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  • Planning to open your boutique here is what you need to know

    Planning to open your boutique here is what you need to know

    When you have decided it’s time to open your own store of fashionable clothes and accessories try to get as unique as possible. Niche shops flourish based on their exclusiveness in the era of online marketplace where you can buy A to Z. So let your creative thoughts shape your business into a beautiful piece of store. Fashion never fades there is something new which is trending, dressing styles or accessories, all you need to is tap the market that will be ready to buy your product.

    After sorting out all your ideas here is what you need to know the reality of starting a business

    Research and learn

    Do researches over the existing business models and draw conclusions from what you learnt from them. Talk to people involved in the same line of work. Get feedback from your friend or families over your products. It is always good to listen what people expect from a product and their feedback, it will give the room to improvise. We may be extremely good with our skills but who knows we may lack in one or two. Take classes if you want to
    be sure.

    Finances

    If you are going to quit the 9 to 5 job and start your venture remember the transition is not going to be easy. It will take time for your business to pick up and you may be short on cash in occasions. So plan ahead and save money before jumping into the hot water. You can also consider not giving up your job and start doing the business, of course juggling them both is tough but it will give you a sense of security. If you are going to take up a loan, plan how you are going to repay it.

    Wholesale

    Contact the wholesale dealers who can supply goods at the rate you wish to buy them Check out all of them and purchase from a quality dealer.

    Platform

    Where are you going to sell your goods? You can open a brick and mortar store or go completely online or try them both. If you’re planning to open an offline store, list out all the places where your business can flourish. A good locality with potential buyers surrounding should be your final spot. Your store should go in sync with surroundings you are in. Check out what is trending in your locality what actually people in that location buy.

    In online market you can start your own website or sell in the existing ones like Amazon, e-bay etc. Do u know according to a recent survey by PowerReview almost 31 percent of online shopper hit Amazon first to search about what they want to buy and 38 percent of them Google it. After choosing your platform plan your finances accordingly, a store will require rent setting up cost and maintenance. A website requires a web development team and you have to pay for Amazon for an inventory in their store.

    If you feel a brick and mortar is too much an investment in the beginning, you can try pop-up shops or become a vendor in city’s artisan market. This will give you enough opportunities to connect with your customers’ face-to-face apart from selling over the internet.

    Reputation

    What makes you stand apart from the group is reputation. There are big companies and well established brands to grow-up here you need to have quality goods. Nothing speaks louder than quality of products in any business. Apart from this you have to offer something new that only your brand can give to your customers. It may be unique designs or funky looks or exotic color combinations, it may be a small thing initially but this how brand image building is done. It makes your customer to come back to you over the time.

    Connections

    Establish good connections, talk to your customers or make a conversation with your fellow vendor at artisan market. Nothing works like well established connections with people. Talking to your customers will let you know how they feel about the product and it creates appositive outlook for your brand. Good customers with word-of-the-mouth advertising can do wonders to your business.

    Accounts management

    Calculating your expenditure and spending takes considerable amount of time. You will be staring at excel sheets to find out where your money is going. Get a get help for this or make sure your good at doing it. When you are in a job your employer will take care of you taxes but now you need to pay taxes. You need to have clear idea of your profits and losses.

    Registration and legal work

    If you have decided to operate a brick and mortar store you should obtain commercial license and get registered as a legal business. Take legal help if you are not an expertise in this domain. Reading through those endless pages of documents is an uphill task.

    Advertisement

    It is not possible to invest a lot in budget in the initial stages. Try to get most of the attention through social media and bloggers. Pamphlet distribution may sound a little too old but works well for those who are on a constrained budget. Apart from this what works the best is the recommendation of your customers, a good will among your buyers. Once you have attained it there is no more worrying about advertising or recognition.

