StartupTalky

Tag: Market research

  • How to Start a Momos Business in India

    Have you ever bitten into a delicious momo and thought, “I wish I could sell these”? Well, great news! Starting a momos business in India is not only feasible but also potentially very profitable. Momos, which are a type of dumpling originally from Tibet and Nepal, have become incredibly popular in India. This blog will guide you through the steps needed to kickstart your own momos business, from understanding the market to setting up your shop.

    Understanding the Market

    Types of Momos

    Momos, a popular dumpling dish originating from Tibet and Nepal, has evolved into a versatile culinary delight with numerous varieties to cater to diverse tastes. 

    Traditional momos are usually steamed and filled with minced meat, such as chicken, pork, or beef, often mixed with finely chopped vegetables and aromatic spices. 

    Vegetarian versions, filled with cabbage, carrots, onions, and mushrooms, are equally beloved. Innovative variants include fried or pan-fried momos, which offer a crispy alternative to the soft, steamed original. 

    Additionally, fusion momos have emerged, featuring unique fillings like cheese and spinach, paneer, or even chocolate or coconut & Jaggery for a sweet twist. The accompanying dipping sauces, ranging from spicy tomato chutneys to tangy sesame dips, further enhance the momos’ appeal, making them a versatile and cherished dish across different cultures.

    Momos are enjoyed by people of all ages and backgrounds. They are versatile, offering both vegetarian and non-vegetarian options, which makes them a hit among diverse groups. Given their widespread popularity, it’s no surprise that many entrepreneurs are looking to capitalize on this trend.

    Market Size of Quick Service Restaurants in India in 2024, With an Estimate for 2029
    Market Size of Quick Service Restaurants in India in 2024, With an Estimate for 2029

    Market Research

    Before diving in, it’s crucial to conduct thorough market research. Look at existing momos businesses in your area. What types of momos are they selling? What are their price points? Are there any gaps in the market that you could fill? Understanding your competition will help you position your business more effectively.

    Planning Your Business

    Business Plan

    A solid business plan is the backbone of any successful venture. Your plan should include:

    • Mission Statement: What do you aim to achieve with your momos business?
    • Market Analysis: Who are your target customers?
    • Menu: What types of momos will you offer?
    • Pricing Strategy: How will you price your momos competitively?
    • Marketing Strategy: How will you attract customers?
    • Financial Projections: What are your expected costs and revenues?

    Location, Location, Location

    Choosing the right location can make or break your business. Ideally, your shop should be situated in a busy area with high foot traffic, such as near schools, colleges, offices, or marketplaces. Accessibility and visibility are key factors to consider.

    Setting Up Your Momos Business

    Before you start selling momos, you’ll need to obtain several licenses and permits:

    1. FSSAI License: This ensures that your food is safe for consumption.
    2. GST Registration: Required for tax purposes.
    3. Local Municipal Health License: Ensures your business complies with local health regulations.
    4. Shop and Establishment License: Required if you’re setting up a physical store.

    Initial Investment

    Your initial investment will depend on various factors such as the size of your shop, equipment, and initial stock. Here’s a rough estimate:

    • Rent and Deposit: INR 50,000 to INR 1,00,000
    • Equipment: INR 20,000 to INR 50,000 (steamer, utensils, etc.)
    • Raw Materials: INR 10,000 to INR 20,000
    • Licenses and Permits: INR 5,000 to INR 10,000
    • Marketing: INR 10,000 to INR 20,000

    Sourcing Ingredients

    High-quality ingredients are essential for making delicious momos. Establish relationships with reliable suppliers for flour, vegetables, meat, and spices. Consider sourcing organic ingredients to attract health-conscious customers.

    Business Model of Wow! Momo: How Does Wow! Momo Makes Money?
    Wow! Momo is an Indian chain of fast food restaurants founded by Sagar Daryani and Binod Homagai. Here’s a look at how it makes money.
    StartupTalkyDev Gupta

    Creating a Mouth-Watering Menu

    Types of Momos

    Variety is the spice of life, and offering a diverse menu can attract more customers. Here are some popular types of momos to consider:

    • Vegetarian Momos: Stuffed with veggies like cabbage, carrots, and paneer.
    • Chicken Momos: A favorite among non-vegetarians.
    • Pork Momos: Another non-veg option that’s gaining popularity.
    • Cheese Momos: A unique twist that can attract cheese lovers.
    • Chocolate Momos: Perfect for dessert lovers!

    Pricing

    Your pricing strategy should balance affordability with profitability. Research the prices of momos in your area and set competitive rates. Offering combo deals or meal packages can also attract more customers.

    Marketing Your Momos Business

    Online Presence

    In today’s digital age, having an online presence is crucial. Create a website and social media profiles for your business. Post mouth-watering pictures of your momos, engage with your audience, and run promotions to attract customers.

    Offline Marketing

    Don’t neglect traditional marketing methods. Distribute flyers, put up banners, and consider collaborating with local events to get the word out. Word-of-mouth is also powerful, so ensure every customer leaves satisfied.

    Delivery Partnerships

    Partnering with food delivery services like Zomato and Swiggy can significantly boost your sales. Many people prefer ordering food online, and being available on these platforms can increase your reach.

    Managing Your Business

    Hiring Staff

    As your business grows, you’ll need to hire staff to help with cooking, serving, and managing orders. Look for individuals with experience in the food industry and provide adequate training to ensure consistent quality.

    Customer Feedback

    Listening to your customers is vital for continuous improvement. Encourage feedback and be open to making changes based on it. Happy customers are more likely to return and recommend your business to others.

    Financial Management

    Keep track of your expenses and revenues meticulously. Use accounting software to manage your finances and regularly review your financial statements to ensure your business is on the right track.

    Conclusion

    Starting a momos business in India can be rewarding if done correctly. Each step is crucial for your success, from understanding the market to setting up shop and marketing your delicious momos. With dedication, hard work, and a love for momos, you can build a thriving business that satisfies the taste buds of many happy customers.

    FAQs

    Is momo business profitable in India?

    The momo business offers high-profit margins, making it a highly lucrative opportunity.

    How big is momos market in India?

    India’s momo market is now valued at approximately $3 billion annually, with over 90% dominated by unorganized street-side vendors. However, the organized sector is expanding rapidly.

    Which licenses are necessary to open a momos business in India?

    FSSAI License, GST Registration, Local Municipal Health License, and Shop and Establishment License are necessary licenses to open a momos business in India.

  • How to Start a Fast Fashion Brand in India: Step-by-Step Guide

    Starting a fast fashion brand in India is exciting but challenging. With a growing fashion market and many consumers eager to try new trends, India offers great opportunities. This guide will help you launch your brand step-by-step, from market research to marketing strategies.

    Projected Revenue of the Indian Fashion Industry from 2017 to 2027
    Revenue of the Indian Fashion Industry from 2017 to 2027

    Step 1: Conduct Market Research

    Market research is the foundation of any successful business. It helps you understand the demand, identify your target audience, and analyze the competition. Here’s how you can get started:

    • Identify Trends: Keep an eye on current fashion trends by following fashion shows, reading fashion magazines, and browsing online platforms like Instagram and Pinterest.
    • Analyze Competitors: Study established fast fashion brands such as Zara, H&M, and Forever 21. Understand their business models, pricing strategies, and customer engagement techniques.
    • Understand Your Target Audience: Identify the demographics of your potential customers, including age, gender, income level, and fashion preferences. Conduct surveys and focus groups to gather insights.

    Step 2: Create a Business Plan

    A well-structured business plan will act as a roadmap for your fast fashion brand. It should cover the following aspects:

    • Executive Summary: Provide an overview of your business idea, mission statement, and objectives.
    • Market Analysis: Summarize your market research findings, including target audience and competitor analysis.
    • Product Line: Describe the types of clothing and accessories you plan to offer. Highlight what makes your brand unique.
    • Marketing Strategy: Outline your plan for promoting your brand, including online and offline marketing techniques.
    • Financial Plan: Include your budget, pricing strategy, projected expenses, and revenue forecasts.

