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How Leaders and Managers Can Reduce Stress in the Workplace

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Stress causes US businesses to suffer losses of $300 billion annually.

It is not any surprise that workplace stress is a leading cause of emotional and physical health issues.

A healthy employee, fit in mind and body, is a better employee, which translates to a more profitable outcome in every way.

The reasons are usual and have existed for decades.

  • Performance and anxiety about targets
  • Long commutes
  • The boredom that comes with underemployment of skills
  • Harassment and bullying
  • Downsizing and fear of layoffs
  • Lack of promotion
  • Lack of rapport with colleagues
  • Real or perceived lack of recognition coupled with low pay

However, very little is usually done to accept that there is indeed a problem and that the issue of workplace stress has to be addressed.

An entrepreneur has the responsibility of mitigating the causes of workplace stress as far as possible. It is not an easy task, but it is not impossible either.

What is primarily needed is a change in mindset and to view the business as not only a profit-generating entity but one that cares for the wellness of its employees and the society at large also. Of course, this view goes entirely against the top and bottom line-driven business model that has come to exist.

But entrepreneurs can bring massive disruption and change the system as no one else in modern society can.

So what can you as an entrepreneur do to lessen the stress your employees feel? We take a look.

Make wellness a priority –

Physical activity leads to the release of endorphins. Endorphins are feel-good neurotransmitters that cause the well-known “runner’s high.”

As little as 10 minutes of physical activity can have beneficial effects.

How to make your employees get more physical activity?

  1. Encourage them to go on a walk or jog at lunchtime. If possible, sponsor their gym memberships.
  2. Buy them fitness trackers and have them upload the data. Those employees who walk 10000 steps a day can be given gifts to recognize their effort. A power bank or portable smoothie blender with an inspirational motto printed by a customized label design partner such iCustomLabel as is perfect. You can create a personalized label or stickers with some text for your employees.
  3. Remove sugary snacks from the office and substitute it with fresh fruits and oatmeal bars.
  4. Encourage your employees to limit their intake of caffeine to no more than 2-3 times daily.
  5. Have a yoga and meditation teacher train those who want to learn once weekly at the office. Meditation is a proven stress-buster, but there is an initial skepticism that is hard to overcome.

Have flexible working hours –

This might seem to be more challenging to implement, but with the enormous advances in technology, there is no reason why employees cannot, at times, work from home.

Cisco Webex and GoToMeeting have been around for well over a decade.

Google Duo and Facetime provide perfect multi-party video calling.

Most of the work that employees do is done on cloud-based software like Zoho, Google Docs, and Office 365.

Also, it is a good idea to have a “no-meeting” day. With everyone always collaborating through email, Skype, WhatsApp, the traditional meeting has become slightly irrelevant.

Worrying about getting through the remaining workload by the end of the day while a colleague rambles on about some arcane point adds to stress.

Show your gratefulness –

There are a couple of ways to do it – with your checkbook and your demeanor.

As the boss, your behavior and bearing are of far more important than you think. Are you stressed? Is it showing? Then have no doubt that your employees are stressed too. After all, their existence from rent to savings is linked to you.

To reduce their stress, you have to work at reducing your stress. Yes, there have been famed entrepreneurs who were incredibly boorish. We are talking of Jobs and his famed temper.

But that was accompanied by his brilliance and charisma, which to no small degree, drove Apple to become a household name.

Be kind to your employees. Be grateful to them.

Kind words and celebratory plaques work up to a point, but it is essential to have a transparent monetary reward system in place.

The difficulty is not so much in awarding a pecuniary benefit but making the process transparent beyond all doubt. That, someone, received a bonus, and others did not should never lead to rancor and more stress!

One of the ways to approach this is to make broad performance metrics available le to all employees once every six months.

Provide counseling –

Too many companies provide psychotherapy for more motivation and productivity and not for stress.

However, recent advancements in Cognitive Behavior Therapy have shown that it is possible to relieve stress at the workplace through dialogue.

Originally designed to help suicidal people cope, it has now evolved into a technique of teaching non-judgemental acceptance and observation of the world around us.

Needless to say, being able to accept the flow is one of the best ways to cope with the constant change at startups.

Focus on teams –

An easy way to lower stress is to put the blame on a team (if such guilt has to be allotted) rather than upon an individual.

For centuries this is how armies have coped. Success and failure are shared from a platoon to a division. That is how soldiers have been able to survive unimaginable stress – shared blame and shame.

You could also do the same and ensure that no one individual ever gets to be blamed.

Conclusion

Workplace stress is real. Those who are sitting in the corner office often forget what it is like to be down in the trenches.

Empathy can play a significant role in alleviating stress. You have to be creative about how you tailor and adapt the advice above into your organization.

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Boosting Staff Productivity in 4 Easy Ways

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With productivity facing an all-time low in a post-pandemic world, what can we do to perk up positivity and get back to business as usual?

If you are looking at ways to liven up your workplace, you wouldn’t be the only one. Working From Home has seen a worldwide dip in productivity, which makes for a negative business view when coupled with all the gaps in the supply chain.

We wanted to examine some of the best ways to boost productivity in the workplace, mainly if you are working from home. Unfortunately, we can’t monitor our staff 12 hours a day, but we can expect them to keep up a high standard when they are online.

How to Make Your Employees Work Harder?

Here’s how you can get the most out of your staff, even if they aren’t in the office.

1 – Consider your Space

If your staff is working from home and still paying total rent on an office building, you miss a trick. There are all sorts of ways you can make money back out of renting a building. Renegotiate your rent with your landlord, for example, or downsize so that you use a coworking space instead of a massive structure for just one business.

Downsizing saves on costs but to incorporate productivity-boosting, you need to think about WFH. Who isn’t performing, and who is? Those that manage well in a WFH environment could be full-time remote workers, allowing you to bring those who can’t concentrate into the office instead.

2 – Outsource More

You’ve all heard of the all-in-one workspace, but the truth is that these are unnecessary nowadays. Nobody needs to do all things for their business in one place anymore; it’s not normal. Outsourcing is cheaper, faster, and means you have fewer overheads. It also lets you downsize the office space if you have to. In addition, your productivity never suffers when you are outsourcing the role to someone else.

3 – Communicate Better

Better communication does help you to work out if your WFH and in-office employees are doing as well as they could be. If your staff can tell you when there is a problem, operations might not run smoothly, but they will run much more efficiently. The team that is able to talk to you when a problem arises is the staff that isn’t sitting on that problem, scared of bringing it up for fear of repercussions.

4 – Evaluate their Tech

We may think that older, cheaper technology will do the job just as well as newer tech will, but whether you are at home or in the office, better tech speeds everything up. Besides the frustration of dealing with old technology driving many employees to mental illness, outdated technology is slower and costs you money. It’s a false investment. Buy new even if you need the loan. It will be worth it in the long run.

Keep at it

Most of all, we need to keep our heads down and not give up. It’s been a tough 18 months for all of us. But, if we stick together, we might make it to the end of this with our businesses still intact.

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Rustam Gilfanov: Biography of a Venture Partner of the LongeVC

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Rustam Gilfanov is an IT entrepreneur, a co-founder of a large IT company, and a venture partner of the LongeVC Fund.