    Pricing

    Price your stocks in a reasonable manner neither high nor low. You need to make reasonable amounts of profits to keep the business running. Not everything that is sold cheap is going to garner attention; a product priced appropriately shows the true sense of your business. Even if you are ready to sell for cheap prices at some point you need to shift gears and make profits, this will be bumpy if your customers don’t like the price hike. Instead create customer loyalty programs and coupon codes where there are discounts for recurring customers.

    Shipping orders

    When you have an order and delivery system through online market, then you need to have a little bit of assistance to handle the packing, dispatching and maintenance of stock related works. Get a member of your family or friend to help you out if hiring someone is not viable to you. Alternatively you can choose platforms which help eCommerce sectors in delivery system.

    Keep upgrading

    You may have developed an excellent brand but to stay in any industry change is inevitable. Today’s fashion is tomorrow’s boredom. Things change so adopt as fast as possible

    Don’t give up

    Yes it is going to be tough and you will face hardships. But it is all worth for your dream venture. Also don’t give up easily. You may not taste success instantly but with dedicated hard work and proper resource you are definitely going to make a mark. No great brand that exists today was an instant hit they worked their way through tough times.

    So all the best to all those folks out there planning to become the next big fashion designer, hope all your dreams come true.

    Anand Rajendran, CEO of Uptra ConsultancyServices, a leading provider of legal services, including company registration. He is the Head of Communications at Uptra Consultancy Services, India’s largest online legal services facilitator.

  • Is Your Lack of Community Involvement Hurting Your Business?

    Is Your Lack of Community Involvement Hurting Your Business?

    Each year, millions of businesses, from small to independent, make the smart choice of getting involved in their community and trying to make a difference. If you aren’t involved in your community, why not? Some business owners claim they don’t have the time or money to help out. Most business owners will agree that running a business is more than a full-time job, which leaves little time for anything else, and requires a watchful eye on finances and avoiding “frivolous” spending (and it’s hard to say “yes” to everyone who asks for a charitable donation). Regardless of your excuse, your decision to opt out of community involvement can actually end up hurting your business.

    The Benefits of Community Involvement

    As a business, whether you support your community with financial donations or with a more hands on approach, your involvement is beneficial to the community that surrounds you and ultimately supports you. From a financial standpoint, some businesses don’t feel like they can afford to be charitable, however, most (if not all) financial donations can be a deduction at tax time. Even if you get involved in other ways, you are not only making your business more visible, but you are more likely to be supported by your community (potential customers and clients) and your employees may be more committed and happy, as well.

    Ideas for Getting Involved

    The opportunities for getting involved in your community are endless. You can sponsor an event or even volunteer at an event in the community such as a festival, parade, or sporting event. If you can’t get out and about in your community, you can start a donation box at your business or host a charitable event in your workplace. Depending on what your business has to offer to the community, offering free advice or knowledge through a workshop or mentoring program can also be a great way to give back to the community. Instead of a financial contribution, you may be able to donate products or services. Whatever you chose to do, will set you apart from other businesses in your community and may boost your confidence and purpose as a business.

    How Lack of Involvement May Hurt

    One of the wonderful things about being a business owner is the independence and ability to make your own decisions about your business. While getting involved in your community is strictly optional, it’s unwise to pass on getting involved. Failure to getting involved can affect your business’ reputation and your potential customers and clients may be more interested in supporting a business that gives back to the community, which can ultimately affect your profit in the short and long term. Additionally, if you’re a business that doesn’t give back to the community or has no interest in getting involved, your employees may be embarrassed to work for a “seemingly selfish” company and may even affect the morale within your company. Volunteerism and community involvement is a popular action that is sticking around, it would be a shame to pass up all the ways it can benefit your business.

  • Manage Your Virtual Workforce with These Tips

    Manage Your Virtual Workforce with These Tips

    Working with a virtual workforce is becoming quite a hot trend, with more and more companies choosing to work virtually and avoid the traditional way of working in a serviced office space, for example.

    There are a number of advantages to working with a virtual workforce, some of which include that no time is wasted (because employees do not have to make the long commute to the office) meaning that the time saved can be used to do something more productive instead. Another advantage of working virtually is that both the employees and company would save a lot of money on rent, utilities and commuting.

