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Tag: business

  • The Ultimate Guide for Starting a Plumbing Business in 2021

    Plumbing is a rewarding and more demanding career. Plumbing business is necessary because consumers and businesses generally are incapable of maintaining their plumbing systems. Depending on where you live many plumbers business ideas obtain corporate or commercial contracts and work exclusively with businesses.

    By starting a plumbing business you can become your boss and have very much flexible work. Starting a plumbing business gives more freedom and the ability to shape your future versus working for someone else. Most plumbers often use math, creativity, design, and problem-solving skills, especially as they take on larger and more complex jobs.

    The plumbing business in India covers the following aspects as Sanitary, Water, Gas, Heating and cooling, Metal roofing, Industrial wastes, Drainage, Building services, Mechanical services, Air-conditioning, and Fire services. But not many people know “how to start a plumbing business?” So this article will show you step by step how to start your own plumbing business and even market it.

    Training and Qualifications
    Business Plan
    Research About Plumbing
    Choosing Your Expertise
    Investment
    Setting Up Office
    Invest in the Right Equipment
    Marketing Your Plumbing Business
    Business Insurance
    Frequently Asked Questions

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    Training and Qualifications

    Earning your high school diploma or equivalent, such as GED is the first step to become a professional plumber before growing plumbing business. So what to know before starting a plumbing business? For plumbers having advanced knowledge of math and science are necessary. Once you have completed your high school diploma or equivalent the next step is to enrol in a technical plumbing course and then start a plumber business.

    The curriculum depends on the city and state’s requirements but topics include the following aspects:

    • Pipe cutting and soldering
    • Draining and venting
    • Electrical basics
    • Water heating systems
    • Local plumbing codes

    Joining the Plumbing-Heating-Cooling Contractors Associations can help you grow your plumbing career. The first step on how to start a plumbing company is by first choosing a location. Depending upon your location, you will likely be required to work along with an experienced plumber as an apprentice for a certain no of hours. You might be able to complete your apprenticeship while you are enrolled in technical courses.

    How to Start A Plumbing Business With No Money

    Business Plan

    Plumbing is a system that deals with the flow of fluids using pipes, tubes, tanks, or any other material that convey fluids through it which is why it is important to have a plumbing materials business plan. A plumbing material shop business plan is different from a plumbing company business plan so you should plan accordingly. Since the business of infrastructure is ever continuing and therefore there is always a requirement for plumbing services in the field. Job growth in plumbing services is positive which is about 16% growth in plumbing services.

    A business plan is important as it gives you an outlay of your business and helps you in moving in the right direction. In the business plan you must include all the details like how you will start the business and what will it take to start. This business plan also helps you in securing loans, getting new investments. Other relevant information which you must include in the business plan are below:

    • Legal entity
    • Document’s required
    • Details of finance
    • Business structure
    • Team structure
    • Field of expertise

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    Research About Plumbing

    The view of outside and inside are different points of view. It is very much important to go deeper into this topic and research as much as you can as it is one of the most important steps in “how to set up a plumbing business”. Interact with those people who are already in this business. They will give you insights to start a plumbing business.

    Choosing Your Expertise

    Plumbing services have a very speciality of fields and magnitude of service. It is not easy to become an expert in all kinds of plumbing services. Choose them wisely based on your budget, expertise, team size, and equipment. Depending on the expertise the plumbing business owner salary can be high or low. There are many plumbing business opportunities, you can also choose commercial plumbing and household plumbing as this differ fundamentally.

    Workplace of Plumber
    Workplace of Plumber

    Investment

    Investment is the core of any business. You have the required investment based on your business plan to start your business properly in the right direction. How to grow a plumbing company? You must invest money wisely and never think that the more you invest more you gain profit it is wrong.

    Setting Up Office

    The plumber business plan must also include plans for setting office to operate your business. Setup your office at a place that suits your business and chooses that place from where people can easily access you. Maintain your office with all the required equipment and accessories for starting a plumbing business.

    Both plumbing and heating businesses also need a warehouse to keep all the plumbing instruments, equipment, tools, and machines that plumbers need in their service. You can have your warehouse beside your office.

    Invest in the Right Equipment

    There are a few essential plumbing tools you will need in your plumber service. But don’t invest all of your money in shiny new equipment. So how to run a successful plumbing business? Start with the basics equipment, and purchase other types of equipment for speciality jobs if you have the license, skills, and customer demand.

    Some right equipment which you need for a plumber business:

    Wrenches

    • Pipe wrench
    • Basin wrench
    • Adjustable wrench
    • Faucet key

    Pipe Work

    • Hacksaw
    • Tube and plastic pipe cutters
    • Plumber’s torch
    • Thread sealing tape
    • Pliers
    • Press fitting systems

    Clearing clogs

    • Plungers
    • Hand Auger
    • Snake Machine

    Safety first

    • Goggles
    • Gloves
    • Heat shields/pads

    Other essentials

    • PEX pipe expander & fittings
    • Crimpers
    • Stubby screwdriver
    • Borescope
    • Plumbing business software

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    Marketing Your Plumbing Business

    Most plumbers are too busy servicing their customers and running their business to think about marketing. Marketing will help you grow your plumbing business. Plumbing is one such industry where you should be able to find a decent amount of customers if you target them the right way, as plumbing business profitability depends on it.

    In order for a plumbing business to achieve lasting success, it’s imperative to make a habit of constantly attracting new customers you need to come up with promotional ideas for plumbers. This is the main step on “how to grow a plumbing business” Get your plumbing business ideas flowing in the right direction with these marketing strategies:

    • Directory and pay per lead sites
    • Search engine marketing
    • Pay per click marketing
    • Your website
    • Social media marketing
    • Email marketing
    • Video marketing
    • Recruitment marketing
    • Customer service
    • Review generation (this goes hand-in-hand with customer service)

    The plumbing industry is always changing. They are always coming out with new equipment, new materials.

    Market revenue growth of plumbers
    Market revenue growth of plumbers

    Business Insurance

    So another step on how to start a plumbing business is by getting business insurance. As it helps protect your small business, you should consider getting plumbers’ insurance, also known as business insurance.

    Whether you’re a residential or commercial plumber, you face unique risks while installing and repairing plumbing systems all plumbing businesses in India must get Insurance. All businesses, regardless of industry, face risks that should be covered by insurance. These are the types Of Insurance Plumbing Businesses Need.

    General Liability Insurance

    • Premises Liability
    • Products Liability
    • Completed Operations

    Plumber Business Owners Policy (BOP)

    • Buildings and Contents
    • Business Income and Extra Expense
    • Electronic Data
    • Newly Acquired or Constructed Buildings
    • Employee Dishonesty Coverage

    Workers’ Compensation Insurance

    If your starting plumbing business your employees can get hurt or sick from their job, workers’ compensation insurance can help pay for their medical costs, replace some of their lost income, and more.

    Commercial Auto Insurance

    Commercial auto insurance covers vehicular damages to your company vehicles, whether they are driven by you personally or by your workers.

    Plumber Workers Comp Insurance

    If one of your employed staff is hurt while performing his work duties, or if he is made ill by something related to his job, workers comp for plumbing contractors provides help in several different ways.

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    Frequently Asked Questions

    What are the materials used in plumbing?

    Common plumbing Materials that are used in plumbing:-

    • Cast iron for plumbing waste lines.
    • PVC (PolyVinyl Chloride) for plumbing waste lines.
    • Chromed brass for plumbing waste lines.
    • Chromed copper for water supply lines.
    • Galvanized iron for water supply lines.
    • Copper (rigid and flexible) for water supply lines.
    • CPVC (Chlorinated Poly-Vinyl Chloride) for water supply lines.

    How to start a plumbing business in India?

    Steps to start a plumbing business in India:-

    • Get Certified
    • Serve as an Apprentice
    • Choose a Specialty
    • Invest in Equipment.
    • Register Your Business
    • Create a Service Agreement and Pricing Formula.
    • Set Up an Office
    • Start an Online Presence

    How to grow a plumbing business?

    Strategies to grow a plumbing business:-

    • Create a Marketplace or a Dedicated Mobile App
    • Develop a Professional Website
    • Submit Your Website to Local Directories
    • Search Engine Optimization
    • Cross-Platform Marketing
    • Social Media Marketing
    • Paid Advertising

    How profitable is a plumbing business?

    A master plumber running a one-person company making $45 per hour, working 8 hours per day can make up to $100,000 per year. If ongoing costs are between $10,000 and $20,000 per year, this leaves $80,000 as net profit.

    How much is a plumbing business worth?

    However, it is a very profitable business, as the average sales price is up to $700k and the most frequent deal size is $300k in America.

    How much money does to start a plumbing business in India?

    This depends on a lot of factors such as location and the type of plumbing business you want to start.

  • Best Practices For Finding And Hiring Freelancers

    Of all the different types of workplace flexibility out there, freelancing is perhaps the most flexible. One of the best decisions you can make in order to keep your business competitive and growing is to hire freelancers. It doesn’t matter if you’re starting as an entrepreneur, or want to scale your business, or just looking to migrate to a friendlier paradigm workplace within your business.

    For any type of business, there is a myriad of benefits of hiring freelancers. Let’s take a look at the best practices for hiring freelancers, what to avoid, how to find, where to find and the benefits of hiring them.

    Best Practices For Hiring Freelancers

    Don’ts of Hiring Freelancers

    3 Ways to Find Awesome Freelancers

    Top 4 Benefits Of Hiring Freelancers

    Conclusion
    FAQs

    Best Practices For Hiring Freelancers

    By bringing little changes to your hiring practices to assess remote talent, you can attract a wider pool of freelancers to choose from while simultaneously reducing operational costs.

    Here are the best practices to follow when hiring freelancers to support your business.

