Month: February 2022

Categories
Business motivation

5 Real-Life Business Lessons You Can Learn From Billionaire Professors On BB Community App!

5 Real-Life Business Lessons You Can Learn From Billionaire Professors On BB Community App!
5 Real-Life Business Lessons You Can Learn From Billionaire Professors On BB Community App!

Summary: You can`t build great wealth without a strong foundation. Period.

No matter which university you attend and how qualified you are; it alone is not enough to strike success. You can go to the world`s best university and enroll in numerous professional courses, but nothing can beat the experience and knowledge that you gain from those who have been in the industry and riding the waves.

From Dhirubhai Ambani to Gautam Adani, Steve Jobs to Bill Gates many successful millionaires and billionaires have not attended formal schooling. But that does not mean that you should discontinue your education. Take quality education, but also learn from the experts. Enroll yourself in webinars where top industry leaders are sharing their knowledge, experience, and lessons that you might never learn anywhere else.

For such an experience, you can download Bada Business Community App where you can attend a free Masterclass with Billionaires.

One of the major goals behind this unique idea of Dr. Vivek Bindra is to prepare today`s generation for entrepreneurship. Hence, it is crucial for everyone who wants to start their own business to learn from instructors who have practical, real-world experience within a particular field.

Here are some of the major benefits of learning from professors with industry experience:

1. They Can Help You Understand Industries Better

The business world is vast and there are lots of aspects associated with a startup that needs to be understood to grow and scale. There could be dozens of subtopics, theories, and other relevant points that these billionaire professors can impart in their Masterclass with true practicality.

They can help you to ignore the least important and focus on the information that is the most practical and relevant pieces of the pie. They can also help you understand what it means to be an entrepreneur and many other real-world challenges of the business.

2. They Understand Key Skills for a Certain Industry

A successful billionaire from a specific industry knows the nitty-gritty of a business and one can learn specific skills needed for success. These professors have accumulated years of experience and can teach entrepreneurs, students, solopreneurs, and wantrepreneurs to start their businesses and then flourish in that role with their entrepreneurial skills.

Although many organizations provide training to their employees through the best corporate trainers, learning from the top industry experts means bringing a toolbox of skills to daily hustle when managing a startup business.

3. They Have Their Finger on the pulse of the industry

Professors with a specific industry can share the current or recent pulse on a particular industry. For instance, a specialist who is working in a stockbroking firm can share his or her experience with you about what it is like to work in that particular area. What are the factors one should consider while investing their money or what challenges you can expect if you want to make your career in that particular area?

This entire experience might also include how to make clients or what are the upcoming trends you might get to see in that particular field. This first-hand experience is priceless and one can only get this in our Free Masterclass of Billionaire Professors.

4. They can teach about potential challenges & solutions

Our top industry experts have been exposed to a variety of situations and challenges in their relative fields. This helps them to bring that experience and professional expertise to the table. They can communicate these experiences and how they dealt with them in the past, what did they learn, and how you can improvise on them.

For instance, if you want to start your dream venture with minimum investment, you can learn from these experts how to handle clients, build your network, and do marketing of your products and service with zero to a minimum investment. You may read about various strategies in a book, but there is a huge difference between a theory and practical experiences. It can be tough to find this type of firsthand knowledge in a textbook. So why not download the BB Community App now to get a unique first-hand experience?

5. They can help you with professional networking

There is a good chance that after learning from these billionaire professors you will be able to connect with professional connections to a particular field. Why? Because on BB Community App you can find thousands of business professionals who are sharing ideas and working towards a common goal—build their startup.

You can interact with professionals with years of experience or you can bond with young minds that are full of innovative ideas and out-of-the-box solutions. No matter what your goal is, you can fulfill them at BB Community App, which is not just an app for sharing pictures of your breakfast or linking with a common friend but to connecting with a world of SMEs and entrepreneurs.

Download the app now: https://tinyurl.com/nhav2kp6

Categories
Motivational

Learn 5 Simple Ways To Have Better Mental Health In Our BB Masterclass

Learn 5 Simple Ways To Have Better Mental Health In Our BB Masterclass
Learn 5 Simple Ways To Have Better Mental Health In Our BB Masterclass

Entrepreneurship is stressful. It is difficult even during the best of times, but now as the world is dealing with Covid-19, Omicron, and a lot of other variants of the virus, it has become more stressful than ever. Also, entrepreneurs today are dealing with a lot of other things like an uncertain future, funds drying up, and worries about their own and loved ones` health.

