“Assess your potentials right and make those potentials speak for you in your business plan. Note that you build your impression in the first 2 minutes of presenting yourself and your business, so ensure that you present your strengths first” – Yasmin Ahmad Rizwan
“Take calculated risks in business and women generally are good at taking them. Always find someone to hold you accountable and be open to taking feedback from the team you work with.” – Yasmin Ahmad Rizwan
- SWOT Analysis:
The participants were asked to take a few minutes to work out what their Strengths-Weaknesses-Opportunities-Threats in business were. Yasmin advised the participants to go over their SWOT analysis every once in a while since opportunities and threats in business change with the dynamics of your surrounding environment. Adopt and evolve after every SWOT analysis to build a long term business plan that’s sustainable for you.
“Focus on how your business adds a difference in the market. Identifying what makes you different creates your niche space in the market. It’s important to have a niche space because you can’t outdo every competitor in the market – there will always be those better than you. But what you can do is leverage on what makes you different.” – Yasmin Ahmad Rizwan
“Try not to back-calculate on your MRP by first aligning your MRP with that of your competitors. That damages your profit margin. Instead do your market research and identify who your customers are. There is a market for everything and every price. Instead negotiate hard and research on where and how to cut on intermediaries and obtain raw materials at cheaper prices. Also, give your business enough USPs to back your MRP. ” – Yasmin Ahmad Rizwan
Yasmin shared what is generally looked for in business plans. Some of which were:
- What is the nature of your business – are you a product manufacturer, a service provider or a trader (Traders are generally not given preference due to lack of ownership)
- What is the nature of competition you face
- What is the market research put into the project in terms of the location of your product or service, the location of your audience and the distance between them. The larger the distance, the higher will the cost incurred on logistics which is not desirable.
- The nature of raw material resourcing and cost incurred in the same. Realistic labour costs projected for both skilled and unskilled workers in compliance with the minimum wage laws.
- A realistic financial projection of the company’s growth over the next five years. Generally 10-15% growth per year is a realistic projection but the assumption of growth must have concrete backing.
- An analysis of the existing risks and threats to business
- Optimization of the available resources put into the business and not necessarily the profits. It’s natural to incur losses initially.
A very basic requirements of starting a business and scaling up is making sure you have a registered aadhaar number, Udyog aadhaar and a pan number. (It will also be mandatory to register for a director’s pin number, in case of private limited firms)
“Factor in your salary for the time and effort you put into the business. Also factor in all small and hidden costs like utilities, travel, fuel, postage costs etc. That will enable you to get a realistic picture of your profits/losses.” – Yasmin Ahmad Rizwan
The session ended half past 1, in the afternoon, after which the cohort dispersed for a networking lunch.
The next session of CruciBOLD YFLO Delhi is scheduled for the 7th of February at India Habitat Centre, New Delhi.