Tag: best business coach

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Business motivation Marketing

How to build a Successful Business with White Labeling?

White Label Solution
White Label Solution

Summary: White labeling has many benefits! Discover how it can help your business to grow without developing a new product.

Do you want to start your own business, but are confused about which product should you come up with? Do you have product ideas in mind, but due to lack of time unable to create it? The White Label is the solution!

White labeling has been around for a long time, but not many people know that it is not limited to just software. For many years brands like Walmart have been buying products from other companies and relabeling them under their brand.

In a start-up world where the competition is fierce and the market is dynamic being an entrepreneur is not an easy task. From taking care of multiple tasks at the same time to managing your products, marketing, brand reputation, and customer service, it is hard to do everything on your own. For an entrepreneur who is facing a business challenge, doing everything on their own could be the first reflex. You can learn white labeling from the best business coach Dr. Vivek Bindra in their online business coaching program.

White-label business solutions are a gateway into the business world. It helps you to scale your business and sell your products at no extra cost and without pre-planning, training, hiring, and implementation work.

What is White Labelling?

White-label products and services are kinds of re-brandable, and re-sellable items that are produced, branded, and sold by one company but are rebranded and resold by another company.

A White Label Solution involves a manufacturer who sells an unbranded piece of product or service to a reseller who then places their logo and sells it to their business clients. Hence, in a white-label market, the manufacturer and seller are two separate entities that work for mutual benefit.

It is not only limited to small business owners and large enterprises but many colleges and institutions are also making the most of this service with White label content creation.

How do White Label Solutions come into existence?

This concept was drawn from the fashion industry where retailers acquired mass-produced goods from the manufacturers and sewed their branding on the product. What did they get? A product that was similar to private label brands. However, at a competitive price point!

Advantages of White Labelling

Naturally, the foremost benefit of white labeling is its cost-saving aspect. However, there are plenty of other benefits that white labeling that every entrepreneur, solopreneur, or business owner must consider:

1. It saves time– Time is money! And since businesses do not have to build or develop solutions from the start by putting their own time and resources, White Labelling saves up a lot of time, financial and human resources.

2. No Infrastructure Needed– As the resellers can purchase the product from the manufacturer and start reselling it under their branding, they do not need an infrastructure to set up a manufacturing unit.

3. Happy Customers– With quick customizations and quicker time to market the products at the reseller`s end, you will have more happy & satisfied customers.

4. Allows you to focus on your business– More often than not, the companies hoping to build a solution find themselves in a precinct that does not fall under their expertise. Pre-packaged solutions with White Labelling that are prepared by experts can help businesses to reach their goals more efficiently.

White Label Solutions can help businesses that are trying to establish themselves in the market to utilize their unique branding to offer a range of products and services without having to incur money in resources, infrastructure, and technology.

By using white labeling entrepreneurs can give their customers a quick solution to their immediate problems. They can also focus on the core competencies of their business, and move towards building a brand and greater conversion rates.

Want to know how you can grow your business with White Label Marketing? Click here to watch this video:

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

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Business motivation Motivational

5 Powerful Business Lessons Every Entrepreneur Should Learn!

5 Powerful Business Lessons Every Entrepreneur Should Learn
5 Powerful Business Lessons Every Entrepreneur Should Learn

Summary: Every startup has a unique journey and its share of dos and don’ts. So why not learn from them instead of making the same mistakes again?

Ravi started his first business at the age of 19. Though he had a knack for how to start a business, he lacked how to manage it. So, his business grew quickly with just five employees in three states. His revenue was good, and the business was running smoothly, but because he lacked how to manage a business, things got out of control in no time.

Five years into the business, Ravi was in INR 10,000,00 debt. His dream of entrepreneurship had turned into a nightmare.

So what is the moral of this story? You might know a lot of things, but still, there are a few things that young entrepreneurs need to know.

Entrepreneurship can be wonderful and a fulfilling journey if you build your business the right way. Here are five wonderful lessons that you might want to learn today:

1. Know Your Customers Well

Seth Godin said, “If you try to reach the whole world, you will end up reaching no one.” If you are a “jack of all trades,” you will have a tough time growing your business. Your efforts to grow your business and focus to work in that direction will be scattered.

