It is alright to make mistakes and learn from them. But it is always better to learn from other peoples’ mistakes. And when it comes to starting your own business, it is still better to recognize the mistakes that most of the businessmen make; after all it’s the question of your business.
Here we list 5 starts-up mistakes that almost everybody makes:
Undeveloped Startup Idea - No matter how good your business idea is, if you fail to develop it, success will be far from you. “Document the idea well. That is the road map that you have to follow while you are doing business and that is the road that will lead you to success,” says Nandini Vaidyanathan a mentor for start-ups.
Ignoring legal obligations - Most entrepreneurs start small and so do not care about even the basic legal aspects of a business like getting registered. Every entrepreneur must understand and secure all necessary licenses and permits and also pay the required taxes.
Lack of financial management – “Start-ups usually mixe their personal and business finances. This does not cause immediate trouble but later in the business it becomes difficult to get tax benefits and avail finances from venture capitalists and other sources,” says Kartik Varma, Co-Founder, iTrust who is a financial adviser to numerous entrepreneurs and is also an entrepreneur himself.
Lack of enough liquid assets - “One should have enough liquid assets to sustain for at least one year,” says Varma. People usually start their business without realizing that for quiet sometime it might not bring in money and so they will have to keep putting in money to keep it going.
Unplanned web presence - The internet is how people come to know of products and services these days. “If you aren't doing at least some part of your business over the Web, you're missing out on a huge opportunity. Today, the Web forms either an integral part of the business or a fabulous means to extend it,” says an executive from the Blue Apple Technologies Pvt. Ltd.
Lack of perseverance - Start-ups loose patience when their efforts do not yield the desired results immediately. Sanjeev Bikhchandani, co-founder and CEO of naukri.com says, “Everybody makes their share of mistakes. Sometimes you are right sometimes you are wrong. But what one should not loose is patience and perseverance. They are the key to success.”
Source: http://sme.franchiseindia.com/article.php?title=5+mistakes+that+most+start-ups+make
Friday, December 18, 2009
Swiss Smile Dental Clinics - Europe's leading Dental Services Brand - enters India
This is Swiss Smile Dental Clinics' first foray outside Europe; Swiss Smile Dental Clinics India Pvt. Ltd. to have state-of-the-art facilities and foreign trained consultants; First clinic to open in January 2010 in Bangalore giving a boost to Dental tourism in India
Bengaluru, Karnataka, December 18, 2009 /India PRwire/ -- Swiss Smile Dental Clinics - Europe's leading dental service brand - today announced the launch of its India operations. Marking its first foray outside Europe, Swiss Smile is venturing into India to bring its world class services to one of the largest dentistry markets in the world. Swiss Smile Dental Clinics India will have state-of-the-art facilities and foreign trained consultants providing co-ordinated specialized next generation dental care to customers, all under one roof.
Swiss Smile is entering India through a Joint Venture (JV) between Global Tech Park - an investment firm with interests in real estate, design engineering and health care - and Swiss Smile Holdings. Global Tech Park would be holding 50% stake in the JV while Swiss Smile Holdings would hold the remaining 50%.
Speaking on Swiss Smile Dental Clinics' first foray outside Europe, Mr. Clifford Zur Nieden - Member of the Board, Swiss Smile Holdings said, "The dental segment is one of the most attractive segments of the health care industry with an estimated market size of about US$18.8 billion in 2008. Worldwide, this market is dominated by US, Europe and Japan. However, an increasingly aging population coupled with growing awareness of oral health and dental aesthetics and greater availability of improved dental treatment have boosted the growth of this segment in India. In addition, increasing disposable incomes and a large emerging middle class offer enormous potential for dentistry in India".
Elaborating on the significance of the launch of Swiss Smile Dental Clinics' operations in India, Mr. Zur Nieden said, "India needs to leapfrog to reach the level of technological development that Western countries have achieved in dentistry. India is in need of international expertise and this can only be achieved by setting up world class dental facilities like the Swiss Smile Dental Clinic. There is an enormous demand supply gap for world class organized facilities in the Indian dental market and we aim to bridge this gap".
Speaking on the plans of Swiss Smile Dental Clinics India, Dr. Sathya Kallur - CEO & Director of Clinical Operations- Swiss Smile Dental Clinics India said, "Although dental care remains a luxury for much of India's vast population, the market for dentistry is expanding as a result of the strengthening economy and an increase in the country's middle class across major cities such as Bangalore, New Delhi, Hyderabad etc. To respond to the growing consumer health care needs and expectations, we are setting up our first clinic in Bangalore followed by other markets like Hyderabad, Mumbai, Chandigarh, NCR, Ahmedabad, Chennai, Kolkata and Pune."