The impact of the pandemic has been cruel and it has wreaked havoc upon many small business owners and entrepreneurs who are still struggling to get back on their feet with tighter margins, and fewer backup reserves. This is why mental awareness has become crucial more than ever.

There are many ways one can keep their mental health in check. One of the best ways is to take our Free Masterclass on Mental Wellness by Dr. Komalpreet Kaur- Mental Wellness Coach. All you have to do is download Bada Business Community App, where you can attend Masterclass on various topics related to business and its operations by top industry experts at zero cost.

If you are an entrepreneur, here are five ways in which you can have better mental health:

1. Always Remember Why You Have Started

Many times entrepreneurs start their dream business for a reason. It could be monetary, for personal fulfillment or to improve the world in some tangible way. It takes a lot to work upon your goals, and it can be easy to lose sight of that initial purpose due to daily hustle which can be stressful at times.

The best strategy to cope with it is to re-discover your purpose. A strong sense of purpose can help people recover emotionally from difficult and stressful life events. For a healthy mindset and long-term longevity, emotional resilience is extremely helpful. Taking time to reconnect with that sole reason and passion can help entrepreneurs to help improve their mental health during this crisis and the years to follow.

2. Listen to Your Body

A healthy mind resides in a healthy body. So, if you want to have a healthy mindset, you need to keep your body physically fit and sound. Our body is in constant communication with us, but unfortunately, it speaks only through symptoms. Just because you are feeling uncomfortable does not necessarily mean you have a disorder.

It could also simply mean that your body could be dehydrated, sleep-deprived, malnourished, or lack exercise. Sometimes, it could also be due to too much negativity around you. So learn to understand your body`s language and listen to it. Take proper rest and try to maintain a work-life balance.

3. Develop New Self-care Routine

Whether it is morning yoga, going to the gym, or doing meditation while basking in the sunlight, it is very essential to develop a self-care routine. Many people often start a routine, but due to lack of excitement, they leave it mid-way. If you too have done this in the past, it is more important than ever to assess the self-care toolbox and think creatively about replacing it.

4. Eat Right- Sleep Right

The human body is composed of protein, fat, minerals, and water. There is no particular diet that fits all because the composition of protein, fat, and minerals vary. So choose something healthy and best for your body. Stay away from chemically processed foods and eat organically grown food.

Apart from choosing the right food, it is also essential to take 6 to 9 hours of sleep. For optimal brain performance, one should target 8 hours of sleep, however, if your requirement is for 6 hours, you can stick to that routine. The underline message is that do not skip or compromise with your sleep schedule because of tight deadlines.

5. Set Firm Boundaries

Work-life balance has always been a challenge not only for employees but also for entrepreneurs. Many people often think that being your boss gives you the liberty to work at your flexible schedule. However, it is just a partial truth. Entrepreneurs have to deal with tight deadlines and client meetings. Setting healthy boundaries for work is crucial for everyone`s mental health. Whether it is a boundary about the work schedule or what emotional tasks an entrepreneur takes, setting those boundaries straight is the key to mental health in this era.

Prioritizing your mental health is paramount. More than meeting a deadline or a client meeting, taking time out for self-care is crucial. You can get more insights and details regarding mental health and awareness by attending our Masterclass this Saturday on our BB Community App.

Download the app now! : https://tinyurl.com/nhav2kp6

Categories
Startup

3 Ways Social Media Can Help Small Startups To Grow

3 Ways Social Media Can Help Small Startups To Grow

Summary: Nobody could have estimated the power of social media years ago. But today it has emerged as a superpower for small startup businesses. Find out how you can leverage it too for your business.

Ten years ago, if someone would have talked about growing and scaling your business through a small screen, people would have laughed. The concept of social media for business was foreign. But today with the rise of giants like Instagram, Facebook, and YouTube, many brands and businesses see the marketing value in these sites.

The rise of social media has opened a door of opportunities for small business owners, students, influencers, and content creators. These platforms have become legitimate ways for brands to reach their customers and generate income.

According to statista.com, “the global social media usage rate stood at 49 percent.” In a way, social media has become the new playground that unites all demographics. It offers free access to reach a larger customer base for a product or service. From small business owners to popular brands it provides equal opportunity to grow and engage with a close-knit community of both present and future customers.

