In one of our previous articles, we promised you that we will bring you some workable tips on how to start a business if you have no capital at all.

So here we are, with some amazing ideas how to start your own business, even if you are standing with empty pockets!

Build Your Business Idea Around Your Personal Skills

Instead of venturing off into uncharted territory, make sure that you build your business around your skills and knowledge. The less you have to rely on outside sources the better. When your business is built around your own personal expertise you can eliminate consultants and outside assistance cost completely. Also, having that knowledge is sometimes all that is needed to successfully take the plunge into entrepreneurship.

Offer A Barter To Get What You Need

There are ways to get supplies you need for starting your business without money. For instance, if you find yourself in need of a used laptop for your writing business, try to barter for it. Write promotional content for a used electronics supplier in lieu of his old computer or offer babysitting services to your neighbour for their old laptop. You will have to be proactive to find out what is out there, which you can use for your business, without paying any money for it.

Advertise Your Business In Your Immediate Circle

Inform your family, friends, social contacts and past colleagues about your new business. Call, send emails and make your new venture known on your social-media profiles. Your friends and family members can help you spread the word, and past business contacts can introduce your brand to their professional contacts as well. This type of grassroots marketing can help introduce your company to a much larger audience.

Take Advantage of Free Advertising And Marketing

There are several ways to generate a buzz for your business without breaking the bank. Social media is a great way to gain exposure and interact with potential customers. Make a business page on platforms like Facebook and LinkedIn, and start adding information to it. You can also reach out to local media and offer your expertise in barter for publishing your business ads. Make as many local media contacts as you can and be extremely responsive to their requests. This can lead to them to branding you as the local authority, generating plenty of free press for your business.

Be The One Man Team In Initial Stages

Hard work is an absolute necessity, but when you are starting a business with little to no capital, then you must be prepared to dedicate everything you have into making the business a success. This might mean cold calling, handling customer support, dealing with billing and accounting, marketing and promotions and every other working part of your business. You will wear many hats and it will require the majority of your time and energy if you are to make it.

Utilize Low-cost Services

As mentioned previously, you can use free websites to advertise your products and services on, but you can also use these platforms to build up your own branding. For instance, many designers on such platforms offer logo designs and branding at low cost (that come with free revisions). Sort by reviews and look at past examples to find a designer or service provider that matches your style. You can again, barter your skills, have the work done and pay in kind instead of cash.

Invest The Initial Revenues Back In Development

When little business starts rolling in and you start to generate some revenues, be it the smallest, invest it back in the business development. For instance, purchasing some equipment or advertising on bigger and paid platforms where the results are sure shot.

Make A Good Rapport With Your Customers

To sustain a business without money, one of the imperative ingredients is a a sound rapport with the clients that come in to avail your services or buy your products. Make sure you offer the best that you have and keep up to your delivery promises. Your customer’s experience with you will become your instant advertisement, and word of mouth will help spread your business faster than you think.

Starting a business requires ingenuity and a passion for what you are doing. Once you find yourself doing something you enjoy, you will be more likely to find ways to make it all come together.

Don’t let limited capital prevent you from taking a great idea to the skies.

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Recruiting is a big step for small businesses. First recruits of an organization are always special.

When you start working on building something of your own, after quitting your full time job, the transition resembles nothing less than a dream.

And your first recruits should be nothing less than the foundation pillars, which help you build your dream.

Quite often, it is difficult for entrepreneurs to hire professionals for their company, mostly because those experienced don’t really want to fit into a lesser-budgeted organization (compared to what they might be working in), and lesser experienced or freshers wouldn’t really have that sort of knowledge to act professional.

We suggest a few important steps that might help you hire the right team for your start up.

Job description

Begin by choosing a job title and description. Because your first team is expected to be small, it is suggested that you don’t recruit too many people for the same role. The job description should include most of the points, which you’d want your team member to volunteer for. For that, write a particular specification, which you want the person to be proficient in.

Advertising necessities

Advertise only where you expect to reach out to the candidates. Advertising jobs online is popular, effective and much cheaper as compared to the traditional means, such as newspapers. While recruitment agencies are an option, they can be expensive as well. So you could either post jobs on LinkedIn or spread the word in your network.

Remember to keep the language simple and concise.

Interviewing

Though an application form makes it easy for you to compare candidates, it can be a tedious job and might even take a long time. So, use your website to post a “work with us” option and once you have a handful of applications, compare them against the profile’s requirements and specialization.

It is also very important to be professional during interviews. Yes, you cannot afford to lose out on good candidates because of too much discipline, but moderate discipline is as much required as your team. Indulge in a conversation with the candidate rather than an interrogation round.