Family

Rustam Gilfanov was born on January 6, 1983, in the village of Basim, Perm Province. The future businessman’s mother worked as a teacher, and his father was military. As a child, Gilfanov was interested in mathematics and science fiction.

Education

After graduating from high school, Rustam Gilfanov enrolled at the Udmurt State University. The future IT business star received his Degree in Law in 2005, later post-graduating in Arbitration Management. As a student, Rustam Gilfanov took an active part in various events and conferences.

Career

Gilfanov studied in university at the time the Global Network was developing actively. During his undergraduate studies at the Department of Law, the future investor showed keen interest in information technology, which eventually brought him to the idea of establishing his own IT startup company. But first, Gilfanov had gained a lot of experience in working on several unique international IT projects. Rustam Gilfanov’s thorough knowledge of Law helped him in his self-confidence at that time.

Having enlisted his partners’ support in 2006, Rustam Gilfanov announced a foundation of a small IT company that has by now deserved the reputation of one of the leading software developers in the financial, gambling, and marketing sectors. His company has created over a hundred unique game apps and opened branches in Malta and Cyprus, working productively in Ukraine and Latvia at the same time.

Since the company’s foundation, Rustam Gilfanov saw in his brainchild a new format of modern entrepreneurship. His company has mainly concentrated on providing high-quality support for young talents and creating the most comfortable conditions for personnel development. In five years, the company was employing 1,000 professionals, providing them with maximum opportunities for actualizing their work potential.

Charity

Rustam Gilfanov is a philanthropist and constantly integrates various projects of developing corporate social responsibility in his IT company. The company maintains a particular focus on initiating educational projects for the youth.

One of Rustam Gilfanov’s most famous charity projects is LakiBuks, co-founded by the ‘I Am the Future of Ukraine’ Foundation. The project’s primary goal is to support talented authors and popularise teenage non-fiction in Ukrainian.

They announced LakiBuks at the Book Arsenal Festival in 2017. A year later, the project became a partner in the children’s program of that most notable Ukrainian book festival. LakiBuks has toured numerous cities in Europe as well as in its native land.

LakiBuks has its roots in the cooperation among several children’s libraries located in Eastern Ukraine. To date, it already boasts 200 libraries across the country. One of its particularly notable achievements is the distribution among the libraries of over 5,000 copies of teenage pop-science books in 2018. The South and East Ukraine libraries were the first to receive the copies since Ukrainian non-fiction literature is in a particular undersupply in those regions. Rustam Gilfanov calls LakiBuks one of his most personally valuable projects.

Another significant enterprise actively supported by Rustam Gilfanov was the maximum possible restoration of Kyiv Children’s Library to transform it into an innovative library hub, the idea implemented in collaboration with the Maybutnyy Library Project. The renovated library has a computer lab and holds open lectures read by the company’s top employees. Initially conceived as a one-off project, it has now spread over the entire country.

Rustam Gilfanov has long been actively cooperating with the famous ‘I Am the Future of Ukraine’ Foundation, sponsoring its numerous social enterprises. Apart from that, the businessman provides financial support for single mothers and families in crisis.

Private Equity Financing

Rustam Gilfanov has recently announced quitting his executive activity to concentrate on financing the most attractive, for him personally, IT projects in the live-streaming, financial technologies, and the recently-activated gaming industries. Currently, Rustam Gilfanov is a venture partner of the LongeVC Fund.

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Grow Your Business with Facebook Keyword Search

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Grow Your Business with Facebook search

Facebook is now no more a simple social interacting platform, where you can converse and get connected to long-lost people. It’s a whole new marketplace, ready to take your businesses or agencies like staffing agency to the next level. Due to immense competition, Facebook marketing is not a mere platform to launch campaigns and promote the business.

It’s also a word-of-mouth platform, spreading information about your business. It’s where the sensational Facebook keyword search feature comes in handy. This Facebook attribute expands the platform searching capabilities, letting the users search more, using filters and specific phrases to reach the position you desire. Let’s scrutinize how the Facebook keyword search makes it easier to find your business in such a saturated place.

Quick Glance over Facebook Keyword Search Efficiency

We have already understood that now the Facebook keyword search feature is beyond searching names and profiles. You can look for images, content, posts, and videos related to your business.

  • The Facebook keyword search tool is specifically designed to filter out content that is not significant to the user.
  • It separates posts, videos, images, and links that are not relevant to the user’s search intention.
  • The keyword search tool is a powerful way for those interested to market their business creatively and distinctively on Facebook.
  • For your Facebook business page, you can optimize the keyword searches just like other SEO projects.
  • Research for high traffic generating keywords and incorporate them in your Facebook posts, videos, and content naturally.

Understanding the Algorithm of Facebook Keyword Search

The algorithm of Facebook keyword search is different and unique. Therefore, let’s understand it and its importance for your business efficiency.

#1. Semantic Search vs. Keyword Search

Facebook keyword search is a high-level mechanism. The advanced search tool functions more like Google, ensuring appropriate results in less time. The feature aims to make the search journey easier and much faster in finding relevant content in the nick of time. With the Facebook keyword search feature, you can search any type of content. Either it is photos, videos, articles, news, or status updates.

Before recent advancements on Facebook, the algorithm worked on semantic search. This meant your search has to be specific and precise. The algorithm required a specific business page name, location, exact person name, and precise phrase to extract content. It was a complex model and unfruitful for business search.

For instance, when searching for a friend in a certain city, you needed to be highly specific. Like, “my friend who works in ABC Company, New York”. Things were even more complex when looking for friends of friends. It was like, “my friends of friends who like XYZ Restaurant”. Keyword search changed the face of the Facebook searching algorithm, making it simpler and easier to navigate. With a simple keyword of “ABC Company” or “XYZ Restaurant” all related content will come to you. This makes it way easier to find a friend or mutual friend.

#2. Search Using Filters

Before the latest development in the algorithm, the Facebook keyword search was used to deliver results based on the privacy settings. For example, when looking for “ballet dancing classes”, the results coming up would be those that your friends have allowed being shared with you. It was applicable to posts, content, videos, and everything.

However, with the new changes, now “ballet dancing classes” will show results of public posts, public groups, and pages, as well as your friends’ content. The new search filter feature allows businesses to better monitor the keywords being looked for on the search bar. This makes it easier to drive user engagement and attentive content creation.

The advance filter option also allows the users to control the type of content they desire to find. It narrows down the photos, images, and content instantly. For example, when searching for “sauna bath” you can filter out pages that have inappropriate content and images.

What Does Facebook Keyword Search Means to the Business Owners?

Undoubtedly, the latest Facebook keyword search has impressive potential for business owners. The core advantage is finding potential customers and targeting appropriate customers only. The users on Facebook love sharing about the businesses they love, the restaurants that serve better, and the companies that treat them nicely. Anyone who is interested in the type of your business can now easily trace you. If you deal in imported men’s garments then a simple search of “men shirts” will bring your business content right away.

Another amazing thing is that Facebook keyword search is mobile-friendly as well. Now, users can search about any business by taping a few times on their Facebook application. But remember, it is crucial to optimize your business page as much as you can. For better Facebook keyword search benefits, your social media content must be optimized just like your website. Use hashtags and relevant keywords in your content to boost its search.