Articulating the vision of Swiss Smile Dental Clinic India, Dr. Sathya said, "We are planning to set up 10 state-of-the art dental care facilities in India within the next 3 years. Our vision is to provide multi-specialty dental care under one roof under the guidance of internationally acclaimed and trained dental specialists. The Indian dental market lacks an organized professional outfit and with the Swiss Smile technological expertise and state-of-the-art facilities, we are sure to bring in a positive change in the state of Indian dentistry."
Elaborating on the medical tourism potential and opportunity, Dr. Sathya said, "We also aim at contributing to the Indian medical tourism industry which is expected to experience an annual growth of 30% making it a Rs. 9,500 crore industry by 2015. The estimate of the value of medical tourism to India is to the tune of $2 billion a year by 2012. The dental tourism in India would account for 10% of the total medical tourism. In India, any dental service is 60% to 70% cheaper than Europe or the US. We therefore, aim to contribute to medical tourism in India by offering quality services at reasonable prices".
Speaking on the JV, Mr. Satish CMD - Swiss Smile Dental Clinics India & CMD - CEO - Global Tech Park - said, "The dental care segment offers a tremendous opportunity in India. We feel there is a need for a technologically advanced, world class facility providing international services to the Indian customer. Hence this JV with Swiss Smile Holding".
Notes to Editor
Swiss Smile Dental Clinics (www.swisssmile.com) - Swiss Smile Dental Clinics was started by Haleh and Golnar Abivardi and is successfully running clinics in Zurich, St. Moritz and London. The Swiss Smile Dental Clinics are dedicated to promoting healthy and beautiful teeth. Equipped with the latest technology, a team of highly qualified dental specialists take care of customers providing a truly world class experience. Swiss Smile Dental Clinics services encompass all areas of dental health including aesthetic dentistry, orthodontics, parodontology, oral surgery, emergency treatments and children's dentistry. Swiss Smile provides the security of in-house treatments at every stage, delivered by a highly competent and co-operative team which guarantees high levels of professionalism in all major areas of dental treatment.
Global Tech Park Pvt. Ltd. - is an investment company based in Bangalore with interests in the areas of real-estate, IT, design engineering and Healthcare. Global Tech Park has till date invested in companies like EDRC Technologies Pvt. Ltd.; Hands Free Networks, Global tech park - Tech Park Infrastructure Creation.
Source: http://www.indiaprwire.com/pressrelease/health-care/2009121839811.htm
Bengaluru, Karnataka, December 18, 2009 /India PRwire/ -- Swiss Smile Dental Clinics - Europe's leading dental service brand - today announced the launch of its India operations. Marking its first foray outside Europe, Swiss Smile is venturing into India to bring its world class services to one of the largest dentistry markets in the world. Swiss Smile Dental Clinics India will have state-of-the-art facilities and foreign trained consultants providing co-ordinated specialized next generation dental care to customers, all under one roof.
Swiss Smile is entering India through a Joint Venture (JV) between Global Tech Park - an investment firm with interests in real estate, design engineering and health care - and Swiss Smile Holdings. Global Tech Park would be holding 50% stake in the JV while Swiss Smile Holdings would hold the remaining 50%.
Speaking on Swiss Smile Dental Clinics' first foray outside Europe, Mr. Clifford Zur Nieden - Member of the Board, Swiss Smile Holdings said, "The dental segment is one of the most attractive segments of the health care industry with an estimated market size of about US$18.8 billion in 2008. Worldwide, this market is dominated by US, Europe and Japan. However, an increasingly aging population coupled with growing awareness of oral health and dental aesthetics and greater availability of improved dental treatment have boosted the growth of this segment in India. In addition, increasing disposable incomes and a large emerging middle class offer enormous potential for dentistry in India".
Elaborating on the significance of the launch of Swiss Smile Dental Clinics' operations in India, Mr. Zur Nieden said, "India needs to leapfrog to reach the level of technological development that Western countries have achieved in dentistry. India is in need of international expertise and this can only be achieved by setting up world class dental facilities like the Swiss Smile Dental Clinic. There is an enormous demand supply gap for world class organized facilities in the Indian dental market and we aim to bridge this gap".
Speaking on the plans of Swiss Smile Dental Clinics India, Dr. Sathya Kallur - CEO & Director of Clinical Operations- Swiss Smile Dental Clinics India said, "Although dental care remains a luxury for much of India's vast population, the market for dentistry is expanding as a result of the strengthening economy and an increase in the country's middle class across major cities such as Bangalore, New Delhi, Hyderabad etc. To respond to the growing consumer health care needs and expectations, we are setting up our first clinic in Bangalore followed by other markets like Hyderabad, Mumbai, Chandigarh, NCR, Ahmedabad, Chennai, Kolkata and Pune."
