Accountancy and bookkeeping are something that every company from any industry requires. ProfitBooks accounting software solves all accounting-related problems on the cloud. This guide will explain exactly what those problems are that you as a small business owner may be facing, and how ProfitBooks simplifies the process with its easy-to-use software.

So let’s discuss the problems that growing businesses will face, which may cause chaos in their financial department.

Accounting Problems Faced By Growing Businesses

Growing businesses often face various accounting and finance-related problems as they expand and evolve. The specific challenges can vary depending on the industry, size, and nature of the business.

Here are a few common accounting and finance-related problems that growing businesses may encounter:

Cash Flow Management
Handling your company’s money can become quite a puzzle as your business grows. You’ll find yourself juggling the money you’re owed with the bills you need to pay, and not having enough cash when you need it can slow you down. So, it’s like maintaining a balance between incoming and outgoing money and predicting how much cash you’ll have at different times.

See how ProfitBooks can record general expenses and inventory purchases.

Financial Reporting and Compliance:
When your business expands, you’ll start having to deal with more complicated financial paperwork. This means keeping the taxman happy and following all the rules that apply to your industry. If you don’t, you could get into trouble, and nobody wants that. So, it’s about keeping your financial records accurate and making sure you report your financials correctly.

Learn how you can view reports in ProfitBooks software.

Bookkeeping:
Think of bookkeeping as the day-to-day financial diary of your business. It’s like recording every financial transaction, from buying supplies to selling products. If you neglect this, you’ll lose track of where your money is coming from and going. So, it’s all about keeping a clean and organized financial record.

If you’re interested in a bookkeeping business, this detailed guide will assist you.

Tax Filing:
When tax season rolls around, you’ll have to report your earnings to the government and pay the taxes you owe. If you get this wrong, it can lead to fines or audits. Think of it as your financial responsibility to Uncle Sam. So, it’s making sure you file your taxes accurately and on time to avoid any unwanted attention from the tax authorities.

This is how you can file your taxes using ProfitBooks.

These problems may sound like a hassle or too complex to put your mind to, but as an entrepreneur, you already have many more important things to do that directly affect your business.

ProfitBooks manages all these problems and much more on the cloud. Forget Excel or downloading large memory software to manage your accounts. Let’s see how exactly it operates and discuss the features of this free-to-use software.

ProfitBook Features That Simplify Accounting

1. Cloud-based software

In today’s digitally connected world, it is a given that we operate all business on the cloud. Even large accounting software like Tally has only recently become available on the cloud and the process of registering is too complex as it requires communicating through a ‘partner’. Also, the pricing is higher than most software out there.

In contrast, you can get ProfitBooks for a lifetime and unlimited users at the same cost as TallyPrime for one user. Plus ProfitBooks might solve more small business-related problems than Tally, which you can check for yourself in this ProfitBooks and Tally comparison guide.

Cloud accounting services, like ProfitBooks, store data on super-secure cloud servers, far more robust than regular office computers.

These servers are guarded by powerful anti-virus tools and monitored round the clock by a dedicated team. They also boast advanced surveillance and access controls, with data centers patrolled 24/7 and access granted only on a need-to-know basis.

Backups are meticulous, and historical data can be swiftly restored. The system is designed for minimal disruption, even during natural disasters or system failures. It’s regularly certified by third parties, ensuring top-notch security controls.

Businesses are increasingly opting for cloud accounting software like ProfitBooks, which offers enhanced security, and affordability, and eliminates the need for businesses to invest in data security efforts.

Read this detailed guide on the benefits of cloud accounting to know exactly how it is miles better than the traditional installed software.

2. Sending invoice pdf through email with payment link

Imagine raising invoices with the payment link to your client’s emails directly from your accounting tool. This will smoothen up the process of payments for both yourself and your clients.

This is one of the most startling features of this software, for which you can read the detailed step-by-step guide and set up this feature. It’s very easy!

First, you will have to integrate your Instamojo account with ProfitBooks. We have linked the integration guide to help you out.

