealed that amongst the majority 93% of internet users that tune into online videos, live streamed content surpasses educational downloads and most other live recorded applications, claiming a 29.7% adoption rate.
Developing apps that encompass video conferencing functionalities is a complex multi-faceted task. It involves the usage and integration of various interrelated frameworks and technologies. As tech industry professionals are continually working on and updating the languages involved, it’s imperative to connect with the right experts for live streaming app development. Software engineers working on video content-activated applications require a very specific skill set, as well as updated learning, creativity, and ingenuity, in order to develop live streaming app iterations customized for success.
Moving More With Moravio
Moravio live streaming app development services provide the ultimate opportunity for your business to exploit the most advanced video conferencing capabilities and develop live streaming app solutions that fulfill and exceed customers’ expectations. Few, if any, businesses have internal IT resources to equal that of Moravio. The company has more than ten years of experience and a diverse portfolio of delivered works that encompass live streaming app development.
Recruiting on an international scale, Moravio hired over fifty software professionals on the basis of their individual industry experience in development, proven collaborative skills, and creative mindset. The company enables clients to outsource as many or as few team members to fulfill roles as front-end, back-end, and full-stack developers, as well as QA professionals, product and business analysts, UX/UI designers, and DevOps engineers. Moravio can assign a dedicated project manager to oversee the entire full-cycle agile development process, keeping in close contact regarding any suggested modifications or alterations to the original brief.
Five Stars From Stardio
The Moravio delivered Stardio live fitness platform project is a great example of what can be accomplished when clients entrust in the company’s ability to create and integrate superior live streaming solutions that provide ultimate scalability. The client approached Moravio with clear instructions for creating a platform that could design and broadcast live fitness sessions, they even suggested a preferred technology to use. After careful analysis and discussion, Moravio’s expert team concluded that the client-proposed technology, OpenVid, would not allow for maximal growth, and recommended proceeding with Livekit for a more finessed and high-functioning platform solution.
The agile remote assemble team consisted of a project manager and four development specialists, including a technical lead, and a quality assurer to test and address possible errors at every development stage. In close collaboration, they created an editor inspired by professional film industry iterations, drawing upon Angular for front-end production, and AWS Amplify, DynamoDB, and TypeScript on Node.js for back-end construction.
The end result is a complex yet intuitive user interface that enables customers to participate in real-time training sessions. It features an integrated Stripe payment processing system and is capable of supporting hundreds and thousands of concurrent connections. The client was so pleased with the deployed product as well as with Moravio’s transparent communication style, they rated Moravio five out of five stars across the areas of scheduling, cost, quality, and a willingness to refer to others.
Fuel your business’ muscles to strive for success by uniting with a video streaming app development company that exhibits Moravio-level sophistication and scaling potential. The firm offers businesses everywhere the chance to develop maximum muscle mobility and flexibility with app development that is bespoke, scalable, secure, affordable, integrated, and maintained. Whether you have an exacting idea of how you want to go live, or just a vague inspiration, give your customers the best animated and immersive live streamed experience possible with Moravio.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by AlphaSense.
The term ‘big data’ has become a buzzword in recent times. Businesses can confidently make informed decisions by leveraging the wealth of digital insights and embracing the power of business intelligence.
Improved performance, commercial growth, evolution, and a healthier bottom line depend on data-driven smart business decisions. According to Mckinsey Global Institute’s survey, data-driven organizations are 23 times more likely to get and retain customers.
But the question here is how to search through the extensive volume of data and access quick insights. It’s when AphaSense comes in handy. It is an AI-driven search engine that helps companies extract valuable insights from the enormous volume of data to make informed business decisions.
Let’s learn more about AlphaSense- its startup story, mission, founders, funding, investors, partners, plans, and more.
AlphaSense is a market intelligence and search platform that leverages machine learning (ML) and natural language processing (NLP) technology and is used by leading companies and financial institutions.
Founded in 2011, the AI-based technology enables clients to make smarter business decisions by delivering insights from the extensive volume of public and private content, including news, equity research, transcripts, and trade journals.
Headquartered in New York City, AlphaSense has a presence in the U.S., Germany, the U.K., India, and Finland. The company delivers services to multiple industries, including Consulting, Consumer/CPG, Energy, Financial Services, Life Sciences, Tech, Media, and Telecom, by providing access to 10,000+ premium data sources.
AlphaSense – Founders and Team
Jack Kokko and Raj Neervannan co-founded AlphaSense.
Jack Kokko
Graduated from Helsingin Kauppakorkeakoulu in B.Sc. Finance and The Wharton School in MBA, Jack Kokko is the co-founder and CEO of AlphaSense. Previously, he was co-founder and CEO of Silecs, Inc and Founding Chairman of BetterDoctor.
Jack Kokko – Co-Founder and CEO, AlphaSense
Raj Neervannan
Completed an M.S. in Computer Science from Bowling Green State University and MBA from The Wharton School, Raj Neervannan is the co-founder and CTO of AlphaSense. Moreover, he previously worked as CTO at ePolicy Solutions, ChoicePoint, Inc, and MajescoMastek.
Raj Neervannan – Co-founder and CTO, AlphaSense
AphaSense employs more than 1,000 candidates across its offices in different countries.
AlphaSense – Startup Story
CEO and Founder, Jack Kokko, realized the inconvenience of manual research early on. He commenced his career as an investment banking analyst in Silicon Valley, and there he spent hours CTRL+Fing thousands of PDFs, a single keyword at a time to find a single insight.
After a few years, Jack met his co-founder and CTO, Raj Neervannan, at The Wharton School. They both were in disbelief that the research process and tools available had not advanced all these years. It’s in 2011, both Jack and Raj sought to solve this issue by launching AlphaSense- a new type of search engine driven by ML and NLP, enabling companies to cut through the noise and quickly extract insights from thousands of resources and billions of data points.
AlphaSense – Mission and Vision
The company aims to empower professionals to make smarter business decisions with confidence and speed.
AlphaSense – Business Model
With AlphaSense, companies run a search as they do on Google. But the results that come back are relevant information for their business use case. ThisAI-driven platform not only searches for users’ exact search terms but also for business or financial synonyms. So, users need not have to think about what words their executives use when discussing the concept they are searching for.
AlphaSense uses hundreds of algorithms to read every line of text and categorize information. So, it knows what organization or organizations are being discussed in a given document, what industry it’s operating in based on the language, and other factors that help users quickly narrow their search to a given industry and specific set of enterprises.
AlphaSense offers flexible subscriptions for accommodating team sizes, content needs, and more, ranging from pre-seat options to enterprise packages. ‘Pre-Seat Options’ are for small and medium-sized teams, and ‘Enterprise’ packages are for large teams and global companies.
