Category: Business motivation

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Business motivation

Indian SMEs Plan To Expand Businesses As Economy Revives, Restoration of Business Activities Likely To Gain Momentum Post COVID-19 Era: Survey

Evaluation of Business Performance
एंटरप्रेन्योर

The small and medium enterprises (SMEs) in India are coming back to action besides new opportunities unlocking in numerous upcoming segments. As the economy in India limps back to normalcy, a number of small and medium enterprises (SME) in the country are now planning to expand their businesses. The SME Leasing & Business Sentiment Survey by 360 Realtors’ commercial division, shows that business activities in the country are reviving amid increasing confidence in the overall economic outlook of India with the growth trajectory of the country expected to be in the range of 8-10 percent in FY 22.

In a statement, the 360 Realtors noted that business activities are reviving amid increasing confidence in the overall economic outlook of India with the growth trajectory of the country expected to be in the range of 8-10 percent in FY 22. “Echoing this sentiment, a whopping 69 percent of the respondents in the survey have demonstrated their plans to expand their business. As the economy is expected to expand, there will be significant growth in demand and consumption which is egging on industry players,” the Survey stated.

Moreover, around 49 percent of the respondents said that they will launch new verticals, whereas slightly over 12 percent have suggested functional team reallocation. A report by IANS quotes the survey saying that the respondents are spread across numerous cities in India including Delhi-NCR, Kolkata, the MMR, Bengaluru, Hyderabad, Chennai, among other.

The COVID-19 pandemic has impacted the momentum of growth in the SME sector. Ankit Kansal, Founder & MD, 360 Realtors believed that the post-COVID-19 era will see the emergence of new opportunities and business proliferation driven by a consistent restoration of business activities.

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Business motivation

15 Inspiring Documentaries That Should Be On Every Entrepreneur’s Watch List

Documentaries Entrepreneurs Should Watch| Representational Image (Photo Credits: Pixabay)
Documentaries Entrepreneurs Should Watch| Representational Image (Photo Credits: Pixabay)

People look for constant motivation and inspiration to keep moving ahead in life. This is equally true for the business and entrepreneurial life of all the individuals. Being business or start-up owner ensures a constant source of troubles and challenges. It sometimes become difficult to tackle the turbulent business environment and keep a positive mindset. Business persons, especially young entrepreneurs, sometimes feel defeated at the hands of rampant uncertainties. This happens almost at every stage of business, and not just unique to the early or start-up phases. 7 Rags To Riches Biographies Every Young Entrepreneur Should Read for Constant Motivation.

To overcome such situation and beat the blues, watching some real-life documentaries of successful business tycoons, understanding their method of working and their MO while dealing with complexities, is definitely a good way to feel re-energised and motivated. Such documentaries also help the entrepreneurs to clear their mind and allow them to think calmly without getting exhausted and come up with out of box solutions to the business problems. Here are documentaries which are a mist watch for all the entrepreneurs: 11 Business Lessons every Entrepreneur should learn from Late Dhirubhai Ambani!

Startupland: A Documentary Film

Capital C

Holyland: Startup Nation

Foundation

The Startup Kids

Print the legend

The Creative Brain

The Director: An Evolution in Three Acts

She Did That

American Factory

Steve Jobs: One Last Thing

Inside Bill’s Brain: Decoding Bill Gates

Enron: The Smartest Guys in the Room

American Experience: Henry Ford

Something Ventured

A young entrepreneur has to overcome a lot of unwanted external pressure from society, family, successful and well settled acquaintances, as well as constant internal conflict, fear and self doubt to bloom into a successful business person and reach the zenith. Some motivational real life -visual, audio or textual- stories helps her to stay strong and keep marching towards her destination with head held high.

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Business motivation

7 Rags To Riches Biographies Every Young Entrepreneur Should Read for Constant Motivation

Inspiring Biographies| Representational Image (Photo Credits: Pixabay)
Inspiring Biographies| Representational Image (Photo Credits: Pixabay)

The journey of becoming a successful entrepreneur is not an easy one. It long, tiresome, disappointing and dis-heartening. Many people start doubting themselves and questioning their capabilities. They grew insecure, may even lose the spirit to carry forward and give up in the middle. No rewarding journey has been completed without hardships and fair share of failures. Young people in their initial stage of entrepreneurial life are bound to face several social and financial complexities which may deviate them from the life long goal of having a successful business of their own.11 Business Lessons every Entrepreneur should learn from Late Dhirubhai Ambani!