Once you create a Payment Gateway and integrate with ProfitBooks, please visit Income > Invoices > Create a new Invoice.

Click on the Invoice. At the bottom, you will get an option to Generate a Payment Link via InstaMojo. Click on the same. The link will be created and can be attached to the Invoice while sending emails from ProfitBooks. It’s as easy as that!

                                                         Instamojo Payment Link via ProfitBooks

3. Multicurrency Support

When you’re offering services to clients from other countries, it’s often handy to make invoices in their own currency, not just your own. ProfitBooks can help with this because it lets you do accounting and create invoices in multiple currencies.

When you add new customers or vendors, you simply need to tell ProfitBooks what currency they prefer, and it’ll automatically use that currency in their invoices and other financial records.

                                                        Multicurrency accounting & invoicing feature in ProfitBooks

If you’d like to know in depth how you can record transactions, and expenses, and create invoices in any currency, read the multi-currency guide of ProfitBooks to know the process.

4. Efficient Employee Payroll Records

Delays in releasing salaries can take a toll on the morale of the employees and ultimately affect the business productivity. With ProfitBooks, you can easily manage the payroll and make timely payments to the employees.

In their detailed payroll setup guide, the software company has explained in detail how you can add pay heads and set salaries for each employee to record the payroll efficiently. Check it out!

Managing payroll with this software offers numerous advantages. It simplifies the often complex task of paying your employees accurately and on time. The software automates calculations, ensures tax compliance, and generates detailed reports.

Plus, it saves valuable time by reducing manual data entry.

With ProfitBooks, you can easily track employee records, tax deductions, and payments, resulting in streamlined, error-free payroll processing, which is crucial for both small and large businesses.

You can follow this simple guide to access payroll reports in the software.

5. Advance inventory management features

ProfitBooks simplifies inventory management with its cloud-based system.

It streamlines your workflows, making purchase requisitions faster and more efficient. One-click conversion from Purchase Orders to Purchases saves time and ensures accuracy. The system seamlessly connects with accounts payable, cash management, and inventory, eliminating redundant data entry.

Say goodbye to human errors and enhance your productivity.

ProfitBooks offers real-time insights into inventory valuation, low stock, pending orders, stock wastage, and detailed transaction reports, providing you with instant, at-a-glance information.

With over 45 filterable reports, you can easily drill down to uncover hidden details, eliminating the need for tedious manual data gathering from various sources.

How Recognized Is This Software?

ProfitBooks has been recognized by industry-standard software review companies like Capterra, SoftwareAdvice, G2, GetApp, and many more.

In fact, the software has been recognized and awarded in multiple categories.

Whether it be winning the Hot 100 Startups award in 2014, in which a panel of 26 jurors was selected. The award was given to the CEO of the company, Mr Harshal Katre, who says that it’s all a result of the efforts put into making it one of the best accounting software for Indian SMBs.

                                                                                 ProfitBooks wins Hot 100 Startups Award 2014

Mr. Katre has also been interviewed by Goodfirms where he discussed all the features of ProfitBooks in detail. You can read the original interview here or if you’re in a hurry read the synopsis with the entire feature list mentioned here.

Also, Village Capital, which is an early-stage investment fund and accelerator held a program ranking the top 10 fintech companies in India. In 2015, they conducted the ‘FinTech India 2015’ accelerator program in partnership with the DBS foundation and Paypal. In this program, ProfitBooks was in the top 3 fintech companies that year and has been awarded the same.

So yes, ProfitBooks is a recognized software globally with users from India, Australia, UAE, Kenya, South Africa, and many more countries. Its ever-expanding and problem-solving nature is what skyrockets its success.

So now let’s get into the final section of this review; pricing.

Is ProfitBooks 100% FREE To Use?

Yes, ProfitBooks accounting software can be used by a single user for a lifetime without spending a single buck. There are certain limitations like creating up to 25 invoices and adding only one user, however, all the features are available to the user from the get-go.