    Business Model of Top Fast Fashion Brands in the World
    The Business model of Fast Fashion Brands has changed on a frequent basis in response to trends, customer preferences, supply and demand.
    StartupTalkyAbinaya Arangarajan

    Step 3: Secure Funding

    Starting a fast fashion brand requires significant capital investment. Here are some options to consider for funding:

    • Personal Savings: Use your savings to fund the initial stages of your business.
    • Bank Loans: Apply for business loans from banks or financial institutions. Ensure you have a solid business plan to present.
    • Investors: Seek out investors or venture capitalists who are interested in the fashion industry. Present your business plan and highlight the growth potential.
    • Crowdfunding: Platforms like Kickstarter and Indiegogo can help you raise funds from a large number of people.

    Step 4: Register Your Business

    Legal formalities are crucial for establishing your brand. Here’s what you need to do:

    • Choose a Business Structure: Decide whether you want to operate as a sole proprietorship, partnership, limited liability company (LLC), or private limited company.
    • Register Your Business Name: Ensure your brand name is unique and not already in use. Register it with the Ministry of Corporate Affairs (MCA).
    • Obtain Necessary Licenses: Depending on your business structure, you may need to obtain licenses such as GST registration, trade license, and shop and establishment registration.

    Step 5: Source Materials and Manufacturers

    Quality and cost-effectiveness are key factors in sourcing materials and selecting manufacturers. Here’s how to go about it:

    • Identify Suppliers: Research and identify reliable suppliers for fabrics, trims, and other materials. Attend trade shows and exhibitions to connect with potential suppliers.
    • Negotiate Terms: Discuss pricing, payment terms, and delivery schedules with your suppliers. Build strong relationships to ensure a smooth supply chain.
    • Find Manufacturers: Look for manufacturers who specialize in fast fashion production. Ensure they meet your quality standards and can handle large volumes.

    How to Start a Transportation Business in India: Step-by-Step Guide
    Learn how to start a transportation business in India with this step-by-step guide. From licenses to permits, get all the essential details to kickstart your venture.
    StartupTalkyArchana Karthikeyan

    Step 6: Design and Develop Your Collection

    Your collection is the heart of your fast fashion brand. Here’s how to create a compelling product line:

    • Hire Designers: If you’re not a designer yourself, hire talented fashion designers who can bring your vision to life.
    • Create Prototypes: Develop prototypes of your designs to test the fit, quality, and overall appeal.
    • Get Feedback: Show your prototypes to a focus group or potential customers and gather feedback. Make necessary adjustments based on their input.
    • Finalize Production: Once you’re satisfied with the designs, finalize the production with your manufacturer.

    Step 7: Build an Online Presence

    In today’s digital age, having a strong online presence is crucial for the success of your fast fashion brand. Here’s how to get started:

    • Up your Ecommerce game: Develop a user-friendly and visually appealing website to showcase your products. Include features like an online store, blog, and customer reviews.
    • Utilize Social Media: Leverage platforms like Instagram, Facebook, and Pinterest to promote your brand. Post engaging content, collaborate with influencers, and run ads to reach a wider audience.
    • Implement SEO Strategies: Optimize your website and content for search engines to improve visibility. Use relevant keywords, create high-quality content, and build backlinks.

    Step 8: Develop a Marketing Strategy

    A robust marketing strategy will help you attract and retain customers. Here are some effective marketing techniques:

    • Content Marketing: Create valuable content such as blog posts, videos, and infographics to engage your audience and establish your brand as an authority in the fashion industry.
    • Email Marketing: Build an email list and send regular newsletters to keep your customers informed about new arrivals, promotions, and discounts.
    • Influencer Collaborations: Partner with fashion influencers and bloggers to promote your brand. Their endorsement can significantly boost your brand’s credibility and reach.
    • Paid Advertising: Invest in paid advertising on platforms like Google Ads and social media to drive traffic to your website.

    How to Start a Tea/Chai Business in India
    Learn how to start a tea or chai business in India with our comprehensive guide. Discover essential steps, tips, and strategies to launch a successful tea venture.
    StartupTalkyArchana Karthikeyan

    Step 9: Launch Your Brand

    After months of planning and preparation, it’s time to launch your fast fashion brand. Here’s how to make a splash:

    • Host a Launch Event: Organize a launch event to introduce your brand to the public. Invite influencers, fashion bloggers, and potential customers.
    • Offer Promotions: Attract customers by offering special promotions and discounts during the launch period.
    • Leverage PR: Reach out to fashion magazines, bloggers, and media outlets to get coverage for your brand.

    Step 10: Monitor and Adapt

    The fashion industry is dynamic, and staying relevant requires continuous monitoring and adaptation. Here’s what you should do:

    • Trend Analysis: Regularly monitor fashion shows, trade fairs, and major events like New York, Paris, and Milan Fashion Week. Online platforms like WGSN and Trendstop offer trend forecasts.
    • Consumer Insights: Utilize data analytics tools to understand customer preferences and buying patterns. Social media listening tools can also provide insights into consumer sentiments and emerging trends.
    • Sustainability: Embrace sustainable practices. Consumers are increasingly valuing eco-friendly and ethically produced fashion. Brands that adopt sustainable practices can build stronger relationships with their customers.
    • Technology Integration: Leverage technology such as AI for design, supply chain optimization, and personalized shopping experiences. Virtual fitting rooms, augmented reality (AR), and digital fashion are becoming more prevalent.
    • Collaborations and Partnerships: Collaborate with influencers, designers, and other brands to reach new audiences and create buzz. Strategic partnerships can also lead to unique product offerings and expanded market reach.
    • Diverse Offerings: Cater to diverse demographics and body types. Inclusivity in fashion is not just a trend but a growing demand. Offering a wide range of sizes and styles can attract a broader customer base.
    • Digital Presence: Strengthen your online presence through social media, e-commerce platforms, and content marketing. Engaging content, regular updates, and interactive campaigns can help maintain customer interest and loyalty.
    • Adaptability: Be prepared to pivot quickly in response to market changes. The COVID-19 pandemic highlighted the importance of being able to adapt to new circumstances, such as the shift towards online shopping.
    • Customer Experience: Focus on providing an exceptional customer experience, both online and offline. Personalized services, easy return policies, and excellent customer support can enhance customer satisfaction and loyalty.
    • Innovation: Always be on the lookout for new materials, techniques, and concepts. Innovation can set your brand apart and make a significant impact on the market.

    Conclusion

    Starting a fast fashion brand in India is a rewarding journey that requires careful planning, dedication, and a deep understanding of the market. By following the steps outlined in this guide, you can navigate the complexities of the fashion industry and build a successful brand that resonates with your target audience. Remember, the key to success lies in offering high-quality products, staying updated with trends, and effectively marketing your brand. 

    FAQs

    What is a fast fashion business?

    Fast fashion brands make clothes quickly to get the latest styles into stores as soon as possible. They focus on speeding up parts of the production process so that new trends can be designed and made cheaply. This allows everyday shoppers to buy trendy clothes at lower prices.

    Is Zara a fast fashion brand?

    Yes, Zara is a fast fashion brand.

    What is the difference between fast fashion and high fashion?

    High fashion focuses on quality and durability, which leads to less environmental impact per item compared to fast fashion. The materials are usually stronger, and the clothes are made to last for years, meaning people don’t need to replace them as often.

    What are the necessary licenses needed to start a fast fashion brand business?

    The necessary licenses needed to start a fast fashion brand business are GST registration, trade license, and shop and establishment registration.