AlphaSense – Products and Services
The solutions offered by AlphaSense are categorized into ‘Corporate’ and ‘Financial Services.’ It enables to track, monitor, and share insights related to the following:
Corporate – Competitive Intelligence, Investor Relations, Corporate Strategy, Corporate Development
AlphaSense has undertaken 10 funding rounds and raised $620.1 million. Its latest funding round – Series D Round, was conducted on April 11, 2023, and raised $100 million. 24 investors back the company; the main ones are Viking Global Investors, Goldman Sachs Asset Management, CapitalG, BlackRock, and GrowthX Accelerator.
Date
Round
Number of Investors
Money Raised
Lead Investor
April 11, 2023
Series D
3
$100 million
Capital G
June 15, 2022
Series D
2
$225 million
Viking Global Investors, Goldman Sachs Asset Management
June 15, 2022
Debt Financing
1
–
BlackRock
January 12, 2022
Non-Equity Assistance
1
–
GrowthX Accelerator
September 30, 2021
Series C
11
$180 million
Viking Global Investors, Goldman Sachs Asset Management
AlphaSense acquired 2 companies – Sentieo on May 11, 2022, and Stream by AlphaSense on October 25, 2021.
AlphaSense – Growth
The estimated annual revenue of AlphaSense in 2022 is $111.6 million per year, with its current valuation standing at 1.7 billion. Moreover, the monthly web visits grew by 65.27%, with 255,417 visits. Moreover, AphaSense’s customers grew to 3,500 in 2022 from 1,000 in 2019.
AlphaSense wants to focus more on its internal company search to help companies better organize and access their data.
FAQs
Who founded AlphaSense and when?
Jack Kokko and Raj Neervannan co-founded AlphaSense in 2011.
What does AlphaSense do?
AlphaSense is a market intelligence and search platform that leverages machine learning (ML) and natural language processing (NLP) technology and is used by leading companies and financial institutions. It is an AI-driven search engine that helps companies extract valuable insights from the enormous volume of data to make informed business decisions.
Who are the main competitors of Alphasense?
Some of its main competitors are:
Wolfram Alpha
LexisNexis
Algolia
Elastic
CI Radar
M-Brain
TechnoMile
Wide Narrow
Comintelli
What is the pricing offered by AlphaSense?
AlphaSense offers flexible subscriptions for accommodating team sizes, content needs, and more, ranging from pre-seat options to enterprise packages. ‘Pre-Seat Options’ are for small and medium-sized teams, and ‘Enterprise’ packages are for large teams and global companies.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Alloy.
The financial sector, over the decades, has been considered to have secure and protected systems as it continuously deals with private information and handles large sums of money.
However, due to technological evolution, financial institutions conducting online operations and offering financial services are now always at risk of fraud attempts and attacks. The statistics backed up by Fortunly’s assessment show that the annual cost of cyberattacks in the banking industry is approximately $18.3 million.
It’s not about when the bank and fintech organizations will be attacked; it’s about whether or not it is prepared. Alloy is an API company that allows financial institutions to verify users’ identities while meeting their fraud-fighting needs.
Let’s read further to know more about Alloy. This article will tell you everything about the company, from its mission and funding to products, competitors, and startup story.
Founded in 2015, Alloy is a global identity verification API platform that helps fintech companies and banks automate their onboarding, transaction monitoring, and credit underwriting decisions.
Moreover, the company helps financial institutions worldwide to reduce friction between them and their customers by assessing them beyond their address and social security number.
Alloy offers services to more than 200 clients worldwide, including Marqeta, Ally Bank, HMBradley, Evolve Bank & Trust, and Gemini, while processing approximately 1,000,000 decisions. The platform helps banks automate 98% of onboarding decisions while reducing 50% of fraud and boosting overall customer conversion.
Alloy – Founders and Team
Tommy Nicholas, Laura Spiekerman, and Charles Hearn founded Alloy in 2015.
Tommy Nicholas
Tommy Nicholas graduated from The University of Virginia by completing Bachelor’s in History and African American Studies. After working as a Research Assistant, Enumerator, and Booking Manager, his career thrived in 2011 when he founded The City Swig.
After that, he held the role of Software Developer at SHOCKOE.COM LLC and owned Web/Mobile Freelancing. It was in 2015 he co-founded Alloy and is currently working as the company’s CEO.
Tommy Nicholas – Co-founder and CEO, Alloy
Laura Spiekerman
Laura Spiekerman completed her B.A. in Political Science and Human Rights from Barnard College. She has interned at Brooklyn District Attorney’s Office and Kasirer Consulting.
In 2008, she held the role of Paralegal at Clayman & Rosenberg. Moreover, before co-founding Alloy, she was Investment Analyst at Imprint Capital Advisors. Presently, she is the President of Alloy.
Laura Spiekerman – Co-founder and President, Alloy
Charles Hearn
Charles Hearn is B.A. Computer Science graduate and completed his graduation from the University of Virginia. He has diverse experience working as an Independent Researcher at UVA Research, Mobile Lead and General Developer at The City Swig, and Program Manager at Microsoft.
After working as a Lead Product Engineer at Knox Payments, he co-funded Alloy and is currently its CTO.
Charles Hearn – Co-founder and CTO, Alloy
Presently, Alloy is working with a team of over 310 employees.
Alloy – Startup Story
Allow was initially founded by Tommy Nicholas, Laura Spiekerman, and Charles Hearn mainly to fix a ‘broken’ onboarding process that historically involved manual review when people used to apply for bank accounts online. Simply put, the company’s main mission was to help fintech institutions and banks make better identity and risk decisions with the help of a single API service and SaaS platform.
Over the last few years, it has evolved into a platform that not only helps automate onboarding identity decision but also automate transaction monitoring. Moreover, by the start of 2022, Alloy came up with one more solution, i.e., credit underwriting. Between 2020-21, the company witnessed a three-times increase in annual recurring revenue (ARR) and a two-times increase in customer base.
Alloy – Mission and Vision
The company’s mission is to make banking as inclusive and secure as people deserve it to be. Alloy strives to create a future in which banking is borderless and accessible.
Alloy – Business Model
Alloy connects its users to data procured from around 120 providers. Then the company utilizes that data to aid financial institutions in understanding customers and their behaviors while avoiding fraud during initial customer onboarding and when conducting ongoing financial transactions.
And the same is done by allowing them to create customized instant decisioning systems tailored according to users’ needs associated with regulatory compliance and risk perspective.
Tommy Nicholas, Co-Founder & CEO, Alloy
Alloy – Products and Services
Allow offers two main solutions, i.e., Onboarding and Ongoing Monitoring, to solve fraud, compliance, credit underwriting, crypto, and global expansion.