    But thanks to improved technology and businesses looking at different and creative ways of working, virtual workforces and working remotely have become increasingly popular – with some businesses starting off by allowing their employees to work from home once a week, and others going completely virtual and forgoing an office space altogether.

    However, not all aspects of having a virtual workforce is easy, and one of the aspects that some employers, managers and senior employees struggle with the most is managing a workforce that is not physically in their presence. To help combat the difficulties that may arise with a virtual workforce, we are going to look at three tips that will help you to manage your virtual workforce with ease in this art

    Build the Right Workplace Culture

    Building the right company culture in a virtual workplace is of great importance, because you do not want your employees to feel disengaged and, in turn, be unproductive. In order to build the right company culture for both you and your employees you can take a number of steps. Firstly, you – as the company’s CEO, boss or senior – should work remotely yourself. This only applies if you only work remotely once or twice a week, and you will find that your employees will feel more comfortable working remotely themselves if they know you are too. Secondly you can start to integrate ‘perks’ and benefits like you would in a traditional office based setting. Some of these perks or benefits could include incentives like extra money when you reach targets or a monthly dinner if they sell more products than the month before.

    Set Boundaries and Enforce Rules

    As the head of your company you should have a list of basic rules that should be followed by all of your employee at all times. This is very important for a virtual workforce, as they need to know what their boundaries are when it comes to their daily routine and targets. Your boundaries and rules may consist of adhering to specific office times – as working virtually is not the same as flexible-working, where you can work your hours in when you can or want to – so that all of you are online and available to chat if need be, and are all contributing to the company’s work day, every day. 

    Invest in the Right Tools

    Investing in the right tools is imperative when it comes to managing a virtual workforce, as they will play a huge part in both yours and your employees’ day-to-day life, contributing to a number of factors that include communication and productivity. Choose apps that can be easily installed on everyone’s computers, that are reasonably priced and that contribute successfully to your overall mission. For example, investing in Skype will help you all communicate more efficiently, as you will be able to host conference calls, share your screen to give instructions and advice, as well as easily instant message each other for quick and simple communication.

    The above three points should help you manage your virtual workforce with ease, helping to establish a team that works well together to reach targets and goals, can take direction and knows the company’s rules and boundaries.

  • How To Get A Pre-Approved Home Loan

    How To Get A Pre-Approved Home Loan

    Everybody knows that getting a home loan is quite a tiresome process. If one is able to get a pre approval on the home loan, this will act as a catalyst and the massive process of buying new home will be only a few steps away. If one is able to show proof that he/she can afford the property/home which he/she is planning to buy, then a lot of importance will be given to that person and that person will be considered more seriously.

    The originators of the mortgage can guide you in selecting the best possible home lender and also have the power to get you a pre approved home loan on behalf of you. There are originators of mortgage like Private sale provided with online and other facilities where the application of a home loan can be completed in your home or office. In order to complete the process of a pre approval home loan, there is a requirement of some important information which needs to be provided. The banker or the lender of a home loan requires the bank statement or the payslips of about 3 to 6 months as an income proof, expenditure and an income report. Based on this information the lender of the home load will have an idea about your financial position and will be assured that you will be able to pay your bond installments every month throughout the loan period.

    There will be a check on your credit and a credit enquiry will take place to obtain necessary information on the number of credit accounts and credit inquiries you have under your name and the black-list status will be checked. This inquiry will hugely affect your pre approval of your home loan because this loan will be mainly based upon your scores you obtain under you credit and your financial ability to pay the installments every month. If you are having a low debt high income and a credit record with no black mark in it, then you are up front in the race for a new home loan and you will be in a position where you can negotiate for a good rate of interest. Getting a pre approval means that you are not entitled to a home loan but it will serve as a proof that the purchaser in every way has been qualified for obtaining a home loan.

