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 MOHA.
Silver is renowned for its spiritual properties. The scientific facts also prove that there are incredible health benefits of wearing silver jewelry. Silver metal is quite malleable, lustrous, and soft. Its properties of being high lustrous and reflective make it perfect for jewelry. It can be molded into beautiful designs and are can be carried with elegance. Silver Jewelry is no less than a style quotient. It can be seen in the statistics for the demand for silver jewelry. The demand for silver amounted to 1.8 thousand metric tons in 2021.
MOHA is a designer silver jewelry brand founded by Geetanjali Gondhale. Read the startup story of MOHA by Geetanjali, its vision, business model, and more.
Moha is an 8-year-old designer silver jewelry brand with the vision of makingethical jewelry using natural materials. At Moha, they sync with the ever-changing market demands and abreast with every woman’s changing lifestyles along with modern sensibilities and traditional aesthetics. We blend tradition with research and innovation with a promise to create and deliver unique designs.
Moha is a trendsetters in its journey. We have revived a few product segments like Silver Bugadis, Ear Cuffs, and Trendy Nath’s for everyday use. These were instant hit which was then followed by a lot of other brands.
At Moha, they believe in telling stories with our designs. They choose topics and motifs which tell stories and stir nostalgia. Their constant effort to reach their ideal consumer has led to a lot of modification and adaptation in jewelry forms.
There are some practical aspects to the silver jewelry market. The market is mostly under a very unorganized sector with very few trusted brands that can be hand-counted. Moreover, very few designer brands sell customized unique silver jewelry against the readymade traditional pieces available in the market.
Moha’s vision is to enable women to be confident and beautiful and connect emotionally. They aim to craft environmentally sustainable luxury designer jewelry.
MOHA – Industry
Silver jewelry consumption in India has increased to INR 5 billion and is expected to grow over INR 6.1 billion by 2021. Silver in India comes next to gold in the jewelry buying preferences of Indians. With the current downward spiral of the gold jewelry market due to high prices, silver is the newfound love of Indians. The shiny metal has been able to hold its price and even seen appreciation at a time when gold has been continuously losing shine for the past 2-3 years.
Silver jewelry exports have witnessed a sharp increase in the last few years due to rising overseas demand. This has helped the Indian industry to cater to bulk export orders from overseas markets. With an uptick in the jewelry designing skills in the country, orders have been flowing in from overseas buyers. These were earlier going to manufacturers in Italy and other countries. The Indian market is also very competitive as the manufacturing cost is 40% lower here.
MOHA – Founder and Team
Geetanjali Gondhale is the founder of MOHA. She is theChief Designer and CEO of the Silver jewelry startup.
She has completed her BCom. She has attended IIMB Goldman Sachs 10K fellow, ISB 10k Ambassador program. She is a passionate designer. She has earlier worked for Tata Communications and Newtons Apple.
For the first 2 years, she was doing it all alone but now there is a team of around 13 people in and out of the office and 6 people who are a part of the workshops they hold. Moha team consists of people who are well dedicated and help to bring the startup vision into the real world.
MOHA – The Idea and Startup Story
The brand Moha was conceptualized and initiated in Goa. Whenever Geetanjali wanted to buy silver jewelry, she would tirelessly roam around to find that perfect piece and then think about how she would have made a more beautiful design out of it. She was always passionate about craft and wanted to do something like that. Thus, the idea of crafting designer silver jewelry took shape. However, she wasn’t aware of what exactly needed to be done in this direction. At that point, she had no answers to even simple questions such as how to make the jewelry, procure raw materials or find buyers. It took 2 years of research and hard work to learn the nitty-gritty. Her determination and perseverance led her to several people who helped her answer her queries and achieve design and manufacturing consistency in Moha.
MOHA – Name and Logo
She wanted the name and logo to stand out and have a story behind them. “Moha” comes from the name of the tree mostly worshipped by various tribes in India like the Kalpavriksh. It caught her attention because of its aesthetic. The jewelry they possess is also unique from what we wear. It speaks about their tradition and ethnicity. The word Moha means desire and who wouldn’t want to look desirable or indulge in some Moha-Maya?
MOHA – Products
Moha Silver Jewelry
MOHA is a brand that creates silver jewelry and design various ornaments right from scratch. The process is simple but definitely nerve-racking. Initially, they pick up on a theme that could be based on inspiration or motives. This includes a lot of research and studying various intricacies. They draw up designs and once finalized, these are rendered and made into master files. Once that is done, a step-by-step routine of molding and amending is followed. This is the process they follow to make a variety of jewelry.
Moha is different from its competitors due to various factors. First, they love designing patterns and drawing up sketches for jewelry. Second, no one feels complete without jewelry since it’s an essential accessory. What makes Moha products unlike any other is that you blend with its uniqueness.
MOHA – Business Model
It’s a very basic and to-the-point business model. They make aesthetic and beautiful jewelry and sell it directly to the customers and make sure they love it!
Getting the first 50 customers for your startup is a bliss! The hacks we used to acquire their first user and then customers were mostly from Facebook. Social media really helps your business to take off. The first 50 customers were mostly friends and well-wishers who were happy to support what the founder was doing. During the initial month, Geetanjali got the opportunity to participate in the Saturday night market in Goa where her designs were appreciated by many people. It gave her confidence and made her realize that people like what she is doing and so, why not continue with what makes her happy!
MOHA – Promotions
MOHA started participating in Group Exhibitions in different cities, but the crowd was too distracted by other brands. Their attention span towards Moha was diluted. Then they decided to do solo exhibitions and promote it through Facebook and local newspapers which helped us to create curiosity around the brand and its recognition. They always wanted people to take the brand seriously, so they put in all their efforts on that. Right from professional shoots to maintaining the quality of each piece coming out of the furnace, everything was thought through and serious efforts were taken to execute it.
MOHA – Challenges Faced
Learning the process of making jewelry was a difficult task since the founder doesn’t come from this background. It was a bit of a struggle to understand the basics. Another hurdle that she faced was getting the designs from paper to metal, it took a lot of effort to learn the process and find the right people to do it. It was difficult but not impossible. Mistakes were made; problems took place but that’s how you grow. In her Moha startup journey, she came across a few nice people who liked her ideas and designs and shared their knowledge of “How to”. This is how she was able to learn the process from start to finish.
MOHA – Achievements
They do a lot of theme-based design collections. They started with a collection; a series dedicated to the love of Goa. The designs were based on the pre-Portuguese aesthetics of Goa. People loved it and this gave them the confidence to do more including designs inspired by Harappa, Gunjan, Kosh, Ashtamangal, Maheshwar, Sanchi, etc. More concepts are currently in the pipeline.
MOHA is a bootstrapped company and would like to remain so. The growth of startup is an achievement as well. She started this jewelry business alone and have a good team now. They love designing as much as she does. Above anything, the most important achievement is that we are making beautiful, appealing, and decorative jewelry.
MOHA – Work Culture
Since it’s a small company, they have focused on creating a very homely environment. The work culture is such that nobody takes it as a tedious job. They have the passion and the thrill to design jewelry and understand exactly what is being looking for. Majority of the workforce is women, which gives a sense of empowerment. They share a common love for many things such as food. To build motivation for the team, they arrange outdoor activities and the amount of fun therein truly makes it feel that the team is the perfect fit for Moha.
MOHA – Competitors
Competition is always healthy since it keeps us on our toes and pushes us to come up with original ideas. There are a few players that have helped MOHA to go beyond limits such as CaratLane, Amrapali, and Quirksmith who create and design beautiful silver jewelry. Their competitors motivate them to bring the A-game.
MOHA – Future Plans
As of now, they expect the team and the business to gradually grow. The future plan is to see the sales and inventory on an upward trajectory. They are learning as they grow.
FAQs
Who is the founder of MOHA?
Geetanjali Gondhale is the founder of MOHA.
What are the popular products in MOHA silver jewelry?
Taskade is an all-in-one task management tool that is developed to help you keep track of your to-do list. It is available as a mobile app as well as a browser extension to assist you in organizing your tasks.
It is designed to manage your daily tasks, write notes, organize projects, and collaborate with your team. It was founded by John Xie, Dionis Loire, and Stan Chang in 2017. They believe that the future of work is remote, asynchronous, and real-time.
The app stores the tasks online and thus, allows the user to access them from anywhere across the globe. Further, it allows you to track your progress in real-time.
The idea behind Taskade is to bring all the tasks and notes of a team into a unified workspace. This will allow the teams to get the work done together, faster and smarter.
Taskade was built to help the teams stay competitive in the modern workplace. This app aims to cut down unnecessary friction in planning, organizing, and decision-making.
The app has received a 4.5-star rating on Capterra, G2, Producthunt, and a few other similar authentic app reviewing websites.
In this blog, we will discuss in detail the various features of this app and also its pros and cons.
As per their website, Taskade is designed to serve a number of purposes for different works and professions. The different features of this app are:
Taskade Website
1. To-do list: Whether it is a daily task list, your weekly goals, or a long-term project Taskade helps you keep track of everything. Not just this, you can list your work in the order of priority and also share the information with your team in real-time.
This helps you to keep everyone in the team updated about the changed priorities and remind them of their current tasks.
You can also make to-do lists for your personal tasks to make the most out of your day by always knowing what to do next.
2. Mind mapping: Mind mapping helps you retain information better by visually connecting concepts to help your brain remember ideas through association. It aids in understanding complex concepts by breaking them into small pieces.
The mind-mapping feature of Taskade will note down your ideas as soon as they arrive giving you an opportunity to capitalize on inspiration.
Taskade lets you switch between multiple project views. It lists down your thoughts via list view and toggles to your mind map view to visualize your ideas in a mind map.
3. Multi-tasking: Taskade helps you to organize and manage your tasks and project from start to end. It maintains multiple tasks together and breaks down complex tasks into smaller segments so they can be finished on time.
It lets you manage your limited resources to juggle multiple tasks in terms of their priority and complexity. It uses advanced task management features alongside a basic to-do list to track and check the completed tasks.
Taskade’s customizable board views include a list view, board view, mind map view, action view, and an organized chart view.
4. Collaboration: Taskade puts everything online you can access and manage your task from any corner of the earth. Moreover, Taskade helps you collaborate with your team on different projects and set due dates for your projects.
It helps you maintain a firm relationship with your team irrespective of where you are. It has free unlimited video conferencing and video chat features available on it. Moreover, setting meetings through Taskade is easy, so you would not need an IT expert. It works across the devices and thus, saves your time and energy.
Uses of Taskade
Although this app can be used by anyone looking to organize their work with the features mentioned above a few specific professions can draw more benefit out of this app in comparison to others. These include:
1. Remote work: Taskade allows the team members working remotely to work in collaboration in real-time. It brings the projects on one platform and allows the teams to Sync up, hold meetings, meet clients, share projects, assign tasks, track progress, etc.
The design of the dashboard is simple that allows the user to manage all the tasks with ease. It enables the user to organize tasks, write notes, and collaborate together from any location.
2. Startups: Startups can use Taskade for free by simply logging in through your Google account. It allows the team to stay onboard as all the team members are able to see the tasks assigned to other team members and also participate in the management of tasks.
3. Non-profit: Taskade offers free project management and collaboration software for non-profit organizations.
Like any other organization, NPOs also face issues in managing teams and projects. Taskade helps them with multiple aspects such as event planning, managing volunteers and fundraising activities.
It is designed to work efficiently to enhance the productivity of the teams without raising the costs as the tool is free for non-profit organizations.
It helps in managing the projects and task lists by using customizable board views. Further, free and unlimited chat and video conferencing are available on the app that allows the teams to collaborate in real-time without any trouble.
