Ecommerce has grown a lot in recent years. And looking at the growth right now – this might grow even bigger in coming years. And will be representing an increasing share of total retail sales. As more and larger online stores open, small sellers may face new business-threatening pitfalls in ecommerce too for online selling. The concept of ecommerce has long been the small businessperson’s friend. Because owners can easily enter the market with this segment and can acquire relatively low resources. Yes, the continuously evolving ecommerce market has led to tremendous competition between online sellers too. And the ones who do not keep up with the ever-changing trends tend to disappear very quickly. Read more
People start their business with much of a hullabaloo, which is good. Being enthusiastic about an idea you have dreamt upon – is finally going to get shaped. But through the course of time, you find what you have planned for, it’s not what it actually is.
Putting it simply, there are many startup problems which are faced when a business is started by a person. A startup, is a tough task – putting an idea to the execution level, with proper planning requires a lot of dedication and commitment. This often loses its way mid-way through the process because of the challenges faced by startups.
This is natural honestly, people do lose their enthusiasm, some lose the direction and many more factors are there which hamper your dream. The key is here to stay right in the path, with proper analysis of the factors and reasons that determine the success.
So, what are those reasons actually, which make the startup fail?
ZRi has been curated by the Mumbai-based duo, Anupama Jain and Aishwarya Namjoshi. Their love for the beautiful things in life, brought them together on this journey. ZRi – an English adaptation of the word “shri”, stands for light, chivalry, radiance and beauty among others in Sanskrit.
ZRi presents fine, handcrafted and gold-plated fashion jewelry. Each piece is designed inhouse and manufactured to perfection by a team of experts. As their tagline suggests – “STYLE is a way to say WHO YOU ARE without having to speak”
Being a commercial platform, ZRi not only serves for the needs of women, it also provides charities to those who are needy. ZRi donates Rs. 5 for each product sold to two well-known charities, which have addressed and supported people with life threatening issues. These include BMVSS – which is the world’s largest organisation serving the disabled. And, CanKids, which is a support group for cancer children and their families across India.
A Fashion Portal Which Speaks For Itself
ZRi strives for quality control, customer satisfaction, express delivery and secure payment. Their motto is constant innovation with diverse raw materials and techniques – to aim for 100% customer satisfaction. It is inspired by nature and caters to women for different occasions – be it at work to make a statement or to let her hair down at a fancy party, an informal lunch or a chat over coffee…
Their jewellery ranges from different varieties of earrings, necklaces, bracelets, cuffs, rings and even includes some headwears too.
The collection titles are inspired by the many names – ASTA, TARA, SEREN, SITARA, IZAR and FALAK. Because – the most beautiful make-up of a woman is passion.
With a brand always striving to deliver the best to its customers, BuildaBazaar has found a partner which would be glad to help in constantly expanding their business. And, they can be assured of a long journey ahead with BaB.
If you don’t have right men for your idea to work it upon – that’s as good as a vision without a direction. And, if you don’t have a direction to carry forward your idea, it all becomes a situation of make or break. Hiring people for your business is one of most important things while starting up your business.
Bad hiring process can prove as fatal for the business, as any other decision. A hiring crisis can dismantle the capabilities of a startup to get its products built in time. Hiring can be one of the most important tasks as a business leader – and which is not easy. It can also be a really time-consuming process which will include some monetary and reputational consequences too, if you couldn’t hire right people.
When you build a SaaS startup – or any start up for that matter – usually, you have a vision for it in your mind. You have everything planned in your mind, right from – how you will fund it, how you will recruit or hire your people, how you will provide your product or service, how you will deliver the customer experience etc.
Well, most startup owners have already planned all these, and some have not. Some are just enthusiastic and excited about their new plan, and they take the things as they come. Though both the scenarios can work, depending upon the capability and ability of the business idea and the person behind it – some missteps in any area of your business can prove costly.
Making foray into the field of Ecommerce, you have to make sure first that you have enough money to kick-start your venture. And for that, you need people – people with money, to believe in your idea and trust you to successfully be able to carry out that idea.
So, here are a few tips on how to successfully pitch to your investors.
By doing the kind of work that SoftTech Engineers Pvt. Ltd. are into, they are actually bringing the famous Latin proverb come to life – “By learning you will teach; by teaching you will learn.”
In the last article, we talked about Sole Proprietorship – it’s pros, its cons – why to go for it, and why to not.
Now, similar to Sole Proprietorship, in that it only needs one person to kick-start the venture, One Person Company bears distinct dissimilarities with it, in all other ways.
An OPC is a type of incorporated business where you and your business will qualify as two different entities. The concept of OPC is relatively new, as it was introduced in the Companies Act, 2013, as a part of encouraging the budding entrepreneurs of our country to enter the organised business sector.
Name of your Company
You can give any name to your company, but you will also have to mention “One Person Company” in brackets below that name.
Minimum authorised and paid up capital required to set up an OPC is Rs. 1,00,000.