If you are an entrepreneur who is looking to grow your potential customers without spending too much money, here are three ways in which social media marketing can help small businesses and startups:

1. Brand Awareness

Social media has an advantage over the traditional methods of advertising that include TV, magazines, radio, and other media platforms. Social media can be a convenient method to spread your information about your small business products and services in a quick and cost-efficient manner and potentially reach lakhs of people with just one message or post.

This can result in higher followers for your business, more sign-ups for your products and services, and higher conversion rates on your marketing campaigns.

2. Grow Website Traffic

If you have a revolutionary product or service that you want to introduce in the market, nothing can beat social media; especially you have a business website. Though the best SEO practice can increase your website traffic and rank on Google, it will take time. On the other hand, the smart use of social media can direct your potential customers who are genuinely interested in your product to your business website.

This can enhance the quality and improve the quantity of your inbound traffic. The increase in website visitors can help small startup businesses to grow their sales and revenue.

3. Sell Your Products & Services

If you want to sell directly to your customers then also you can use social media platforms. Many social media platforms like Facebook and Instagram have an additional feature of retargeting ads that can help you to target your prime audience. This will help you to directly put your content in front of them.

How to get started with Social Media Marketing?

Using social media for your small business or a startup is a great way to expand your client list, but is choosing the right approach is crucial if you want to stand out from your competitors. Here are two ways to do it:

A. Choose Your Channels

While Tik Tok and Snapchat are two popular social media platforms, these channels don’t need to be appropriate for your business. Being a startup it is very important to pick the right channel for your products and services. One way to do this is to collect the demographic data of your consumers. For instance, Twitter is a hub for international connections, while LinkedIn is an obvious choice to build your presence in the business world. Hence, choose your platform wisely.

B. Build Your Brand

Once you figure out the right platform for your business, it is time to build your brand presence. To create a page that is engaging, trustworthy, and unique. The more content, comments, likes, and shares you have, the more trustworthy you become to prospective and current consumers.

Once you have taken the above two steps, the next step is to generate leads from organic growth. The best way to encourage this is to produce valuable content for your followers. When you create content, encourage people in your circle to share, like, and boom, your content will be seen by hundreds of new people.

Using social media as part of your small business or startup marketing strategy can help you to grow and scale your business. This can often result in accelerating the growth of your business and scale quickly and efficiently.

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 https://www.badabusiness.com/psc

Categories
Motivational

5 Powerful Tips To Keep Entrepreneurs Motivated!

5 Powerful Tips To Keep Entrepreneurs Motivated!
5 Powerful Tips To Keep Entrepreneurs Motivated!

Being an entrepreneur is as great as it is difficult because many big and important responsibilities lie on the head of an entrepreneur. Entrepreneurs also have to make new strategies to advance their business growth and success. However, the constant tasks and responsibilities can become challenges.

Many times entrepreneurs also get demotivated due to one difficult task after another in their daily routine. If you are also an entrepreneur and often get demotivated at work then you are not alone! The daily grind has an impact on everyone at some point.

However, to become successful, entrepreneurs must know how to tackle demotivation. In this article, we are going to tell you five such ways that help you to stay motivated even during the challenges:

1. Set Your Personal Goal

Entrepreneurs often make a business plan to start their business and strategies to establish it as a brand. You must also have made strategies for how you will achieve your business goals. But, just like many other entrepreneurs you too might have missed this one crucial thing- to plan or create anything for personal goals.

Well, you are not the only entrepreneur to do this. Almost every businessman who starts a business often delays in making goals for himself. But doing this is not right for any businessman, so you should also create a personal goal for yourself. Your personal goal can be to learn music, travel, or even your fitness. Making personal goals can help you to stay motivated even during challenging times. If you think you are unable to stay motivated, you can take help from a business motivational speaker.

2. Make a Habit of Reading Books

Books can be your best friends. And nothing can beat the knowledge and information it can impart to the readers. If you have a reading habit, it`s great. But if you haven`t you should develop it. Almost, every successful entrepreneur has a habit of reading books.  You should choose those books that can help you with business and keep you motivated.

Many such famous motivational speakers in India also teach the nuances of business and also play the role of Motivation Guru. You should read books written by a good motivational speaker. Apart from this, you can also read the biography of successful industry leaders. This habit of yours will always keep you motivated.

3. Be a part of the training

You don’t need to be proficient in everything. It may happen that you have mastered some skills and no other person can beat you, but you may lack in some other important qualities. That is why it is important to keep taking training from time to time. Many business corporate trainers provide business training. You can take training and learn from them.