    Once you obtain your pre approval certificate, it makes the process of looking for a new home very easy for you as you have a clear idea about how much you can afford to spend. The additional advantage is that this certificate acts like money in your pocket as your loan has already been pre approved. This certificate provides the sellers and the real estate agents with a note of confidence and the seller sometimes takes a risk in accepting a financial offer when there are other offers in line for you. And finally after you made your buying offer, this certificate enables you to save valuable time as majority of the paperwork will be done already.

    While the last advice would be for you to check on the mortgage review online for the lender that you intend to apply for loan. This is to ensure that you know how good the lender is and this can protect you from getting in trouble with the company when thing turn ugly later on.

  • 5 Effective Ways To Get A Fair Price on Home

    5 Effective Ways To Get A Fair Price on Home

    There is always one thing in common when it comes to real estate investment – the PRICE. A good and fair price has a direct impact on the buyer’s and seller’s side, considering nobody wants to be at the disadvantage. Who would, right? Yet as we all know, pricing decision can result in an important consequence. It can make or break a good deal. That means, setting the right price level matters the most.

    However, just because you can afford the price, that doesn’t mean you’re getting a good offer. Investing in a property such as Alveo condominium Tayagay is not just about the purchase. There must be a smart judgment to get a fair price.  But how do you really know if you are getting a fair deal on the price? Here’s how:

    1. Research recently sold, comparable properties

    Comparing properties is not just about how similar or different they are in terms of their sizes, condition, neighborhood and their amenities. When you compare, you basically include all the aspects of the property – not just the features but also the prices. Generally, most home investors gain their interest in the comparison of prices in different properties. Is the property less expensive than larger or nicer properties? Or is the property more expensive when it’s smaller? This will give you an idea on which of the properties has a better offer than the other.

    1. Check out comparable properties that are currently on the market

    Aside from the properties that are recently sold, you can also try visiting other homes on the market. Perhaps, there are home features that you can find on a certain property that you want to have. Also, checking such will give you a big difference when it comes to comparison in many aspects of the property. With that, you can then start comparing prices and see if that particular feature is worth the offer.

    1. Look at comparables that were on the market recently but didn’t sell

    Just because the property didn’t sell, that doesn’t mean it is no good at all. In fact, you can have a better option when it comes to their prices.  There are even properties that are on sale with an affordable price without compromising its quality. If you are interested, then you can check out the unsold inventory index for the information about the current supply and demand in the housing market.

    1. Consider market condition and appreciation rates in the area

    Whether you realize it or not, there are sellers who tend to overprice the property. There are also for sale properties especially when it’s urgent, sellers go for an underpriced rate.  If you are not keen when it comes to its price, you may not get a desirable offer. That is why it is important for you to consider the impact of interest rate. Of course, this all depends on where the market is currently situated in the real estate curve.

    1. Are you buying a for-sale-by-owner property?

    There are actually different ways of purchasing a property. One is through the for-sale-by-owner property (FSBO). It is when selling a property without the use of real estate agents. Investing in this kind of property should be discounted since there is no seller’s agent commission. However, this is one of the things many sellers don’t take into consideration when setting their prices. There are also possibilities that sellers may not have an agent’s guidance in setting a reasonable price, which may result in a bad deal. As a home investor, you have to be keen when it comes to its price.

    The price is a big factor in the investment. If you want to have a smooth sailing process, then start your search with a good deal. Check if the property is worth the investment. Moreover, never forget to be keen when it comes to having a fair price.

  • Advantages of HDFC Life ProGrowth Plans

    Advantages of HDFC Life ProGrowth Plans

    The ProGrowth Plans by HDFC Life are basically savings-cum-insurance plans that enable you to provide the best to your family today and tomorrow; even you would not be around. There are three kinds of ProGrowth Plans offered by HDFC which have discrete advantages. Given below are those three plan with their advantages:

    HDFC Life ProGrowth Plus

    HDFC Life ProGrowth Plus, a basic savings-cum-insurance policy that enables you, as a policyholder, to enjoy the benefits of a life cover and enjoy the comfort of making your investment plans by the means of it. This unit linked insurance plan helps you in making the most out of equities by the means of channelizing the saved funds effectively.

