Category: Business motivation

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Business motivation

4 Vital Traits That Keep Businesses Relevant For Customers

4 Vital Traits That Keep Businesses Relevant For Customers
4 Vital Traits That Keep Businesses Relevant For Customers

Summary: Staying relevant should be the priority for the entire organization and not just one function, product, or service. Those that understand this stay in business while others fade into the sunset.

Since the foundation of growth and success for every business is staying relevant to their consumers, companies always try to focus on it. However, over the past few years, the dynamics of business have changed. Earlier, once established, companies used to worry about the changes that will make them irrelevant. Today, these changes take place over months or every couple of years.

A recent example that tested the relevance of companies across the globe is COVID-19. Small or large, companies of all the scales were tested at a short notice to operate in a virtual model and pivot their businesses. Companies like Amazon had inherent agility built into their business to utilize the moment of disruption. And this is why they sustained. But many startup businesses failed to even sustain themselves for the first few weeks and collapsed.

At the pace the world is changing, companies can no longer stay glued to familiarity. Entrepreneurs must learn that transformation is not an endgame. So, it is critical to provide value to their customers at all costs.

Here is a ‘Formula of Four’ that can position your startup businesses in a better place than others to stay in the game no matter what:

1. Customer is the Only King

To embrace a customer-driven approach is not an option, but imperative for companies. Making it an obsession to value customers can be the ultimate key to success. By placing the customer at the center, startup business can prioritize their activities with ease, pivot quickly when needed, and optimize their products and services.

For instance, the ideology of Airbnb`s- create a world where anyone can belong anywhere- is the major driving force behind the strategy in the customer service, product development, recruitment, and the markets that they explore.

2. Innovate or Die

Conventional business practices and processes are passé. It is time to embrace an inclusive approach that looks from the customer`s point of view and then translates it into a product or a service. Creating exceptional customer value is the need of the hour. To reach this stage, you must understand the broader context and the driving forces behind the change.

For example, Adobe, when moved to a cloud-based subscription model their revenue dropped initially, but later registered much higher growth than before.

3. Reinvent Yourself

Once established, startup business should keep reinventing themselves. Self-disruption helps to embrace the future by building an organization that is constantly becoming better with each passing day. However, it also challenges entrepreneurs in more than one way. It puts more emphasis on progression than on perfection, on learning than knowledge and founders have to reimagine conventional ways of thinking, working, and executing. If you want to make your startup business a winning company, think without fear. Winning organizations are unafraid to disrupt themselves.

4. Learn From Failures

Self-disruption is not for the weak-hearted. It is easier said than done and involves great risks. Failing small and building big on success, taking calculated risks and small bets, and encouraging it as an organization-wide culture is vital to stay relevant in the business world.

Hence, learning from failures and to keep exploring multiple small ideas is the key to becoming a successful small business.

In these challenging times, staying relevant is a constant journey of inventing, reinventing, and not about landing with a perfect solution. And this should be the quest for the entire organization and not just one specific branch or hierarchy.

The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.

Get your Business game back on track. Grow through self-learning and see your website traffic increasing with marketing collateral designed especially for you. To know more, visit: www.badabusiness.com

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Business motivation

7 Ways To Build Authentic Business Relationships For Success!

7 Ways To Build Authentic Business Relationships For Success
7 Ways To Build Authentic Business Relationships For Success

You can`t operate a startup business without maintaining strong professional relationships with investors, clients, vendors, and potential customers. A company grows only by establishing meaningful connections with others.

Building strong business relationships starts with acknowledging and recognizing the importance of viewing everyone as a unique person with their desires, motives, and interests. Once, you have understood that the person in front of you is not only a medium to grow your business, but a human being too, you build relationships at a deeper level.

Here are 7 techniques that will help you to establish long-lasting business relationships that will drive sales and growth for your startup business:

1. Offer a Valuable Product & Service

Personal or professional, every relationship starts with an introduction, and sometimes for a business purpose. However, this is the hardest step. A client will approach you because of your extraordinary service or a valuable product that you have created to help them. So, it all depends on how you utilize your strengths.

