Month: January 2022

Categories
Startup

5 Reasons Why Strategy Execution Fails In A Startup Business

5 Reasons Why Strategy Execution Fails In A Startup Business
5 Reasons Why Strategy Execution Fails In A Startup Business

Building strategies is one of the most critical aspects of a business as it directly impacts growth. However, it is no longer a secret that most companies struggle with strategy execution.

According to research by McKinsey, “around 70 percent of change efforts fall short of desired results.” Today, senior leaders across the globe have started to take notice of it and realized that the financial losses induced by execution failure are massive.

Building a great strategy is an amazing start. But, organizations must be able to deliver on their intent. Strategies involve changes, and the natural human tendency is to resist them. So, no matter how strong your strategy is or how fantastic your new products and services are, it will only work once it is implemented successfully. To learn the art of executing strategies one can also take an online course for entrepreneurs.

Also Watch here, 4 Step Formula for Strategic Execution by Dr Vivek Bindra:

The first step in finding the biggest challenge that comes in executing strategies is to identify the most essential problems that are acknowledged already.

There are multiple reasons why many organizations fail at the execution level. The common are listed below:

1. Ineffective or unclear communication

Whether it is a personal relationship or a professional relationship communication plays a huge role. The most common problem in strategy execution is bad communication. It means that the communication which is too little, too vague, too late, too early, too much, to the wrong people, or otherwise ineffective can be termed as bad communication. Anything that is communicated vaguely can play a hurdle when it comes to implementing important strategies.

2. Ineffective Management

Failed strategy execution is often seen as a misalignment problem. Alignment means achieving coherence and consistency between different levels of strategy: business strategy, corporate strategy, operational strategy, and functional strategy. Misalignment results in silo behavior and not everyone being on the same page.

3. Ineffective Change Management

The strategy usually involves various changes at all levels. Hence, managing change is an important aspect of strategy execution. Challenges in this area include resistance, no buy-in, lack of commitment, and keeping up appearances. These challenges are largely emotional and mindset problems that come from not engaging people throughout the organization during strategy generation and execution.

4. Ineffective Performance Management

“What gets measured gets managed, and what gets managed gets done.” Hence, performance management is the key to successful strategy execution. If this is done ineffectively, it leads to problems such as unclear or missing objectives and targets, wrong use of measures and performance indicators (KPIs), counterproductive incentives, and failing resource allocation. If you too are facing this challenge, you can take an online business course for entrepreneurs.

5. Ineffective Project Management

Systematic follow-up and project management are two important factors that constitute good strategy execution. The lack of it is a fifth key problem in strategy execution. It comes with unclear responsibilities, missing or conflicting priorities, exceeded budgets, delays, bad time management, and poor or missing leadership at various levels in the organization.

Together, these five problems are responsible for a great share of strategy execution failure in most organizations. These challenges are not new. They have been acknowledged in the 1980s. And so have their solutions. Hence, organizations must consider these challenges and their solutions to ensure that strategies are very well executed at every stage.

Of course, strategy and execution are complex, and resolving these 5 problems can be extremely challenging. But, if there are challenges, so are their solutions.

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 online course for entrepreneurs that comes with Foundation courses, specialized courses, and value-added courses.

Categories
Business motivation

8 Most Important Skills Entrepreneurs Must Have

8 Most Important Skills Entrepreneurs Must Have
8 Most Important Skills Entrepreneurs Must Have

Summary: Being an entrepreneur sounds exciting! But what are the skills that make an entrepreneur successful in this world full of cut-throat competition? Find out in this article.

Being your boss, working for your dreams, pursuing your passion, solving burning problems of consumers—these are a couple of factors that define the life of an entrepreneur. But these are just glorified surfaces.

An entrepreneur also has to take care of multiple roles alone. He not only has to ensure the continuity of the business but also has to take difficult decisions regularly.

So what makes an entrepreneur successful? What are the most important skills you need to have as an entrepreneur? To answer all these questions, we have curated a list of 5 skills that every entrepreneur must have:

1. Curiosity

Curiosity has led human kind to a lot of amazing places and discoveries. That being said, it is a no-brainer to mention that great entrepreneurs have held this aspect of their personality closer to their hearts. An entrepreneur is tasked to discover new challenges, bring innovative solutions, reveal potential niche opportunities, and refractor their original business process. This is possible only when someone is passionate about distinct fields of study and business cases outside of one`s comfort zone.

2. Time Management

Defining milestones, carefully planning strategies, execution and iteration are all essential for a business to keep it evolving. However, none of that would materialize and lead towards progress without the right project management and efficient time management methodology that gets the work done.

