Tag: business model

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Motivational

Meet 3 Successful Indian Entrepreneurs Who Followed Their Hearts & Succeeded!

Meet 3 Successful Indian Entrepreneurs Who Followed Their Hearts & Succeeded!
Meet 3 Successful Indian Entrepreneurs Who Followed Their Hearts & Succeeded!

Summary: A goal without a plan is just a wish! Meet three entrepreneurs from India who achieved their goals with a plan and succeeded.

Many people wish to achieve great heights of success but lack a plan of action. The truth is that a goal without a plan is just a wish and wishes seldom come true. One has to work hard to achieve what one truly desires. Thousands of people want to become entrepreneurs. But only a few succeed in becoming one. A true entrepreneur is a doer, not just a dreamer.

An entrepreneur is someone who constantly tries to create opportunities that may not have existed in the first place. They build everything from scratch and today we see them living the life they have always dreamed about in their respective arena. They do not shy away from accepting their mistakes and learning from them and openly hire a business coach to guide them when they seek help.

Today, we are going to talk about three entrepreneurs who with their sheer hard work and determination have established themselves as reputed business personalities:

1. Puneet Gupta- Astrotalk

Puneet Gupta is the founder and CEO of one of the most trusted Astrological predictions apps- Astrotalk. Thanks to his unique business model, now people can connect with verified astrologers on this app. This platform offers free consultation services to first-time users and lists some of the best astrologers who provide consultation services over chat and audio calls.

Hailing from Delhi, Puneet’s Astrotalk was launched as a result of an astrological prediction. After completing his engineering, Puneet like most young graduates was clueless about his career goals. In 2015, Puneet was working as an IT engineer in Mumbai but wanted to quit his job. However, he wasn’t ready to take the risks. It was then that one of his friends helped him with an astrology prediction. He was guided by an astrologer to build a successful business. He laughed it off at that time, but today his startup Astrotalk is planning to expand its operations.

Puneet believes in following the business mantra ‘Talk to Your Customers’ which proved to be the reason behind his big success and made him a millionaire at such a young age.

2. Mukka Obul Reddy- Honeyy Group

From working as a door-to-door salesperson to establishing his dream organization, Mr. Reddy has proved that determination and hard work pay off. The Chairman and Managing Director of a real estate and construction company- Honeyy Group, Mr. Mukka Obul are not only known to be a visionary, but also a humble person. He provides free education and healthcare benefits to ensure complete support to his employees and their families.

Honeyy Group currently has more than five hundred employees and manages more than 100 projects under its umbrella. The company follows the policy of making housing affordable for the common man while keeping up with the latest trends and technology in the market.

3. Anirban Bhattacharya- The Rank Company

A graduate of Calcutta University in English Language and Literature, Anirban after completing his MBA worked as an internet market associate. Later, he also worked as a digital marketing and freelance content writer. Anirban who was always keen to explore the rewarding field of entrepreneurship worked as the Operations Manager at Google Spider.

Anirban with more than ten years of experience in the marketing and advertising industry started The Rank Company. His firm offers a one-stop solution for the digital marketing requirements of every business. His firm offers job opportunities exclusively to people who were laid off during the pandemic.

Today, he has a team of more than two hundred content writers and SEO specialists along with fifteen on-roll employees, who lost their jobs during the pandemic. Anirban’s company offers its services to more than ninety start-up businesses and provides a working environment full of opportunities for the young guns of India.

If you have a dream of starting your venture, do not wait anymore. Start working on your idea and come out with an action plan. If you need guidance, you can also hire a business mentor for support. 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

Categories
Business motivation

Top 4 Business Tips to Improve your Return On Investment

Top 4 Business Tips to Improve your Return On Investment
Top 4 Business Tips to Improve your Return On Investment

Summary: Finding ways to increase your business’ profits can be challenging. But with a little innovation and creativity, you may be able to move the needle substantially.

Every business analyzes its future by identifying past and potential financial returns. ROI or return on investment is a ratio of your company`s net profit compared to your financial investment in the business.