  • The Future Of D2C Industry – Trends Lean Towards Data Analytics and Research

    The article is contributed by Shashank Jain, Co-founder, Strawfit (Bourgeon Foods LLP)

    Owing to a decade of technological advancement and the last few years of the pandemic, there has been a fundamental change in the way businesses and customers engage with each other. After the jolt that the traditional retail sector faced, there’s a rise in India’s currently growing direct-to-consumer phase, with D2C brands thriving as online channels have become the go-to destinations for almost every consumer. For those still struggling with the concept, Direct-to-Consumer, or D2C, is an emerging business model of a customised shopping experience where the product is provided directly to the customer by a business, bypassing any sort of middleman in between, hence being cost-efficient.

    With an estimated 700-800 D2C brands valued at over USD 100 billion by 2025, India is expected to be a hotspot for startups. A plethora of emerging service providers in India indicates the total addressable D2C market growth by over 15 times from 2015 to 2025. According to research by Statista, this total addressable market was valued at 33.1 billion U.S. dollars in 2020, which by 2025 was forecasted to grow almost threefold, making India a hotspot for startups. Currently, the segments that are growing at an ever-increasing speed in the Indian D2C market include consumer electronics and FMCG, with an expected worth of USD 43.2 billion and USD 30.8 billion, respectively, by 2025.

    The popularity of the D2C industry is booming and will continue to expand. To increase buyer-seller interaction, making purchasing more engaging, pleasurable, and long-term, brands in this space leverage certain market trends.

    Some of these trends that we recommend entrepreneurs in their operations are:

    ● Sustainable Manufacturing: Consumers are increasingly sceptical of brands that generate revenue through unethical business practices. Brands that are transparent about their business practices, from sourcing raw materials to manufacturing and supplying, generate more goodwill. Transparency creates trust, and people are more likely to buy from brands they trust. Brands that fail to build sustainability into their business models risk becoming less relevant to this new generation of consumers.

    ● Data Analytics: Until recently, brands had little access to customer data beyond surveys or third-party data. D2C enables brands to understand customers and their demands like never before, thanks to their continual personal connection with their customers through their experiences or surveys. Brands have realised that customer data is a powerful instrument that, when combined with analytics and technology, can be utilised to provide personalised experiences for customers.

    How Can D2C Brands Use Data to Grow E-commerce Sales?
    Here is an insight into how D2C brands can use data in e-commerce for the understanding of the target market to increase their E-commerce sales.
    StartupTalkyPreeti Karna

    ● Leveraging Social Media: Social networking is a strong tool for new businesses. Platforms like Facebook, Instagram, and Twitter can assist you in reaching an untapped worldwide audience and assist in developing a brand image in the market with existing competitors. Influencers have a strong and tailored hold on specific audiences, making them one of the newest and most powerful marketing tools. A product like a milk flavouring straw for kids, for example, can’t be directly promoted to them and is instead marketed to mommy bloggers and health bloggers. More than just following these trends, it takes a lot of work to create a solid revenue model for your business. Running a business at any stage of development is not easy. For this, it is essential to have proper planning. Here are some of the key takeaways that we believe can help these entrepreneurs make more informed decisions and develop more refined products, especially in the early stages of a business.

    How Are d2c Brands Leveraging Social Media to Boost Digital Presence?
    Social media is a great way to grow your brand. Here’s how D2C brands are leveraging social media to boost their digital presence.
    StartupTalkyArbaz Sayed

    ● Bring forward a solution: Consumers are smart these days, searching for products that solve their current problems. The most common reason for a startup’s failure is a lack of market demand. You have a market need if your product solves an unpleasant, common, and repeatable problem for a large number of people. If not, then it can be easily overlooked by the customers.

    ● Focus on the product: The product you create is what makes up the face value of your brand and it’s a crucial task to make your product stand out in the market. Your main focus should be to at least give your product a competitive edge over the current competitors, so it seems like a convenient and better choice.

    ● Detailed Research: Before starting a business, thorough market research is essential. You have to research current trends, learn about the product, and understand its potential market and what your customers need. It also allows you to visualise your competition by telling you what other products and services like yours are available, customer reactions to them, their prices; etc.

    ● Financial Modelling: Managing monetary resources can be a tricky part that needs close attention. It is essential to have a well-developed financial model. From funding operations to having precise financial projections for the next few years, having a robust financial model is crucial for a business to grow. Don’t mind taking professional guidance to help you out with these things to avoid any major setback to your business.

    ● Keep trying and learning: Starting a business requires being inspired, motivated and willing to take risks. While every successful entrepreneur makes many mistakes, that doesn’t stop them from experimenting with their concepts and learning from their own and others’ mistakes. With that said, care also needs to be taken so that there is no undue waste of resources due to this experimenting.

    Conclusion

    With more people choosing to be independent buyers due to fading technological barriers, we believe that D2C is here to stay. It is an exciting time for entrepreneurs in the country to enter the market, especially with the boom in the startup culture. The times demand that entrepreneurs rethink how they interact with customers and their relationships with them. If played well, D2C can be the most powerful weapon a retail-based entrepreneur can hold.

  • Everything You Need to Know About Microgreen Business in India

    Covid-19 came and changed everything, from our schedule to our eating habits. As the concern of health and priority is growing due to the pandemic, Indians are now becoming more health-conscious than ever. According to industry experts, there is a possibility of at least a 20-25 per cent increase in the compounded growth of organic food in India for the year 2022-22. One of the most important learning people gained was the need to build strong immunity as a possible shield against some deadly viruses.

    Organic food being full of antioxidants and nutrients provide one of the best ways to boost immunity. Hence, instead of risking their health further, people will prefer to buy and even pay an extra premium for organic food. Looking at the scenario it can be said that, this is the right time to invest in a Microgreen Business in India. In this article, we will talk about everything you need to know about the Microgreen business in India and how can one start one. So, let’s get started.

    What Is a Microgreen Business?
    How to Start a Microgreen Business in India?
    Tips to Start Your Own Microgreen Business in India
    Benefits of a Microgreen Business in India
    Is Microgreen Business Profitable in India?
    Microgreen Business Requirements in India
    What Are the Best Plants to Grow as Microgreens?

    What Is a Microgreen Business?

    Microgreens are the first leaves that grow from the seeds of herbs, vegetables, or flowers. They are harvested within 14 days of seed germination. Microgreens are found to be 40 times more nutritious than mature vegetables. They are said to be profitable crops and can be grown in a little space. Once they are grown you can start your microgreen business. Microgreen businesses are quite profitable and you could make good money from them.

    How to Start a Microgreen Business in India?

    Before starting the business remember to do market research on your prospective clients. To grow microgreens, vertical farming is employed. The vertical farm grows plants and produces them by stacking the plants. This is accomplished by using growing shelves suspended on a wall which uses much less space than growing the plants on the ground.

    To start a small microgreen business you require a one-time investment in metal shelves, lights, and flat trays. Microgreen business does not require a huge space, you can grow your farm in a space as small as 6sqft. You can even grow microgreens in a small apartment.

    Microgreens require a perfect environment to grow, they need at least 16 hours of light and the temperature should be maintained at 15-26 degrees Celsius. Watering should be done twice once in the morning and in the evening. One thing you should keep in mind is microgreens should be supplied immediately once they are ready.

    Tips to Start Your Own Microgreen Business in India

    Study your Market Extensively

    Every market is different from another, so before starting your microgreen business take some time and study your market extensively, and do some market research when growing microgreens for profit. Do study your local markets.

    Try Different Marketing Strategies

    The most important step of marketing is understanding customer sentiments. Word of mouth sales is an old-school trick but it’s always effective. News always reaches fast, when it travels through the mouth. The news can be both positive and negative because in both ways people will take an interest. Hence, use this old marketing strategy to promote your startup.

