March 24, 2024

How can a new entrepreneur start their own business with minimum capital

learn / /

Starting a new business requires a certain amount of capital. The amount of investment required to start a business would differ based on the business model and the business plan. However, the investment in the business has nothing to do with the success of the business or potential size of the business. For instance, Infosys started in 1981 with an investment of $250 (Rs.15000) is now an $8.64 billion (Rs.54000 crores) global company. Therefore, if you are an entrepreneur with a limited budget, you can follow the following steps to start a business. LLP Registration with EMI Option The first step in starting any business is to incorporate a new business entity. Incorporation of a business entity would facilitate the opening of bank account for the business, obtaining tax registrations and invoicing clients. LLP (Limited Liability Partnership) registration is the low-cost business registration . Sell on Ecommerce Portals Once the business is registered, becoming a seller on Flipkart or Snapdeal is easy. The articles on “How to become a seller on Flipkart” and “How to become a seller on Snapdeal” provide detailed information for becoming a seller on an established eCommerce platform.  Becoming a seller on an established eCommerce portal like Flipkart or Snapdeal or Amazon provides easy access to potential customers. Further, as aspects relating to marketing, technology and logistics are taken care of by the eCommerce platform, you can easily start generating revenue. Start providing Services Starting a business that provides services oftentimes requires very little investment and can be scaled up easily. Businesses such as Digital Marketing Agency, Medical Transcription, Web Development, Tutoring, etc., require very little investment or infrastructure to start. Here are also some great Home Based Business Ideas. Further, the Government of India provides an exemption on Service Tax applicability until a business reaches an annual turnover of Rs.10 lakhs. Therefore, small businesses that provide services do not have to collect service tax from customers, giving an edge over established businesses. You can also find numerous clients for starting a service business on platforms like Elance and Freelancer. Compile a Great Business Plan If you have a great business idea but no funds to execute, then preparing a business plan would be the way to start. Today more than ever money is not required to start a business with plenty of private equity firms and angel investors looking to fund the next big idea. Therefore, it is important to prepare a good business plan and a pitch presentation to showcase the idea to friends, family and investors. Also, forums such as TieCon, CII, FICCI, etc., conduct regular pitch presentations wherein you can easily reach out to prospective investors. So make business plan and get ready to pitch – if you want to start a business with no money Government Schemes The Central Government and State Governments have a number of schemes to promote first-generation entrepreneurs. These schemes provide seed funding for the Entrepreneur to start a business along with the required bank loan. Some of the schemes that provide such funding are NEEDS Scheme in Tamil Nadu, Self-Employment and Talent Utilisation (SETU) Program (announced in 2015 Budget), etc., Entrepreneurs with limited funds can also contact the nearest MSME Office to enquire about seed funding schemes from the government to find ideas for starting a new business with no money. FAQs What are the key steps to start a business with minimum capital in India? Identify a viable business idea: Look for opportunities in sectors like service-based businesses, online ventures, or small-scale manufacturing that require minimal investment. Business registration: Register your business as a sole proprietorship or partnership to keep initial costs low. Consider opting for a Limited Liability Partnership (LLP) if you have a partner and want to limit personal liability. Create a business plan: Outline your business goals, target market, revenue streams, and strategies to operate efficiently with limited resources. Cost optimization: Focus on essential expenses only. Utilize low-cost marketing channels such as social media, networking, and word-of-mouth to promote your business. Bootstrap: Start small and reinvest profits to grow gradually. Avoid unnecessary expenses and seek cost-effective solutions for business operations. How can I finance my business without a large capital investment? Bootstrapping: Use personal savings, funds from family and friends, or credit cards to cover initial expenses. Crowdfunding: Leverage crowdfunding platforms to raise capital from a large number of people who believe in your business idea. Grants and subsidies: Research government schemes, grants, and subsidies available for small businesses in India. These can provide financial assistance without requiring repayment. Angel investors and venture capitalists: Present your business idea to angel investors or venture capitalists who may be willing to invest in exchange for equity in your company. How can I reduce operational costs for my business? Remote work: Utilize remote work options to reduce overhead costs associated with office space, utilities, and equipment. Outsourcing: Consider outsourcing non-core activities such as accounting, IT services, and customer support to freelancers or specialized firms. Negotiate with suppliers: Negotiate favorable terms with suppliers and seek discounts for bulk purchases to lower procurement costs. Use of technology: Implement cost-effective technology solutions to streamline processes, automate tasks, and reduce manual labor expenses. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification |

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Unique Identity Card for the Disabled (UDID)

Government Schemes / /

As a welfare measure of the Central Government, The Department of Empowerment of Persons with Disabilities has implemented a Unique Identity Card for persons with disability. The Government has taken numerous measures to protect the rights of the disabled and ensure their complete participation in the society. Every legal citizen under the Constitution of India has equal rights to avail all the benefits of the Government schemes irrespective of the ability of the beneficiary (normal/physically challenged) or the area of implementation (urban/rural). This project was implemented with the aim to ascertain uniformity, transparency and efficiency in delivering the services to the specially challenged people by issuing a unique disability id (UDID) for each. A national database is created that encompass the unique id and the details of the cardholder. Eligibility Criteria As per The Department of Empowerment of Persons with Disabilities, people with the following disabilities are eligible to acquire the unique id. Blindness Hearing impairment Cerebral Palsy Low vision Leprosy Mental illness Mental retardation Locomotor Disability Benefits of Unique Identity Card for the Disabled he unique card contains the complete details of the user which can be decoded with a reader thus preventing the user from carrying and maintaining copies of documents. The UDID card will be the sole document involved in the identification, verification of the disabled for various schemes in the future replacing the multiple documents. It also aids in tracking the physical and financial progress of the recipient. Document Required The applicant should attach the following documents with application form while submitting offline, whereas scanned copies of the documents can be uploaded while applying online. A recent passport sized photo. Address Proof (Aadhar/Driving License/State Domicile etc.) Disability Certificate (Issued by a Competent Authority) Identity Proof (Aadhar Card/PAN Card/Driving License etc.) Applying for the Unique Identity Card: Online Application for UDID: Step 1: Visit the official website http://www.swavlambancard.gov.in/ . Step 2: On the home page, click Register. A registration form will appear as follows. Step 3: If the applying person already has the disability certificate, then ‘Already having disability certificate’ should be clicked and can apply by filling the details. On the other hand, the applicant should register as a fresh case. Step 4: The registration form requires the details such as personal details including address, disability details, employment details, identity details of the disabled person to be furnished after which the ‘Submit’ button has to be clicked. Applying Offline The application form can be downloaded from the official website. After filling the application form with appropriate details, it should be submitted at the District Disability Rehabilitation Centres (DDRC) along with required documents. Application Status The status of the application made can be tracked by entering  their “Enrollment / UDID / Registration No.” On the click of Go button, the status can be tracked. If the application is approved,  e-UDID Card & Disability Certificate can be downloaded after logging in. FAQs What is a UDID card? A UDID card is a unique identity card issued by the Government of India to persons with disabilities (PwDs). It serves as a single document for identification and authentication of disability status. Who is eligible for a UDID card? Individuals with various types and degrees of disabilities, as recognized by the government, are eligible to apply for a UDID card. This includes physical disabilities, visual impairments, hearing impairments, intellectual disabilities, and multiple disabilities. What is the purpose of the UDID card? The primary purpose of the UDID card is to provide a means of identification for persons with disabilities, enabling them to access various government services, schemes, and entitlements. It also helps in standardizing the process of identifying disabilities across different sectors. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice | Psara License | FCRA Online Company Registration Services in major cities of India Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida | Company Registration in lucknow Complete CA Services CA in Delhi | CA in Gurgaon | CA in Noida | CA in Jaipur | CA Firm in India RERA Services RERA Rajasthan | RERA Haryana | RERA Delhi | UP RERA Most read resources tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | 115bac | section 41 of income tax act | GST Search Taxpayer | 194h | section 185 of companies act 2013 | caro 2020 | Challan 280 | itr intimation password |  internal audit applicability |  preliminiary expenses |  mAadhar |  e shram card |  194r |  ec tamilnadu |  194a of income tax act |  80ddb |  aaple sarkar portal |  epf activation |  scrap business |  brsr |  section 135 of companies act 2013 |  depreciation on computer |  section 186 of companies act 2013 | 80ttb | section