Many people often confuse this term with the profit margin. However, ROI is the financial return that you receive from spending money and not the profit received from the sale of goods and services. It helps the leaders to make informed decisions by kicking the guesswork out of the window. To know how you can increase the ROI of your business, you can attend Leadership Funnel Program 2.0 by Dr. Vivek Bindra.

Why is it Important?

The ability to calculate return on investment is crucial for every business, regardless of the company`s size or industry. A businessman is considered smart if he manages his expenses and monitors ROI regularly. Only businesses that can analyze ROI, survive in the long run.

So how can you improve your business`s ROI? How can you ensure that your business`s ROI is always increasing, no matter what?

Want to know which type of business model will give you high ROI? Watch it here.

Here are three ways that will help any business to receive higher ROI in every season:

1. Invest in High-performing Marketing Platforms

As part of their marketing strategies many companies often buy ads from Google and Facebook. But these platforms take a lot of initial investment before they could give you a significant return. If you want to increase your ROI without investing such a large amount, you should look for other platforms like YouTube and Instagram.

2. More Discounts Means Less Profit

Most often than not, many business owners purchase inventory from distributors and lend it to the market on credit. This technique only results in loss- loss of inventory and loss of return. Why? The reason is that you purchase the stock after making the payment in advance to the distributor. However, when you gave the stock on a credit basis with receiving the down payment, you will be deprived of the funds.

Hence, you will have to offer your stock or products at a discount that will eventually hit your profit margin. Always choose a business model where once you sell a product, you get your money back. You can become a franchisee of Bada Business to earn profits every week.

3. Choose a Business Plan with Zero Inventory Management

If you have a small business that stores goods in a warehouse, then managing inventory is an essential part of how you can control your stock. Inventory management is like storing ice. Once you have kept ice inside the warehouse, it will melt down into the water and will drown your profits under it, if you do not manage your stock smartly.

As the time of the stock increases, its shelf-life, as well as the price, begins to decrease. For instance, electronic devices and gadgets experience a price drop as soon as a new model with upgraded technology is launched. From perishable to non-perishable items, the value of stock starts decreasing if the goods stay in the warehouse for a longer duration.

Hence, it is best to order those goods that are popular and have numerous takers in the market. You can also pick a business plan that does not require you to stock up goods in a warehouse. To gain in-depth information from the experts, join India`s most powerful business training event ‘Leadership Funnel Program’ by Dr. Vivek Bindra. 

4. Margin

Whether you have a retail store, commodity business, mobile repair shop, or restaurant business, the profit margin is limited to 10%. However, the margin is not fixed and may be hit by external circumstances like an increase in cost, wastage of inventory, or expensive credit that can convert profit into a loss.

As an entrepreneur, you should always select a business model that returns high ROI. For instance, a Bada Business Franchise Partner enjoys a 20% to 50% of profit margin, without experience undercutting systems, with fixed prices.

If you are looking for simple and effective ways to improve ROI on your business, you should join LFP Bada Business. This event is designed to cater the modern-day entrepreneurs with practical solutions to business challenges.

To know more about our business training program, visit https://www.badabusiness.com/lfp?ref_code=SM&pp_code=BHBB000078

Categories
Business motivation Startup

How PhysicsWallah Became India’s 101st Unicorn

How PhysicsWallah Became India's 101st Unicorn
How PhysicsWallah Became India's 101st Unicorn

Summary: From a free YouTube channel to raising a $100M fund in Series A, PhysicsWallah joins the unicorn club. Read the inspiring story.

“A dream does not become a reality through magic; it takes sweat, determination, and hard work,” said Colin Powell, and we couldn’t agree more.

Many people often complain despite having all the privileges in the world. They blame the situations, consequences, and sometimes people for their inability to achieve their goals.

But, there are people like Alakh Pandey (Founder and CEO, PhysicsWallah) who fulfill their dreams despite life’s challenges.

If you have been living under the rock, then let us tell you about Alakh Pandey and the success story of his Noida-based startup- PhysicsWallah. His Edtech startup PhysicsWallah has become India’s 101st Unicorn. He received funding in its Series A round from investors, including Westbridge and Funding.