Alloy – Products and Services
Alloy – Funding and Investors
Alloy has undertaken 8 funding rounds in which it has raised $207.8 million. The latest funding round – Series C Round, was conducted on June September 1, 2022, and raised $52 million. 21 investors fund the company, and the main ones are Bessemer Venture Partners, Lightspeed, CANAPI, Eniac Ventures, Felicis Ventures, AVID Ventures, and PRIMARY Venture Partners.
Alloy’s estimated annual revenue in 2022 is $53.2 million ($173,167 per employee). Currently, its valuation stands at $1.4 billion. Moreover, the employee count increased by 54% last year, and monthly website visits grew by 5.69%, with 29,511 visits.
Alloy – Partners
Alloy has partnered with the best technology and data providers across the world. Some of these are:
Acuant
Argyle
Basis Theory
Berbix
ChexSystems
Codat
Cognito
ComplyAdvantage
Ekata
Enigma
Equifax
Alloy – Awards and Achievements
Alloy is recognized in the 100 Best Places to Work, 50 Best Paying Companies, and 100 Best Midsize Companies to Work For in NYC by Built In.
Tommy Nicholas, Laura Spiekerman, and Charles Hearn founded Alloy in 2015.
What does Alloy do?
Alloy is a global identity verification API platform that helps fintech companies and banks automate their onboarding, transaction monitoring, and credit underwriting decisions. It helps financial institutions worldwide to reduce friction between them and their customers by assessing them beyond their address and social security number.
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Algolia.
In this digital age, the fastest way to promote business is to have a well-functioning website. But you can hear many companies complaining about their website’s search.
According to statistics, there are 3.5 billion daily searches and 1.2 trillion searches per year. You can improve your site’s search capabilities with the help of a reliable search-as-a-service platform.
Algolia is at the top of the heap when it comes to search and discovery APIs for web and mobile applications. Let us dig into more details about the company, like how it started, the competition it faces, its market value, and so on.
Algolia is the AI-powered, search-as-a-service platform that allows companies to provide an instant, relevant, and impactful customer experience. Moreover, it developed dynamic experiences that let companies immediately anticipate visitors’ intentions on their web or mobile application.
Millions of developers use the platform globally to distribute their content efficiently over digital media. Algolia is API-first and handles 40 million search queries monthly for over 5,000 firms, including big names such as Periscope, Medium, Twitch, Under Armour, and Strip.
Algolia – Founders and Team
Julien Lemoine and Nicolas Dessaigne founded Algolia in 2012.
Julien Lemoine
Julian Lemoine originally belonged to Paris, France, and graduated in Computer Engineering, Specialization in Cognitive Science and Advanced Algorithms from EPITA. He has over ten years of experience in the search industry.
Before co-founding Algolia and working as the company’s Advisor and Board Member, Julien was CTO of MASA Group.
Julien Lemoine – Co-founder, Advisor, and Board Member, Algolia
Nicolas Dessaigne
Nicolas Dessaigne completed his M.S. and Ph.D. in Computer Sciences and is the co-founder and Board Member of Algolia. He also worked as CTO at Arisem and VP of R&D at Exalead. Moreover, currently, he is the Independent Board Member of Artifakt and a Group Partner of Y Combinator.
Nicolas Dessaigne – Co-founder and Board Member, Algolia
Presently, Algolia has over 800 listed employees, including Bernadette Nixon, CEO, and Board Member.
Algolia – Startup Story
Before the establishment of Algolia, Nicolas, and Julien thought about what sort of product or business they could develop after having experience working in all sorts of firms. It made them create something unique, i.e., a search engine offering through the SaaS model.
Initially, they had an ambitious yet straightforward goal: to revolutionize how people used to get information when looking for something online. It gave birth to Algolia in 2012. Initially, the company was focused on offline search using mobile phones.
The company commenced with two data centers in Europe, and in 2014, it opened a third center in Singapore. In 2019, Algolio claimed a global presence with 70+ data centers across 16 countries.
Algolia – Mission and Vision
Algolia aims to empower every enterprise to create delightful Search and Discovery experiences for users.
Algolia – Business Model
The Algolia model provides search-as-a-service with which the client’s entire website can be searched via a third-party-hosted search engine. Search engines such as Google and Yahoo crawl the whole web, including the client’s web, and then tailor the information according to the search query.
However, Algolia made the search process easier as it exclusively crawls the customer’s website. By bringing the results the client seeks, the platform drastically cuts down the time the customer spends seeking information.
With its RESTful JSON API model, once the data is passed from the client to Algolia, the search box is integrated into the client’s website. The model is intended to offer the advantages of a full in-house search engine by using a more manageable infrastructure.
What is Algolia
Algolia – Revenue Model
The company has three pricing plans- Build, Grow, and Premium.
Plan
Pricing
Build
Free, 10,000 search requests/mo
Grow
$0.50 /1000 search requests/mo
Premium
Customized Pricing
Algolia – Products and Services
The Alogolio platform is the company’s primary offering. Moreover, it offers multiple solutions, like Enterprise Search, Headless e-Commerce, Mobile & App Search, and Voice Search.
Algolia – Products and Services
Algolia – Funding and Investors
Algolia has undertaken 8 funding rounds and has raised $334.2 million. Series D is the latest funding round conducted on July 28, 2021, and raised $150 million. 40 investors back Aloglia; some big names are Lone Pine Capital, Accel Partners, and Alven Capital.
Algolia is responsible for 1.5 trillion searches a year, 16 times more than Yahoo and 6 times more than Bing. Now, one out of every eight online users uses this technology.
Moreover, its estimated annual revenue in 2022 is $152.8 million per year ($184,707 revenue per employee). Algolia was valued at $2.3 billion in 2022. Its website growth rate is 14.63%, and employees increased by 26%.
Algolia is the AI-powered, search-as-a-service platform that allows companies to provide an instant, relevant, and impactful customer experience. It is API-first and handles 40 million search queries monthly.
Who are the founders of Algolia?
Julien Lemoine and Nicolas Dessaigne founded Algolia in 2012.
What is the pricing offered by Algolia?
The company has three pricing plans- Build, Grow, and Premium. The Build Plan is absolutely free. In the Grow plan the company charges $0.50 per 1000 search requests and in the Premium plan, the pricing can be customized as per the request.
More and more people are venturing into online businesses today. You may see a lot of homes have been transformed into makeshift storage units to store products for selling on online platforms.
That includes stuff like scented candles, bottled artisanal food, household appliances, beauty products, homemade perfumes, and aromatic oils. People have become entrepreneurial and for a good reason.
Technology and the Internet have made it easy for people to set up shop and venture for alternative income streams. You can easily become a successful online entrepreneur if you have the willpower, vision, and resources.
But what about your home? Not everyone can sacrifice the comfort of their abode for their goals. As you see your business and vision getting more extensive, you might have to give up more of it to keep up.