4. Take Time for Yourself

Starting a business is not easy for any businessman. Entrepreneurs have to face many responsibilities and challenges. In the midst of all this, many entrepreneurs are not able to find time for them, and working continuously can become a cause of frustration at times. In such a situation, it would be better that you take out time for yourself and spend your time doing those things, which make you happy by completing them. Meet people you haven’t met in a long time, spend time with family and friends. Often family and friends also become a big reason for your motivation.

5. Make Fitness a Part of Your Lifestyle

Fitness keeps any normal person energetic as well as provides motivation. Fitness can prove to be a success mantra for an entrepreneur. You must make exercise a part of your life. You should make rules for your workout every day. This routine of yours will keep you motivated and will also help you to focus more on your work.

Entrepreneurs should always remember their goals to stay motivated. Why have you chosen the journey of an entrepreneur and how will you achieve that goal? Every entrepreneur should first find answers to these questions. The correct answers will give motivation to the entrepreneur.

You can enter your comment about the article by commenting in the comment section. Apart from this, if you are a trader and are facing many complex and difficult problems in your business, you can get guidance from problem solving courses for entrepreneurs.

Categories
Business motivation

5 Tips To Write A Great Business Plan

5 Tips To Write A Great Business Plan
5 Tips To Write A Great Business Plan

Summary: Having a strong business plan can lead to plenty of opportunities. If you are planning to start a business, here is how to write the best one.

An idea can only give birth to a business, but an excellent business plan ensures that it grows into a successful one. An idea is often what garners attention from the investors however a business plan is definitely what is required to get financial support from them.

What exactly is a business plan?

A business plan is a written document defining your vision, goals, and objectives of starting a startup business. It outlines the goals, direction, team, finances, and future planning of your venture. It is created for investors, in a bid to raise capital, or used as an internal document to align with teams and provide direction.

It also exhibits financial documentation, and an overview of your business strategies and marketing strategy which requires extensive market research, and competitor analysis.

Why is it crucial?

Writing down a business plan provides a structure to your startup idea. It also gives you a blueprint of how your business will be operated. A business plan is also necessary to get support for your vision and to communicate it. It also helps you benchmark and checks your progress as the company grows.

So how your business plan should look like?

Your business plan should be crisp, clear, and concise, free from any naïve goals and visions. It should include key tactics, key strategy points, tasks, metrics, important milestones, and essential projections such as expenses, sales, and cash flow.

A business plan for a startup business can be 10 pages or less, depending on the nature of your idea and how complicated or simple it is. Your business plan can be written as a document or designed as a slideshow, or a PowerPoint presentation. Depending on the investors, it may be beneficial to create both versions.

Here are five tips that will help you to write a winning business plan:

1. Steer Clear from Gray Area

When writing a business plan, always be as concise as possible. Remove any filler language as despite sounding nice, it gets you nowhere and wastes space. Keep it short, clear, and simple because no investor would want to read a long business plan. Get to the point quickly.

2. Determine Your Purpose

One piece of advice that the best business coach of India Dr. Vivek Bindra gives is that entrepreneurs must focus on what they are going to do. For instance, they must answer ‘why’, and ‘how’, as it answers various crucial points like what makes employees get up every morning, and what are the values of a business.

Being an entrepreneur, you must take the time to identify and articulate your business`s core values and purpose. This will give direction to your business for all the decision-making processes.

3. Build Your Vision

The key to business success is having a clear vision of what you want to accomplish as an organization. But before you decide to pen down your idea and conception to write your business plan, you should come up with three to five key strategies that will help you to achieve that vision.

Another thing that is vital when writing down a business plan is the mission statement. The mission statement defines why you are doing a certain thing and what drives you to do it. It should begin with why you are in this specific business. Once, you fully understand the why then you need to define ‘what’ you are going to do, and ‘how’ you will achieve it.

The final part of the mission statement should be the ‘who’ your target customer is and how you are going to treat them. If you have any confusion and questions regarding the business plan, you can attend our free Masterclass on Bada Business Community App to know from the experts.

4. Be Realistic

Be honest with yourself in your business plan, which is why it is important to consider challenges and opportunities.

5. Be Creative

When writing down a business plan include a creative element in your business plan to stand out and grab someone`s attention. You can inspiration from various templates, but do not forget to give your personal touch to it. Do something out-of-the-box.