Hence, it is very critical to know your customer in and out. The more specific you can get to who your ideal customer is the better. It will help you to figure out the best way to find more potential customers. You can also take guidance from the best business coach who can help you to understand the buyer’s persona.

2. Don’t Over Promise & Under Deliver

In the business world, if you promise your customers a miracle, you should deliver one. If you want to grow your business and sustain it in the long term, you have to be the kind of business that always keeps its promise. For startups, there are going to be limited initially on what you can do, but that’s ok. Focus on your strengths.

3. Stay Organized

Whether it is home or work, unorganized surroundings and way of work could be frustrating for everyone: your staff, your customers, and your mental health! Staying organized is important to keep your business running smoothly. A disorganized way of working will repel new customers from doing business with you in the future. To keep your business organized, start simplifying things. This will eliminate the clutter and keep your business operations organized. Find a business coach who can help you navigate the challenges that a startup has to face, initially.

4. Focus on things that will Help You Grow Your Business

One of the most important lessons, which is applicable not just at work, but also in every sphere of life is to manage your time. As an entrepreneur, it is very important to learn where to focus your time. Don`t get distracted by too much information that might appear shiny and bright. Instead, focus on what is essential for the growth of your business and apply it wherever it is necessary.

5. Get Over Failure & Setbacks Quickly

Whether it is Einstein, Thomas Edison or Steve Jobs, or any other successful entrepreneur, one common thing that they share is FAILURE. Entrepreneurs often hold back because of ‘Fear of Failure’.  However, the truth is that failures are momentary set-back and not business-ending events, which send you in the right direction. When you experience failure, you must know that it is not the end of the world. Brush off the dust and move on, determined to come back even stronger. You can also work along with a business coach who can help you spot your shortcomings and direct you to bounce back.

You can have a good idea, but to be the most successful entrepreneur you must know how to turn a good idea into a viable product or service for your business. You can give it all, but it is important to know that it takes time and feedback from your customers to get your best.

So don’t be that “I know it all” entrepreneur. Be open to new learning and stay curious to look at things from a different perspective. Learn these lessons and your business will thrive.

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

To know more about our courses, visit: www.badabusiness.com

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Business motivation

3 Key Tips To Create Ideal Buyer Personas For Your Brand

3 Key Tips To Create Ideal Buyer Personas For Your Brand
3 Key Tips To Create Ideal Buyer Personas For Your Brand

Summary: Want to connect with customers who are genuinely looking for your products?

Is it Ramesh who is the marketing manager in an MNC, Ravi from the sales department in a small store, Neeraj, who is a student, or Laxmi, who has just started her dream venture and looking for products and services to expand her business?

Do you know who your customers are? And if so, how well do you know them?

For any business, it is essential to know its target audience. If you don’t know who your customer is, you can’t expect your business to grow and sustain in the market. This is why making buyer personas are important.

A buyer persona is a semi-fictional representation of your ideal customer based on data and research. It not just gives you time to focus on qualified prospects but also guides product development according to your customers’ requirements.

A buyer’s persona just like a business coach helps you to understand your customers better.

This will help you to attract high-value visitors, leads, and customers to your businesses that are going to stay with you for a longer time.

“Okay, so personas are really important for my business. But……from where should I begin and how do I make one?”

Well, this is a million-dollar question. The good news is that it is not difficult to create one. It depends on your market research and customer data.

Here are some tips you must keep in your mind while creating an effective customer persona to grow your business:

1. Narrow Your List

The first thing when you are creating a buyer’s persona is to understand that only a small  niche of people represents a portion of your audience instead of everyone. Understanding this will give you a clear view and a good start. Once you acknowledge that there are distinct customers with unique requirements and goals, it will be easier for you to develop personas to match your visitors. Narrowing your list will help you understand who visits your website and why.

E.g. if you own an online pet store, you should only consider that segment of your audience who either are pet owners or live animals. They can be further divided into two groups- cat lovers and dog lovers.

If you are working with a business coach, you can take his guidance and support to create an actionable buyer’s persona.

2. Practice Social Observation

Social listening or observing is the process of observing what people are saying about your brand. This can give great insights inside a consumer’s mind to business owners and marketing teams. Read their responses on various platforms like Twitter, Facebook, and Instagram.

