Blog Page 245

Nominee NPS – How to change nominee in NPS online?

Shitanshu Kapadia
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Nominee NPS – How to change nominee in NPS online?

Now you can change nominee of NPS account online!

Changing nominee for the NPS account was a difficult job earlier. The subscriber was required to visit NPS POP physically and submit the form for nominee change called as S2 Form. Now this entire process is online. You can change the nominee online with a click of a button. The entire facility is e-sign and OTP based.

Here is step by step guide to change add and update nominee detail in the NPS account.

Nominee NPS – How to change Nominee in NPS Online?

Subscribers need to follow the steps given below to change nomination in NPS online.

#1 Visit CRA NSDL website to access your NPS account.  Log in using your PRAN number and Password. If you don’t know how to register and open NPS account you can go through my previous article – How to open NPS account online?

#2 After login you will be able to see the navigation menu. From the navigation menu click on the option ‘Update Personal Details’ under ‘Demographic changes’ menu.

update personal detail NPS CRA NSDL

#3 Once you click on this menu you will able to see “Subscriber Modification” screen. Under subscriber modification, you will be able to see the following options

  1. Upload Photo and Signature
  2. Opt for Email Annual Transaction Statement
  3. Add/Update Permanent Account Number (PRAN) Form-60
  4. Add/Update Nominee details
  5. eSign Download (Nomination Modification)

Nominee NPS - Subscriber Modification

#4 Kindly select Add/Update Nomination details. You will be prompted with a message –

The Nominee details update functionality requires OTP authentication. You need to ensure that your updated mobile number is registered with CRA and UIDAI (Aadhaar service provider) for OTP authorization. The process of nominee details will be completed after successful eSign and submitting the OTP. Please confirm, if you want to proceed further to Update/Add Nominee details.

Now select the Tier Type for which nomination details need to be updated.

#5 Once you select the Tier Type you will be taken up to a new page called as Nomination detail. The Image screenshot is given below.

#6 You will be able to see the current nominee detail. If you wish to change nominee you need to input new nominee details such as Name, Major/Minor, Date of birth, Relationship, Percentage Share and address. After inputting details press “Save” button.

#7 Once details are saved and confirmed you need to submit One Time Password (OTP) received on your registered mobile number. It is mandatory to register your mobile number with CRA.

#8 Once you submit One Time Password. You are required to e-Sign to authenticate changes done by you. Click on ‘e-sign and download’. You can also add multiple nominations.

#9 Now you will be taken to a new page of e-signature where you need to e-sign by entering your Aadhaar/Virtual ID. After entering you need to click on ‘send OTP’. You will get OTP on the Aadhaar registered mobile number.

#10 Enter OTP received on your mobile number and click on Verify OTP. After verification, the nomination details will be updated in NPS records. In case your access is under the category of Government/Identified Corporate sector, the authorization is required by the associate nodal office/corporate for updating records.

The entire process given above is paperless and does not require any physical visit to CRA POP. You can do the entire process online with a click of a button.

NPS Nomination rules

Nomination rules set for the NPS account are given below.

  • If the subscriber has family at the time of updating the nominee, the nomination is mandatory in the favor of family members. One or more people from the family can be assigned as a nominee. The total nomination percentage should be 100%. Any nomination made in favor of a non-family member stands invalid.
  • On the marriage of the subscriber, the fresh nomination is required to be made. Any nomination made before marriage in this case stands invalid.
  • If the subscriber has no family member at the time of updating/applying for a change in nomination, he/she can nominate any person as a nominee. However, if a subscriber becomes part of any family at a later stage old nomination becomes invalid. The subscriber is required to add fresh nomination in the favor of one more person from his/her family.
  • If a nomination is made in the favor of minor (child) full or partial, the subscriber can appoint major person of family as guardian. If no major person present in the family, the subscriber may appoint any other persona as guardian of minor nominee.
  • Nomination made in the NPS account can be changed/updated at any time by the subscriber.