If you need help to write a business plan, you can take expert guidance in our Masterclass. You can also take our exclusive problem solving courses.

Categories
Startup Strategy

4 Growth Hacking Techniques To Make Your Startup Grow

4 Growth Hacking Techniques To Make Your Startup Grow
4 Growth Hacking Techniques To Make Your Startup Grow

Every entrepreneur wants his business to grow into a successful venture. However, the journey is not that easy. Scaling and expanding your business is difficult. There are many challenges down the road. But with the right growth strategies, scalability is possible.

To scale and grow a small startup business, entrepreneurs must adopt various growth techniques. It will also require you to interact with customers daily to create a meaningful customer relationship. And so much more!

Although some of these growth techniques are quite fresh, they have proven to be effective and play a vital role in the growth of the modern-day business. All you need is to de-clutter your mind and shift your perspective a little to identify the most effective business growth hack.

But first things first!

What exactly is growth hacking?

The entire concept of growth hacking is an experiment-driven technique to determine the most effective ways for growing a business. This vast concept includes a blend of development, marketing, engineering, design, data, and analytics.

If you are wondering if growth hacking is legal, why it has the term ‘hack’ then let us tell you that a hacker finds a quick, cost-effective but innovative method to attain growth instead of following the traditional processes.

Though, there are many existing growth hacks, here is a list of 4 strategies that will take your small business to the next level efficiently and quickly:

1. Build a Pre-Launch Email List

Email marketing though is an old method but remains the king when it comes to an effective growth strategy. It is quite an effective method when it comes to finding both leads and conversions. If you are launching a new product or a service, you can also create hype through email marketing. But, don`t just create a list of email addresses and sit idle. Take a few weeks to build up the hype and make your audience wait eagerly for the product or the service you are about to launch.

2. Create Unique Selling Point

Creating a unique experience for customers is necessary in the business world. There must be plenty of other business owners selling the same product as yours. Then why a customer should buy your product? How your product will solve the immediate problem of the consumer in the market will make the ultimate difference.

Sell the benefits and tell your target customer how their life will be changed after they purchase your product. Consumers want to know the stories behind your product, and not about your product. You can also take online courses for entrepreneurs to gain in-depth information.

3. Know your Competitors Well

Knowing about your competitors is necessary to stay ahead. Hence, do a market analysis and research about your competitors. Find out their key selling points and build a strategy that will work for your product. This is an excellent growth hack for small business owners who are in the early stages.

4. Create Strategies Tailor-made for Your Business

In this digital age, creating a marketing strategy that is tailor-fit for your brand is a little tricky. But, if done properly, it can fetch more customers and boost sales. Small business owners can deploy creative growth hacks to pull more customers to their platforms by email marketing, product recommendations, visually appealing ad creative, and identifying high lifetime value (LTV).

These growth hacks, if implemented quickly, can be quite effective for small business owners. A planned approach is necessary to scale these experiments.

Learn what works for what, not for your business. Find a customized business strategy as per your requirements with our Problem Solving Course.

Categories
Finance

5 Key Things Entrepreneur Should Know Before Applying For A Small Business Loan!

5 Key Things Entrepreneur Should Know Before Applying For A Small Business Loan!
5 Key Things Entrepreneur Should Know Before Applying For A Small Business Loan!

In a report published by Economic Times, “the Indian economy is expected to be a $5 trillion economy by 2025 and the MSME sector is expected to play a very crucial role in this growth story.” The MSME sector in our country has been the backbone of the economy. It contributes around 30 percent to the GDP and employment generation.

With the government`s ‘Make in India’ initiative, this sector is set to play an important role in supporting domestic companies and foreign multinationals to set up manufacturing units in India. Till now, 83 startups have entered the elite Unicorn club which has made India the third largest startup ecosystem in the world after the US and China.

But not every startup joins the Unicorn club. Some struggle to sustain themselves due to the lack of funds. And for an entrepreneur, the constant lookout for sources of working capital is like a nightmare, especially for those who run a small and medium-sized enterprise (MSMEs) with limited assets or collateral, finding different ways for fundraising.

So, if you are an entrepreneur and want to take a loan from a bank or a non-banking financial company, here are 5 things to improve your chances of getting a business loan from a bank or a non-banking financial company:

1. Maintain a Healthy Credit Score

A credit score symbolizes the creditworthiness of a person or business. It is assessed based on the payment history of the individual or business. So, the personal credit score of a person or a business is collected from the multiple institutions that maintain the records of the payments. These records can significantly affect the business’s eligibility for a loan.

