The Guest of Honor was Chartered Accountant (CA) Mr Rajesh S. Prasad who comes from a family of three generations of CAs. His firm, R. Sriramprasad & Co., has accumulated experience of over 35 years. Other esteemed guests at the cocktail event included Howard James Scott, Managing Director (MD) of LogBiz Group along with his business partner Mr. Gurpinder Singh Sidhu, and Mr Kishore Tarachhand from Granada Software (Innovative ERP).

GST and its effects on Startups 

Before discussing the implications of GST, let us look at what it means. GST will replace all other indirect taxes collected by state and central governments. Some of these include central excise duty, service tax, central sales tax (CST), value added tax (VAT), entertainment tax, luxury tax,  and others.

Due to the amalgamation of these various state and central taxes into a single tax, the cascading effect will be eliminated. This is a major move towards paving the way for a common national market.

Here are five common questions on GST and its effects on start-ups.

1. Is tax credit available on purchases?

Several start-ups are in the service industry and pay service tax. Under the new GST regime, these ventures are allowed to set-off GST paid on their purchases with the tax levied on their services. The present tax structure of VAT does not allow for this tax credit.

2. Will the GST compliances make the procedure complex?

The complete procedure from registration to paying and filing returns for GST is online. As GST eliminates all types of indirect taxes and simplifies the whole tax structure, entrepreneurs will be able to easily comply with GST.

3. How will GST impact e-commerce and online start-ups?

Several ventures offer products and services through the Internet. GST will be levied across the country eliminating the complexities of inter-state transfers of goods and services. Until GST, states had different VAT laws making it complex for online ventures to meet these requirements. The different laws and compliances will be eliminated in the GST regime enabling efficient business operations.

4. What is the threshold for registration?

The current VAT structure requires a business with a turnover exceeding INR 5 lakh to register and pay the tax. GST increases this threshold to INR 20 lakh, which exempts several start-ups from registration. The composition scheme offers respite to new ventures through lowered taxes for companies with turnover between INR 20 lakh and INR 50 lakh.

5. What is input tax credit?

The input tax credit is available for taxes paid on the supply of goods and services. However, these must be used or intended to be used during business operations or its furtherance. Furthermore, the input tax credit is available only if the invoice details match between the recipients and suppliers.

The successful implementation of GST will make India a single marketplace where free movement of goods will be a reality. In addition, start-ups will have to adhere to lesser compliances. Although companies may face some challenges during the transition period, GST will be beneficial in the long-term.

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GST and Its Effects on Start-Ups

Five benefits of workplace games:

1. Amazing stress busters
2. Build camaraderie
3. Increase motivation
4. Create a lively work environment

And subsequently…

5. Draw in new talent

There’s no better way to break the monotony of a desk job than with a few workplace games. Everyone needs a break, so why not give it to them!

1. Spot the Difference

Get everyone up and active with a session of Spot the Difference. Make two teams with equal number of people and divide them into two queues. The queues have to be parallel to each other with players from one facing the other. Pick one team and ask them to study their opponents carefully for a minute or so. Then, ask them to turn around. Now, ask the other team to change ten things about their physical appearance in a specified time. The changes could range from taking off earrings, swapping shirts or accessories, and rolling up sleeves, to untying laces. When the time is up, ask the first team to turn around and try to list the changes. The one who spots the most changes the fastest wins.

2. The Amazing Race meets Office Treasure Hunt

This one is as much fun to plan as it is to play workplace games. Assign a few folks with a funny bone to your Clue Committee. Let them create a bunch of clues and pick creative locations to hide them. The clues may range from trivia, puzzles, and ciphers, to physical challenges or creative, social, and timed tasks. Pair your players up, give them the necessary instructions, and unleash them onto a clue-filled workplace games. Each clue leads to another. The first pair to complete them all wins.

Tip: Arrange the clues so that they end in the cafeteria and treat your team to a free lunch.

3. The Mine Field

You need an open space to plant your mines—water balloons, cones, bottles, etc. Scatter them randomly across the area. Pair up players and blindfold one from each pair. The other one must guide their blindfolded comrade, who is not allowed to speak, to the opposite end of the “mine field” using only verbal instructions. The goal is to ensure that the blindfolded partner gets to the other end without disturbing any of the “mines.”