However, if you’ve fallen in love with this software and would like to use it with ZERO limitations, the pricing in India starts at a low cost of ₹499/- per month or ₹4999/- per year for Indian users and $15/- per month or $150/- per year for foreign users. These prices are super affordable if you simply look at the immense features that come with the software.

As this is a pay-as-you-go service, you’re not bound to use the software forever, nor are you bound by any contract. If you’d like to switch to another software or stop using this one, you can simply export all your data and take it with you.

Because this software is so popular, they were getting many requests to buy the software forever. ProfitBooks has just that solution of a ‘Lifetime Deal’ which you can get for a mere cost of ₹18,000/- for Indian users and $299/- for other users. This cost can be reduced or increased based on what features you are looking for, so you should contact their sales team to get more lucrative deals.

You can also contact their official WhatsApp support at +91 7820968173 and you’ll definitely get a response within 24 hours. You can even go to the contact page and click on the chat section in the bottom right corner of your screen. This is a direct way to contact as well.

View the pricing plans of the software here.

Signup Now

You Can Earn With ProfitBooks!

You heard us right!

There are a total of two ways in which you can earn with ProfitBooks; becoming a white-label partner or referring the software using the affiliate link.

How Whitelabel Works

Normally, SaaS or online software is provided by companies as a general product. Examples could be Quickbooks, Sage, Zoho, or even ProfitBooks. These companies decide the product features, and pricing and have control over the product branding.

With private-label or white-label solutions, you get the freedom to customize the application as per your needs. You can host it on your server, distribute it under your brand, and sell it at your price.

So, a white label software provider acts like your technology partner and your customers get the feature-rich application under your company’s banner.

You can contact them here to enquire about the white-label deal.

How Affiliate Links Work

The ProfitBooks Software Reseller Program offers fantastic opportunities to grow your business and boost profits. Whether you’re in software distribution, advising SMEs, or in B2B SME business, you can expand your product range by becoming an authorized ProfitBooks reseller.

This means you can offer online accounting software to your clients and enjoy several key benefits, like monthly earnings payouts, a share of renewals for recurring income, a dedicated partner portal to track your clients, a highly competitive commission structure (up to 50%), quality training and support, marketing collateral support, and all this with a minimal investment. It’s a win-win opportunity!

Get detailed information and contact for the affiliate partner program here.

The Best Part About ProfitBooks

For most accounting software, you have to pay much extra simply to get reliable support. From our own experience, we have seen that the support is neither direct nor very helpful in solving problems in real-time.

With ProfitBooks support, which is available for free users as well, you’ll never face any such issues.

The support team here will reach out to you once you sign up for the first time and they proactively provide free demos to solve any problems you might face in the software as a first-time user. They have the fastest responding and highly efficient support team compared to most software.

You can be assured while using ProfitBooks that your queries will be answered the same day you raise them. This by far, is the smoothest and best feature of the accounting software company.

Summing Up

ProfitBooks accounting software shines as a comprehensive, user-friendly solution that empowers businesses with efficient financial management. With its cloud-based platform, it seamlessly automates various accounting tasks, from invoicing to payroll.

The software offers multi-currency support, ensuring flexibility for businesses dealing with international clients. Its intuitive interface simplifies complex financial operations and minimizes the risk of errors, enhancing overall productivity.

ProfitBooks further distinguishes itself through its robust inventory management and insightful reporting capabilities, providing real-time visibility into business performance.

It’s a cost-effective, reliable choice that streamlines operations, making it a smart investment for businesses of all sizes, leading to smoother financial processes and informed decision-making.

Frequently Asked Questions (FAQs)

There are several common questions that people may have regarding the use of the software. The major ones that reflect the pain points of the majority of the people are listed below:

Q1. What is ProfitBooks?

A1. ProfitBooks is an online accounting and payroll management software for small businesses. It helps you organize your office finances and keeps track of all activities related to your business. It also complies with managerial accounting standards. It hides the complex accounting terminologies and presents a very easy-to-understand user interface that anyone in your organization can understand.

Q2. How safe is my data in the software?