3. Critical Thinking

No business has ever experienced the course of a smooth road. This simply means that entrepreneurs must learn how to decipher a problem to its core and reveal growth opportunities. This requires figuring out creative solutions to identify the low-hanging fruits.

4. Efficiency

When it comes to resolving a problem, one needs to be highly efficient. Hence, an entrepreneur needs to be equipped with the best of techniques like applying the 80/20 rule and other techniques that will yield higher results in less time. You must also be able to switch between different chores to experience progress effectively day-to-day.

5. Resilience

Not every day is the same! Some days will be good, while some days will be gloomy. Hence, entrepreneurs need to learn how to handle rejections, burnouts, stress, lack of focus, and slow progress.

6. Networking

To scale business operations, networking is very important. Growing a network facilitates business opportunities, partnership deals, finding investors and future employees. With good networking skills, you can expand the horizon of PR and convey the right message on all fronts. Hence, to be a successful entrepreneur one needs to be able to outreach to open new aspects for your startup business.

7. Finance

Finance management will make or break a business. Handling resources properly and carefully assessing investments compared to ROI is a solid requirement for entrepreneurs.

8. Persistence

As an entrepreneur, you will have to be passionate about your business. You must be willing to give whatever it takes- your time, your energy, money, and any other resources to accomplish your goals.

You must be ready to not give up and persist through trying times to achieve the goals you have set for yourself and your team. No successful entrepreneur has ever had a road full of roses. All of them have their share of struggles to reach their path to success. So, don`t give up, when hard times hit you.

If you have these skills, you can become a successful entrepreneur. However, 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 exclusive online courses for entrepreneurs that come with Foundation courses, specialized courses, and value-added courses.

You can boost your sales easily with the right guidance of a business expert.  Learn to generate high revenue earning products for sales, generate payment links for customers, managing account-related details. Solve your problems in just one click: https://www.badabusiness.com/psc

Categories
Leadership Building

5 Skills Entrepreneurs Must Seek In Their Employees!

5 Skills Entrepreneurs Must Seek In Their Employees!
5 Skills Entrepreneurs Must Seek In Their Employees!

As the pandemic has changed the world forever, it has also forced the world to think beyond the obvious and come up with something revolutionary.

In the first and second quarters of 2020, there have been mass layoffs by the companies. According to a report by the International Labour Organization (ILO), around 81 million jobs are wiped out in 2020.

We are in 2022, but every year, one or the other virus variant keeps giving us surprising visits. Thankfully, in India, a significant amount of the population has been vaccinated and the economy has also begun to look promising.

Many startups are doing well and have joined the Unicorn club. Other startups like Nykaa have got themselves listed on the stock market.

Needless to say that building efficient manpower would be one crucial step to transform the businesses. The process of hiring criteria post-Covid is going to be a demanding exercise.

For large businesses or small businesses, the pandemic has paved way for smart thinking. If you are an entrepreneur and looking to expand your team, these set of skills you should be looking for in your prospective employer:

Reliability

Any business becomes successful when it is being consistent in its customer service, product performance, and the productivity of its employees. If your employees are not consistently performing well or focusing on their productivity, your startup business will not experience growth. So always hire people that show consistency in their behavior and resume.

Analytical Thinking

You don`t need hands & legs to drive your organization, you need a head and heart to drive your organization. Thus, people who can think critically, quickly, and can solve problems with ease should be given preference. Complex problems need creative solutions and this new hiring trend will focus on such analytical skills.

Agile & Flexbile

The smartest business decision you can make is to hire qualified people. Therefore, hiring the right people is very important.

Apart from looking for qualifications and skills ‘flexibility’ is what you should be aiming for. Flexibility is the need of the hour, and we all must look for people that can easily adapt to the new working norms.

Hire people who come for the love of the job. A person who loves challenges will deliver the service and products just the way your customer needs and would be the right fit for the business.

Creative Mindset!

Modern problems need creative solutions. If there is one thing that can never be off-the-shelf that is Creativity! Thinking out-of-the-box will always bring a sense of innovation in every dimension of business. Creativity can take you to places and help you discover practical solutions to various business problems. Hence, bringing in a creative mindset will take your business to a whole new level.

Versatility

Courtesy to Covid-19, new tasks, roles, and responsibilities have emerged suddenly. Hence, we all must stretch ourselves to the optimum level considering the hiring trends post-Covid. But, of course, we just can`t expect a CA to fix our desktops. But, yes, an employee must have a vision and a perspective. The prospective employee must bring a set of multiple skills that will outdate role titles and definitions to benefit your business.

Making a comeback from a struggling situation is not easy, but reaching out to the right people is. Shift your perspective from the mainstream recruiting process to a creative one.

