It is a huge challenge for an individual to quit his job and launch his own business. However, the task can get less burdensome if the individual decides to start their venture in an industry where they already have knowledge, connection and credibility.
In such a situation, your former company can either become your key asset in the new venture or a potential competitor in the industry.
For instance, Ian McAfee in 2009 left his mis-level executive job position from a reputed forex brokerage company to start his own venture in the same industry. Ian with his two business partners started Shift Forex in less than $15,000, a company that provides consultancy services to other forex companies. In the first year itself, Shift Forex earned total revenue of $200,000.
When Ian was asked about the success of his company, he said that he owes the first-year success of his company to his former company and by maintaining a strong relationship with it.
We believe he is not the only one.
You too can gain success in your venture and maintain a healthy relationship with your former company. We are here to help you achieve the same. Here’s how you can turn your former company into an asset that will help your new venture in its success.
1: Show Respect
While you are still working for a company, it is your sole responsibility and a personal choice that while you are working for them,
- You do your best to serve your purpose in the business
- Practically, not having any real conversation with your company’s clients, vendors/ suppliers and fellow employees (except for your co-founders) about starting your new venture.
To show respect towards the company you are working for, you have to remember the above two points until you have officially left the job. If the management gets to know about your new venture from the clients or other employees, there are high chances of ending your relationship with your former company on bad terms.
It is important that while you still work for them, you are limiting your activities to researching, strategising, planning and securing funds. Ultimately, it is your lookout on how you avoid the temptation of speaking about your new venture (our suggestion: self-control).
2: Share Your Plan When You Quit
When your company hears that you are quitting your job to start your own venture in the same industry, they might worry that you are planning to steal their customer base or provide some identical services at a better rate.
While few things may be similar, but your former company will definitely have a different value proposition or a target audience. So, when you explain your plan to your former company while quitting would make them feel less threatened by your venture.
Although they would see your company as a potential competitor in future, but your actions will demonstrate a high degree of integrity. On the other hand, if they have a strong obligation against your plan and believe that they have some legal authority to prevent your new venture, it will provide you a window of opportunity to work out a friendly compromise.
Most companies are supportive when their former employees are starting a new venture. If you are lucky enough, maybe your former company would be supportive towards you too.
3: Offer to Help With the Transition
The job position that you are currently working on may have major responsibilities and leaving the job position would mean that your department is left helpless until it finds your alternative. What you can do is, while leaving you can offer to complete certain targets or handle few responsibilities for limited period (of course, as a paid candidate).
Even if your former company does not choose to take your offer, it sends across a message that you really care about the company and what to continue having a good relationship in future.
In case of Ian McAfee, his former company and he had discussed about projects Ian was responsible for finance press. There were certain projects near completion and that would bring in huge profits from the company. So, Ian agreed to finish projects he was responsible for as a consultant.
4: Let Them Know How They Can Help
One of the major benefits of leaving a company on good terms is that you can always ask them to help you in your new venture. Your company would have a good position and establishment in the market and could provide your company with references or even refer you few clients.
Your former company can also help you during financial crisis by referring you few alternative finance sources. They may also provide you legal aid, marketing and sales advices and help you build your way towards success.
In Ian’s situation, his company was comfortable and trusted him with relationships because of the way he handled his department. This was despite the fact that he started a new venture in the same industry and could be a potential competitor later in future.
Sukanya Samriddhi yojana calculator – A unique way to save tax
With this development, we believe that people’s mindsets change. Gone are the days when boys are edging more than their counterparts. And in every stage of life today, fit boys limit women to attract the ultimate short straw. Although equality will now increase between the two sexes, investment remains an area where women continue to focus on their parents. One of the main reasons is that a strong part has not been given to the importance of most people he is short of money. The government has taken the right steps in this direction and by launching several schemes, you can financially empower your child to save tax. One of the same scheme is the Sukanya Samriddhi yojana calculator. In this blog, we will discuss in detail plans, provisions and how you can use it to protect.
About the plan Sukanya Samriddhi yojana calculator
An initiative that has been designed for girls has gone to help them complete their education. The program was launched by Prime Minister Narendra Damodardas, 2015. Here you need to know about tax exemption: 80C
- Beti Bachao Yojana came under the auspices of the Beti Pdao campaign and wanted to build a bright future for girls.
- Parents are also encouraged to invest in their daughter welfare schemes, which offer incentives to all parties.
Salient features of the scheme
Plan Sukanya Samriddhi Some of the key elements given below –
- Flexible Investment
The girl’s parents or guardians can invest the amount that fits their budget. Investment can be between Rs 1,000 and Rs 1.5 lakh per year.
2.Multiple-way to open an account
Offices can be opened for SSY accounts or nationalized banks. It provides the flexibility of alternative plans and easy account opening.
Under the scheme, only one woman for one account.
Besides, the maximum number of accounts allowed in a family of two – one for each child. The maximum limit of the two accounts that twins were born after the first daughter does not apply.