2. Discover Ways to Provide Additional Value

If you have a startup business, you can begin with finding common ground and identify how you can add value with your time, connections, resources, or expertise to your clients or investors. This can give your relationship a personal touch.

3. Make Your Customer Service Excellent

Ask the best business corporate trainer in India and about the best strategy for growth and relationship building at zero cost and they will reply promptly- customer service. Customer service is that one aspect that can build the foundation of strong business relationships. Work on perfecting every interaction with your customers. Try to maintain transparency. Advertising is no longer as powerful as it was once perceived. A referral army who has used your products can do wonders for your startup business.

4. Make Mutual Success Your Mantra

When you think about others’ success and not just your own, the relationship grows. Nobody wants to work with someone who only has their agenda on their mind. Strong relationships happen when we focus on mutual success and trust.

5. Focus on Relational Value more than Transactional Value

Avoid approaching your business relationship in a transactional nature. Cultivate your network and relationships each day. Meet them and greet them on special occasions. Talk to them to understand their needs, requirements, values, and what drives them. Always remember that it isn`t about you, but about them. They will always remember how you made them feel.

6. Treat Them like Friends & Family

People like to do business with people they like. Treat them like you would treat your family and friends. Take a genuine interest, be vulnerable, be yourself, and show personal interest in addition to the business value that you already offer.

7. Stay True to Your Business Values

Clear and consistent business values can help stakeholders, clients, customers, and even investors to stay in a harmonious alignment with you. Stay prepared for hiring, firing, and losing money for your values as it sends out a strong message about the brand promise and ensures a shared vision.

The shared vision and aligned values make the strong foundation of any startup business relationship with your employees, clients, customers, investors, and other peers.

Unfortunately, entrepreneurs who are creative and great at inventing things often don`t invest much time in building strong and long-lasting business relationships. Though it does take effort and focus, the talent to effectively build relationships can be learned, just like any other skill.

Use the above-mentioned 7 tips to create a strong business relationship with your potential clients, investors, customers, and other stakeholders.

The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.

Get your business back on track. Grow through self-learning and see your website traffic increasing with marketing collateral designed especially for you. To know more, visit: www.badabusiness.com

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Business motivation Strategy

4 Ways Passive Income Can Take Your Financial Worries Away!

4 Ways Passive Income Can Take Your Financial Worries Away!
4 Ways Passive Income Can Take Your Financial Worries Away!

Summary: Do you want the freedom to work on what you truly desire, rather than having to go into a job that pays you well but leaves very little time for you to enjoy things you truly love? Passive income could be the answer.

“Don`t let making a living prevent you from making a life”—John Wooden.

John Wooden, the guy who said it, interestingly lived for almost 100 years. Now, whether you want to live for 100 years or not, you want to make enough money to lead a comfortable life.

Now, if that sounds like you, would you like to know how you can do it? Would you want to know how you can lead a comfortable life even when you can`t work anymore?

What if we told you there was a way to make money without having to work for it? Passive income is the most effective way of making money with minimum effort. With passive income, you can change your financial future. And yes, we are not kidding!

What is passive income and why is it so essential?

Passive income is a source of income that is generated without requiring any additional effort on your part. You can make money from investment, property, or business that can generate earnings. It is not something that you earn from a regular job. In simpler words, passive income is what you make when your money makes for you.

Watch how passive income can change your life here. 

Here are 4 ways in which you can change your financial future:

1. Freedom of Time

Stability and security, passive income provide both to those who don`t want the worries and restrictions of a 9 to 6 desk job and still want to enjoy the freedom without having to think about paying their bills. Those who wish to spend more time with their family without having to think constantly about their monthly financial deadlines can generate income for their future with passive income.

2. Less Stress & Fear

Though money is not the most important thing in life, it can certainly make a lot of things easier. Hence, it`s no wonder that a lot of people these days feel stressed out because of their financial instability. Making money without having to constantly worry about deadlines and a bad boss can completely change your life and level of happiness.

