How To Start a Business
Knowing how to start a business would not mean that you can succeed in one day. Getting to know about the details can prove beneficial in guiding you the way. Always remember “Rome was not built in a day”. India has cardinally grown to become one of the greatest countries to launch a start-up in with its plethora of programs such as “start-up India” helping the nascent phases of the business. In the present scenario of the economy, we see two sides of the coin, on one side we see massive layoffs from corporates and MNCs whereas one the other side we see flourishing start-ups maturing into conglomerates such as Urban clap, Ola, PR Forbes and so on and so forth. The essentials of starting a business in India are as follows:
The Business Idea and Plan
Just as a tree grows depending on the stability of its roots, similarly a good business idea is essential for the initiation of a start-up. The question such as whether to pitch a service-based or a product bases company to launch is cardinal. Moreover, the baseline idea should be catered to offering something unique to the palette over the pre-existing services.
Understanding market statistics is crucial before investing in capital. Hence it is essential to research the present market trends and service offerings. Moreover, this is the phase where you dig deep into the recent market techniques of offering payment via Paytm business account and also think about possibilities of third party services such as Urban Clap partner.
Budget and Financing
Capital is essential for investing in any business. Sometimes it could be difficult to come buy especially from the banking sector owing to the topsy turvy economy. This is where the other alternatives such as merchant cash advance come into its benefits where the collateral is not necessary.
Making it Legal
The final step in setting up a business in India is making it legal. Business can do it cardinally by registering it either as an LLP or Private Limited company. In doing so the company will get and official GST number upon registering. The GST number is used to link to their bank account to enable transactions. It even helps in listing themselves on Google and other digital platforms to help searchers in finding the business.
Marketing & Advertising
If you want to get your start-up launched in India, follow the following steps.
Pierre Omidyar is responsible for the website eBay somewhere around 1995. It started in his living room. Since initial days only it meant to be a marketplace where buyers and sellers can do transactions conveniently. After 3 years, Meg Whitman joined Pierre and led the website to a new success level. Later on experienced people from some of the biggest companies also joined to make up a strong team for eBay. Some of the important names are Disney, Pepsico, and so on. Soon, the company started collaborating with a number of bigger brands such as GM, Sun, and so on. The average sale of the items also started increasing per day.
The Dynamic Business Model: eBay
(Source: Brandeis University)
eBay had a model of business that brought both sellers and buyers together at one single platform. Buyers can list their items on the website for sale and the buyers can cross-check these items and bid on them to buy. These items are arranged category-wise so that the buyers can easily search for their required items and can order them. The trading for the sellers is also made quite convenient and hence registering can be done in just a few minutes and they can instantly start listing the items online for the buyers.
It is easy for the buyers to search for the items and order the items. They just have to pay for the item and there are no such other charges for the bidding process. But on the other hand, the sellers do have to pay two different kinds of charges.
- An insertion fee is charged that is nonrefundable. This fee is charged when a seller lists an item on the site. The charges depend on the opening bid of the seller’s item.
- Another fee is charged for additional options that are provided for the item listed such as highlighted listing and so on that can promote the item on the site.
- The last charge is the Final Value that is charged on the final price of the item at the end of the auction.
The buyer and the seller are notified with the help of an email for all the steps of selling or buying the items. The transaction between the seller and the buyer takes place independently apart from the above-mentioned charges charged by the site.
The History Of eBay
Found on 4th April of the year 1999, Alibaba is a Chinese multinational organization with its hold on various areas such as retail, e-commerce, technology, AI, and internet. If seen as per the revenue, the company ranks number five among the various largest internet companies. The founders who made this organization a successful one are Jack Ma, Lou Wensheng, Tony Yiu, Jane Jiang, Ma Chengwei, Joseph C. Tsai, Simon Xie, Cathy Zhang, James Sheng, Shi Yufeng, Peng Lei, Trudy Dai, Eddie Wu, Zhou Yuehong, Jianhang Jin, Han Min, Jin Yuanying, and Toto Sun. The Success Story of Alibaba marked a change in the online e-commerce industry.
Where it All Started: Alibaba
When the company started, the operations started from the apartment of Jack Ma located in Hangzhou. The first website launched by the company is Alibaba.com. The website is in the language English and has turned out to be a global marketplace by now. Afterward, in the same year, a domestic marketplace started in China, currently known by the name 1688.com.
Success Story of Alibaba: Detailed RoadMap
Source: Alibaba History
- 2000 – The group got an investment of about US$20 million from SoftBank’s investor group. The same year in the month of September, Alibaba organized a Summit with leaders of thoughts and internet business together. Soon by December 2001, the company crossed 1 million users.
The Story of Amazon – The Largest Online Retail Store
Headquartered in Seattle, Washington, Amazon has become today one of the finest examples of e-commerce platforms. The internet-based shopping platform is best known to deal with a huge number of options such as fashion, stationery, music, lifestyle-related items, and almost everything. Also, it has offered its services in cloud computing. Hence, when you have the application Amazon installed on your smartphone, you can enjoy a huge number of deals.
When you are talking about Amazon, you cannot forget about the Kindle. The e-book gadget kindle is introduced by Amazon in order to provide an added comfort to people who love reading. You do not have to carry so many books together when you have Kindle in which you can have a numerous number of e-books downloaded. This has also led to amazing growth in the publishing of e-books lately.
The Story of Amazon
So, why the name ‘Amazon’ is selected? It is said that Jeff Bezos, the former hedge fund executive of the Wall Street and the founder of the platform wanted a name that started with the first alphabet. Also, there are some other people who say that the name has got some connection with the Amazon River, the vast river of South America. So, what is the logic in it? The river Amazon is known for its hugeness across the world and the company was expected to spread out in the same way. Also, the first alphabet would help the company to be on the top always.
The concept of Amazon.com was similar to the Silicon Valley bookstore, to sell books initially. The concept of Amazon was quite clear. They offered the benefit of delivering any book to any customer and at any location.
Jeffrey P. Bezos established Amazon in the month of July of the year 1994. It was just in the year 1995 when the company went online and became Amazon.com. As estimated by the founder, the company came to be known quite soon because of the alphabet ‘A’ as the name’s initial alphabet. They started with books and this made them quite famous among their consumers. Though the company attracted attention since its launch, the first huge profit was earned during the last quarter of the year 2001.
Have you ever noticed the logo of the company? You will find an arrow running from the alphabet A to the alphabet Z in the name. This means that the company is able to offer you almost everything that starts with the alphabet A-Z. Also, the arrow forms a smile and this denotes that the company not only can offer you almost every item but also they offer you great customer service and satisfaction.
The Amazon shares were opened up for the public in the year 1997 with the symbol AMZN. Initially, the price of the company was $18.00 for a single share. After that, in the last 10 years, it has seen a consistent rise in the prices and presently it is somewhere around $170.00 per share. The climb in the profit was noticed since the year 2008 and now they have a target of reaching till a target price of $400 per stock. Hopefully, they will soon reach out to the target, noticing their consistent growth in both stock price and popularity.