A2.Your data is much safer at ProfitBooks than at your office or home computer. ProfitBooks is hosted on state-of-the-art infrastructure with redundancy which means, that if one site goes down, the application will be accessible from another site automatically. Hourly backups are taken to protect the application data. They have a team of IT experts who continuously monitor the servers.

ProfitBooks uses 256-bit encryption which is similar to bank-level security to protect the data transfer from hackers. We have also acquired an SSL security certificate from the leading authority COMODO.

Read more about data trust & security.

Q3. Do you have phone or email support?

A3. Certainly! ProfitBooks provides support services available by phone from 9 a.m. to 7 p.m. on weekdays. Users can also reach out via email at support@profitbooks.net. Registered users have the option to contact support directly from the application by clicking on the ‘?’ icon located on the top menu bar. ProfitBooks strives to respond to queries within the same business day.

Q4. Are there any discounts for NGOs or Startups?

A4. Yes, ProfitBooks has a special affinity for startups. For businesses with less than 2 years of operation and for NGOs, a 25% discount is available on Professional and SMB plans. Interested parties will be required to provide essential documentation, and they are encouraged to reach out to ProfitBooks for further information.

Q5. I want to migrate from Quickbooks or Tally. What are my options?

A5. Certainly! The company would be delighted to have them on board. Their support staff and experienced accountants can assist in the transition from Tally or Quickbooks (which has discontinued its services in India). You’ve made a good decision! ; )

As Quickbooks is no longer in India, you can refer to this guide to help you migrate from it to any other accounting software. It is recommended that you contact them before you start migrating, as the support team will hand-hold your entire migration process.

If you’ve made up your mind to switch to ProfitBooks, this guide will help you migrate vendors or contacts smoothly into the system.

The post ProfitBooks Accounting Software: FREE Tool To Manage Complex Bookkeeping. appeared first on Fixbracket.

WhatsApp is a messaging app used in over 180 countries with over 2 billion active users and counting. It is one of the most popular cross-platform messaging applications on the planet, and it is used by companies of all sizes to communicate with their customers and employees.

This blog will show you how to set up WhatsApp for your business and start using it to communicate with your customers and employees. You can improve your company’s communication processes and keep everyone informed on your products and eventually increase sales.

What is WhatsApp Business?

WhatsApp Business is a messaging service for businesses. It provides a fast, reliable, and secure way to communicate with customers, vendors, and team members.

It has many features that make it perfect for use by small growing businesses. These features include:

• easy access to the account and message management tools
• the ability to send and receive messages with large groups of people
• powerful marketing tools that allow businesses to reach out to their customers more effectively. It comes with several features namely – a catalog, quick replies, automated messages, and broadcasts.
• WhatsApp also offers a feature called Voice Messaging, which lets you record and send voice messages directly from the app. This is helpful if you want to provide customers or clients with quick updates without having to leave the app or send an email.

WhatsApp is perfect for small businesses because it’s easy to use, has no overheads attached to it, and has an extremely high engagement quotient – Customers find it easier to message rather than call, as they can save their messages as a reference point.

Here are just some of the benefits of using WhatsApp for your business:

Increased Engagement:

One of the biggest benefits of using WhatsApp for your business is increased engagement. Because it’s a messaging app, you can engage your customers and vendors instantly. This makes them more likely to return and recommend your business to their friends.

Customers are loyal to businesses that value their time, so providing them with quick and easy communication is key. Using WhatsApp, you can keep your customers informed about important updates, offers, and product releases without waiting a long time between messages.

Reduced Costs:

Not only does using WhatsApp save you time, but it also reduces costs associated with other forms of communication such as email marketing and telephone calls. You can easily send messages to a large audience using WhatsApp Business without the costs associated with marketing campaigns or telephone calls.

Is there a monthly cost to it?

WhatsApp Business is free to use for SMEs and if you’re deploying WhatsApp Business Platform (also known as the API) then up to 1000 message conversations per month are free. After that WhatsApp charges a fee per conversation.

