Categories
Business motivation

Being a Solopreneur: 5 Business Tools to Grow your Business

India has shown a great appetite for innovative ideas, small businesses, data, technology, and the internet. According to the Economic Survey for 2019-2020 that refers to the data from the World Bank, ‘the number of new firms in the formal sector has seen growth by a significant 12.2% from 2014 to 2018.’

“Around 70,000 new firms are created in 2014, the number has increased to 1, 24,000 new firms in 2018, which is around 80 percent growth,” the survey read.

So how can you grow your business in such a competitive environment, if you are a Solopreneur?

Becoming your boss is exciting, yet scary! You get to call your shots, make your own decisions, and work at your convenience. However, wearing multiple tasks at the same time can be a bit overwhelming.

But, no matter how overwhelming it may sound, with the right kind of tools, you can grow your business significantly. Technology is here to build your business and run it smoothly even if it means running it by yourself.

With the right strategy & tech- tools for business growth in your arsenal, you can manage your business easily. Here is a list:

  1. Manage your Time Efficiently

Having a game plan or your to-do list ready can do wonders for your business. Begin your day with realistic and achievable day-to-day goals. You can keep all your daily tasks scheduled in advance with the help of Google Calendar. To keep your to-do list updated, use apps like Evernote and Todoist. These business tools can help you manage your tasks for the day.

  1. Automate to Save Time

Time is money! If you want to save some, you will have to come up with smart marketing & growth-strategies to expand your business operations. So as much as you would love to do everything on your own, you can`t be everywhere at once.

E-mail marketing is essential for a Solopreneur, especially when the business is at the initial stages. However, one way in which you can attain all your objectives is to make use of automation. Automations make sending welcome e-mails, product recommendations, abandoned cart reminders, and even wishing your customers “Happy Birthday” less time-consuming.

  1. Know your Customer

It is always a wise thing to keep tabs on the playing field and your competition. Start with consumer behavior and competitor analysis to see where you stand. This is an excellent growth-strategy that will unfold the hidden gaps as well as the opportunities for you.

  1. Grow a Network

In today`s world where networking can work like a charm, do not shy away from growing your network. Start building your network by attending business events and meeting others from the same industry.

You can also grow your customer base by keeping a database of your customers. Provide them with a personalized experience to attract more customers via word-of-mouth.

  1. Go Online!

Design a business website and build its social presence by using digital marketing techniques and social media platforms. By using social media platforms, you can increase the reach of your brand locally and globally as well.

While you may not have a staff being a Solopreneur, you can still run your business like a pro! However, it could be a little difficult. Without a team to delegate tasks or an excellent business strategy, how can you make sure you’ve got everything covered?

With Bada Business you can find answers to all your queries with our Problem Solving Courses specially designed for Solopreneurs. Our courses will help you with many aspects of your business with the minimum investment of time and money, leaving you free to focus on the larger picture.

Click here: https://www.badabusiness.com/psc?ref_code=ArticlesLeads  to know more about our Problem Solving Courses.

For more details, visit https://www.badabusiness.com/?ref_code=ArticlesLeads

Categories
Strategy

Business Expansion: 4 Ways to Grow and Diversify Your Business

Businesses are established with the aim to grow and diversify. Expansion is an important step in the life cycle of any organisation. It is impossible for any firm to sustain in long term without expanding its operation and accommodating market demand and changes. If a business fails to grow and adapt to market’s dynamics, competitors will easily surpass it making firm’s existence and substance difficult. Business expansion is hence an obvious next step after the firm establishes itself in the market. 3 Effective Ways to Upskill yourself & Perform Better.

If the business has a strong and loyal customer base, regular and adequate funds, dedicated and efficient team then business expansion and diversification would not be a conundrum. If the industry is also growing, it provides an added advantage as business expansion is aided. However, businesses should be careful about its operating capacity, expanding beyond the present working facility will exert pressure on the businesses’ operation resulting in huge losses. Here are some tips to expand your tips –

10 Lakh महीने तक कमाओ | Low Investment | Business Idea | Dr Vivek Bindra | IBC

Product Line Extension

One of the most straight forward ways to expand and diversify the business is to extend the product line. By introducing and offering additional products and services, firm can easily expand its present spectrum of business. It requires an understanding of the customer’s wants and needs. By continuous evaluation of market demand, the business can identify like and dislikes of the customer and add products to its offering accordingly. Proper market research and analysis is advised before launching a new product. 5 Effective Online Marketing Strategies For Your Bakery Business Ahead of Christmas 2020 & New Year 2021.

Entering New Markets

Another way to expand business is entering new markets. A firm can move into a new market and gain new customers in the process. The new market could be customers in a different location from where firm’s existing customers are or a different market segment within the existing location. This typically means opening up a new location or channelising marketing efforts on a new customer segment. Though it may involve certain costs, but once established in the new market the firm will be able to cover them and earn profits.