Conclusion

The latest Facebook algorithm for keyword search can change the fate of every business. You just need to utilize the tool smartly and intellectually to reach out to more potential buyers and customers.

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Key-Points You Should know Before Starting a Towing Business

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Starting a towing business could be a golden decision for you as towing Services are in huge demand in Canada and all around the world. They are in demand as road accidents keep happening every day and towing companies are required often. Moreover, towing services are required for automobile towing due to unauthorized parking violations that keep happening daily. Not only that, hundreds of vehicle breakdowns occur every day, and hence, people keep calling tow truck companies frequently.

My journey: Setting up a towing company in Surrey

The fun fact is that due to such high demand and professional service, towing companies make a lot of money. If I talk about me, I live in Surrey BC and I analyzed the business model of every single towing company operating in Surrey. I figured out that I could also start a towing company in Surrey and start earning heavy bucks. Having determined that, I started my own tow truck Surrey company and now I am earning around $20k+ monthly. If you want to start your towing company, here are some of the fun facts you need to know first. If you guys also want to start a towing company, here I am going to share my own experience with you for setting up a tow truck company. Here are some of the key factors that account for the overall success of a towing business:

Who can own a tow truck company?

Most of the roadside assistance companies are owned by private individuals. It is beneficial to start a towing company near small roads and highways where the flow of traffic is good and the density of service stations is less. If you are a vehicle rental company or simply, an automobile servicing company, you can start your own roadside assistance company along with that.

You can note that in some areas especially near highways and toll junctions, state authorities have their own towing services. Police and other firefighter authorities can also establish their own towing services.

How Towing Companies Operate?

Owners of tow truck companies allot dispatch centers in specific areas. The dispatch centers are further authorized to tow truck drivers. Usually, there are a number of tow trucks available at the dispatch units so as to meet urgent towing demands all at once. Tow truck drivers are given instructions and towing consignments regularly.

Whenever there is a call placed to the towing company, it is redirected to the nearest dispatch centers. Further, a tow truck driver handles the towing project along with his tow truck.

The communication between towing companies and dispatch centers is placed through mobile radios and other mobile devices. Some big companies also communicate through GPS (Global Positioning System) devices. With more technical advancements, a number of wireless communication devices can be used.

Towing Equipment Required

One of the most important towing devices used in towing industry is the navigation system. Some big towing companies make use of Automatic Vehicle Location systems to navigate the closest tow truck to the position of the client. It saves a lot of time to reach the proper location.

Additionally, along with tow trucks, the tow truck company owners also keep a mechanical tool kit in order to deal with any kind of car breakdowns and mechanical failures.

Can I Start A Towing Company too?

Yes, you can. However, you need to plan the stuff properly before making any investment. The first and foremost thing you need to worry about is the capital you will need to invest in the business. If you ask me how much money I need to start a towing business, I’d say near to $10,000 and $50,000 is sufficient. 

After you have figured out the investment, the next thing you will need to think about is to gather class B licenses and the legal permits to start a tow truck business. You’ll need to check your local details for exact prices and procedures to gather the license. Also, remember to check for the insurance policies for your business. They may cost you some money for the first few months of the premium.

After setting up with all these things, you need to sit with your team and discuss small but crucial elements like the charges, the locations, the management, the dispatch centers, and other such activities. After deciding about these little and important things about your towing company, you’re good to tow!

The Takeaway

A tow truck business can earn you a lot of bucks if you know every know-how of how to start a towing business. However, starting a towing business is not an easy task at all. You will need to prepare an efficient towing system to provide fast and professional towing services to your clients. Setting up dispatch centers and arranging tow trucks will incur some investment from your pocket, but it’s totally worth it if you operate it well.

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Key Disruptions Rocking the Franchise Space

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puzzle 1487340 640Like veritably all businesses in the post pandemic era, those operating in the franchise space are experiencing a wave of major change—as is the franchising trade at large. Accelerated and elevated adoption of technology; consumer demand for more efficient and on-demand service; and employee appeals for greater flexibility are among the many industry pivots that are evolving seemingly by the day.

These and other kinds of changes and challenges each have their own implications within the franchise space—a sector projected to open more than 26,000 locations and nearly 800,000 new jobs, employ nearly 8.3 million people and contribute $477 Billion to the U.S. GDP by 2021 year end.

“Amid all of the economic upside and the changes that are propelling the sector into new territory on multiple fronts, there are also numerous disruptive trends that, if not aptly adapted to, can become make-or-break factors for a franchise-based business,” cautions Jimmy St. Louis, Chief Executive Officer at Franchise123.com—the franchise business MLS that connects franchise buyers and sellers globally.

According to St. Louis, here are a few key disruptive trends reshaping the space.

Transparency Takes the Lead

Now more than ever, accurate data and transparency is no longer a request, but rather has become a foundational requirement. The franchise development industry has never experienced the collective and global transparency of franchise data that is now underway. Franchise brokers, consultants and online franchise portals currently dominate the franchise development industry, but these outdated methods do not adequately meet the needs of modern investors. No matter the investment, buyers expect transparency and comprehensive data to facilitate the vetting process. Franchise buyers do not just want to be sold something, but rather they want to invest in a business that will best assure they will thrive financially, professionally and personally. Proper franchise selection has the biggest impact on whether or not a franchisee will succeed in any or all of these areas. Brokers and franchise portals not only limit the options available, but may also guide a prospective buyer towards a brand that is not right for their goals, objectives and sensibilities.

Industry Portals are Perishing

Specialized industry lead generation and business development portals have long been the connector between franchisors seeking to engage with potential franchisees, and they are dying on the vine—and rightfully so. Although consumers may not be aware, portals can be doing them a disservice. This is because of the fairly ubiquitous business model where portals are compensated for leads created—inherently creating a bias and weighting interests toward the portals themselves versus prospective buyers. That means that, as a franchise investor, a portal makes money off of you whether or not you are actually interested in—or suited for—the brand you merely clicked on to check out. Beyond this dynamic, there are a myriad of other problems with franchise portals. Brands are looking to these portals to find qualified and interested buyers, but often feel that they are wasting their time, energy and marketing dollars on unprepared leads. Those that are often not pre-qualified, vetted or properly funneled toward applicable brands. In addition the prospective franchisee is then often prematurely bombarded with phone calls even prior to their understanding of the brand. In turn, they are also left to their own accord to organize their thoughts, perform their own research and make their own investment decision. Thus, franchisors have been lamenting that they are paying too much per lead and heeding very limited results—eroding business development budgets that are stressed and waning post-COVID-19.These dollars are now being allocated toward other lead generation methods with a more demonstrable ROI.

Mass Entry Mishaps

Also in the wake of COVID-19 people are more wary than ever. Many have lost their jobs and, with it, their sense of stability in a traditional career path. Suddenly a 9 to5 job and promise of a bi-weekly paycheck does not feel reliable and, income aside, many people are also seeking more professional autonomy. The recent pandemic has accelerated the mass exodus from traditional careers and fueled the transition to freelancing, gig work and entrepreneurship. With this, franchise businesses have become a very popular option for people looking to pursue a more entrepreneurial route while absorbing less risk. This wave of new buyers are seeking to capitalize on the engrained support—and to leverage the power of an already established brand—as they embark on their entrepreneurial path. However, this eagerness and enthusiasm can lead to hasty or high pressure-driven decisions and avoidable mistakes—with selecting the wrong franchise for their goals and personality paramount among them.

