Savings Accounts are provided by public and private sector banks today. You can use them to park and grow your savings gradually. You should open one the moment you start earning if you already do not have one. While some organisations offer you an account to deposit the salary called Salary Account, you should also consider Savings Accounts through which you can avail a host of facilities.

Here are some of the most generic facilities banks offer under a Savings Account:

Conduct daily transactions

The most basic feature is that the account enables you to conduct different daily transactions. There is no upper cap on the amount you can deposit in this account. You can deposit funds through cash, cheques, or online transactions. However, banks have a daily withdrawal limit on such accounts. Typically, the withdrawal limits are higher when you withdraw money from your bank branch than from ATMs.

Comes with ATM or Debit Cards

Every Indian bank offers a Debit or ATM Card when you open Savings Account. This card features your name, along with a 16-digit number, the expiry or validity date on the front and a CVV number with a signature strip on the back. You can use it to withdraw money from any ATM vestibule. However, you also need to check the number of ATM transactions you can make from home or other banks.

Besides withdrawing cash at ATMs, you can use the card for shopping at retail stores and online websites. You can also use them to pay utility bills online.

Avail of Online Banking facilities

The best part about opening accounts online is you can access other Online Banking mediums. You can check them over the bank website or the Banking app and do transactions. The bank offers a default login and Online Banking password that you should change before you start transacting. You can use the account to transfer funds to other accounts through IMPS, NEFT and RTGS.

You can also pay utility bills, house rent, Loan EMIs, and other monthly expenses, directly through such accounts.

Earn better interest rates

All banks offer decent Savings Account interest rates. These are generally considered as a bonus for your loyalty towards the bank. While most banks offer a flat interest rate on the savings parked, a few offer higher interest rates to those who have maintained a higher balance or opened an account online. The amount maintained should be Rs. 1 lakh always.

The interest rates offered are between 4% to 7% depending on the bank and the savings parked. Also, the interest pay-out happens on a half-yearly or annual basis.

While opening the Savings Account with a bank, also ask about different accounts you can open. Nowadays, banks offer Savings Accounts catering to different genders and age groups.

Having set up your enterprise by putting in the time, sweat, and capital it requires, you may now be considering selling it. The eCommerce boom of recent years, and the positive outlook for the future, have created a suitable environment for you to sell your business online for handsome rewards.

Selling your business online requires patience and careful consideration of various factors. Skipping the sequence of steps, impatience or anxiety-driven decisions, and oversight can be hazardous and reduce your potential proceeds from the sale. If you’re contemplating  “how to sell my business online seamlessly and for maximum profits” then here are the common pitfalls you need to avoid.

Not knowing the true value of your online business

Undervaluing your online business for sale is one of the most common concerns that go through an entrepreneur’s mind. This has a direct correlation with the returns you will earn from the sale and selling it for lesser than its true value is bound to lead to a seller’s remorse later on. An equally perilous situation is overvaluing your business.

This happens more often than you may realize. As the creator of your own enterprise, it is easy to be swayed by emotions and ignores hard facts and figures while sell my business online. Overvaluation can lead to a lowered interest from potential buyers and even deter many from approaching you for further discussions. Moreover, combined with rigidity on price, it can also lead to long stalemates during the negotiation phase.

How to avoid this mistake – Sellers are recommended to get a formal business valuation done by professionals to establish the fair market value of your enterprise based on their industry experience. If doing it yourself, derive the worth of your business by carefully studying your past and present financial statements, understanding your operational performance, and evaluating your future growth prospects.

Not developing an exit plan

Before you sell my business online, you must already have an exit strategy in place. This exit plan is not created arbitrarily but is an offshoot of various factors such as your personal/professional objectives post the sale, your future aspirations (whether you wish to return to the segment or not), and the people relying on you (like employees, suppliers, etc.).

A carefully considered exit plan ensures there are no loose ends, and when you finally transfer the ownership all legal, contractual, financial, regulatory, and human obligations are catered to. But a plan is only fruitful if it is adhered to diligently. There may come several situations during the course of selling your business online, when you may be tempted to forego the plan and play it by ear. Resist that urge, and stick to the plan that has been holistically designed after putting in a lot of thought.

How to avoid this mistake – Make a draft of all the key affected aspects during the transfer of ownership. Notable ones include technical infrastructure, intellectual property rights, employee retention or rebadging, the continuation of supplier contracts, lease agreements, etc. Your exit plan should have a clear path for each of the identified factors and a mitigation plan for the associated risks.