Articulating the vision of Swiss Smile Dental Clinic India, Dr. Sathya said, "We are planning to set up 10 state-of-the art dental care facilities in India within the next 3 years. Our vision is to provide multi-specialty dental care under one roof under the guidance of internationally acclaimed and trained dental specialists. The Indian dental market lacks an organized professional outfit and with the Swiss Smile technological expertise and state-of-the-art facilities, we are sure to bring in a positive change in the state of Indian dentistry."
Elaborating on the medical tourism potential and opportunity, Dr. Sathya said, "We also aim at contributing to the Indian medical tourism industry which is expected to experience an annual growth of 30% making it a Rs. 9,500 crore industry by 2015. The estimate of the value of medical tourism to India is to the tune of $2 billion a year by 2012. The dental tourism in India would account for 10% of the total medical tourism. In India, any dental service is 60% to 70% cheaper than Europe or the US. We therefore, aim to contribute to medical tourism in India by offering quality services at reasonable prices".
Speaking on the JV, Mr. Satish CMD - Swiss Smile Dental Clinics India & CMD - CEO - Global Tech Park - said, "The dental care segment offers a tremendous opportunity in India. We feel there is a need for a technologically advanced, world class facility providing international services to the Indian customer. Hence this JV with Swiss Smile Holding".
Notes to Editor
Swiss Smile Dental Clinics (www.swisssmile.com) - Swiss Smile Dental Clinics was started by Haleh and Golnar Abivardi and is successfully running clinics in Zurich, St. Moritz and London. The Swiss Smile Dental Clinics are dedicated to promoting healthy and beautiful teeth. Equipped with the latest technology, a team of highly qualified dental specialists take care of customers providing a truly world class experience. Swiss Smile Dental Clinics services encompass all areas of dental health including aesthetic dentistry, orthodontics, parodontology, oral surgery, emergency treatments and children's dentistry. Swiss Smile provides the security of in-house treatments at every stage, delivered by a highly competent and co-operative team which guarantees high levels of professionalism in all major areas of dental treatment.
Global Tech Park Pvt. Ltd. - is an investment company based in Bangalore with interests in the areas of real-estate, IT, design engineering and Healthcare. Global Tech Park has till date invested in companies like EDRC Technologies Pvt. Ltd.; Hands Free Networks, Global tech park - Tech Park Infrastructure Creation.
Source: http://www.indiaprwire.com/pressrelease/health-care/2009121839811.htm
Wednesday, December 16, 2009
Franchising: Yesterday, Today and Tomorrow
by Paul Segreto on December 14, 2009
As I often do on the weekends, I was searching through my personal library seeking out a book or two that might provide me some inspiration for an article or report, and this weekend, I came across a business book that was published back in 1979. The book, “Free Yourself in a Business of Your Own” by Byron Lane, caught my eye for reasons I cannot really explain. Obviously, I’ve had it in my possession for many years, yet, never opened it again since I purchased it for $1.29 at Target. It must have been a clearance book as the cover price was $5.95. Anyway, I can’t even recall seeing it when I routinely search through my library. It’s like it suddenly jumped out front and center and said, “Hey, look here!”
Well, I decided to look through the book because the back cover stated, “This book is about freedom. Freedom from an 8 to 5 regimen. Freedom from dehumanizing democracies. Freedom from job boredom. Freedom from the lock-step culture. Freedom to do your work your way.” Hmmm… not much seems to have changed although lock-step culture is not one I’ve heard of before.
Right away, my thoughts turned to franchising and I began to think about what franchising was like back in 1979. Fortunately, I didn’t have to think very hard, as to my surprise, was a chapter on franchising! It’s placement was to present franchising strictly as an alternative to other forms of business ownership, and in a book with 174 pages, the franchising chapter comprised all of 3 pages. Yes, 3 pages!
Within these pages were a series of bullet points that I found very interesting and it made me wonder how much franchising had actually changed since 1979, and if the changes have improved franchising today. Read the bullet points below and you be the judge.
- While there are no federal laws governing franchising, most states have franchise laws. Get a copy of the law in your state and read it for degree of stringency and coverage. If it is a tough law and a franchising company qualifies to do business in your state, you have one measure of security.