Want to know how you can raise funds for your business? Watch this video: 

Many believe that the availability of financial resources makes a person successful. But nothing can be further from the truth. Having a solid financial background can help a person, but one has to walk the road to success on his own.

Born and raised in Allahabad, Alakh loved to learn as a child. He wanted to pursue engineering at the Indian Institute of Technology. But coming from a humble background, he couldn’t fulfill his dream of studying at IIT.

He was admitted to Harcourt Butler Technical University, Kanpur, to study mechanical engineering. To fund his education, Alakh’s father had to sell his house. To help his father, Alakh began teaching JEE/NEET courses at coaching centers during his graduation.

Soon Alakh realized that many students couldn’t afford expensive coaching classes. So in 2016, he started a YouTube channel offering free physics and chemistry lectures for JEE/NEET examinations. In 2019, he was joined by Prateek Maheshwari, an IIT BHU alumnus who founded startups like Night Panda, Pen Pencil, and Moon 2 Noon. They knew they would be fundraising for their startup in 2022.

After a few meetings, Alakh asked Prateek to join him as a co-founder, and in May 2020, they launched the PW app. The app crashed on day 1, not because of a technical glitch but because there were so many downloads. In seven days, there were three lakh downloads.

Born as a free YouTube channel in 2016 with just an investment of about INR 30,000 used to purchase a camera phone, tripod, whiteboard, and a few books, today it is a family of more than six million students and 1,500 staff, who aim to provide quality education at an affordable price.

PhysicsWallah got subscribed by 10,000 people in the first year and 50,000 in 2017. In May 2020, they developed an excellent tech idea for their business model and launched their Android version.

The course structure is divided into two categories: live classes and scheduled recorded lectures. They are further sub-divided into free (on YouTube) and paid batches (on the app).

“It is a very student-friendly app. More than 5.5 lakh students consume 90 minutes of educational content every day. The overall rating of the app on the Google Play Store is 4.8. Moreover, the PW app is probably the only one to conduct the largest live online class,” Prateek claims.

Students can access daily practice problems, one-to-one sessions with mentors, and live doubt sessions by top facilities, including PW founder Alakh Pandey.

From a free YouTube channel to becoming India’s 101st Unicorn, Alakh Pandey has had his shares of challenges. But he was determined to achieve something in his life by providing solutions to others, and he sure did!

Bada Business wishes Alakh Pandey more success in the future!

Categories
Business motivation

5 Important Things To Keep In Mind Before Buying Any Franchise

5 Important Things To Keep In Mind Before Buying Any Franchise
5 Important Things To Keep In Mind Before Buying Any Franchise

In today’s time, young entrepreneurs are taking more interest in starting their own startup business. Many entrepreneurs also consult the best business coaches in India to move forward with their business with the help of a business leader.

Though many entrepreneurs already have a business idea in their mind, only a few are willing to ​​start a venture right from scratch. This is why a franchise business is considered the best way to start your startup business.

A franchise business provides a wonderful opportunity to build a business. However, there are also some important questions that an entrepreneur must seriously consider before buying any franchise business that will save them from any unfortunate events and losses in the future. In this article, we are going to tell you about those questions in detail.

1. Conduct a background check

There are two things behind a successful startup business-

  1. A good business strategy and the best business model behind it.
  2. Good leadership plays an important role in making a business successful.

Whenever you think of taking a franchise, you should research its founder, its business model, and also the reasons why taking a franchise of a particular business will be beneficial for you. Conducting background research will also help you to resolve all your queries and help you to make an informed decision. You can also get help from a business coach in India to navigate through all the possibilities.

2. Evaluate the franchise cost

You may have a good budget for starting a franchise business, but before you choose to invest its cost you should evaluate it. When you plan to buy a franchise of a business or a brand, compare it with the market price of other brands to get its actual evaluation. If you become a part of any franchise business without knowing its value in the market, then you may have to bear the loss in the business shortly.