4. Education: Taskade for education is a simple tool to keep up with the schedule. It helps the students in staying organized and keeping track of their assignments, projects, and homework, all in one place.
It is a completely free application without any in-app purchases or hidden fees. The app also allows you to create beautiful structures and timelines for your assignments. It provides you with an option to add links, photos, and even voice-overs to your assignments.
Students can also collaborate with their classmates making projects less tedious and lonely. The app allows the students to assign due dates and comments to their assignments so they can stay organized and on track.
5. Designers: Taskade helps the designers to map out design roadmaps and visualize their workflow. With its collaborative features and multiple project views Taskade also helps to collaborate, discuss, and craft the design idea.
The app lets you visualize your next idea before you actually start building it. This allows you to explain the whole process to your team without any confusion or mistakes, letting you stay focused.
The multi-user collaboration feature lets you work on group projects with ease.
6. Developers: Mapping your workflow from ideas to action can be difficult. It is built to help with agile development by letting you complete all the requirements in a timely fashion.
When all the activities listed in the plan of software development i.e. coding, testing, and feature polishing are complete, the product is ready for release.
7. Marketers: As a marketer, there is a multitude of things to plan before you begin. You will have to identify your target audience, determine your marketing concept, get the right creative team, and accomplish several other tasks.
Taskade helps you to plan and organize your campaign by staying in collaboration with your team and tracking the progress. Taskade also allows you to develop a budget calendar and save the campaign from the financial crisis.
Taskade provides you with the productivity and collaboration tools for marketing campaign planning, to create, plan, automate, and run them efficiently.
8. Writers: Taskade helps the writers to organize their writing by helping them in drawing outline ideas, notes, and tasks. This helps you to plan strategically and overcome issues such as writer’s block.
It also helps you to store notes that might be helpful in later stages of writing such as editing and proofreading. The outliner feature helps you to organize your text better.
9. Thinkers: Taskade helps you to structure your ideas. This tool lets you map out your ideas and thoughts to enhance your creativity. You can jot down the ideas quickly and empty your head making space for more ideas.
It gives you more time for brainstorming so you can create your own new ideas. It also makes you more productive by reducing distractions.
Pros of Taskade
Important pros of Taskade project management tools are:
Taskade is a team tool that helps manage work and internal as well as external projects in collaboration
It has the built-in video call feature which is missing in most project management tools.
The user interface of Taskade is simple, easy to use, and intuitive.
The tool is well structured for multiple workspaces to help different teams/ team members to work together.
The app is equally stable on mobile as well as on the laptop. Further, it supports all major platforms like Windows, macOS, iOs, and Android.
It allows you to separately organize the personal and business space. You can have separate to-do lists.
The app is quite flexible and allows multi-tasking while giving you a variety of perspectives for a task.
There are no extra functionalities that make it simple and less confusing.
Cons of Taskade
Here are a few cons associated with this app:
The billing system is slightly complicated.
The 2-way calendar sync provided works only with Google.
It doesn’t allow you to create recurring tasks/task dependencies.
There is no option to move a task to another list.
Conclusion
The best part about Taskade is its simple and easy-to-use UI. Features such as video calls and chats make it rather easier to collaborate with your team in real-time. Moreover, the application is flexible and works well on different systems.
Still, there are certain drawbacks that need to be taken care of by the company such as a complex billing system.
Overall, the app is good and allows you to take care of your personal as well as professional works and projects. We recommend Taskade to anyone who is struggling with multi-tasking, collaborating with their team, and looking for a simple solution to their complex tasks.
FAQs
Is Taskade Free?
Taskade has free and paid versions both. The free version has all the essential features that a team needs.
What is Taskade used for?
Taksakde is used by remote teams to organize and manage tasks effectively.
Is Taskade available for Android?
Yes, Taskade is available for both Android and iOS.
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 Samsung.
In the middle of World War 2, when the nations were fighting for their alliances, there emerged a small trading company named Samsung Sanghoe in the Empire of Japan (today’s South Korea). Starting as a business that deals with groceries, fish and noodles, Samsung widened its path into various industries. The company has now become the most popular and successful conglomerate brand worldwide.
Samsung’s steady growth and expansion strategies has given the company the 8th highest global brand value. One of its subsidiaries, Samsung Electronics, was ranked 15th in the Fortune Global 500 list for 2021. The beginning of Samsung, its entry into the conglomerate industry, hardships faced during wars and the success it gained despite these challenges are all so uplifting. Read further to know the complete success story of the Samsung Group.
Samsung is a multinational conglomerate company based in Seoul, South Korea. The company was founded by Lee Byung-Chul in 1938. It was initially established as a trading company. The company today operates various businesses like shipbuilding, telecommunication, healthcare services, hospitality, clothing, construction, entertainment, etc., through its subsidiaries.
Of all the businesses it runs, Samsung is well-known for its Electronics and Home Appliances. The brand’s mobile manufacturing comes under this division which is controlled by Samsung Electronics Co. Ltd. It is one of the most valued brands worldwide. The Samsung Group contributes more than 15% of South Korea’s GDP.
Samsung – Industry
Samsung belongs to the conglomerate sector which refers to a multi-industry company. In other words, a conglomerate company is the one that runs different independent businesses under its control. Such companies are huge and multinational.
The United States has the most number of conglomerates followed by India. Usually, the US and the European companies are the ones to top the list of ‘World’s Largest Conglomerates’ in terms of market value. But the research shows that Asian companies are on the rise in recent years. As of April 2021, Reliance Industriesis said to be the world’s 2nd largest conglomerate company with a market value of $164.9 billion as reported by Statista.
Samsung – Founders and Team
The following are the founders and key people of Samsung Group:
Lee Byung-chul
Lee Byung-Chul – Founder of Samsung
Lee Byung-Chul is the founder of Samsung. He was born in Uiryeong, South Korea on 12th February 1910. Byung-Chul belonged to a wealthy family and is considered to be one of the most successful businessmen in South Korea. He established Samsung in 1938 and led the company in an efficient way which in turn made it the largest business group in the country. Lee Byung-chul passed away on November 19, 1987, at the age of 77.
Lee Jae-Yong
Lee Jae-yong – Vice-Chairman of Samsung Electronics
Lee Jae-yong is the grandson of Byung-chul and is currently the Vice-Chairman of Samsung Electronics. He succeeded his father Lee Kun-hee in 2020. Jae-yong earlier served as the Chief Customer Officer and Chief Operating Officer of the company. He is considered to be the fourth wealthiest person in South Korea. Lee Jae-yong was convicted and arrested on the grounds of corruption and was released in 2021.
Jong-Hee Han
Jong-Hee Han – CEO and Vice-Chairman of Samsung
Jong-Hee Han is the new CEO and Vice-Chairman of Samsung from 2022. He earlier served in several executive positions in the company. The company said that Jong-Hee would lead the new SET division of Samsung which brings TVs, electronics and mobiles under its management.
Kye-Hyu Kyung
Kye-Hyu Kyung is the president and another CEO of Samsung. He is said to head the Device Solutions division of the company. Dr. Kyung was the CEO of Samsung Electro-Mechanics between 2020 and 2021. He was a part of Samsung for 30 years and is known to be an expert in semiconductor designs.
Samsung – Startup Story
Samsung, when it was established in 1938, wasn’t meant to be a leader in electronics or a conglomerate company. It was started as a small trading company that deals with groceries. Lee Byung-chul procured and exported noodles and other goods to China. The company was then named ‘Samsung Sanghoe’ and functioned with around 40 employees. This was the start of one of the largest conglomerates in the world.
Samsung – Mission and Vision
Samsung has a mission “to devote its talent and technology to creating superior products and services that contribute to a better global society.” The company wanted its customers to receive only the best products and services. It is determined to achieve that quality by using its finest resources, both human and technology. Samsung follows strict ethical values and a code of conduct in all its operatives across the globe. It believes that innovation and intelligence combined with good values result in good business and this serves to be the vision of the company.
The logo that Samsung uses currently is the one that was enhanced and improved in 2005 from its previous ones. It was carefully assessed and redesigned based on how human eyes would judge them. Everything right from the color, design, letter spacing, height and letter sharpness were taken into consideration. The company’s motive is to possess a logo that gives visual harmony to the people. Samsung has changed its logo six times over the years since its inception.
Samsung Logo Changes
Samsung – Business and Revenue Model
Since Samsung is a conglomerate entity it is involved in various business operations. Like any other business, Samsung sells its products and services either online or through offline platforms. The company’s areas of operations include electronics, home appliances, advertisements, shipbuilding, engineering and construction, life insurance, biopharmaceuticals, and healthcare.
Samsung generates the majority of its revenue through its electronics and semiconductor business. The product quality and its cost structure are the major success factor for the company’s growth. In 2021, Samsung’s Semiconductor business turned out to be the biggest revenue generator followed by smartphones and display panel businesses.
Samsung – Funding
Since Samsung has an 84-years long history most of its businesses were funded by the parent company or its affiliates. However, Samsung Electronics received two rounds of funding in 2017. The first round of funding went through on May 29, 2017, and the company raised $447.5 million through the round Samsung Electronics Supplier Financing Fund.
Samsung Automotive Innovation Fund round is the second one that was held in September 2017, where the company raised $300 million.
Samsung – Acquisitions and Investments
Samsung Group has made hundreds of acquisitions and investments over the years. These investments by Samsung are made by its subsidiaries through which the company runs its entire operations. The electronics division has made 37 investments and 46 acquisitions whereas Samsung Ventures has made 256 investments in startups.
Investments
The following is the list containing some of the recent investments by the subsidiaries of Samsung group in several of their related businesses.
Date
Company Name
Invested Amount
June 21, 2022
NeuReality
–
May 11, 2022
Carbon Clean Solutions
$148M
May 3, 2022
SLAMcore
$16M
April 20, 2022
Double Me
$25M
April 7, 2022
DigiLens
$50M
March 22, 2022
Yug Labs
$450M
March 29, 2022
Jaguar Gene Therapy
–
March 14, 2022
Raven
–
February 17, 2022
DiaMon Tech AG
$5.2M
December 28, 2021
FloatMe
$16.2M
November 10, 2021
TriEye
$74M
November 4, 2021
DigiLens
–
September 29, 2021
QC Ware
$25M
September 21, 2021
HomeCourt
$25M
September 14, 2021
XPerience XR
–
July 26, 2021
Lucid Motors
$4.5B
June 23, 2020
NexAtlas
$200K
January 28, 2020
Directly
$20M
November 27, 2019
42Maru
$89K
October 15, 2019
Antaria
–
Acquisitions
The following are some of the most significant and recent investments of Samsung Group:
Date
Company Name
Amount
April 2022
Bioepis
$2.3B
January 13, 2020
TeleWorld Solutions
–
January 28, 2019
Corephotonics
$155M
October 17, 2018
Zhilabs
–
March 6, 2018
Kngine
$275K
November 28, 2017
Fluenty
–
July 10, 2017
innoetics
–
June 16, 2017
VRB
$5.5M
February 15, 2017
Melaud
–
February 3, 2017
Perch
–
November 23, 2016
QD Vision
–
October 5, 2016
Viv
–
August 14, 2014
SmartThings
$200M
January 2013
NeuroLogica
–
May 9, 2012
mSpot
–
Samsung – Subsidiaries
Samsung runs its conglomerate business operation through 12 of its major subsidiaries. Here is the list of those companies:
Samsung Electronics
It serves to be the forerunner for the entire Samsung Group. All the consumer electronics and home appliances like TVs, ACs, refrigerators, smartphones, semiconductors, etc., come under this division. It serves to be the leading revenue generator for Samsung.
Samsung Electro-Mechanics
This company manufactures mechanical and electronic parts for various companies. Its products include parts for mobiles, chips and camera modules.