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Spices Board Registration

Government Schemes / /

Spices Board (Ministry of Commerce and Industry, Government of India) is the main organization responsible for developing and global marketing of Indian spices. The Board acts as an international bridge between Indian exporters and importers from abroad. The Board is the main force behind efforts to improve the quality of Indian spices, which involves every business sector. This blog explains the overview of spices board registration, benefits  the required documents and compliance regulations, and how to access market intelligence and export assistance. About Spices Board Creation Spices Board in India was formed on 26th February 1987 under the Spices Board Act of 1986 (No. 10 of the year 1986). It combined the earlier Cardamom Board (1968) and Spices Export Promotion Council (1960). Also, it is one of the five commodity boards that operate in the Ministry of Commerce & Industry. It is an autonomous organisation that is responsible for the promotion of exports of the 52 spices scheduled and for the development of Cardamom (Small and Large). Main Functions of Spice Board Registration Development of spices in North East All spices are improved post-harvest Research, Development and Regulation of the domestic marketing Small & Large Cardamom Quality evaluation of services Organic production, certification and process of processing for spices Promotion of exports for all spices through assistance for (1) Technology upgrade (2) Improvement in quality (3) Promotion of brands (4) Research and product development Who Is Required to Complete Spice Board Registration? Nobody shall commence or continue to conduct an export of any spice unless it has been registered with the Spice board to make such an export.  The Spices Board is the regulatory and export promotion authority for Indian spices, which is run under the supervision of the Indian government.  It was established in 1987. The spices Board was formed in 1987 following the merging of the earlier Cardamom Board (1968) and the Spices Export Promotion Council (1960) pursuant to the Spices Board Act 1986. Also, they are responsible for creating and developing Cardamom and encouraging exports of 52 spices listed within this Act’s calendar. Online Services of Indian Spices Board Information on Constitutional law, Spices Board actions, and rules are available on the services available online. The Board could also provide information on development initiatives, farming methods, initiatives funded by outside sources, and harvesting times. It is possible to join the spice board and sell your spices from there. It also offers quality services, an electronic brochure besides various other services. The spice database includes botanical names, properties, states of spice movement and statistics, all readily available. The government publishes bids on their site and also, which helps exporters financially. With the use of the right information, you can contact the Board with any questions you have. The site also has some important videos so that we can have access to the websites to the spices, a calendar of training, etc. In addition, they provide details about research centres for Cardamom in India and also research highlights, important initiatives, joint projects etc. The Steps to Follow for Spice Board Registration Sign up on Spice board’s website and obtain the application number Fill in the application online application form (Part I and part II) Pay the payment for application fees through the NEFT payment only Following the completion of Form Part I and Part II, make a copy of the application, affix signature the seal and signature of both signatory as well as the company at the appropriate location in the form and send it out to individuals of the Board in the affected area along with the pertinent documents Verify the status of your application 7-10 days after submission Programs and Projects by Board Improvement in Crop Developing specific location-specific higher-yielding cardamom cultivars with high-quality capsules through hybridization and selecting methods Germplasm collection, conservation evaluation and cataloging of the gene pool of cardamom and related genera to determine quantitative and qualitative characteristics Multi-location tests of various types of Cardamom Field trials for adopting different varieties of Cardamom in the farmer’s fields as part of an active breeding program Breeding increases resistance to biological and abiotic stressors Agronomy and Soil Science Technology for the production of crops, which includes preparation of the land, standardisation of agro methods, soil and management of water, nutrition of plants and weed control, management of nursery methods for planting, and various other practices of culture The mechanization of farms, evaluation and the development of equipment for the cultivation, processing and production of Cardamom Recording meteorological data Integrated Nutrient Management (INM) strategies for Cardamom The monitoring of the pesticide residues in samples of Cardamom Processing techniques, post-harvest handling, packaging and storage Fertigation methods using Cardamom Biotechnology Genetic diversity study of large Cardamom Genetic Diversity Analysis of Small Cardamom Genetic diversity study of Fusarium isolates derived from Cardamom Cardamom (small and Large and small) Transcriptome sequencing as a resource for future genomic and genetic research and also for localizing genes to assist in breeding The indexing process is based on a molecular marker of large and small cardamom field samples The indexing of viruses with a Molecular marker is performed using Black pepper samples from the field Entomology Innovative Bio-control strategies, including bio-pesticide formulations and screening the cardamom germplasm to protect against insects Monitoring of minor and major pests of small quantities of Cardamom Developing Integrated Pest Management (IPM) strategies for Cardamom Bionomics, Bioecology, behavioural & physiological approach to pest control Plant Pathology Research on the effects of viral infections on Cardamom Identification of diseases & Integrated Disease Management (IDM) techniques for Cardamom Bio-agents are effective locally (PGPR and other antagonistic fungi) for treating illnesses Biocontrol of disease with antagonistic microbes such as fungi and bacteria Study novel compounds of fungicides to aid in treating major diseases in Cardamom Spice Development Agency The government of India has also announced the creation of an all-inclusive Committee named the ‘Saffron Production and Export Development Agency (SPEDA) for the general growth of the business in the State of J&K via a