Track hashtags, mentions, and industry-related tags across all social media platforms. Use this information to get a glimpse into the mind of your customers. For instance, you get lots of appreciation on social media for fast delivery and great pricing. But they also mention that you do not have a great product that they would like to buy.

So if the request is within your territory, you can consider finding a way to resolve this challenge. Also, there is one thing you must remember—when building personas through social listening, you will have to learn to cut through some noise.

3. Review Feedback & Customer Support Tickets

Did you know that feedback, reviews, and even customer support tickets have the power to create customer identities? These days almost every business creates a feedback form that they present to new and old customers or website visitors. These forms cover various topics related to products or something broad, like the design and appearance of your website.

These forms can be a great way to learn about how customers feel about your brand. If someone takes the time to submit a feedback form, they are interested in seeing your business grow and succeed.

These tips can help you to understand your customer and build a persona based on their demographics. It will help you learn more about your target audience and improve your marketing efforts. You can hire a best business coach to help you navigate the challenges that many entrepreneurs face in the initial stage of their startups.

However, it’s worth noting that creating a buyer’s effective persona will take time and not happen. So, spend a considerable amount of time on social media, reviewing comments and forms on your site, and gathering information through emails and newsletters.

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

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Business motivation

5 Best Places To Find A Business Coach

5 Best Places To Find A Business Coach
5 Best Places To Find A Business Coach

Summary: Wondering where to find a perfect business coach for your startup? Here is a list of the five best places where you can start. You are guaranteed to be surprised!

Are you looking for a business coach or a mentor? If you are a young entrepreneur and lack experience in running a business successfully, you should start looking for the right mentor. Working with the right mentor provides plenty of benefits. Not only will you receive guidance and support from an expert, but you will also be able to leverage your mentor`s network of contacts. This may help you in finding new investors, making new clients, and finding more business.

However, the real trouble is finding the right mentor which is quite difficult. Mentoring is a time-consuming process. And, not all experience business owners will invest their time and effort to help budding entrepreneurs.

So where you can find a business mentor who is willing to invest his time and provide guidance to you? Here are some of the places to start:

1. Online Mentorship Community

Though there are multiple social media platforms, none of them are dedicated to only entrepreneurs where they can find the right business coach or connect with potential mentors. Bada Business Community App is an example. With usually little or no cost, you’ll be able to sign up, find prospective mentors in your area of expertise, chat with them and potentially meet in person to begin an extended partnership.

2. Professional Networking Events

Before hiring a business coach, always communicate with them. To initiate a conversation with prospective mentors, you can attend more networking events. Business leaders are always looking for prospective clients, employees, or partners for the future. At such events, you can meet many different areas and expand your network.

3. Fitness Classes & Groups

Business leaders often like to stay healthy and fit. This is why you will frequently find them in fitness classes and other related groups. You too can join Yoga or meditation classes. From there, you can participate regularly and improve your networking along with making your networking strong.

4. Industry Events

If you are looking for a mentor related to a particular field, there is no better place to go than business events. These events include webinars, seminars, conferences, tradeshows, and informal meet-ups. For instance, a few months back Dr. Vivek Bindra organized an event that aimed to enhance leadership skills.

The event was attended by many senior management leaders and successful billionaires. This event presented many opportunities for young entrepreneurs to connect with seasoned leaders.

5. Social Media

You can find mentors by searching for them on social media — especially through publicly available platforms like Twitter or professional-centric platforms like LinkedIn and BB community. With keyword searches, you’ll be able to find mentors that match your criteria, and by monitoring followers and engagement levels, you can determine a person’s reputation and willingness to talk with others.

Never lead with an outright request. Get to know your hoped-for mentor first; and, if you can, offer something of value to begin the relationship.

So, now that you know exactly where you can find a mentor, you may wonder whether it`s necessary to have a mentor in the first place. After all, so many people have become successful without a formal mentorship. But truth to be told, everybody has somebody to learn from. Hence, finding a best business coach can be beneficial for your professional as well as personal growth.