As the hiring trends have changed, make use of Twitter and Linked In to interact with job seekers and connect with them on a personal level too.

For other business problems, you can take online business courses for entrepreneurs. 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 exclusive problem solving courses that come with Foundation courses, specialized courses, and value-added courses.

To know more, visit: https://www.badabusiness.com/psc

Categories
Process & Business Expansion

5 Smart Ways To Become A Franchise Owner

5 Smart Ways To Become A Franchise Owner
5 Smart Ways To Become A Franchise Owner

Summary: Before starting a franchise business, start your homework.

There is a certain charm about having your own business, but it can be daunting for any amateur to start a new business without having any prior experience and zero recognition. Fortunately, there is a way to start your own startup business, and that a lot of people are doing today: Franchise business.

Being an owner of a franchise business like Bada Business means instant name, fame, and support not only from the corporate entity but also from the other franchise owners just like you. Connecting with a community that has gone through the startup process can help you along the way.

So how do you get started? Here are 5 easy steps to become a franchise owner yourself:

1. Do your research

Just because you want to buy something that is established as a brand does not mean that you should not conduct a massive amount of research. While the success and the failure rate of a business franchise are highly disputed, one-sixth to one-fifth of franchise businesses won`t survive to the 5-year mark. Like with any business, there are risks, but they can be highly mitigated with good planning. Talk to your financers and other owners of the same chain in your area and do your research perfectly.

2. Enquire About the Franchisor

Once you have decided which brand`s franchise you want to take, it is time to formally apply for a franchise license from the franchisor. All brands that are offering their franchise will have a section on their website to learn more about their needs and requirement.

If your application is not flat-out rejected from the start, you can expect the franchisor to run credit and background checks on you and your business entity. They also might ask for additional proof of assets as well.

If everything goes out smoothly, you will receive the franchise agreement that will give you the legal right to open a branch for yourself.

3. Take Care of Finances

Before you sign up for any franchise business, you need to ensure that you must have the cash to get started. Now that you have been approved, it is time to find out the best way to obtain the finances to cover the franchise expenses and startup fees.

4. Form a Corporation

When you form a corporation, you will be able to get better tax advantages. Most franchisors require owners to incorporate into some business entity. Usually, forming an LLC is the best way to go. LLCs are not actually corporations and thus have more freedom to structure their taxes to best suit your financial needs.

5. Everything Else

The first step is the hardest. You are starting a franchise business and hence, you must build your business according to the guidelines from the franchiser, and put your plan into action. You’ll have the benefit of brand name recognition and the support of the franchisor to help drive business to your new location. If you’ve done all the previous steps well, your franchise business will be in a great position to succeed for many years to come.

You can boost your sales easily with the right guidance of a business expert.  Learn to generate high revenue earning products for sales; generate payment links for customers, managing account-related details. Get your marketing game back on track. Grow through self-learning and see your website traffic increasing with marketing collateral designed especially for you. Learn more here www.badabusiness.com.

Categories
Business motivation

Make Money from YouTube by Becoming A Successful YouTuber

How To Become A Successful YouTuber In 7 Steps?
How To Become A Successful YouTuber In 7 Steps?

Want to become a YouTuber, find a suitable audience for yourself and also earn money from YouTube?  Before this we know this:

Who is a YouTuber?

Any person who produces content for the video-sharing giant YouTube is known as a YouTuber. You don`t have to be a professional actor, dancer, or singer to post interactive and fun videos on the channel. Many YouTubers take this as a hobby, while many others do it as a full-time job as it pays the bills.

How much money can you earn as a YouTuber?

Though there are no hard-and-fast figures for how much YouTubers make, once your channel garners audiences, you can make decent money. YouTubers make money in many ways.  You can earn money from:

  1. Ad Revenue
  2. Shopping
  3. YouTube Premium Revenue
  4. Channel Membership
  5. Super Chats and Super Stickers
  6. Super Thanks

How to Create a YouTube account

If you have a Google account, a YouTube account is included in your Google account bundle. However, you will still need to set up a channel.

To do it,

  1. you can simply go to your account page on YouTube.com and
  2. Click on “create a channel”.
  3. Simply enter the name that you want to give to your YouTube channel and you are in.

You can further add details to customize it and can also select the best design by keeping the nature of the content and your target audience.

Optimizing Your YouTube Channel

Your channel page represents you and your brand. Hence, it is essential to define “why”, know your target niche, and understand your competition before creating a channel page.

Once you have done that, it is time to create a channel page. You will need:

a). Channel name

b). Logo

c). Banner image

d). Color scheme

You can use these aspects to create your YouTube Channel.