Fear of the future can reduce the quality of life, making it difficult to enjoy the present. An extra source of income can eradicate the worry about how will you make your ends meet. All these benefits can make us feel better emotionally, mentally, and physically.

3. Flexibility to live & work from Anywhere

The freedom and independence that come from passive income are incredibly addictive. You can live, travel and work from anywhere. You don`t have to rush through the early mornings and sit for 9 hours despite finishing your work.

For those who want to travel the world with zero financial worries, passive income is an incredible opportunity. This is a chance to live the life of your dreams while being able to enjoy financial stability. Passive income also allows us to take care of the travel cravings by allowing us to explore incredible beautiful places sans the worry for our financial future.

4. New Growth Opportunities

Do you know what is heavenly? To be able to make money without having your superior standing over your shoulder and telling you what to do. The independence to do things at your own pace boosts productivity and gives you ample time to focus on things that are much more important.

When your income is automatically transferred to your bank account, you don`t have to constantly worry about meeting your needs.

Instead of having to run off to your workplace and your toxic manager, creating a passive income can help you lead a good life. You can focus better and train your mind to achieve more. These were the 4 ways in which passive income can stabilize your financial condition.

Are you looking to find solutions for your burning problems? Get practical solutions easily with our step-by-step learning strategies, action plan, frameworks that are designed to empower you with various business functions. To help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.

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Business motivation

5 Reasons Entrepreneurs Must Start Listening To Podcasts Right now!

5 Reasons Entrepreneurs Must Start Listening To Podcasts Right now!
5 Reasons Entrepreneurs Must Start Listening To Podcasts Right now!

Digital innovations have not only made our lives easier but also have unlocked countless opportunities for entrepreneurs to establish and grow their brands. Another thing that is essential for business growth is continuous learning. But, thanks to over-packed work schedules, many entrepreneurs do not get enough time to learn new things.

However, podcasts can be a great way to learn, understand and grow in a business world. Business podcasts have the power to help you make some remarkable positive changes in your life.

Here are 5 reasons why every entrepreneur with small startup businesses must listen to podcasts:

1. Something for Everyone

If listening to a podcast sounds more difficult than starting a small startup business then you might argue that there is not one that is right for you. But there are many business motivational speakers in India like Dr. Vivek Bindra who can discuss just any topic in all industries.

If you are looking for a particular niche, you can find plenty of choices available online. So whether you are interested in a podcast for startups, marketing professionals, you can find it online right at your fingertips.

2. Learn Anywhere, Anytime

Listening to podcasts can give you a clear understanding of various subjects. Also, you can listen to professional business coaches anytime, anywhere. Many audio sessions focus on particular business challenges and can help you to find innovative solutions for your burning business problems.

3. Make Commuting Productive

Sometimes multitasking can do more harm than good. But when it comes to podcasts, you can use your time more constructively. If you spend a considerable amount of time traveling to work, enjoying food or tea breaks you can listen to a podcast and utilize your time perfectly.

4. Gain Fresh Perspective

One of the biggest reasons why every entrepreneur and businessman should listen to the podcast is to get excellent advice from popular business leaders. You can listen to Dr. Vivek Bindra`s podcasts that will provide you with in-depth knowledge about various aspects of business in a very simple language.

5. Confidence

Listening to the best business motivational speakers can give you the confidence to make informed decisions that are beneficial for your startup business in the long run.

Nothing is quite as interesting and exciting as listening to some of the most influential people who talk about their journey in the most candid way. Who knows, in a few years, you might be in a position to host your podcast and start guiding those who need it the most.

No matter what your goal is, anything is possible with our online business coaching program. Learn the various business strategies and take your business to next level. You can access premium content in your language from your phone, anytime, anywhere.