Expanding Through Franchise Model

Franchise helps the business to expand itself in all the directions. Franchising is a form of marketing and distribution in which the owner of a business system called the franchisor grants to an individual or group of individuals called the franchisee the right to run a business selling a product or providing a service using the franchisor’s business system. Although franchise costs are high and moving to a franchise model is complex and takes a lot of marketing know-how, but it ensures quick growth and additional income.

Entering E-Commerce Sphere

Another sure shot way to expand the business while not increasing the number of physical outlets, is by entering the e-commerce spectrum. All the firm has to do it establish an online market place, develop a delivery network and spread the word about it. Business can reach internal customers by sitting at its existing location. Various bricks and mortar shops can enlist their products on the already existing web platforms to increase its reach, expand customer base and enhance revenues.

 

Apart from these big businesses with sufficient funds can enter into joint ventures to expand and diversify. They might as well go for merger and acquisitions of the smaller but component firms to grow. In order to survive in long term, a firm needs to scale up its present business operations and activities. However, before taking any decision a careful analysis of the market and the financial position of the business should be undertaken.

 

Categories
Startup

Amazon India to Host 4th Edition of Small Business Day 2020 on December 12, to Support Startups to Sustain Their Business Growth

Bangalore, December 8: Amazon India announced that the e-commerce major will host the fourth edition of its Small Business Day (SBD) 2020 from midnight on December 12 until 11.59 pm on the same day.

According to an IANS report, the online event would offer customers an opportunity to discover and purchase unique and hard-to-find products from start-ups, women entrepreneurs, weavers, local shops. It will be instrumental in supporting these small businesses to sustain their accelerated business growth.

On Small Business Day, products across categories including work from home essentials; safety and hygiene supplies; eco-friendly products, kitchenware; sports essentials; Christmas special products and others will be available on the marketplace.

Manish Tiwary, VP Amazon India, said in a statement said, “At Amazon, we are committed to supporting our 7 lakh+ sellers to continue the momentum built up over the past months through various sale events. With the upcoming Small Business Day, we want to create an opportunity for SMB sellers and B2B sellers to generate greater customer demand, revenue, and end the year on a positive note.”

Amazon Business customers can avail an exclusive business customer only cashback of 10 percent and additional savings on GST input tax credit. In addition to Small Business Day, the e-comm major also announced that it will celebrate All India Handicrafts Week 2020 starting December 8 to December 14. The objective of the event is to increase awareness about indigenously produced handicrafts from different parts of the country.

Categories
Business motivation Startup

4 Things to Remember If You Are Planning to Start Your Own Business Amid COVID-19 Pandemic

Mumbai, November 20: Starting a business is a paramount task, it is not just an idea that needs to click, but several other things should fall in place. You have been longing to start your own company since long, but the COVID-19 outbreak came as a roadblock. No doubt, starting your own business in the middle of the pandemic is extremely difficult, but it is surely not an impossible task.

We have listed a few important things which you should remember if you are planning to take a leap amid the pandemic.

  1. Study the Market: It is very important to study the market in order to find if there is a demand for your product. There are certain things which need to be considered, for e.g, if you are planning to launch a hi-end product, then keep the current market situation in mind, where there have been job losses, businesses being shut among others. So, if you feel there is no demand, then you can delay the plan for some more time.
  2. Have a strong online presence: Given the current scenario and more months to come, people will feel comfortable to shop online, rather than going out to a physical store and purchasing. The coronavirus outbreak has also changed the dynamics of business. So even if you are planning a store, make sure you are marketing well on social media channels and you have a good responsive website.
  3. Check your finances: In the current market situation, people are not splurging as they are hesitant to spend money. So expect longer than usual time for your business to kick start. Spend wisely and keep a tight budget in the initial few months.
  4. Hire a good team: Don’t go overboard and hire too many people. Recruit the strength which you require. There will always be time to expand.

    We spoke about the challenges, but there are certain positives also on your way. For e.g, if you are planning to rent a shop or an office space, it will be a great time because the property rates have slashed. Also, since people are spending more time at home and with their family, it will also be easier to target them.

    Being an entrepreneur is the most satisfying job, as you can take your own decisions. So if all things are in place and you are confident of starting your own business, go ahead, and take the plunge.

Categories
Business motivation

5 Steps You Can Take to Get Your Business Off the Ground

Mumbai, November 17: Starting a business can be a daunting task and more so amid the coronavirus outbreak. There are several things which one needs to take care of, from the right idea to proper marketing, everything needs to fall in place for a business to take off.