4. Improv

Lights! Camera! Improv! Get your Polaroid out, for Improv is going to leave you with some amazing office pictures to look back on. The workplace games needs props and teams of around five or more. Supply each team with six random objects and ask them to create a 2-to-3-minute skit using them. You may provide the topic or leave them to pick their own. Once the skits have been played out, ask the audience to vote for their winners.

At UpStart workplace games, we have our own little dart board and organize lucky draws to keep up the spirits. You may have your own workplace games too, and make your company famous for its fun staff and environment.

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Games that Make the Office Environment Positive

How? Various online portals match owners with renters; GPS enables the renter to locate the nearest rentable option; social networks allow both parties to conduct background checks before initiating a deal; and online payment systems take care of the billing. It’s easy as pie.

1. Sharing a space

Airbnb is the poster kid of the sharing economy. The service was launched in 2008. It involves a traveler renting a room, home, or even a castle at their holiday destination.

2. Sharing things

Services like SnapGoods connect two groups of people: people who have things to lend and those who want to borrow. The products could range from food processors to camping equipment.

3. Sharing commute

Carpooling or UberPOOL is now a thing. UberPOOL, for instance, lets you share your ride and split the fare with other users going in the same direction as you. The same can be said for Ola’s version of the carpool, Ola Share. Services have rendered public transportation like taxis and buses unnecessary.

4. Sharing workspace

With increase in the number of micro businesses and startups, co-working spaces are gaining popularity, too. These spaces rent out fully furnished workspaces to fledgling businesses and freelancers as well. Their services range from fast Internet connections and personal cubicles to conference rooms equipped with state-of-the-art facilities. They present a far more favorable option to businesses that are too big to work from a living room yet too small to accumulate the capital necessary for a privately owned office.

The peer economy is smart, practical, and lets you share everything from that old guitar you’re not using to your cozy home! It is taking off because people have come to realize that sharing something is an economical option than buying one and leaving it to collect dust. Why buy an iPad when you can rent or share one from somebody who rarely uses it?

The market is filled with underutilized goods and services with buyers lining up for them. Shared assets immediately become a lot cheaper. That’s not all! Sharing stuff helps the environment, too! How? It cuts down the overall use of resources.

And you’ll never guess the last benefit the peer economy has to offer. It’s a social one! That’s right! Peer-to-peer sharing will force us to be social. For all you know, your neighbor Miss What’s-Her-Name is selling or renting out that bike you’ve always wanted! You may now strike up a conversation with her on your next lift ride together.

All these benefits and services tell us one thing loud and clear: The owner-ship has sailed. And it’s time for us to pull out our handkerchiefs and bid it adieu!

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Sharing—The New Buzz Word

Co-working in bangalore

The days when work was confined to the four walls of an office are history. Give us a laptop and an Internet connection, and we can work from anywhere in the world.

The rise in self-employment and micro-businesses has made co-working a popular option.

Pros

• Fosters a positive and productive working environment surrounded by like-minded people
• Presents an abundance of networking opportunities
• Helps avoid traditional startup costs, such as office furniture, Internet, and telephones
• Provides all the perks of a big office—well-equipped conference rooms, chic cafeterias, recreational spaces, and more.
• Offers optimum flexibility: purchase an hourly, monthly, or yearly subscription

Cons

• Maintaining focus can be challenging for those who struggle to concentrate
• Privacy can be an issue owing to the open space

You should be looking at a co-working space if:

• You have a small team
• You have specific, short-term goals
• You need a well-furnished workspace that won’t cost a lot
• You don’t have the budget for a lease and the accompanying expenses
• Growth is your priority
• You are disciplined

Office Renting

When your business has outgrown your living room or co-working space, and you’ve rowed out the treacherous waters of establishing your business, it’s time to think of something steadier—your own rented office!