Biz-Busting Legislation

Industry insiders indicate that new legislation will soon be proposed that threatens the profitability of the franchise broker business model. Franchise brokers count on being paid a portion of the initial fee that a new franchisee has paid to the brand up front, before the unit opens. By example, if a franchise investor pays $99,000 for the rights to open five locations, a franchise broker is typically paid 50% or more of that as their commission, regardless of the amount of locations the franchise opens. However, the newly-proposed legislation allows brokers to be paid the franchise fee as each franchise unit actually opens. This payment paradigm changes the entire sales process and cash flow for a broker. Compounding the concern is the fact that there are thousands of franchises soled each year that never open. With the current system, brokers are paid for their efforts of successfully bringing a new franchisee into the fold whether or not a unit actually opens—a post-sale situation out of their control and sphere of influence. This entire dynamic can put both the broker and the franchisor in a more compromising position, strain professional relationships in the process and potentially undermine a franchisee’s ability to obtain adequate broker assistance when desired. In simple terms, this new legislation will align the interest of all parties, but the broker network will surely not like it.

What Does This Mean for the Future of Franchising?

“These disruptions in particular are prompting key concerns for all contingents: inadequate access to mission critical information, cost inefficiencies and misaligned interests among them,” notes St. Louis. “Franchisors are having immense difficultly finding qualified franchisees due to misaligned interests of portals. This as brokers, and the tidal wave of prospective new franchise buyers themselves, are lacking a means to procure qualified information and efficiently connect with the right franchisors. This sector exemplifies the need for innovation and we expect to see several technological solutions manifest over the next few years. Transparent and self-guided sales processes have already begun to dominate a multitude of industries, including everything from buying houses on platforms like Zillow and cars on Carvana to shopping for insurance and more. Franchise development is long overdue for change; namely to establish a more innovative sales method that truly aligns the interests of franchisors and franchisees, alike, to the drastic benefit of all parties.”

Perhaps anything less than what St. Louis describes would be akin to shopping for a home without access to meaningful online data, leading to wholly inefficient and uninformed decision making that only exacerbates risk. In today’s marketplace, and the hugely impactful franchise trade in particular, that kind of result is entirely unnecessary, avoidable and will surely be regarded buy industry pundits as wholly unacceptable. Today, one couldn’t even imaging buying a home without suitable online resources.

Toward this end, St. Louis is pioneering change with Franchise123.com–a first mover in the franchise development space. By providing a platform that allows prospective franchisees to independently access all of the information they need, on-demand and at their fingertips, they can make a fully informed and unbiased decision about the franchise that will best meet their needs and help them achieve their goals as a business owner.

As an equitable, multi-sided business platform, Franchise123.com allows prospective franchisees to connect directly with franchisors. This structure allows for both franchisors and franchisees to manage and store their respective custom data associated with franchise buying and selling, and to even execute the transition online. The vast amount of tools that are provided to both franchisors and franchisees are intuitive and can demonstrate critical value to the investing experience. This first-of-its-kind platform is well-poised to become the benchmark standard for any franchise investor and seller.

The Franchise123.com process is comprised of three easy, user-friendly steps that do not require any prior experience with franchising.

  • How does a prospective business owner know that franchising is the right path for them? Franchise123.com provides a thorough breakdown of franchising and what all it entails in an objective format, never pushing a user toward a brand—or franchising at large—if it’s not the right fit.
  • Franchise123.com allows buyers to view company information such as investment requirements, franchise fees, royalty fees, how long the company has been franchising, how many locations are currently open, potential earnings and more. The platform offers thousands of Franchise Disclosure Documents available through the site that may be viewed at no cost. Users can even do side-by-side comparisons of franchise statistics with a convenient comparison tool.
  • Once a buyer has narrowed down their top franchise choices, they can work their way through the entire buying process right from their Franchise123.com dashboard, including direct communication with the franchisor. No need for a middleman to slow or sway the process.
  • Franchisors can claim their brand, update their company information, access information on their franchise leads and engage directly with prospective franchisors. As an added service, they can also opt to have Franchise123.com take care of the entire franchise development process for them, from start to finish.

“Because of the franchisee journey we’ve created, franchisors can rest assured that the leads they receive from our platform are high quality and truly interested in their brand,” St. Louis said. “This will be a welcome change from the wasted time and money spent chasing after the poor-quality leads provided by franchise portals. And the benefits for buyers equally abound and starts with free access. Anyone can create an account on Franchise123 and begin exploring franchise options at no cost. Our intention is to completely transform the industry and make a significant, quantifiable impact in franchise sector growth. Toward that end, franchisees can rest assured that they have adequate investment tools to make the best, most accurate and informed decision for their interests, needs and goals.”