That’s why keeping certain parts of your online business separate from your home is best. But of all the things you can do that for, storage does offer much more workaround. If you want (or have) to, you can temporarily use some of your space as household storage for your products. Or, you may utilize storage units instead.
This post will explore how you can maximize storage units for your online business. If you need some help as a small-time entrepreneur, here’s what you need to know.
Organizing your inventory makes product management straightforward. Stocks get easier to find, and you avoid overstocking, which is money-saving. More importantly, you can fulfill orders quicker since you can find items fast.
You will also have a higher customer satisfaction rate. That’s because you’ll always have stocks ready for ordering and transit. There’s hardly any need to tell your customers that a product is out of stock when it’s just buried under a massive pile of disorganized items.
Furthermore, organizing protects products from damage and loss, which is critical for maintaining your inventory.
2. Use Shelving and Storage Containers
Shelves are essential for storage. Many items, especially food, shouldn’t be stacked directly on the floor. Because of hygiene reasons, food, even packaged ones, must be kept in pest-proof containers and stacked above ground and away from walls. It prevents contamination and the risk of pest infestation.
Shelves and storage containers keep your products organized and safe from damage like dust, water, and dirt.
3. Optimize the Layout
You must make sure that every inch of available space is utilized efficiently.
One way to do this is to make sure products are arranged based on demand. That means placing high-selling products in a location that is easy to access. Those that aren’t can be placed at the back.
One thing to remember is to leave ample space to move for everyone’s safety and convenience. Consider foot traffic and create a layout for your team so they don’t bump into each other while stocking or fulfilling orders.
It may also help to group similar products. Suppose your online store sells a wide selection of categories. In that case, you can try grouping things like electronics and clothing in separate clusters.
Another strategy would be to place frequently bought items together for more effortless packing.
Ultimately, you’ll know the ideal configurations when you look at your sales reports and trends. Adjust as demands shift.
4. Consider Climate Control
Some products need a consistent temperature and humidity level. You must invest in this to protect your inventory and prevent huge losses.
In particular, these products need proper climate control to maintain their quality, lifespan, and performance and to prevent damage:
Electronics
Liquor
Artwork
Pharmaceuticals
Food and beverages
Cosmetics
For convenience, you can check out nearby storage unit providers to see if they have climate control units.
5. Keep It Clean
This step goes for those who choose to hire storage services for their products.
Before signing the rental agreement, ensure you have checked the cleanliness of the storage facility. Look for any signs of pests or moisture buildup. Before moving your stocks, make sure they turn over the unit to you without a fuss.
Create a regular cleaning schedule. It can help prevent dust and dirt from building up and maintain the integrity of your products. You can also set expectations with the staff concerning the cleanliness standards you want to be enforced on your unit.
For example, eating should be prohibited to prevent attracting insects and rodents. The same goes for storing personal food items inside the unit.
6. Use Vertical Space
Tall shelving can help you make the most out of the height of your storage unit. Just ensure you get ones that can support the weight of your products.
You may also use hanging storage and floating shelves. These are great because they also don’t take up floor space.
There is also modular storage. This type of storage can be customized to fit your requirements. You can add or remove shelves as needed.
Of course, regular stacking always works. Just make sure your stuff stays safe and secure. Follow the first-in-first-out method to get the oldest stocks when fulfilling orders.
7. Label Your Products Properly
Labeling will make your life easier. Ensure all boxes and containers are appropriately labeled with content descriptions and other relevant details, such as stock keeping unit (SKU) and best-by date. That ensures you keep track of expiring items and rotate products appropriately.
Use durable, waterproof labels; they don’t peel or fade in time. It’s up to you if you want white or colored ones.
If you have multiple storage units at your disposal, investing in an efficient inventory tracking system like an RFID or barcode system is smart. With it, items are easier to locate and manage.
8. Use Mobile Storage Units
If your business frequently moves to a different location, a mobile storage unit may suit your business better. It can be leased short-term, typically less than six months, which is more cost-effective if your business is seasonal. There are also flexible terms, like monthly ones, to allow you to rent storage space for as long as needed.
Having sufficient storage space for your online business is crucial to its success. You can utilize storage units if you’re in the early stages of your online venture. The ways listed in this post are just a sampling of the many creative ones you can take to maximize this option.
The financial services industry has been transformed by the advent of financial technology (fintech) companies that leverage cutting-edge technology to revolutionize traditional financial systems. These companies offer innovative solutions that streamline processes, enhance financial inclusion, and optimize operations.
One such company that is a prominent player in this industry is C2FO. It is an on-demand working capital platform that provides fast, flexible, and equitable access to low-cost capital to businesses worldwide.
In this article, let’s explore the story of C2FO, its business and revenue model, its funding details, and more.
C2FO, which stands for “Collaborative Cash Flow Optimization,” is a financial technology company that works towards creating working capital for clients and managing their accounts payable and receivable on demand. It helps companies gain control over their cash flows whenever required. The platform is the first of its kind in the world.
Why Buyers Love C2FO
C2FO – Industry
C2FO belongs to the financial technology industry as it attempts to deal with the issues of the traditional financial market through key technological interventions. Moving at an impeccable pace, the US fintech market is expected to grow at a rate of 8.6% until 2024. Within the fintech industry, the digital payment sector is growing the fastest. The total transaction value in the digital payments segment is projected to reach US$2,041 billion in 2023. The financial technology industry in the US constitutes 57% of the global fintech market.
With more attention and popularity paid to the nuances of the industry like convenience, simplicity, security, transparency, and customization, people are more attracted to the various fintech tools that have been launched in the market in the last decade. With the entire world gearing up for a sea of technological change, the fintech industry is only starting to grow at full throttle in the years to come.
Alexander C. Kemper – Founder, Chairman of the Board and CEO, C2FO
Alexander (Sandy) Kemper holds a Bachelor’s degree in History from Northwestern University. He founded C2FO in 2008, which was then named Pollenware. Currently, he serves as the Chairman of the Board and CEO of C2FO. He is also the Chairman of the Board of The Collectors Fund.
Prior to founding C2FO, Kemper also founded eScout.com, which is now known as Perfect Commerce, and served as its Chairman and CEO from 2000-2006. Apart from his role at C2FO, Kemper is an active angel and venture investor, holding reputed positions on the boards of UMB Financial, UMB Bank, NIC, and Dwolla.
Since C2FO started gaining momentum in their business, Kemper has hired an extremely talented pool of professionals into the executive board of the company who now collectively run the startup to garner better growth prospects.