The process of starting a business is always filled with challenges. Therefore, it is very important that you should be prepared before you take the final leap. The success of a business is never guaranteed, but there are few changes which you can do to reduce the risks and improve the chances of your business in being successful.

We have curated a list of 5 steps which you need to take before you get your business off the ground:

1. Think of a unique and a great idea: Think of a unique idea for your business and ask yourself how will my product be different from thousands of products which have already cluttered the market. Try to offer the customers something which they haven’t experienced before. Also, the product should solve the customer’s problem and then only will they be able to relate with your product.

2. Define your business: This is another critical step. Before you start a business, it is very important to understand how much time (and money) you’re willing to devote to your new venture. Also, a few other questions which you need to answer is that will you have a brick and mortar store or only have an online presence.

3. Study the market & competition: Do extensive study before launching a product in the market. Try to understand if there is a demand for your product. Never underestimate your competition. Always learn from their strength and also be aware of their weakness and understand the space where your product will be able to enter.

4. Check your finances: It is very important to track your finances from the get-go. Spend wisely and only on things that are required. Every business takes time to start off. The initial few days to a year might be full of struggles, so save your finances for tough times ahead. Keep an eye on your finances, so that midway, you don’t have to wind up your business and exit the market.

5. Keep Your Plan B Ready: Always keep a plan B ready before you start your business. One can never predict the challenges which can crop up and pose a hurdle in the path of growth. For e.g. no one could predict that coronavirus could get the world to a grinding halt. Several businesses shut due to the lockdown and thousands were left jobless. However, the ones which had a plan B ready could sail through the crisis period.

We hope that these steps will come in handy when you are thinking to get the business off the ground.

Categories
Business motivation

Want To Become a Distributor in India? These 5 Tips Will Help You

You have an idea to make a great product and found the seller in the target market. But how you reach the target seller on time is a significant factor. The distributor business is a link between producer and seller.

Thus, now you know the concept of the distributor. It is a simple business about supplying goods to other people who can sell it to end customers. It is a very profitable business idea if one can build up a good network. In changing times, distributors are making a direct network with the target customer.

This business may expect a tough job, but if you create the correct thread and follow the right pattern, then you can be a successful distribution business owner.

Here are a few tips which can help you to grow and be successful in the business.

Finding Right Product

The product is the factor that plays a significant part in this business. So, choose the products which you see huge potential in the market. Determine the right product which most people use in the area around you. Hence, give the proper time to research and understand the demand for the consumer on the market.

In this process, talk to retailers, dealers, and end customers, it can be a great assist in your market research to find the right product to choose.

Get In Touch With Suppliers

Now you know the products, but now it’s time to look for the right supplier from whom you will take the products. As you will be new to this line, therefore, we suggest you speak at least 2-3 suppliers for the product to understand the rates and quality. While doing market research about the product you will come across the stain that is popular as per the demand of the customer.

Give Your Business Name

The brand name is one of the significant ingredients for all kinds of businesses. Thus, create a name for your distribution business for making yourself known in the market. Register yourself in business as a business entity. Don’t forget to apply and look for the licenses and permits are required to run the business.

Network Building

The key to running any business with success is to establish a good network. In distribution, business success depends on how effective the network chain you have constructed, therefore work on building a strong network in a circle of dealers and distributors.

Reach out to as many resellers as you can and create a catalogue, product kit for talking to the concerned people. Be prepared with order forms, pitch to take orders if they wish to collaborate with you.

Noticing Your Business Growth

Make sure you keep in touch with your dealers and retailers always. It will not only save your business relationships healthy but also helps in the retention of them.

As we know, the distribution business is one of the most successful ventures, only to be a successful distributor, one needs to do work hard and dedication.

This business requires proper strategy and implementation of the plan. End of the day, everyone needs to work hard towards a proper understanding of business and growth.

 

 

Categories
Strategy

Learn to Make Happy Customer With These Easy Customer Engagement Tips

The customer is king! No business can be successful without the help of customers. Therefore, engaging your customer is a significant part of growing your business. Customer engagement doesn’t define as just selling the product or providing services. It means improving the customer experience through interaction and efforts.

Now the question is how you can achieve this customer engagement? You can create customer engagement by the various channels, from social media platforms for your company. The main idea is to maintain and extend to grow your relationship with your customer.

The benefit of building a customer engagement marketing strategy is essential to build a strong relationship as an engaged customer is a loyal customer.

Let discuss a few customer engagement tips when developing your customer engagement strategy.

Keep the Customer Lifecycle Moving

This life cycle is the relationship of the customer with any brand or company. As a marketing manager, the main aim should be to make this lifecycle as flourishing as possible. It can be done only by the process of maintaining a customer journey because it is beneficial to your brand and customer equal.

You can do this by procuring the customers, keeping up their interest in the brand elongating the relationship beyond a single purchase.