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Business motivation Startup

5 Profitable Low Investment Eco-Friendly Ideas To Start In 2022

5 Profitable Low Investment Eco-Friendly Ideas To Start In 2022
5 Profitable Low Investment Eco-Friendly Ideas To Start In 2022

Though the Covid-19 pandemic had brought the world to a shutdown, it has also changed the way this world consumes energy. Carbon dioxide emissions fell by 5.8% globally. This is the largest drop in CO2 emissions since World War II. The primary energy demand too was decreased by 4% over the last year.

So, if you want to start an eco-friendly startup business, there are so many opportunities in India to become an entrepreneur. There are multiple low-investment startup business ideas that you can choose from.

But before we even begin telling about the money-making business ideas, let us tell you what eco-friendly business is.

An eco-friendly business uses sustainable materials to make environmentally friendly products. It aims to utilize natural resources in a way that does not harm nature. This approach helps the business and environment to grow simultaneously.

Here are 5 eco-friendly business ideas that can you can start with minimum investment:

1. Organic Store Business

From organic farming to organic soaps and shampoos, people are more inclined towards everything natural. If you want to start a business that is profitable for both you and the environment you can start from eatables, personal care products that are made from natural raw material and free from preservatives.

You can also attend workshops where a session could cost you anywhere between INR 1200-5000. With few initial investments such as buying mixers, blenders, molds, pigments, and essential oils can cost you around INR 8000. There is a huge demand for organic products that can give your low-investment startup business a kick-start.

2. Retailing Recycled Items

Though India is a major scrap importer of scrap metal like aluminum and brass, people have a stiff mindset when it comes to recycled items. Despite this, there is a huge scrap market that is thriving. From needles to clothes, upholsteries to shoes and electronic products, everything that we use can be recycled.

Not only recycled items business can be started with minimum investment, but it will also allow you to create employment for many people and train them as per your business requirements.

3. Eco-friendly Jute Bags

‘Say No to Plastic Bags’ is something we have been hearing for a decade. But the plastic waste has now engulfed the entire world and its hazards are making an appearance everywhere. From ocean to forests, food to intestines, surprisingly, plastic has found a sneaky way to enter into our lives.

You can start making jute bags that offer more durability, and reduce the carbon footprint that is created by the ever-so-durable plastic bags. As more and more people are interested in eco-friendly products, they will be more than happy to welcome this change. You can start making jute bags from jute twine or you can also use different raw materials like bagasse, coconut husk, and recycled paper.

4. Eco-friendly Furniture

Nowadays, you must have noticed that your Facebook and Instagram feed is full of beautiful and warm home décor ideas. Old and discarded furniture can be reused and refurbished into pieces that are aesthetically and functionally brilliant. This segment has lots of potential in the domestic as well as in the export market. All you need is a work table and some equipment to kick-start your low-investment startup business. As your business increases you can also hire an experienced carpenter to help you fulfilling orders.

5. Composting Industry Business

If you want to start a business with practically no capital investment, composting business is the real deal. The kitchen waste in your house is a gold mine that can generate compost which can be made for free in your backyard. You can invest in the installation of composting beds that might cost you around INR 3000.

A business that takes care not only of its revenue but also of the environment sustains for a longer time in the market. The customers become more loyal because of the ideology behind the business and with time the revenues will also grow. You can start the above-mentioned low-investment business idea or if you have an idea of your own, you can also start it.

Having a compelling marketing idea is great. But you know what is even better? Personal guidance to increase your brand presence consistently to facilitate sales, engage your customers and close leads.

This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.

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Business motivation Strategy

5 Must-Know Tips For Entrepreneurs To Win a Tender

5 Must-know Tips For Entrepreneurs To Win a Tender
5 Must-know Tips For Entrepreneurs To Win a Tender

Whether you are running a small business or a large organization, getting a government tender is not an easy task. The secret to landing big contracts is not deeper pockets or more manpower; it is about getting your prospects to trust you.

The tendering is of two types- Open Tendering & Selective or Negotiation Tendering. The tendering process is quite complicated and needs to be submitted within a specific time frame.