A conversation is a single 24-hour session that starts as soon as a business contacts a customer or responds to a customer’s initial message.

All messages that are sent or received within the 24-hour session fall within the conversation fee.

However, when your audience messages you directly from a Facebook Page call-to-action button, the conversation is free.

WhatsApp Business Platform applies to companies that rely on multichannel customer service tools.

Here’s an infographic to explain the difference between all the WhatsApp propositions –

For the user, there is no cost to initiate a discussion, raise and respond to a query to your WhatsApp Business number.

You can find more about the rates on the WhatsApp Business website.

Ways to use WhatsApp for Business

WhatsApp Business helps you stay connected in a personalized manner with your customers. The best way to stay connected with your customers and build the business further is by using these features –

Complete your Business profile

The profile is a concise summary of the essential information that your customer needs to understand about you.

Create a Catalog of your products

Create catalogs using images and videos of products. Customers can add these to their shopping carts.

Greetings, quick replies, and automated conversations

Prepare a list of canned messages (prescribed replies/template responses) of frequently asked questions. Add up to 50 quick replies with assigned keywords as shortcuts to use in conversations.

Set up custom greetings, salutations, and welcome messages for active and inactive customers.

Trigger automated messages such as ‘away messages’ when you’re not in the office.

WhatsApp is a messaging app that has exploded in popularity in recent years. It’s free to download from Google Play and Apple stores and use and can be set up quickly and easily by most businesses.

Here are the essentials for setting up WhatsApp for your business:

Choose a WhatsApp account that’s relevant to your business.

You don’t need a personal account to start using WhatsApp for business, but you need a separate account for each business. This way, you can track which messages are from which account and avoid confusion or conflict over who sent what.

Every WhatsApp account is to be connected to a single number only. You can convert your private account to a Business account.

Create a profile for your business.

When you create your business profile, include information like your business’s name, website address, and contact details. You can also add images and descriptions of your services or products.

Set up alerts for important messages.

You can set up alerts so that you’re notified immediately when important messages arrive from clients or customers via WhatsApp. This way, you’ll never miss an important message from anyone important!

Manage Your WhatsApp Business Account

WhatsApp is a popular messaging application that is used by billions of people all over the world. While it is primarily used for communication, businesses can use WhatsApp to communicate with their customers.

First, create a WhatsApp business account if you don’t have one already. You can find instructions on how to do this here. Once you have created your business account, log in and click on the ‘Admin’ tab. This tab contains your account information, including your phone number, profile picture, and contacts list.

Next, you will need to set up your business profile. This is where you will describe your business and what services it offers. You can also add images and videos to your profile if you want. You should also add a short biography about yourself or your company. You can find more information about creating a business profile here.

Once you have set up your profile, you will need to start messaging customers and partners. First, select the ‘Message’ tab from the Admin tab.

Conclusion

WhatsApp is now one of the most popular messaging applications in the world and with good reason. It’s simple to use, fast to send and receive messages, and can be used for various purposes – from responding to customer queries to marketing your products. If you run a small business, then WhatsApp could be a powerful tool that helps you communicate more effectively with your customers and vendors.

The post WhatsApp Business for SMEs. appeared first on Fixbracket.

Technology and social outreach have made it uncomplicated to use online crowdfunding platforms to raise funds for business ideas, non-profit purposes, or personal needs. To date, people around the world have raised over $34 billion using these platforms and are using easy-to-use tools that provide a seamless experience for both fundraising and their donors.

The global crowdfunding market is expected to reach a value of $42.93 billion by 2028, at a CAGR of 16.40% over the forecast period 2022–2028 (yahoo finance).

Crowdfunding Platforms

Every large enterprise that we know today was once an idea, and it takes years maybe decades of learning, unlearning, resilience, and conviction to turn it into a successful business. You may have the courage but lack the resources to start a business. Your idea may never take off with capital infusion.