Overconfidence and ‘going it alone’

If you have decided to sell my business online, then you must know the large amount of paperwork that you will need to deal with. Whether you’re selling for the first time or seasoned in the process, the undertaking will consume a massive portion of your time and effort. There are also several hurdles that you may encounter along the way, all of which will take your mind away from your core business. It is important to recognize this from the beginning and plan for it.

Right from preparing your business for sale to the conclusion of the negotiations phase, you will encounter various facets that require business, financial, legal, and contractual acumen. While you may be accomplished at wearing multiple hats, taking over all the specialist roles can be a recipe for disaster. Not only can it overwhelm you, but it can also lead to short selling or stagnating the sale, neither of which is a desirable outcome.

How to avoid this mistake – Employing the services of a broker or a team of domain experts can significantly reduce the load on your shoulders while ensuring you receive the fair-market price for your business and are paid on time. Yes, there may be a fee or brokerage involved in availing these services, but the overall benefit is likely to outweigh the cost. Do your own cost-benefit analysis before deciding.

You can also opt to sell my business online to an acquiring firm that will conduct a thorough evaluation of your business, establish its market value, and take it over in a seamless manner. Not only do you get the price you deserve, you also save on a lot of overheads associated with selling my business online and avoid the stress involved in the process.

The recent few years have been quite rewarding for the eCommerce and online business industry. The segment, on the whole, has surged by leaps and bounds and shows no signs of stalling. However, the promise of high rewards has also brought about a plethora of businesses competing for the same set of customers and potential buyers. This increased level of competition can pose a challenge when you decide to sell my business online.

A sound marketing plan has become more valuable than ever to attract potential buyers and investors and make your business stand apart from the crowd. Here are some best practices and useful strategies you can consider to increase your chances of sell my business online.

• Build a recognizable online presence – Content marketing is a vital tool for online businesses. You can use it to strengthen your brand value while connecting with potential buyers. SEO based content will help you list higher on SERP (search engine result pages) thus increasing your visibility. A lot of millennials and GenZ use social media platforms to consume content. Make sure you’re present and active in all the popular ones to stay connected to your audience and be up-to-date on current trends.

Using a combination of blogs, knowledge articles, social posts, and highlighted customer reviews, you can enhance the reputation of your business making it easier to sell online.

• Increase your reach – While digital marketing is an easy and inexpensive way of increasing your reach, do not underestimate the power of building a physical network. Organizing and/or attending industry events, symposiums, or seminars, and joining online professional forums can help you build mutually beneficial relationships. It can also expand your reach to include other business owners, investors, and brokers, all of whom can help you find potential buyers and increase the likelihood of successfully sell my business online.
• Professional business valuation – Many first-time business sellers are unable to recognize the importance of a professional business valuation. Crunching the numbers is not hard, yes, but a sound business valuation takes several other factors into consideration. Elements such as the recall value of your brand, the nature and age of your business, its financial health, and operational performance are all key factors that determine the eventual price of your enterprise.

Not having it properly evaluated can lead you to the pitfalls of overpricing that can deter potential buyers or underselling which will lead to a direct loss to you. The valuation process also gives you an insight into the areas wherein your business may be underperforming or needs a boost. Plugging those gaps can help make the business more appealing to buyers while increasing its market price in the process.

• List well – Having established the fair price it is time to list your business. Research the leading listing sites and digital marketplaces to sell your business online. Understand their reach, terms, and costs involved before making your decision. Naturally, your ambition should be to reach a wide audience and be allowed to showcase your USPs while not burning a hole in your pocket.

While doing your research also check for SEO keywords pertaining to your industry that you can use to optimize and highlight your listing. Crisp descriptions, high-resolution pics, and other relevant details can help you garner more attention on the platform.

• Protect your confidential information – When you sell my business online, interested buyers are likely to ask for a lot of information, some of which might be sensitive in nature, such as financial data, supplier lists, or customer details. A best practice is to put in place non-disclosure agreements (NDAs) before sharing information with shortlisted buyers. Be extra careful while sharing information with interested competitors. If you, at some point in the future, decide to operate in the same segment again, sharing your trade secrets may prove detrimental.

In Summation

Using the aforementioned best practices and strategies, you can begin the process to sell my business online. Do keep in mind that the overall process can be complex and time-consuming. It is bound to test your patience, which you must have plenty of to reap the rewards in the end. If you feel the process is getting too overwhelming or if this is your first time selling, you can employ the services of a broker.

A broker is an intermediary that can hold your hand throughout the selling process. Right from the valuation of your business to closing the deal, a broker will safeguard your interests, help secure the right price for your business, and ensure you receive your payments on time. Furthermore, the experience and expertise that a broker brings to the table can be invaluable as you transverse the tricky waters of sell my business online.