Samsung SDI
Samsung SDI is involved in the production of energy solutions like rechargeable batteries for various electronic materials. It was established in 1970.
Samsung SDS
SDS stands for Samsung Data Systems which provides IT solutions and various technical outsourcing services. It is establishing itself in Artificial Intelligence, Blockchain and various other recent technological developments.
Samsung Engineering
Samsung Engineering was earlier known as Korea Engineering which was established in 1970. It is involved in the design and execution of chemical, petrochemical, oil refinery, fertilizer and power plants across the globe.
Samsung C&T Corporation
This is a construction company that was responsible for building various popular structures and civil projects across the world. Burj Khalifa, Petronas Towers and Mersey Gateway were all built by Samsung C&T Corporation.
Samsung Everland
It has been the subsidiary of Samsung C&T Corporation in December 2013. This company deals with food, textile, fashion and resort businesses. It operates in more than 50 countries.
Cheil Worldwide
Cheil is an advertising agency under Samsung Group and is one of the world’s largest in terms of revenue. It is known for its creativity and has several big companies like Coca-Cola, Nestle, Adidas, Microsoft, etc. as its clients.
Samsung Life Insurance
Samsung Life Insurance is a Fortune 500 company and is the largest and most valuable company in South Korea. It offers health and life insurance and annuity services to people.
Samsung Heavy Industries
Shipbuilding is the primary activity undertaken by Samsung Heavy Industries. It is reported that around 30 ships are being launched every year from its docks. The company’s other activities include procuring and transporting heavy machinery for various industrial and construction activities.
Samsung Fire and Marine Insurance
This company is involved in providing insurance and financial services for transportation and business activities. It provides automobile insurance, general insurance, enterprise risk management insurance, etc.
Samsung Biologics
Samsung Biologics is a biopharmaceutical company that develops medicines and antibodies for various diseases. This company has an R&D center in California and has obtained several ISO certifications.
Samsung – Growth
Samsung’s Revenue Growth
Samsung was involved in the trading business for 12 years until 1950 when the Korean war broke out. After the end of the war in 1953, Byung-chul decided to expand the business and focused on textiles. As a result, he started a woolen mill which was the biggest in the country at that time. The industrialization of that period and the government’s Protectionist policies helped him in boosting his business.
Samsung started acquiring diverse businesses by the late 1950s and took over three large banks in Korea, an insurance company, an industry that manufactures cement and fertilizers, department stores, an oil refinery, etc., over the years. It was only in 1969 that Samsung entered the electronics industry. Today the growth of Samsung Electronics is astounding. It tops the global rankings in mobile phones and electronics. The company also entered the telecom business in 1980.
After acquiring a lot of businesses, Samsung started creating subsidiaries to group those companies for efficient management. The death of its founder Lee Byung-chul in 1987 led to disagreements in management and Samsung was separated into five groups. Each group went away with its related industry where Samsung Group held back its electronics business in addition to the construction, security, energy and insurance business.
The company started to focus on electronics and semiconductors after its separation. It innovated and introduced many equipment and devices which helped Samsung achieve a successful reach in the global market. Samsung also stepped into the aerospace industry in 1999 and is involved in the production of aircraft engines and gas turbines.
Before establishing its smartphone unit in 2007, Samsung started developing its set-top box technology. The first Samsung smartphone was released in June 2009 and within 3 years of its introduction, in 2012, Samsung Electronics became the largest producer of smartphones in the world. Then the company started creating more benchmarks and achieved many milestones in smartphone production and sales. Today, Samsung has the world’s largest mobile manufacturing plant which is located in Noida, India.
Samsung – Challenges Faced
Samsung was accused of several labor abuse and child labor law violations. Few of the suppliers of Samsung were brought under this allegation. The company investigated the matter and terminated business relationships with those suppliers that were confirmed to be violating laws.
In 2012, Samsung was taken before a court of law by Apple for the infringement of six of its patents. Apple claimed damages for $2.5 billion. Samsung, in return, accused Apple of violating its patents. Finally, it was ruled that Samsung had to pay damages of $1.05 billion and also said that Apple did not violate any patents. The ruling also rejected Apple’s plea to ban the selling of eight models of Samsung phones.
A major challenge that Samsung faced was after the death of its founder Lee Byung-chul in 1987. The company was split into five groups. Despite the hardships, Samsung focused on the growth strategies with the industries under its management and established itself as a global brand.
Samsung – Competitors
Since Samsung is a conglomerate company it has numerous competitors in all the industries of its business. Here are a few of its top rivalries:
Apple
As we all know, Apple is a popular brand that is involved in the manufacture of consumer electronics like mobile phones, tabs, laptops, etc. There have been direct conflicts between Apple and Samsung nevertheless they have a great competition among their products.
LG Corporation is another multinational conglomerate from South Korea similar to Samsung. LG is popular for its TV, computers, vehicle components, and other home appliances. This company is the second-largest manufacturer of TVs in the world. The first position is retained by Samsung.
‘Together for Tomorrow’ is a new vision that Samsung has announced in 2022 for building a sustainable future. With this initiative, the company is planning on building technology that leaves no footprint or less impact on the environment. Also, higher attention would be paid to the disposal of products after use. The company is also aiming to reduce carbon emissions from its plants.
Samsung is also on the move to nullify the power consumption of its TVs and phone chargers during standby. These devices are said to consume power when they are switched on and not in use. By 2025, Samsung is determined to reduce its device’s standby power consumption to zero.
Samsung wanted to fulfill the diverse needs of its customers. To achieve this the company is researching ways to provide a customized experience for its users like modifying the devices that suit their lifestyle. Samsung has made an announcement on this at its recent CES 2022 event.
FAQs
When was Samsung founded?
Samsung was founded in 1938.
Who is the founder of Samsung?
Lee Byung-Chul is the founder of Samsung.
Who are the top competitors of Samsung?
Some of the top competitors of Samsung are:
Intel
Apple
LG Electronics
What is the revenue of Samsung?
Samsung’s global revenue is $244.4 billion in 2021.
What is the number of employees working for Samsung?
We are living at a time where startups are playing a crucial role in every country, they are turning into industrial giants that are taking the name of their country further and boosting their economy as well. Now, for any business start-up, the most crucial step is to organize funds so that they can take the business forward.
Arranging for funds, however, can become a nightmare for many entrepreneurs. Being an extremely important part of establishing a successful business, even minor mistakes made, while presenting your idea can lead to the loss of prospective investors and hence hinder the path towards the foundation of a successful business.
This list here comes to your rescue, by putting down mistakes to avoid during pitching. In this article, we will explore some vital points that will help you during the pitching of your business to investors.
If you want someone to invest in your startup the first step is to get to know them well. Do your research before approaching the person or organization. Some mistakes to avoid during pitching to investors for your business. There is no need to get personally close all you need is the small official details about their area of work so that you can use it to your advantage while pitching.
Few points to consider while knowing an investor
Make a note of the different ideas that they have invested in earlier to find out what type of work they prefer to invest in. If you ask a person operating food chains to invest in a software business there are huge chances of you being rejected, so knowing your investment is extremely critical.
2. Work on Your Pitch
A chance to pitch can come up anywhere, a party, elevator, or on public transport. However, in these situations, there isn’t enough time at hand so reduce the length of your pitch. Ideally, try keeping it a minute or two long.
Most people start losing interest after a minute, hence, make the pitch small and effectively highlight all the attractive and remarkable points so that the investor is intrigued in doing business.
3. Focus On Your Presentation
Usually, start-up organizations end up putting all their points and ideas into a presentation hoping that the investor will be impressed, but a presentation filled with too many words will cause more harm than good.
When presenting, keep in mind that your slides only have a gist of the plan of action. It should be short, crisp, and to the point like your pitch. Try to wrap up your presentation in 12 to 15 minutes. Generally, you will get only half an hour with the potential investor including the time for Q&A, therefore, use the time wisely.
Main points to remember while preparing for the presentation
4. Present Your Business Plan
The pitch and presentation won’t be of any use if the business plan is not thoroughly laid out. If the business strategy does not highlight the goals of the start-up along with the expected revenue, size of the target market, and description of the start-up management team, the investors will not be convinced. The important point is to make them realize how strong the business is.
5. Increase Your Investor’s Interest
Every person wants to start a new company to provide people with better facilities and give them something but that’s not how an investor would think. An investor will only agree to fund a business if he is sure of gaining a profit; hence, you need to make sure that you mention your expected monetary gains for the next few years.
6. Make Your Proposal Unique
Sending your proposal to every potential investor through email in the hope of getting a response will not yield any results because investors are swarmed with thousands of proposal mails every day, so the chances of getting a call are very slim. You need to find unique ways of making your proposal stand out so that it can invest your potential investors.
7. Be Humble
When you land an interview, with a potential investor, be humble. Let them ask questions. If any flaws are pointed out in your model or plan, accept them and find ways to improve them. The investors have seen their fair share of business proposals and the advice they give will be beneficial.
Do not be stubborn and keep an open mind while answering. The reason an investor ask questions is that they are interested and wants to make sure that they are putting money in the right place.
8. Avoid Exaggerating
Exaggerating financial gains and lying about them is going to get the proposal rejected instantly. The investor will want to know exactly where and how much money is being spent. If you get caught while lying, it could make a big opportunity slip through your fingers.
9. Do Not Show Desperation
The funds are extremely important for the survival of the business. There might be an urgent need for the funds but showing that desperation to the investor would be a wrong call. Confidence is crucial and you must possess that regarding your business idea as it is very crucial.
10. Do Not Be Overconfident
Even though being confident is good, being over-confident and bragging about the growth and profits of the business will drive the investor away. This will give them the impression that you are not realistic and will get you rejected. Try to be subtle while approaching potential investors.
Conclusion
It’s always challenging to pitch your ideas to Investors as an entrepreneur. Focus on numbers while presenting your story in front of investors. Don’t forget to share the marketing plan. Otherwise, practice your pitch and dress well. Prepare yourself for your next pitch, while keeping the above points in mind.
FAQs
How do we find investors for business?
Look for relatives and friends who are interested in your business, private investors are also there to choose from, crowdfunding platforms can also be used to find investors.
Can we pitch an idea to the company?
Yes, an idea can be pitched to the company but with the proper showcase that fulfills the criteria of that exclusive firm.
How can we convince the investor?
Investors can be convinced in many ways, some of the most common techniques to follow are to have a clear business plan with proper knowledge about its type of audiences, market conditions, and competitors. One also goes ahead with the convincing part by asking for the guide from the investor itself.
How to approach an investor?
Approaching an investor seems bigger task than actually dealing with an investor. One can always take the help of any intermediate party available, or the best approach for an investor is to go with the means of asking for a guide rather than directly coming up with the investing part.
Every side hustle begins with a concept. Because a lack of excellent ideas is a common complaint, we have compiled this massive list of side hustle ideas to help you get your creative juices flowing.
So, there won’t be more excuses!
The beauty of these side hustle ideas is that they don’t always need a large upfront expenditure or even a highly specialized skill set. Not all of these are “business ideas,” but they all have the potential to make you money in your leisure time.
Believe it or not, the gig economy is really taking up the world by storm. Especially during the pandemic period, many people adopted the gig economy, wanting to work from the safety of their homes. What’s the best thing about the gig economy? You can work from anywhere, at any time and work on projects that excite you.
2. Public Notary Service
States issue notary certification, which usually costs less than 2000 INR. Once you’re certified, you may either charge your own fee to notarize papers, or you can work as a loan signing agent.
3. Grocery or Food Delivery Service
You can deliver groceries and take-out meals in your area on your own time with businesses like Swiggy, Dunzo or Zomato.