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

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Business motivation

5 Things About Entrepreneurs That Are Not TRUE!

5 Things About Entrepreneurs That Are Not TRUE!
5 Things About Entrepreneurs That Are Not TRUE!

Ask any entrepreneur who has built a startup, and he or she will tell you that starting a company is just like having a baby. Just like parenthood, entrepreneurship is not for the faint-hearted. It is emotionally draining, physically, and spiritually tough even if you are working with the best business coach for entrepreneurs.

Starting a business requires courage to take risks, patience to face the worse, and confidence to manage everything with panache. That being said there are plenty of ideas, notions, assumptions, beliefs, and most common myths that surround entrepreneurs.

Some of them might inspire a lot of you; while some of them might prove to discourage you to start your own business. However, these myths are far from true and superficial too.

Here is a list of all 5 common misconceptions about entrepreneurship that we will go through and debunk to present the truth behind them. If you are on the fence about building a startup, take a look at these myths getting debunked:

1. Entrepreneurs are Workaholics

Lots of people believe that entrepreneurs work 24 hours a day, 365 days a year. But part of being your boss means you can schedule your working hours and can take time off whenever you want. Though entrepreneurship can take grueling working hours and commitment, it is not true that entrepreneurs do not have a personal life.

However, it does not mean that you can take off whenever you don`t feel like coming to work, it simply means that you can attain a cordial work-life balance.

Also, one of the key skills to becoming a successful entrepreneur is to acquire brilliant time management skills. So, if you can establish a proper work routine, you won`t have trouble finding free time. If you are struggling with managing your time, you can watch this amazing video by Dr. Vivek Bindra on time management here:

2. Entrepreneurs Wait for a Perfect Time

When it comes to launching a business, a common misbelief that most people have is that they should wait for the right time. Perhaps, this could be one of the reasons, why most excellent projects never see the light of the day. The truth is that there never really is a “right” time. Most people never feel fully ready. And waiting can certainly prove costly.

The secret behind the success of a few entrepreneurs is that they prepare themselves for the future by taking small steps. You can take all the time in the world to plan, build and then put it off for years, but if you don`t execute it, you are not going to go anywhere.

If you wait for the right moment, you will keep waiting forever. There is not a set date or an alarm that will go off announcing, “Today is the day!” The sooner you begin, the sooner you will get closer to a sustainable and profitable business. You can also take help from the best motivational speaker in India to take guidance and support.

3. You need to Know Everything Before Taking the Entrepreneurial Leap

In the bestselling book, Rookie Smarts, author Liz Wiseman asks the million-dollar question- Is it possible that we can be at our best despite being under-qualified or trying something for the first time? The answer is yes- with the right, focused, and positive mindset.

Being new, curious, and somewhat naïve is an asset in today`s dynamic world. Sounds strange, right? However, there is a logical reason behind it. To be successful at anything new requires energy, innovation, creativity, and the ability to step outside your comfort zone.  It`s often not what you know, but how fast you can learn is that counts.

4. Entrepreneurs are Risk Takers

Entrepreneurs do take risks! However, this doesn’t necessarily mean putting yourself in a high-risk situation consistently. Entrepreneurship is generally considered a risky proposition and many risks are associated with your business. However, contrary to popular belief, entrepreneurs smartly plan their every step to reduce risk.

They follow a calculated learning and experimentation process, actively taking steps to mitigate risk early and continuously.

5. Entrepreneurs are motivated only by Money

Generating revenue is not the only motivation for small business owners. It is not even first on their list. Following their lifelong dream and achieving their passion is the main motivation for entrepreneurs.

But does that mean entrepreneurs start a business in which they can`t make huge profits? Never! However, there is more to it- Financial Stability.

It does not mean that you are buying Ferraris. Being financially stable simply means that you are living a comfortable life and able to make ends meet. Money is a motivator, but not as important to entrepreneurs as people assume. If you have an amazing startup idea that can provide ease to people`s lives, you can take help from a business coach for entrepreneurs for support and guidance.

Dreams and ideas are two fundamentals, but also you will have to believe that it`s possible to achieve them. More and more men and women are starting a business. Everyone can get the skillset and mind of an entrepreneur. But to be a successful entrepreneur passion, confidence and the willingness to never give up are the most essential.