However, there are multiple stories of people who despite being form a marginal and economically weaker sections of the society, held on strong to their dreams, squashed all the bottlenecks to be highly successful businessman and titans in their field. Young entrepreneurs need constant motivation to keep going in the directions of their dreams and accomplishing them. Here are some biographies all entrepreneurs should read for inspiration and motivation: 4 Tips For Selecting a Powerful Business Name for your Startup!

Karsanbhai Patel: The Man Behind ‘Washing Powder Nirma

Ramesh Babu : The Barber With A Rolls Royce

Patricia Narayan: FICCI Woman Entrepreneur of the Year

Sunil Bharti Mittal: Connecting India

What I Know For Sure: Oprah Winfery

Big Magic- Creative Living Beyond Fear: Elizabeth Gilbert

The Man Who Made Reliance Industries: Dhirubhai Ambani

Despite all the hardships- social, personal, economical- these real life Rags to Riches stories will inspire all the entrepreneurs throughout the business cycle form generation of the business idea to its implementation, establishment of business to its sustenance and success and motivate them to never give up and keep working towards the goal.

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Business motivation

Ease of Doing Business and Ease of Living Among Government’s Priority for India’s Economic Growth, Says PM Narendra Modi

Business Tips | Representational Image Only (Photo Credits: Pexels)

New Delhi, February 20: Prime Minister Narendra Modi on Saturday stressed the need for a coordinated approach among the states and the Centre to achieve the ‘Atmanirbhar Bharat’ (self-reliant India) goal. Speaking at the sixth meeting of the Governing Council of NITI Aayog, the Prime Minister said that ‘ease of doing business and ease of living’ is also among the government’s priority to a strong country’s economy. He made a strong case for repealing archaic laws for ease of doing business in India and said the centre and states need to work closely to boost economic growth.

Praising the Union Budget 2021-22 which was presented by Finance Minister Nirmala Sitharaman earlier this month, the Prime Minister said that people have made up their minds about what they want. He stressed on ‘zero defect, zero effect’ mantra which he gave in August 2014 to Indian entrepreneurs for better products–a direct reference to the need to make things without causing environmental harm.

During his address, the Prime Minister said that ‘Atmanirbhar Bharat’ campaign is the way to build an India that produces not only for its needs but also for the world, and these productions will also stand the test of world superiority. To achieve the goal, the Prime Minister added there is need for a better coordination among Centre as well as states and increase export.

The Prime Minister stressed on the policy framework and cooperation between the Centre and states, saying “coastal states are a fine example”. “Exports from the blue economy have unlimited opportunities. Why shouldn’t our coastal states take extra initiatives for the same?” He added saying that India managed to build a good image internationally during the Covid-19 period because the central and state governments worked together for the betterment of people.

 

 

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Business motivation

3 Best Marketing Strategies to Boost profit margin in Tiffin Services Business

tiffin service

A tiffin business in India is not a new segment in the F&B industry. But as the young entrepreneurs in India are willing to step into this segment with their innovative approach, the segment has begun to gain popularity.

As the millennial and students are migrating across different cities because of job opportunities and education, the tiffin services in India has witnessed an increasing demand.

Zaika Tiffin Service was started with an investment of INR 7,000. Started from the kitchen of Jinisha Jain is now serving more than 1500 meals over two years.

You too can open a tiffin service and turn it into a popular brand with the correct marketing strategy.

Good food and excellent service in the tiffin service business are essential. But what if nobody knows you are serving? It could be a game-over stage for your tiffin business.

If you already have a tiffin service business and want to increase your profit margins, here are the 3 best marketing tips:

  1. Customer Engagement on Social Media

We know that Facebook & Instagram may sound overwhelming at first; however, they can help your tiffin services gain vast exposure. According to Bain & Company, ‘customers who engage with the business on social media spend about 20-40% more money on that business’.