Smart Use of Available Data

Available information about customers can help you in many ways. There is a surplus of information for marketers, which they tend to ignore that while crafting customer communication or some campaign. At this time, when digital channels’ growth is rapid, this information can help you plan things around the data available to the customer.

Don’t Ignore What is in Front of You

Sometimes in terms of expanding ourselves, we tend to ignore things that are right in front of us. With the help of the latest tools and social media analytics, you can understand the insight of your audience’s thought process towards your brands. For knowing more, you can always run a loyalty program, social media interaction, and poll or surveys that can be beneficial for obtaining the insights you need.

Creating your Brand Voice

Brand voice represents your business’s image. Your brand needs to preserve and keep up this image in every post you share or blog you write. This image is will brand representation in front of your client.

It is one of the significant factors because this brand voice represents your values. Brand voice is something that assists you in creating trust and connection between you and the customer.

Make Social Media as Your Connecting Tool

Social media channels like Instagram and Facebook are the perfect platform to have customer engagement for your brand. It is a platform where you don’t connect with your existing customers but attract new customers.

If you haven’t made your business account on these platforms, then you are missing opportunities. Starting, something for engaging customers to create a chain-like tag a friend or repost the post which has your product in it. That will start a chain that leads to having more trust and loyalty.

There are several ways that are used by many brand owners to boost customer engagement which can be great benefits for you. Creating customer engagement strategies will not only establish brand loyalty but also help you to drive sales organically.

 

 

Categories
Finance

Amazon to Invest $18 Billion This Year to Help SMBs in US to Scale Their Operations and Grow

Seattle, September 2: E-commerce giant Amazon on Wednesday announced that it will invest $18 billion this year to help small and medium businesses (SMBs) scale their operations and grow. The firm stated that in the next 12 months, it will provide more than 5,00,000 SMBs in the US currently selling on Amazon, with online selling guidance, education, and support. Moreover, the company plans to onboard an additional 1,00,000 US businesses as new sellers in its store. Jeff Wilke, CEO Worldwide Consumer at Amazon, said that at Amazon, the mission is to be Earth’s most customer-centric company, and part of fulfilling that mission is connecting small businesses with customers.

Wilke made the statement during Amazon Accelerate, a three-day virtual summit for SMBs in the US that was kicked-off on Tuesday. Wilke further said that Amazon’s success is directly tied to the success of independent businesses across the US. “We are passionate about supporting small businesses, investing and inventing on their behalf to help them be resilient through COVID-19 and beyond,” Wilke added.

Despite the impact of COVID-19 has had on small businesses, many American SMBs selling through Amazon have experienced continued growth. The e-commerce behemoth has launched more than 135 new tools and services this year to help sellers manage and grow their businesses, including new ways to connect brands with customers.

According to a report by IANS, the company said it will spend an additional $100 million this year to promote small businesses during Prime Day and through the holiday season. Last year during Prime Day, third-party sellers – mostly SMBs – exceeded $2 billion in global sales. The report added that the third-party sellers continue to account for more than half of all units sold in Amazon’s store, and even during the pandemic, third-party sales continued to grow faster than Amazon’s first-party sales.

 

Categories
Business motivation Strategy

Women Entrepreneurship, Women-Backed SMEs Can Help in Accelerating GDP Growth in India, Says Study

A recent study has revealed that if women entrepreneurship in India is given a push, it can accelerate the GDP growth in the country. As the country is focused on becoming self-reliance and achieving a $5 trillion economy, a report has suggested that a major emphasis on women entrepreneurship and women-backed small business can create a ripple effect in India’s GDP.

According to a joint study by Global Alliance for Mass Entrepreneurship (GAME) and Sattva, women-owned enterprises represent only 20 percent of all enterprises across the country. These enterprises hire 10 percent of the total workforce. The study revealed that women entrepreneurship presents a significant opportunity to strengthen employment and can create a ripple effect on India’s GDP; but the growth of women-owned businesses needs a greater push.

The study, which is centered around Bengaluru, points that there is an urgent need to increase sales and marketing channels and make women finance ready so that they can access capital for their businesses. “While women entrepreneurs in the region face formidable challenges, the combination of new market platforms, peer-support networks, and capital will make women entrepreneurs a force to reckon with before the end of the decade”, the study said.

According to the survey, quoted by IANS, a total of 53 percent of the participants had their monthly household income below Rs 50,000 while 84 percent women entrepreneurs use personal savings for capital needs and also tend to rely on friends and family. Meanwhile, around 97 percent of the women entrepreneurs hired less than five paid employees or workers. The study reveals that 67 percent entrepreneurs had been running their businesses for under five years and for all entrepreneurs, COVID-19 has reduced their revenues by 60-80 percent.