    Evaluate Health Risk

    The health risk is an important aspect to consider while setting up any food business. The disease can spread rapidly if the food product is not handled correctly. Handle and grow microgreens properly to minimize health risks entirely.

    Consider Packaging

    If you are selling microgreens to a retailer, there is a possibility that if an employee mishandles your products your reputation might be at risk. This is one of many reasons that packaging is important.

    Benefits of a Microgreen Business in India

    Starting your own microgreen business can be profitable as it has several benefits right from the start.  Some of those benefits are:

    • Microgreens can be grown in a small space.
    • A small amount of investment is required.
    • The crop cycle is short.
    • You can grow them all year long indoors.

    Is Microgreen Business Profitable in India?

    In a country like India, microgreen businesses are quite profitable. The main advantage of a microgreen business is that it can be grown almost anywhere. It is both profitable and practical to start and manage a microgreen market in India. Many businesses and startups are investing in microgreen business, as it is profitable and requires less space. Those who want to go into this industry can select it as their business, and anyone who can start it without any problem.

    Microgreen Plants
    Microgreen Plants

    Microgreen Business Requirements in India

    When you decide to start a Microgreen business, you need to invest in a few things, some of them are one time investments and the others are regular ones.

    One time Investments

    • Metal shelf
    • Lights
    • Flat trays
    • Small space to grow your microgreens

    Recurring Cost

    • Containers
    • Seeds
    • Growing medium
    • Water
    • Electricity

    What Are the Best Plants to Grow as Microgreens?

    Some of the best plants to grow as microgreens are:

    • Pansies
    • Tomatoes
    • Basil
    • Mint
    • Sunflowers
    • Radishes
    • Potatoes
    • Spinach
    Global Microgreen Market Share
    Global Microgreen Market Share

    Conclusion

    Every market is a little different so Starting and growing a microgreen business could take some time and effort, but being consistent is the key. Research your market extensively and market your product effectively to grow your business. Looking at the scenario it can be said that, This is the right time to invest in a Microgreens Business in India.

    FAQs

    How much Investment is required to start a microgreen business in India?

    Investment required to start your own microgreen business can be up to as low as INR 15,000 which can go up to INR 5 Lakhs.

    What is the minimum space required to grow microgreens?

    You can grow your farm in a space as small as 6sqft. You can also grow microgreens in a small apartment.

    Is it profitable to sell microgreens?

    Yes, It is both profitable and practical to start and manage a microgreens market in India.

    What kind of soil do microgreens require?

    Any organic potting soil will work best for growing your microgreens.

  • Top 10 Business Ideas for Teachers in 2022

    The teachers are the ones who inspire our future innovators and leaders. Every day teachers nurture the young minds that will one day transform the world we live in. Teachers are the lifeline to success and teach students about possibilities and about how they can work their potential to achieve greatness. Teaching itself is a great profession but a teacher can also be an entrepreneur. There are several profitable business ideas for teachers to start from home. The art of teaching happens from both hearts and heads.

    Teaching has reshaped itself over the years, so imagine what the field will be like 5, 10, or 20 years from now. Information, the technology that connects us to it, and the rise of social media have all contributed to this change and it is just the beginning.

    So starting a teaching business will be very effective but you need two things one is how much you discipline and how you are consistent. In this article, we will discuss the most profitable business ideas for teachers. So let’s get right into them.

    Global Education Market
    Global Education Market

    Private Tutoring
    Resume Writing
    Educational Video Creator
    Online Tutoring
    Proofreader and Editor
    Transcriber
    Researcher
    EdTech Business
    Spoken English Classes
    Writing Books

    Private Tutoring

    Plenty of stress is laid on children to pass their examinations with good results. This increases the demand for tutors who can assist students with their studies outside the classroom. Also, competition is increasing in every field. To gain extra help in this competitive world is always more demanding. Establishing a tutoring business is an excellent source for teachers to earn extra money. You need to create one business plan like any other business. Nowadays tutoring goes beyond academics. This means that you can also teach the skills in music, dance, or art and convert this into an asset for your business.

    The following points you have to consider before starting this:

    • Determine the services you will offer.
    • Set your prices.
    • Advertise your home tutoring services.
    • Operate and improve your service.

    Resume Writing

    Resumes are an important tool to get you a job anywhere. Not everyone is aware of how to make an effective resume that makes it relevant to the job recruiters. If you know the process of formatting and writing resumes to make the best impact. You can help many job seekers who are worried about how to make a good impactful resume and update the resume to meet the industry standards.

    Try to provide the resumes with quality and always stay updated with the changing industry standards. If you have the specific requirements to deliver the completed resume to your clients, it is a good business option for you.

    Educational Video Creator

    An educational video is any video that demonstrates a process, transfers knowledge, explains a concept, or shows someone how to do something. These are the videos that focus on teaching a single, narrow topic. Tutorial videos are the go-to instructional method for teaching processes providing step-by-step instructions. Nowadays many prefer to get information online.

    You can use video creation tools and software and tools available in the market to be creative. Ensure that video quality is good, and that the content offered is also insightfully. It is advised that you begin with a specific topic or set of topics, for your videos to start drawing people’s attention to your channel before you go all out.

    Online Tutoring

    Online tutoring has gained significant popularity among students and their parents. Online tutoring is a proven effective method to enhance the skills and competency level of students beyond normal study patterns. It is an excellent technique to lift educational standards. The other aspect of the tutoring business is flexibility. Analyzing the educational requirements is essential for developing your tutoring business model. Generally, online tutors are professional teachers and subject-area experts.

    Proofreader and Editor

    Proofreading can help you improve the readability and quality of your documents. It is important to ensure that your writing is error-free and professional. Proofreading is often confounded with editing. Editing involves revisions of the document, often with major changes, to ensure alignment with goals, the accuracy of the information, or modification of tone.

    Some Proofreading Techniques:

    • Step away, then focus.
    • Read aloud.
    • Remove excess words.
    • Explain or remove jargon.
    • check sentence structure.
    • Review flow and sequencing.

    Transcriber

    Becoming a transcriptionist is a very straightforward way for people to make money from home. The process of converting live audio or its recording into text or document format is done by a transcriptionist. Transcriptionist is a work from home profession with plenty of benefits and opportunities. You can start as a home-based transcriptionist, or be an independent contractor.

    Researcher

    Many companies hire external researchers to do market research on their behalf of them. If you have good research ability, it could be a profitable opportunity for you to start a business in the field and make money from it. You can teach the following aspects of researching:

    • Qualitative Research
    • Quantitative Research
    • Primary Research
    • Secondary Research

    EdTech Business

    Classroom learning is no longer relegated to the chalkboard. With limited resources and time-based pressures, it’s increasingly difficult for teachers to ensure 100 per cent student comprehension. EdTech startups provide students with a future-readiness platform and design-thinking workshops to develop creative confidence.  Kid’s increased engagement with the internet, there is a need for designing online spaces that are safe for young learners.

    Spoken English Classes

    All good jobs need good English communication skills. In this global marketplace, you can reach more customers if you speak English more fluently. If you teach how to speak English fluently and what words and phrases one can use it will be a great way in today’s market. As the demand of speaking in English is growing over the past year, it is good business

    • Focus on high-frequency vocabulary for work.
    • Help students with vocabulary learning.
    • Maximize student speaking time.
    • Provide support for speaking tasks.
    • Practice the work skills your students need.
    • Teach functional language phrases.

    Writing Books

    Teachers often have a knack for writing. Their potential to write in their specific area can help them build a side business for them. If they have the idea ready for their book, they can start with it, and after the completion, they can publish the book in paperback or in E-book format. Money can be earned by selling copies of books.