Pros

• Offers the option to pick an office in a preferable location
• Provides space for current as well as future requirements
• Facilitates refundable deposit and turns cash flow into working capital
• Annual flexibility enables you to move in and out conveniently

Cons:

• High upfront cost and long lease lengths
• Variable costs like higher costs when your lease expires and annual rent increase

Renting is right when:

• Your business is steadily gaining impetus and your workforce is expanding
• You want to indicate financial health
• Your business leans heavily on location. E.g. retail or restaurants
• You have investment backing

Property Buying

This is a onetime investment option best suited to businesses that have signed non-disclosure agreements with clients. Buying an office displays confidence in the business and says, “I have a long-term plan and I intend to stick around.”

Pros

• Offers more privacy
• Offers more security—enables installation of physical security as required by the business. E.g. video surveillance and data security firewall.
• Gives your business clear, fixed costs
• Provides tax deductions by way of property taxes, debt interest, etc.

Cons

• Heavy on the pocket owing to large initial down payment, property improvement, and maintenance.
• Incurs various “hidden costs,” including service charges, and utility bills.
• There’s a lack of flexibility for accommodating unexpected needs—owned office space may become inadequate for a growing business

Think of buying only when:

• Confidentiality and security of data takes priority over conserving cash
• Your business is thriving and you’re earning enough
• Your priority is projecting a positive image for your stakeholders
• You need to have control of your workspace in terms of what it looks like—structure, signage, storage facilities, etc.

Choosing where to work isn’t all about the lifestyle; it must add value to your business, whether it’s monetary or otherwise.

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Buying vs. Renting vs. Co-Working – What is Best for You?

We’ve created a list of dos and don’ts that are essential to a pleasant working environment.

Do you religiously follow the dos? Or are you ticking off the don’ts? Find out in the list below!

Do:

Talk to people, be friendly, and network

The best part of co-working is the networking opportunities. Be friendly with and help everyone; you never know, you may be sitting beside your next client, investor, partner, or friend. These shared office spaces offer a collaborative environment and organize events, workshops, and socials that are immense fun. Being chatty with your fellow workers also gives you a chance to swap information, exchange expertise, and even learn about different products and projects.

However,

Don’t:

Disturb and distract

There’s a fine line between being friendly and being intrusive, and it’s about time you draw it. Adopt a low, pleasant voice while discussing the latest episode of Game of Thrones with your neighbor—nobody wants spoilers!

Assess the mood of the person before babbling. If you notice them bent over their desk, headphones plugged in, working on a pile of paperwork or a presentation, back away and come later.

Another pet peeve is the obnoxiously loud phone and its equally annoying user. Frequent messages and calls may indicate your popularity among friends; however, your colleagues won’t be impressed, especially when they’re trying to concentrate with your phone beeping and buzzing incessantly. Put your device on silent and step into a more private area when answering calls.

Do:

Personalize your space

Feel free to make your desk your own; however, don’t forget to check the office policy before doing so. It’s always good to feel as comfortable as possible, and personalizing your desk is the best way to do that.

But,

Don’t:

Be messy

Remember, you’re sharing the workplace with others, so be considerate of other people’s desires. Just like the bathroom rule suggests, “Leave it the way you’d like to find it.” Nobody likes the sight of a teetering pile of paperwork, a coffee-stained desk, or a week-old lunch lying amidst cluttered office stationery and candy wrappers.

Do:

Make the best of the available facilities

Move around. If there’s a comfy unoccupied bean bag in the cafeteria, get your laptop out and get to work while sipping a hot pot of tea. Facing a creative block? Stroll out onto the terrace garden for some inspiration. Have clients dropping by? Take them to the spacious conference rooms for a private meeting.

But then again,

Don’t:

Overestimate your space needs

If you think you’re going to be a one-man-army for the day, refrain from occupying the conference room. A co-working space offers flexibility; use this to properly estimate your space requirement and settle in accordingly.

While sharing a work space, several seemingly unfavorable factors come to pass. However, if played right, you can turn these into a fun and pleasant experience for everyone.

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Do’s and Dont’s while Sharing Your Workspace

The year 2014 saw our protagonist chin-deep in the duties and challenges that come with organizing a start-up. Though the sweat and dedication didn’t bear fruit at the time, they did leave behind some valuable lessons. We all learn these lessons everyday of our lives; however, it’s what we do with these pearls that truly matter. Not discouraged, Vikram got back on his feet, brushed off the dust, and re-entered the arena with renewed vigor.