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How to reply notices of mismatch of GSTR 3B & 2A

Goods & Service Tax / /

Even after four years of GST implementation and over a thousand notifications and circulars, we continue to encounter several issues with GST on-site maintenance and department operations. Businesses and professionals encounter several challenges as a result of issues and constant change. It is terrible that even after four years; we are still expecting and hoping for stability in the GST and the department’s operation. Taxpayers began getting letters from the department, as they do every year, addressing data mismatches in GSTR 3B or GSTR 9 annual returns, as well as data represented in GSTR 2A, which was filed by Suppliers. Abstract The Department has already begun sending notifications for the disparity between the submitted GSTR 3B or GSTR 9 annual return and the Input indicated in the Suppliers’ GSTR 2A. We have recently passed four years of the GST on July 1st, 2021, and we are still experiencing a number of challenges with the GST, either on the site or in the department. Since the commencement of the GST, the GST Council has issued over 1000 Notifications and Circulars. Regrettably, many times the rules of business and professionals become victims of the constant changes. Even after four years of the GST, we expect and hope for the stability of the GST laws. Non- Implementation of the Original Law The original law intended for GSTR 1, GSTR 2, and GSTR 3 returns to be filed and then matched, however, this was never executed. It did not occur due to system and legal comprehension concerns, and the department instead introduced GSTR 3B. The department anticipated that they would shortly replace GSTR 3B with GSTR 3, resulting in the eventual reintroduction of the period, although this has yet to occur.Section 42 of the CGST Act, 2017 addresses matching, reversal, and recovery “of ITC and establishes a procedure for matching of ITC claimed by the receiver with the input tax due” recorded by the supplier. They created the system for matching the GST input tax credit through the combined submission of Forms GSTR-1, GSTR-2, and GSTR-3. Section 42 establishes a process through which the supplier will submit GSTR 1 for his outbound supply, which will then be retrieved by the recipient under GSTR 2. Acceptance, rejection, or amendment choices are available in GSTR 2, and the final return is filed in Form GSTR 3. However, Forms GSTR 2 and GSTR 3 have been suspended since their establishment; therefore no matching has occurred since then. Legally, GSTR 2 is not replaced, but the department has introduced GST 2A, which the receiver has the right to access and there is no ability to fix the same or add new invoices that were not specified by the supplier. GSTR 3 has been superseded by GSTR3B, which is a simplified version. Rule 36(4) of the MGST Rules, 2017: Validity and Implementation On October 9, 2019, Rule 36 (4) of the CGST Rules, 2017 mandated the matching of GSTR 2A and GSTR 3B. As previously stated, the procedure provided under section 42 read with