Family Members in case of male subscriber means –

  • Legally wedded wife
  • Children Married or Unmarried
  • Dependent Parents
  • Deceased son widow and children

Family Members in case of female subscriber means –

  • Legally wedded husband
  • Children Married or Unmarried
  • Dependent Parents
  • Husband Dependent Parents
  • Deceased son widow and children

In any of the above cases, if the child of a subscriber is adopted by another person by law (adoption is legally recognized) the child shall be considered as excluded from the family of the subscriber.

Over to You

It is very easy to change the nominee in the NPS account online. The entire hassle of changing nomination physically is eliminated. The complete process is online and nominee modification add/remove/change can be done with a click of a button completely paperless.

If you have not changed/added nominee in NPS account, you should follow the steps given above to change the nominee in NPS.

How to Increase Business? – 5 Powerful Sales Techniques

Shitanshu Kapadia
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0
How to Increase Business? – 5 Powerful Sales Techniques

I am running a small business. Nowadays facing a lot of difficulties in the business. Kindly advice what to do? How to Increase Business?

This question was recently asked to me by one of the blog readers.

Well, it is a known fact that we are going through a bad phase. Almost every business is going down. For many people, it is a problem of survival. If you are in the same boat where your business is down and you want to increase your business & sales. You are at the right place. In this post, I am going to share 5 Powerful Sales Techniques. These techniques are proven and adopted by most of the successful businessmen. I am sure you will be able to bounce back in your business if you adopt these techniques.

Increase Business

How to Increase Business? – 5 Powerful Sales Techniques

#1 Make the customer hero 

The first sales technique is simple yet very effective. In this technique, your customer is your hero. If you want your customer to buy from you, tell their story not your story. In the story make sure you are solving a customer problem and making him/her hero.

Please understand the customer’s behavior before selling a product. Customer does not buy a product that places themselves as the hero in the story. They buy a product in which the customer is hero and the problem of the customer is getting solved by the product. In other word sell the solution show the benefits to the customer.

Let’s try to understand this by practical example. – You might have seen the advertisement of WhiteHat Junior. Every campaign of WhiteHat Junior Kid is projected as a hero with a surprise element that your Kid can make App in small age also.

WhiteHat

The second Example is an insurance agent. If you want to sell an insurance policy, don’t project the insurance policy (product) as the hero. Keep your customer as a hero and tell him/her story. In story telling tell the benefit of the product and how it can sell customer’s problem. It is like in every movie hero struggle with a problem and a wise mentor understands that problem and solves it. In this case, you need to show your customer that how an insurance policy can change their financial conditions in the future and they can live a better life.

Also Read – 250 Small Business Ideas with Low Investment

#2 Relationship & Trust based sales technique 

The second important and most powerful sales technique is the relationship & trust-based sales technique. This technique says that creates a customer by making them a friend. Try to establish a relationship with the customer. Relationships and trust will always help to close sales.

Let’s understand this by practical example. Whenever I visit the nearby store the store person tries to welcome me by taking my name. He tries to give me importance. It is like creating a personal relationship with human aspects. This is to establish a trust to increase the sale. More Trust means more sales.

It is very simple people buy a product from the person to whom they trust. The second example could be a barbershop or salon. In 99% cases, we visit the same barber or hairdresser. The simple reason could be we trust them. They know our preferences like hairstyle. What we like don’t like etc.

It is like think relationship not transaction. Your relation with a customer would be more personalized rather than a business relation. Once you do that you will be able to establish trust with a customer. More trust more transactions. Less trust no transaction or fewer transactions.   

#3 Begin with Urgent Problem

The third sales technique is don’t solve the customer’s problem try to solve the urgent problem of the customer. If you want to find good customers try to find a person who is surrounded by problems. This model is also known as AIDA model. Attention, Interest, Desire, Action.

  • Attention – Find out the urgent problem of the customer and get customer’s attention.
  • Interest – Create interest in your product
  • Desire – Showcase benefits and generate desire
  • Action – Customer will take action and buy a product from you.

Another way of understanding this technique is by ARC.

  • A – Ask the problem of the customer
  • R – Recommend product solution for selling
  • C – Close the deal

#4 Dream Selling

Dream selling is one of the most powerful sales technique adopted by many people. In this technique, you need to sell a dream to sell your product. As we know everyone like a dream and they will be ready to spend money on the dream.