According to one report, assuming control of the COVID-19 pandemic is forthcoming this year, FRANdata predicts that by year-end, franchising will have recovered to nearly 2019 levels in most metrics: business growth, employment, economic outlook, and contribution to the GDP. The report also cited that total franchise output is projected to grow by 16.4% and contribute a total of $780 billion to the U.S. economy. All this largely founded on antiquated systems and processes rife with shortcomings. One need only imagine the economic upswing were the franchise development space to operate in a more efficient and equitable manner. This St. Louis is apparently hell bent on making happen.

~~~

Forbes Business Council Member Merilee Kern, MBA is an internationally-regarded brand analyst, strategist and futurist who reports on noteworthy industry change makers, movers, shakers and innovators across all B2B and B2C categories. This includes field experts and thought leaders, brands, products, services, destinations and events. Merilee is Founder, Executive Editor and Producer of “The Luxe List” as well as Host of theSavvy Ventures” business TV show that airs nationally on FOX Business TV and Bloomberg TV and the “Savvy Living lifestyle TV show that airs in New York, Los Angeles, San Francisco, Miami, Atlanta and other major markets on CBS, FOX and other top networks. As a prolific business and consumer trends, lifestyle and leisure industry voice of authority and tastemaker, she keeps her finger on the pulse of the marketplace in search of new and innovative must-haves and exemplary experiences at all price points, from the affordable to the extreme—also delving into the minds behind the brands. Her work reaches multi-millions worldwide via broadcast TV (her own shows and copious others on which she appears) as well as a myriad of print and online publications. Connect with her at www.TheLuxeList.com and www.SavvyLiving.tv / Instagram www.Instagram.com/LuxeListReports / Twitter www.Twitter.com/LuxeListReports / Facebook www.Facebook.com/LuxeListReports / LinkedIN www.LinkedIn.com/in/MerileeKern.

Sources:

https://www.franchise.org/sites/default/files/2021-02/Economic%20Outlook%202021_web2.pdf

https://www.frandata.com/wp-content/uploads/2021/05/NAGGL-Collateral.pdf

 

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8 Things You Should Know Before Developing A Hybrid App

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8 Things You Should Know Before Developing A Hybrid App

A great deal of new applications is built each day. There are in excess of 6 million applications accessible in the App Store and Google Play. Considering that users lean toward mobile phones to connect with the Internet, everybody needs to integrate a mobile application on their digital platform. Be that as it may, not every person knows why or how to design an application. In this way, numerous applications fail when attempting to prevail available.

Think about a solution for an issue 

This is presumably the main benefit that will define if your application will be effective. Save that load of thoughts you have and dispose of the ones that don’t fit the goals you need to accomplish with your application.

Think about your users and come at the scenario from their perspective. In case you were one of them, what might you expect this application to offer you? To assist you with finding this solution, you can ask yourself questions like these:

What is the fundamental capacity of the application?

What is the reason for its design?

What issues does it tackle?

What essential and optional capacities will it give to users?

Do a statistical surveying

You might be extremely convinced of the worth that your mobile application development services will have for users. Be that as it may, you can’t trust your instinct blindly.

You need to explore the chances and capability of your application in the real market. In the event that you have the cash to employ a hybrid app development company to do market research for you, congrats! Doubtlessly you will have many opportunities to succeed.

Sites, mobiles, or desktops? 

Albeit React Native App Development Services are more well known it doesn’t need to be your ideal arrangement and you ought to think about different choices. What are the primary advantages of a site, mobile or desktop application?

Web application

Web applications are viable with any platform, regardless of whether it’s Android or iOS. If you definitely realize that you will update frequently, it’s likely best to start by developing a web application.

Native mobile application 

If you expect that users will utilize your application a few times each day, then, it is better to pick the development of a mobile application.

Desktop application 

A desktop application is most likely the best solution for security. All information is privately saved and there is no compelling reason to send them through the Internet.

Android or iOS? 

If you’ve settled on a mobile application, there’s one more significant choice to make: what platform do you pick? Obviously, the best arrangement is to create applications for all platforms to cover the whole client base. Some of the time, nonetheless, there is no time or cash, and you need to settle on just one of those two.

While picking a platform, contemplate demographics first. iOS users make up a minority of the worldwide market, they have higher incomes and spend more on applications. On the contrary, android application users generally belong to South America, Asia, Central, and Eastern Europe and the value execution proportion is more critical to them.

The next thing you ought to consider is development time. It by and large requires some investment to create and test an Android application.  The same is applicable in hybrid app development services too.

There is one more critical contrast between platforms in the issue of approvals and delivery. On the Android platform, it is easy to get help within a couple of hours when an update is made. In an analysis, approval time in the Apple store is 2-3 weeks in length and surprisingly more if the application is dismissed.

Make your first draft 

Presently you as of now have a few measurements that will direct you to begin your application development. So it’s an ideal opportunity to make the main draft of your application. Right off the bat, think about the usefulness before the vibe of your application. The thing to remember is if users don’t find what they need in your application, they won’t actually like an extravagant look.

In this draft, you will design the elements of your application: where you will put the menus, the pursuit field, the catches, and so on Relax, this won’t be the authoritative rendition. Later you can refine the subtleties, including an alluring hope to spruce up your application.

Contemplate care of your application in the wake of delivering 

An effectively completed development of an application isn’t the finish of the game, you need to think more ahead than that. Your application is something living and the interaction doesn’t end by just tallying downloads. You ought to be ready to contribute 20% of the expense of introductory development to keep up with measures. Keeping up with a period of an application incorporates practical, regulatory, infrastructure, and IT administrations. Other than this, you need to advance your application in application stores.

Pay attention to the users 

Your application has been delivered to the market and the primary users will begin making surveys. These feelings are truly important to work on the principal variant of your application or right bugs before the negative assessments increment. Remember to utilize apparatuses, for example, App trace or Flurry to screen the download patterns and client commitment.

Continue to work on your application development 

An application resembles a child. You need to deal with it and continually focus so it becomes solid. Assuming you need your application to be fruitful, you should follow and work on your application capacities continually. Continue dispatching new forms as indicated by what the users need. That is the key for your application to become beneficial.

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Salesforce Development – How Is It Good For Business

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Sales force automation software (SFA) has already remodelled many industries to the advantage of consumers and the organization. Yet when it concerns how the sales team management software brings in a positive experience for the organization, SFA starts its outset phase. Today we can chat, support strategy, manage, and obtain real-time insights into what’s happening in the field sales area and precisely how are a few of the marketing tasks tracking compared to the previous stats? Nonetheless, also in its onset of the SFA transformation, it is clear that the means the customers involved with the organization is most likely to change basically.

Understanding field force automation CRM

Communication Bridge

Mobile-based sales force automation software or distributor management software uses a bridge for continual and unified interaction flow between the supervisor and the field team. The field group can create, upload as well as different share papers filed. Pdf material and also even video clips with the SFA app for area sales. They now don’t need to wait on their manager to be free to take the call. Interaction currently is essential and also obtainable in both methods utilizing the sales force tracking software. There are alternatives to send out informs and also notices which make the job much easier.

The Field Team A Lot More Organized