Today’s crowdfunding platforms are enabling aspiring entrepreneurs to realize their dreams. Major investors and venture capitalists may not be ready to just invest in ‘ideas’ yet Crowdfunding is a great way to help startups generate start-up capital for their business. That’s the upside in the reach of the internet.

Crowdfunding is a fundraising practice for projects that internet users see as promising. Their contributions may be small, but good sales can help you expand your ideas into a successful business much faster than you might expect.

Let us look at some of the most popular global crowdfunding platforms:

Kickstarter

• Fee: 5% of funds raised
• Ideal for: Startups, Inventors, Filmmakers, Artists, Techies, Content creators, Designers, etc.
• Model: Reward-based. Investors who support a project on Kickstarter will expect to receive rewards that can be in the form of a product prototype.

Kickstarter is one of the largest global crowdfunding platforms. This is a prolific crowdfunding platform for aspiring entrepreneurs, inventors, and startups. Since its launch in 2009, 22 million people have participated in 231,952 successfully funded projects.

The top categories are Games, Music, Film & Video, Art, and Publishing

GoFundMe

• Fee:  2.9% + 30 cents on transactions
• Ideal For: Individuals and Corporate charities
• Model: Donation-based

Since its inception in 2010, GoFundMe has a global community of 100 million people with $17 billion+ raised. There have been 200 million+ individual donations on the platform.

Indiegogo

• Fees: 5% of total funds raised
• Ideal For: Techies, Startups, inventors, small businesses, community/charity causes, etc.
• Model: Reward-based

The Indiegogo community has backed 800,000 innovative ideas since 2008. There are ~19,000 campaigns that are launched on the platform. The benefit of using Indiegogo is the provision to continue running your campaign even if you don’t reach your funding goal. This feature is not available on all crowdfunding platforms.

Seed&Spark

• Fee: No platform fee
• Ideal For: Creators, Artists, and Filmmakers
• Model: Reward-based

Seed&Spark operates in a niche space. Filmmakers and content creators can fund their projects and receive production support from listed partners. Seed&Spark fans have raised over $39 million in over 3000 movies and projects.

A comparison of crowdfunding platforms –

(seedandspark.com)

Fundable

• Fee:$179 a month to fundraise, 3.5% + $0.30 per transaction for merchant processing
• Ideal For: Small businesses and startups
• Model: Rewards as well as Equity-based

Fundable is a popular platform among startups as founders can launch equity crowdfunding campaigns to raise capital from venture capitalists, angel investors, and accredited investors. The platform offers a range of funding options, as well as access to a plethora of resources for startup entrepreneurs.

Wefunder

• Fee: 7.5% of the total amount raised
• Ideal For:  Startups
• Model: Equity-based

Over 1000+ companies have received funding through Wefunder. For as low as $100 anyone can invest in startups.

How can you get your business idea out there?

One of the biggest attractions of crowdfunding is that anyone can do it. Many crowdfunding platforms allow users to create campaigns to raise funds for their efforts in a few simple steps.

However, online crowdfunding has some issues and cannot guarantee success. Taking the necessary steps before starting your campaign will increase your chances of achieving your goals. Every business idea is unique in itself, for every business idea, there are people out there ready to invest and see the idea grow into an actual product.

Crowdfunding platforms are a great and easy way to do just that, you just have to find a platform that is catered to your needs and the business idea that you will be putting forward.

Crowdfunding platforms have their promotions and you can get on them by paying a small fee in the form of advertisement fees. Once your idea is out there it is completely up to the public and whether they find the business idea interesting enough to donate.

Some examples of business ideas that have gone through crowdfunding

Oculus

(occulus.com)

Oculus, a virtual reality headset purchased by Facebook in 2014 for $ 2 billion. But before that, the company started by raising $ 250,000 on Kickstarter to produce the Oculus Rift headset. In 4 hours, the campaign reached its goal. The campaign eventually raised $ 2.4 million.

Fidget cube

Nicknamed ‘Children’s Toys for Adults,’ the toy raised $ 6.4 million on Kickstarter. Its simple design has led to dozens of copies of the toy, but it is still popular among super-energetic adults working in an office environment.