For example, you must have seen an advertisement of hair oil where they say – पाये 10 दिन में लम्बे, घने और चमकदार बाल. It is like dream selling only. It is impossible to have this type of hair in 10 days with hair oil. Another example like this is fairness cream where they said – क्रीम जो दिलाये तुरंत गोरेपन का एहसास

You must have seen the KBC advertisement. In KBC advertisement they do dream selling to increase viewership.

So dream selling is one of the powerful sales techniques that can be tried to increase business.

#5 Freemium or Sample-based sales technique

The last powerful sales technique is Freemium or sample-based sales technique. The alternative name of this technique is the experiential approach. In this technique experience of a product is given to the customer. It can be in terms of free demo, test drive, sample.

The richest person in India Mukesh Ambani has used this technique to gain customers for Jio. Jio Mobile SIM card was given as a free card with a free internet connection for the few months to gain customer confidence. Recently when Jio Fiber is launched trial is given for 1 month to attract the new customers.

Jio Fiber

Another example could be Fair & Lovely. Fair & Lovely sample pack of 15gm is sold @20Rs. A similar Fair & Lovely pack of 25gm is sold @60 Rs. This means once customer gains experience you can increase the product price and increase business.

Over to you

I hope the sales technique disclosed above with practical examples will help you in increasing your business. If you know any other powerful sales techniques which are not listed above, please share it in the comment section below. Please let me know which technique you like from above.

How to Start Consulting Business? – Consultant Business

Shitanshu Kapadia
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0
How to Start Consulting Business? – Consultant Business

Consulting Business is zero investment and easy to start. You can start a consultancy business in a part-time and even from home. 

Life as a consultant is full of challenges. They come across many challenges. However, they enjoy flexible working hours and live life on their own terms. After all, they are the boss. 

Consultants are always paid well & almost every business owner goes for the consultant. Let’s try to understand this by example. If you want to consult a doctor for your child – Do you prefer a general practitioner? No – You will prefer a pediatrician (child specialist). A pediatrician is best when it comes to medical help for the child. Similarly, when it comes to business problem consultants are hired by businessmen instead of a general practitioner or in-house staff. This is to ensure the proper solution to the problem.

A consultant is a professional with a lot of experience who can provide solutions or advice on specific topics such as business, education, finance, law, etc. Consultants are area-specific such as financial consultants, marketing consultants, business consultants, etc. You require problem-solving skills and knowledge to become a consultant. You will get good knowledge and expertise through experience.  

Also read – 15 ways of startup funding

So, if you are ready to become a consultant here is a complete guide that will help you to start your own profitable consulting business. This guide is helpful to everyone – 

  • Even if you don’t know consulting business
  • Even if you don’t have skills or experience 
  • Even if you don’t have money 

Let’s get started.  

Consulting Business

How to Start Consulting Business?   

#1. Find Your Niche

The first step is to find your niche. Niche means the area for which you would be providing consultancy service. This could be HR, Finance, Marketing, etc. You have to be extremely careful while selecting a niche. You need to ask the following questions in order to decide your niche.

  • What is your area of interest? (Finance, HR, Marketing) 
  • An area in which you have professional experience.
  • An area where your potential can be utilized and you can earn money. 

Few areas require a certificate or degree to start a consulting business. For example, if you want to start consultation on income tax and GST you need CA certification or law degree. Similarly, if you want to start an investment consultancy you need to take a certificate of Investment Advisor from SEBI. 

However, there are a few niche where you only need experience. You can go through the following areas when starting a consulting business.

  • Accounting – Every business requires accounting. An accounting consultant helps businesses to solve finance-related issues.
  • Auditing – Auditor helps the business in auditing finance and legal records.
  • Human Resource – HR consultants help businesses in maximizing HR operations and implement the policy for business. 
  • Marketing – Marketing experts help in preparing marketing comping, developing strategy, and capturing the market. 
  • Public Relation – Public relation and media communication is a special skill. Media consultants help in planning and deciding communication. 
  • Computers & IT – Nothing works without IT. Computer and IT consultants help businesses in solving hardware and software related issues.