The leadership team of C2FO includes:
Sanjay Gupta, President, and Chief Operating Officer
Dan Karas, Chief Credit Officer
Raffaele Sadun, Chief Financial Officer
Leslie Olsen, Chief Marketing Officer
Ragui Selwanes, Chief Product and Technology Officer
Colin Sharp, Chief Sales Officer
Bri Simoneau, Chief Accounting Officer
Krissy Young, Chief People Officer
Anne Steinhaus, Head of Product – Platform
David Greer, General Counsel and Corporate Secretary
Aditya Devurkar, Head of Data Science and Operations
Alex Donnelly, Chief Operating Officer, Americas
Chris Atkins, President of Capital Finance and Capital Markets
C2FO – Startup Story
C2FO began its journey by curating an on-demand working capital platform that aligned with accounts receivable and accounts payable for many companies. The primary idea behind the startup was the realization of the importance of maintaining cash flow in businesses and the absence of one such facilitator in the industry. Soon, they created an online space where large corporate buyers could negotiate prices with suppliers for quicker payments in return for feasible discounts. Hence, they were able to help the suppliers receive early payments on their invoices at discounted rates depending on their needs and abilities. Today, they have become the world’s largest platform for working capital, operating in more than 180 countries.
C2FO – Mission and Vision
The company’s mission is to equip all businesses, big and small, with enough capital for their growth. They hope to serve as the right fit in an industry where companies generally struggle to find and access capital at the right place and at the right time.
C2FO – Name and Logo
C2FO Logo
The name “C2FO” stands for “Collaborative Cash Flow Optimization.” The name reflects the company’s focus on collaboration and cash flow optimization, which is at the core of its services.
C2FO – Business and Revenue Model
C2FO operates as a business-to-business (B2B) marketplace that provides a unique approach to optimizing cash flow for businesses without extending actual credit. The company addresses what is known as the “liquidity paradox,” which involves careful negotiation between areas of surplus and deficit funds to facilitate early payment to suppliers in exchange for a discount.
In terms of its revenue model, C2FO primarily earns fees from both buyers and suppliers who use its platform. Buyers pay a fee based on the early payment discount offered to suppliers, and suppliers pay a fee based on the early payment they receive. These fees are typically proportional to the transaction amount, the creditworthiness of the buyer, and the discount rate offered.
C2FO also adopts a collaborative market approach wherein both buyers and suppliers benefit from the deals made. By creating a win-win situation, C2FO aims to strengthen relationships within the supply chain ecosystem while facilitating early payment and optimizing cash flow for both parties.
C2FO’s platform can help clients optimize their cash flow and potentially generate additional profit. The company’s revenue primarily comes from the fees charged for facilitating early payment transactions.
The Federal Open Market Committee voted to boost the overnight borrowing rate by half a percentage point, taking it to a targeted range between 4.25% and 4.5%. Officials have indicated that they expect to maintain higher interest rates through this year, with no reductions anticipated until 2024. As a result, the cost of borrowing for clients may also increase.
Furthermore, supply disruptions and rising inflation are increasing the amount of working capital that firms need, resulting in higher costs and increased risk pressure. In light of these challenges, C2FO may need to curate programs like Dynamic Supplier Finance to reduce the impact and help clients navigate through these market conditions effectively.
C2FO – Funding and Investors
C2FO has received funding from various world-famous venture capitalists and investors. In 2010, C2FO got its first funding from Union Square Ventures. In 2012, it received $9.1 million in funding from the same party, which was used to expand its workspace and create a risk-free profit market. In 2015, it raised $40 million in a round of equity funding led by Temasek Holdings. The fund was used to build upon the existing market domain of the company.
In another round of funding led by Allianz X and Mubadala Investment Company, along with the existing investors from C2FO, the firm completed a funding round worth $100 million in 2018. So as to improve access to working capital as far as the companies are concerned, C2FO went for another round of funding, which was led by SoftBank Vision Fund, through which the company completed the round worth $200 million.
C2FO has only made one acquisition so far. In October 2019, C2FO acquired Priority Vendor, which is one of the largest early payment platforms in India. It was C2FO’s initial step to scale up its global presence. The acquisition also ensured that now C2FO will have more than 200 corporate clients like Acer, Costco Wholesale, Flex, Kellogg’s, Mondelez, Pfizer, and Office Depot.
C2FO – Growth
C2FO had made its own space in the market by 2010. Soon, it had passed $1 billion in payments by the end of 2011. In 2015, with a vision to gear up for growth at the global level, it opened its London office.
In 2015 itself, the company handled more than 8 million transactions a week. The company proudly flaunts that it has generated $210 billion in working capital since its first transaction in 2010. Today, the company serves over 2 million businesses with more than $10.5 trillion in annual sales. Over the years, it has expanded its offices to Europe, China, India, and Australia.
C2FO – Competitors
Some of the competitors of C2FO include:
Taulia
PrimeRevenue
CashFlo
Fundbox
BlueVine
C2FO – Future Plans
In 2023, C2FO aims to expand its product suite to enhance its ability to facilitate working capital for its clients. The firm also aims to address the issues of liquidity in a more nuanced manner so as to propel business further in a positive manner by ensuring that there is better cash flow on a day-to-day basis. C2FO recently got permission to develop a TReDS platform in India. In 2023, C2FO will leverage its understanding of supplier constraints to build upon the TReDS, which will inadvertently benefit various MSMEs that work with C2FO.
FAQs
What does C2FO do?
C2FO is a financial technology company that works towards creating working capital for clients and managing their accounts payable and receivable on demand.
Who is the founder of C2FO?
Alexander C. Kemper is the founder of C2FO. He serves as the Chairman of the Board and CEO of C2FO.
Cricket is a religion in India. The masses love the sport, which has been possible due to India’s constant production of the best of talents and some of the greatest names in world cricket. From Sachin Tendulkar, and Mahendra Singh Dhoni to Virat Kohli – the players have led this growth but the most powerful dominator to drive growth for the game has been possible because of the induction of the biggest cricketing festival on the planet, arguably – The IPL. The Indian Premier League frenzy is back with its 16th season. With back-to-back thrilling matches, the IPL is witnessing its valuations soaring over the years. With an annualized growth rate of 24%, IPL has overtaken the growth rate for NFL team values of 10% and 16% for NBA team values.
The recession-proof T20 league, with an overflowing rake in viewership and ad revenues higher than the previous editions, will most certainly take over the cricketing world.
Here’s the list of Forbes’ most valuable teams of IPL 2023 —
The five-time champion Mumbai-based franchise comes first on the list. With a valuation of $1.3 billion or INR 9968 crore, the Ambani-owned company is sure to grow in the coming seasons.
When the BCCI established the IPL in 2007, Mumbai Indians was the most expensive team to be sold for $111.9 million to India’s largest conglomerate, Reliance Industries, through its 100% subsidiary Indiawin Sports.