    Identify Best Platforms

    It’s not easy to find remote professionals with good references and the exact abilities that you need. You need to find a specialized platform that allows you to look for them by category. Browse their record with other clients and protect the investment you make in each hiring process.

    Best freelancing platforms to find and hire freelancers.
    Best freelancing platforms to find and hire freelancers.

    59% of businesses surveyed said they use a freelance platform to source talent. These platforms let businesses advertise opportunities, promote themselves and access freelancers in international markets. Sites like Freelancer, Fiverr, Upwork and Guru, specialist platforms like Commtract and The Freelance Collective vet freelancers before listing them.

    Share Your Big Picture

    Share your big picture with the freelancer, i.e. why you are hiring them and how will their work fit into your main project. This little insight helps them better understand your expectations, ask better questions, and most importantly deliver better results.

    Set Criteria And Filters Beforehand

    Hiring a freelancer is also a recruiting process and just like other processes, setting filters and appropriate criteria will help you save time and select the best profile. For example, you can include specific forms or notes in your proposal to see if the freelancer is paying attention or following instructions or has provable experience in similar projects.

    Optimise Your Payment Process

    Remember when you are paying an independent employee you are making an investment, and this should be congruent with the service you expect to receive. Offering a fair salary means you are conscious of the value that the freelancer’s work will have for your business, and that you can adjust the budget range in consequence.

    Best Payment Options For Freelancer
    Best Payment Options For Freelancer

    Knowing how to manage payments is key to attracting and retaining the right talent. More than 75% of businesses using freelancing platforms pay directly through the platform or use PayPal. When it comes to paying freelancers, the research found the following factors are most important to them:

    • Security (47%)
    • Speed in receiving payments (33%)
    • Ease of withdrawing money when paid (31%)
    • Fraud protection (22%)
    • Pricing (22%)

    Mobile Compatibility is Key

    Mobile payments, mobile apps and mobile communication continue to grow in importance and usage for freelancers. Having mobile tools and be able to make and receive payments play a crucial role in this gig economy.

    Align on Communication Preference

    Communication issues are the biggest reasons for failed freelance gigs. Before working with any external partner, share your communication preferences with them and ask them to do the same. For example, you can specify that an individual worker can send an email to reach you anytime, but you will only respond during standard business hours. Freelancers typically set their own schedules and may work after business hours or on weekends, or they may be in a different time zone. This way you both would know which time is perfect to contact each other.

    Give and Request Candid Feedback

    Freelancers thrive on feedback. Your job is not only to give them honest feedback on what you loved/did not love but also to ask them for their feedback on you. Very often, the freelancer’s experience allows them to make very useful suggestions to improve your projects or even to propose creative new strategies to keep growing. Take advantage of all that knowledge and seize it as much as you can.

    Things to know before hiring a freelancer

    Don’ts of Hiring Freelancers

    There are certain things that you need to avoid during your hiring process. Knowing these details will allow you to conduct the hiring process effectively and efficiently.

    Don’t Let The Lowest Price Be The Selection Criteria

    Freelancing saves a lot of money but that does not mean you should go for the cheapest one. It is important to have a collaborator who fits in your project budget but ensuring the quality of work is equally important. The skills and experience of the freelancer should be taken into consideration while deciding the rates.

    Don’t Look Away From The Guarantee Of A Job Done

    Check what and how these freelancers have worked before. Keep track of their work. Having an open communication channel helps build client-freelancer relationships. Make time to discuss work and issues so that you and the freelancers would be on the same page. Keeping track of the work and maintaining good communication with the freelancers improves the chances of getting quality work in time. Also, give them honest feedback. Your feedback is important. A happy client means a return business to them.

    Don’t Start Working Without Having Perfectly Clear Expectations From Each Other

    It is better to clear the expectations about work hours and payment right from the beginning. You should never accept or start working on a project unless you have provided every single specification to the freelancer. A good freelancer will ensure that they inform you about the specifications of the tool and project budget.

    3 Ways to Find Awesome Freelancers

    You can scour the internet to find high-quality freelancers, but there are more reliable (and productive) ways to find the best freelancers and consultants for your needs. These three methods lead you to talented freelancers without the hassle:

    Ask For Referral

    Your professional and personal networks are the best places to find freelancers. Start by asking your coworkers, former colleagues, and industry contacts for referrals. Chances are, they will do the work for you and pass along some talented folks.

    Reach Out To Local Trade Organisation

    Freelancers love to connect through their own networks. Instead of using a freelance site, reach out to a local trade organization to find top-notch talent. If you need a freelance writer, email the head of a writer’s group in your city — the same goes for developers, designers, consultants, bookkeepers. You could look into Meetups as well!

    Check Out Secret Hive

    Most companies don’t know about the best online resource for finding amazing freelancers — it floats just under the radar. The Freelancer Union’s Hives are the go-to spot for independent contractors for all things freelance. Post your project on their Work Hive, and watch as the responses flood into your email.

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    Top 4 Benefits Of Hiring Freelancers

    Benefits of Hiring Freelancer
    Benefits of Hiring Freelancer

    Savings

    Hiring by project or by hours instead of having a permanent employee allows you to save a lot in hiring costs and fixed salaries. It also encourages to work by goals, which is the most efficient way to work. One of the most obvious reasons why businesses are hiring freelance developers is that it is very cost-effective to do so.

    On top of paying annual salaries to full-time developers, you also have to pay for legally required benefits, insurance, paid leave, retirement and savings, supplemental pay (overtime and premium), and much more. Unless you’re hiring remote developers, there are also overhead and general & administrative costs.

    Flexibility

    Freelancers move like fish in the sea in a commercial environment characterized by change and constant evolution. They work on simultaneous projects; they have a more diverse experience and they can offer a wider and more assertive vision of the solutions that your company needs.

    Whether you’re a startup founder or an engineering manager, being able to hire quickly and as-needed is one of the most attractive reasons to work with freelance developers. Imagine this: the IT project manager calls the entire development team into the meeting room and lays down a close-to-impossible timeline for your project. You have three people on the team but you’ve just been asked to deliver five people’s work. This is where freelancers can help you. You can hire them just for this project and then free them. This provides a lot of flexibility.

    Global Market And Access To Talent

    Thanks to online freelance platforms, businesses can now hire the best freelance developers from around the world for their projects. Furthermore, businesses located in more expensive areas of the world can easily hire quality freelance developers at a much lower cost. By hiring freelance developers, you wouldn’t have to worry about visas or relocating someone. Not only you can find freelance developers who are ready to work immediately, but you can also hire domain experts, saving time and money.

    Specialisation

    There has been a growth of freelancers in the business because the industry is demanding more specialized talent. Let’s say you’re trying to find a web developer well-versed in Go because it scales nicely and can handle high concurrent performance issues. Even though Go is an awesome programming language, there is a relatively small pool of developers skilled in it, especially if you’re limiting the search to specific locations.

    Hiring a freelance web developer who specializes in Go would be significantly easier. Maybe you’re not looking for something as niche as a Go developer. Let’s say you want to develop an Android app. Even though the developer you are currently working with is somewhat familiar with mobile development, he or she may not be an expert in Android development. A freelance developer who specializes in developing Android apps will definitely deliver better results.

    What can you use freelancers for?

    While freelancers offer a range of unique and specialist skills, businesses are most likely to use them for technical and creative projects. The most popular freelancing skills are:

    Most Popular Freelancing Skills
    Most Popular Freelancing Skills

    Conclusion

    Giving importance to the above-mentioned information when hiring a freelancer will ensure a good experience for both and it will ensure the addition of a valuable ally to your team.

    FAQs

    What are the best practices to follow when hiring freelancers?

    Here are the best practices to follow when hiring freelancers to support your business.

    • Identify the best platform.
    • Share your big picture.
    • Set criteria and filters beforehand.
    • Optimize your payment process.
    • Mobile compatibility is key.
    • Align on communication preferences.
    • Give and request candid feedback.

    What is the best way to find and hire a freelancer?

    There are many websites and freelancing platforms where you can find a freelancer who has the exact skillset that you are looking for. Some of them are:

    • LinkedIn.
    • AngelList.
    • Upwork.
    • Freelancer.
    • Fiverr.
    • Indeed.
    • Profinder by LinkedIn.
    • Toptal.
    • Contently.

    Which freelancing jobs are most in-demand?

    The most popular freelancing skills are:

    • Web design.
    • Programming.
    • Graphic design/illustration.
    • Web/mobile development.
    • Web marketing and sales.
    • Accounting.
    • Data entry and internet research.

  • How To Sell Your Business? Steps To Follow For Selling Your Business- A Guide

    Inaugurating a business by capitalizing a hefty amount in it, is a tantamount predicament task to auctioning it off to someone you either know or not. Selling a business is not an easy decision made by an entrepreneur, because that business conserved as revenue in his life.

    On the other hand, retailing any ilk of businesses depends on the nature and size of the business, whether it is a small or large corporation. Moreover, people won’t acquire any business without seeing a benefit in it. Everything comes at a price.

    For instance, in a small business, buyers won’t see many benefactors in it as it is small-scale production and won’t exist for long-term growth. Meanwhile, if you peddle a large business, the very first thing a buyer looks for is- Long-term revenue and growth. So, ascertain the value of your business with the help of nature & size.

    You can’t give away your business to someone’s hands without analyzing what comes next, like quotes ‘Think before you Act’; Sketch your future plan with the money you’re gonna get from selling your business.

    Here are the things an entrepreneur or a businessman should definitely know before selling the business.

    Steps To Sell Your Business
    Step 1. Self Evaluate
    Step 2. Know your Value
    Step 3. Know the Opportunity Cost
    Step 4. Strategically Fix the Pricing
    Step 5. Know your Buyers
    Step 6. Target Multiple Buyers bidding
    Step 7. Draft Agreement
    Conclusion
    FAQ

    How to sell your business?