The sales force automation software application makes the field sales team more organized and effective. They can gain access to kept data (historical data) regarding the lead and, based upon their information, can be provided targets. This SFA app promotes sped up efficiency in much less time as well as with highly reliable data.

Sales Field Performance Monitoring Anytime -Anywhere

Despite just how large your Sales Force team is– tracking their performance is straightforward. Manual monitoring has constantly been a troublesome initiative as well as incorrect. However, sales force automation software aids exceptionally by inspecting and bookkeeping the data fed and cross-checking the development live in the field. The supervisors can currently access the data quickly and lower the report generation time by 95%. The manager can even send out reminder alerts and notifications as and when called for.

Brand Understanding And Promotion Is Just A Click Away

The best mobile-based sales force automation solution or in the world offers a solid base for them to sell effectively, considering that online application will open up for details instantly. Brochures, Newsletters, Flyers are now simply a single touch away. This makes them act in quick action time and also sustain their phone call with thousands of marketing projects, appealing plans without making the client delay, merely this gets rid of the need to lug hefty brochures for File’s sales calls as well as additionally conserve money of printing heavy and also colourful brochures, e-newsletter and even more.

Conclusion

Business needs the best mobile based sales force automation solution to send information about their everyday travelling allocation details and miscellaneous costs. All this information that earlier submitted manually for repayment objective can currently be updated on the app, making it less complicated for your financing team and assisting you in reconciling cash and cost appropriately.

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5 Simple Tactics to Brand Your Taxi Services

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Taxi services are high revenue-generating platforms and flooded with many service providers. Getting a branded one among the competitive environment by providing high-quality taxi services as per expectations of the riders is the ultimate aim of all the service providers. 

Since the preferences of the riders are continually varying, an updated business model with all the essential options is an important requirement for the service providers. As we all know that the Uber clone app model is one such platform that includes the customized options and features to make the service providers offer the services in the right way.

Though this model is perfectly fit, high-brand value is also an important need for the service providers to receive more bookings from the riders. In this blog, you will find the simple tactics to create brand value for your taxi services. 

 

Ensure Online Presence

A first and foremost tactic is to ensure the online presence consistently. Since the needs of the customers are continually varying, being available on their time is the important criterion to create the brand for the taxi services. 

An uninterrupted online presence against any fluctuations is the important option for the service providers to identify the rider’s needs and offer the perfect services timely. Since social media usage is highly observed among the millennial groups, integrating them into the uber clone business model also ensures the online presence consistently. 

Open for Multi-Dimensional Trip Options

As soon as the online-based taxi services are emerging, not only the common people but also the corporate trips, official get together, outstation trips are also highly preferred online bookings. 

To meet those needs, the business model you selected includes the options for multiple trip bookings. With these, you can expand your taxi services in a multi-dimensional way. By offering unique services in these ways, gaining high brand value is the easy one for the service providers.

 

Feel-Free Accessibility

As we all know the participants of the on-demand taxi service are drivers and riders. Both of them need feel-free accessibility options.

To fulfill such needs, your app model holds multiple login options like email, mobile number, social media accounts. Due to these multiple options, drivers and riders can easily access your model anytime anywhere.

Drivers prefer simple onboarding options from the app model they partnered with. While you are building the app, you should mainly focus on these options. Prior to onboarding them, the validation of their skills and experience is also an important one. As the service provider, you can check the documents uploaded by the drivers prior to onboarding. 

 

Virtual Track Records

Location tracking is an important one for the riders to make the traveling arrangements in a comfortable manner. With the emergence of location-aware options like Google maps and smart navigation in real-time, instant updates regarding the location are provided to the riders easily. 

Due to the integration of location-aware options within the app models, the drivers can easily track the rider’s pickup location and the distance easily. With the pool of distance values, these newly added visual tracking feature shows the optimal distance where the trip can be made within the small-time period. 

With the completion of trips in the small-time period, the drivers now cover more trips per day. Covering more trips can also lead to gaining a high-brand value for your taxi services. This also increases the profit value and production value. 

 

Revenue Accelerating Schemes

One of the main concerns for preferring the on-demand taxi service app model is the instant revenue options for both drivers and service providers. Basic revenue schemes for the uber clone app business model are a commission for each ride, subscription, and cancellation charges. 

Commission on Each Ride: As soon as the new ride-booking request is confirmed, the commission from the rider’s payment can be directly deducted and credited to your account.

Subscription: In order to make the riders stay on the business model for the long tertum, the subscription plays a major role and it can be varied monthly and yearly. This is also helpful for the one who makes regular travels for their work locally or out of the region. 

Cancellation Charges: Within the specified time limit, the booked ride is canceled means, the specific amount is deducted and this will also boost the revenue value. 

In addition to the above schemes, the latest revenue options evolved in real-time are:

Booking Fee for Favorite Driver- If the riders feel the trip with a specific driver is comfortable and they need the same for future trips. A special amount deducted during peak hours will also boost the revenue value. 

Retaining Fee- Retaining the high-rated drivers in the top position will make them get more bookings from the riders’ side. To retain them at this position, a special charge is collected that also increases the revenue value easily.

With these multivariate revenue generation schemes, the number of drivers attached to the business model is more. Thereby, you can offer a wide range of services and also build your own brand easily. 

 

Conclusion

On-demand taxi services are getting many revolutions as per the rider’s expectations. Getting a high brand value in the competitive industry is the major expectation for every service provider. The tactics listed in this blog are very useful for the one who wishes to gain a high-brand value in the market easily. 

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Startup Business Ideas Post Covid-19

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Startup Business Ideas Post Covid-19

It’s been more than a year since the world is going through this tough time. The arrival of Covid-19 has completely changed the way of the regular process right from business to education. This has created such unforgettable losses to several industries. The pandemic has made many of the business owners clueless. There are many who have lost their jobs and facing nervousness thinking about their future.

As the situation is now resting, it’s time to find a way to accept the situation and adopt the changes. We have to begin with the new idea as the world is resuming to this. In the coming time, the online platform is going to have heavy traffic. Many of the businesses are now growing on the online platforms, what makes them grow faster and unique is their respective custom labels. Custom labels on your product make them extraordinary and help a lot in advertising. Starting your business online will definitely be a win-win situation for you. To start a new business along with the pandemic is the only golden way to make use of the situation. You have to embrace yourself in such a condition and make yourself comfortable with the chances.

Thereof number of ways to start your new business: Start making custom labels for brands, start a website development business, make an app and sell healthcare products, etc.

Here’s what you should do to start your business staying at home.

  • Set a goal: The most important thing to start a new business is to look after the startup idea which you are most interested in. You should not be wrong in this step.
  • Look for its benefits: Make sure you find out the idea which you are thinking is going to be profitable for you. There’s no point in starting up with something which is not going to give you any benefit.
  • Make it strong: Think of ideas to make it more robust.

Here are some Startup Business Ideas Post Covid-19

Custom Labels Business