If you pay your EMIs regularly and on time then you will have a healthy credit score which indicates that you are financially disciplined and are unlikely to default on repayment. Although the credit score that is required to take a loan varies and depends on the lender, a credit score above 700 will enhance your credibility.

2. Maintain Adequate Cash Flow in the Business

When you apply for a small business loan, the financial lender will investigate your business cash flow (past and future projections). An adequate cash flow will determine if the size of the loan that you are seeking is appropriate. Your previous loan history and existing debts will also be analyzed to determine whether you will be able to pay the loan`s monthly installments without defaulting. To ensure your loan approval, maintain the adequate cash flow in the business.

3. Keep all the Documents Required for Loan Application

One of the most important steps is you keep all the necessary documents ready when applying for a business loan. Keeping all the documents ready and in place will streamline the process and will make things smooth for you as well as the lender.

The following is the list of documents for verification:

  • Identity proof
  • PAN card
  • Address proof
  • Proof of business
  • Business and personal bank statements (last six months)
  • Business and personal tax return records
  • Business’s financial statements
  • Business’s legal documents such as commercial lease, and franchise agreement.

4. Be Insured

Being an entrepreneur involves a lot of risks. Hence, personal or business insurance is a must so that the loan can be paid off in case of any unfortunate event. Your probability of getting your loan approved is directly related to the risks associated with you and your business. The less risky your business is, the higher the chances of your loan getting approved.

5. Know the Best Time to Apply for a Loan

Many entrepreneurs often waste their time contemplating the ideal time to apply for a loan. However, there is no best time to apply for a loan, as the time of applying has minimal effect on the chances of your loan getting approved. Many business owners believe that the best time to apply for a loan is when your company is in the need of finances.

Many startups have to close their operations due to a lack of funds. But with a business loan, you can ensure that your business sustains in the market. There are many government schemes as well that offer business loans at nominal interest charges. So keep the above-mentioned points into consideration when applying for a small business loan.

Are you looking to find solutions for your burning problems? Get practical solutions easily with our problem solving course, 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. Click here to know how these courses will benefit you: https://www.badabusiness.com/psc

Categories
Finance

5 Key Factors Beginners Must Consider Before Choosing A Mutual Fund

5 Key Factors Beginners Must Consider Before Choosing A Mutual Fund
5 Key Factors Beginners Must Consider Before Choosing A Mutual Fund

Whether you are a novice, an experienced investor, or a trader, mutual funds are among the most popular investment options. All one needs to know is the basics and zeal to build their knowledge base to make smart, informed choices.

But what exactly are mutual funds?

A mutual fund is an investment scheme made up of a pool of money collected from many investors to invest in various securities. The fund manager then uses these funds by investing them to purchase various securities including gold, stocks, bonds, etc. Each mutual fund will have a certain objective and different returns.

So, when is the best time to invest in mutual funds- when the market is up or down?

It is both. Many people often get confused about the best time of investing in mutual funds. But investing in mutual funds needs in-depth analysis, discipline, and practice. Irrespective of the market fluctuation, these funds tend to provide decent growth over some time.

However, before you decide to invest in mutual funds, you need to be aware of a few things that will ensure you get better results and a rewarding experience.

Here are 5 things you must know before investing in Mutual Funds:

1. Mutual Funds have Different Risk Levels

Every mutual fund category is different and hence, they possess a different level of risk. However, there is no common platform based on which you can determine if a particular mutual fund category has a high risk or low risk.

For instance, direct equity has a higher risk when compared to equity mutual funds. However, it offers higher returns than other funds. So, the risk associated with every mutual fund category is different. Hence, before investing in any Mutual Fund, you should check how many risk factors it contains because every scheme has a risk assigned to it, and how much you are willing to take.

2. Find Your Objective

Before you decide to invest in mutual funds, you must know your objective. For instance, you can invest in equity funds, if you have long-term financial goals, but if you have short-term or medium-term financial goals, you can invest in debt funds.

So, before choosing a mutual fund, the first step is to decide the goal. The time frame you are looking for, and the returns that you are expecting will help you choose a fund that is best suited to your objective.