If you are a newbie and want to win a business tender, you can watch 10 amazing tips on how to win a tender:

Here are 5 expert tips from Dr. Vivek Bindra- the best motivational speaker in India that will ensure that your business wins the next tender:

1. Get Tender Information As Early As Possible

If you want to acquire a government tender, it is vital to acquire all the relevant information in detail before your competitors. Getting the information as early as possible will give you sufficient time for preparation.

Before filing for any tender, it is also essential to do a NICE analysis. A NICE analysis stands for Need, Interest, Concern & Expectation. Recognize its competitive diagnosis, identify your strengths and then decide whether you want to fill this tender or not.

2. Check & Recheck all the Information

After filling up all the details, it is very essential to check, re-check, double-check and cross-check to ensure that no column or box is left. When filing a tender, it is critical to check that you have not incorporated a presentation unnecessary. Always make double sure that you mention only what is required to win the tender.

  • Ensure that each & every column is addressed properly.
  • Provide a document related to the recent project to demonstrate your capabilities.
  • Explain your USP.
  • Factors like compliance, language, clear writing, proposal filling, and proposal copy should also be taken care of.

3. Client Focused Compelling Story

No matter how many languages, compliance, and technical details you mention in your tender. One fact that is undeniable is that it is meant for humans and will be read by human beings. Hence, make a presentation that includes a compelling story that will touch their hearts.

4. The relationship can Amplify Your Possibility of Success

Relationships and good networking skills are useful in today`s business world. A good relationship with your peers helps you to cultivate trust, which increases your credibility in the market. Later, you can also get help from your peers to acquire information about a particular company or a person to get assistance in winning a business tender.

5. Secure Your Gross Margin

When filing a tender, many businessmen file tender low price bidding to win the contract. However, under-cutting might help you to win a contract, but when it will come to delivery; you will have to face pretty tough challenges.

“Expansion without Gross Margin is committing Suicide”, says Dr. Vivek Bindra- the best business motivational coach in India. Hence, secure your gross margin without overpricing it.

But if you have to bid your quotation at a higher price, always explain the rationale reason so that people do not reject your bidding straight away.

To get a better understanding of the requirements of the tender, always read the terms and conditions very carefully. It will help you to make a well-informed decision for your business growth.

The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.

Grow through self-learning and see your website traffic increasing with marketing collateral designed especially for you. For more details, visit: www.badabusiness.com

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Business motivation

3 Key Tips For Young Entrepreneurs To Conquer Fear of Failure

3 Key Tips for Young Entrepreneurs To Conquer Fear of Failure
3 Key Tips for Young Entrepreneurs To Conquer Fear of Failure

Fear, uncertainty, doubt—these three emotions are experienced by any person who is willing to start something new. Young entrepreneurs who despite having exceptionally amazing money-making ideas choose not to pursue because of the fear of failure. Truth be told, the idea of starting a startup is scary. No doubt about that. But it is the passion and determination of entrepreneurs that overcome it and help them achieve success.

According to a survey conducted by Global Entrepreneurship Summit, “61% of Indian students consider entrepreneurship as being a good prospect to earn a livelihood in the country. However, around 71% of the young people in India fear failure as a stumbling block in their entrepreneurial journey”.

So, what are the common triggers for failure? And how can you overcome it to build a successful small startup business? Here are some of the best ways that will help you to overcome some of the biggest mental roadblocks that as an entrepreneur you might face:

1. Set Attainable Goals

If there is one trait that is common in entrepreneurs they can set goals. And setting practical goals is very crucial. Start by identifying what is the mission of your company and build attainable tasks. Having small goals serve as stepping stones to reaching your organization’s mission. They appear less intimidating and the company`s mission more digestible.

Everything does not have to be perfect, says Dr. Vivek Bindra- one of the world`s best motivational speakers in India. So do not worry about the details and set realistic goals that will give you a good indication of where to begin.

2. Focus on Passionate Community

Passion, determination, and hunger for success can only take you so far in business. Financial stability in the business is what will keep you afloat or else your bills will pile up. So, it is essential to identify and recognize your community. If you haven`t one, you should start building one that includes investors, passionate customers, and partners. These members will aid in your financial success. You can also get professional help by hiring a business motivational speaker who will help you grow your network.