How to become a successful YouTuber

How to become successful youtuber

Becoming a successful YouTuber requires a combination of creativity, strategy, and consistency. If you also want to become a successful YouTuber, then the solutions given here can be beneficial for you:

  1. Define your field:
    Focus on a specific area that you are passionate about or have expertise in. This could be anything from cooking to technology reviews.
  2. Understand your audience:
    Know who you’re creating content for and their interest. Tailor your content to their needs and interests.
  3. Create quality content:
    Invest in good equipment to ensure your videos have clear visuals and audio. Quality content is more likely to be shared and recommended.
  4. Be consistent:
    Post videos regularly to keep your audience engaged. Create a content calendar to plan your uploads.
  5. Connect with your community:
    Respond to comments, solicit feedback, and involve your audience in your content creation process.
  6. Optimize for SEO:
    Use relevant keywords in your video titles, descriptions, and tags to improve visibility on YouTube search results.
  7. Monetize your content:
    Explore different revenue streams like advertising revenue, sponsorships, affiliate marketing, and merchandise.
  8. Bonus Tips:  Promote your channel-
    Share your videos on social media, collaborate with other YouTubers, and consider paid promotion to reach a wider audience.

Avoiding common mistakes is important for success on YouTube.

Here are some major pitfalls that every YouTuber should stay away from:

  1. Lack of a Defined Theme: Your channel should have a clear focus. Mixing too many topics can confuse potential customers.
  2. Not Knowing Your Audience: Understand who you’re creating content for and what they expect from your channel.
  3. Poor Channel Optimization: Ensure your profile has a clear photo, a keyword-rich description, and organized playlists.
  4. Inconsistency: Post regularly to keep your audience engaged. Inconsistent uploading may lead to a loss of interest.
  5. Neglecting Viewer Interaction: Connect with your customers through comments and feedback to build a community.
  6. Compromising on Quality: High-quality content will likely be shared and recommended.
  7. No Strategic Planning: Have a content strategy to attract your audience and keep them coming back for more.
  8. Ignoring Analytics: Use metrics to understand what works and what doesn’t and adjust your strategy accordingly.
  9. Focusing Solely on Views: Prioritize audience satisfaction rather than just chasing high view numbers.
  10. Being Only a Creator, Not a Viewer: Watch other YouTubers to learn from their successes and mistakes.
  11. Sticking to One Format: Experiment with different video formats to see what your audience likes best.
  12. Misleading Metadata: Avoid tag stuffing and make sure your video metadata accurately reflects the content to avoid penalties.
  13. Using Bots for Views: Artificially increasing views can jeopardize your channel’s reputation and credibility.
  14. Inappropriate Thumbnails: Clickbait or misleading thumbnails can lead to viewer mistrust and possible bans.

Learning from common mistakes like these can help us grow our channel more effectively and sustainably.

Once you’ve grasped the essential do’s and don’ts for becoming a successful YouTuber, the next crucial step is understanding how to monetize your content. Generating revenue from YouTube will ensure that you advance your career on the platform.

How to make money from YouTube

making money from youtube

There are many strategies involved in making money on YouTube. Here are some examples of ways to monetize your YouTube channel:

  1. Ad Revenue:
    Earn revenue from Watch Page ads and short feed ads. These ads appear in your videos and contribute to your earnings. Example: As an SEO expert, create high-quality content related to search engine optimization. Optimize your video title, description, and tags with relevant keywords. This will attract audiences interested in SEO. Enable ads on your videos through YouTube’s monetization settings. The more views your video gets, the more ad revenue you will earn.
  2. Shopping:
    Set up a store where your fans can browse and buy products directly from you or from the brands you promote. Use the YouTube Shopping affiliate program to tag products in your videos. Example: Leverage your expertise by recommending SEO tools, books, or courses in your video. Use YouTube’s Shopping affiliate program to link directly to these products. For example, create a video titled “Top 10 SEO Tools Every Marketer Should Use” and include affiliate links in the description.
  3. YouTube Premium Revenue:
    When YouTube Premium subscribers view your content, you get a portion of their subscription fee. Example: Focus on creating valuable, highly-qualified content. When YouTube Premium subscribers watch your videos, you’ll receive a portion of their subscription fees. Consider creating a series on advanced SEO techniques or case studies that will engage the audience.
  4. Channel Membership:
    Provide exclusive benefits to your customers through channel membership. Fans pay a recurring monthly fee to access exclusive content or benefits. Example: Provide exclusive SEO resources to your channel members. Get instant access to your latest SEO tutorials, personalized advice, or private Q&A sessions. Fans who pay a monthly fee will appreciate the added value you provide.
  5. Super Chat and Super Stickers:
    During a live chat stream, fans can pay to have their messages or animated images highlighted. This is a great way to connect with your audience and make money. Example: Host a live Q&A session about SEO. Encourage viewers to use Super Chat to ask questions. The more engaging your livestream is, the more fans will contribute. For example, title your live stream “Ask an SEO Pro Anything!
  6. Super Thanks:
    Fans can pay to see a fun animation and have their message highlighted in the comments section of your video or short. Example: Create a video celebrating a milestone (for example, reaching 10,000 subscribers). Thank your audience for their support and explain how their contribution helps you create better SEO content. Fans can use Super Thanks to show appreciation.