3. Check the financial stability of the company

Whether it is an individual or an organization, the only way to emerge from any crisis is to be financially strong. Before starting any franchise business in India, you should also get information about the financial strength of the company.  It is important to do a fundamental analysis to figure out if something happens in the market, will this company manage to come out of the crisis? Can it overcome any financial crisis? You should ask the founder these questions before making any decision

4. Find out the number of outlets & their success rate

Do you know how many outlets of the franchise you are deciding to purchase exist in the country? Also, how much is its success rate compared to the rest of the franchise of other brands? Whenever you think of buying any brand’s franchise, you should also ask those two questions. The success rate of the franchise will directly affect the franchise you run, so you should know where the company you choose stands in the industry.

5. Know the support system of the organization

The most important thing when considering a franchise for any business is to consider how much support the brand you choose provides you. Will it provide you with the required business training? Will you get to learn important business tips as well as other nuances that are crucial to attaining success? Does your franchise brand help you choose good staff along with a good location? Ask these questions before choosing a franchise business in India.

A franchise business is probably the only business that helps you to setup your own business without having to start it from scratch. The initial hustle is less. But it is important that before choosing any brand, you should check these five things to help you make a good decision.

Are you looking to find solutions to your burning problems? Get practical solutions easily with our step-by-step learning strategies, action plan, and frameworks that are designed to empower you with various business functions. From finance to HR, and digital marketing to IT & Sales, find creative solutions to prominent business challenges through our problem solving courses. Click here to find out how these courses will benefit you: https://www.badabusiness.com/psc

Categories
Startup

3 Ways Business Coach Can Help Your Startup To Succeed

3 Ways Business Coach Can Help Your Startup To Succeed
3 Ways Business Coach Can Help Your Startup To Succeed

To make a startup business a successful one in a short time, as much as a great leader, a good business model, and a good team- the best business coach is also needed. A business coach with good experience gives good direction to the business. With his clear understanding and sharp vision, he also works to give better leadership to the team along with the leader.

But many entrepreneurs often wonder if it is the only reason for which they need a business coach? So, in today’s article, we talk about why an entrepreneur needs a business coach and what are the main things that a great business coach can bring to any startup business or even a large organization.

1. Goal Identification and Clarity

Entrepreneurs may know many nuances of business, but every entrepreneur needs a guide to identify his or her professional goals for a clear vision. The best business coach in India can help you in clearly defining your goals. A corporate trainer is a person who plays a unique role in identifying your goal and bringing clarity to it. An entrepreneur needs to be focused and clear towards his goal, his concentration and clarity only enable him to overcome the difficulties in business.

Despite having a good business model, if an entrepreneur lacks clarity of his goals then he cannot make that business model successful. A business coach helps you to start the business by bringing minute details related to your business model to your notice. This helps you to build a great business model for your startup venture.

2. Your Business Gets Expert Advice

Not every entrepreneur needs to have the efficiency of the business. If you are an entrepreneur, you don’t need to be an expert in every field. Many times, due to a lack of correct information on any subject, wrong decisions are taken in the business, which can directly affect your business. But if you have a business coach then you can remove whatever chances you have of making wrong decisions that can ruin your business. A business Trainer in India is no less than a technician for your business. You should have expert support. If your business is in the initial stage, then having a business coach can help you climb the ladder of success. If the mistakes of the beginning take a toll on your business, then it becomes a little difficult for you to run the business smoothly. That is why the expertise of a business coach is very important in your starting business.

3. Business Coach can Help You Achieve Goals

A business can only be successful when every member of your team along with you should are very much aware with your business goals. The business coach first understands your business goals and then tells you the techniques to achieve them easily. It works to improve your business planning by catching those weak links, which can harm your business in the future. The methods and strategies suggested by Business Coach add life to your business and also work to connect your clients, employees, and business partners with your business for the long term.

Only a good team takes the business forward and a great leader takes the team forward. A business coach inculcates those leadership qualities which are needed in a good leader and entrepreneur.

Many such startup businesses in India started and closed after some time due to a lack of good strategies, expertise, and guidance. But there are some other businesses as well, which have emerged as examples in the industry. They have set the benchmarks with their success milestone. With the help of the best business motivational speaker in India, you too can make your business successful.