3. Check the Expense Ratio

For the proper management of your funds, a commission is charged which is known as the expense ratio. As an investor, you need to figure out how much expense ratio a particular fund is charging, as it is calculated across the investor`s total portfolio and will have a significant impact. Hence, always pick a mutual fund that comes with a lower expense ratio. The higher the AUM, the lower the expense ratio.

4. Consider the Taxes Your Investment Attracts

How much income from a fund will be taxable is something every beginner must consider. The returns from equity mutual funds are taxed based upon the holding period and the applicable tax rate. Mutual funds are often efficient in terms of post-tax returns. For instance, long-term capital gains are taxed at 10% over and above the exemption limit of INR 1 lakh while short-term capital gains are taxed at a rate of 15%.

5. Don`t forget to check the Track Record of the Mutual Fund

From checking the investment time to AUM, it is crucial to check the track record of a particular Mutual Fund scheme before investing. As an investor, you should opt for a mutual fund house with a larger AUM. i.e. Assets Under Management.  It not only withstands the sudden redemption pressure from major investors but also offers a lower expense ratio.

Also, check the investment style of the fund manager before putting money in a mutual fund. Opt for a mutual fund where the fund manager shows consistency irrespective of the market cycle.

Mutual funds are subject to market risk, which is why doing a fundamental analysis of a particular investment scheme becomes paramount. But, do know that no matter how good a fund performed in the past, it won`t guarantee that the mutual fund would do well in the future.

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Categories
Business motivation

How To Find More Clients As A Freelancer?

How To Find More Clients As A Freelancer
How To Find More Clients As A Freelancer

Working for yourself at your convenience is unbeatable. The flexibility to work from anywhere in the world, and get paid is quite amazing and this is why freelancing has become a common term in this era.

Though the concept of freelancing has existed for a long time, not many people chose it as a full-time income source because of the lack of clients and unattractive income. But with the pandemic striking the world thrice since 2020, freelancing has become a common and most preferable norm.

Although freelancing is preferred by many young professionals, they often struggle to find work. And finding a new client or more business is probably the most daunting aspect of being self-employed. So how can you enjoy the freedom of working as a freelancer, and get more work at the same time?

You can watch this video by Dr. Vivek Bindra to find out what are other professional opportunities you can take up as a freelancer:

Here are 4 amazing tips that will help you to get more business and carve out a niche for yourself:

1. Understand Your Expertise

When a company seeks to hire a freelancer for their business, they prefer someone who has good experience in the relative field. For instance, any freelance writer can write about finance, however, only a professional who has written extensively for the finance sector will be able to produce high-quality pieces.

So, you need to understand your expertise. Find out in which industry you have hands-on experience and in-depth knowledge. Use your previous experience and expertise that you have acquired from your previous job as it can help you to find new clients from the relative field.

If there is a specific area in which you would like to gain experience, you can take online business courses or look for certifications to add to your resume.

2. Quote Competitive Prices & Be Flexible about it

Many new freelancers undersell themselves thinking that it will help them to get more clients. But, this can result in you being underpaid. Always remember that a client would spend money on someone with a high level of skills, and whom they can trust with their project. Pricing yourself too low can hinder the confidence of your potential clients in your expertise.

Instead of underselling yourself, look at your professional experience and expertise in the industry. Figure out what other freelancers in your industry are charging. Price yourself honestly when you bid for a project on websites like Upwork. If you need to set a rate for yourself for an overall project, analyze how many hours you will need to complete it. Don`t forget to include the time of modifications, revisions, or communication from the client`s side.

As you start gaining more experience, you can adjust your rates accordingly. You can build a portfolio as well to showcase various projects that you have undertaken to get more clients.

3. Build a Strong Digital Presence

In this world, where everything is happening online, a strong digital presence is what you needed the most as a freelancer. You don`t have to print an ad in a newspaper anymore. All you have to do is create a powerful portfolio on various social media platforms. The digital presence will help you to demonstrate your skills and expertise for those interested in hiring freelancers.

Make the most of social media platforms to reach out to new clients. You can also increase your followers to build a fan base of people who love your work. Make connections on LinkedIn because nurturing a strong network will help you with leads of potential clients.

4. Keep Your Clients Updated

One of the worst things that any freelancer could do is not to keep their client in the loop as the project progresses. Don`t make this mistake. Once, you are on board with a client, pay attention to the guidelines that are mentioned in your contract. This will give you a fair idea of if and when they expect key updates.