Consistency is important on YouTube. Keep uploading valuable content regularly, engage with your audience, and promote your channel on social media and relevant forums. Each feature has its own eligibility requirements, including subscriber and view count limits. If you are part of the YouTube Partner Program, you can explore these options to start earning from your channel. Additionally, make sure you comply with YouTube’s policies and guidelines to maintain your eligibility.

We have to remember that success on YouTube does not happen overnight. It takes time, patience, and a lot of hard work. Stay true to your brand and don’t be afraid to experiment with different types of content to see what resonates with your audience.

Categories
Motivational

These 2 Inspiring Indian Entrepreneurs` Success Stories Will Fuel Your Startup Dreams!

These 2 Inspiring Indian Entrepreneurs` Success Stories Will Fuel Your Startup Dreams
These 2 Inspiring Indian Entrepreneurs` Success Stories Will Fuel Your Startup Dreams

Summary: A successful business takes years of dedication, hard work, and persistence. Are you ready to give your all to transform your dream into a reality?

“You cannot get into the business just for the fashion of it”- this famous quote said by Azim Premji, former Wipro Chairman stands true now more than ever. The current breed of entrepreneurs look for quicker returns, however, a business takes years of hard work and grit.

If you too have an amazing business idea, but can`t find inspiration to drive it with all your passion and dedication, here are two inspiring stories of Indian entrepreneurs who despite hundreds of hurdles pursued their dreams to find success.

1. Anuj Mundhra, Founder, Nandani Creation Pvt Ltd

Anuj Mundhra who started his professional journey from 2001 to 2003 worked in a saree showroom in Jaipur and earned INR 1,400 every month. He soon realized that he can`t lead a life with this income for too long. He quit his job in 2003 and started a business of trading suit pieces.

Soon, he started purchasing suit sets from vendors and further sells them to other vendors and shopkeepers. Once he started earning a decent income, Anuj opened his block and screen printing units in Jaipur. He continued doing it till 2012 until Anuj came to Delhi and saw huge hoardings of eCommerce marketplaces of Jabong & Snapdeal.

It didn’t take Anuj too long to understand that eCommerce is going to be the future of shopping in India. He came back to Jaipur and spoke to a Chartered Accountant (CA), enquiring about company regulations and compliances. He launched Nandani Creation in 2012 and branded the eCommerce offshoot as Jaipurkurti.com. In the first year itself, the company clocked a turnover of Rs 59 lakh.

Today, the company manufactures and sells suits, Kurtis, fusion wear, and a host of other apparel items. The B2C Company even exports to countries such as the UK, the US, Australia, Malaysia, and a few others. The average selling price for suits is Rs 900 and for Kurtis, it is Rs 650.

If you too have limited resources but want to start your own business, don`t hold back. Anuj too started the business with very limited resources. Not just he takes out a loan from a bank but also pooled money from his friends and family.

So if you believe in your dreams, pursue them with all you have.

2. Prem Khanna, Founder, Gourav Luminaries

When Prem Khanna left Kharkoda village, he harbored dreams of moving to the capital city and building a life for himself. To help him pursue his dreams, his parents gave him INR 5000. Soon, he started working at a local factory in Delhi.

“My father was street smart and a one-man army. He would save whatever he earned and invest in building the team by calling on his friends and relatives who needed work. Over the years, the brand of the electrical has grown into an Rs. 52 crores revenue business with an 85-member strong workforce and 115 people employed as contractual labor”, shares Prem Khanna.

He worked out of a small room in the Shahdara district, and made chokes at night with his own hands, and sold them at local markets during the day. After saving enough money, he established ‘Gourav Luminaries’ in 1991 and began building his brand.

Soon his two sons Gaurav and Pankaj joined his business in 2010. Gourav Luminaries soon grew into becoming an electrical brand with four manufacturing units for its Otto modular switches (its bestselling product), Yodha switchgear, Hilyt LED lights, Viktor ceiling fans, etc., in the Sahibabad Industrial Area.