    Steps To Sell Your Business

    Things to know before selling your business
    Things to know before selling your business

    Selling off your business without any second thoughts will drive you to someplace either in a propitious or unpropitious future. Because you have done the diligence in growing your business which made your life better as well as contributed profuse services to people by gaining goodwill from it. But what if you have sold it to any wrong hands, this will bring a bad repute to you shortly.

    So, Think twice before auctioning your business. If you are vacillating about selling your business, then don’t do it. Only if you are uncertain in monetary terms or challenging to manage your business, then you can look to market your business to someone who could do it efficaciously.

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    Step 1. Self Evaluate

    Self evaluate before selling your business
    Self evaluate before selling your business

    Self-evaluation is the first step that must be done when you think about selling your Business. What is the reason behind such a big step? There must be a clear-cut answer, which is acceptable by the buyers. Without a valid and clear reason, nobody is going to buy a business.

    So before selling a business, you must have a well-structured strategy with the help of specialized personnel to avoid any mistakes you may make.

    Why Self Evaluation?

    Self Evaluation must give you the answer for the following:

    • Why am I selling my business?

    You must have a point-by-point reason for this big decision at the starting stage itself, which makes it easy for you to stick to a particular area without getting confused at the later stages while communicating with the buyer. This may create a bad impact on the business. The reason also influences the buyers and their decision on the price.

    • Your decision for selling is solely based on profit value?

    If you are in need of money and that is the reason behind the idea of selling, never make a hurry. That will only cause loss for your business sale. Just look for the perfect time and buyer with whom you feel comfortable selling your business.

    • What is your future plan?

    Are you selling the business completely or do you want to remain as a partner or investor in your business? Think and make a clear decision about your association with the business in the future. Buyers must also be given the perfect answer about your vision on this.

    • Business is free of liabilities?

    Business must be free of any liabilities, having which it will be a black mark, which will make an impact on the sales and price for sure. All existing liabilities, including personal, materialistic, money should be cleared even before making your decision to sell the business to the public.

    • Are all the papers clear?

    Make sure that you have clear, complete, and well-structured documentation about the business. All vital records, including financial, marketing, business, and professional, must be included here. These documents make an impact on the buyer, let it be professional and profit documents.

    What’s your next act?

    It is cited that preparation is the sole key to success, so start prepping in advance in case you don’t want to lose a great opportunity in the near future. Always, compute your next step, because that is gonna manifest your position in the future.

    These questions may pop up in your mind while selling your business: ‘What am gonna do after the business is bought? Will it be good for me and profitable in the future? Get ready to answer all these questions before giving away your only source of revenue. Therefore, plan subsequently to your list and set an alternative solution like- finance in some property and get revenue from it or become a partner in a company.

    Well, the ending is the new beginning, you have to make up your mind in selling your business after analyzing what’s your next step.

    Step 2. Know your Value

    Selling your business is the decision you took that may have a numerous reason behind. But before getting into the sales, after evaluating your business, you have to know your value and you have to be clear about what you are looking into. This includes the following criteria:

    • It is best to evaluate your business first before going to a broker and discussing it because nobody knows your business as you do.
    • Estimate your business, including the incomes, taxes, earnings, profits, etc.
    • Know the market and market price.

    Your assets and your earnings are more known to you. Try to get the best out of it when you decide to sell it.

    Know your Stable status before Selling off

    Check out whether you have sufficient money to pay off the expense or meet any other requirement for the future. Selling off your business may credit a large amount of money in your account, but will it be enough? Will it be adequate to survive till my last days? To sell your business in case you want to earn any profit out of it, start a new business or sell it if you are financially unstable to satisfy obligations.

    Estimate the Value of your Business

    Goodwill is the brand name, which you have earned in the locality of your business. Buyers will definitely pay a tremendous price when your business has a good reputation in the market and automatically accelerates demand. So, fix the purchase price according to the value of your business.

    Step 3. Know the Opportunity Cost

    Before selling your business, estimate the approx opportunity cost you will get in that. Generally, opportunity cost is the best alternative when a thing is foregone. You have to estimate the value you’re gonna get when you market off the business, ask yourself whether the opportunity cost of your business will be profitable or not? If not, what is the intention of selling it? And if yes, then how much are you gonna be helpful and what are you gonna do with it?

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    Step 4. Strategically Fix the Pricing

    You don’t know the other side excepted acquiring price of your business. If you fix a higher price than the expected one, then the buyer won’t be amenable to acquire the business. So, determine the expected price of your buyer, then bargain for the price you want to sell your business.

    Step 5. Know your Buyers

    Being a business person, you may already know the trend and the top people in the industry. Professional reasons may be there behind the acquisition of your business. Always try to get the best buyer who believes in investing the worth you put for your company.

    Instead of offering negotiable amounts to the buyers, wait for the right one when you get an intuition that the person is perfect to run your business after you.

    Step 6. Target Multiple Buyers bidding

    Don’t propose for one particular buyer, target various buyers and see how many of them (potential buyers) are inclined to invest money in the range that you have set for your business. Besides, this will augment your company outlook in terms of profitability as well as increase demand for your business in the market.

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    Step 7. Draft Agreement

    Draft the final agreement properly
    Draft the final agreement properly

    The business, which you have strengthened for years in good terms should be given to the right hands. If you have ceded your business in good hands, then the long-term growth of reputation is guaranteed for you in the near future.

    Unlike, in case the business is rendered to wicked hands, then such a reputation which you have amassed for years before selling it would go trivial. So before trading your business, determine the potential of the buyers in sustaining the business credible.

    While drafting a sale agreement, make sure the presence of a lawyer or someone who has pretty much knowledge about the agreement and drafting. Don’t miss out on anything because you could end up paying later. The agreement must be acceptable to both parties and any disputes must be settled before signing the agreement to avoid further confusion in the future. Some of the must-have agreements are:

    • Asset listings
    • Bill of Sale
    • Security agreement
    • Purchase agreement

    The agreements must have the following details, which must be verified at the earliest.

    • Buyer and Seller Details
    • The detailed specification of the property
    • Terms of Payment
    • Terms and conditions

    So are you ready to sell your business? Just take it as simple as it is. You know your business and its internal and external happenings. Make everything clear to the lawyer and the broker or any mediator if there is any. They will help you in drafting the perfect agreement.

    Finding the potential buyer is the main aim and may take time. Be patient and wait for the one whom you think is eligible to take over your business. Time and price may not be in your hand. You will have to wait until you get satisfied.

    If you find growth in your company after the decision of selling, let it be. Your profit will only increase with a company with great profit. More buyers will get attracted to your business and you will notice a hike in the estimated purchase value.

    When a buyer gets interested in your business, they first send an IOI i.e. Indication of Interest. This is a document with their proposed terms and conditions and other details. This document is the primary thing based on which the owner decides whether to move forward with that particular buyer or not. After the IOI, the LOI or Letter of Intent is given to the buyer which includes the terms and data about the company, to give the buyer a complete picture of the business, which helps them to make a decision i.e. whether to move forward with the purchase of a business or not.  The next document is the purchase agreement that contains detailed data about financial and legal terms and conditions. This is the final document to be presented during the sale.

    Conclusion

    Well, like said above, starting and selling a business requires a lot of time and effort. The thought of selling a business befalls when you face a financial crisis to meet business requirements and when you want to sell the business in order to start something new in the future.

    The amount you receive in selling your business highly depends on the value of your business – Goodwill. On the other hand, finding a potential buyer who is promised to maintain your business on good terms after surrendering it to the buyer. Therefore; Keep in mind, work in progress to result well in a long-term process, if you are planning to sell off your business in the future at a higher price.

    FAQ

    What is the rule of thumb for valuing a business?

    The common rule of thumb for valuing a business is to calculate your percentage of the annual sales, or  the last 12 months of sales/revenues.

    Do I have to pay tax if I sell my business?

    Yes, you may have to pay tax if you sell your business.

    What to do before you sell your business?

    Few things you should know before selling your business is to estimate the value of your business, target multiple buyers bidding and Don’t fix the purchase price too high.

  • How to Avoid losing Followers on Twitter with these 8 Tricks

    Losing followers on Twitter, which you have earned diligence by being consistent on posting pertinent posts, that your followers are looking for. But have you questioned yourself, why people are unfollowing you? Well, the blame should be placed on your plate.

    If you have gained recognition, then people would definitely never even give a second thought to unfollowing your account. But if you are in the starter pack, then sometimes you have to face ups and downs.

    People won’t start following you forthwith after posting the very first post in your account, in case if it happens, then the content should interest your follower’s interest.

    First analyze what your targeted audience expects from you, for instance, if your follower list is below 25 years old, then try to post content on their field of interest like some love to cook, fitness-related or blog etc.

    Other than that, if you don’t want to lose your followers on Twitter, then work on the below eight important points to save your followers.

    Top eight tricks you should follow to save your followers on Twitter.

    Consistency is Everything
    Optimize your post time
    Visual Content counts
    Engagement
    Use hashtags
    Tweet Appropriate post
    Analysis of your followers’ interest
    Optimise your profile
    FAQ

    Consistency is Everything

    One of the most crucial elements to spurn in losing your Twitter followers is to post your content regularly. Some people just post one content for a week, that doesn’t make any count on followers; unless you are verified on Twitter. So, in the beginning, post your content consistently according to the trend.

    For instance, the KiKi dance trend was viral back in 2017, and people were posting about that trend and it became popular overnight.

    So, stick to the trend and post it frequently before the trend becomes outdated. On the other hand, don’t post all content in one day, save it for another day.

    Optimize your post time

    Many people don’t have any idea at what time their content should be posted. There is some algorithm that helps your post to get the hype on Twitter and as a result, gradually augment followers to your account.