Promoting your business on social media platforms will drive more customers, which means a significant growth of profit margins in tiffin services.

  1. Include Complimentary Items in the Tiffin

We all love complimentary stuff! So why not give your existing customers or new clients something that they are not expecting? Include some pickles, curd with spices, chutney, or a mouth freshener to make their meal-of-the-day extra delightful.

  1. Keep Updating the Menu

To prevent the boredom that might crawl in after a certain duration of time, refreshing your menu now and then is highly advised. Also, you can ask your customers what they will like to eat on weekends. This will help you understand your customers better and improve your tiffin business services.

Don`t forget to take regular feedbacks from your customer and work upon them to have a large database of Happy Customers! You can learn more strategies that can prove to be powerful for your tiffin business services via our Everything about Entrepreneurship course. To know more, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

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Business motivation

Most Powerful Sales Strategies that will boost your Business Profit Overnight!

sales strategy

Do you have an incredible product but facing problems to reach the target audience? Do you feel there are loopholes in your business strategy? Is your business going through a loss? Then worry not! Through upselling and cross-selling strategies, you can double your business revenue.

According to Deloitte research, “laying a foundation of cross-selling and upselling to any sales strategy during the challenging times can significantly help drive the enterprise value”.

If you are looking for ways to increase profits in your business, these fundamental concepts will help you strengthen the revenue strategy:

Upselling Strategy

Upselling is a brilliant sales strategy that encourages a customer to purchase a more expensive model in the same product range with additional features. E.g. Guests who are booking a room in a hotel will likely pay extra for additional services.

While timing is the key, it is essential to keep the budget, needs, and wants of your customer in mind too. If your customer is looking at a laptop of INR 20,000 that person may not be interested in buying a Macbook air of INR 72,000.

Always ensure to keep your upsell in alignment with the customer`s underlying needs and wants to the original product.

Cross-Selling Strategy

Have you ever ordered a combo meal instead of buying just a burger at a McDonald`s outlet? Probably, the answer is yes! This is cross-selling.

Cross-selling is a technique to encourage a customer to combine her initial purchase with products that compliment it.

Amazon attributes up to 35% of its revenue to this brilliant sales strategy. They cross-sell their customers with the “Frequently bought together” section, where they promote the products related to the item in the cart.

To cross-sell your customers, always pair products that naturally go well, like donuts with coffee or fries with a burger. Focus on the price points of the items you pair. Products that you are likely to cross-sell are typically similar in cost. Hence, pair them well.

Whether you choose to cross-sell or upsell or both, always consider tracking your data. Metrics can help you fine-tune the existing loopholes and improve your business revenues.

To know more about these sales strategies in-depth, join our Problem Solving Course. Learn from the mentors who will share their years of experience with you. To know more about this valuable course, click here: https://www.badabusiness.com/psc?ref_code=ArticlesLeads

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Business motivation

A Quick Guide to Start your own Wedding Planning Company in 7 Simple Steps

wedding planning business

Weddings hold a great cultural significance in India. But Indian weddings have a reputation of being grand, glitzy, and glamorous. From destination weddings to Bollywood-themed private ceremonies, weddings have come a long way from being just a two-day affair.

Several stressful weeks of planning go into the preparation to ensure the outcome is breath-taking. From shopping to selecting a venue, sending invites to finalizing the food menu, decoration to attending guests, a wedding planner has to take care of a lot of other things.

Though pandemic in2020 acted as a speed-bump, with the government extending the social gatherings to up to 100 people, the weddings are back in business.

According to Business Insider, the $50 billion Indian wedding industry is back on its track and offers a lot of scope for growth.

But if the craziness, excitement, confusion, and overall euphoria give you an adrenaline rush, you can start your own wedding planning business.

How can you start a wedding planning business? Here is your step-by-step guide to understanding all the essential skills you will need:

  1. Give your company a Business Name & Type

Your business name is the first thing that a client notices. While the type of firm or service you will provide will attract future clientele belonging to the same segment. Try to offer a diverse range of choices to the bride & groom, so that they can choose accordingly.

  1. But First, Get Some Relevant Experience

Delivering the best customer experience is very important for your wedding planning business. Hence, it is advisable to work with a team to gather experience before starting your own company.