The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses. To know more about our business-related courses, visit: www.badabusiness.com

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Startup

Launch Your Startup With These 5 Financial Tips From The Experts

Launch Your Startup With These 5 Financial Tips From The Experts
Launch Your Startup With These 5 Financial Tips From The Experts

According to a report published on Inc42.com in 2016, the primary reason behind many startup shutdowns was due to lack of funding. In 2017 lack of market demand was the primary reason for the startup shutdowns.

Starting your business venture can be a daunting but rewarding process. While a great business plan is imperative for entrepreneurs, financing is one of the most crucial elements that help a startup succeed. Many entrepreneurs often take help from a business coach to receive fundraising guidance.

Securing funding to launch a startup can be difficult. More often than not, entrepreneurs use their savings to start their businesses. Another report by NASSCOM states that around 25% of Indian startups shut down untimely due to failure to raise follow-on funding rounds beyond Pre-Series. A good and effective management of finances can make a massive difference between a business that keeps climbing the ladder of success and one that falls at the very first challenge.

Here are five financial tips that would help every entrepreneur or small business owner manage their finances better:

1. Create a Dedicated Emergency Fund

A contingency or an emergency fund to provide financial security in desperate times. This fund helps an organization meet significant expenses in unforeseen circumstances. Ideally, one should have six months of living expenses as a contingency fund.

If you own a business, it is suggested to create a larger emergency fund if your company has seasonal cash-flow fluctuations. It is best to build such a fund and invest it in a mutual debt fund as it will give far better returns than a savings account and help you encounter unforeseen challenges.

Having an emergency fund will also give you peace of mind, and you can make more confident decisions for your business. A good business mentor will help you how to create a dedicated emergency fund.

2. Avoid Expensive Credit Loans

Credit is the lifeblood of any business, especially for startups. Hence, entrepreneurs need to keep their credit scores high. Always pay your bills on time. When it comes to financing your business, the cost of credit is a critical factor, especially in the initial months of operation.

In the beginning, when the business has not even reached the break-even point, the company’s financing should be done by keeping the interest cost at the bare minimum. This will reduce cost and attain profitability. Never miss a payment or delay the payment date, even if you face a financial crunch.

Also, keep your credit utilization ratio under consideration. The credit utilization ratio is the percentage of your available credit limits that you borrow during the month. Keeping your credit utilization ratio below 30% will help you maintain a better credit score.

3. Keep personal & business accounts separate

It is wise to keep your business and personal bank account separately. It will provide the benefit of easier accounting at the end of the financial year for tax purposes and eliminate the cash crunch situations in business caused due to withdrawals for personal expenditure.

4. Bad Debts

Debts that cannot be recovered are called bad debts. When credit sales are not recovered, bad debts are created. Entrepreneurs should eliminate the situation of a fund crunch in business due to withdrawals for personal expenditure. Instead, these debts should be repaid in the next year so that a healthy financial position of the company can be showcased in front of potential stakeholders. You can also take guidance from a best business coach to plan your finances.

5. Develop Financial Goals

Keeping the in-flow and out-flow of your finances is extremely important. Planning a year for significant expenses in advance can help small business owners to reduce the financial burden. If your future business goals involve expanding and launching new products or services in the market, it is essential to plan everything related to finances.

If you are not sure how to manage your finances or ensure a solid financial future, you can also take the help of a certified financial planner. A financial advisor can also help you build a strategy to meet your business objectives.

Instead of investing all your profits back into your startup venture, save for your future by investing your funds into multiple investment schemes. A wide array of investment schemes is available, from stocks to mutual funds. You do not have to invest every last penny into your business; save for your future.

If you can improve your finances with a better emergency fund, a solid credit score, and a robust retirement savings portfolio aside from the equity you own in your business, you can run your startup with a more focused and peaceful mind.

And for business owners, who are some of the busiest people in this world, having financial security is genuinely priceless. Are you planning to launch your dream startup business but worried about managing your finances?

Do you have any other financial tips for our entrepreneurs? Please share them with us in the comment section below.

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

To know more, visit www.badabusiness.com.

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Finance

5 Smart Ways To Help You Settle Business Loans Quickly!

5 Smart Ways To Help You Settle Business Loans Quickly!
5 Smart Ways To Help You Settle Business Loans Quickly!

Summary: Is your business running in losses? Are you losing your investors because of the debt? Do you want to take your small business out of debt?