    Analyse your best time to upload the post, I prefer 10 to 11 in the morning. It helps to receive more responses from the audiences, moreover can help to gain more followers after seeing the post.

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    Visual Content counts

    Visual content can entice people easily rather than spending time on a written content more than 1000 words. It is apparent that people love watching videos. According to a Google survey, it is said that 79 per cent of people prefer watching videos with a duration of fewer than 5 minutes.  

    Presenting infographics in your content will make your audience understand your business’s purpose as well as eliminate confusion and make convulsive information into easier content. People love creative stuff, so try to be more innovative to impress your set of audiences.

    Engagement

    People love to listen to those conversations, only if it sounds like two-way communication. So, respond to your follower’s feedback, a QAs session and conduct a poll rate session to see what your followers are expecting from you. This way, you get to know your audience’s field of interest and also be engaging in responding to them.

    Use hashtags

    Ever seen a post on Twitter that have at least 4-5 lines of hashtags and felt that the user just overdid it and scroll past it without another glance? I bet you did and that’s the next thing to keep in mind to not losing your followers. But the use of hashtags is too vital to ignore their existence and not use them in your posts.

    Hashtags are like search engine optimisation tools. They increase the probability of the post garnering a larger audience and leading to more followers. According to sources, the engagement rate of tweets with hashtags are 12.6% more than those without.

    Tweet Appropriate post

    Quality over Quantity is one motto that you should follow without a doubt to maintain your follower base and increase it. Your posts should be of value to your audience and create engagement. The post can be made interactive by creating polls and Q&A posts.

    The post should be made in a way that doesn’t offend any group of audience and a war of words in the comments section can be avoided. And it is very essential to bring out creative, unique and varied content so that your followers do not lose their interest leading to the loss of followers.

    Analysis of your followers’ interest

    Analysing your followers’ interests is key to know what attracts followers and what kind of posts are favourable and gains more engagement. It also gives you an idea of the posts that you need to be tweeting in the future.

    Analysing your followers manually isn’t an easy feat and it is time-consuming too. You can review the performance of your tweets by analysing which posts have gained more attention and what your followers like, comment and share more. You can find this analysis simply by using Twitter’s in-built analysis.

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    Optimise your profile

    The profile is the first thing potential followers notice apart from the post that led them to your profile. So optimising your profile according to the followers’ interest is crucial to have a strong follower base and create a better first impression amongst your followers.

    A good profile requires a good profile picture that isn’t congested but is also clear and has an unobstructed facial picture. Your profile should provide complete and true information regarding your work, your location and other details. It is ideal to describe yourself and give a glimpse of yourself to your followers.

    Conclusion

    Reading the battle of words between Twitterati and watching the hilarious comments on posts on Twitter have become a favourite pastime of this modern generation.

    Twitter has become a way of life for many people around the globe. They start their day by tweeting and end their day by tweeting. It has also become a platform that allows people to express themselves in a world where people aren’t ready to listen to their neighbours expressing their viewpoints and opinions.

    Twitter also helps people share information and current events happening around the world fast and earning money through content on Twitter has made it more popular. And all this requires an audience and maintaining a follower base isn’t easy unless you are some famous person. So feel free to use this carefully curated knowledge to your benefit.

    FAQ

    How to avoid losing followers on Twitter?

    Post your content regularly, Use hashtags, and engage with your followers to avoid losing followers on Twitter.

    Yes, Twitter is one of the most popular social media platforms in 2020.

  • Shuttl Business Model | How does Shuttl makes money

    Waking up late in the morning and rushing to your office by holding a sandwich in one hand and bag vase in the other- just to catch the cab or drive yourself. Nevertheless, you will be in a fix and end up with a chastise from your boss!.

    Just imagine, Pulling yourself up at 9 in the morning and being late for work. What will you do at that time?. That’s why Shuttl has been launched for those professional workers to travel conveniently to the office and start a tranquil day.

    The Shuttl is an office commute travel bus aggregator mobile app, which runs in six major cities in India. In 2015, two IITans Amit Singh and Deepanshu Malviya joined together and founded Shuttl, an intra-city bus fleet.

    The company opened their Series C funding, where Amazon, Dentsu, Trifecta, SIG, Lightspeed or Times Internet etc have invested a hefty amount in dilating the company.

    Moreover, Shuttl facilitates real-time supervision by tracking down the progress of the destination, managing intelligent routing and automated data management. To sum up, Shuttl is a stress-free commute to work, where you have to mention the place you work and set the time to pick you up from your home. Later track your ride on the automated data management to eschew any risk.

    Where does Shuttl operate?
    Main products and services of Shuttl
    Target audience of Shuttl
    Business model of Shuttl
    What’s unique about Shuttl’s business model
    How does Shuttl make money
    FAQ

    Where does Shuttl operate?

    Shuttl commenced its first commuter service in Delhi NCR and later expanded in Kolkata, Pune, Mumbai, Hyderabad and Chennai. The company is operating over 350 routes and 2000 buses in six cities. Notable; Shuttl became favourable at the start of its technology centre in Chennai as the city is still dealing with poor road infrastructure which engendered high traffic alert.

    So, Shuttl optimised the challenge and ran successfully in Chennai. Furthermore, Shuttl is planning for another launch of its service in Bangalore.

    However, Shuttl became undermined in recent times due to the ongoing pandemic and paused function in some cities.

    Main products and services of Shuttl

    Shuttl functions as an intra-city bus commuter for professional works, to secure convenient and reliable journeys every day. The company began this transportation service in order to shun air pollution and traffic, as people who are going to their workplace, largely opt for individual cars or drive themselves.

    Shuttl helps you to access the app at your fingertips that benefit you with guaranteed seat optimization, Contactless booking and payments at a reasonable cost.

    Besides, Shuttl works as an urban transportation service by commuting the customers at the time, they have mentioned to pick on the required destination and later drop at their home safe and sound.

    Target audience of Shuttl

    Shuttl developed as a mass transportation service for a tranquil journey for those professional workers, who are running late for work.

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    Business model of Shuttl

    Shuttl is designed as a tech-enabled mobility service that commutes customers from the pick-up point to the place they are working. For instance, You are super late for a meeting which is scheduled at 9 in the morning, but it’s already thirty past eight and there is no hope for any rental cab.

    Subsequently,  Amit Singh and Deepanshu Malviya launched an easy-mobility urban commuter bus service, which rides you from home to the workplace, right on time.

    Additionally, the Shuttl app provides stupendous features to the clients, by tracking down the ride on the dashboard, seat optimisation, contactless payment and booking. The company solicits an affordable price for the service and operates only in eight cities- Kolkata, Pune, Mumbai, Hyderabad and Chennai.

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    What’s unique about Shuttl’s Business Model

    Shuttl’s business model makes the company a huge success. The unique features of the business model followed by the company are:

    GPS tracking

    The Shuttl app has a GPS tracking feature to allow the commuters to know exactly where the bus is and where and when the commuters have to board it to reach their destination.

    Face-recognition Check-in

    The bus is equipped with a Face-recognition screen that identifies the bus operator and shows the driver ID as only authorised drivers are allowed and also identifies commuters to have a check if they are validated and genuine to board the bus.

    CCTV

    Shuttl SAFE buses are furnished with Live CCTV coverage to protect the commuters and check if they are in any form of danger. Both the app and the bus have panic and SOS buttons for emergency rescue if the commuter is in danger.

    Alcohol Detection

    The bus has an alcohol detection setup that is linked with the ignition button to check if the driver is drunk or not and to protect the commuters from incidences of drunk driving. In this setup, the driver isn’t required to breathe into the device.

    Call Back

    The company provides another feature called Homecheck which is a callback option to check if the commuter has reached his/her home or destination safely.  

    How does Shuttl make money

    How does a commuter bus operator earn their income? Yes, the fare paid by the commuters using the bus to commute from one place to another. But how does Shuttl earn maximum revenue from just the fare? Shuttl doesn’t own buses but rather enters into contract agreements with bus operators to use their buses and their crew including drivers and conductors for a fixed monthly payment.

    Then, these buses are used under the company name and the fare for the ride is collected from their customers and are used to pay for extra expenses like fuel, salary, agreed on an amount to the bus operators, etc. Thus the company makes its profit effectively and efficiently.

    Conclusion

    It is proven in the past by many successful companies and their founders how the identification of a problem faced by the general public and creating a solution to it can make a business highly profitable and successful but if that solution is eco-friendly and protects the environment what’s not there to love about it.

    Shuttl not only helps people have an economically viable means of transportation that is relaxed without the tension of travelling in an unhygienic over-crowded bus but in the process reduces people’s need to use their vehicle and thus reducing traffic, pollution and reducing the usage of fuel by the general public.

    Shuttl is a much-needed alternative to commute for office-goers that is beneficial for both the environment and the people.

    FAQ

    What is Shuttl?

    Shuttl is a Gurgaon based company founded in April 2015 that provides office commute service and is India’s largest mobile app that offers this service.

    What is the source of revenue for Shuttl?

    Shuttl earns its revenue by way of fare collected from their commuters. Shuttl earned a revenue of INR 142 Crore in the financial year 2020 and the company was fulfilling 60000 rides by employing 1200 buses.

    Who is the founder of Shuttl?

    Shuttl was founded in April 2015 by IIT alumni Amit Singh and Deepanshu Malviya.

  • Relevance of Writing Vision and Mission Statements – A Guide

    Every business is an attempt to thrive and grow amidst all the odds that life throws at it. For a passionate entrepreneur, money is only a byproduct that accompanies its value. In the journey of setting up an established business, it is likely that your mind gets distracted by other things like profit margins and competitors. If not you, your employees might feel that way. Hence it is always important and beneficial to have a mission statement for your endeavours. It reflects your firm’s purpose and why did you start it in the first place. It is the mission that unites and inspires people to work and contribute.