MI has won the IPL title for a record-breaking five times in a year— 2013, 2015, 2017, 2019, and 2020, making it the most successful team in the league. Over the years, the franchise has featured players like— Lasith Malinga, Rohit Sharma, Harbhajan Singh, Jayasuriya, Surya Kumar Yadav, Jasprit Bumrah, Hardik Pandya, Ishan Krisan, along with other players who had a crucial role in the team’s success.
With master-blaster Sachin Tendulkar as the franchise’s icon, the Rohit Sharma-led team is ready to reinvent itself with a new approach and strategy for IPL 2023. Currently sitting at 6th place this season, the franchise is confident with its players trained under former South Africa wicketkeeper-batter Mark Boucher the head coach— under veteran all-rounder Kieron Pollard for batting, former Auckland cricketer James Pamment for fielding and Shane Bond for bowling.
With an operating income of $5.5 million and revenue of $33 million, Mumbai Indians will grow in the coming seasons: providing a prime investment opportunity for potential investors.
Chennai Super Kings
Team
Chennai Super Kings
Owner
India Cements
Valuation
$1.5 Billion or INR 9440 Crores
IPL 2023 – Chennai Super Kings, Most Valuable Team
In number two, we have the four-time champion— the Chennai Super Kings (CSK). Owned by India Cements for $91 million, the team currently has an operating income of $14.8 million and a revenue of $41.2 million. With its consistent and massive fan base, CSK became India’s first sports unicorn in February 2022, worth $1.02 billion or INR 8377 crore.
Winning the title four times in 2010, 2011, 2018, and 2021, CSK boasts the record of most appearances in the playoffs (eleven) and the Final (nine) and has the highest winning percentage of 58.98%. Several prominent players like— Matthew Hayden, Muttiah Muralitharan, Brendon McCullum, Suresh Raina, Mike Hussey, Dwayne Bravo, Faf du Plessis, Ravichandran Ashwin, Ravindra Jadeja, Albie Morkel, Murali Vijay, and MS Dhoni—have played their part in making the franchise successful.
Captained by MS Dhoni, the franchise under the head coach– former New Zealand captain Stephen Fleming, former IPL Orange Cap winner Michael Hussey the batting coach, West Indies all-rounder Dwayne Bravo the Bowling Coach and Rajiv Kumar, the Fielding Coach for IPL 2023. Currently ranking at number 3, with three wins and two losses, the Dhoni-led yellow army will remain a force to be reckoned with— both in terms of their performance and financial success.
Kolkata Knight Riders
Team
Kolkata Knight Riders
Owner
Shahrukh Khan, Juhi Chawla, Jay Mehta, Red Chillies Entertainment
Valuation
$1.1 Billion or INR 9029 Crores
IPL 2023 – Kolkata Knight Riders, Most Valuable Team
Shah Rukh Khan’s Kolkata Knight Riders follow CSK to rank third in the Forbes list. The two-time IPL champions— 2012 and 2014, have crossed the billion-dollar mark in valuation and have an operating income of $14.1 million and a revenue of $41.2 million.
Representing the city of joy, Kolkata, this franchise is owned by Bollywood superstar Shah Rukh Khan’s Red Chillies Entertainment in partnership with actress Juhi Chawla and her spouse Jay Mehta for a price of $75.09 million or INR 616 crores in 2007.
With the strong performance of prominent players like Shreyas Iyer, Andre Russell, Sunil Narine, and Shakib Al Hasan, the franchise was successful two times in winning the title. For the 2023 IPL, the team has been training under the guidance of head coach Chadrakant Pandit, former Indian fast bowler Bharat Arun as the bowling coach, and former Netherlands all-rounder Ryan ten Doeschate as the fielding coach. Nitish Rana led the team mentored by David Hussey and is aiming for the top this season.
Lucknow Super Giants
Team
Lucknow Super Giants
Owner
RPSG Group, Sanjeev Goenka
Valuation
$1.075 Billion or INR 8822 Crores
IPL 2023 – Lucknow Super Giants, Most Valuable Team
The newly formed RP-Sanjiv Goenka Group-owned franchise stands at number four in Forbes’ list of valuable IPL teams. In 2021, the Sanjiv Goenka-owned RPSG Group, which previously owned the Rising Pune Supergiant, won the rights to operate the Lucknow franchise at INR 7,090 crores.
Within a year of its formation, the KL Rahul-led team shot into the top half of the valuation rankings after they finished third in the previous season of the IPL, with players like KL Rahul, Quinton de Kock, Marcus Stoinis, Deepak Hooda, and Manan Vohra. Under the mentorship of Gautam Gambhir, former Zimbabwean cricketer Andy Flower as the head coach, South African fast bowler Morne Morkel as the bowling coach, and African legend Jonty Rhodes as the fielding coach, LSG is currently ranking second in the point table with four wins and two losses.
With a valuation of $1.075 billion or INR 8822 crores, the Lucknow SuperGiants are expected to emerge as a significant team in the league.
Initially named Delhi Daredevils, the Delhi-based franchise is co-owned by the GMR Group and the JSW Group and has a valuation of $1.035 billion or INR 8496 crores. Bolt, theElectric vehicles (EV) infrastructure provider, 2022 had signed up to become the principal sponsor for the franchise.
With prominent players like Shreyas Iyer, Rishabh Pant, Shikhar Dhawan, Prithvi Shaw, and Ravichandran Ashwin, the Delhi Capitals have been amongst the most consistent teams in the IPL but have played the final match only once in 2020.
The David Warner-led franchise is yet to win its title.
Training under the former Australian captain Ricky Ponting, who is the head coach, former Delhi Capitals captain James Hopes is the fast bowling coach, and Biju George as fielding coach DC is buckled up for some action this season.
Royal Challengers Bangalore
Team
Royal Challengers Bangalore
Owner
United Spirits
Valuation
$1.025 Billion or INR 8416 Crores
IPL 2023 – Royal Challengers Bangalore, Most Valuable Team
Named after a liquor brand, Royal Challenge, the Royal Challengers Bangalore (RCB) comes sixth in the valuation rankings despite its incredible popularity. During its inception in 2007, Vijay Mallya purchased the Bangalore franchise by paying $111.6 million— the then second-highest bid for a team. And after the 2016’s Mallya scam, the ownership got transferred to United Spirits.
The franchise has an overall valuation of $1.025 billion or INR 8416 crores and produces an income of $36.4 million and a working pay of $9.7 million. Though the franchise ranks low in the valuation rankings, it boasts the most loyal fanbase.
With prominent players like Virat Kohli, AB de Villiers, Devdutt Padikkal, Yuzvendra Chahal, and Glenn Maxwell, the franchise had thrice finished runners-up, and the team holds the records of both the highest and the lowest totals in the IPL – 263/5 and 49 respectively.