Rule 69 for matching of ITC is ineffective. Section 43A refers to the procedure of credit sickness in a regulated manner (suggested by rules). Because Rule 36 (4) became effective on October 9, 2019, ITC matching was not necessary until October 8, 2019. Furthermore, on October 18, 2018, CIBIC published a press statement clarifying that: “The furnishing of outward information in FORM GSTR-1 by the appropriate supplier(s) and the recipient’s ability to view the same in FORM GSTR-2A is in the nature of taxpayer facilitation and has no influence on the taxpayer’s capacity to avail ITC on a self-assessment basis.” Rule 36 (4) becomes effective on October 9, 2019, and applies to invoices for which credit is received after that date. Currently, pursuant to Rule 36 (4), an input tax credit of up to 105% of the paid GST on inward supplies can be claimed; details of the same are posted by the supplier on the GSTN Portal and will also be shown in the receiver’s GSTR 2A/2B form during the taxation period. The gist of all of this is that Section 43A establishes a mechanism for obtaining credit only in a certain manner. It does not provide the government the authority to put any restrictions on the use of ITC advantages through rules. Furthermore, prior to October 9, 2019, “reconciliation of bills under Rule 36 (4) is not applicable.” As a result, 2017-18 cannot be considered a preview under Rule 36 (4). The Impossibility Doctrine and the Recovery Mechanism The GST Council has every recovery procedure from defaulters under sections 73, 78, 79, and so on. Following the last phase, the council may attach the defaulter’s bank account or property. The receipt cannot control the supplier and cannot compel the supplier to carry out the execution since “neither receipt has any legal procedure for recovering the defaulter supplier.” The council will assign the party to the defaulter in the recovery notification and swiftly collect the default responsibility. This law will not oblige the recipient to do the unthinkable, namely to ensure that the provider has provided “the tax to the government.” It is unreasonable to refuse credit to the receiver” because the supplier’s section failed to file the information within the specified time frame. In the absence of collusion between the supplier and the recipient, ITC could not be refused Within the issue, the usual evident flaw in section 16(2) (c) is that it imposes the responsibility without justification on the receiver, who may otherwise be genuine. It holds the recipient accountable for the supplier’s action, even though the two are unconnected.As a result, even in the absence of conspiracy between them, it punished the recipient for the mistake of the third party, the provider.The “Madras High Court’s Madurai Bench” ruled in the case of M/s. D.Y. Bethel Enterprises v. The State Tax Officer (Data Cell)” that the method chosen by the head of revenue in reversing the ITC claimed by the recipient, excluding effectively investigating the sellers, is not correct and ordered a

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Lifetime Value (LTV )