    While the mission statement reflects the foundation and fuel that drives your company forward, the vision statement explicates the goal that you have set for yourself, the company, and the consumers. Vision statement in fact becomes demonstrative of the future of the company and also a yardstick for others to measure the value that your company will impart.

    The vision and mission statement of a company is also a reminder for all the stakeholders working for the development of the firm. All successful entrepreneurs have unanimously said that a simple goal of making more money won’t work in a business. These statements will always help you look back on your own intention even when you cannot see it. It helps the company to remain focused on the important thing and to ensure that it does the right thing always.

    Defining Vision and Mission Statements
    How to Write a Mission Statement
    How to Write A Vision Statement
    FAQ

    Defining Vision and Mission Statements

    Vision and Mission statements have their own nuances considering the fact that both of them serve distinct purposes. An organisation needs to have both of them to be rooted in their goals and to take decisions along its lines.

    Mission statements are usually written in the present tense to briefly put across the purpose of the organisation and the objectives it focuses on. This short statement reflects on why you function as a business firm.

    It is supposed to give an insight into the organisation’s purpose both to the people within the organisation and also to the people outside it. The shorter the mission statement, the more clear and powerful it becomes.

    Vision statements on the other hand focus more on the future of the organisation. It conveys the goals and aspirations that the company seeks to achieve in the future. The major intention of vision statements is to uplift and inspire the people in the organisation. In most cases, the vision of the organisation remains the same even if they change their strategies.

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    How to Write a Mission Statement

    The first thing that you need to do before starting to write your mission statement is to have a clear idea about that one Unique Selling Proposition that enables your organisation to stand out among the rest of your competitors. It should express the unique identity of your firm which makes the customers choose you over your competitors.

    Finding your USP or Unique Selling Proposition is one of the most important parts of developing a business strategy. Hence even if it takes a lot of time and effort to put it into shape, make sure that you come out with a quality USP. Mostly the USP of the companies is the goal that they set for themselves and the purpose of their existence.

    After deciding on the unique characteristic of your business, implore further on how you aim to execute it.

    For example, Tesla’s mission statement goes like this

    “To create the most compelling car company of the 21st century by driving the world’s transition to electric vehicles”.

    The first half of the sentence clearly reflects what they intend to do or what their purpose is. And the second half denotes how they plan to execute their purpose.

    Another example, the mission statement of Google,

    “To organise the world’s information and make it universally accessible and useful”.

    Here the purpose and goal of the organisation are intertwined with the ways in which it aims to execute its goals.

    The structure of mission statements may vary but the components mentioned above should be clearly conveyed to the reader through the effective use of wordplay.

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    How to Write A Vision Statement

    Vision statements should reflect the future aspirations and goals of the organisation. It is different from a mission statement although there is an overlap with regard to the mentioning of goals of the organisation.

    As far as a vision statement is concerned the goal of the organisation occupies the primary position unlike in the case of a mission statement where the purpose is given more importance over the goals. One of the most important things that you should keep in mind while devising your vision statement is that it should be timeless.

    The first step is to identify the mission statement and determine the human value in it or try to understand the impact your organisation has on people. A vision statement will be more inspiring when it enumerates the positive impact it has on people or places.

    After that, narrow down on the most important value that you see your organisation is imparting. These values can be that of service, excellence, honesty et cetera.

    After that combine the mission of your organisation with the values that it imparts so as to inspire the people in a positive manner. The statement should also clearly set the goals and ambitions that the company strives to achieve.

    Take the example from the vision statement of Tesla,

    “to accelerate the world’s transition to sustainable energy”

    They have very cleverly used the word accelerate that creates an impact on the readers. It also shows their passion and their future goal of creating a world that is completely fuelled by sustainable energy.

    They have done an excellent job in uniting the mission of the organisation along with the value that it imparts and also the future it envisages.

    The vision statement of Amazon is also a very good example of a careful amalgamation of apt words that means exactly what it says. It goes like this

    “to be earth’s most customer-centric company, where customers can find and discover anything they might want to buy online”

    Any person who is reading their vision statement will clearly understand what their goals and aspirations are.

    Conclusion

    One of the most important things that you need to remember while making a mission or vision statement is to be precise and clear. It is not the use of complex words or jargon that determine the value of the statements. It is the crystal clear clarity that these statements give to the people in and out of the organisation that serves the purpose.

    FAQ

    What is the importance of vision statement?

    A vision statement is important as it describes the company’s purpose, what the company is striving for, and what it wants to achieve.

    What is a good vision statement example?

    McDonald’s is a great example of a good vision statement, its vision statement is  “To be the best quick service restaurant experience.

    Which companies has the best mission statement?

    Tesla. “To accelerate the world’s transition to sustainable energy.”, TED. “Spread ideas.”, and LinkedIn. “To connect the world’s professionals to make them more productive and successful.” are few companies which have the best mission statement.

  • How To Start Herbal Medicine Business? – A Stepwise Guide

    In recent years, there has been a considerable growth in the sales of herbs or herbal medicinal products and starting a herbal business comes with many prospects. Many people especially from the top developed countries are recognising the benefits of herbal medicine and are switching from the conventional pharmacy.

    Starting a herbal business is profitable but you need a good business model. To start this type of business, you need to have prior knowledge of traditional medicine like be a herbalist, or a Herbal medicine degree.

    The owner must do deep research and create a detailed business model for the product, the price, the promotion, and distribution. Planning and research on different aspects are some of the key factors for a successful business because there is a lot of competition in the market. Here in this post, we will discuss briefly how to start a herbal medicine business and excel in this business.

    How to Start A Herbal Medicine Business
    Step 1: Naming Your Herbal Business
    Step 2: Know Your Herbs
    Step 3: Plan Your Herbal Business
    Step 4: Form A Legal Entity for Your Herbal Business
    Step 5: Open a Business Bank Account for your Herbal Business
    Step 6: Marketing of Herbal Medicine
    Step 7: Getting Permits And Licenses for Herbal Business
    Step 8: How To Promote Your Herbal Business

    FAQs

    How to become a successful online herbalist

    How to Start A Herbal Medicine Business

    Here are steps to start a herbal medicine business in India.

    Step 1: Naming Your Herbal Business

    Planning and researching the name of the business is very crucial. Naming a company can be challenging and time-consuming as it requires a lot of research. Your company name is an important part of your company’s identity. Once you understand what you want your company then start thinking about a particular name that describes your industry also think about words that describe your competitors.

    Using similar names to your competitors makes it very difficult to differentiate your company from the others. Which is why the owner must identify the current trends and avoid following them by choosing a unique name that defines their company.

    Step 2: Know Your Herbs

    Herbal plants
    Herbal Plants

    Before starting into a herbal products business, you should have a basic knowledge of herbal remedies and their applications. You must recognise and have knowledge about each herb that you are using. And ensure that your products are both safe to use and effective. You have to decide which herbs you want to grow in your herbal medicine garden.

    Its always a good idea to focus on a select few when you’re growing for the market rather than offering a huge selection. Being a herbalist, one must only use organic fertilizers, as they help plants grow healthier. The owner must have knowledge on the herbal medicine uses, and identify the herbal medicine plants to expand the product range.

    Here is the list of herbal medicine plant that’s common :

    • Chamomile
    • Echinacea
    • Feverfew
    • Garlic
    • Ginger
    • Gingko
    • Ginseng
    • Goldenseal
    • Milk thistle
    • Saint John’s wort
    • Saw palmetto
    • Valerian

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    Step 3: Plan Your Herbal Business

    Global herbal medicine market revenue, by product
    Global Herbal Medicine Market Revenue, By Product

    Cost

    A clear herbal medicine business plan is essential for a successful entrepreneur. The cost must be planned according to the herbal medicine business model. One way you can reduce the cost is by purchase the medicinal herbs through a wholesaler and by then reselling these herbs online.

    If you decide to open a permanent store to sell medicinal herbs, it will require a person to have access to much more capital. The largest expense for the people who decide to grow their medicinal herbs is the land. Depending on your herbal medicine business and the land size, you will have to pay monthly for rent, utilities, seeds, inventory, and labour.

    Target Audience

    A herb business can have many different kinds of clients or customers. Customers who opt for herbal medicine might be interested in living a naturally healthy lifestyle, some might want it for their physical ailments, while some might already have experience with herbal medicine.  

    Charge of Customers

    The cost you decide to charge your customers solely depends on your product’s quality, uniqueness, and where you choose to sell. Business owners that sell unique products have much more flexibility in setting their prices. The herbal medicine shop business usually has flexible prices for the medicine, while if the owner is starting a herbal medicine business online then they can set fixed prices for the products.

    Profit

    Medicinal herbs businesses that re-sell bulk herbs typically charge 30% or more over their costs. Businesses that grow medicinal herbs can also plant culinary herbs to diversify their customer base. All owners of medicinal herbs businesses can create various different type of  “value-added” products.

    Strength

    When it comes to strength as a company, it will depend on the portfolio of products and the wide range of herbal medicines and teas for different ailments that can meet the needs of a wide range of consumers. The herbal medicine in India is booming as many people prefer organic medicines, especially during the Covid 19 Pandemic.

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    The most common business structure types are the sole proprietorship, partnership, limited liability company(LLC). Establishing a legal business entity such as an LLC or corporation will protect you from being held personally liable if your medicinal herbs business is issued.

    Step 5: Open a Business Bank Account for your Herbal Business

    Opening a separate bank account for the business is essential for personal asset protection. The herbal medicine business owner can then get a credit card for their business account so the personal and business expense is separate. Have a business bank account also makes it easier for accounting and tax filing. Besides that, it also helps in understanding the financial performance of your herbal business.

