When starting a new business, a project report (also called business plan) that analyses among other things prevailing market condition, investments required in short-term and long-term, and anticipated risks is crucial. Here are the four things to define while preparing project report for your business when it comes to value creation:
- What value your business intends to provide.
- To whom your business seeks to provide this value.
- What resources/partnerships your business can mobilize to provide the value.
- How your business will produce added value. Read More …
Like many other businesses before the advent of the internet, face-to-face contact was considered essential in selling a product and insurance is no exception with agents bringing a bulk of business for an insurance company. Now, at a time when direct sale of insurance policies by visiting the website of an insurance company or use of comparison websites is picking up because of the internet that eliminates intermediaries like agents, the role of agents, especially in cities and towns with audience comfortable using PC, is redefined. It can no longer be offering and collecting data from clients which can be done by clients themselves through online means. The challenge for agents here is to provide more value-added services by including insurance as part of complete financial planning. Read More …
Here are three components of a brand name to start with:
- Brand name itself (Google)
- Domain name (google.com)
- Top Level Domain or TLD
- Real Word/Expression
- Industry Match
- General Retention
It is easier to assign score to TLD (.com commanding greater weightage than .net and .org) and Length of domain name (shorter domains commanding more value; according to BrandBucket, exponentially important as the name gets shorter) than Pronunciation and Retention, which according to BrandBucket, are most difficult of all features to rate. Trademark requires a country-specific approach. Read More …
If you are having adequate capital and looking to start a new business, you can consider buying a franchise of an existing brand. The advantage is that you need not introduce or convince from scratch to local populace about the product. The product is already popular and you reap the value of the brand in your locality/area. There is, however, no free lunch. As a franchisee, you will be asked to pay a price for the brand value by the franchisor which will form a significant component of cost. Read More …