(kickstarter.com)

Companies that made it big after crowdfunding

Brewdog was founded by James Watt and Martin Dickie in 2007. Brewdog has raised £126m through crowdfunding. BrewDog claims to be valued at around £2 billion which is over 10 times its net revenue.

Monzo was launched in 2015 as a new type of bank that was based operated by users on an app. Monzo broke the record for the quickest crowdfunding campaign in history by raising £1m in over a minute and a half. Monzo has 6 million customers in the UK and now has entered the US market.

How do you launch a crowdfunding campaign?

Once you’ve finalized a platform for your business idea, here are some tips to get started on your campaign –

1. Define your crowdfunding goal – How much do you want to raise?

2. What are you offering investors – The offer could be in the form of equity in your company or a reward, e.g., a unit of the product that you’re raising the campaign for. You can also introduce levels of rewards depending on the size of the investment.

3. Communication is key – Ensure that your marketing message is simple and clear, and potential backers understand what they’re investing in. Nothing tells a story better than a video. Have a social media plan in place to market your campaign.

4. Bet on your inner circle – If your family and friends like what you have to offer, ensure that they invest at the beginning of the campaign. This will help increase traction and provide confidence to potential backers of your project or business.

Conclusion

While we established why crowdfunding is an option to get your startup or project off the ground, let’s look at the pros and cons of crowdfunding.

Pros

• You may not have to give away equity
• It’s the best way to test a product
• Crowdfunding is the first milestone in your long-term funding goal
• Crowdfunding platforms manage the entire process of fundraising – launching a campaign, managing payments, and interacting with potential bakers.

Cons

You may not always receive positive feedback. You will have to persist if you feel that your idea is worth pursuing. Negative feedback may also sway potential investors in the other direction.

At the end of the day, you, as the founder will have to market your product, crowdfunding platforms connect you with potential backers who are (registered) members of the platform that you’re on. There are investors beyond the platform. Products and businesses have been known to fail because they’ve been poorly marketed.

The post Can I Get My Business Off The Ground With Crowdfunding? appeared first on Fixbracket.

You have a startup idea that’s been vetted by your audience but doesn’t have the resources to make it a business yet. Where do you go if you need seed money the advice to give shape to your business idea or if you’re hard-pressed by this incessant desire to take your MVP (Minimal Viable Product) to the next level?

You may have heard of Incubators and Accelerators, but what do they do exactly?

What Is The Difference Between An Incubator And An Accelerator?

Incubators provide entrepreneurs with an environment to nurture their startup idea and Accelerators (as the name suggests) accelerate the growth of existing companies with a Minimum Viable Product (MVP). The role of an Incubator ends when a startup has a solid business idea or product to present to investors or potential customers. Accelerators design programs for specific months where entrepreneurs receive mentoring and funding for their businesses.

To be honest, rarely do startups get interest from investors based on an idea, an MVP is the pull.

Let’s understand the importance of an MVP.

A minimal viable product is the basic version of a product or service that a company intends to market. By offering a basic version, companies want to ascertain the acceptance of the product or service from prospective customers.

There are many challenges for new entrepreneurs in any field – the what, why, when, and how must be addressed. It’s not easy for someone who is starting for the first time. It can be overwhelming, ng particularly at a micro-level.  Startups have to bootstrap and may not have the ability to manage many of the costs involved in starting up by themselves. Therefore, the resources – services, processes, and infrastructure, provided by Accelerators and Incubators, that help startups reduce costs are particularly important. Startups save money on office space and shared skills offered by these entities. Incubators and Accelerators are both important to the startup ecosystem. They can be private organizations or government bodies.

What Role Do They Play For Startups?

Role of an Incubator

What can an Incubator do for your startup idea?

This question isn’t as simple as it sounds, so some background information might help. The first business Incubator was founded in 1959 in Batavia, New York. The Batavia Industrial Center provided short-term leases, shared office supplies, management consulting, and secretarial services to a wide range of businesses, including ones that were incubating (hatching) chicks. The similarity between raising young chickens and supporting small businesses has led to the use of the term “Incubator” to describe business models.