Today, the company has established a 250+ distributor and direct dealer network across North India and earns Rs 52 crore revenue. If you are determined to start your own business, nothing in this world can stop you from becoming a successful entrepreneur.

No dream is too small; no goal is too big if you are ready to give it all to turn it into a reality. With the onset of New Year 2022, start working towards your goals and turn that amazing business idea into a startup business. To help you move forward in building a business from the scratch, you can take online entrepreneur courses.

To know more, visit: www.badabusiness.com

Categories
Startup

How To Take Your Startup Business From Good To Great In 2022

How To Take Your Startup Business From Good To Great In 2022
How To Take Your Startup Business From Good To Great In 2022

Summary: Great businesses don`t happen by luck. It is your commitment to excellence, hard work, and dedication to improvement that helps drive your business.

Many people love the idea of having a successful business that is generating revenue and experiences growth, day-after-day. But truth to be told, great businesses don`t happen by chance. It needs a strong commitment towards excellence, hard work, resiliency, and an unwavering dedication to improvement.

This commitment needs to be renewed every single day because things that will come at you for the rest of the day will most certainly try to veer you away from those beliefs. You will start preferring ease and comfort and that will lead you to consider compromising on your work.

So to build a great business, you must have the desire and the passion to do whatever it takes. Here are key tips on how to take your small startup business from good to great:

1. Make Creativity your Best Friend

Want your business to stand out? Then you will have no greater partner in your business than creativity. It can move mountains and resolve conflicts smoothly. It is an inventor and a developer. It will make your business unique and help you bring originality to your business. You can find new paths & new solutions through creativity.

If you have a team under you, encourage yourself and everyone who works with you to explore, find better ways and challenge the status quo. Allow for failure while aiming for success. Creativity does not mean you need a brush, it is a mindset.

2. Be Flexible

The world today is evolving at a great pace. So, if you are not flexible when it comes to adaptability, you might finish up last in the competition. Look ahead more than you look behind. To thrive in your business in the long run, you need to reinvent and improve the things you just discovered.

Great businesses are always part of the solutions and the changing landscape. This requires thinking fresh, regularly. Sometimes you may realize that your prior thinking fits the bill, sometimes it would not. That said, one way or the other, you must challenge yourself and your thinking.

3. Be Curious

Where creativity helps your business to stand out from the rest, curiosity helps you to keep moving forward. It helps you to explore more, open new doors, and do new things. It will help you to climb ladders to see overalls. It will help you learn new dimensions of the business. You can also take an online business course for entrepreneurs to channel their energy in the right direction.

4. Have Partners

It is a blessing to work with people who have the experience that you likely don`t. Vendors, suppliers, and sometimes even sales people may have insights and experience that can be beneficial for you. So, keep your ears open, ask questions, and get to know their business and how it will impact yours. Always remember that you can learn something from everyone.

5. Give Up on Giving Up

Business depends on various factors that include both- internal as well as external. Some of these factors are controllable, while others aren`t. But, no matter what, if you have passion for it, be the person to find your way through, over, and around hurdles that might come your way. Obstacles are everywhere and sometimes they are in the human form, sometimes in difficult situations. They are all hard to accept, and they can kill motivation. If you want to be successful, never give up.

These five tips will help you to take your business from good to great. Running a business is not an easy deal. It needs someone with passion, maturity, optimism, and the ability to take a punch, get back up, and punch back even harder.

But also don`t forget to live beyond your business. Go out, and get new experiences to keep your creative juices flowing. 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 exclusively online business courses for entrepreneurs that come with Foundation courses, specialized courses, and value-added courses.

Categories
Startup

How To Start Tea Stall Business Under 20k In India

How To Start Tea Stall Business Under 20k In India
How To Start Tea Stall Business Under 20k In India

In India, tea or a ‘garma garam chai’ is something that starts a day, ends a day! From greeting guests to making interesting conversations, a cup of tea is the solution to every problem. Mornings are incomplete without them. And it is no secret that we Indians love our morning tea. Whether you have to rush for a morning meeting or manage your household chores, a hot cup of tea gives a great start to our mornings.

According to a report published in Economic Times, India is now the world`s 10th fastest growing market for specialist tea and tea retail chains. The industry is estimated to grow 6.9% a year to Rs 4,540 crore by 2023 in value sales’.

The industry has gained popularity, especially among young consumers. Specialist tea shops attract youth, especially in large cities. So, if you are planning to open a tea stall business under 20K, it would be a perfect time to do it.

Opening a tea shop can be profitable and a self-rewarding business. So if you are a young entrepreneur who wants to become financially independent, open a tea stall business.