Rising interest rates and high corporate debt levels are giving sleepless nights to lots of investors and small business owners. It is impossible to predict the future, and with the latest happenings in the world, the period of consistent declines in the GDP of India, it is challenging for small business owners to run their business operations with the guidance of an expert.

Though most entrepreneurs begin their startup by arranging funds through debt funding, equity funding, loans, or other less formal sources like friends & family, the experience of being in debt can be scary and overwhelming. To avoid making drastic mistakes at the initial stage, many entrepreneurs also hire the best business coach in India.

If managed smartly, borrowing funds can help you accomplish your goals; if mismatched, it will affect your financial well-being and cause mental stress, especially to small business owners that are worse affected due to the Covid-19 pandemic.

The Indian government launched many loan schemes to offer relief to MSMEs in subordinated debts, collateral-free loans, and equity infusion through its Fund of Funds (FoF) scheme in 2020. This scheme proposes to purchase up to 15% growth capital in high-credit MSMEs.

You can work with a business coach who can help you manage funds more efficiently. Also, if you have a well-thought financial plan, you can solve the cumbersome process of taking your business out of debt, just like others. Here is how you can chart your way out of debt:

1. Reorganize the Debts 

The first step that will take you closer to managing your debt is to organize all the details of precisely what you owe. Make a list of your debts with EMIs, interest rates, and tenures. This will help you recognize the costliest obligations.

2. Pay Urgent & Costliest Debts First!

After sorting out your debts, pick the costliest one! If not paid on time, expensive debts will extract the highest interest. This can drain your finances. Hence, settle your costliest debts on a priority basis. Take help from the best business coach for strategies that will help you pay your debts.

3. Make Monthly Budget

One of the most vital debt management techniques is planning a monthly budget! Make a list of your income & expenses while deciding on your monthly budget. This will allow you to think about ways to reduce your daily expenditure. Having details of monthly cash flow can help you save money that you can use to clear your debt.

4. Consolidate Loans

Sometimes keeping track of all the loans can be difficult. If you have too many loans, it can be a good idea to consolidate them into one. This will leave you with just one EMI. Business loans, personal loans, and credit cards provide you with this option. It will remove various debts and leave you with just one loan to track. Consult with a business motivational speaker today to understand your finances. 

5. Protect yourself Against Economic Shocks 

The future is uncertain, and it is wise to protect yourself from uncertainties you might be exposed to. For E.g., a loss of a job could lead to delayed EMIs. So, to avoid such situations, create an emergency fund to help you sustain yourself during a bad phase. Ideally, this fund should be 3-6 times more than your current monthly income.

Repaying loans is a moral, legal, and also a financial obligation. With intelligent and effective debt management strategies, you too can get your business out of debt. Learn how to manage your debt with the top-industry leaders from our Problem Solving Courses.

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Finance

Start Your Financial Planning With these 5 Effective Steps

Start Your Financial Planning With these 5 Effective Steps
Start Your Financial Planning With these 5 Effective Steps

Summary: Do you have a financial plan to fulfill your dreams? Here are five steps to take you closer to your professional and personal goals.

“A good financial plan is a road map that shows us exactly how the choices we make today will affect our future.” – Alexa Von Tobel.

Most of us plan for our studies, career, personal and professional goals that we would like to attain in the future. But when it comes to your finances, do you have a plan? Many people lack financial planning, thinking it is a time-consuming process. However, a personal financial plan is a formal process that has the power to improve your economic life.

Entrepreneurs must establish a plan to organize their finances to know where exactly their money is going. It is critical to formalize the process if you are serious about building wealth. You can work with a business coach who can help you build a strategy associated with your goals.

Here are five steps that will help you to develop a personal financial plan and growth strategy:

1. Analyze Your Current Situation

It is essential to review and analyze your current financial status if you want to create a sound financial plan to achieve your goals. Reviewing your current situation means giving yourself an overview of all your income, debts, expenses, investments, etc. Begin by taking inventory of your existing assets and liabilities and create a balance sheet.