Under the Indian all-rounder Sanjay Bangar as the head coach of RCB, former Indian all-rounder Sridharan Sriram as the batting and spin bowling coach, Adam Griffith as the bowling coach, and Malolan Rangarajan as not only the fielding coach but also their talent scout, the Faf du Plessis led team, who came third in the previous season is prepared to redeem themselves and lift their maiden Trophy.
Rajasthan Royals
Team
Rajasthan Royals
Owner
Manoj Badale-led Emerging Media IPL Ltd and Lachlan Murdoch
Valuation
$1 Billion or INR 8210 Crores
IPL 2023 – Rajasthan Royals, Most Valuable Team
In 2007, with a bid of $67 million, Emerging Media Ltd owned the least expensive team in the league. The Rajasthan Royals (RR) has a valuation of $1 billion or INR 8210 crores and has an operating income of $6.6 million and revenue of $31.7 million. Ahead of IPL 2022, the Rajasthan-based franchise signed with Dollar Industries as their principal sponsor for a multi-year partnership.
With prominent players like Shane Warren, Yusuf Pathan, Rahul Dravid, Jos Buttler, Sanju Samson, Yuzvendra Chahal, and Trent Boult, RR has maintained its gameplay and has once won the title– during the inaugural season.
The team is training under the legendary Sri Lankan player Kumar Sangakkara— RR’s head coach, former Sri Lanka fast bowler Lasith Malinga as the team’s fast bowling coach and the former Rajasthan Royals wicketkeeper Dishant Yagnik as the fielding coach. Captained by Sanju Samson for the third time, Royals is topping the points table and will be keen to progress with a second title in the cash-rich league.
Drone Show At IPL 2023 Opening Ceremony | GT vs CSK | IPL 2023
Sunrisers Hyderabad
Team
Sunrisers Hyderabad
Owner
Kalanithi Maran and Sun TV Network
Valuation
$970 Million or INR 7964 Crores
IPL 2023 – Sunrisers Hyderabad, Most Valuable Team
With a market worth of $970 million or INR 7964 crores, Sun Network Ltd owned this 2016 IPL champion with an operating income of $3.2 million and revenue of $31.8 million. The Hyderabad-based franchise was founded in 2012, replacing the Deccan Chargers, and won their maiden title in 2016.
Notable players like David Warner, Kane Williamson, Rashid Khan, Bhuvneshwar Kumar, Jonny Bairstow, Shikhar Dhawan, Pragyan Ojha, and Bhuvneshwar Kumar have assisted the team with their consistent performances over the years.
Trained by the former South African bowler Dale Steyn for fast bowling, former Sri Lankan off-spinner Muttiah Muralitharan for spin bowling,
Former Indian player Hemang Badani for fielding and headed by the West Indies’ veteran batsman Brian Lara as the head coach, the team led by Aiden Markram is all set to claim the IPL title.
Previously known as Kings XII Punjab, the 2007-formed team has never won an IPL. Jointly owned by Mohit Burman, Ness Wadia, Preity Zinta, and Karan Paul, Punjab Kings has the lowest valuation amongst all IPL franchises— with $925 million or INR 7595 crores, they create an income of $31.2 million and have a working pay of $9.8 million.
Though prominent players like Shikhar Dhawan, Kagiso Rabada, Shahrukh Khan, Arshdeep Singh, and Jonny Bairstow have featured in the team, Punjab Kings is yet to make an impact in the IPL.
The Shikar Dhawan-led team will have Trevor Bayliss, the veteran Australian Coach as head coach with Charles Langeveldt, fast bowling coach and India’s highly decorated top-order batsman, Wasim Jaffer as the batting coach for the 2023 IPL season.
Gujrat Titans
Team
Gujarat Titans
Owner
Steve Koltes, Donald Mackenzie, Rolly van Rappard
Valuation
$850 Million or INR 6979 Crores
IPL 2023 – Gujarat Titans, Most Valuable Team
Established in 2021, Gujarat Titans made history in 2022 when Hardik Pandya led Team to win the title in their first-ever season. Presently, in tenth place in the valuation rankings, the CVC Capital Partners-owned team has a value of $850 million or INR 6979 crores. With prominent players like Hardik Pandya, Rashid Khan, and Shubman Gill, the Gujarat-based franchise has begun its race in the IPL. Mentored by Gary Kirsten, who is also their batting coach, and headed by former India fast bowler Ashish Nehra as the head coach, Hardik Pandya led is all set to defend their title in the 16th edition of IPL.
Overall, the Indian Premier League is an amalgamation of India’s diversity, passion for the sport, the commercial narrative that the game has laid on India’s business ecosystem, and most importantly – an incredible showcase opportunity for entrepreneurs and startups as more startups get the exposure and the world as their stage, plus an incredible opportunity to network with some of the greatest names in business and cricket – the Indian ecosystem will be a winner, always. Not crocket, not startups – but the whole economy!
FAQs
Which is the most valuable team of IPL in 2023?
Mumbai Indians, owned by the Ambanis is the most valuable team of IPL in 2023.
Which is the lowest-valued team of IPL in 2023?
Gujarat Titans are the lowest-valued team of IPL in 2023, valued at $850 million or INR 6979 crores.
Who owns Royal Challengers Bangalore after the Mallya scam in 2016?
After the Mallya scam in 2016, the ownership of Royal Challengers Bangalore got transferred to United Spirits.
What are the 10 most valuable teams of IPL 2023?
Here’s the list of Forbes’ most valuable teams of IPL 2023 —
This article has been contributed by Chetan Paliwal, Vice President of Insurance Products, Pazcare.
Creating sufficient insurance solutions and implementing them with the necessary penetration poses significant challenges for insurance companies and their distribution channel partners, such as agents and brokers, when insuring small businesses.
The key challenge lies in the diverse risks that small businesses face, combined with their limited awareness of them, which often makes them ineligible for insurance coverage. Despite efforts by insurers and distribution partners to increase awareness, low premiums and limited remuneration for brokers and agents can make it financially unviable for them. This results in a classic scenario where demand exists but supply-side constraints create a mismatch, leaving small businesses largely uninsured or inadequately insured.
Below are the major risks that need to be insured in order to protect small businesses and ensure the continuity of their operations.
A Fire incident on a small business has a multi-fold impact as they can lose most of their capital, which is in the form of stocks, machinery, fittings, and other immovable assets.
To protect this, fire and allied perils insurance coverage provides coverage for loss due to fire, flood, other natural disasters, terrorism, and other similar perils.
The cost of covering all the above risks for a shop owner or retailer is approximately 0.1% of the value of the assets on an annual basis.
The regulator is also pushing for reforms to make insurance more accessible. Thus, they have also asked insurance companies to launch standardized coverages like Bharat Sookshma Udyam Suraksha, which covers businesses with total assets of up to ₹5 crore, and Bharat Laghu Udyam Suraksha, which covers businesses with total assets valued between ₹5 and ₹50 crore.