That makes the candidate comfortable and conveys to you, the best in him/her.

Finalization

While interviewing candidates it is suggested that you note down points, which you think are better in one than the other. You alone would know what sort of a person (with skills and experience) would suit the profile and help in building your empire. However, if you cannot decide whom you want to employ, you can always ask a certain candidate for a second interview.

Post that, call the candidate personally to tell him/her that he/she is shortlisted for the post, and send-in the offer letter.

Lastly, remember that being an employer also means you will have to comply with a range of employment regulations designed to protect your employee rights. You may be the foundation stone, but they are the pillars of your company.

The post How To Recruit The Right Employees For Your Start-Up appeared first on Youngisthan.in.

Most dictionaries and word banks define the term ‘mentor’ as an experienced and trusted advisor (and of course someone who trains your employees).

While a well-established organization has its own team of mentors to motivate employees and boost productivity, the start-up industry does not really analyse why is it equally important to have a mentor on the team, as it anybody else.

We tell you why is it important for you to get a mentor on-board for your team.

Role

A mentor is not just someone who works for the employer. He/she is the one who knows and understands the issues of the team and works on it, providing deep insights into projects. A mentor provides an honest feedback about a business plan or idea, which has the capacity to switch the idea’s output from failure to success.

The right time

It’s quite obvious that the entrepreneur himself plays the role of a mentor during the initial phase of the start-up. However, once your team has been established, and you start working on bigger projects, it’s high time that you introduce a mentor in your team.

An early stage start-up requires more mentoring that a middle phased start-up. A mentor also helps the team network with other important personalities/companies in the industry.

A mentor adds perspective, experience, and suggests a definite path to be followed to accomplish the targets. As mentors generally bring an area of specialization with them, they can advice start-ups as to what they should focus on considering the current potential of the company, and how they should tackle issues.

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Creating and managing change is not easy, irrespective of the size of the company.

Organizational change is not new to the corporate world. However, talking of entrepreneurial world, not many start-ups undergo a change in management structure, unless required.

An organization’s climate is defined by how the employees view its fundamental reason for being successful.

Transition can be tricky, and as a leader it’s your duty to ensure that none of your team members feel uncomfortable or negatively affected by the change.

– Holding transparent conversations

That you are on a constant look out for people for specific job roles is not hidden from your existing team members. Know that your first recruits are as important for your start-up as you are. Not because they were on board before the others, but because they have seen the start-up grow and develop at every stage. So make sure that you discuss the structure with your team and take their suggestions as well. That said, the more honest and upfront you will be, easier will be the transition for your team.

– Allow space for comfort

Rearranging your management structure will create a learning curve in your company. While there will be changes employees will adapt to easily, there will also be changes which might make them feel lost in the new order. Give the employees their own space to grow. While making the new management structure, make sure that there is no hindrance in their style of working. Hold meetings once in a week and take their individual feedback, so as to not disrupt any element, your already onboard employees liked a lot.

– Participate in the change

A number of times there could be situations that might make you think that the older style was better. However, before you take any step on implementing the previous style back, remember that if you want your employees to think high of the company, you need to be the first one to set an example. To make the change work better and more effectively, you need to be a part of the change yourself.  

– Employee’s perspective

One of the biggest factors that contribute in making your start-up successful is your team’s productivity. Before you implement the changes, try using a dummy to see if employees are affected in a negative way. Talk to them about what is occurring, why are the changes being made, and how will the changes affect them in a good way. Arrive at a solution that’s in the best interest for the employees and the organization. After all there’s happy employees are considered the biggest achievement when it comes to entrepreneurship sector.

In any case if you notice that the structure you implemented is affecting the organization in a negative way, keep it on hold and work on areas that you think, are affective the productivity. Just like one size does not fit all, the change may be difficult for your team to adapt.  

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A budding entrepreneur is supposed to take care of a number of things before launching his start-up.

Be it a million dollar idea or something that appeals to people from most age groups, most businesses begin with a laptop and some cash in hand.

However, there are times when entrepreneurs feel lost at some point during the start of their business. That is when a co-founder comes into picture.

While experimental evidence suggests that having a co-founder for your organization can help your business succeed faster and in a better way, finding a co-founder is as difficult as working on your start-up idea.

We tell you a few ways to find the perfect co-founder for your start-up.

Scope your needs

The first thing you need to do is to make a list of skills and qualifications you’d want in your co-founder. If you’ve planned to look after the operations and other details of the management, look for someone with skill sets that suits best for a marketing profile. As there are two major things you need, for your start-up to be successful- unique idea and impeccable marketing. Figure out what role your desired co-founder can fill.