    Step 6: Marketing of Herbal Medicine

    Herbal medicines can be sold in various dosage and different forms such as tablets, extracts, dried plants, capsules, products among others. The global herbal the medical market is segmented based on the type of the medicinal product, its application, and geography. According to a research, Global Herbal Medicine Market is expected to register a CAGR of 5.88% to reach USD 1,29,689.3 Million by 2023. According to a 2015 report by National Center for Biotechnology Information, around 70% to 80% of people globally rely on herbal sources for their treatment.

    • Marketing via email was one of the first digital advertising methods, but it’s still one of the most effective.
    • Pay close attention to federal, state, and local regulations. The herbal medicine industry has been subject to many investigations regarding product marketing and benefits.
    • Partner with local health-related businesses. Producers will have the most credibility in their communities.
    • Establish a product website.

    Step 7: Getting Permits And Licenses for Herbal Business

    To manufacture any type of Ayurvedic or Herbal products in India, you will need a license from AYUSH (The Ministry of Ayurveda, Yoga, Naturopathy, Unani, Siddha, and Homoeopathy) and not from FSSAI. Below are 3 types of manufacturing licenses issued by AYUSH :

    • Complete Manufacturing License – This is a full-fledged manufacturing license. This license is a must, if you decide to market, manufacture your own product, or set up your own manufacturing unit. To get this licence, you will have to fulfil all the requirement that is stated by the state authority of AYUSH.
    • Loan License – This is a manufacturing license which allows you to loan a manufacturing unit of a third party manufacturer to make your herbal products. This way you can reduce the cost of owning a manufacturing unit.
    • Contract/ Third party manufacturing – This license will allow you to use the manufacturing license of a third-party manufacturer to manufacture the product. This way you can only market your products. With this license you don’t have to own any manufacturing unit and don’t have to get any license.

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    Step 8: How To Promote Your Herbal Business

    Product Knowledge

    When we speak of herbs, it is very important to have a basic knowledge of what you are going to sell. It is of utmost importance to know each herb that is going to be a part of your business plan.

    Knowing Your Market

    Creating your herbal product and putting it on your website is not enough to grow your business. You need to identify the ones you are making your product for. Your products need to solve the problems of the target audience. Presenting your product to the wrong group of people will only hold back your business from growing.

    Guiding And Communicating

    Herbal products are needed by consumers when their concerns are related to health. You will stand a better chance of selling your products if you can guide them about the products and their uses. This will instantaneously earn the much-needed trust of your customer which is always a positive aspect in marketing your business.

    Affordable Pricing

    You need to keep in mind that the products you are selling don’t suffer from the issue of overpricing. The urge to keep the products under-priced is helpful for any business owners, you have to vary much care about that you have not faced any losses.

    Branding Via App

    Having an app for your business not only creates a digital marketing channel but also stand out from the competitors.

    Offers Coupons And Discounts

    This is a great way to attract the first batch of customers and lift your business from the ground when you are just a beginner. Offering too much will increase the consumer’s unhealthy expectations. So make the marketing plan with great efficiencies.

    Active On Social Media

    Advertising via social media costs very little and offers other benefits as well. In this way, consumers get involved in the process of marketing your herbal business. You must regularly update your social profiles and the posting of content that are engaging and interesting.

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    FAQs

    How to start herbal products business in India?

    Things to consider before starting a herbal product business:-

    1. Market Research
    2. Know your herbs
    3. Licensing & Registration
    4. Location Targeting
    5. Marketing

    How do I get Ayush license?

    The Procedure to Obtain Licence for herbal products in India:-

    • Visiting the Website
    • Review of Documents
    • Approval by the Commissioner
    • Obtaining the License

    What is Ayush certification?

    Quality Council of India has been engaged for voluntary certification of quality of Ayurveda Siddha Unani (ASU) products. AYUSH Standard and AYUSH Premium Marks are awarded for products moving in the domestic and international market respectively.

    How does a medicinal herbs business make money?

    Medicinal herbs business owners make money by selling herbs.

    What are the expenses for a medicinal herbs business?

    Depending on your business, you will have to pay monthly for rent, utilities, seeds, inventory, and labour.

    What are some skills and experiences that will help you build a successful medicinal herbs business?

    The owner of the medicinal herbs company needs to have an understanding of the proper use of medicinal herbs or must be a herbalist. If not the owner can get a herbal medicine degree or join an online herbal medicine courses.

    What is the growth potential for a medicinal herbs business in India?

    With the ongoing Covid 19 Pandemic, there has been a massive growth of natural products and healthier alternatives to more common medical issues in India.

    How to make herbal medicine?

    To make herbal medicine, the herbalist must have knowledge of types of herbal medicine.

  • How to Open a Butcher Shop | Meat Shop Business- A Stepwise Guide

    As water is important in life, the meat will be comprising a significant percentage of the food market for years. Butcher’s shop providing fine cuts of meat and expert service. Butcher’s shops are still popular among loyal customers that value the traditional experience. Passion and knowledge are key to become a successful butcher.

    Opening a butcher shop with the right planning and attention to detail can place a great image on your community. If you are want how to open butcher shop and looking for how to start then here we will discuss how to start from the beginning.

    How to open a Butcher Shop:

    FAQs

    How to open a Butcher Shop:

    Butcher Shop
    Butcher Shop

    Before learning how to open a Butcher Shop, lets know the qualities of a good Butcher.

    Some of the qualities of a good butcher:

    • Passionate about providing good quality meat
    • Interested in the animal’s journey from field to table
    • Keen to provide a personable and expert service
    • Interested in food supply issues
    how to start a meat shop business | Butcher shop

    Step by step Guide how to open Butcher Shop

    Step 1. Decide what to Sell

    • Carcase meat, including beef, veal, lamb and pork
    • Poultry meat, including chicken, turkey and duck
    • Processed meat products such as bacon, ham, sausages, black pudding and haggis

    Step 2. Brand Identity and Location

    Branding is a way of identifying your business. It is how your customers recognize and experience your business. A strong brand is just more than a logo. Your brand should reflect what your business stands for and what sets it apart from your competitors. Creating a strong brand involves in-depth market research to work out why customers should be attracted to your business. Branding should be considered in the early stages of starting a business.

    Before you start looking for a business location, you should have a clear picture of what you have and what you want to have in the future. First, you should think about who your customers are and how close they are to your location. Secondly, you should consider your community. For many businesses, food traffic is very much important. Consider the accessibility of the location for every person who will be coming there.

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    Step 3. Writing a Plan

    Before you think about how to open a butcher shop, you will have to develop an effective meat shop business plan which will serve as a guide throughout your journey.

    • Meat and meat will be a one-stop-shop to fulfill all the meat-related needs of the customer.
    • Your customers will be within the residential community, that’s why you will provide fresh and highest quality meat including beef, chicken, and mutton.
    • Your target is to become the most trustworthy meat supplier in the city within six months of your launch.
    • As for a general trend, the market demand for butcher businesses is on the rise, mainly because of the rapidly growing fast food industry.
    • Before starting a butcher shop business, you need to identify your target audience so that you can find ways to attract them towards you and convert them into your customers.
    • Your target to recover the initial investment within one year of launch by increasing sales.

    Step 4. Registering Your Shop

    A Meat Shop is regulated by the Municipal Corporation Act of that state and the Prevention of Food Adulteration Act 1954.

    Trade license is required and is governed by the Municipal Corporation of the concerned state where the business intends to be set up. As per the rules and regulations prevalent in each state, every meat shop needs a trade license.

    As per the act, every meat shop license expires at the end of the year, you must renew the license.

    Butcher Shop Growth
    Butcher Shop expected Growth 2020-2022

    Step 5. Purchasing Equipment

    To become a commercial butcher, you need more than just a desire to provide fresh and excellent customer service. You can be the most passionate butcher but if you don’t have the right tools, you are always going to struggle to maintain quality and efficiency. When you start making plans to open your first butchery, getting the right equipment should be your top priority.

    Some important equipment are listed below:

    • Knives
    • Cutting boards
    • Quality butcher knives and a knife sharpener
    • Meat slicer
    • Grinders and other processing machines
    • Scale
    • Refrigerators and freezers
    • Tables, counters and carts
    • Protective gloves, clothing and guards
    • Everyday supplies such as trays, soap and plastic wrap

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    Step 6. Training and Development

    While a high school diploma is a minimum requirement to become a butcher. Individuals may want to consider pursuing a certificate related to meat processing and meat science. A person has interested in this have an opportunity to take courses in the following domain:

    • meat evaluation
    • meat animal processing
    • meat selection
    • meat industry technology

    While pursuing the certificate, an internship can provide you with an opportunity to work and learn under a professional butcher.

    Before working as a butcher, employers want applicants to have experience. One way to gain experience is to obtain a job as a meat cutter. Due to the physical nature of the job, butchers must be in good physical condition. Dexterity, strength, stamina, and hand-eye coordination are all of great importance.

    Some butchers open their shops. They completing an associate’s degree can provide them with additional knowledge and skills in this field.

    Step 7. Target Your Market

    Understanding marketing is important if you are run to a successful butcher shop. From implementing promotions to researching the need of customers, there are many sides to marketing. You have to apply best marketing strategies to come forward.

    • Promotions are short-term business advertising tools that can draw attention to product ranges, attract new customers, maximize sales to existing customers. The promotion also includes a percentage of discounts.
    • If someone wants cheap meat they will go to the supermarket. You must be targeting those seeking the best cuts of meat, awesome flavor, and most important from where they produce from local; farms.
    • Implement SEO to ensure you finish high up on Google result pages, and consider setting up a blog and using social media.
    • People want to do business with shopkeeper’s they like and trust, so building a relationship with customers is key to gaining their loyalty.