4. Real Estate Rentals
Real estate investment is one of the most well-known and well-established side hustles. Platforms like NoBroker, CommonFloor and MagicBricks make it simple to find and purchase income-generating homes that already have tenants and property management.
5. Teaching English Online
There are many websites that look out for ‘at home’ tutors to teach different online courses to kids and adults alike, so, you can easily take up one of these as a side project and earn money while teaching from the comfort of your own home.
6. Use Etsy to Sell Crafts
Etsy is a great platform for people to sell handmade crafts and other items, if you are good at crafting, hand knitting or embroidering, selling these products on Etsy is a great way for you to earn some money on the side.
7. Write and Sell an E-book
Writing a self-published e-book to sell on Amazon is a popular side business option, especially for bloggers or those who already have a following.
8. Sell or Conduct Online Seminars and Workshops
Turn your skills into a side income by selling online courses or seminars if you’re an expert in your area or have other relevant life lessons to impart.
9. Rent Your Parking Space
Rent a Parking Space
Most societies come with a free parking space when you rent an apartment in any one of them. If you don’t own a car yourself you can easily rent that parking to anyone who needs it more than you and earn some money on the side. This is one of the perks of the sharing economy, where people rent living space, pool their car or rent a parking space.
10. Rent a Spare Room In Your House
If you own an apartment and don’t use all the rooms, you can easily get a flatmate and rent out the spare room. You could also list your home on Airbnb or on other couch surfing platforms to earn monetary benefits on the side.
11. Re-Sell Preloved Items
Re-selling pre-loved items, be it clothes, shoes, bags 0r furniture is another great way to earn some extra cash while you focus on your daily tasks. Selling these items on the side ensures that you have some money to spend luxuriously and also keeps your home clutter-free.
12. Take Tuitions
Teaching is one of the greatest ways to earn some extra cash on the side. You can put in an advertisement for the subjects you want to teach and get leads that will help you earn some money on the side.
13. Teach an Art Class
If you are good at artwork, painting, drawing or crafting, you can start giving art lessons to kids and adults alike and gain some extra cash on the side.
14. Teach Music Lessons
Similar to art classes, if you are nuanced in the art of music, you can easily start your own side hustle by teaching music lessons or instruments to interested candidates.
15. Sell Handmade Crafts
Handmade items are really popular at this time, be it for home decor, personal care or fashion. So, it will be a great choice to start selling your own handcrafted products. You can sell them online on Etsy or social media platforms, like Facebook and Instagram or set up stalls in exhibitions or fairs to bring in more sales.
16. Become a Virtual Assistant
Many large organisations and high-level leaders are hiring virtual assistants to outsource administrative chores as the workforce becomes increasingly distant. This sort of part-time side hustle might be a simple method to generate extra money in 2022 while staying at home if you have the necessary talents.
17. Offer Your Services for Assembling DIY Furniture
There are people in this world who aren’t really fond of DIY and assembling DIY furniture. So, offering your services to do that for them will not only help you earn some cash on the side but also build contacts for future references.
18. Monetize Your Instagram Account
Using effective hashtags and creating compelling content may help you grow a large social media following. You may start generating money by monetizing articles and taking on advertisements after you reach 10,000 followers.
19. Become a Tour Guide
If you live in a place with heavy tourist footfall, becoming a tour guide is a great idea. You’ll be able to travel and make new friends while earning a few extra bucks on the side.
You can offer your gardening and lawn mowing services to people who own big gardens but don’t have the time to maintain them. Thus, you can start your own gardening business as a side hustle.
Perhaps one of the quickest ways to earn some extra cash, babysitting is pretty much the go-to option for the younger generation. List your services on a babysitting platform or spread the word and start from there.
23. Sewing
If you are someone with great sewing skills, starting your own sewing business on the side can be the perfects start to bringing some extra cash home.
24. Become a Part-Time Events Planner
Parents are seeking virtual kid birthday party ideas, as well as how to hold birthday parties amid the COVID epidemic. Consider becoming a party planner to ensure that celebrations are held without a glitch.
25. Create Templates and Worksheets
People keep looking for editable templates for PPTs, worksheets and even portfolios. So, you can start creating your own templates. You may charge a tiny price for each download and run this side business entirely from home, whether it’s a geometry study guide or a financial planning spreadsheet.
26. Become a Freelance Make-up Artist
If you love the glamour of makeup and are proficient in the art, you can start offering freelance makeup services for special events, like weddings, birthdays or receptions.
27. Offer Services for Exhibition Management
If you are fond of large-scale events and exhibitions, start offering your services to hosts and participants. You can stand at the counter as a sales associate or manage the food and beverage sections.
28. Write and Edit Resumes
If you have a knack for creating winning resumes, this is the side hustle for you! Start offering your resume writing and editing skills to people for a small fee and start your side business.
29. Sell Digital Designs
Create digital designs, such as holiday card templates, downloadable art, or resume graphics, to sell online at sites like Etsy for a low-maintenance side income.
30. Offer Consultation
If you are an expert in a field, you can start consulting advice-seekers as a service and earn a few extra bucks.
31. Become a Part-Time Yoga Instructor
If you are keen on fitness and yoga is your medicine, then spreading the joy to others is a good idea. You can become a certified yoga instructor and start giving yoga classes to earn some extra money.
32. List Yourself as a Handyman for Hire
If you’re very skilled, you can make money by being a house-call handyman who can help with odd projects around the house, such as fixing drywall or unclogging a drain.
33. Rent Out a Storage Space
Renting storage spaces has become extremely popular in recent years, especially due to the Work-From-Home scenario, brought on by the pandemic. If you own an unutilized space, you can give it for hire to people who need it and earn some extra cash out of the deal.
34. Become a DJ
If you are fond of music or have an ear for good tunes, showcase your skills as a DJ by night (or day, if you so wish) and make it the side business you do during free hours.
35. Make and Sell Soaps
Handmade Soaps
Handmade soaps are really popular and extremely easy to make. All you need to do is get a soap-making kit, look at some tutorials and start creating amazing soaps that you can sell from home.
36. Register on Amazon Seller Services
On Amazon, you can sell anything, from old books to household stuff. Create your Amazon seller profile and start selling to earn extra cash on the side.
37. Become a Travel Agent
If you know a thing or two about travelling then start helping people plan their vacations and earn some cash on the side.
38. Buy and Sell Domain Names
It’s very easy to buy a domain name, build it up a bit and sell them at a profit to people you need it. And what’s even better? You can do this from the comfort of your home.
39. Edit Videos
If you are a genius with digital software and love to edit videos to make them more appealing, make it your side hustle and earn some cash doing it for individuals or companies.
40. Sell Unwanted Products on Facebook Marketplace
If you have items at home that you don’t need anymore and are eager to get rid of, list them on Facebook’s Marketplace for sale and earn some profit from them.
Many clinics pay people to donate blood 0r plasma and if you meet the criteria you can do the same to earn some cash on the side.
42. Become a Wedding Planner
Wedding Planner
If you have the right skills and can easily build contacts, you can become a wedding planner and earn some cash on the side by making people’s wedding dreams come true.
43. Rent Your Specialty Gear
You can put your equipment for rent to make some extra money on the side, whether it’s a heavy-duty pressure washer or a set of skis and poles. It can even be a camera or a highly-advanced printing system.
44. Provide Printing Services From Home
If you own a good printer and are good with digital technology, you can start providing people with printing solutions by printing their documents on your printer for a tiny fee.
45. Sell Used Items on eBay
Rather than donating or discarding old goods, such as the dining room light fixture you changed, consider selling them on eBay first. You never know who could be looking for something antique!
46. Design and Sell T-shirts
If you love to design new things you can start by creating cool T-shirts and selling them. All you need to know is a good screen printing unit that can print your T-shirts.
47. Become a Referee
Local parks and recreation centres employ referees to make calls during minor league games and other events.
48. Take Paid Online Surveys
You may earn an additional hundred or so bucks every month just by conducting surveys or viewing movies online.
49. Start a Subscription Box Business
Subscription Box
You can generate some extra income by creating and selling your own personalised subscription boxes online using different platforms. This can be done whether you have a knack for putting together the best snack boxes or you have a passion for selecting the best beauty products.
50. Become an Uber Eats Driver
Uber Eats
Those looking for a simple side hustle that offers a flexible schedule may want to consider food delivery using a service such as Uber Eats.
51. Sell Personalised Products Using a Cricut DIY
With the assistance of the Cricut smart cutting machine, you can easily personalise just about anything, including candles, centrepieces, party invitations, totes, wall art, and a great deal more. This customization capability could quickly develop into a lucrative idea for a side business for you to pursue.
52. Establish a Business as a Moving Company
You can get started in the moving business by securing jobs if you have a truck and a few friends who are strong. You can establish a solid reputation in the community and launch a profitable side business in a matter of a few short months.
53. Sell Photos
You can make a little extra money with your photography skills and a nice camera by taking portrait-style pictures for your friends at church or licencing them through a photo-sharing website. All you need is some photography experience and a nice camera.
54. Dig Out Snow
If you live in an area that gets a lot of snow, you might find that starting a snow shovelling service in your neighbourhood is a good way to quickly gain customers and extra cash.
55. Get a Real Estate License
“Because there are a lot of moving parts, players, money, and legalities involved in buying and selling homes, competitive real estate agents are most often in it full-time,” explain Jen and Josh Horner, Realtors at RE/MAX Utah. But, if you decide to secure your real estate licence and devote your time to making real estate solely a side hustle. They caution that you should evaluate not only the costs of starting up the business but also the number of transactions that would need to be completed in order to not only break even but actually turn a profit.
56. Write Down Interviews
You can get paid to transcribe audio files on sites like Transcribe Anywhere. You can create your own schedule and work as much or as little as you want.
57. Design Theatrical Houses
Have an eye for interior design? Staging homes for a small fee could be a fun way for you to make money on the side. Start out by getting to know real estate agents and listing agents in your area.
58. Use Your Car to Sell Advertising Space
How cool is it that you can make money by selling advertising space on your car? Using a site like Wrapify to sell advertising space on your car could be a great way to make extra money if you live in a densely populated area and drive a lot.
59. Get Paid to Perform Weddings
You can get ordained online, and each wedding you officiate will earn you a few hundred dollars.
60. Make a Living as a Personal Trainer
You could charge your friends or trainees per workout to get some extra cash.
61. Try Lending Person to Person
Websites like Lending Club that let people lend money to each other can help you make money off of your savings. You can put money away for other people to borrow, and they will pay you the interest directly.
62. Start a Pet-Sitting Business
If you like animals, you might like taking care of them while their owners are away. Pet-sitting is a business that is getting more popular day by day.
63. Use the Web to Sell Graphic Design Skills
If you love design, you could start a graphic design side business to help people. Build a website to show potential clients what you can do, or just list your services on a site like Fiverr.
64. Hold a Car Wash Once a Week
Set up shop every Saturday at a busy grocery store during the warmer months so people know where to find you. To get them to come back, promise to have their car washed and ready before they leave.
65. Sell Things You’ve Baked
As a fun side job, you could set up a booth at your local farmer’s market and sell freshly baked goods.
66. Wash High-Rise Windows
This is one of those dirty jobs that aren’t too hard to do if you have a tall enough ladder, but most people would rather pay someone else to do it. This makes it a good option for a side job.
67. Get a Job as a Mystery Shopper
One of the most fun ways to make money on the side is to sign up to be a “mystery shopper” on sites like Bestmark. It’s a great way to make a little extra money and get a lot of cool perks, like free dinners.
68. Prepare People’s Tax Returns
Companies will hire more tax preparers during tax season to help keep up with demand.
69. Become a Sign Spinner
They are also called sign walkers, sign wavers, and sign twirlers. Many businesses still pay people an hourly rate to hold signs at busy intersections.