A large number of products are entering every day, so it’s important to stand out in the crowd and we need to get attention to our brand. Your product should be impactful and eye-catching. To do so, it becomes important to get an attractive label for your product. The better your product appears, the better result it gives.

What you can do to start up a new business is to start making custom label and personalized stickers for the brands. Approach to the companies and you can start selling custom labels for the brands. This is one of the innovative startup ideas you can think of.

The point to remember while starting with the custom label is, you need to know for what product you are making a custom label. After knowing the product you can look for the perfect size and material to use for making the label. Set a budget and be creative about designing the label. The label should be informative about the product, perfect tag line, and correct image and background color. Consider the visual appeal and design the custom label. Get more precise about the shape of the label, material, color, and text alignment.

Become a Freelancer

Freelancers are the person who works for themselves and not for the company or organization. You don’t need to go to the office, you are under the control of any boss. You just have to search for clients and work for them.

Firstly define your services, what are you best at and what you will be able to do for the clients.

Here are some freelancing Start-up Ideas:

  • Content Writing: A content writer writes content for the website, blog, or articles. According to your preferences, you can choose your area of interest and start writing on it. You get paid for the content you write. You can also buy a domain and start writing blogs on your own website.
  • Social Media Marketing: In this era of social media awareness, advertising the brand on social platforms is something every business owner needs. If you have skills and knowledge about social media marketing, you can search for such small business owners and ask them to help them advertise their services.

Start Fitness & Wellness App

As the Covid-19 arrived, everyone got more aware of their physical and mental health. Staying home and increasing immunity power with exercises has become the new normal for many of us. After hitting covid-19 everyone want’s to stay safe, stay healthy, and stay fit. To maintain the perfect balance everyone’s trying to work on their body and utilize this time to make their body the way they want. As the gyms are shut off, the only way to take fitness classes is from an online medium. The covid-19 pandemic has fueled the rise in the fitness and health sector.

Many people have started giving online classes on wellness and health which has lead to sudden bloom in the health industry. You can start taking tips from yoga trainers and gym instructors and start using them in your online training period. Get an app developed and create a custom label that can define your services. This startup Idea is anyway going to make you a worthy start. As every age group is now interested in maintaining their health, most of them take the help of online yoga and exercise courses.

Website designing business

We all know every small and large business is closed during the lockdown. To find another way to keep running the business is to start it online. Many of the business owners have shifted their business to the online platform. Website is something which becomes important if we are starting our business online. Business owners are in search of someone who can help them make a website for their business. So to start this business in this period is the best idea to make money. Search for small brands, communicate with them, get to know about their services and products, and develop a website. Increase your network on social sites to find more clients. Provide valuable services and gain more profit.

Starting an On-demand Cleaning Services

The fear of Covid-19 has made everyone aware of hygiene and cleanliness. Everyone wants to be surrounded by safe and healthy spaces. This gives an amazing idea to start up a new business of cleaning services. Making an app and promoting it will surely give a rise in business in this covid situation. Make a custom label for your service to make it stand out in the crowd. It is seen that there is about a 95% increase in the demand for cleaning services. There are high inquires from hospitals and medical care centers for cleaning services. Restaurants, schools, and colleges are now reopened after a long break, so they are in need of cleaning facilities. Finding such cleaning services through the app is an easier way to approach big organizations and hospitals. Looking up to this idea will definitely going to help you in making a good start of a business.

Launch Online Home Service Business

As most of the shops and industries are closed, everyone is working from home. Because of lockdown, homemade products are in high demand. There are many people who have started home-based businesses and are relying on that. You can start your home service business which can be done by staying home and will give you profit as the home-based services are emerging in this Covid-19 pandemic.

Selling Healthcare Products

Homemade masks are in demand as there is a shortage in the stores. You can start this business with some investment and help people in such a tough time. Make an app, give it a name, make a custom label and showcase different varieties of masks and this business would anyhow make a big difference as there is a scarcity of face masks and protecting shields. You can also add on other products which are in high demand during this pandemic such as hand sanitizers. Printing the custom label of your brand on products will help in advertising your business.

Conclusion

Stay positive and don’t lose hope. Think of the ideas which are easier to find in such a situation and are more likely to be used by people. Even the smallest business can help you grow by putting in the effort and some creativity. Your business can bring you more opportunities in the future. Try unique and innovative ideas to make your business more stable. Make this lockdown a period to learn new things and have self-progress. Have patience, there is a number of startup ideas which you can think of.

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How to Apply Pradhan Mantri Mudra Yojana

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Seeking a detailed article on Pradhan Mantri Mudra Yojana how to apply? Well, you have arrived in the correct place to seek answers. Pradhan Mantri Mudra Yojana was launched back on 8th April 2015, by the honorable Prime Minister. The Mudra Mission targets achieving financial protection and economic prosperity. It works towards creating a valuable and sustainable entrepreneurial culture in collaboration with other institutions. The Mudra yojana offers loans up to 10 lakhs to establishments like non-farm micro-enterprises. The loans under the Pradhan Mantri Mudra Yojana are popularly known as ‘Mudra Loans’.

The vision of the Pradhan Mantri Mudra Yojana is to enhance the social and economic development of the non-farm establishments by rendering financial support. The Mudra Loans are offered by almost all the commercial banks of India. One can approach any of the loan providers mentioned above or can also apply on an online portal – www.udyamimitra.in as per convenience. However, to know more about the How to apply Pradhan Mantri Mudra Yojana, continue reading. The article ahead elaborates on every minute detail about the yojana. Also, you get a step-by-step guide on how to get a mudra yojana loan.

How to apply for the Pradhan Mantri Mudra Yojana?

You need to follow some easy steps to apply for Mudra loans under the Pradhan Mantri Mudra Yojana. To apply you need follow the below-jotted steps:-

  • Step 1:-First and foremost, you require some essential Mudra loan documents to apply for the Mudra loan.
  1. Identity proof like Aadhar card, PAN card, Voter ID card, Driving License. etc.
  2. Business proof like the business registration documents for the analysis of Mudra loan eligibility.
  3. Address proof like telephone bill, water bill, electricity bill, gas bill, etc.
  • Step 2:-Pick a financial institution of your choice and apply for a Mudra loan. Most of the commercial banks of India, as well as financial organizations, offer Mudra loans.
  • Step 3:-Fill the request form to apply for the loan. Every applicant requires filling up business and personal details in the application form to apply for the Mudra loan. The applicants also need to ascertain the loan amount before applying for the Mudra loan scheme.

What is Pradhan Mantri Mudra Yojana?

The Pradhan Mantri Mudra Yojana is an initiative by the Indian government that offers MSMEs, individuals, and SMEs. The full form of MUDRA is, Micro Units Development and Refinance Agency, which, in turn, indicates the objective of the initiative. The Pradhan Mantri Mudra Yojana for startups is offered under three loan schemes, namely Shishu, Tarun, and Kishor. The maximum loan that one can apply for is 10 lakhs. Though, there is no minimum amount. To avail of Different Types of Mudra Loan, no security or collateral is asked by the financial institutions or banks.

The objectives of the Pradhan Mantri Mudra Yojana 

Some of the prominent objectives of the Pradhan Mantri Mudra Yojana are listed below:-

  1. To lay down guidelines of the policy for rendering funding micro-enterprises and small businesses.
  2. To render help to small trades such that they develop and further grow.
  3. To offer funding preferences to Schedule Castes and Schedule Tribes.
  4. To render monetary assistance to small income groups and businesses such that, they can expand and build their startup.