  1. Investment

Deciding on the initial investment is important for any business, and the wedding planning business is no exception. Initially, you will have to invest in a good laptop that could cost you INR 20,000 or above. To save on the rented workspace, you can start working from home or a co-working space.

However, to place initial orders with vendors, you will require around INR 2-5 lakh. Create a reliable network of vendors to keep the smooth supply of essentials.

  1. A Business Plan

Anything without solid plan bombs in no more than 2 minutes. Thus, having a business plan in place is crucial for a wedding planner. This includes a business name, industry research, target segment, financial management along with long and short-term goals.

  1. Getting a Team On-board

A skilled team is imperative for a wedding planning business. Before taking any assignments, you will need to figure out a team. From decorators, venues, caterers, musicians, travel arrangements to Mehendi artists, choreographers, and apparel stylists, you must rope-in all of them to ensure a successful wedding.

Cost-effective tip: Hire freelancers rather than a full-time team to save time & money.

  1. Marketing

Once you have organized few ceremonies, showcase all of them and start marketing your services. Instagram and Facebook could be your best friend. However, a word-of-mouth recommendation could be your best bet. You can also create a website, which could cost you anywhere around INR 1,500 to INR 3,000.

  1. Earnings

Depending upon your clientele, and the ceremonies you organize, a wedding planner could easily earn up to INR 1 lakh on a wedding with a budget of INR 10 lakh.

So what are you waiting for? With restrictions being eased-out and weather playing its charm, you too can become a wedding planner. You can know more about how to set up your business with our Everything about Entrepreneurship course. To know more click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

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Business motivation

4 Planning Tips for Events with Small Budget!

Planning-1
बिज़नेस प्लानिंग

Events come in all shapes and sizes. Some events have bigger budgets, while others come with restricted budgets. Most people believe that to make an event successful, a whopping sum of money is required. However, they could not be more wrong!

Events that have smaller budgets are no less impactful and successful, provided the planner knows how to plan, smartly. Even with a tight budget, you can make a strong impression and get your message across, loud and clear to your audience.

If you are struggling to plan a low-budget event and worried about how to begin, here are some key guidelines on how to plan it:

  1. Book your Venue Early

Venus is the most important item on your check-list. And, if you are planning a low-budget event, selecting a venue plays a crucial role. Finding a suitable venue is considered to be the hardest thing, and with a limited budget, it becomes trickier.

To avoid extra expenses for an event, book your venue early. Plan smartly and find out if off-season dates can work out for your event. You can get a good bargain by choosing less popular dates.

  1. Food & Beverages Costs

Unless the event is a culinary event, you can reduce the expenses by providing food & drinks that are good but not-so-fancy. To organize an event with limited budgeting requires out-of-box thinking. So stay away from the conventional approaches and think more about cost-effective ways.

  1. Use your Bargain Skills

With low-budgeting events, there is one thing that comes in handy- your bargain skills! By keeping your budget in mind, try to negotiate with your suppliers. Think about the long-term business opportunities and offer them opportunities to extend the business beyond just a one-off-event.

  1. Make your Event Tickets Easy to Buy

Maybe you are organizing a charity event or an event for fundraising. So how will you ensure that it is attended by people in great numbers? By making it easier for your target audience, to purchase the event tickets from the comfort of their home. You can also use your website to sell out the event`s ticket.

If you are planning a new event, there are multiple ways to make it successful. With our “Everything about Entrepreneurship” course, you can learn how to start your own event management company with a small investment budget.

Do not miss out on this opportunity to become financially independent by becoming a successful entrepreneur. To know more about this course, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

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Business motivation

5 Easy Steps to a Successful Virtual Event Planning

virtual event

In 2020, when the COVID 19 struck the country, the travel and event industry came to a halt. Although the blockage was temporary, the uncertainty associated with the virus and its effects was perpetual.

The consumers were forced to avoid traveling and the nationwide lockdown created a situation of urgency. The livelihoods of various industries and businesses were at stake.

While multiple concerns are still looking right in our faces, the event industry is finding creative ways to get back on track. The pandemic has forced certain businesses to quit the old traditional methods and embrace the new.