70. Start a Business of Painting Houses
Put together a group of experienced painters who can help you finish any painting jobs you get.
Get paid to proofread and edit the college essays of high school seniors who are about to graduate.
72. Start Your Personal Shopping Service
If you have a great sense of style, it’s likely that someone you know would pay you to help them shop.
73. Use Kickstarter to Get Money for Your Idea
Start a Kickstarter page, and your cool idea for a side job could start making you money right away.
74. Start a Blog
Even though this won’t make you money right away, with time, good SEO, and a loyal following, you can turn a blog into a profitable side job in 2022.
75. Take Care of Social Media Pages of Businesses
If you know how to plan Instagram posts or run a Facebook page, you might be able to make some extra money by selling your social media management skills.
76. Get a Part-Time Job Delivering Packages
Companies like FedEx and UPS hire seasonal workers, which can be a great way to make some extra money on the side.
77. Sell Snacks to People at Work
Keep a full snack bin in the company kitchenette and charge a small amount per package on the honour system. You’ll make more money and get extra credit from your coworkers.
78. Start House Sitting
If you can do it often enough, house-sitting is not only a fun and relaxing way to make money, but it could also save you money on rent.
79. Start Tuition Business
If you tutor as a side job, you can make a lot of money, especially if you’re good at math or did well on your LSATs.
80. Join a Clinical Trial
Some medical centres will pay you to take part in clinical studies if you meet the requirements for that study.
81. Start a Laundry Service
Laundry Services
If you live in an area where most people don’t have washers and dryers at home, you can make a lot of money by starting a side business that delivers washed and folded clothes.
82. Work With Senior Citizens
Hire yourself out as extra help for old people. If you have a degree as a nurse, you can make a lot of money. Even if you don’t, you can still help by going grocery shopping with them or cleaning their house.
83. Sell Handmade Goods on Amazon
You can become a seller on Amazon Handmade, which is similar to Etsy but has the easy-to-use features that Amazon is known for.
84. Start an Accounting Business
As a side business idea, you can keep track of expenses for small businesses. This is different from being a personal assistant, and you don’t need a degree in accounting to do it.
85. Start Cooking Classes
If you know how to cook well, you could host a class at your house and charge some money per person to pay for supplies and your time.
86. Write YouTube Scripts
People who make videos for YouTube and other sites will pay you to type up the audio so that it can be uploaded along with the video. Depending on how fast you can type, this side job can make you a lot of money.
87. Try to Impersonate a Celebrity
If you have a costume that lets you look like a famous person, like Elvis, Obama, or one of the Disney princesses, you can use sites like Fiverr to sell your services and make some extra money.
88. Make a Living as a Life Coach
Selling your time and skills is one of the easiest ways to start a side business. As a life coach, you can do just that by using your real-life experiences to help guide and support clients who need your help.
89. Start an On-Call Grooming Service
As a side job, you can start a mobile pet grooming service with a few supplies and a positive attitude.
90. Cook or Do a Meal Prep
So many things can be done to turn cooking or baking into a side job. If you love to cook, become a private chef or offer to make meals for other people.
91. Sell Used Clothes Online
Sites like thredUP and Poshmark make it easy and profitable to sell your old clothes online as a side business in 2022.
92. Do Garage Sales
Sell your own stuff to start. Then, to make it a real side job, offer to run yard sales for your friends and family in exchange for a cut of the money they make.
93. Get Paid to Test Websites
You can get up to 5000 INR per test if you look at websites and give your feedback on them on sites like User Testing.
94. Start Selling Food
Set up a table or booth in the park and sell your homemade food for the money. This is one of the best ways to earn side income without investing a huge amount of money.
95. Start a Business Doing Calligraphy
With some practice, you can make about 200-500 INR per envelope.
96. Create a Podcast
Podcasting
Start your own podcast and talk about things that are of interest to you. For downloads, you can charge a small fee.
97. Become a Brand Ambassador
The perfect idea for people who live on or near a college campus and want to make some extra money.
98. Get Money for Downloading Apps
You can make money by downloading and using apps on sites like Feature Points. This is a simple idea for a side job that you can do from home.
99. Do Data Entry
Many offices, like doctor’s offices, will pay skilled typists to add handwritten information to digital databases in a correct way.
100. Become a YouTube Channel Host
With YouTube’s revenue-sharing programme, you can make money if you get a lot of people to watch your videos. YouTube is an interesting platform because it is both a search engine and a viral engine. This means that there are two ways to get found on YouTube. You might not even have to be in the video.
Now that you have these many ideas to work with, go ahead and make a few extra bucks by picking out any one of these.
Freelancing, Public Notary Service, Grocery or Food Delivery Service, Real Estate Rentals, Renting Parking Space, Re-Selling Items, Taking Tuitions, Monetizing Your Instagram Account, and Offering Law Mowing/Gardening Services are some of the best side income ideas.
What are some passive income ideas?
Affiliate marketing, selling courses, investing in stocks, starting a blog, and dropshipping store are some of the best passive income ideas.
So, you have got a website that is successfully registered with a particular domain name and is hosted for the audiences. Here’s when you think of changing your domain name, but you are unsure whether or not it would be a wise decision!
Stop! Never decide on it on your whim, rather you can take help from the internet and the viral articles that are knowledgeable too. Such articles/blogs will direct you with the same, just like this StartupTalky article, which will help you understand domain changes and whether they will impact your SEO.
Do you want to change your domain name? In this article, we’ve explained how changing domains can affect your SEO, along with detailed steps to change it without compromising your hard-earned link juice!
Does Domain Name Change Really Impact the SEO Performance?
Domain changes are seldom required, but they are also required at some times for some businesses even after they are registered with one of the best domain registrars. Such a change is mostly needed by the companies if they are merging with another company or are looking for another more relevant domain name. Though none of the companies would want to risk their online visibility, brand image, or marketing and SEO, they simply rethink at times whether it would be wise to change their domain names.
Now, if you are in one such position where you have hosted your website with the help of a reputed hosting company and are wondering whether changing the domain would affect your SEO performance, then the answer is nothing but a YES!
Changing the domain name would make it harder for the Search Engine, its crawlers and the audiences to find your website. However, it is also true that the change in the domain name shall not erase what you have done in terms of SEO for your brand. So, how far can domain changes affect the SEO?
Okay, let’s check it out below!
How Far can Domain Changes Affect SEO?
When you intend to buy a domain name from some of the best domain marketplaces and use it as your new website name, you might wonder whether or not it is a wise thing to do.
When you change your domain, your SEO will suffer to a certain extent. Some pages are likely to drop in rankings right after moving to a new domain, but the effect should be temporary if done correctly.
That’s why changing domains shouldn’t be done on a whim. It takes careful planning and time. If you change your already high-ranking domain to a new one, you will have a significant drop in SEO and overall organic traffic volumes. This means that all the links on your site under the old domain will no longer work. Thus, the content cannot be ranked.
Luckily, there are some steps you can take when changing domains without affecting your SEO.
How to Change Domains Without Affecting SEO?
Let’s break down some actions you should take when moving from one domain to another:
1. Check the New Domain’s History
You could skip this step if you purchased a new domain name. This step applied when you bought an existing domain either from a domain auction or someone else.
You’ll want to go to archive.org to receive the web pages’ history report on the domain name. Here, make sure that there wasn’t any spam or low-quality content.
To get an entire in-depth history, you can use Ahrefs’ Backlink Checker tool. You should also use the Google Search Console to see how well Google ranked the previous web pages or whether they had any penalties before.
2. Back-Up Your Website
The next step is to back up all the files on your site. This is to avoid any data loss as you migrate your site’s content from one domain to another.
You can also do a website audit where you list all your inbound links to minimise the loss of those good links. This can be done by going to your Google Search Console and clicking on the Search Traffic section on the left side menu. You can then export the links you want to keep as your records.
3. Implement a 301 Redirect
You should create a 301 Redirect. This is necessary to drive traffic from your old domain to your new one. It’s a crucial step in maintaining your search engine rankings and for Google to understand that your site’s content was permanently moved to a new address and name.
To do this, you should have access to your server’s .htaccess file and use the wildcard process. Once you’re in, simply replace the old domain with the new one. You can find more specific information depending on your hosting provider.
The transfer process will take up to a few weeks, but you can accelerate the process by doing the next step.
4. Inform Google About the Changes
Using the Google Search Console, head to the Change of Address tool and add your new domain to inform Google that your domain name has changed. Google will then update your domain in their system and migrate everything to your old domain name.
Ensure that everything has appropriately moved. All your links should be resolved and have a 200 OK status code written next to them. Make sure that all the redirects are 301 and not 307 or 302.
5. Submit Your New Sitemaps
Your new site will need a sitemap to represent all the pages on your site. Once you’ve identified the importance of all your pages, you should code your URLs. You can use tools like Sublime Text to help.
Once you’re done, head over to your Google Search Console and click on your website on the sidebar. Then head to the Sitemaps section and remove your old sitemaps. Then on the Add, a new sitemap, and hit input. Finally, click Submit once you’re done.
6. Test Your Website
Once the domain change is complete, you’ll want to double and triple-check everything to make sure it’s working correctly. You can manually do this by typing in both the old and new domain names in your browser.
You can also use Google Analytics to see if it’s appropriately tracking your website under the new domain. Head to the Site Content section and search for any pages with “Page Not Found.” If there are any, that means something went wrong with your redirects.
Using the Google Search Console, head to the Coverage report to see any errors on your website. It will also automatically inform you via email if there are any significant issues with your new domain.
Should You Go For Domain Name Changes?
Domain name changes for a brand almost always falls under the list of the strict no-nos. Here, if you are thinking of improving your SEO performance by changing your old domain to a newer one, then that is an absolutely unhealthy idea for your website.
Now, if you also find out a domain name that fits the domain you work in and the products/services you provide, then also, you shouldn’t opt to change your domain name. In such cases, you might enjoy a short hit in your organic rankings, but that will eventually dip far lower than you can probably think of if you don’t support the same with adequate strategies. However, if you need to change your domain name anyhow and the reason is compelling, then do it at your own risk, but keep the aforementioned strategies handy to get over the marketing woes.
Why is Strong SEO Crucial?
SEO is crucial because it helps your website become more visible on the search engine result pages. SEO and domain names complement each other, as you’ll see in the these couple of reasons below:
Branding – As your domain name is unique, it can be used to build your brand. Your domain name will then help your SEO because of its unusual name.
Business or location-related TLDs – Having specific TLDs that focus on what you do or where you’re located makes it easier for your SEO to rank your website higher in the particular location or business extension.
Conclusion
Now you know how changing a domain name affects your SEO and its benefits when done correctly. We’ve also explained the steps to change your domain name without affecting your SEO. So, if you ever decide to change your domain name, you know what to do now.
FAQs
What is a domain name?
A domain name can be described as the name of the website. This name comes right after “www” or after “@” in an email address.
Is domain name needed for a website?
Domain names are crucial for a website. It serves as the identity of the website on which the online visibility of the individual or the business as well as its marketing depends. Every website is registered with a particular domain, which needs to be done for all of the websites.
Why should you not change the domain name of your website?
If you’re thinking of changing your domain name, then don’t. These are the reasons that will make it challenging if you change your domain name:
Changing your domain name will adversely affect your SEO
It will make the website less recognizable by the audiences
It will make many links inside it invalid
Changing the domain name will make it difficult even for the Search Engine and its crawlers
It might also impact the reputation of the brand/website
It is a customer’s natural instinct to read a product description before buying it. especially when they are buying the product from an online website. This is because they need to be sure of the product, its ingredients, and its functions before purchasing it. Customers cannot be sure of the product quality just from a bunch of random information. So, they will always want to read product descriptions before making a decision on them.