Where most would resign themselves to waving the white flag, he saw a potential commercial strategy.

Taking note of all the challenges he faced while establishing his own start-up, Vikram conceived of a brilliant idea; he called this idea UpStart coworking space—a spacious, well-equipped co-working space.

When UpStart started up

To get to where it is now, UpStart had to maneuver and break through several barriers. These barriers were raised by factors like location, space, and affordability of infrastructure.

Overcoming these impediments, it went live in December 2016. UpStart set up shop in the IT suburb, Whitefield, Bengaluru.

Whitefield is a thriving commercial hub that is home to numerous multinational IT companies. It has a dense transportation network with tech parks, residential areas, and recreational spots a stone’s throw away from each other.

Whitefield constitutes an enticing locale for working professionals and provides an environment that is conducive to commercial growth. It was just perfect!

The pasture was green and available. It was now time to deck the halls.

Upping the standards

Located in the heart of the Silicon Valley, the UpStart office in Whitefield spans 7000 square feet.

This spacious expanse is comprised of sophisticated, fully furnished office areas, two state-of-the-art conference rooms, classy work and play areas, a lush terrace garden, and a chic cafeteria.

It has also been provided with an array of smart amenities that are designed to enhance productivity by promoting optimum comfort and streamlined operation. The competitive office space is supplied with laser printers, copiers, scanners, paper, and other office stationery. The conference rooms are equipped with projectors, speakers, and microphones. The office also proffers a postal address for long-term residents. From offering high-speed Internet to furnishing its offices with ergonomic desks and chairs, UpStart has left no stone unturned when it comes to delivering quality services.

When unforeseen circumstances hit, UpStart extends Plan B. Delaying work on account of an outage is a thing of the past with power backup at the ready. A software and hardware consultancy is poised to assist with any technical glitches. When clients’ employees hit a blank, a shot of caffeine, soothing water bodies, and verdant scenery are on standby to revive them and rekindle that creative spark.

The office is littered with several plush leather sofas for those bored of the desk-chair routine. And when it’s time to refuel the engines, employees may indulge in an exciting game of pool or foosball with their colleagues or walk to the fully furnished kitchen for a snack.

These services are available 24×7 to offer the growing clientele maximum flexibility.

UpStart has transformed into a well-equipped and impeccably designed co-working space armed with cutting-edge amenities and end-to-end services. The stage is set.

Up, up, and away!

Today, the UpStart corridors remain alive with the buzzing of creative minds at work while the cafeteria has a lingering aroma of freshly brewed coffee in the air. Vikram’s brainchild has moved from walking to running full tilt in a matter of months.

The only way to go from here is up, and UpStart intends to do just that.

UpStart has been polishing its services to add more value to its offering. These efforts include the organization of networking and social events like elegant cocktail parties.

The frequency and regularity of these events are scheduled to increase with one being organized every month.

UpStart plans to raise the bar with consolidated business services that will tackle everything from company incorporation to development and maintenance. 

The expansion plans entail the addition of two more offices in Bengaluru. This execution is chalked for the end of 2017. UpStart envisions the establishment of ten offices spread across strategic destinations in South India for the end of 2018.

The office spaces of UpStart have witnessed an observable success rate and favorable critique from its clients. Nayna Choudha, co-founder of Altro Smart Technologies and UpStart’s first client, has immensely enjoyed this co-working space and all the services it offers. She says, “Our team has absolutely loved being a part of UpStart! Joining Upstart instantly gave us access to a professional shared space and meeting rooms. I love the location, the amazingly proactive staff, and constantly improving mix of value-added services that let me focus on growing my business and not waste time on the multitude of supporting functions. Offering community events, coffee station, and 24/7 access makes Upstart the ideal co-working space.

Upstart coworking space

in located in

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offers

Virtual Space, Hot Desk, Private office space, meeting rooms in bangalore

Upstart Coworking Space
StartUp with UpStart