Define your financial objectives and be clear about your goals, as they will provide a roadmap for your financial future. Your goals should be:

a). Quantifiable & achievable

b). Defined goals with a set timeline

c). Needs and desires in separate columns.

You can consult with a good financial advisor or a business coach in India to assist you.

2. Gather Financial & Personal Information

Financial planning and its success will depend on the quality and clarity of the information you will provide to your adviser. Once your adviser captures all the relevant information you provide, he can create a detailed financial statement associated with your finances.

The financial balance sheet will consist of:

i). Income and expenditure

ii). Assets and liabilities

iii). Risk factors, capacity to take risks, and risk attitude

3. Find a Budget that Works for You

Budgeting is an essential part of successful management from a country to a household. Many people don’t like budgeting as it feels challenging to stick to. But this does not mean that it is a difficult task. It simply means that the budgeting system is not customized according to your requirement.

The concept of creating a budget does not imply that you have to cut back on everything you love. It is simply about controlling unnecessary expenses and making mindful purchases. But for it to be truly effective, you can try a method like the 50/30/20 rule, according to which 50% of your budget goes to pay for necessities, 30% or less to discretionary items, and 20% or more to savings and debt payments.

To understand how you can plan more efficiently for your future, you can attend our Masterclass by billionaire professors accessible on our Bada Business community app.

4. Choose Your Rhythm

Leadership Consultant, Dr Vivek Bindra, believes that if a strategy fails, change the strategy, not your goal.

Everyone has different goals and hence different requirements. It is not necessary that if your friend who has zero liabilities is saving her entire salary, you must also follow in her stride.

Instead, customize the plan. If you have a consistent salary, it is easy. You can choose the percentage you would like to save each month. However, it gets tricky for entrepreneurs and small business owners because of the variable Income. So, entrepreneurs can consider a lower amount to automate monthly. If you are a small business owner, you can also set a calendar reminder to review contributions quarterly.

5. Get Help from a Business Coach or Team of Advisers

Entrepreneurs have so many responsibilities and tasks at hand. So, if you try to manage your finances, it may be too much to handle. And your growing wealth could become a task. Begin by taking professional help instead of trying to manage it all on your own.

If you follow these five strategies mentioned above, you can build a solid foundation to grow your wealth and make smarter money decisions for your future. To gain in-depth knowledge, attend our Masterclass available on our Bada Business community app, in which you can learn simple yet effective financial strategies.

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

Categories
Business motivation

4 Golden Tips To Transform Your Small Business InTo A Large Business!

4 Golden Tips To Transform Your Small Business InTo A Large Business!
4 Golden Tips To Transform Your Small Business InTo A Large Business!

Summary: Want to transform your small business into a big brand? This article is just for you.

Running a small business is challenging! One has to reinvent the wheel of strategies, don multiple hats, play distinct roles, and provide exceptional service to clients. All this, while also ensuring that the small startup business is on a growth path.

So if you are a small business owner who wants to scale your dream venture, you can transform it into a large business by following the tips given below without losing money and your sanity:

1. Be Seen & Known

No business can expect growth if it is not known. A customer will only buy your products when he or she is aware of the range of products that you sell or the services that you offer. To scale, your brand needs attention and you need to generate enough awareness to own the entire market. Whether it is through podcasts, videos, ads, articles, or paid marketing, you will need to spend time and effort to build awareness for your brand.

2. Hire Right People

Scaling a small business is about building creative strategies and hiring the right people for a particular job. You can also take guidance from the best business coach Dr. Vivek Bindra. Though rapid growth can be difficult for any business, one can take two steps to achieve it. First, focus on your supply chain. Always ensure that you have enough stock to keep up with an influx of orders.

Second, invest in the right leaders and managers to help you. Hiring the right human resource for a particular department or a specific role is essential. To properly scale and maintain that growth for your small startup business you will need a productive and high-performing team.

3. Build Proven Business Concepts & Systems

Every entrepreneur dreams about scaling his startup venture. However, it is essential to ensure that you are working on a proven business concept. Gambling on an idea that is not well-thought or isn’t working will burn cash fast. But there are two ways to scale a winning concept.

First, hire amazing people who are ready to share the load. Don`t take all the responsibility on your shoulders. Start delegating, and with the right people, you can do it easily without having to keep a double check if the work is getting done.