Compatibility check

No two people are the same, and nor are their thinking. There would be a number of potential areas where the two of you might disagree, and a number of things that can go wrong in your partnership. Yet compatibility is one of the most important attributes required while looking for a co-founder. One of the ways to see if you are compatible with each other, is to work on small projects and analyse each other’s skills, before you get into signing an equity bond.

Equity share

You might have come up with the idea, and the setup, and logistics and every minor thing that’s required for an early phase start-up. However, that should not stop you from being just and giving a proportionate part of the company to your co-founder. There is no single applicable formula for determining how much of equity you would like to share with your co-founder. Be honest and frank in these decisions.  Think upon and consider your partners’ perspective as well.

Connections

If you’re based in a major city, especially one with a entrepreneurship growing community, chances are high that you might find your co-founder in one of the regular events for start-ups. Look for someone who has a wide network and good number of connections on professional linking websites. Not only will this help you get the perfect partner for your business, but may also fetch you an investor.

Passive Job seekers

Know that the person you’re looking forward to share your responsibilities is not actively looking for jobs, and certainly not looking forward to be a co-founder. It could be someone who has spent years in the corporate world, and would not look forward to anything that offers him/her something extraordinary. You’re looking for someone who shares the same interest as you and your goal is to convince that person to join your start-up as a co-founder, rather than continuing his/her job at that corporate.

Finding a partner for your business is as difficult as finding a partner for your life. You need to put in a lot of effort and should be good at convincing.

So whatever you do, make sure that you’ve thoroughly done your homework and then make a decision.

The post Here’s How You Can Find A Co-founder For Your Start-up appeared first on Youngisthan.in.

People generally tend to think that the first step towards launching a start-up is the idea.

However, there are a few other things that the founders need to think upon before they start thinking on the idea.

Great businesses are built more on the working of ideas, than the building of ideas.

The marginal improvements and solving a problem with an optimum solution is the bottom line. So, the absolute thing to do is to find an idea, which you have the knowledge and resources for.

We tell you a few things required to develop a start-up idea.

Knowledge and skills

When you are creating a business plan, one of your first step should be a frank assessment of your skills and knowledge. Not everyone is a technological genius like Bill Gates or Steve Jobs. So trying to reinvent the wheel could be a big waste of time. The process of ideating comes from not what you’re good at, but from what you excel in. Think upon your knowledge and skills and come up with something which you’re proficient in.

What you enjoy doing

Many a times, there are a number of things on your mind, few of which you consider using for your enterprise. Apart from your dream and passion of doing something for yourself, there would be a concrete reason for launching a start-up. Think about what keeps you driven and not what you are passionate about. Passion can keep you driven, but if success does not come to you the first few times, it could kill your self-confidence.

Something that connects with people

Think what you liked most as a kid. Think what you wanted most while you were a college student. Think of your wishes ten-twenty years down the line. Now think about something that fulfils all of these wishes, without any hassle. That is what people from every age can connect to. That is what a brilliant idea could do without.

Create a different USP

Remember that you should have a selling point, which no other company in your industry has until now. Creating a different USP will not only make your enterprise look different, but also will give a unique edge to your sales. Think of something, which though people might have talked about, but is never used as the biggest selling point of an organization.

Look for a co-founder

Many a times, there are more than two people who form the top notch of the organization. The reason why should you look for a co-founder is mainly because of two reasons. First, the person might be interested to invest in your business and handle a huge segment of your enterprise. Second, to handle that section of the enterprise, which you are not familiar or proficient with.

Being an entrepreneur is not easy.

You need to take care of a number of things right from the very beginning. And that obviously will make you compromise on the functioning of the enterprise.

So, think about your idea, analyse what is it about and how would you go with it, and then set your steps ahead.

The post How To Develop An Amazing Start-Up Idea appeared first on Youngisthan.in.

One of the first and most significant decisions a start up founder needs to make is the name of the company.

A wrong name could have a number of implications.

A name that does not resonate with the customers, is difficult to pronounce or spell or is too close to another business’s name, can have adverse effects on your brand.

While entrepreneurs struggle to choose a perfect name for their enterprise, not always does the name work for them.

We tell you a few things to consider before you name your company.

1. Search for a unique name to avoid similarity

A unique name not only differentiates your start up from others, but also helps build a brand and sparks an emotional connection with customers. Choose a name that can make it the talk of the town. Naming your company, which has a similar pronunciation, or meaning as some other company on the internet, might make it look old or nothing special.