No matter how well-made the product is, someone cannot buy it if the product description is not clear. You need to have a very crisp yet informative description for your products as an optimized product description ensures high sales for your eCommerce store.
This article will guide you on how you can write product descriptions for your eCommerce store in the most optimized way.
What Is a Product Description and Why Is It Important?
A product description is a piece of information that describes the product’s features and benefits. An optimized product description should have a list of ingredients or materials regarding the product in order to attract potential customers and boost sales.
It is essential to have a product description for all the products on your eCommerce store. It is what will convince potential customers to buy your product and thus, aids in increased sales. People often think that a bunch of factory specifications is enough but it is not. You need to write a piece that contains well-organized and relevant information.
An optimized product description shows your potential customer the value of your products. If you write it well, anybody reading it will know exactly why they should buy it. Besides, you should also add what problem your product solves. Potential customers often look through products for a solution to a personal problem. Your product will sell more if your product description is clear about what problem it solves.
How to Write a Product Description for Your Ecommerce Store?
Global Retail Ecommerce Sales from 2016 to 2021
Writing an optimized product description is crucial for an eCommerce store. The following steps will guide you on how to write a product description for your eCommerce store:
Determine the Target Audience for Your Product
Every product does not have the same target audience. You cannot write a product description about a blanket the same way you write it for a dress. Somebody looking for a blanket is looking for comfort and good sleep. While someone looking for a dress is looking for style.
Thus, when writing a product description, you need to keep in mind who is your target audience. This will help you include key points in your product description, adhering to their needs and wants. Potential customers will lean towards your product once they read about it and know that it can fix their problem.
Add All the Features and Specifications of the Product
As a seller, you are obviously aware of all the features and specifications of your product. But the customers are not. So when writing a product description, make sure you write all the basic features and dimensions of the product. Besides, we suggest you mention how to use the product as well.
However, along with this, you also need to add what is special about the product that makes it different from its competitors. This will make your product description stronger.
A potential customer should know all the key features and benefits of your products. They will lean towards buying a product once they see that it can improve their quality of life.
Optimize the Product Description for Search Engines
Search Engine Optimization (SEO) is the best way to attract traffic to your eCommerce store and your product description can help you do that. You can aim for high ranks on search engines by including keywords in your product description.
Keywords are words that potential customers search online. For instance, a person looking for a black shirt will search, ‘black shirts for men’. Or a person looking for hair care products will search for something like ‘hair-fall control shampoo’. You need to include keywords like this in your product description. These keywords will vary from product to product. You will have to do research about the keywords regarding different products. But in the end, it will rank your products high on search engines. Thus, better potential for increasing revenue.
Avoid Unnecessary Information in the Product Description
Customers do not have the time to read unnecessary information in your product description. They just want to know the features and benefits of the product. If you write unnecessary phrases that do not add value to your product, the person reading it will get bored and most probably will lose interest in your product too. So we suggest you be smart with your description writing and avoid any kind of unnecessary information.
So, what you can do is add an expert’s approval comment in your product description or you can even say it is tested by professionals (making sure that you actually get it tested). An even better trick is to add customer reviews in your product description. Potential customers love to see that other people like them have benefitted from using the product. It develops a sense of trust among the customers toward your eCommerce store.
Amazon Product Description Example for Ecommerce Store
Make the Product Description Easily Scannable
People have short attention spans. They do not have the time to read everything that’s on the product page. They will only read about 16% of the content. So, your product description needs to cover that 16% effectively.
You can make that possible by making your product description easily scannable. Easily scannable basically means that it is crisp. It means that the buyer will be able to find the information they are looking for without having to read unnecessary things. You can do that by using bullet points, headings, short paragraphs, different sized fonts, and leaving enough spaces. This will make the description easy to read and understand and thus, reduce the chances of your eCommerce store losing a potential customer.
Just writing a good product description is not enough. It should be accompanied by good-quality images. About 63% of customers have more trust in product images than in the product description. Good images of the product let the potential customer imagine what the product will look like in real life. Thus, you must make it as appealing as possible.
For instance, if you are selling a mobile phone, you need to add pictures of the front view, the back view, close-ups of the cameras, and the sides. The front view will convey the screen quality of the mobile. At the same time, the back view will convey whether the mobile can withstand a heavy fall. Along with that, the close-ups of the cameras will reveal the camera quality. The close-ups of the sides will tell the potential customer whether the phone is sleek or not. Thus, if the potential customer has a preferred size, camera quality, and sleekness, they can check that easily.
Similarly, for any other product, good images are necessary. They basically say everything about the product without saying anything. You can also add a few features of the products in the images. Since people like to see the images more, you can convey a lot through them. This will enhance the product value of your eCommerce store.
Test Your Product Description
Even if you know exactly how to write a product description, using a template might help a lot. But unfortunately, there is no one kind of template that suits all product types. So, we recommend you make your own product description template.
A few things you should keep in mind when writing your product descriptions are:
· What problem the product is solving?
· What is the speciality of the product?
· Include all the features and benefits of the product.
· Include target keywords.
· Adding pictures that clearly display the product’s key features and benefits.
Once you have written a product description keeping these things in mind, test them out. Put them up on your eCommerce store along with the product and then monitor the reaction towards it. See if the description is helping to increase your sales, and boost your online traffic or not.
If this new product description increases your sales, you have cracked the code. Now all you have to do is make your product descriptions similar to the ones you tested and you will see high sales for every other product. Including the right keywords will ensure that you are increasing your traffic. Everything you try out must ensure you are doing full-proof research and identifying and eliminating factors that are leaving a negative impact on your rankings. Thus, testing your product description is very crucial as it helps you to know what’s working and what’s not for your eCommerce store.
Conclusion
Coming to the end of this article, we hope to have been of help to you in writing product descriptions for your eCommerce store in the most optimized way. Kindly remember to provide all features and benefits of the product in the description. Besides, don’t add unnecessary information that will make people lose interest in your product. Finally, make sure you have good images and have tested your templates. Doing all of these efficiently will definitely help your eCommerce store in increasing its sales.
FAQs
How do you write a product description for eCommerce?
The steps to writing a product description for eCommerce include:
Determine the target audience.
Add All the Features and Specifications of the Product.
Optimize the Description for Search Engines.
Avoid Unnecessary Information or Phrases in the Description.
Add Social Proof in the Product Description.
Make the Description Easily Scannable.
Use Good Images.
Test Your Product Description.
What is SEO product title?
Product title simply refers to the name of the product that appears on the product page of an eCommerce store. It tells the customers as well as the search engines about what you are selling.
How many words should product descriptions be?
A product description should be somewhere around 300 words. However, the number of words will vary from product to product.
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 PAJASA Apartments.
Business tourism is booming in India. The corporate sector is expanding and many need to travel to different places for meetings, conferences, exhibitions, and more.
India has been the 5th fastest growing business travel destination from 2010-2019. With this increasing number of business tourists, demand for quality accommodation is also increasing. This is giving rise to an increased demand of service apartments, the segment of which is growing at a rate of over 8% per annum and is declared as one of the fastest-growing wings of the hospitality industry.
To cater to this rising demand, PAJASA Apartments is offering beautiful and comfortable serviced apartments in top locations of the country.
StartupTalky interviewed PAJASA Apartments co-founder Arpit Awasthi to know more about the offerings and operations of the company.
PAJASA Apartments is a Mumbai-based startup that provides world-class serviced apartments (with working kitchens) on a daily, weekly, or monthly basis to corporates. The service apartments are offered on a pay as per usage basis, which costs 40-50% less than hotels. Besides, the apartments are located near to the work location across all metro cities in India (max 5 Km distance) to assure the corporate employees complete their projects within their time limit with no traffic/time hassles.
PAJASA envisions to be alternatives to guest houses that the companies take on a monthly rental basis, which invariably increases their fixed costs. PAJASA works to reduce companies’ fixed costs to variable cost by providing the pay-as-per-usage facility. By facilitating such a shift, it helps in cutting down the hotel cost by around 40% to firms/organizations.
PAJASA follows a step-by-step process to ensure smooth functioning and a hassle-free experience for its clients. First, the PAJASA team surveys a property at a given location and signs a contract with the owner. The pictures of the property along with the details are then put on their application and website. Once, the company administration requests a booking for their guests through mail or the application, the team checks the best accommodation available near the work location (a maximum of 5 km in metros); and checks availability. The system, then, generates a booking. A confirmation voucher is sent to the guests and the company administration as well. The guests can check all the details and the location through software and apps like Google Maps. Pajasa also has a 24×7 support number, which is available for any escalations.
PAJASA Apartments are currently available in Mumbai, New Delhi, Hyderabad, Chennai, Bangalore, Pune, Gurugram, and Noida.
Paras Sangwan and Arpit Awasthi co-founded PAJASA Apartments in 2014.
Founders of Pajasa Apartments
Paras Sangwan
Paras Sangwan is currently the CEO of PAJASA Apartments. He looks after the Business (sales) division of the company. Paras did his Post Graduate Diploma in Foreign Trade from Savitribai Phule, Pune University after completing his Post Graduate Diploma in Business Management from IIeBM College. Paras Sangwan, who also heads PAJASA Agro, as the CEO, previously served as the Business Development Manager at PAJASA Apartments. Prior to founding this firm, Sangwan was a Business Development Executive at Advent Infosoft and then a Marketing Manager at Lake Bloom Residency.
Passionate about starting his own business, Paras participated in an inter-college B-Plan competition and secured 2nd position there. He came to Mumbai to find an idea to fulfill his dream. Before starting his own venture, Paras worked in a serviced apartment company, where he got to learn a lot about the functioning of the sector and the gaps exiting in the sector.
Arpit Awasthi
Arpit Awasthi was the Founder-CTO at PAJASA Apartments and used to handle the technology domain of the startup before leaving the company in August 2020. Awasthi was a BSc Mathematics student at PPN Degree College, Kanpur, but he dropped out of his college education. Arpit eventually obtained a BTech in Electronics and Communications Engineering. After serving as a freelance Video Production Specialist, Awasthi served Accenture, before moving on to the entrepreneurial way where he founded Edge N Roots, where he remained the Founder for over 12 years. He joined Pajasa Apartments in the meanwhile in February 2017 and was known as the Co-founder and CTO at PAJASA Apartments. He is currently serving as a Technical Analyst at Coforge.
Paras met Arpit in a PG in Mumbai; then, Arpit was working in Accenture and have been working on web technologies. Arpit already created a company at his engineering days, keen to do something new. Paras shared his idea to him and asked him to be the co-founder of PAJASA Apartments as CTO. Paras, after that, left his job in March 2014 and opened a small three sitting office at Powai Plaza. As Arpit was working in a company, they had only weekends to work to develop the technology.
Currently, PAJASA Apartments has a dedicated team of 8+ members, including a core developer, digital expert, accounting professional, content writer, sales manager, and photographer.
How was PAJASA Apartments Started?
As a General Manager in the hospitality sector, Paras realized that most of the clients looked for service apartments instead of hotels for long stays as these were cost-effective. However, in the absence of a one-point contact for service apartment owners and corporate clients, company administrations either had to book apartments through several vendors or ended up booking hotels.
This left Paras thinking about ways of decreasing hotel costs for companies and removing their fixed cost by eliminating the guest house concept.
Most service apartment owners generally have properties in one or two areas. So for every location, the administration of a company has to find many service apartment vendors, which is a tedious task
Paras shared the concept with Arpit, his flatmate, who worked with Accenture as a team leader and had a good knowledge of web technologies. With an investment of 5 lakh and two employees, they founded PAJASA Apartments (PAJAS in Sanskrit means growth) in 2014.