learn / /

As a business owner, there are dozens of important metrics you need to both track and understand. From your net profit margin to sales revenue and retention, these critical metrics help you stay on track as you grow and scale your business. Not tracking the right metrics is a dangerous road to walk, as it can lead you to some unsuspected surprises throughout your business journey. As a business owner, there are dozens of important metrics you need to both track and understand. From your net profit margin to sales revenue and retention, these critical metrics help you stay on track as you grow and scale your business. Not tracking the right metrics is a dangerous road to walk, as it can lead you to some unsuspected surprises throughout your business journey. How is LTV calculated? LTV is calculated by finding out the average churn and average spend of a user over the course of a specific period to predict their overall spend in an app. Tapdaq, a mobile advertising network, created a simple equation for calculating LTV: LTV = ARPU x 1/Churn The formula calculates a user’s lifetime value by predicting how much money they’ll make in a set period (the ARPU, or Average Revenue Per User) and by how well they return (1/churn). With this formula, you can attempt to predict how much a user will be worth throughout their time spent on an application. What is customer lifetime value? Customer lifetime value (CLV or CLTV) is a metric that represents the total net profit a company can expect to generate from a customer throughout their entire relationship. It takes into account the customer’s initial purchase, repeat purchases, and the average duration of their relationship with the company. Customer lifetime value helps you understand and gauge current customer loyalty. If customers continue to purchase from you time and time again, that’s usually a good sign you’re doing the right things in your business. Furthermore, the larger a customer lifetime value, the less you need to spend on your customer acquisition costs. Why is customer lifetime value important? Understanding CLV allows you to make informed decisions based on how long a customer typically buys from you and what they spend over the lifetime of that relationship. This metric can help inform your strategy on acquisition, customer retention, customer support, and even the quality of your products and services. Calculating customer lifetime value for different customer segments helps in a number of ways, mainly regarding business decision making. Knowing your CLV can tell you, among other things: How much you can spend to acquire new customers (CAC) and still have a profitable relationship The exact amount you can expect an average customer to spend over time What kinds of products high-value customers want Which products have the highest profitability Which customer relationships are driving the bulk of your sales Who your most profitable types of clients are Details about the customer journey and churn rates Using your CLV as a base, you can work to better understand your most loyal customers. What do they like? Why do they continue to purchase from you? Together, these types of decisions can significantly boost your business’s profitability. As with any metric you track in business, knowing the number is not enough. You have to use your CLV to shape your overall business strategy. If your customer lifetime value is on the rise, that could mean you should continue to invest in product development or your customer success teams.  If your CLV is declining, that might tell you your latest marketing strategy could use a reboot.  Ways to improve CLV Make it easy for customers to return items they’ve purchased from you. Making it hard or expensive will lower customer satisfaction and reduce the odds of them making another purchase. Make strategic exceptions for your most loyal customers. For example, if someone is planning on canceling a subscription service you offer, give them an option of remaining a user with a small discount. Interview and connect with your best customers to understand why they continue to choose your brand. Set expectations regarding delivery dates, aiming to underpromise and overdeliver. It’s much better to promise delivery by August 1 and have it in their hands by July 20 than the reverse. Create a loyalty program. Encourage repeat purchases with rewards that are both attainable and desirable. Reward loyal customers. Offer freebies for doing business with you to build brand loyalty. Run deals exclusive to existing customers. Use upsells to increase the average value of a customer transaction, which is the equivalent of McDonald’s asking, “Would you like fries with that?” Stay in touch. Long-time customers want to know you haven’t forgotten them. Make it easy for them to reach out to you as well. Using CLV to shape your business strategy you’ll ultimately build a more profitable, successful business by focusing on attracting and retaining long-term customers who will become advocates for you, as well as repeat buyers FAQs What is Customer Lifetime Value (CLV) or Lifetime Value (LTV)? Customer Lifetime Value (CLV) or Lifetime Value (LTV) is a metric used in marketing and business to estimate the total revenue a customer is expected to generate over the entire duration of their relationship with a business. It helps businesses understand the long-term value of acquiring and retaining customers. What factors influence CLV? Customer Acquisition Cost (CAC): The cost associated with acquiring new customers. Retention Rate: The percentage of customers who continue to do business with the company over time. Average Order Value (AOV): The average amount a customer spends per transaction. Frequency of Purchase: How often a customer makes purchases from the company. Customer Satisfaction and Loyalty: The likelihood of customers making repeat purchases and referring others. Why is CLV important for businesses? CLV is important because it provides insights into the profitability of acquiring and retaining customers. By understanding the value each customer brings over their lifetime, businesses can make informed decisions about marketing strategies, customer acquisition costs, pricing, and resource allocation.

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