3. Be Ready For an Imperfect Work-Life Balance

If you are an entrepreneur there is a good chance that the line between personal and professional life is blurred already. However, it is impossible to start a startup business without giving a thought to your family and friends. But with the right support system, running a startup doesn’t mean you have to compromise on your personal life. Ensure that you are surrounded by partners who understand the need for a personal and work-life balance and also don`t make you feel guilty about living your life.

As an entrepreneur, there is added pressure to be successful not only because of the partners, investors, and employees relying on you, but mostly because you are trying to prove yourself. So believe that your idea is worthy and you have the determination to make it happen. The above-mentioned tips will help you to get over your fear of failure.

The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.

Grow through self-learning and see your website traffic increasing with marketing collateral designed especially for you. Learn more here: www.badabusiness.com

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Business motivation

4 Steps To Scale From A Hungry Solopreneur To A Successful Enterprise

4 Steps To Scale From A Hungry Solopreneur To A Successful Enterprise
4 Steps To Scale From A Hungry Solopreneur To A Successful Enterprise

Many entrepreneurs often start as solopreneurs. They conceive a money making business idea, work upon it and start a small startup all by themselves. They generally do not have any partners or staff to assist them with their business`s management and operations.

Where starting a new venture all on your own is an excellent thing, handling multiple operations alone can be tricky as well. Eventually, it will begin to take a toll depending on the circumstances. As solopreneurs don`t have any partners, they do not have to consult with a partner before making decisions and owning their entire company.

But solopreneurs can`t sustain themselves in the long run, if they wish to grow. Eventually, there comes a point when you want to scale your business, and it becomes impossible to do so unless you hire more help.

Being a solopreneur how can you ensure that you achieve your business goals? Here are the top 5 key pillars that can turn your startup business into an unstoppable enterprise:

1. Build a Unique Product or Service

Solopreneurs try to don multiple hats at one time. Aside from handling their business, they must focus on creating a unique product or a service that will resolve the problems of consumers. Building a product that a customer would want to purchase is quite essential for a business`s growth. But as solopreneurs have so many other things to focus on, it becomes quite difficult for them.

These distractions make it difficult for solopreneurs to conduct the proper research needed to learn what their potential customers are demanding. If you are selling products, it is okay to hire manufacturers who can create products on a contractual basis. And if it is a service that you are offering, try to give your best shot and make your customers extremely happy.

2. Hiring & Outsourcing

One of the reasons due to which Solopreneurs prefer to do everything on their own is because of their tight budget. They don`t want to hire staff simply because they can`t afford them. If you too feel the same more or less then you will end up stressing yourself with too many responsibilities. Instead of becoming your marketer, accountant, tax advisor, and customer service outsource it.

There is nothing wrong with working 12 hours a day, but once your business starts making money, you should hire additional workers to help you. You could start with hiring freelancers, part-time employees, or full-time employees. You can start with one freelancer and gradually hire more people as your small startup business begins to grow.

3. Invest in a CRM System

A customer is the backbone of any business. And being a solopreneur it becomes more essential to stay equipped with a good CRM system so that you can tackle all your customer queries and orders. Building a strong relationship with your customers is how you get repeat business. But if you decide to manage everything on your own, it will become nearly impossible to answer all their questions and orders.

As a solopreneur, you will need all the assistance that you can get in that department. That is why a customer relationship system is an invaluable asset to bring into your company.

4. Try Fast & Easy Marketing Techniques

To save time as a solopreneur, automated marketing is the best way. Though many experts will ask you to post classified ads and blog messages, these methods are time-consuming and require effective strategies.

You will have trouble devoting each day to marketing because you will have multiple tasks to do as a solopreneur. Hence, it is best to invest in fast and easy marketing techniques so that you can build a strong online presence for your business.

Being a solopreneur is not an easy task. Starting a small startup business from the scratch and running it requires hard work, dedication, and passion. Hence, apply the above-mentioned strategies to turn your startup into a successful enterprise.

