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Chandu Nair  | Answer  |Ask -

VC, Angel Investing, Entrepreneurship Expert - Answered on Apr 15, 2023

Chandu Nair advises entrepreneurs and enterprises about creating and building their business.
He has direct experience in angel, venture capital and strategic investor funding. Over the last three decades, he has made a name for himself in industry, consultancy, media and information services.
Nair is on the advisory boards of the Chennai-based private equity firm Fulcrum and the social impact fund, Menterra. He's an independent director on the board of India's first retail building products company, Shankara Building Products Limited.
He was the co-founder of Scope e-Knowledge Center, a pioneering knowledge process outsourcing company, as well as the co-founder of a business-to-business e-commerce venture, both of which he successfully exited.... more
Asked by Anonymous - Mar 27, 2023Hindi
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Dear Sir, I and my business partner started one IT company in 2019. After 6 months we started one E-commerce company and also registered that E-commerce company as a Private Company in 2021. From an IT company, I brought a business of nearly 2.5 lacs - 3 lacs from 2019 to 2021 as we were mostly in our other company. We have already given 3 years on our E-commerce still we have not got a single result and due to E-commerce, we couldn't focus on our IT company. For E-commerce, we have launched 2 soaps and 2 essential oils with our own brand and manufactured by 3rd party. E-commerce is a product based so it will take much time to promote the brand, needs to do marketing, etc. On E-commerce, we are just spending a lot but with no results. Right now both companies are loss-making. I want to focus more on IT company now because it is a service based company and we have created the portfolio as well by working for some of the clients before. I believe if we will focus more on the IT company now then we can get revenue as well as we can grow this company. With the grow of the IT company, we can also grow the other company as well. Sir, I want the best suggestion from you.

Ans: When you have limited funds and management bandwidth, it's better to focus on activities that generate immediate cash and build not just your portfolio of work but also your confidence.
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Harsh

Harsh Bharwani  |64 Answers  |Ask -

Entrepreneurship Expert - Answered on Apr 03, 2023

Asked by Anonymous - Mar 27, 2023Hindi
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Hello Harsh, I am 33 yrs old, working as an SAP Consultant in an MNC company. I and one of my friend started one IT company in 2019 and at the same time we started one E-commerce company which we registered it in 2021 as a Pvt Ltd company. Initially, I brought a business of around 2.5L - 3L during the COVID time but most of the time we give in developing our E-commerce company. Due to this, we are unable to focus on our IT company. We have already given 3 years on our E-commerce and we have also launched 2 soaps and 2 essential oils with our own brand and manufactured from 3rd party vendor. Right now both companies are loss-making. I want your suggestion as to which company I should focus on more so that I can bring revenue and make it profitable. I want your guidance.
Ans: It seems like you and your friend are currently running two companies - an IT company and an E-commerce company. While the E-commerce company has been your primary focus and you have launched your own brand of products, both companies are currently loss-making.
To make a decision about which company to focus on, you may want to consider a few things:
1. Revenue potential: Consider the revenue potential of each company. Which company has the potential to generate more revenue in the near future?
2. Market demand: Evaluate the market demand for the products/services offered by each company. Which company has a larger market demand and growth potential?
3. Your expertise: Consider your expertise and experience in both industries. Which company are you more knowledgeable about and can you bring more value to?
4. Cost and resources: Evaluate the cost and resources required to run each company. Which company requires more investment and resources?
Based on the above factors, you can decide which company to focus on. You may also want to consider the possibility of merging the two companies or scaling down one of them to focus on the other.
It is important to remember that building a successful business takes time and effort. It is not uncommon for businesses to experience losses in the early stages. Keep persevering and continue to innovate and adapt to the changing market conditions.
I hope this advice helps you make a decision about which company to focus on. Good luck!

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I'm a Chartered accountant .. recently qualified .I'm interested in start up company with intention of book keeping services .software .pls give me some piece of idea regarding how to begin my book keeping services software ..
Ans: Starting a bookkeeping service powered by your own software is a great way to leverage your skills as a recently qualified chartered accountant. With the growing demand for streamlined accounting solutions, your idea has a lot of potentials. Here's how you can get started effectively:

Understand the market and identify your niche:- You have to start by researching the market to identify the specific needs of small & medium-sized businesses. Because many businesses are struggling with manual accounting or find existing software too complex or expensive. Focus on building a solution that is simple, affordable and addresses their pain points, such as automating invoices, tracking expenses and generating tax reports.

Develop or customize software:- Decide whether to build your software from scratch with the help of a development team or customize an existing platform like QuickBooks or Zoho Books to create a unique product. But make sure your software includes essential features like cloud access, real-time financial tracking, automated reminders, payroll management, and integration with banking systems. Prioritize an intuitive interface so that even non-accountants can use it easily.

Provide flexible and scalable solutions:- Start structuring your services with flexible pricing models, such as tiered subscription plans based on business size and its features. With Offers add-ons such as tax filing assistance, compliance consulting, or financial planning to differentiate yourself from other competitors. A free trial or discounted onboarding package can attract new customers and build trust to convert the audience into customers.

Build a strong brand and online presence:- Start your service as a reliable, tech-enabled bookkeeping solution by emphasizing your credentials as a chartered accountant. You Have to create a professional website with client testimonials, feature highlights and demo videos of your software. Use social media and content marketing to showcase the benefits of your services, such as cost savings, error reduction compliance accuracy and many more. Networking with local businesses and participating in professional forums can also help increase your visibility in the market.

Stay up to date and constantly improve:- Accounting laws and technology are evolving quickly, so keep your software updated with new versions to meet regulatory requirements after getting client feedback. Introduce AI-powered features like predictive analytics or fraud detection to stay ahead of competitors. Engage with your clients regularly to understand their challenges and improve your offerings.

By combining your expertise in accounting with cutting-edge technology, you can create a reliable and scalable bookkeeping solution that not only supports businesses but also establishes you as a leader in this field. Start small, focus on client needs, and let your service grow along with your reputation.

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