Shareholders / Directors
Unlike a Private Limited Company, an OPC requires only one Shareholder and one Director. You could choose to be both the Shareholder, owning a 100% of the shares of the business, as well as the Director; or you could choose someone else to hold the post of director. It is important to remember that while you have the convenience of appointing someone else as your Director, and even have up to 15 Directors, no one else can have a share in your company. You are the only person who’s eligible to be the sole Shareholder of your firm. So, no other legal entity, like another company, can form a One Person Company. Also, no foreign national can set up an OPC. So, you have to be a Resident and Citizen of India to form an OPC.
One of the other things essential to this form of business, is electing a nominee. This is crucial, for in the event of the death of, or the inability to fulfil a contract by the owner, all the shares, rights, and liabilities get transferred to the nominee of the business. It’s because, unlike a corporate body with more than one shareholders, an OPC doesn’t have the advantage of a perpetual succession of the company. You can change your nominee, as many times you like. The same eligibility criteria of being an Indian citizen will apply to the nominee as well; and in the case he/she does become the sole owner of the company, they will be obligated to appoint a nominee for themselves. Also, just like a person can not own more than one OPC, an OPC can not have more than one Nominee.
In case you have only one Director, you need not have any Board Meetings. But, if you have more than one Directors working for your firm, irrespective of whether you are or you aren’t one of them, you will need to hold one board meeting, every six months, with at least a gap of 90 days between two meetings.
If you want to voluntarily convert your OPC into a Private or Public Company, you can do so only after two years from the date of incorporation. But once your paid up capital touches Rs. 50 lakh, or your Annual Financial Turnover crosses Rs. 2 crore, then it becomes mandatory for you to convert your company to a Private Limited or a Public Limited company.
You will also need to file your Annual Financial Statement, and your Annual Returns with the Registrar of Companies, within 180 days of the closure of the Financial Year. Also, your company’s accounts will get audited just like any other normal company.
Get Director Identification Number
Choosing to set up your business as an OPC would require the Director(s) of the company to first get a DIN or Director Identification Number, which you can apply for online, on the website http://www.mca.gov.in/MCA21/ (also called, MCA21 portal), by filling out e-form DIR-3.
You will need the following documents to attach with the application:
● Your High Resolution Photograph
● Proof of Identity
● Proof of Residence
You will also need to verify, that you did in fact apply to get a DIN allotted to you. For this, you will need to specify:
● Your Name
● Your Father’s Name
● Your Date of Birth
● Your Present Address
● A Text of Declaration
● Your Physical Signature
After this is done, you will need to sign the form, although digitally – also called DSC or Digital Signature Certificate. So, you will upload your digital signature on the same portal. This will be followed by making an e-payment of Rs. 100 (no challan is generated; only online payment is allowed).
In case the details filled by you are found to be duplicate, a Provisional DIN will be generated; otherwise you will have an Approved DIN generated for you.
Any of the details that you think you need to change in your form – you can do so by filling out e-form DIR-6 along with the required document, duly attested.
Apply for the Name of your Company
You will need to submit at least 6 potential names for your company, in the order of your preference for each name, to the Ministry of Corporate Affairs.
So, filling out the e-form INC-1, and filing it with the Registrar of Companies, will then get your company a name, based upon both your priority, as well as the availability of that particular name.
This name will then end with “Private Limited (OPC)”.
Drafting an MoA and AoA
MoA or Memorandum of Association would cover the fundamental objects of your company – more or less like what the Preamble does for the Constitution of India.
The Articles of Association or AoA would enlist all the rules and regulations that would govern your company, and would also serve as a contract between the company and members, specifying all their rights and duties.
You will need to draft both these documents for your company.
Applying for Incorporation of your Company
Also with the required attachments, including MoA and AoA, you will need to file an e-form INC-2 with the Registrar of Companies (RoC). After paying the fees and stamp duty electronically, all your credentials will be checked by the RoC.
On verification and your form being duly approved, a Certificate of Incorporation or CoI will be received by the Director(s) of the company, via an email in .pdf format.
After Sole Proprietorship, One Person Company is one of the easiest ways to start your ecommerce initiative, and even better in some ways, as it allows you to be an Incorporated company, without the need to engage your friends and family members. Also, further as your company grows, you always have the option to convert it to a Public or a Private Company. So, you can start your venture, whenever you think you are ready, and need to be dependent on no one else.
Starting your own business, online or otherwise would require you to take your first step – the step you would take even before creating an online store – and that is, choosing the type of business you’d like to go for. This step would then determine what steps you would take in order to get your business registered.
In this article we will talk about Sole Proprietorship, which is a type of unincorporated business, and one of the easiest ways for you to get your business started.
Software as a Service, a cloud-based technology has hit the growth chart in the present years like nothing else has. And why not!
SAAS is the technology that lets the budding entrepreneurs of the world, worry less about “how to make an online store”, and concentrate more about “what to do when the store’s all ready?” And it’s an important distinction that has been allowed not just to all the startups, but the established e-stores as well.