The day we deployed our first cloud application, we had breakfast (Idli) at 4:30 am Monday morning near IIT Powai (Maddu Mess) – says Arpit recalling the early days of the startup.
PAJASA Apartments – Mission
PAJASA Apartments’ mission statement is “YOUR SECOND HOME IN EVERY CITY”.
PAJASA Apartments – Name, Tagline and Logo
PAJASA came from the Sanskrit word “PAJAS”, which refers to the goddess Laxmi, and resembles growth.
PAJASA Apartments – Business Model and Revenue Model
PAJASA Apartments is the only serviced apartment aggregator company in India, working exclusively with corporates to maintain a high-class standard of corporate stay. None of the OTAs (Online Travel Agency) have created filters for the apartment category like 1 BHK/2 BHK to date on their website.
PAJASA Apartments has a B2B business model, which is simple yet effective. It works on a margin basis from apartment owners to corporate. It fixes tariffs with apartment owners as well as corporate for the contracted period in the beginning. This tariff remains the same throughout the contracted period and does not vary with season or stay duration, unlike other stay formats. Once a contract is signed with PAJASA Apartments, a company sends PAJASA a booking request for their guest with details either from mail or PAJASAs’ application. PAJASA technology eventually creates a ticket for the request and checks apartment availability. There is a manual check system in place, and the same ensures the best apartment is provided to the guest. Then, the system creates a booking and sends the relevant voucher and SMS to the guests and the admins.
PAJASA Apartments has a mechanism in place that shows monthly invoices, and similarly, they provide their clients with one invoice for a month that creates value addition to the clients.
PAJASA Apartments – Growth
PAJASA Apartments has seen some growth. Operating exclusively in the hospitality industry that truly focuses on the serviced apartments section focusing on the businesses and their operations in India, it has surely got the early bird advantage for the same. Billed as “Your Second Home”, PAJASA Apartments now offers serviced apartments in 8 top Indian cities, and the top locations within them, which includes, Worli (Mumbai), Powai (Mumbai), Cyber City (Gurgaon), Viman Nagar (Pune), T Nagar (Chennai) and more.
PAJASA Apartments also includes some premium companies as their clients, which includes Google, Tata, Nokia, Amazon, Accenture, L&T, HDFC Bank, Samsung, Domino’s, Muthoot Finance, and more. The company also boasts of being covered by some of the leading media companies like The Hindu, TechStory, YourStory, KnowStartup, Inventiva, and more.
PAJASA Apartments has worked on SEO and their first 300+ clients came through SEO itself. As of now, PAJASA Apartments has achieved an RMV (Room Booking Value) of INR 7 Cr till Nov 2019. Here’s a brief section pointing the growth highlights of PAJAS Apartments:
Total room night boked till date is 25,000+
Yearly growth has last been estimated to be over 200%
Corporate Client added is 300+
200+ locations added in the top 10 cities in India for the company
5000 room keys listed on the website
PAJASA Apartments – Startup Challenges
Serviced Apartment is a very new concept in India, and each city has its own rule for serviced apartments. While in Mumbai, all serviced apartments add electricity bills to their regular tariff, in Delhi, the apartment owners are charged extra for the electricity consumed. To manage these hassles, the company created its own set of rules, and based on it, it signs contracts with serviced apartment owners across India.
Generally, serviced apartments are considered between BnB and Hotels in stay classification, so most cities have their own format. The PAJASA team is trying to achieve a balanced standard for its corporate clients to enjoy their stay with all world-class amenities in their budget. PAJASA Apartments team ensures that all amenities and services are made available irrespective of location.
Another challenge for PAJASA was to organize apartments starting from stay inquiry of the corporates and businesses, to bookings, guest stay, billings, and feedback flow to enable apartment owners to manage their apartment without any hassle. To overcome such a challenge, they have created a full online web application that will help the whole process, from onboarding a corporate or a serviced apartment inventory to creating bookings/Invoices/Reports, easy and fully automatic. They strive to make booking management easy for corporate as well as apartment owners.
Serviced apartments are very different than hotels, so it is not possible to seek any inspiration from any hotel application to manage bookings. PAJASA has, therefore, created its own web application from scratch and regularly updates it on a scenario basis and new use cases, which are very different from the Hotel Industry.
PAJASA Apartments – Awards & Recognitions
Some of the recognitions received by the company are:
It was appointed as a panelist in the “Food and Hospitality Trade Show”
It won the “Innovative Software Platform for Service Apartment” award in the Technology category, at the India International Hospitality Expo.
PAJASA Apartments – Competitors
PAJASA Apartments do not have any direct competitor. Though there are many indirect competitors working in this area, no one is working specifically on serviced apartments for corporates. As said by Paras, even none of the OTAs (Online Travel Agency) have created filters for apartment categories like 1 BHK/2 BHK to date on their website.
PAJASA is currently looking to increase the total list of rooms that are there listed on their website, and also expand their clients. There is also a plan to increase the team size, and make the booking process fully automated. However, as said by Arpit, the company prefers organic growth and is not looking for investors just yet. Though the company is currently working exclusively with corporates, in the future the team wants to establish PAJASA Apartments as a pre-eminent global service apartment company – the first choice of guests, team members, and corporates.
As short-term corporate projects/assignments are increasing day by day and company resources need a homely stay for their short duration to stay with family, the services provided by PAJASA Apartments have immense potential to grow and accrue profits.
FAQs
What is PAJASA Apartments?
PAJASA Apartments is a Mumbai-based startup operating in the serviced apartment segment, which enables companies and professionals to book fully furnished, quality rooms for their short/long or extended stays.
Where is the PAJASA Apartments headquarters?
The PAJASA Apartments headquarters is in Mumbai, Maharashtra, India.
Who is the Founder of PAJASA Apartments?
PAJASA Apartments has been founded by Paras Sangwan and Arpit Awasthi, where Arpit has left his role while Paras is still serving as the Founder and CEO of the company.
What is the PAJASA Apartments’ mission?
PAJASA Apartments operates with a mission statement that says “YOUR SECOND HOME IN EVERY CITY”.
Buy Now Pay Later – It’s convenient, accessible, and consumer-friendly. But, is there more to it?
India’s BNPL market is estimated at around $3 billion as we write this, but, it is about to explode if data science is to be believed. The predictions hint that it will be among the top 10 fastest growing market sizes in India, and in just 4 years, it would be at $45 billion!
For an industry that big, regulation has to be fail-proof.
In a recent directive, the Reserve Bank of India (RBI) has made it clear it doesn’t trust these BNPL companies. RBI has decided to look deeper into their business models and how they extend credit lines via Prepaid Payment Instruments (PPI) to their customers, when there is a clear lack of…almost everything: Transparency, Administration, Licenses, and above all, A SYSTEM!
To be clear, RBI hasn’t come down cold on just BNPL, it is looking at non-bank fintech lenders and even smaller banks that use PPI to load their wallets or extend credit lines.
But, wait, let’s take the story right from the start. Too many questions, right!
What is BNPL? What is PPI? Why is the RBI up on its case? What does it look like for users?
What Is BNPL?
To begin with, the idea of buying now and paying later isn’t so new. You may be surprised to know it all began in the late 19th century when businesses around Europe started extending loans to industrialists. These loans were material-based. Industrialists had the option to buy goods and pay for them later. Of course, in this model, they had an interest rate.
In the early 21stcentury, fintech providers made “Buy Now Pay Later” a digital facility.
In the way BNPL goes around now, there is a no-interest period today. Buy Now Pay Later is a scheme where a consumer, such as yourself, can purchase an item without paying for it instantly.
Though you will be required to pay back, it gets easier for those who don’t have cash. Instead, you get to divide the cost of the goods in the form of an easy installment or zero-interest loan.
The payments can be made within 90 days, unlike conventional loans that go on for years. Now, if you settle the payment within the pre-decided time frame, you pay no interest. But, if you cross it, yeah, there is going to be a penalty on the overdue.
This is the basic working of the BNPL utility.
BNPL has made quite a mark. 60% of people making purchases online have used BNPL services. Major players in India include Jupiter, Ola Pay, Postpe, ZestMoney, LazyPay, and Simpl.
Their data show that most of their users are 18-25 years old. The millennial generation made up to 20% of the BNPL users. In 2021, ZestMoney published a report saying that their millennial users increased by 2x, and their GenZ customer base grew by 3x during the pandemic alone.
What Is So Tricky About BNPL?
Debt
Even though BNPL is marketed insidiously as a convenient paying option or a way of life, BNPL is still a debt. When you opt for BNPL, most financial institutions open a loan account in your name. This loan account is added to your credit history.
Credit score
Once a loan account in your name is opened, this small debt is added to your credit score. If you default on a single payment, it will go into your credit history. This could affect your credit score and loan-taking ability too.
Regular shopping via BNPL is a ticking bomb
The BNPL scheme was introduced to capture a market of 300 million households in India, which did not have the credit score to afford things.
Tier 1 and 2 cities saw more men spending on fashion and lifestyle while women used BNPL for upgrading their electronics and education. During festive seasons, BNPL services were used 10x more for purchasing smartphones, electronics and fashion.
Transactions through BNPL services increased by 200% during festive seasons on apps like Amazon, Myntra and Flipkart. Surprisingly people also paid for their travel costs through BNPL services.
How Customers in Different Cities Spent Using BNPL
When almost everything is purchased with an option to pay later, we run into a liquidity freeze. We also run into more chances of late payments and bad credit scores.
High-interest rates
If you default in payment of this loan, apart from your credit score getting affected, you will be liable to pay interest of about 30% to 45% per annum.
Spend more
The Buy Now Pay Later scheme makes you purchase more items by spreading the installments out conveniently over months. Even though these installments are easy to pay, you still pay a higher extra cost. An alarming 59% of BNPL users admitted that they spent more by using the services.
Young users
Most of these BNPL companies have young users with no credit score. No one in the credit market will give them a loan; therefore, BNPL is the only way to purchase what they want.
What makes this worse is that most of these BNPL users do not have a job to pay off these loans. They are likely to default or go under major financial stress. This is reflected in the 5% default rate of payment for ZestMoney, a top BNPL market player in India.
Inflation
No one realises that a BNPL utility might as well have a floating interest rate with it. A fixed interest rate doesn’t change for the tenure, irrespective of RBI’s repo rate. However, floating rates do. An increase in inflation will increase the interest rates. This could impact the loan bearers negatively.
Lack of transparency
Most firms are opaque in their loose regulations to get more customers. For instance, take the interest rate: is it floating? Is it fixed? In fact, take the recent RBI directive. No BNPL issuing lender has officially declared the ongoing probations and how they plan on complying. It is estimated that these new rules will impact 8 million users in India, who are yet to hear a plan to course-correct this.
How Often Customers Used BNPL Services in 2021
What is PPI?
Prepaid Payment Instruments are essentially cards, wallets, or any other avenue where you could store your money, and later use it for shopping, remittance, and even investments.
Now, the problem with using credit lines to load your PPI is that the customer doesn’t really have that money.
But, they can spend it! they can also default payments that he/she has to make to the credit provider. This creates a gap. Hence, the RBI directive.
So, is this a bubble waiting to burst?
Conclusion
Well, history would point out that BNPL has been a mess in the past as well.
A tragic example of the BNPL scheme was the 2002-2008 market crash in America. Many people were offered house loans at a 0% interest rate during these years. The policy-writing and interest regulations were dodgy, and the result was that borrowers defaulted and ended up without houses but with loans to retire.
The RBI tightening its fists against loose financers is a step in the right direction if it meets execution without much ado.
FAQs
Is BNPL available in India?
Yes, the BNPL model is available in India and has gained massive popularity since it was introduced in India. many consumers are purchasing smartphones, electronics and fashion products.
What are the risks of BNPL?