Here is a step-by-step guide to help you come up with a brilliant tea shop business plan:

1. Choose a Perfect Chai Stall Business Model

Having the right business model is paramount for any startup business. Hence, you will have to decide which type of business you would like to start. You will have to zero in on whether you want to come up with a small tea stall or a café.

A small tea stall business sells low-cost tea to the customers along with snacks. Depending on your investment capacity, you can decide whether you also want to provide seating arrangements to your customers. You can use disposable cups and provide snacks like omelets, toasts, and other snacks.

This is a low-cost tea shop business idea and can be started with as low as Rs 20K.

2. Should You Go for Franchise or Ownership

In urban as well as cities in rural areas, the demand for tea has gained popularity. A lot of companies are now offering franchise business opportunities to new entrepreneurs, solopreneurs, and wantrepreneurs.

If you want to start a tea and snack stall with a brand, then a franchise is the best option for you. Why? Because an already established brand will attract customers since the very first day.

However, if you want to start your own tea stall business under Rs. 20,000, then starting your own business is more profitable for you.

3. Pick a Location

The next thing that you must do after deciding the business model, you will have to find an apt location for your tea stall. The choice of location can be the deciding factor between success and failure.

  • Always select a place which is located in a busy market or shopping area. This will ensure you get high footfall throughout the day.
  • The location should also be easily accessible by the consumers. Your selected place must also possess great visibility too.
  • It is very important to understand your target audience. You can then choose your location accordingly.
  • The location should be affordable too. It is best to choose a place for your tea stall business that is easily affordable. Also, check the lease fluctuation patterns of the past few years.

4. Business Registration & License

Most of the tea-stall businesses in India run as proprietorship models. If you too are planning to follow the course, your PAN card is sufficient for that. You will also need a Trade License from the Local Municipal Authority.

5. Go Online

With a nominal investment, you can sell your tea online on the internet. If you do not have enough funds to advertise, you can use the power of social media platforms.

The online presence of your brand on popular networking platforms like Facebook and Instagram can help to build your brand`s reputation.

Opening a tea stall business in India is one of the most popular business ideas. However, it also needs a great deal of market research and business planning. You can learn the dynamics of business, challenges you might face, and solutions in advance to make your business successful with our Problem-Solving Courses.

Want to start your own tea stall business? Click here: https://www.badabusiness.com

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Business motivation

7 Business changes That Every Entrepreneur Must Prepare For 2022

7 Business changes That Every Entrepreneur Must Prepare For 2022
7 Business changes That Every Entrepreneur Must Prepare For 2022

Summary: Since the pandemic has struck the world, the dimensions of business have changed. If small businesses want to survive, entrepreneurs must adopt changes to survive a post-pandemic future in 2022.

The economic landscape has changed dramatically over the past two years because of the pandemic. The dynamics of business have changed. The demands of the customers have changed. And, as the global economy is preparing for a post-pandemic future in 2022, small businesses need to adapt to the changing scenarios to adapt & survive.

Here are 7 changes that every entrepreneur must be prepared for 2022:

1. Purpose overrides Product Specifications

Having a defined goal and purpose is essential for a business to thrive in the market. Companies, today no longer exist simply to make profits. According to a report published in Entrepreneur by Deloitte’s 2022 Global Marketing Trends, having a purpose has changed from “aspiration to strategic priority.”

So consider why you are doing what you are doing. If there is a big idea or a problem they set out to solve, you can make it your purpose.

2. Understand Your Target Audience

Today, most successful brands and businesses make their customers the center of attention, whenever they are making an important business decision. Businesses need to understand their customer segments if they have to reach customers efficiently and cost-effectively.

Clarify your customer personas and divide them into the clear segment and allow your business to target each segment specifically.

3. Enhanced Customer Journeys

Marketing strategies are great, but they work only when you understand customer journeys. This simply means taking in all the conversations and interactions that your business has with customers. From the first time when a visitor visits your website, making a purchase, and navigating after-sales service- all are essential parts of the customer journey.

4. Make Marketing the center of your Growth Strategy

To secure the growth of your small business, marketing needs to be firmly at the center of your growth strategy. Over the past two years, many organizations due to pandemics have integrated marketing at the senior leadership level.

Forward-thinking businesses now have the opportunity to establish marketing at the heart of the company to ensure periodic growth.

5. Go Digital

If you are still relying on old and outdated marketing methods for marketing, it is time to go DIGITAL.  Utilizing technologies allows you to understand your customer behavior better. You can interact with them and discover the touchpoints that will help you to establish a more personalized experience with them. Depending on your product or service, you may even be able to deliver personalized products.