When handling a business all along, you get to reduce expenses; you get to make sure you’re focused only on your core business, and not management issues that crop up with teams; and of course, your vision is yours to implement without depending on others.

But there are disadvantages too – without a team to delegate tasks to, how can you make sure you’ve got everything covered? With our Business Coaching Program, you can accomplish all that you want. To know more about it, visit: www.badabusiness.com

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Business motivation

Never Buy A Franchise Before Asking These 5 Crucial Questions

Never Buy A Franchise Before Asking These 5 Crucial Questions
Never Buy A Franchise Before Asking These 5 Crucial Questions

Many people want to start their own business, but either doesn`t have a startup business idea or lack the entrepreneurial vision. A franchise business in India is one of the most feasible options for those who don`t want to start a business from the scratch.

Purchasing and operating a franchise is easy and is similar to coloring inside of the lines. Brands that are well established and have a strong presence already have a niche market. So, if you don`t have a problem selling burgers that are made by someone else, a franchise business may be just the ticket for you.

But the universe of a franchise is broad and diverse. It has arguably more than thousands of options, which is both good and bad news. So many choices often result in confusion and lots of intimidation.

Though franchise business in India offers a new yet practiced way of doing business, there are multiple things you should clear before choosing any franchise business.

Every year, a lot of entrepreneurs enter into a franchise business for the first time. But very few achieve success. So how will you decide which franchise is good for you?

Here are 5 questions that you must ask before investing your money in a franchise:

1. How much do I invest before entertaining customers

You may find the initial charges and investment-related information on the company website or franchise brochure, but you might incur various other costs afterward. Hence, you should ask about the initial investment in details apart from the basic information. Ask them about real estate, equipment, leases, etc.

Always ensure that you discuss these terms in detail with the franchisor so that you have a clear picture of your investment and your financial requirements to get up and running.

2. What changes did they make to support their franchises through COVID-19?

Two years ago, asking this question wouldn`t have come even in the existence. But now we are living in a changing world. Thus, you need to ask them how they supported their franchises throughout COVID-19. Knowing how things went in the worst of times will give you clear insights into how things might go in the best of times or amidst any other crisis.

Many good franchisors went out of their way to support their franchisees. Some even waived off their fees and helped them obtain paycheck-protection-program funding along with making them updated with new technology.

3. What sets your brand apart from its competition?

Competition is a part of any business. However, it is important to understand what makes one brand different from the rest. For instance, if you are thinking about buying a fitness franchise, you will want to understand what sets this brand apart from the crowd and what concept do they have as a brand. As it is your money that you want to invest, think twice before you invest. Make it a point that you understand the business model and value proposition of franchise businesses in India.

4. What is your failure rate? How many franchises have closed and why?

Even the most popular franchise brands have their franchisees closed due to one reason or another. In some cases, it’s the franchisee`s fault as they did not have the required skill set or could not adhere to the system. But in many cases, it’s the franchisor`s fault. It could be insufficient training or an inefficient business model.

As no one wants to invest in a bad business model this is why it is important to examine a brand`s failures no matter who was at fault.

5. Are there any Financial Incentives or Deals?

Franchisees often hesitate to talk about monetary incentives or deals. Many franchisors offer discounts on the franchise fee. They also offer to waive off the royalty fee for a few months to help the business take off.  So before you decide to invest in a franchise business in India, ask your franchisor whether they assist you in lease negotiations, site selection, etc.? What support staff will be accessible to you and in what other ways they will assist you beyond providing initial training?

Franchise business in India often comes with less risk than starting a business from scratch and offers a path that can lead to success and profitability. However, it is important to ask the above-mentioned questions and many other things to ensure that you are putting your money in the right direction.

Are you looking to find solutions for your burning problems? Get practical solutions easily with our step-by-step learning strategies, action plan, frameworks that are designed to empower you with various business functions.