Try to update your clients regularly, and let them know immediately if anything changes with the project. If you are forced to adjust the deadline due to unavoidable circumstances, keep the lines of communication open. Share the reasoning behind the change and how you can manage it for them.

As a freelance professional, you should use all the opportunities to build your client base and network. Knowing how well you met their expectations will send out a message that you care about your client`s experience. This will help you to build your brand.

Want to start your own business but don`t know what to do? Become an IBC (Independent Business Consultant) and earn up to Rs 1 to 10 lakhs per month. What more? Get an opportunity to be recognized in Dr. Vivek Bindra`s world record creating mass digital webinars & Youtube Videos. Click here for more details: https://www.badabusiness.com/ibc

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Startup

7 Expert Tips To Allocate A Marketing Budget For A New Startup Business!

7 Expert Tips To Allocate A Marketing Budget For A New Startup Business!
7 Expert Tips To Allocate A Marketing Budget For A New Startup Business!

According to a report in the Times of India, “India is home to 81 unicorns as of now, with a total valuation of $274 billion.” With so many startups joining the league of Unicorns, it has become essential for the existing ones to focus on their branding and marketing game.

Branding and marketing are those two pillars in an organization that help a business to reach out to its potential customers. But as there are so many marketing avenues, small startup businesses often face the challenge to determine where they should invest their limited marketing resources.

Startups often lack clarity at early stages on how much time, money, and effort they should spend on their advertising, public relations, branding, social media planning, and content strategy at the outset.

So, if you have a startup business made from your dreams, passion, and determination, here is a list of some of the most effective strategies to help entrepreneurs and founders to develop first-time marketing budgets to optimize their investments and achieve maximum results:

1. Master One Method First

Just like when we learn driving, we want to do everything at once. But, as the primary rule, we learn to control the steering wheel. Similarly, as an entrepreneur, you should pick one thing and do it well. Once you have mastered it you can start focusing on building out the other options as you begin to get more business. Focus all your efforts, time, and money on a single method and use that as your power to get more business and break through the noise.

2. Pick Measurable Outcomes

When looking out for the best marketing choices, it is best to find out what you want for your measurable outcomes to be. For instance, if you want to sell 200 products in your first month, with an average value of INR 500 per customer, you should provide this to a marketing company to receive quotes on actions, and not just marketing services. It will help them to filter out the options deemed best for your business on actual budget samples.

3. Allot a Budget to a Few Targeted Areas

It will be unrealistic for any business to allot a budget without considering their revenue. A new startup must need to consider its targeted areas and how much budget should be allocated. It is best to focus on one target area and then grow into others as traction is gained. You can also take an online business course for entrepreneurs to learn more about marketing and advertisement.

4. Find Out How Each Strategy Will Impact Your Business

While budget allocation initially is a smart decision, understanding how each strategy is going to impact your business is paramount. Dedicating between 10 to 20 percent of gross revenue is a good starting point to invest in marketing and advertisement. Basics such as collaterals should not go beyond 5% of your gross revenue unless a brand strategy calls for it. PRs, advertising, communications are all similar. But to determine what will help your business to grow and attract your potential customers is essential. Focus on what is going to help you succeed.

5. Build a Scalable & Multi-Year Strategy

In the first year, you need a logo, a website, and some basic branding elements. But one most essential thing is content. You need great content for any marketing strategy to work. And as your company grows, you can spend more on advertising and promotions. When your company begins to scale, you can increase your budget.

6. Know Your Customer Journey

One of the most crucial things that every startup must do is that they should have a solid understanding of their customer journey. Run test ads on social media platforms and Google to find out how much you will have to spend to acquire a customer. You can also take an online course for entrepreneurs for marketing.

Investing in PR and branding can help you to lower your ad expenditure, only if done right. It will also increase your conversions, and give you a better idea of how much you must invest and in which medium of marketing.

7. Begin with Organic Marketing

There is no magic formula or shortcut to marketing your brand and advertising your products to increase your revenue. Startups should always begin with organic efforts, such as content marketing, PR, SEO, before diving into big ad spending. Why? It offers three benefits:

a).  It reduces your budget

b). It lets you find out what works by trial and error before investing in advertising.

c). Delivers ROI

Every single penny plays an essential role in a startup budget. Hence, it is important to allocate the budget carefully for marketing and advertising. Hope the above-mentioned techniques will help you to seek out choices that will give you the best results for your startup business.

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. Our Problem Solving Courses can help you to overcome marketing and advertising challenges.