2. Find something that defines your product or service

Just like your resume defines your professional skills, your company name should define what your company is all about. If not define, it must at least give a brief idea of what your company is involved in. Don’t come up with a made up word, as they complex your company name and may be unable to create a perception for that product.

3. Go for a name that can be reachable on all domains

While surfing the internet the most widely used extension is ‘.com’. You may choose any domain for your company, depending on your choice. However, before registering your domain, see if the company can be available on other domains as well. The more number of domains for your company, more will be your visibility.

4. Easy to speak and easy to spell

Being quirky just for the sake of it, could be a big mistake. When start-ups look for names that are quite quirky, all they’re thinking about is whether the name is unique, without considering the fact that it may or may not be easy for the world to spell or pronounce. That, your company’s name has to be different is true, but pushing too hard, to come up with a name, can backfire your company.

5. Don’t push too hard

I am not sure, how do parents come up with a name for their baby, but they definitely don’t have to struggle with the name, no matter how different do they want it to be. Similarly, you want something different and unique, list down a few names that you can think of and choose from one of them. The harder you try after a limit, the more will it be difficult for you to choose.

6. Avoid naming a company after yourself or a profession

You may want to name your venture something that you can relate to. However, if the venture name describes the services or products, and is something people can connect to, the chances of success are higher than usual. A good name has layers of meaning and association.

7. Get registered with the help of a lawyer

Understand what regulations, licences and taxes you will need to follow. Once you have decided the name, get in touch with an IP lawyer and learn all the regulations you need to follow with respect to the name of your venture and your domain. Establishing a business is not easy. The last thing you might want to get involved with is a copyright or other legal issue.

8. Final analysis

If you’re lucky you‘ll end up with three to five names that pass all your tests. In that case, think of the names that match your first criteria. Which names fit your objectives and which name according to you will the consumers relate to.

Professional naming firms generally donate six to eight weeks, to come up with a suitable name for a new company. You may not have as much time. So plan ahead and spend a few weeks on selecting a few names. Once selected, start analyzing which name would be the best and there it is- your very own venture, shining in big, gold letters.

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The education sector is huge and ever growing.

A number of hoarding talking about coaching classes, for those who are appearing for entrance tests, can be noticed everywhere.

More than 15 million students in India, including UG and PG, prepare for entrance tests every year. And with every passing year the competition keeps increasing.

The likes of a few start-ups though, have made learning a lot more easy and accessible.

As test preparation is one of the most promising terms of the education sector business model, the success of start-ups within no time, is no big deal.

We tell you about a few start-ups that can help students prepare for their entrance tests.

Toppr

Founded by Zishan Hayath and Hemanth Goteti, Toppr helps students belonging to Science stream prepare for IIT-JEE and medical entrance tests. A Mumbai based online exam preparation platform, Toppr was started in April 2013, and has recently announced a fund raise of  INR 12 crores from SAIF partners and Helion Ventures.

Toppr charges 4,900 INR for medical and engineering entrance exam course and 6,900 INR for foundation courses for students in VIII, IX and Xth standards.

Testbook

Alumni of batch 2012 of IIT Mumbai, Ashutosh Kumar and Narendra Agrawal came up with the idea of starting something, which could help students crack the engineering Master’s, entrance test- GATE. Within a month of launch the team reached to more than 13,000 students, who were satisfied with the product. Testbook is available for free as of now and is off to a good start, looking forward to raise an angel round of investing.

MindWorkkz

Arun Sharma is a name every CAT (Common Admission Test) aspirant knows of. A well known author of two of the most sought books for MBA entrance tests, Arun Sharma found MindWorkkz a few years back, aiming at addressing the challenge of creating and delivering high quality digital courses and content to the industry and student community. Apart from MBA, MindWorkkz is into courses for CAT, UPCS-CSAT, GATE, GMAT as well as online content for CBSE boards.

PREXAM

A website to help CA aspirants prepare for their exam, PREXAM is more of a self-evaluation tool. The website was launched in December 2011, for students preparing for MBA and CA. As the product is a self-evaluation tool, it guides candidates on their current preparation level and helps them understand which area they need to perform better. Founded by Payal Doshi in December 2011, the website offers free courses as well as paid premium courses and has more than 40,000 students registers on it, as of now.

Unacademy

The entrepreneurial endeavour which makes UPSC learning available online for free, was founded by Roman Saini and Gaurav Munjal in 2014. Unacademy’s Youtube channel hosts content, which is relevant for UPSC aspirants. The content is available for free, for users who subscribe to the page.

In a country like India, start-ups which help students, crack entrance tests is not only a step towards better education, but have also redefined the ways of studying.

The impact is good and meaningful.

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