    Conclusion

    A teacher has a huge responsibility they are devel on their shoulders because they are developing young minds and are creating future leaders and innovators. This profession is considered highly noble for this. We are now living at a time, where everything is possible, so teachers can also embark on the journey of entrepreneurship, above are some of the ideas that they can follow for their new business.

    FAQs

    Can a teacher have a business?

    A teacher can have a business there are various business ideas a teacher can implement to earn money.

    Which business is best for teachers?

    • Private Tutoring
    • Resume Writing
    • Educational Video Creator
    • Online Tutoring
    • Proofreader and Editor
    • Transcriber
    • Researcher
    • EdTech Business
    • Spoken English classes

    What is some best side business?

    Some of the best side businesses include creative services like writing, editing, web designing, proofreading, graphic designing and illustrating.

  • How to Start a Home-Based Cooking Business?

    Many people love the thought of doing something they enjoy and earning a living from it, making their passion their profession. For the person who enjoys cooking, learning how to start a cooking business from home is a great way to combine it with your career. Like any other business, a home-based food business requires a lot of research and planning to start. Whether you have your restaurant or you are just a home chef, you can start offering cooking classes.

    Growth of various methods of food services

    For the person who enjoys cooking, learning how to start a food business from home is a great way to combine it with your career. Like any other business, a home-based food business requires a lot of research and planning to start. Whether you have your restaurant or you are just a home chef or started offering cooking classes, it needs planning and steps need to be followed. In this article, we will talk about how you can start a home-based cooking business.

    Steps to Start a Cooking Business

    Choose Your Niche
    Conduct Market Research
    Creating a Business Plan
    Licenses and Permits
    Purchase Your Equipment and Ingredients
    Focus On Marketing
    Shipping and Delivery
    Spread Your Cooking Business

    Choose Your Niche

    The most important step before starting a cooking business is to decide what kind of food you want to sell and do business with. Think about what food you want to make. There are some types of food you could focus on as you start this cooking business:

    • Lunch or brunch-style food
    • Wedding reception or special event meals
    • Desserts
    • Appetizers and cocktails

    Conduct Market Research

    The very much idle way to start a cooking business is to do some online market research. You must analyze the markets and if needed, attend some cooking classes with popular chefs in the same niche as yours. Day by day the food industry is becoming more competitive. It is important to do your business research before starting your online food business.

    Creating A Business Plan

    Having a business plan is very much important as it makes you think about what you want your business to be. Whether you want to start your catering business from home or a decorative baking company. It will also help you for setting up objectives for your business. It will also be helpful in prioritizing the next steps. There are many things one has to consider when planning a business. Some of those key things are:

    • Who is your target market?
    • Do you have a unique selling point?
    • How much start-up capital do you need?
    • How are you going to know if your product is liked?
    • Will you be delivering items yourself, posting or using a courier?
    • How do you want to sell your food?
    • Where do you want to sell your home-baked goods?

    Licenses And Permits

    Once you completed your business plan. you will need to register your business from home to the local authority within 28 days of starting your business. If you run a food business without registering, you may be fined, and you could be imprisoned for up to 2 years.

    Going further you must register every premises where you carry out food operations, such as your home, mobile catering units (i.e. food vans), and temporary premises (i.e. food stalls). Check whether you need any special permits, relevant facility, equipment, and safety standards.

    This simply means you will have to make sure that your business kitchen is separated from your kitchen and that you are not using the utensils in your professional kitchen for personal use. Lastly, you will want to get a business license and a resale license which will allow you to buy ingredients wholesale tax-free.

    Purchase Your Equipment and Ingredients

    The basic setup needed to start the business is the amount of space and the required equipment or utensils. And keep all the equipment handy and gather all things in your cooking business space. You also contact the suppliers for the easy availability of ingredients and the required equipment.

    Focus on Marketing

    Marketing refers to the activities to promote the buying and selling of any product or service. It is very much important in promoting the business and the mission of any business. It is defining and managing your brand. Then it produces marketing and promotional materials. One of the most important factors nowadays is monitoring and managing social media. Then it conducts customer and market research.

    You must use the best marketing strategies to increase your business growth:

    • Use social media
    • Create video tutorials
    • Start blogging
    • Understand search engine optimization(SEO)
    • Build a great lead team
    • Use Facebook ads
    • Create an affiliate program

    You have to create value for your business. If there is no difference between you and your competition, there is no reason why a buyer should come to you. If you start exploring marketing you can find that there are many directions to go. Once you are running your own mission or initiative and have experimented with a few things like data. It will inform you of what is working.

    Focus on existing customers as they have already made a purchase, they already know, like, and trust you. If you provided a good experience, then you have given them a reason to do business with you.

    Shipping & Delivery

    The packaging is very important as it protects your products during shipping. It also builds your brand’s image and identity. Good packaging is needed for food delivery.

    You can save yourself from wasting money by taking the time to research your shipping costs. One of the most common shipping mistakes is sending orders to the wrong customers. It is very much important to take time for shippers and deliver the order to the correct address.

    If your business is growing or if you have a lot of orders. You won’t have time to create shipping labels by hand you can automate this process. By doing this you can save a lot of time.

    Spread your Cooking Business

    • Use Social Media to Your Advantage – Social media is very much helpful to promote or spread the business. Users will like, comment, and share your content and spread the word about your business for you.
    • Have a Website – Every successful business has a website where new and existing customers can go to learn about their options. You can use a website to promote your social media and provide information on the details of your business. You can give offers and discounts.
    • Email is Still Relevant – Email marketing is still one of the best ways to reach customers of every generation. In an email, you can provide information like the current deal, discounts on the menu, or any other item.
    • Partner with Other Businesses – Digital marketing has promoted the strategy of working together with other businesses to promote both products and services. One of the best ways to do this is by connecting with the food bloggers and influencers who are local to your business. You can offer them free meals or discounts to get them and share your brand on their page.

    Conclusion

    Beginning a home-based cooking business can be a lot, so one needs to keep themselves level-headed and follows all the steps that are needed to take. Home-based cooking businesses are increasing their presence every day, people living in hostels or alone always crave homemade food, so it is bound to get more popular in future.

    Home-based cooking business is quite popular in India.

    Is food a good business?

    The food industry has seen immense growth over the past decade, so it is quite a good idea to start a food business.

    Do homemade cooking needs license and permits?

    Homemade cooking business needs license and permit like other businesses, they are mandatory.

  • Why Business Analysts are Important for Organisational Growth

    In today’s world, growth and development are important in every sector. There is development in technology, infrastructure, science, as well as management. This rapid growth is making lots of things go outdated. The products or services without technological changes are also out of the market now.

    There are lots of changes that are taking place in a business environment. The traditional methods and techniques can no longer make them grow and succeed. The new economic policies, as well as change in the consumer mindset, are also a threat to businesses. So, therefore, to ensure continuity, a business has to upgrade itself and make suitable changes. If the business is, then it will be difficult for the business to survive.

    Who are Business Analysts?
    Important Roles of a Business Analyst

    Who are Business Analysts?

    Who is a Business Analyst and what is his role

    Business Analysts are professionals who are experts in analyzing the changes and also creating processes to implement the changes in the business. In this business era, the competition among the brands is also at a high level. The brands with higher technology/best solutions/standardization are quickly replacing the traditional businesses.

    Therefore, business continuity and survival have somewhat become difficult for the companies, this has created the need for business analysis. So, Business Analysts became a growing professionals in this corporate world. Every business needs Business Analysts in their companies to help them survive in this highly competitive corporate world.

    Professionals keep constantly checking business performance and its positioning and keep identifying all the key areas which require change, or modifications. Business Analysts help businesses adapt to strategies effectively and efficiently.

    Important Roles of a Business Analyst

    The roles and responsibilities of a business analyst differ from business to business. Businesses in different sectors require variable business analysis, But there are common roles and responsibilities which a business analyst has to perform in an organization.