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    Step 8. Advertising Your Shop

    Local Butchers shops can have many advantages over large grocery stores. Many times with a small local butcher chain, higher-quality meat is sold because they have the advantage of personally choosing their suppliers sourcing meat locally from local farms, and knowing suppliers and farmers personally. Many butcher’s use social media and use it as a means to communicate and promote their products, news, and special events and also to interact, inform and engage with their customer’s community.

    A local Butcher looking to utilize social media will be best served by channeling into using social media as a platform to promote their activities, interact with past and potential customers, and share valuable facts, information, and insights that will engage, inspire and interest their fans and followers.

    Facebook

    Facebook can be leveraged for butchers is within the use of its extensive potential for user engagement.

    Purpose

    Key Metrics to Track

    • Likes
    • Reach
    • Conversion
    • Engagement

    Twitter

    Twitter can be leveraged for a Butchers as it is a real-time public information network. Twitter gives your business greater exposure in web search results and makes it easy to build a community of potential customers.

    Purpose

    • Increase Engagement
    • Establish Network
    • Increase Brand Awareness
    • Strengthen Customer Service

    Key Metrics to Track

    • Follower Quality and Growth
    • Brand Mentions
    • Retweets, Replies, and Lists
    • Reach
    • Conversion Rate

    Blog

    Where Blogging can be utilized for a Butchers is its use in improving search engine rankings and boosting industry perception placing you as an authority in your sector.

    Purpose

    • Increase Engagement
    • Increase SEO
    • Establish Authority
    • Generate Brand Awareness

    Key Metrics

    • Reach
    • Engagement
    • Authority Share – Cites and References
    • Audience Growth
    • Conversion Rate
    • Subscribers
    • SEO Improvements

    FAQs

    Is owning a butcher shop profitable?

    It is quite profitable business as all butcher shops make the good annual profit.

    How long is butcher training?

    A retail butcher can take one to two years to learn the skills needed for meat shop business. Meat butchers need to learn to manage evolving meat preferences, quality, and food trends.

    Do you need a license to open a butcher shop?

    Yes, Butcher shop need to get registered and Trade license is required. According to the Meat Industry Act 1993, you will not be able to start operating your butcher shop without a license.

  • Uber Business model: A Deep Dive into the Strategy and Innovation of Uber

    Did you know 17% of small businesses fail because they lack a business model? Entrepreneurs now are the time to learn about this amazing business model canvas, which will make that stress go away. Here, I have taken the real-life example of Uber for this business model canvas.

    About Uber
    Uber statistics in 2021
    Uber’s Business model canvas
    FAQ

    Brief introduction of Business model canvas

    A lean canvas and a value proposition are two sorts of business models. These are tools for validating company concepts geared for startups. Both originate from Alexander Osterwalder’s ‘business model canvas,’ which we’ll explore today.

    The primary distinction between the business model canvas and the lean canvas is that the business model canvas was developed for well-established businesses to track their efficiency and evolution through time. Startups are the most common users of lean Canvas for product launches.

    The business model canvas is popular among entrepreneurs. It’s a risk-detection tool that’s adaptable, intuitive, and value-driven. That’s why it’s commonly referred to as a one-page business plan. The canvas is divided into nine areas, each of which must be filled with specific company information.

    About Uber

    In the business realm, Uber is a well-known name. Millions of business owners and entrepreneurs have been motivated by extraordinary success, and the trend is expected to continue. This California-based ride-hailing service, which was founded in 2009, has ushered in a huge change by igniting the on-demand economy.

    From its humble beginnings, it has come a long way from a basic idea of allowing customers to hail a cab with a single tap to being the world’s largest ride-sharing firm. Uber currently controls over 68% of the total ridesharing market in the United States.

    Uber statistics in 2021

    According to statistics, Uber undertakes around 1.44 billion rides each quarter. Uber has raised $25.2 billion in fundraising, has over 100 million active customers, 4 million Uber drivers, and a net worth of $95.67 billion. So far, Uber’s success has inspired millions of business owners and entrepreneurs.

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    Uber’s Business model canvas

    The aggregator business model was first introduced to the world by Uber. It operates on a multi-sided platform business strategy that serves as a link between riders and drivers. Simply put, Uber has a two-pronged business model. While it enables clients to hire a taxi with a simple click, it also enables cab drivers to complete their rides on time and safely.

    Customer segments

    You must determine your most significant customer to whom you are providing value. The persona method aids in the creation of an imaginative portrayal of user categories. There are two types of Uber users: drivers and riders. Each one caters to a specific group of people that are interested in what Uber has to offer.

    The first group i.e. drivers are:

    • Full-time job seekers
    • Generate extra income
    • Love to drive
    • Looking for a flexible work environment

    The second group i.e. Users are:

    • Don’t own cars
    • Don’t know how to drive
    • Looking for comfort & luxury
    • Looking for cost-effective transportation services
    • Taxi haters
    • Travelers in a foreign place

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    Value proposition

    Each persona has unique challenges or prerequisites that your product or service can address, and you must specify these in the value proposition section. List as many jobs as feasible that correspond to the needs of your target customer segments.

    For drivers, it’s the ability to work flexible hours and earn more money, while for passengers, it’s the ability to pay with credit cards and cheaper prices. Decompose this part into specific chores to be done, customer pains and gains, and relate them to your product value using the value proposition canvas.

    Value proposition or benefits Uber offers are:

    To drivers:

    • Ease in getting started
    • Opportunity to earn
    • Ease in accessing more passengers
    • Flexible working schedules
    • Get paid online

    To customers:

    • Minimum waiting time
    • Reduced transportation costs
    • Cashless rides
    • Safety & security
    • Upfront pricing

    Channel

    The communication unit that entrepreneurs use to contact customer segments is referred to as a channel. If you offer your products through a website, that is one of your business model canvas channels. Search engines, social media, and even word-of-mouth marketing are examples of this.

    Uber’s channels include:

    • Website
    • Smartphone app (android & IOS)
    • Social media
    • Google Adwords
    • Media coverage
    • Word of mouth

    Relationship with customers

    The way you interact with customers is defined in this section. Customer interactions included follow-up and feedback after the sale. If you connect with users through a call center or a Chabot, specify it here.

    Uber maintains its customer relationship through:

    • Social media
    • Customer support
    • Rating, reviews & feedback system

    Revenue streams

    You must define the methods by which your company obtains funds in the revenue streams section. They’re usually derived from customer segmentation and value proposition mapping. Uber passengers, for example, use their credit cards to pay for their rides. Uber makes money by charging a commission for each ride. Other revenue streams could include billable add-ons, subscriptions, premium accounts, and so on.

    Uber’s revenue streams are:

    • Car rides per km/mile basis
    • Surge pricing
    • Brands like Uber X, SUV, etc.
    • Divisions like Uber Eats, etc.
    • Advertising & marketing

    Key activities

    Now comes the difficult part, key activities cover everything you need to do to make your company work with digital products. This entails continuous product development and marketing. Recruiting, advertising and other such activities are part of these operations.

    If you provide certain services, this may include information that can help you improve your capabilities. When filling the key activities portion of the business model canvas, keep in mind the other sections you’ve already completed.

    Uber’s key activities are:

    • Platform development & enhancement
    • Marketing & customer acquisition
    • Sales promotion
    • Hiring drivers
    • Customer support
    • Manage driver payouts
    • Communicate with customers, drivers

    Key resources

    The assets you require to run your organization at max potential are known as key sources. Uber is based on a sophisticated technological platform. It also needs drivers to support its value proposition. Staff and expertise are heavily relied upon by service-oriented businesses.

    Uber’s key resources include:

    • Network of drivers & riders
    • Digital platform (website & apps)
    • Technology talent
    • Advanced Algorithms & Data Analysis
    • Brand image

    Key partners

    You must define any external stakeholders who can contribute to your business in the key partner section. The development of tech platforms can be driven by Uber investors. Drivers can be hired with the help of recruiting partners.

    Uber’s key partners are:

    • Drivers
    • Investors & venture capitalists
    • Technology partners
    • Commercial partners
    • Payment processors
    • Map API providers
    • Lobbyists

    Cost structures

    You should be able to tell what you spend your money on based on your cost structures. If your enterprise grows, you must also mention future costs. This area includes expenses such as hardware procurement, software development, and rental services.

    Attributes that make the cost structure of Uber are:

    • Customer acquisition costs
    • Legal & settlement costs
    • Insurance costs
    • Research & development
    • Lobbying & compliance
    • Platform maintenance
    • Infrastructure cost
    • Customer support

    After you’ve created your business model canvas, the next step is to analyze it. You have a comprehensive view of what’s going on in your company and can spot bottlenecks. Make sure to share it with stakeholders so that the content may be improved. Also, don’t cling to the canvas’s original version as it is a flexible document.

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    Final thoughts

    Uber, like other successful startups, did not become well-known overnight. Their success may be traced back to greater business model innovation, which provides clients with better services at reduced prices. Almost everyone appreciates the services they provide. Uber has transformed mobility for billions of people across the world by arriving on time, conveniently, and safely.

    FAQ

    Who is the founder of Uber?

    Travis Kalanick and Garrett Camp founded Uber in 2009.

    Who is the CEO of Uber?

    Dara Khosrowshahi is the current CEO of Uber

    What is the revenue of Uber?

    The revenue of Uber was 1,113.9 crores USD in 2020.

  • Myntra: Subsidiaries And Acquisitions

    Myntra is India’s favorite shopping platform for customers who believe in quality over perfection. When we talk about fashion and online shopping, the first thing that comes to our mind is Myntra. Myntra in its initial days started selling personalized gift products to the largest fashion site in India. Along the journey Myntra acquired a lot of subsidiaries that helped in growing its business.