  5. Having various Microfinance Institutions registered and regulating.
  6. To create an eased out access for the unbanked and help them lower the cost of their funding.
  7. To regulate the several Microfinance Institutions that deal with services, trades, and manufacturing.

What are the different Mudra Loan Types?

There are 3 kinds of Mudra loan types that you can apply for:-

  1. Shishu:-The Shishu Yojana covers up to INR 50,000 for businesses in the early stages. This yojana is a specific Pradhan Mantri Mudra Yojana for startups. Shishu deals with micro and small businesses or individuals who require funding to start something on a smaller level. The yojana works towards allowing the unfunded trade ideas and bring a business idea into a formal monetary system.
  2. Kishor:-The Kishor Yojana covers up to INR 5 lakhs for enterprises that require additional funds. It works towards giving a financial push to businesses that seek extended monetary help to expand operations. It helps businesses to prosper that lack funding but are full of potential to make it huge in the future.
  3. Tarun:- The Tarun Yojana covers up to INR 10 lakhs for the already establishes businesses. The Tarun Yojana offers a large sum for already established businesses. The loan allows trades to expand to another level. Also, these businesses require fitting some specific eligibility criteria.

Who is eligible for a Mudra loan?

The Indian government has launched Pradhan Mantri Mudra Yojana to offer Mudra Loans to small business owners and micro companies to meet their monetary requirements and operating costs. Any individual who runs a micro business is eligible to apply for the Mudra loans. However, there are certain criteria for a person to apply for the Mudra loan. Let us take a look at them:-

  1. To apply for the Mudra loan, you need to be a minimum of 18 and a maximum of 65 years of age. An individual falling under the mentioned age bar is eligible to apply for the Mudra loans.
  2. The applicants must be engaged in associated agricultural services since April 1, 2016.
  3. Any non-farm economic trade, services, and manufacturing businesses can apply for the loan.
  4. The applicant must have a 10 lakh or lesser loan requirement.

Is Mudra Yojana for Women?

The Pradhan Mantri Mudra Yojana supports female applicants. The government has suggested several banks and financial institutes to consider extending extra facilities for women entrepreneurs. Lower Mudra loan interest rate is offered to women entrepreneurs. Presently, Micro Financial Institutions (MFIs) and NBFCs extend a 25 BPS (basic points) reduction to female applicants.

What are Mudra Loan Documents?

Once you know the answer to Pradhan Mantri Mudra Yojana how to apply, all you need is, to compile all the necessary documents together and wait for approval. The documents that you require to apply for a Mudra Loan are listed below:-

  1. A detailed business plan which is self-written
  2. KYC documents of the applicant or applicants in case there are more than one.
  3. Identity proof – PAN card, Aadhar card, Voter ID card, Driving license, Passport.
  4. Proof of business tenure and business address, in case it is applicable.
  5. Registration documents, Certificates or Licenses, if any.
  6. Mention of belonging to any special category like SC, ST, OBC, or any other minority.
  7. Passport size photos of the applicant/applicants
  8. Proof of income with financials like registrations, Sales Tax Return, licenses, ITR, etc.
  9. Proof of residence – Aadhar Card, Passport, Bank Statement, Voter ID Card, Telephone Bill, etc.
  10. A duly filled application for the specific Mudra loan category that you plan to apply for.

What is Mudra Loan Interest Rate?

The Mudra loan interest rate in 2020 is 8.05%. The processing fee varies from nil to 0.5%. The mudra loans render a maximum of 10 lakhs loan for 5 years.

The interest rate starts at 8.05% and when applying for the loan you can compare the rates of various options and apply as per your convenience. Also, no collateral or security is demanded to get the Mudra loan.

Let us have a look at the interest rate offered by some of the financial institutes:-

  • HDFC Bank:-The interest rate offered by HDFC bank varies between 10.99% to 20.70%, and the processing fee is up to 1.5%.
  • Oriental Bank of Commerce:-The interest rate offered by Oriental Bank of Commerce varies between 10.65% to 11.65%, and the processing fee is up to 0.5%.
  • ICICI Bank:-The interest rate offered by ICICI bank varies between 10.99% to 17.99%, and the processing fee is up to 2.25%.

Is Pradhan Mantri Mudra Yojana for Startups?

Absolutely! The Pradhan Mantri Mudra Yojana renders financial aid to startups.

The Government of India is a very progressive one when it comes to supporting startups. It takes initiatives of funding schemes and granting loans to entrepreneurs and startups in the nation. Often, entrepreneurs and small businesses require funding for their unique ideas. Owing to the same objective, the Indian Government came up with the Pradhan Mantri Mudra Yojana. It offers Mudra loans to small businesses, startups, micro agencies, etc., who require funding for their growth and expansion.

To apply for a Mudra loan, startups must first figure out the category they belong to. Once they categorize their requirements, they can apply for the Mudra loan. Once the startup decides a category, the following step is to decide which financial institutions the loan should be availed of. Once decided, the applicant can apply for the loan from MFIs, Banks, or NBFCs.

Pradhan Mantri Mudra Yojana helpline number

The Pradhan Mantri Mudra Yojana customer care number is 1800-180-1111. There is another alternate Pradhan Mantri Mudra Yojana customer helpline number– 1800-11-0001. These are both toll-free numbers, and you can contact customer care for any queries.

The following table lists the state level helpline numbers:-

STATE HELPLINE NUMBER
Andaman & Nicobar Island 18003454545
Andhra Pradesh 18004251525
Arunachal Pradesh 18003453988
Assam 18003453988
Bihar 18003456195
Chandigarh 18001804383
Chattisgarh 18002334358
Dadra & Nagar Haveli 18002338944
Daman & Diu 18002338944
Goa 18002333202
Gujarat 18002338944
Haryana 18001802222
Himachal Pradesh 18001802222
Jammu & Kashmir 18001807087
Jharkhand 18003456576
Karnataka 180042597777
Kerala 180042511222
Lakshadweep 4842369090
Madhya Pradesh 18002334035
Maharashtra 18001022636
Manipur 18003453988
Mizoram 18003453988
Nagaland 18003453988
Delhi 18001800124
Orissa 18003456551
Puducherry 18004250016
Punjab 18001802222
Rajasthan 18001806546
Sikkim 18003453988
Tamil Nadu 18004251646
Telangana 18004258933
Tripura 18003453344
Uttar Pradesh 18001027788
Uttarakhand 1 8001804167
West Bengal 18003453344

What are the specific segments that the Pradhan Mantri Mudra Yojana emphasizes?

The Finance Minister emphasizes helping women, minorities, tribals, backward classes, and Dalits via the Mudra loans under the Pradhan Mantri Mudra Yojana. The yojana targets to render monetary help to those who have otherwise been in the lack of adequate opportunity of receiving funds.

What is Mudra Card?

Mudra Card is issued to the applicants who apply for the Mudra loan, and their loan gets approved. It is a debit card for convenient use. Once the loan is approved, the financial institution opens a Mudra loan account in the name of the applicant and issues a Mudra card with it. The amount of the loan is issued in the Mudra account of the applicant. Additionally, the process helps to track the applicant’s credit history.

Purpose of the Pradhan Mantri Mudra Yojana

One can avail of the Mudra loan under the Pradhan Mantri Mudra Yojana for several income-generating activities listed below:-

  1. Commercial Vehicle:-buying any vehicle for commercial transportation use like tractors, taxis, 3-wheelers, auto-rickshaws, tillers, e-rickshaws, goods carrier vehicles, etc.
  2. Food and Textile industry activities:-activities involved in the textile and food industry. Service sector activities:- for startup businesses like salons, tailoring stores, repair shops, photocopying shops, gyms, medicine shops, dry-cleaning stores, etc.
  3. Equipment fund scheme for small units:-a loan of maximum INR 10 lakhs.
  4. Service sector activities:-for startup businesses like salons, tailoring stores, repair shops, photocopying shops, gyms, medicine shops, dry-cleaning stores, etc.
  5. Trading activities for shopkeepers and traders:-setting up service enterprise, trading activities, and non-farm activities that generate income.
  6. Agriculture allied activities:-activities associated with agriculture businesses, poultry, grading, agro-processing units, bee-keeping, livestock-rearing, fishing, sorting, pisciculture, and agro-clinics.

Benefits of the Pradhan Mantri Mudra Yojana’s Mudra Loan

Several benefits of the Mudra loans are listed below. Let us take a look:

  1. Mudra loans are offered to render monetary help to vendors, shopkeepers, businessmen, traders, etc. for trading, and service sector tasks.
  2. The Mudra loans are offered by the Government of India under Credit Guarantee Schemes.
  3. Debit cards called Mudra Cards are offered for easy usage.
  4. Non-firm businesses,i.e., micro firms can avail of Mudra loans and engage in income generation.
  5. Women are given lower interest rates.
  6. The loan amount can be used as overdraft facilities and term loans.

Conclusion

The Pradhan Mantri Mudra Yojana’s Mudra Loan is designed to help micro-businesses and individuals who are otherwise not given adequate funding to grow in life. The government of India has begun this yojana to help the people of the country to economically grow and prosper. Since 2015, the yojana has offered loans to numerous applicants.

 

 

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