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    Business Continuity
    Making Strategies
    Analyzing Upcoming Changes
    Data Analysis
    Growth of companies in comparison to growth in the sector
    Make cost-effective plans
    Analyzing and Solving Business Problems
    Future Projected Goals Analysis

    Business Continuity

    Business Analysts focus completely on understanding the business, workflow, positioning, and competency. The ability of a business to sustain itself and its capacity is understood by them. Once they collect the information and knowledge, they focus on all the points interconnected and linked with the company. They keep a factor check on such points to ensure business continuity and smoother operations.

    Market Analysis

    Business Analysts do the market analysis of the products and services offered by the business. Several factors associated with market analysis like the product, pricing, positioning, promotion, etc. are considered by analysts. Market analysis is done to ensure that the product/service offered by the business is capable to achieve its objectives. Business analysts make a complete assessment of all the marketing factors which can impact their business. In large organizations, market analysts are the ones who perform such functions, But in most organizations, it is the business analysts who focus on the market part.

    Making Strategies

    Business Analysts are also the strategy makers of the organization. They create different strategies to help the businesses continue their operations and achieve their objectives. And to do so, they build several strategies like growth strategy, market strategy, team strategy, and more.

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    Analyzing Upcoming Changes

    Predicting upcoming changes helps the organization to prepare itself for the situation. It will give an idea of how to change things to move the business in the right direction.

    Data Analysis

    Business analysts gather information associated with the business in different ways. They collect the data and keep a record of such data, These data are used to do further planning. The analysts identify many alternatives to gather more results. Out of all these alternatives, they focus on the ones which can give maximum output to the business. For Example, they can select the one alternative which gives maximum returns in fewer resources.

    Growth of companies in comparison to growth in the sector

    The Business Analysts do the complete industry analysis in which the business is involved. If the business is dealing in the dairy industry, then they will do a complete analysis of the industry. After analysis, they will compare the growth of the business in comparison to the industry, If the business lacks behind the usual industry growth then they make sure and fix the problem.

    Make cost-effective plans

    Business Analyst's Definition
    Cost-Effective Planning

    The business always focuses on more output at minimum possible costs. So the business analysts create cost-effective plans to implement the required changes. There are often lots of ways and plans, but the ones which are less costly and impactful will be more productive for the organization. It will save the organization extra expenses. Therefore, analysts focus on making cost-effective plans to implement business changes.

    Analyzing and Solving Business Problems

    Business Analysts are much involved in solving real business problems. They identify and analyze threats and then try to solve the problems. They have to maintain their speed of solving problems before time. Analysts are much concerned with ensuring business health. Therefore, they try to solve business problems as soon as they can.

    Future Projected Goals Analysis

    A company has many future projected plans and goals. All these goals and plans are analyzed by business analysts to create a process and method to achieve the projected goals efficiently. They focus on minimizing time duration, making the best use of resources, and cost analysis. Cost analysis is usually done to make sure that the business can achieve its future projected goals under the estimated cost.

    Business Analysts work more on data, and reports and make decisions based according to such reports. The growing competition in the market is increasing the need for more business analysts in the corporate world. This makes business analysts a growing profession in the corporate world.

    Conclusion

    Business Analysts understand the requirements of the business and help in predicting the problems in future. They work towards the development of the organization by building a marketing strategy, researching the efficient way to run the business and interpreting the data, Hence business analysts are considered important for organizational growth.

    FAQS

    Who are Business Analysts?

    Business Analysts are professionals who are experts in analyzing the changes and also creating processes to implement the changes in the business.

    What is Market Analysis?

    The process of collecting information that affects a marketplace is called Market Analysis.

    Why is Business Analysis necessary?

    Business analysis is important to identify vulnerabilities and issues in the business or its strategies and help implement necessary solutions.

    Why are cost-effective plans important?

    Cost-effective plans are important because it helps the organisation to focus on more output with lower expenses.

  • How was Dropshipping Started and What is its Future?

    In the last few decades, online shopping has grabbed the full attention of everyone. It has become a part of our daily lives. From clothes to medicines, to groceries, there is hardly anything that cannot be brought from online. It is convenient, hassle-free and it saves time. Plus the pandemic accelerated the demand for shopping online; people find it safer especially during the period of lockdown.

    Now when we purchase any goods they are delivered or shipped to the preferred place that we have mentioned while shopping online. There are different methods of shipping and E-commerce sites are adopting different models for their business. To deliver the products to their customers, a number of ways can be followed. In this article, we will talk about one of the methods which are known as Dropshipping. So, let’s take a look into it.

    “Dropshipping is the entry point for a lot of people to business, E-commerce, and entrepreneurship. It’s the perfect first business.” –Lachlan Delchau-Jones

    What is Dropshipping?
    History of Dropshipping
    How Dropshipping Works?
    Advantages of Dropshipping
    Disadvantages of Dropshipping
    Future of Dropshipping
    FAQ

    What is Dropshipping?

    Dropshipping Model
    Dropshipping Model

    Dropshipping is a way of selling and delivering products to your customers without managing, and shipping the goods. Here you contact the supplier and let them deliver the product to your customer.

    Basically, your website is like the intermediary, from where the customer chooses the product and then you forward the request to the supplier of the product who will ship it to the customer.

    You don’t have to manufacture, store or ship the product themselves, dropshipping is free from all these steps all you have to do is to find the perfect dropshipping supplier for the job. It is quite a good option for those who want to start an E-commerce startup. It is said to be one of the most profitable models in the E-commerce industry.

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    History of Dropshipping

    The history of Dropshipping actually goes back to the days of the 60s and 70s, way before the internet was developed. During that time, when mails were delivered to the people, small booklets or catalogues were present along with them, with the help of that, one could place the order for their desired product from the catalogue through telephone and then the order was delivered to them at their doorstep.

    Sears Catalogue
    Sears Catalogue

    Amazon and eBay then changed the way people used to sell products online. People who want to sell their products could just place them on the sites and let the E-commerce sites drive the traffic towards that product.  

    Currently, sites just need to find the supplier for the product who does the remaining job for them. Aliexpress and Shopify are some of the websites that made starting an E-commerce business easier as manufacturers and dropshippers are easy to find here.

    How Dropshipping Works?

    If you want to start an E-commerce site, dropshipping is one of the best options for you. Below are the steps on how it actually works.

    • The first and foremost thing that one has to do is select the proper supplier.
    • The second step is to connect the supplier’s app to your online website.
    • Select the products that you want to sell to your customers.
    • Set a price strategy for you dropshipping model of your business.
    • Accept the orders from your customers.
    • The orders of the customers then are forwarded to the supplier. And you have to pay them for that order.
    • The suppliers then deliver the products to the doorstep of your customers.

    Advantages of Dropshipping

    Some of the advantages one get to enjoy if they chose to dropship are:

    • E-commerce business that follows the dropshipping model doesn’t need a large amount of capital for their business. They don’t need to pre-purchase the products. So comparatively, it needs less capital.
    • No need for a warehouse, where you have to store the products. The suppliers are the one who takes care of the product by storing them. Therefore, you can select whatever product you this is appropriate for your business.
    • As the whole shipping process of the products is handled by your supplier, you can do your business from any part of the world.
    • You can try to sell any kind of product on your website and if it is not bringing any profit, then you can quickly drop it from the list of your website.

    Disadvantages of Dropshipping

    Some of the disadvantages of the dropshipping model are:

    • You don’t know what kind of quality your product will be. A bad quality product may cause uproar and can be bad for your business.
    • You don’t have any control over the time the supplier takes while shipping the product to your customer.
    • While serving the customer, difficulties may arise, if there is a problem in communication with your supplier.
    • Dropshipping can be expensive as well, the market is quite competitive and if research is not done properly, then you might see other sites dropshipping the products at a much lesser cost.