From finance to HR, Digital Marketing to IT & Sales, find creative solutions to prominent business problems easily with our Business Coaching Program. Click here to know how this exclusive course will benefit you: www.badabusiness.com

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Business motivation

How Bad Mental Health Affects Your Business Growth?

How Bad Mental Health Affects Your Business Growth?
How Bad Mental Health Affects Your Business Growth?

Setting up and running a small startup business tends to be thought of as a glitzy affair. Many people are coming up with money-making ideas and want to turn them into a reality because they believe being an entrepreneur will provide them with larger-than-life experiences.

A lot of people see the enriching lives of many entrepreneurs on social media who show off their “freedom, independence and grandeur”. However, the truth is divorced from the complete reality. People often fail to understand that this kind of life makes up a very small minority of entrepreneurs.

According to a report by https://www.ncbi.nlm.nih.gov, “financial distress is the major cause of poor mental health of small business entrepreneurs”. Many entrepreneurs also report a lifetime history of ADHD, depression, substance use, and bipolar diagnosis. The constant fear of failure, managing finances, workforce management, and pressure to perform are some of the other crucial factors that are experienced by growth-ready Indian entrepreneurs.

It results in low productivity, absenteeism, zero focus, and no motivation that can leave a negative impact on any startup business.

Being an entrepreneur isn`t just about waking up on a remote island and sending out a few emails before hopping on a private jet to a foreign country. Running a small startup business is a daily grind even for those who have established a strong presence of their company and have turned it into a money-making revenue machine.

So how can entrepreneurs keep their sanity intact and protect their mental health throughout the stressful, yet rewarding journey of building their own business? Here are a few ways:

1. Keep your Finances in Check

Financial issues are reported to be the primary reason behind anyone`s mental stress and anxiety, especially among entrepreneurs. Some people start on a very small scale. Some take a loan for their startup business and others invest their entire savings into their dream startup with nothing to fall back on.

According to a report by smallbizgenius.net, around 39% of small business owners use cash to fund their startup, which puts them at risk, if the business fails.

The journey of establishing a startup business is stressful enough. And it is not smart to put everything into a basket that fails 90% of the time. Hence, it is crucial to ensure that you have financial support to live on for at least three to six months should anything goes wrong.

If that is not possible, you can also take up a part-time job that allows for flexible working hours. Another thing you can do to ensure your financial support is to have an alternate source of income. The biggest takeaway for any entrepreneur is to try and leave as much money on the table to take care of your things.

You can also take the help of a professional business coach that can guide you in starting up, setting up, and running a business from the scratch.

2. Learn to Delegate

Trying to do everything on your own is another way to overburden yourself with stress and work. Even if you feel that your startup has not reached up to that level where you can hire full-time employees, you can outsource certain tasks. There are endless resources available to help you with it.

Learn to delegate as it is quite essential for smooth operations. Even the best business motivational speaker in India like Dr. Vivek Bindra suggests delegation of work because burnout can happen very quickly when a business is at its initial stage.

You can also opt-in for a business partner to avoid crumbling down under the pressure of too much workload. Your business partner would be an expert in some areas of the company. His or her expertise can take a certain amount of pressure off your mind. He or she can also drive the business forward with their professional experience and expertise.

3. Stay in Touch with the Right People

Whenever anyone decides to start something unconventional, they must surround themselves with positive influences. You might be having an excellent money-making business idea, but your friends and a family member might not agree. There will be some people including your friends and family members that will question your decision.

They might also ask you to go back to corporate life with a steady paycheck for a more stable life. But remember, they come from a position of care and love. However, they are not entrepreneurs.

Surround yourself with business mentors who have been successful as entrepreneurs. You can seek advice and guidance from them through the beginning of the start-up journey and try to continue flourishing that relationship. It will also help you to expand a professional network as your business starts growing.

Mental health can easily deteriorate with stressful conditions, pushing oneself to the point of burnout, and with wrong people giving the wrong advice. Running a startup business successfully is essential, but taking care of your mental health is crucial. Following the above tips and frequently staying in touch with one`s emotions will help to ensure your mental wellbeing is in good shape.

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