    Myntra – An Overview
    Myntra – Business Plan
    Myntra – Facts & Figures
    Myntra – Subsidiaries and Acquisitions
    Myntra – Other Acquisitions
    Myntra – Major Investors
    Conclusions
    FAQs

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    Myntra – An Overview

    • Myntra, an Indian e-commerce fashion company is located in Bengaluru, India. The company was launched in 2007 to sell personalized gift items.
    • Founded by Mukesh Bansal along with co-founders Vineet Saxena, and Ashutosh Lawania. In its initial days, Myntra sold on-demand personalized gift items.
    • From 2007 and 2010, it mainly operated on the business-to-business model.
    • Myntra began selling fashion and lifestyle products and moved away from personalization in the year 2011.
    • By the year 2012, Myntra started offering products from 350 Indian and International brands that are more in demand in the clothing market.

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    Myntra – Business Plan

    Myntra earns by following an aggregator model. The main business plan of Myntra is to buy the latest merchandise and selling it to the customers. Buying current season merchandise from several popular and quality brands, and making the product/item available on its website. The main earning of Myntra comes from the commission. Myntra follows the B2C (Business to customer) revenue model to generate revenue and increase its sales.

    Before discussing its subsidiaries and acquisitions, let us understand what is meant by Subsidiary.

    What is a Subsidiary?

    A subsidiary, subsidiary company, or daughter company is a company that is owned or controlled by another company, which is called the Parent company, Parent, or Holding company.

    The subsidiary can be a company, corporation, or limited liability company.

    When company A owns/acquires more than 50% of the voting stock of another company B, then in such circumstances company B becomes the subsidiary of Company A and obtaining control of its operations.

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    Myntra – Facts & Figures

    The Co-Founder of Myntra- Mukesh Bansal
    • Flipkart acquired Myntra in 2014 for a record-breaking deal valued at ₹2,000 Cr ($280 million).
    • At the time of acquisition by Flipkart, Myntra had a total of 1,50,000 products of over 1000 brands, catering to over more than 9000 pin codes in India.
    • Ananth Narayanan became the Chief Executive Officer (CEO) of Myntra replacing co-founder Mukesh Bansal in 2015.
    • On 10th May 2015, Myntra announced to shut down its website to solely focus on serving its customers through mobile applications starting from 15th May 2015. This decision resulted in failure.
    • Acknowledging the failure of the application-only model, Myntra announced to revive its website in Feb 2016.
    • Myntra functions and operates independently after the acquisition by Flipkart. Myntra still continues to operate as a standalone brand under Flipkart by solely focusing on fashion-conscious customers.
    Flipkart acquired Myntra in 2014

    Myntra – Subsidiaries and Acquisitions

    Below are the details of the acquisition and deal dates when the deal got finalized.

    Company Name Deal Date
    Online Services Pvt. Ltd. August 01, 2018
    Withdraw April 16, 2018
    20Dresses November 29, 2017
    InLogg April 19, 2017
    Jabong July 26, 2016
    HRX July 20, 2016
    Cubeit July 12, 2016
    Fitiquette April 04, 2013
    Exclusively November 09, 2012

    Myntra Acquisitions

    The Important and Deal breaking Acquisition under Myntra are:

    • HRX
    • Jabong
    • Fitiquette
    • Roadster

    Here, we’ve tried to mention some of the companies acquired by Myntra, their functioning, and operation under Myntra.

    Fitiquette

    The company is located in Sans Francisco. Fitiquette is the world’s first virtual dressing room platform that enables online shoppers to virtually try before they buy option. It provides an online shopping experience that is very similar to the offline model like buying from the stores.

    The technology used in Fitiquette shows virtual mannequins based on the body types of the users. This can further adjust the specific measurements of the users based on their body until it closely mirrors their own. The unique thing about this technology is that the clothing chosen is represented as the best fit based on a series of measurements. (Example. S, M, L, XL).

    Thus, the technology uses machine intelligence enabling it to offer a true-to-size, visual fitting experience. Fitiquette uses a patented technology that gives users a 360-degree view of the fit and drape of a garment based on their own customized selected merchandise.

    Roadster

    Myntra owns the fashion brand Roadster, Myntra’s outdoor lifestyle brand which was launched in December 2012. It generates close to 7% of the total sales.

    Myntra’s lead designer for the Roadster brand is the famous Vanni Lenci. Roadster has launched an all-new licensed Roadster MotoGP collection. It is the first Indian brand to enter into an exclusive collaboration with the world’s premier motorcycling championship, MotoGP on Aug 18, 2016.

    It is quite surprising that, despite having Deepika Padukone’s “All About you” and Hrithik Roshan’s “HRX” brands in its pocket, Roadster is the biggest moneymaker for Myntra.

    Pretr Online Services Pvt. Ltd.

    Pretr Online Services Pvt. Ltd. is India’s first-ever end-to-end omnichannel platform for retail. Pretr (prettier) was launched in 2016 by two technology executives Bhavik Jhaveri and Ankur Joshi. Pretr is currently operating from Mumbai, India.

    Pretr is a marketplace that provides a seamless shopping experience to customers. It is an efficient selling platform to Fashion & Lifestyle Retailers which include Esprit and Mango. Myntra’s own private labels such as HRX and Moda Rapido uses Pretr’s technology platform. This technology platform helps retailers with a bunch of services, including order management and store analytics.

    Jabong

    Myntra Subsidiaries Jabong
    Myntra Subsidiaries Jabong

    Xerion Retail Private Limited, also popularly known as Jabong, was a private company that was located in Gurgaon, Haryana. It was launched on 23 September 2011. It was classified as a private limited company. Jabong operated only on online fashion and lifestyle stores. It sold numerous products ranging from clothing, bags, shoes, sunglasses, jewellery, watches, and many more.

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    Jabong was acquired by Flipkart in July 2016 through its eCommerce unit Myntra for $70 million. Flipkart formally shut down Jabong in February 2020 to shift focus completely on its premium clothing platform Myntra.

    Myntra’s Parent company Flipkart Acquires Jabong

    Witworks Consumer Technologies Pvt. Ltd.

    Witworks Consumer Technologies Pvt. Ltd. is a consumer technology company operating and serving customers across India. Witworks is a maker of wearable devices to strengthen its technology team. The company manufactures wearable products like connected smartwatches, smart shoes, and intelligent clothing with biosensors.

    Myntra has kept its image in providing quality products and merchandise. Myntra has always focused on quality with perfection and has kept a steady customer service. Its business is well-maintained which has to lead to the first click to an online fashion destination. Myntra bought Bengaluru-based startup Witworks in April 2018.

    HRX

    Myntra Subsidiaries HRX
    Myntra Subsidiaries HRX

    HRX is a 5-year-old brand and platform based on a life philosophy to keep pushing. HRX is India’s first celebrity brand that was founded by Hrithik Roshan who is also the brand ambassador for HRX. It is also India’s first homegrown brand that solely focuses on the sports and active lifestyle space. The brand was founded by Hrithik Roshan and co-founders Afsar Zaidi, Kamal Punwani, and Sid Shah. HRX was acquired by Myntra, the online fashion store owned by Flipkart on Jul 20, 2016. It acquired a 51% stake in HRX.

    The company was formed by taking inspiration from Hrithik Roshan’s life. No matter how big adversity, it can be overcome with perseverance. It was created to inspire and guide billions of people. HRX main aim is to help people achieve their fitness goals. HRX is a mission that helps us enable and support people to be the fittest, happiest, and most confident version of themselves.

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    Myntra – Other Acquisitions

    • Myntra acquired Mobile app development company Native5 in April 2015 in order to strengthen and expand Myntra’s mobile technology team.
    • Acquired mobile-based content aggregation platform Cubeit, for strengthening its technology team in July 2016.
    • Myntra partnered with the Ministry of Textiles to promote the handloom industry in October 2017.
    • Acquisition of InLogg, a city-based technology platform that provides end-to-end logistics solutions for the e-commerce sector in October 2017.

    Myntra – Major Investors

    Some of the Major investors and Venture capital firms investing in Myntra are:

    • Accel Partners
    • New Enterprise Associates
    • Tiger Global Management
    • Sofina
    • Kalaari Capital
    • IDG Ventures India
    • PremjiInvest

    Conclusions

    Myntra is India’s favorite shopping destination where quality meets perfection. If you are the one who wants to explore more before buying, want quality products over price, and looking for well-designed products, then Myntra is the best option for you. Myntra has a huge variety of brands. You don’t need to worry about the quality of the products. As Myntra only focuses on quality and authentic products. The products go through a quality check where the products are thoroughly checked. Myntra’s revenue model is B2C (Business to customer). All the products are only available on Myntra’s platform. The products are genuine and are directly collected from the merchandise stores. Enjoy shopping from Myntra.

    FAQs

    Myntra is owned by which company?

    Myntra is owned by Flipkart. Flipkart is Myntra’s Parent Company.

    Does Myntra sell fake products?

    No, Myntra does not sell counterfeit products at all. Myntra is an aggregator and seller of products. If someone gets a bit downgraded product from any of the leading brands, consider it as the brand’s product only.

    Is Myntra good for clothes?

    If you are the one who wants to explore more before buying then Myntra is the best option for you. Myntra has a huge variety of brands.

    Why Myntra is expensive?

    The one things great about Myntra is – the variety and size availability. They are also the market leaders and that’s perhaps the only reason for the pricing. People do buy at Myntra without even looking at other Portals.

    Is Myntra profitable?

    Myntra Designs revenue up 58% to Rs 1,719 crore, losses increase by 38% Walmart-owned online fashion retailer Myntra Designs Private Limited reported its revenues for the financial year 2019-20 as Rs 1,719 crore, a 58% jump since the last financial year.