- Age front opening
Account open to parent/child Parent, not the child reaches the age of ten years. After children make it through this age, parents are not allowed to open an account.
- According to maturity
Children under the age of accounts covered under SSY are 21 years since its foundation. Pass holders have the option to continue the account after maturity.
- During operation
Operating accounts are limited to parents and guardians for 10 years. Once the child reaches the age of 10, he can do the explained work independently.
- Indian Residents
Sukanya Samriddhi Yojana can be opened only in India for the account.
The documentation for sukanya samriddhi yojana calculator
If you want to open an account for your daughter, the following documents are required.
- Birth certificate
A copy of the birth certificate is required to open the account. You must have at least the necessary documents and a ten-year plan to validate his age of opening an account.
- Variation Proof
To ask parents for proof of valid identity card of the guardian/guardian who has opened an account on behalf of their daughter.
Proof of residence such as a ration card, the voter must submit an identity card, utility bill and so on.
An overview about zero brokerage
Zero is termed as a number that makes a major difference and it counts. All the more so in the world of brokerage when zero is placed beside the right number. Now are you satisfied with the amount of brokerage you are paying? Some of you might be looking at an option of zero brokerage based trading.
Meaning of zero brokerage and discount broker
With more and more traders flocking on to the Indian stock market the prominence of zero brokerage came into existence and evoked curiosity from traders. A well thought out concept where discount brokers are not going to levy any brokerage for trade conducted.
A broker who executes buying or selling of transactions at a reduced cost is termed as discount broker. Pretty much like a full time broker, they are going to execute orders on behalf of the clients and not going to provide them with any advice. Once upon a time to even afford a broker was restricted to the elite strata of the society. But since technology has gone on to become a part of trading this has gone on to eradicate that wealth pinch. The internet is credited with the transformation as you can trade with a small amount.
Is zero brokerage expected to make a difference?
As far as zero brokerage trading in India is considered a major difference is expected. By traditional trading you have to shell out brokerages on trades. This is calculated by arriving at a % of the total volume of trade. This business model of calculating brokerage is a difficult task and an important part of the trading for an investor. The main reason being brokerage paid reduces the profit from the trades. A lot of people were disappointed as they felt paying brokerage was part of the trading game, till the point zero brokerage came into prominence.
There are numerous benefits expected with zero brokerage that are outlined below
- There is no need to be worrying about the size and volume of your trade
- In zero brokerage a flat monthly fee is levied and there is no need to worry about monthly trades executed
- This goes on to enhance the profit or profitable trades or even breakeven point that is lower
There are a lot of companies who provide hidden opportunities. You have to time the stocks correctly so as to earn money from the stock market. If you are an investor in equity and commodity market you need to consult a share specialist that might help you to earn profits and cut losses. Though in the market you might come across numerous brokers providing you with profitable trades by raking in a chunk of investor’s profits they are enjoying. As an investor it is all about getting your timing right. But still major disappointment lies in store as you have to levy high brokerage.
Considering the calculations of the brokers in mind investors are even reluctant to place trades.
The ELSS and tax saving benefits
Those who have to work hard for every penny do not like to waste their money. For many people though earning is good till the liquidity is a problem and if the income also falls in a big tax bracket for income tax, no one loves to go for it. In such a case, one needs to try the options that can help him save on income tax. Among the tops tools that are known for the tax saving the list may remain incomplete if the ELSS is not added to the same. It is a mutual fund which is linked with the equity market.
What is ELSS and how it helps save tax?
ELSS is a type of mutual fund that is specifically created for the tax saving purpose. Various AMCs are there in the market that has created this mutual fund to invest in the share market. The amount invested in this mutual fund is exempted from the income tax up to the limit of 150000 per annum. This exemption is provided under section 80c. Hence the investor who has to pay income tax on his complete income can invest the amount up to 150000 in some of the best ELSS mutual funds and save tax up to the prescribed amount.
Investment in ELSS mutual funds can help one save on income tax on the side while on the other side the invested amount in the form of a mutual fund can also help one get a good return from the market. The best part here is the investor who wants to invest in ELSS can go for investing the amount in a single go or can also pay the same in instalments. Hence one does not need to feel the burden of investment on his routine income also. While going to investing the amount in some of the best ELSS funds, one needs to check the unit price of the fund and also find its previous performance. If one does not know about it, one can find an expert who can help one invest in the best mutual funds that offer ELSS services also. The amount invested in this fund cannot be withdrawn for the next three years, and hence one can have a good return on his mutual funds in such a period.
The investor also needs to check if the investment in a mutual fund will be in a specific company or segments such as large caps, small caps and mid caps. There can be dividend and growth options from which one needs to find an option that best fits his investment as well as profile. The investor needs to understand the terms and conditions of the AMC before going for investing in specific AMC. One must note here that ultimately this investment is linked with share market and hence the ups or downs of the market can also affect his portfolio. It is always good to read the terms and conditions of the company before investing the amount to the same.
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