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What's the next step for a non-engineering graduate with a 60% score and startup plans in India?

Prof Suvasish

Prof Suvasish Mukhopadhyay  |254 Answers  |Ask -

Career Counsellor - Answered on Nov 11, 2024

Professor Suvasish Mukhopadhyay, fondly known as ‘happiness guru’, is a mentor and author with 33 years of teaching experience.
He has guided and motivated graduate and postgraduate students in science and technology to choose the right course and excel in their careers.
Professor Suvasish has authored 47 books and counselled thousands of students and individuals about tackling challenges in their careers and relationships in his three-decade-long professional journey.... more
Rahul Question by Rahul on Jun 23, 2024Hindi
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Hello sir , I have recently passed my Undergraduate degree with 60 %. And I come from a non engineering background having no knowledge of computer code language but I have many startup plans in which one plan is best as per people need in India. But I don't know how to step forward with my plan. Please help me

Ans: Good idea. I appreciate you for your thought. First learn the basics of CODING from different YOU TUBE videos, then go for a certificate course. After that at least make a group of three persons and start your startup. Initially don't invest much. Be in touch with me, follow me here and join me in LINKEDIN also. Don't worry. Everything will be fine. GOD BLESS YOU. Regards. Professor............................:)
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Ramalingam

Ramalingam Kalirajan  |7279 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jul 31, 2024

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Hello sir! I am Aman Sharma,an 12 pass student,going to take admission in Engineering,who wants to do start-up after 10 year of engineering.I read lot of suggestions that you have given to many people, which made me to ask this question. My financial income is zero right now since I am a student. Very soon I will crack a hackathon so that I can start my income through internship further through job since I will get PPO through that. Could you please suggest me what should be my financial plan (where to invest) to have passive income through that investment, which will help me to do start-up in future. Sir along with financial plan name also mention their interest rate and risk associated with that. Sir please note that I have zero knowledge of financial planing
Ans: Aman,

It's wonderful to see your interest in planning your financial future at such an early stage. I commend your proactive approach. Here are some steps you can follow to build a strong financial foundation and secure passive income for your future start-up.

Understanding Financial Planning
Financial planning is about managing your money to meet your life goals. It includes saving, investing, and managing risks.

Initial Steps
Emergency Fund: Save at least six months' worth of expenses. This will help during unforeseen situations.

Education and Skill Development: Invest in courses and certifications. This will enhance your employability and income potential.

Investment Options
Public Provident Fund (PPF)

Interest Rate: Around 7.1% per annum

Risk: Low

Benefits: Tax-free returns and long-term savings.

Mutual Funds

Interest Rate: Varies (10-15% on average)

Risk: Medium to High

Benefits: Professional management, diversified portfolio, and potential for higher returns.

Recurring Deposits (RD)

Interest Rate: Around 5-6% per annum

Risk: Low

Benefits: Regular savings with guaranteed returns.

Passive Income Strategies
Dividend-Yielding Stocks

Interest Rate: 2-6% dividend yield

Risk: Medium to High

Benefits: Regular income and potential capital appreciation.

Systematic Investment Plans (SIPs)

Interest Rate: Varies (8-12% on average)

Risk: Medium

Benefits: Disciplined investing, rupee cost averaging, and compounding benefits.

Risk Management
Health Insurance

Ensure you have adequate health insurance. This will protect you from high medical costs.
Term Insurance

Opt for a term insurance plan. This will secure your family's future in case of an untimely demise.
Long-Term Goals
Retirement Planning

Start contributing to retirement plans early. This will ensure financial independence in your later years.
Educational Savings

Save for higher education and any future courses. This will help in enhancing your skills and knowledge.
Final Insights
Starting early gives you a significant advantage. Regularly review and adjust your financial plan as your income and goals evolve. Seek guidance from a certified financial planner to tailor a plan specific to your needs.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in

..Read more

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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.

...Read more

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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