- Don’t believe that acceptance of you by a franchiser means they have evaluated your ability to get the job done. Some franchisers would select a corpse if rigor mortis had not set in and if it clutched in its hand a certified check for the amount of the franchise fee. Do your own introspection and decide if you can handle the franchise.
- Do not deal with profit projections or average profits. Insist on actual financial statements from a cross-section of franchisees. Then, evaluate your expected return on investment.
- Get the financial statement of the parent company and evaluate its ability to provide the services it promises.
- Read the franchise contract. It should be simple, frank, and fair, with complete disclosure, not an instrument of repression. After you think it through with your head, listen to your gut and determine if the contract fits you.
- Finally, and perhaps most important of all, is evaluation of the franchiser’s management team. You should do this from two aspects – their management ability and their humanness. If the management does not measure up to good corporate standards, you will not get the profits you seek. You may turn out okay, but they can bring you down.
Well, it’s no wonder that many individuals had a distaste for franchising. I cringed at some of the statements implying unfairness and deceit, along with an apparent free-wheeling approach to franchising. On the other hand, some of the advice was sound and still applies today.
It’s obvious franchising has changed, and for the better. But, are some of the negatives that’s were stated (or implied) above, still actually cause for concern within franchise organizations today?
I wonder what future generations will think about franchising when they discover some of today’s book and articles on the subject?
Yes, you be the judge…
*By the way, the author is listed as having several advanced degrees in business and psychology, and was a professor at a leading California university. He is also credited with developing several successful companies including a multi-million dollar franchising chain!
As I often do on the weekends, I was searching through my personal library seeking out a book or two that might provide me some inspiration for an article or report, and this weekend, I came across a business book that was published back in 1979. The book, “Free Yourself in a Business of Your Own” by Byron Lane, caught my eye for reasons I cannot really explain. Obviously, I’ve had it in my possession for many years, yet, never opened it again since I purchased it for $1.29 at Target. It must have been a clearance book as the cover price was $5.95. Anyway, I can’t even recall seeing it when I routinely search through my library. It’s like it suddenly jumped out front and center and said, “Hey, look here!”
Well, I decided to look through the book because the back cover stated, “This book is about freedom. Freedom from an 8 to 5 regimen. Freedom from dehumanizing democracies. Freedom from job boredom. Freedom from the lock-step culture. Freedom to do your work your way.” Hmmm… not much seems to have changed although lock-step culture is not one I’ve heard of before.
Right away, my thoughts turned to franchising and I began to think about what franchising was like back in 1979. Fortunately, I didn’t have to think very hard, as to my surprise, was a chapter on franchising! It’s placement was to present franchising strictly as an alternative to other forms of business ownership, and in a book with 174 pages, the franchising chapter comprised all of 3 pages. Yes, 3 pages!
Within these pages were a series of bullet points that I found very interesting and it made me wonder how much franchising had actually changed since 1979, and if the changes have improved franchising today. Read the bullet points below and you be the judge.
- While there are no federal laws governing franchising, most states have franchise laws. Get a copy of the law in your state and read it for degree of stringency and coverage. If it is a tough law and a franchising company qualifies to do business in your state, you have one measure of security.
- Don’t believe that acceptance of you by a franchiser means they have evaluated your ability to get the job done. Some franchisers would select a corpse if rigor mortis had not set in and if it clutched in its hand a certified check for the amount of the franchise fee. Do your own introspection and decide if you can handle the franchise.
- Do not deal with profit projections or average profits. Insist on actual financial statements from a cross-section of franchisees. Then, evaluate your expected return on investment.
- Get the financial statement of the parent company and evaluate its ability to provide the services it promises.
- Read the franchise contract. It should be simple, frank, and fair, with complete disclosure, not an instrument of repression. After you think it through with your head, listen to your gut and determine if the contract fits you.
- Finally, and perhaps most important of all, is evaluation of the franchiser’s management team. You should do this from two aspects – their management ability and their humanness. If the management does not measure up to good corporate standards, you will not get the profits you seek. You may turn out okay, but they can bring you down.
Well, it’s no wonder that many individuals had a distaste for franchising. I cringed at some of the statements implying unfairness and deceit, along with an apparent free-wheeling approach to franchising. On the other hand, some of the advice was sound and still applies today.
It’s obvious franchising has changed, and for the better. But, are some of the negatives that’s were stated (or implied) above, still actually cause for concern within franchise organizations today?
I wonder what future generations will think about franchising when they discover some of today’s book and articles on the subject?
Yes, you be the judge…
*By the way, the author is listed as having several advanced degrees in business and psychology, and was a professor at a leading California university. He is also credited with developing several successful companies including a multi-million dollar franchising chain!
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