High-interest rates, lack of transparency, overspending, and huge debts are some of the risks related to BNPL.
Why is Buy Now Pay Later so popular?
Consumers prefer BNPL as they can buy their favourite products without worrying about paying the money upfront.
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 LegalWiz.
One of the biggest challenges an entrepreneur faces while starting a startup is in the legal aspect of things. From company registration to trademark and copyright registration, from tax filling to accounting, there is lot to take care of. For a startup, it’s overwhelming to manage all by itself. As such, outsourcing these tasks to a reliable organization is very important.
LegalWiz, a startup based in Ahmedabad is here to manage all the legal and accounting tasks of startups with simplicity and transparency.
Startuptalky interviewed, the Co-Founder of LegalWiz, Shrijay Sheth to share his experience, information and learning from LegalWiz.
LegalWiz, a startup based in Ahmedabad is here to manage all the legal and accounting tasks of startupswith simplicity and transparency.
LegalWiz provides a simple, affordable, and transparent way of procuring business professional services. It adds value by saving time and resources for entrepreneurs, which they can then use in their core business.
The services of LegalWiz include Pvt. Ltd. company registration, trademark registration, proprietorship registration, Limited Liability Partnership registration, GST returns filling, and other types of business registration, Intellectual Property Registrations, Accounting & Bookkeeping, Custom Legal Document Drafting, and more. LegalWiz covers many services that are generally offered by a CA, CS, Lawyer, or other business professionals in India. In other words, we are a Legal Tech company that helps Startups & SMEs with business professional services, taxation, and legal compliance.
LegalWiz doesn’t charge any hidden costs.
For a Private Limited Company’s registration, it charges Rs 7,999. For a sole proprietorship registration, LegalWiz charges around Rs 2,998, which includes everything. There are various other packages too, the charges of which are mentioned below:
LegalWiz Services and Costs
LegalWiz Technology Used
Some of the technologies that LegalWiz leverage are LifeRay, PowerBI, MySQL, Google Analytics, Angular, SnowFlake, Python, R etc. Besides these, LegalWiz is highly active across social media and in the startup ecosystem. Its blogs are highly informative and a credible source of information to customers & non-customers alike. LegalWiz leverages organic PR & Communications as well. In-house training to upgrade the responses of the company to its customers is a vital component in LegalWiz’s arsenal. Its “Stand-Up” meetings are a daily feature, so everyone involved gets a birds-eye view of the ongoing activities.
LegalWiz – Founders and Team
Shrijay Seth and Namann Pipara are the founders of LegalWiz.
FOunders of LegalWiz
Shrijay Seth
Shrijay Seth is an eCommerce industry veteran and an entrepreneur with 10+ years of experience in working with businesses across the globe, mostly technology-driven. His educational background lies in commerce and business. Shrijay has completed my Bachelors in Commerce and PGD in Financial Analysis from Gujarat University. Later, he did an MBA in Corporate Finance from San Diego State University, California. He founded LegalWiz with Namann Pipara in 2016.
Prior to that, Seth has been a consultant to some of the highly disruptive eCommerce ventures like Qualcomm, Bouqs (a SharkTank featured company), and LegalZoom (a world leader in Legal eCommerce). Seth also founded Hire4Higher Consulting, just before LegalWiz, and is presently serving as a Founder in that company too.
He is a true believer of the people-first philosophy and largely credit his development to the travel opportunities that he has got, both, in a professional and personal capacity. Shrijay loves to travel – major attractions being meeting new people and experiencing a variety of food. Moreover, he loves to eat and cook also! Being brought up in a joint family, values of sharing and caring are important to Seth. In his spare time, he loves to watch TV with family while his spare time alone is mostly spent watching videos (productive or random) on YouTube. Shrijay is also a big fan of the Wikipedia model and believes in perfection through iteration.
Namann Pipara
Namann Pipara is another Co-founder of LegalWiz. He had graduated with a BCom. degree from H.L.I.C and topped it off with a Chartered Accountancy degree. Pipara founded LegalWiz with Shrijay in April 2016 and is still serving as a Co-founder of the same company. Pipara is also a partner at Pipara & Company.
Shrijay met Namann at a business professional networking event. Namann (and his family) represented a scaled-up conventional CA firm then. Namann has been referred by Shrijay as a Chartered Accountant and an expert at company laws, income tax, and other relevant subject matters. With Shrijay’s background in Legal eCommerce and the knowledge base that Namann had, they knew that they had found a good duo for creating a comprehensive solution. This resulted in LegalWiz.
LegalWiz Team
Currently, LegalWiz has 30+ employees, including in-house professionals such as CAs, company secretaries, lawyers, web developers, and designers. It also has 50-plus affiliates.
LegalWiz Hiring Strategy
It really depends on the role that the company is hiring for. Some need the candidate to hit the grounds running. LegalWiz really looks for background and expertise. However, many positions that the company now builds are more to create a team that is worthy of this ride and specific seats can be picked later. The company knows that it is going to grow as fast as the slowest person on the team, so it really needs people to join with high growth expectations and who are willing to set higher standards for the existing team. Integrity, willingness to learn and grow, and being super fun is important for the hiring of LegalWiz.
LegalWiz Work Culture
I was once told by someone (that I consider to be a great leader and inspirational personality) that talent needs a transition, said LegalWiz founder Shrijay Seth.
Either it transitions up or transitions out. I promise myself every day that when I enter the office daily, I come not as a boss but as someone who will eventually be accountable for the growth of everyone’s career who are associated with LegalWiz. The culture here is to learn, deliver, and grow. We are ok making mistakes as long as we have the willingness to correct them. Empowerment and accountability are two things you can expect at the least being part of LegalWiz team, added Seth.
Currently, LegalWiz has a team of 25+ professionals including chartered accountants, company secretaries, lawyers, as well as software & digital experts.
The company’s main focus is on training and development. The LegalWiz team is aggressively focusing on training and development to achieve its set growth target.
LegalWiz – Idea and Starting Up
Shrijay Seth worked with a similar business model (LegalZoom) in the US that was highly scaled and profitable. He knew India also needed something similar, but for different reasons. The founder duo thought transparency, accountability, and simplicity were three major improvements that they could offer to the status quo of the business professional services industry in India. As they scaled to be a one-stop solution for multiple services, they know that cost efficiencies are surely coming as a by-product and can be directly passed on to the customers. Co-founder, Namann Pipara, is a partner at a conventional CA firm. “When we met, we knew that together we could create a disruptive value proposition”, said Shrijay Seth.
LegalWiz – Mission and Vision
LegalWiz’s mission is “to become the most “Trusted” brand in professional services industry”.
The vision of LegalWiz is: “Creating the much-needed access for Startups and MSMEs to avail high-quality services at affordable pricing and with the highest level of transparency in trade”.
LegalWiz – Name & Logo
As mentioned by Shrijay Seth, the “Legal” in the company name, signifies business professional services whereas the “Wiz” denotes the excellence of the company at what they do while also reinforcing the online medium that it leverages.
LegalWiz Logo
The logo is abstract – designed by Kathan Kothari, a famous NID designer with many accolades to his credit. In keeping with the company’s credo of “Simple”, it shows a filing system – a conventional way of representing the business (Filings) while it also is a Bar graph, denoting growth.
LegalWiz – Business Model and Revenue Model
The business credo of LegalWiz is “Simple-Affordable-Transparent“. The company focuses on delivering best-in-class services to its clients. Hence, a huge chunk of the LegalWiz business is from repeat customers. It resolves the customer requirements, keeping them at the center of their operations. This has helped the company win accolades and growth at a sizzling pace.
The revenue model of the company is simple, it charges for the services that it provides. Also, the services that LegalWiz offers are very transparent. “What you see on the site is what you pay and get”, is what Seth has added while referring to its services. There are no surprises and all of its services are backed by a 100% satisfaction or money-back guarantee.
LegalWiz has an opportunity to interact with startups at a very early stage, as early as the very initial stages of the business when the entrepreneur is thinking to start his/her business. The company aims to grow with a larger vision, where it can provide various self-fulfilled and closely curated affiliate services to stay its growth partner in the future.
LegalWiz has seen a good expansion. Till now, LegalWiz has served over 6000 startups and MSMEs. It has over 5,000 paying clients across India. Its clients include startups like eChai and CricHeros. Its larger clients include TOI, Flipkart, Bank of Baroda, Instamojo, CNBC, Tech Story, RazorPay, YourStory, and more.
LegalWiz Achievements
650 paying customers within the first 9 months of operation
60% growth in customer retention in 2018
20% consistent growth every quarter in 2018
A referral score of 9.6/10
It is offering services to more than 6000 startups and small businesses
LegalWiz’s revenue was last recorded at $113K on Dec 31, 2018.
LegalWiz – Funding and Investors
On January 5th, 2021, Legalwiz.in raised funding worth Rs 3.8 crore from ContCentric IT Services Private Limited. ContCentric, an Ahmedabad-based enterprise content management company, is leveraging portal and ECM solutions for addressing the needs of clients globally.
This investment will help LegalWiz to optimise its performance and create new avenues for delivering greater value.
ContCentric will be the investor and technical development partner in this relationship. Our proven expertise in automating business operations will help boost efficiencies, improve customer onboarding, and the customer experience for Legalwiz.in. ContCentric aims to increase our offerings and include financial investment and mentoring, homegrown product, and technical partnership along with our current ECM and portal development services. The resulting synergies will help us demonstrate our capabilities and also further build our reputation as an investor.” Says, Gaurav Barot (CEO, ContCentric)
Though LegalWiz has a great quality of service, communicating the value to the audience is important. It functions as a true eCommerce company in that sense and leveraged multiple channels of marketing since day one. The initial set of customers came in with some paid marketing and PR, along with great support from friends and family. Later, referral and repeat buyers became a significant chunk whom the company serves on an ongoing basis.
LegalWiz – Challenges
There were several challenges, some we nailed and some we took as learning for next time. A major challenge in the early days was to create a culture within the company that is accepted both by business professionals (CA/CS/Lawyers) and tech people. They practically come in with a very different work life expectations and needs to be catered differently as well – while making sure it all rhymes well to achieve a common vision. It required a good amount of mentor-ship from the management and a great deal of understanding from all employees to get us where we are today, proudly so! – Shrijay Sheth
LegalWiz – Competitors
There are many service providers like LegalWiz in the market, most of which started during 2019-2020. However, the market for business professional services in India is huge, worth multi-billion dollars, and is annually growing. LegalWiz sees VakilSearch, LegalRaasta, and MyOnlineCA, as fellow service providers – and is charged with positivity whenever it crosses their growth stories. LegalWiz sees them more like a market validation and contributor to the growing industry of legaltech than just competitors. Nonetheless, LegalWiz thrives to become a leader here, and its major focus is always on the service quality.
“We want to be the most customer-centric business professional services company in India”, said Shrijay Seth. Apart from that, there are plans to serve as a SaaS company, thereby extending some Saas products as new products for its customers that will help them manage their taxation, compliances, and other business-related processes. LegalWiz strives to make every business follow the law and simplify their legal journey.
The company aims to grow further, and to achieve this growth, the company is working on providing a smoother customer experience.
LegalWiz – Founder’s Advice
“Don’t be judgmental. People are never wrong, they are mostly different. Work incredibly hard and stay true to your dreams. It may be very difficult, but you will find people who can help – thus, networking & tapping the ecosystem is vital.”
LegalWiz is a legaltech company that is headquartered in Ahmedabad, Gujarat, India, and aims to provide quality, professional legal services, for startups, small businesses, entrepreneurs, and individuals.
Who are the founders of LegalWiz?
LegalWiz has been founded by Shrijay Seth and Namann Pipara.
Preeti Karna