Burglary and Theft Incidents
Burglary and theft incidents are also very rampant in small businesses, and that can have a financial impact if the raw material stock or finished goods stock is lost.
To protect against this burglary and theft, insurance coverage provides coverage for losses due to these risks.
The cost of covering all the above risks for a shop owner or retailer is approximately 0.2% of the value of the assets on an annual basis.
Death or disability of the employee due to an accident while working on the premises.
Worker’s Compensation Insurance: This policy is for employers when they provide compensation to their employees in case of accidents that happen while they are on the job. It covers employees in the case of diseases, bodily injury, disability, or death caused due to accidents in the course of employment and helps them get the care they need. By doing this, it enables employers to meet the requirements of the Workmen’s Compensation Act and protection from lawsuits. The cost of covering all the above risks for a shop owner or retailer is approx. 0.05% of the value of the overall payroll of employees on an annual basis.
Group Health Insurance: This is a health insurance plan that covers the employees of an organization under one policy, where the premium is borne by the employer. The coverage can be taken for their dependents, such as spouses, children, and parents. The cost of covering all the above risks is approx. 1%–2% of the value of the overall limit required on an annual basis.
Death or Disability of the Owner
The owner or proprietor typically takes business loans on their personal liability. In the event of the death or disability of the owner or proprietor due to any injury or ailment, the personal liability would have to be paid by the dependents.
Term life insurance for the promoter or owner would help in the above scenarios where the value of the term insurance can be kept as outstanding loan value so that in case of any eventuality, their dependents can square off the loan with that insurance claim so that business continuity can be ascertained to the extent possible. The cost of covering all the above risks for an owner or proprietor is approx. 0.1%–0.0.2% of the value of the overall limit required on an annual basis.
Thus, with the above-mentioned various insurance solutions, small businesses can also be adequately covered and prevent losing their capital, thereby ensuring business continuity.
Professionalism is important for any startup business to establish client trust and leave a great first impression. When people perceive your business as professional, it means that they can vouch for the excellent quality products and services you can provide. For consumers, it could mean you’ve become more credible, authoritative, and dependable than your competitors. In return, you’ll have more sales and profits.
If you want your business to achieve this, below are some clever approaches to make your startup look more professional.
1. Create A Professional Business Website
This clever approach can make your startup look more modern and professional. You can use your website as an avenue to highlight your portfolio, products, solutions, and expertise. It’s also a way to promote your brand using digital marketing strategies. But what makes a business website look professional?
Check the following tips to create a professional business website:
Ensure Security:Make sure that your business website has security features, such as secure socket layer (SSL) encryption or HTTPS.
Privacy Policy:The most reputable business websites have a privacy policy, along with terms and conditions. All of these things explain to online users what you do with their information and their responsibilities too.
Not Too Advertorial:Avoid having too many ads or advertorial content on your website. Instead, make it more informative and worthy of reading to draw organic traffic and build trust.
2. Set Up A Booking Plugin
Do you have a law firm, private clinic, gym, spa salon, barbershop, or any other service-related business? If you do, then it’s a must to consider installing a booking plugin to make your startup business more professional.
If you’re offering services, setting up a WordPress booking plugin or any appointment feature on your website is a good idea. You can also use a booking app compatible with all mobile devices to allow your clients to set up an appointment easily and quickly. It’s a good way to show how much you respect people’s time by deploying an appointment system or tool to avoid long wait times in your office.
The best features and benefits of a booking plugin include the following:
Automated Appointment Setting: A booking plugin can determine if your schedule for a particular date is already filled or not. It automatically closes the time slot and notifies the user accordingly to set an appointment for another available schedule.
Built-In Notification Or Alert System: All clients who have set up appointments will receive a reminder via email or text message. In this way, your customers will show up on time to avoid business disruptions and ensure a consistent flow of income.
Appointment Tracking: Booking plugins or appointment software apps have intuitive dashboards, allowing business owners to monitor foot traffic in real time. You can determine your projected revenue based on the number of set-up bookings too when using this tool.
3. Make Your Office Look Modern
A modern office looks professional in every sense. So, it’s crucial to plan the overall design of your office carefully to show that you mean serious business. Take a look at these modern office design tips to make your office look professional:
Choose Ergonomic Furniture:Make your employees and customers more comfortable and productive by choosing ergonomic furniture. For instance, ergonomic chairs can help prevent back pains and other musculoskeletal health issues from long hours of sitting.
Invest In Modern Office Equipment:Startup businesses should invest in high-quality office equipment for a more productive work environment. Modern office equipment is reliable, fast, and easy to use. Some examples are hybrid computers, audio-visual equipment, and voice-over internet protocol (VoIP) phones.
Advanced Amenities:A professional business office has a high-speed internet connection, reliable telecommunications, and smart security features. In addition, safety and hygiene features, such as automatic alcohol dispensers and mobility devices (like ramps, and wheelchair lifts) also help show people that you value their health and safety.
4. Uniformity And Consistency
There are many things that you can associate with uniformity and consistency as excellent approaches to make your startup company look more professional. Here are some ways to show these great business qualities in your startup:
One Online Profile:Using only a single profile for your social media business fan pages or accounts looks professional. People can easily distinguish your business because of the consistent profile photos they see. Hence, this tactic helps build your business’s trustworthiness and good reputation.
Branded Merchandise:Whether you’re planning to use branded merchandise items as giveaways or prizes for your social media marketing campaigns, printing your business logo on them is a good idea to show your professionalism.
Wear Uniform: Wearing uniforms is a professional way to represent your business at trade fairs and other corporate events. Like branded merchandise, it’ll help boost consumers’ awareness and familiarity with your brand.
Maintain Product And Service Quality:One of the best approaches to make your business look more professional is maintaining the excellent quality of your products and services consistently. While you innovate and improve your products and services, make sure that you keep what your loyal customers love about your brand.
5. Use A Toll-Free Number
Toll-free numbers don’t charge your customers when they call. The most successful businesses have toll-free numbers because having one looks professional. A toll-free number tells people that your business is legitimate. Unlike in the past, setting a toll-free number is now a lot easier. Here’s how to get a toll-free number for your business:
Find A Reputable Service Provider: You might want to contact your existing service provider to ask if they offer toll-free numbers to get the best deals.
Check And Compare Packages: When comparing plans or packages, make sure to check the features you need, such as auto-attendant, call forwarding, and caller ID.
Choose A Toll-Free Number:Service providers usually allow their clients to choose their toll-free numbers upon setting up their accounts.
Conclusion
Making your startup business look professional can provide rewarding benefits for your business. You’ll have more traffic, leads, and sales. Showing business professionalism can make your brand highly favored by consumers. So, the key to attaining these goals is to showcase your professional consistency by implementing the most effective approaches discussed above.