A special category that was considered a less-than-ideal alternative has emerged from the pandemic. Online and virtual events are now becoming a standard practice for all kinds of events.

According to a Forbes report, the virtual events are up 1000% since the Covid-19 pandemic. Based on the statistics that were obtained in the first half of the year 2020, the virtual event industry will surpass the previous revenue that was estimated to be around $404 billion by 2027.

As the demand for virtual events is increasingly high, becoming a virtual event planner is a fantastic idea. Here are some of the most brilliant tips that will help you to kick start your first virtual event with a remote audience:

  1. Understand your Audience

Being a virtual event planner can appear a little overwhelming for beginners. However, taking a solid grasp of your guidance`s general psyche can make it all simpler. To build a strong demographic profile you must know if your target audience is more tech-savvy and willing to take part in virtual events. This will help you to come out with a suitable business plan.

  1. Pick your Format

Just like live conferences, virtual events also have multiple formats. It could be in the form of a seminar, or more like a workshop, a personal party, or a tradeshow. The key here is to give your clients a unique experience that they can`t forget.

If you are a solopreneur, you can also hire a design team to create a personalized theme or “storyboard”.

  1. Select a Platform

Today, there are multiple platforms for live-streaming. Some of the most popular options include Facebook Livestream, YouTube Live, etc. You can take a free trial to familiarize yourself with these platforms to understand their timelines.

  1. Choose a Host

If you have excellent communication skills that can keep the audience engaged for the entire duration, you can be the host of the event. However, if it is a big corporate event, you can also hire a professional speaker. The choice is completely yours.

  1. Market your Event

It is important to promote the event that you are organizing just like a typical live event. Use all the popular social media channels to garner as many viewers as to make it a successful event. Do not forget to use event hashtags and use them frequently.

Organizing a virtual event is more doable than ever, thanks to technological developments. Take advantage of this technological breakthrough and build your audience to make your brand a household name.

Master the entrepreneurial skills with our Everything about Entrepreneurship course that will help you to encounter all the challenges of the business world. To know more about this course, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

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Business motivation

10 Inspiring Books Every Female Entrepreneur Should Read to be Successful

Inspiring Books for Women Entrepreneurs| Representational Image (Photo Credits: Pixabay)
Inspiring Books for Women Entrepreneurs| Representational Image (Photo Credits: Pixabay)

In today’s world that is slowly moving towards gender equality, more and more women are taking up entrepreneurial roles. Defying the age old orthodox barriers of society and religion, several women are leading the business world effectively and effortlessly. Married women and mothers who left their career midway to fit in the household role are also making a comeback with impactful start-ups and business ideas. They are leaving no stone unturned to prove their worth and capability to a male-centric and patriarchal society. 3 Marketing Techniques for Start-Up to Follow During Initial Business Stages.

Amid the complexities and challenges of the business world and the constant struggles to keep with the at the family front as well, many female entrepreneurs start losing their motivation and find it difficult to hold on the spirit of moving ahead. To pull out the women entrepreneurs from such situation and bring them back on the track of success, here are some inspiring books : 4 Startup Ideas That Housewives and Moms at Home Can Consider and Earn a Good Amount.

Stay Hungry Stay Foolish by Rashmi Bansal

Shark Tales by Barbara Corcoran

The Gift of Struggle by Bobby Herrera

What You Can Do, I Can Too by Helen Vallaeys

Connect The Dots by Rashmi Bansal

Dare to Be: 14 Fearless Women Who Gave Wings to Their Dreams by Rinku Paul and Puja Singhal

Superwomen: Inspiring Stories of 20 Women Entrepreneurs by Prachi Garg

In the Company of Women: Inspiration and Advice from over 100 Makers, Artists, and Entrepreneurs by Grace Bonney

Million Dollar Women: The Essential Guide for Female Entrepreneurs Who Want to Go Big by Julia Pimsleur

She Walks, She Leads: Women Who Inspire India by Gunjan Jain

From incubation to implementation of the business, entrepreneurs have to go follow a long and difficult journey. Constant source of motivation and appraisal is required to keep moving ahead towards the achieving success without giving up because of small hurdles.