    Future of Dropshipping

    In the past few years in the E-commerce business, there is an increase of business sites adapting to dropshipping model and in the future, it is only going to increase. Dropshipping can only be a profitable model for your business if you play all your cards properly and follow all the strategies carefully. For example, you have to be careful while selecting the dropshipping company for your business, proper research has to be done and then you can follow your plan.

    E-commerce sites if planned accordingly and follow this model properly will turn into a high return business and will be a source of great profit.

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    Conclusion

    For startups that are interested to try their hand at E-commerce, the dropshipping model is quite a good option for them.  With more and more startups emerging, it is just a matter of time before people will realize the model’s importance and need in their E-Commerce business.

    FAQ

    Does Dropshipping have a Future?

    Yes, dropshipping can easily turn into a profitable model for E-commerce sites as the model is a low-risk one.

    How did dropshipping start?

    Dropshipping started in the 60s and 70s when people used to receive catalogues by mails and could order items directly from the catalogue via phone, and have the company deliver them.

    Who is the most successful dropshipper?

    One of the most successful dropshipper is Irwin Dominguez. In just eight months, he made one million dollars worth of sales.

  • 20 Best Tactics for Bootstrapping Your Startup

    Looking for ways to bootstrap your startup? Do not want to go into a huge process for marketing? You might be lucky enough to know that there are more ways to bootstrap your business other than spending resources on marketing.

    Bootstrapping your startup business strategically is the new trend today rather than adapting to traditional methods of marketing strategies. But, before experimenting with new things startup business owners should know what they need for their business.

    If it helps try doing a SWOT analysis first as it will help understand your strong and weak areas of business. Then you can look at the tactics mentioned below to bootstrap your startup business.

    Best Tactics to use for Bootstrapping Your Startup

    1. Write and publish quality-focused blogs
    2. Make sure your business has been listed to the reviews and listing directory
    3. Use Product Hunt
    4. Find an advocate or a partner
    5. Conduct webinars on your products or services
    6. Target your customers
    7. Create a Facebook page or a group
    8. Use online methods
    9. Conduct an in-depth market research
    10. Do not rush for an office space
    11. Design a proper business model and a plan
    12. Work from home
    13. Do not rely on Client’s credit
    14. Take help of your family members
    15. Use low-cost online tools
    16. Avoid purchasing unnecessary tools
    17. Learn digital marketing
    18. Work on your business image
    19. Always be resourceful
    20. Motivation plays a key role

    Conclusion
    FAQs

    Guide for bootstrapping your Startup

    Best Tactics to use for Bootstrapping Your Startup

    Write and publish quality-focused blogs

    Tactics for Bootstrapping Your Startup
    Tactics for Bootstrapping Your Startup

    Start writing quality blogs in about your business answering questions like the five Ws. People will know what your business is all about if you know how to attract them with the power of your blogs. Using keywords in your blog will do half the job and will help your blog to rank high on the first page.

    Once you have completed writing in-depth blogs try publishing your content on different social media like Facebook, Reddit, Twitter, LinkedIn, etc. Do not opt for link dropping and other such kinds of things but, try doing it with a sense of taste behind it.

    Make sure your business has been listed to the reviews and listing directory

    Business listing is important because it can play a crucial role for the success of your local SEO. These are types of platforms that will allow the users to find out more about your business and also help engage with it. Some basic information like name, address, and phone number are added so that interested users can contact you.

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    Use Product Hunt

    Product Hunt is an online website that you can consider using because here your products can be listed in a linear format. Keeping aside its functions one of the biggest advantages of using this website is that it can be used as a free service.

    Find an advocate or a partner

    Tactics for Bootstrapping Your Startup
    Tactics for Bootstrapping Your Startup

    You do not have to find someone who is a professional but a normal person who can have your back at the right time will be enough. If you find someone who is great at work and is available for you whenever you need them then you have got what you need.

    Conduct webinars on your products or services

    More promotion will only create a better chance of bootstrapping your business. Webinars can be conducted free of cost on various online networking websites. Look for the right one and just get into it because the sooner you start the better you can create a customer base.

    Conduct webinars/meetings frequently so that you inform about your products and services to more and more people. You need to start generating leads and then nurture them as well to create a better impact on your business.

    Target your customers

    Whether it is one customer or one hundred you should know that it is just the beginning of a long journey. Target customers to whom you can provide your service to them and solve their problems. This is where you don’t sell your product but give an idea to them about the problem that they are facing.

    If you can get into their minds about the solution you are giving to them for their problem you will be surprised to know that they will start coming to you after a certain period. Therefore, do things smartly rather than doing them with difficulty.

    Create a Facebook page or a group

    Just like you use Whatsapp groups for sending a message where more number of people will be able to see what you have sent similar to that you can create a Facebook group. Facebook has got around more than 2.9 billion users and this is why it will be a great platform to showcase your business to a large number of people at a time.

    Use online methods

    It is difficult to conduct business activities, especially when it is a startup and thus there is pressure on the sustainability of your business. If you choose online methods for conducting business then you may cut down maximum costs and also help protect your assets.

    Conduct an in-depth market research

    Just like you will do a SWOT analysis of your startup business you also need to do thorough research on the market. You are now the boss of your company and getting to know all the dynamics of your business should be your responsibility.

    If you are well-prepared you will not be needing capital from someone else. Look for online tools on the internet that will help you conduct online surveys.

    Do not rush for an office space

    There will be a lot of things going on in your mind once you have started your business and one of the major things that you think about is having an office of your own. Well, if you are thinking about it then that’s well and good but there will be no need for an office if your products or services do not do well in the market.

    Give your business some time to grow which may take some time and then you can look for an office. New offices will be needing types of equipments like furniture, computers, CCTV cameras, and many more which will only create a burden on your expenses.

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    Design a proper business model and a plan

    Tactics for Bootstrapping Your Startup
    Tactics for Bootstrapping Your Startup

    Most entrepreneurs tend to make the mistake of not planning what should be done next. This is how they waste resources and are not able to sustain in the market even though their business has the potential to do good in the market.

    Therefore, it is suggested that you design a proper business model and a business plan. A proper business plan helps the business to work efficiently by fulfilling its achievements.

    Work from home

    Offices rents’ are going up as each day passes by and you need to cut down expenses not increase them. Working from home can do the job that most offices can’t. If you can have the option to work from home comfortably then why not use the benefit of it. This way you can concentrate better on your work and you will save a lot of cash.

    Do not rely on Client’s credit

    Even though your startup business is a work-from-home work do not give your clients products and services on credit but rather ask them to make immediate payment. This is just the beginning of your business and you are already making expenses and credits can make things worse.

    Ask your clients to make payments as soon as they receive the product or service. This way you can keep a proper account of the business that you have conducted.

    Take help of your family members

    Your family members can be useful in some kind of work for your business. For example, your brother can create a page on social media and he will solely be responsible for promoting your business on different social media platforms.

    Similarly, you can even take the help of your relatives who can be useful in different activities. This way you do not have to hire an extra person to do a simple job and you can concentrate on other things.

    Use low-cost online tools

    Since you are working from home you will be needing different kinds of online tools for marketing or conducting other business activities. Use tools that are available at a cheap price not necessarily a free platform but a cheap one will do the job.

    Since it is just the beginning of your startup business you need to make sure that your expenses are not extending your budget. For the time being, using cheap tools can be useful and later when your business is flourishing in the market you can opt for expensive or premium tools.

    Avoid purchasing unnecessary tools

    Whether you are buying an online tool or an offline one make sure that the tool that you are purchasing can b of some use for the business. This is one of the most crucial tactics for bootstrapping your business because you do not want to go into debt by making unnecessary purchases. Purchasing expensive tools that will be of no use for your business will only create pressure on your finance.