Second, build automated systems. Tasks that are repetitive and require human involvement should be automated. You can reduce these manual tasks by incorporating automated processes and tools that can help your team to collaborate and plan.

4. Focus on “Who” instead of “What”

Transforming your small startup business into a big business is not that easy. But taking your first step towards it is. One of the biggest mistakes that small business owners make is focusing on ‘what’ their business requires, instead of thinking about ‘who’ their business needs to grow. The most essential ingredient for sustainable growth is always a “who”, not a “what”.

Start by listing out all the tasks that you enjoy the most, you excel at, and that also impact your bottom line the greatest. These are the tasks that you should be focusing on more. Now, make another list of the tasks that you do and take up your considerable amount of time. These are the tasks that are diluting your focus and hindering your business growth. You can hire people for these tasks.

Next, make another list of the tasks that are important for the business growth, but are not getting done. If you need to create a position for this, do it. If you have to hire a person, hire one. Don`t be afraid to start small. If you don`t have the budget, you can hire a part-time employee or a freelancer to get the job done. How to hire the best talent for your business? You can take a business coaching program to understand the nuisance of distinct departments of an organization.

Scaling a small startup business is not a very easy task. The grind is real and hard. You will have to play different roles at the same time for a long duration. To get help from an expert, you can take a BCP Bada Business or LFP Bada Business.

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Startup

These 3 Fundraising Techniques Can Help Your Startup To Succeed

These 3 Fundraising Techniques Can Help Your Startup To Succeed
These 3 Fundraising Techniques Can Help Your Startup To Succeed

Summary: Don`t have savings or investors who could invest in your small startup business idea? Take a deep breath and don’t give up on your dreams just yet. This article will tell you simple fundraising techniques for your business.

According to a report by Fundable, around 57% of startups take out loans, and 38% are launched with support from family and friends` money.  But if you don`t have either of them, you should not give up on the business launch.

In 2021 the global funding rose by 157% according to data by CB Insights. One of the major reasons is that nowadays startups have entered the market at huge value, which gives high returns to their investors. Also, more and more people are ditching the traditional methods of raising money. As a result, many nontraditional early-stage funders are flourishing: mutual funds, hedge funds, and private equity firms.

But when you are a newbie attracting funds could feel like a major task. It`s hard to get into an investor`s sight. Even with the most convincing pitch, you might fail to get the investment.

So here are three essential steps that as a startup you must take to build awareness and increase the chances of raising around.

1. Establish Yourself

Imagine you have crafted a great mail and it gets the attention of a potential investor. The first thing that she does is Google you. But, finds nothing on the internet! So now what do you think her response would be?  As long as your name is not loud enough to be well known in the industry, your emails will probably have a low response rate. And this could also affect the pitch conversion.

To get the attention of the right investor, you must establish yourself as a specialist who understands the market. You can use the power of content to prove that you know the burning problems of the consumers are, and focus on the benefits of your products. You can utilize the PR activities with blogging, guest posting, YouTube videos, podcasts appearances, or even LinkedIn blogging.

You can also consult with the business motivational coach to take expert guidance on the right way to do it. You can start with five different publications and a few videos initially.

2. Do Your Homework on Potential Investors

Abraham Lincoln is often quoted for having said, “If I had eight hours to chop down a tree, I’d spend six sharpening my ax.” It simply means that you must do your homework to get the desired results. In the business world, it means doing research not only on your target market but also about your potential investors. Each angel investor and venture capital fund investor has its specialized area, stages of investment, or even more specific metrics.

Look for investors who have invested in your niche and research everything that you can find about them. You can follow them on professional websites. Find blog insights; follow public announcements and information on the websites. You can also seek social media publications from investment managers. You can then put everything in one place to create a nice contact database. You can use this database for more accurate targeting in the future. If you want to expand your network base, you can consult the best business coach who can help you with building a database.

3. Use Content Marketing & Targeting

If you have utilized the publications and media appearance, you can place the links to your resources and move on to the marketing part. Set up targeting publication advertising, so that potential investors from your contact base can discover it.

Now, the best thing to get the attention is to continuously work on the product, improve customer experience, and update it to make continuous improvements. It will help you to raise funds for your startup business.

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