However, the concept of sharing resources between startups did not spread until the 1980s. Since then, the term business Incubator has expanded to incorganizationstions that provide a variety of resources. This can make it more difficult for startups to find the right Incubator.

EntreprMagazinegazine defines an Incubator as an entity accelerating the growth and success of entrepreneurial companies through a variety of business support resources and services, such as physical space, capital, training, shared services, and network connectivity. It is defined as a ‘design organization’.

Some Incubators select entrepreneurs through an application process, while others only work with past companies or entrepreneurs from their network. Certain Incubators focus on specific areas e.g., women entrepreneurs, social enterprises, businesses in specific see, actors, etc. Incubators often also target startups in geographic locations.

Alternatively, they tend to require attendees to relocate indefinitely to coworking spaces and local communities. Entrepreneurs can gain plenty at an Incubator by interacting with other entrepreneurs, validating ideas, capturing feedback, and creating business plans. Intellectual property and legal issues are also considered and addressed. The Incubator process usually takes months and ends with a presentation by the entrepreneur to the incubator community and investors.

Popular Incubators in Asia

Venture Catalysts

Venture Catalysts is a full-service incubator that provides investment, mentorship, and networking opportunities. The investment size is between $200,000 to $2 million and is sector agnostic

• Country: India
• Founded: 2016

NASSCOM’S 10,000 Startups

The 10,000 Startups Incubate ‘Warehouse’ program provides co-working space, mentorship, and networking opportunities for tech startups. Each warehouse is funded by the respective State Government. If you wish to opt out of the physical space option, you can apply for virtual incubation.

• Country: India
• Founded: 2013

X21 Digital

X21 Digital helps blockchain projects succeed by incubating, advising, funding, and supporting them.

• Country: Singapore
• Founded: 2020

Role of an Accelerator For Your Startup Idea

The first business Incubator may not be well known today, but the first business Accelerator is certainly well known. Y Combinator (aka “YC”) was founded in Boston in 2005 and soon moved to Silicon Valley. YC chooses a group of startups called “collections,” who participate in an intensive 3-month program that ends on “Demo Day.” These startups want to impress other investors who may finance them. YC serves as a model for many other accelerators, and the general model is the same in many industries – an application process, cash and stock investment, extended programs including mentoring, investor networking, demonstration, days and events organize a dinner where entrepreneurs with their teams meet successful entrepreneurs and business leaders. Many other accelerators follow the YC model.

The design of each acceleration program is different, but the goal remains the same – to accelerate the rate at which the business moves forward. Accelerators provide startups with funding, skills, resources, and a roadmap.

Popular Accelerators in Asia

Brand Capital GSV

BC-GSV runs a 15-week accelerprogramramme that provides access to mentorship from leaders in India and Silicon Valley. Apart from this it also provides media investment through the Times of India Group, which makes it unique from other accelerators.

• Country: India
• Founded: 2016

Long Hash Ventures

The Programme is designed for tech companies in Web3. It offers Technical Mentorship, Community building, Product strategy, and Funding.

• Country: Singapore
• Founded: 2018

Accelerating Asia

Accelerating Asia is an early-stage venture capital fund focused on Southeast and South Asian pre-Series A firms. It invests up to US$250k.

• Country: Singapore
• Founded: 2018

Primer

Primer selects entrepreneurs, invests seed, funds, and provides them with mentoring and other support services to help ensure successful outcomes.

Primer invests in start-up teams in fields such as consumer/internet technology, software, healthcare, and HW&SW convergence.

• Country: South Korea
• Founded: 2010

Conclusion: What Works Best For Your Startup Idea?

(universitylabpartners.org)

Before you decide what best works for your startup idea, keep in mind that several parameters will help you decide –

Does the entity have a track record of success stories in your sector?

The size of the initial investment and the structure of the deal.

Is the entity geography-specific?

The team, the network, and the infrastructure.

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