    Learn digital marketing

    With changing technology there are so many upgrades that are being made each day. You need to learn about the technology and use it to your benefit as your business needs to be recognized by more people.

    A digital marketing course will help you understand how to market your business digitally. If you know about digital marketing then there is no use spending time on the courses. Apply what you have learned and see the results.

    Work on your business image

    There is a saying called ‘First impressions are always the last impression’ which is quite true when it comes to business as well. Your new business should be presented in front of the people in such a way that they are impressed with it.

    The image of your business will play a crucial role in getting customers from all around the country or globe. Use appealing photos, images, videos, animations, and other such kinds of things so that customers are attracted towards it.

    Always be resourceful

    Being resourceful does not just mean focussing on your resources but planning on how to grow them. You should gather enough money to fund your startup business because in the initial stages of your business will be difficult to find investors.

    However, there are several free online platforms where you can get the benefit of crowdfunding. Whatever decision you take make sure it will help you with your work keeping the cost structure under your budget.

    Motivation plays a key role

    Even if you follow anyone tactic mentioned above you need to be motivated at your work. Every day when you wake up you need to keep aside all negative things but move forward with the intending to grow your business.

    You should always be eager to learn new things from the market and your competitors so that you do not fall out from the competition. Motivation will also help you bootstrap your startup.

    Conclusion

    Whichever tactic you choose to bootstrap your business try to do it with a focussed mind because it will help your business itself. Even if you are facing a lot of challenges continue doing the same thing but in a different way.

    FAQs

    What does bootstrapping mean?

    Bootstrapping from a business’ point of view means starting a company with little capital rather than relying on investors.

    What are the benefits for adapting bootstrapping techniques to business?

    Some of the benefits of bootstrapping your business are:

    • Cheap and efficient
    • Complete control of ownership of the company
    • Might make funding easy in future

  • How much does Market Research cost?

    Big companies deal with many sectors and have the constant need to improve and try new things to keep their consumer engaged. Not only large tech companies but developing ones also spend on market research. They spent on research because of two reasons:

    • Businesses have to be innovation-focused. Working in a constantly changing marketplace, they use research to test new technologies and try to satisfy the customers.
    • Companies have resources, which simply is the reason to research more.
    Steps of Market Research

    All organizations would benefit from having a solid market research practice, but startups don’t have the money or staffing resources to dedicate to intense market research, and companies with mature products often don’t feel a market pressure to spend money on changing/staying ahead of the curve.

    How much do companies spend on Market Research?
    Why is Market Research important?

    Conclusion
    FAQs

    How much do companies spend on Market Research?

    It depends on multiple things. Some of the insights are Qualitative Research and Quantitative Research.

    The total amount spent by companies on market research in 2015 was $68 billion worldwide. The biggest market research spenders by industry are as follows.

    • Consumer Non-Durables, 23% of the total
    • Media and Entertainment, 15% of the total
    • Pharmaceutical, 13% of the total

    Others like Government or Non-Profit Organizations (8%), Financial Services/Bank (7%), Telecoms and Wholesale/Retail (5%), Consumer Durables (4%), Research Institutes (3%), Automotive (6%), Advertising Agencies (2%), Utilities (1%), Other (8%).

    Marketing-driven companies spend much more than product-driven companies. Companies like Unilever, Coca Cola, PepsiCo, etc. spend a few hundred million dollars per year on Research. These companies have a massive number of consumer brands, and the product does not change or update very often. Marketing and sales are key aspects of success, and insights can make a large difference in the business.

    Similarly, success for media and advertising companies depends on reaching a particular number of consumers, so insights into their habits can make a huge difference for their effectiveness (e.g. message, channels used, time spent). However, even if you look at the biggest spenders, it is still significantly less than 1% of their annual spending.

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    Most big companies (1000 employees+) drive 80%+ of the spending.

    Market research tends to be expensive if one does it with agencies, and low-cost / DIY alternatives (e.g. Google Surveys) tend to require trained people that few smaller companies have, otherwise they lack the quality to inform decision-making.

    Top Companies Spending on Research and Development
    Amazon $42.74 billion
    Alphabet $27.57 billion
    Huawei $22.04 billion
    Volkswagen $13.8 billion
    Samsung $18.75 billion
    Intel co $13.56 billion
    Microsoft $19.3 billion
    Apple $20.161 billion
    Roche $10.8 billion
    Johnson & Johnson $12.2 billion
    Toyota $10 billion
    Ford $7.1 billion
    Facebook $18.45 billion
    Merck $10 billion
    Novartis $8.5 billion
    BMW $8 billion
    General Motors $7.3 billion
    Honda $7.1 billion

    Why is Market Research important?

    R&D is the necessary and initial phase of any process leading to technological innovation or market expansion. Research embodies a company’s long-term vision and its strategy when innovation operates more in a short-term economic model of the company.

    Spending growth of Organization on Research
    Spending growth of Organization on Research

    Research and development consist of investing money/resources to find innovative products, services, or processes that will enable the company to earn some goodwill and new technologies.

    The experience and the knowledge accumulated by the companies due to R&D activities enhance innovation for any given company. At the end of the day, market research investment will allow the companies to gain in technology and future capabilities that would be eventually convertible into new products, processes, and services. Some of the gains of Research and Development are –

    Finance

    If the companies are conducting their R&D activities to reduce manufacturing costs and improve the system, it provides them with the solutions with less costly processes to manufacture the product and therefore provide more competing prices to the customers or increase their profit margin.

    When the companies are looking to raise funds, R&D activities provide good opportunities to prove the company’s vision to their potential investors. By showing the investors that the company has the right structure to innovate constantly will make them understand that the company has everything it needs to meet sustainable growth. Investors are looking to invest in companies having a proactive approach of finance to manage their business, the constant investment in R&D will prove them the company has quite potential.

    Patents

    Through Research and Development activities, your company can acquire patents for new products you have previously developed. It can help gain a set of sustainable competitive advantages and position the company in an extremely comfortable situation within your market and therefore benefit from long-term profits.

    Recruitment

    Talented and skilled ones are also attracted via recruitment to innovative companies doing exciting things and providing exciting opportunities. With R&D activities, the companies will attract several qualified candidates to join.

    Conclusion

    Research and development have no guarantee of profits, companies spend a lot of time and sacks of money that sometimes turns into nothing. R&D is vital for many companies as they use it to expand their market share and increase sales. The top Research and Development spenders on this list have made a difference on the market, providing new technologies and products that have changed lives and the way the market worked.

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    FAQs

    What is market research in business?

    Market research is an effective tool to assist your business planning. It is about collecting information that provides an insight into your customers’ thinking, buying patterns, and location.

    Why is market research important for a business?

    It is important because it can identify how customers and potential customers might view your business and identify gaps in customer expectations. This is powerful information to have when completing your marketing strategy.

    How much do companies spend on innovation?

    On average, firms tend to spend 1-2% of turnover on various innovation-related activities, but this share exceeds 5% for large firms in some countries. R&D usually accounts for around one-half to two-thirds of all innovation expenditure, but the share varies widely by sector and firm size.

    How much does Market Research cost?

    The price for quantitative research can range widely, from $15000 to over $100,000, with most studies in the $30000-$55000 range.

    What percent do companies spend on R&D?

    Mostly, companies spend between 5-20 % of their annual revenue.

    How much does the average company spend on research and development?

    A company on average spends merely 2%-3% of their revenue on research and development.

    Why R&D is important?

    It is important in many senses like analyzing your target audience, competitors, recent trends, the reaction of consumers towards changing technology, etc. It minimizes the investment risk.

    How is the R&D ratio calculated?

    The price-to-research ratio is calculated by dividing a company’s market value by its last 12 months of expenditures on research and development.