    Advantages

    • Flexibility to select amongst the 2 plan options as follows:
    • Life Option which offers Death Benefit
    • Extra Life Option that offers Death Benefit along with Accidental Death Benefit
    • Flexibility to plan your investments according to your risk appetite and return expectation
    • Flexibility to partially withdraw the funds from HDFC Life ProGrowth Plus Plan in order to meet various unplanned expenses
    • Under section 80C and section 10(10D) of the Income Tax Act, tax benefits of the HDFC ProGrowth Plus Plan are also remarkable. However, these benefits are subject to certain provisions contained in it
    • Paying premiums under the HDFC ProGrowth Plus Plan is very convenient as it offers various payment modes, such as internet banking, credit card, auto debit facility, or cheque

    HDFC SL ProGrowth Super II

    HDFC SL ProGrowth Super II is an enhanced savings-cum-insurance ULIP that helps you, as a policyholder, in planning the best for your family, with you and after you. This Unit Linked Insurance Plan is designed to support you in achieving long term savings for you and your family’s future.

    Advantages

    • This savings plan allows you to choose amongst the following eight plan options:
    • Life Option with Death Benefit
    • Extra Life Option with Death Benefit in addition to Accidental Death Benefit
    • Life and Health Option that offers Death Benefit along with Critical Illness Benefit
    • Extra Life and Health Option that offers Death Benefit along with Critical Illness Benefit and Accidental Death Benefit
    • Life and Disability Option that offers Death Benefit in addition to Accidental Total and Permanent Disability Benefit
    • Extra Life and Disability Option with Death Benefit in addition to Accidental Death Benefit and Accidental Total and Permanent Disability Benefit
    • Life and Health and Disability Option which offers Death Benefit addition to Critical Illness along with Accidental Total and Permanent Disability Benefit
    • Extra Life and Health & Disability Option that allows Death Benefit Plus Accidental Death Benefit, Critical Illness, and Accidental Total and Permanent Disability Benefit
    • HDFC SL ProGrowth Super II Plan ensures your family’s protection when you would not be around. In the unfortunate event of your demise during the term of the policy, the insurer will pay the Sum Assured along with the total fund value to the beneficiary or the nominee.
    • To avail this policy, you just need to fill up a short medical questionnaire, that might not necessitate you to undergo medical checkups
    • You can manage your investment funds either by switching funds from one fund to another or by redirecting future premiums into other funds
    • Then plan also offers some considerable tax benefits as per section 80C and section 10(10D) of the Income Tax Act.
    • The plan also offers convenient payment of premiums through multiple modes, such as – internet banking, auto debit facility, or credit cards

    HDFC SL ProGrowth Flexi

    It is wise to be prepared in advance so as to accomplish all the goals of your life in a way that safeguards your funds. To help you do the same, HDFC has designed SL ProGrowth Flexi Plan which is a savings-cum-insurance ULIP. This plan ensures financial security of your family in you absence by insuring you against unforeseen eventualities of life and helping you save for your future needs.

    Advantages

    • This investment plan provides valuable safeguard to your loved ones. In the unfortunate event of your untimely demise during the term of the policy, the beneficiary will be entitled to the greater amongst the Sum Assured of the plan or the total fund value of the insured life
    • When the policy matures, you can either receive the total Fund Value at existing unit prices j the form of a lump sum or go for the for settlement option
    • The plan allows you to channelize your corpus from one to another fund option at any time or forward the future premiums of the plan towards a different range of funds
    • The plan also offers tax benefits under the section 80C and section 10(10D) of Income Tax Act.

    Premium payment under this plan I also very convenient through its various modes, like internet, credit card, auto debit facility, or cheque