Also Read – How to Open an Online Store in 2020? – Start an online business

#2 Target Market 

Once you decide your niche, the next step is to find out the target audience (market). You are offering services but someone should be present to avail of your services and pay you. In short, you need to prepare a list of your potential customers. The customer could be a small enterprise or big organization. This will come as your business plan. 

To identify the market, you need to survey in the local market. You may take help from the agency for doing this survey. The basic idea here is to predict the counts of potential clients. 

You can make use of the funnel concept here. First, you need to identify small and big businesses/organizations in the target area. Next is to narrow down specific to areas where you would be providing consultancy. Suppose you are providing consultancy in marketing -How many companies would be actually interested & looking for marketing consultants? You can incorporate this detail into your business plan. 

Starting a consulting business can be a lucrative venture, especially in a diverse market like Brazil. Brazil consultants are in high demand, offering expertise in areas such as market entry strategies, legal compliance, and industry-specific insights. With its growing economy and dynamic industries, Brazil presents numerous opportunities for consultants to help businesses thrive. Building strong networks and understanding local nuances are key to success in this field.

This step would help you get an accurate picture of your potential earnings and target customers.

#3 Location of Business

The third step would be deciding the location of the business. It is a very important step. This step would decide the capital required for the business. If you are new in this business, you should start a consultancy business from home. You will get the following benefits if you start a consultancy business from home.

  • Low Overhead – You need not to worry about taking space on rent. You will also save money on utility cost
  • Flexibility – You can decide your own time for work. This gives lot of flexibility as a consultant.
  • Transportation cost – As you are starting a business from home you will be able to save transportation cost and time. 

# 4 Hiring People 

The next step would be hiring people. From day one you may not need an employee. However, when your business grows you need to hire people. You need to decide that you will be able to handle the entire load on your own or you need manpower as work grows. The manpower would help you in completing administrative work as well as consulting assignments. 

Hiring people will help you in many ways. He/she will be helping hand to you. You can deliver extra to the client. Someone will be present at your office and you need not to worry about administrative work. However, your income reduces as you need to pay salary to the manpower. You have to be very careful in selecting manpower.

#5 Deciding Fees 

Now, you need to decide your fees. It is a good idea to do a survey while deciding on fees. If you charge higher you will not get any client. If you charge lower, it will be difficult to survive in the business. So, you need to keep reasonable fees. The best idea to decide a fee is to find out your completion rates. 

Before deciding a fee, you need to consider all expected expenses such as travel cost, hotel expenses, and other miscellaneous costs. There are multiple options to decide on fees. You can charge on an hourly basis, time and material basis, project basis or as a retainer. 

The option of paying a consultant on an hourly basis, project basis or retainer basis is usually decided by the client.

#6 Marketing 

Once you are done with the above steps, it is time to market your business. The task of marketing consultancy business is somewhat difficult as the target audience is not fixed. Customers may not be aware that they will be needing your consultancy services. You can adopt the following options to market your business. 

  • Prepare brochures
  • Telephone calling
  • SMS Marketing 
  • Targeted marketing campaign 
  • Advertisement 

#7 Online Presence  

It is a good idea to establish your online presence. You need to design your own website. Your website should contain information about your consultancy services and fees. You should include some customer testimonials on the website. Once you start your website you should create a social presence such as Facebook and twitter page. 

#8 Find Your first customer 

Now you need to find your first customer. You can try contacting your friend or reference customer for getting business. You can try even other methods such as social media, WhatsApp, etc. You can offer your first consulting services with token money or with a higher discount compared to the market price. 

Once you get your first customer, you need to offer your best services. It is advisable to offer extra services compared to what you have committed. You should work for customer delight and not for customer satisfaction. The first customer is like your brand ambassador who will help you to get the next customer. 

You should take testimonial from the first client. The testimonial could be in form of the document, audio or video format. You can use this testimonial to promote your services. 

Conclusion

Consulting business is a very good business option that can be started with low investment or no investment. You can start a consulting business even from home.

I hope you have got a fair idea about – How to start a consulting business? If you are in need of establishing your own consulting business, please drop a message in the comment section. I will surely try to help you out.

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