6. Multichannel Services

How do your prospective and loyal customers interact with you? Maybe you use chatbots, contact emails, or offer customer service. But, as more and more brands are increasing their brand presence online, your customers too expect a similarly high level of service across all the channels.

As all the channels are equally important, delivering a bad experience on a phone call not just leaves a negative impact on your team but also damages the customer`s opinion of the entire organization.

7. Mobility drives growth

According to Statista.com, “more than 50% of internet traffic comes from mobile devices”. And as the number of mobile devices continues to grow, this number also be growing year after year while desktop use continues to decline.

As a customer-centric company, you need to focus on delivering a mobile experience that is at least as good as your desktop-based website. Simple navigation, clear site-search options, and quick load times are key elements of successful mobile sites.

To grow in 2022, your organization must focus all of its efforts on building an enjoyable, customer-centric experience. This experience needs to be seamless across all touch-points and marketing channels. It becomes even more powerful with a clearly defined purpose at its core.

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 online course for entrepreneurs“ that comes with Foundation courses, specialized courses, and value-added courses.

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Motivational

5 Realistic New Year Resolutions Every Entrepreneur Should Make In 2022

5 Realistic New Year Resolutions Every Entrepreneur Should Make in 2022
5 Realistic New Year Resolutions Every Entrepreneur Should Make in 2022

With the onset of 2022, small business owners often go into the New Year with many plans and goals of building and scaling their business. Like all resolutions, these plans take a back seat when entrepreneurs are hit with the day-to-day challenges of life.

Setting up business resolutions gives small business owners a chance to evaluate where they are lacking and how they can improve in the coming year. And good thing is that there are some realistic resolutions that entrepreneurs can set and achieve.

Here are 5 New Year resolutions for entrepreneurs that will prove beneficial for their business in the long run:

1. Focus on Building an Online Presence

With Digital Marketing taking the wheel, the marketing trends have changed, completely. If you do not keep up with the changing trends and change your marketing strategy accordingly, you won`t be able to capture the attention of your customers.  The pandemic created a huge opportunity for businesses to continue their operations online. Many small businesses are using web presence for awareness, e-commerce acquisition, customer acquisition, and digital fulfillment.

Small startup businesses need to have fully implemented digital resources, a website, and ways to receive payments digitally. Learn the new social media strategy to build your online presence and analyze what works for your business and what does not.

2. Make Customer Service a PRIORITY!

Providing outstanding customer assistance is essential for every successful business. Most of the customers have come to expect 24×7 customer service in recent years. While you may be providing excellent customer service, it is essential to work on ways to improve. This will increase customer satisfaction and will bring in more business.

A customer is not looking for a new product, but an exceptional story related to your product that they can share with people. Always weave a story around your product that will make a connection with your customer. A unique product experience will help you generate loyal customers that will keep coming back for more.

Try to interact with your customers by responding to their queries on your page. Include personal notes and leave comments on their posts to create a personal relationship with your existing and potential customers.

3. Learn Something New

With constant technological development in the world, it is essential to keep yourself updated and upgraded with the market. And to be an ambitious entrepreneur, it is essential to think out-of-the-box. To keep your creative juices flowing, it is essential to expand the horizon of your learning abilities.

Being an entrepreneur can be difficult at times due to a lack of staff and professional expertise related to a particular field. New Year can be a perfect time to learn something new that will prove helpful in taking your business next level. Committing yourself to learning something will enhance your skills and bring a new dimension of interest to your professional as well as personal life. Go for an online business training course and learn something valuable!

4. Be More Empathetic

When you understand and share another person`s experiences, emotions, and feelings that make you empathetic. Yes, achieving your business goals within the set timeline is cool, but understanding other human problems can be soothing. It is one of the most beneficial traits an entrepreneur can possess. Talking empathetically with your investors, employees, customers, and shareholders will help your business succeed. You will have a better understanding of what is important to them. They will also appreciate that you care enough about them to make them a priority.

5. Take Time to Improve Your Health

Entrepreneurship is a demanding job! It drains a lot from the founders both, physically and mentally. This is why it is crucial to look after yourself to have the strength and energy to lead. The reason that most of us fail in fulfilling our goals is a lack of self-discipline and self-sabotage. We expect instant changes and transformation when progress is a slow process. So making a resolve to get fitter this year is a step in the right direction. However, expecting an overnight miracle will only lead to disappointment. So make resolutions that are practical, and achievable.

Being an entrepreneur can be hard in the absence of a personalized business and growth strategy. However, with Bada Business, you can get all your problems and confusion resolved with fund-raising, Digital Marketing, Time Management, Passive Income, Business Automation, and other online problems solving courses.

For more information related to our courses, click https://www.badabusiness.com/psc.