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.

Categories
Business motivation Technology

How Bada Business Community App Helps Your Business to Grow Exponentially?

How Bada Business Community App Helps Your Business to Grow Exponentially
How Bada Business Community App Helps Your Business to Grow Exponentially

Summary: Are you an entrepreneur who is looking for a dedicated platform to interact with other business owners and industrialists to discuss innovative ideas and creative approaches to various business challenges? Bada Business community is the answer.

“Alone we can do so little, together we can do so much.”- Hellen Keller

This inspirational quote has been a popular one with us. So many times whenever we forget the power of community, this quote reminds us of the unforgettable strength of people coming together for a common and a greater cause.

This theory can be applied in many aspects of life- both professional and personal. For instance, a business can be founded by a single person, but its sustainability and growth depend on its employees. Whether it’s a startup or a large company, an organization can achieve its goals only if its manpower works together and play its part perfectly.

Similarly, in today`s digital world, a brand can make its presence when it reaches out to its target audience. But, not every customer is your customer. And not every platform is meant for your business.

For instance, where Facebook promotes strong family relationships, LinkedIn symbolizes a platform that is meant only for professional relationships. You can share your vacation pictures on Instagram and Facebook, but on LinkedIn, you will have to abstain from doing so. Hence, a company needs to identify its target niche for business growth and scalability.

For so many years, we have been witnessing the surge in social media platforms that are meant solely for entertainment purposes. There is a dearth of good social media platforms that are meant only for entrepreneurs, solopreneurs, wantrepreneurs, SMEs, and MSMEs. A platform that allows its users to learn the twisted dynamics of business fundamentals in a layman language is the need of the hour.

According to InvestIndia.gov.in, our country witnessed the birth of 44 unicorns with a total valuation of $92.77Bn in 2021. In the first two weeks of January 2022, India has got its 2 unicorns.

Since the onset of COVID-19 many young entrepreneurs are looking to take their startup businesses to the next level. But due to lack of guidance and a tailored-fit community, they often end up doing a 9-to-5 desk job. To help the Indian youth with their entrepreneurial journey and small business owners, we have launched the Bada Business community app!

What is Bada Business Community App?

Bada Business community app is India`s 1st platform where a large community of entrepreneurs, solopreneurs, wantrepreneurs, and SMEs come together for learning and growth.

Most often business owners, entrepreneurs, and even popular brands use platforms like Facebook, Instagram, Twitter, and LinkedIn. Though using these platforms might result in good marketing, the absence of a relevant audience and trustworthy partners lead to slow business growth and less lead generation. Where using social media platforms might be helpful for the B2C business model, for B2B business, these platforms often result in a waste of time and effort.

At Bada Business community app, you will find relevant people with whom you can discuss the possibilities of business and share your ideas. What`s more? You can find 1 Lakh active followers in just 100 days, who are genuinely interested in your product or service and are not just looking for a marketing gimmick i.e. follow for following, like for like.

Key Benefits for Bada Business Community App

Apart from helping the community of business owners grow, there are various benefits of using this app. Here are some listed below:

  1. Build Your Network

If you want to become a social media influencer or a content creator for your niche target audience, the Bada Business Community App can help you to build your network. You can easily share knowledge and information and attract more potential customers.

  1. Learn Vital Marketing Skills

When you connect and share with like-minded people, you grow, unexpectedly! Many marketing experts, subject matter experts, and advertisers are present on Bada Business Community App! You can learn advanced sales techniques, digital marketing strategies.

  1. Attend Masterclass by Industry Experts

When we subject matter experts, we don`t mean the self-proclaimed ones! On Bada Business Community Experts we have experts from the industries with whom you can learn the dynamics of the business world. From video editing to data management, sales techniques to digital marketing, you can learn anything from our free Masterclasses!

  1. Create Unique Content

Ever thought of creating content that provides value to your users? On the Bada Business community app, you can upload different modes of content i.e. interactive videos, infographics, and images. You can also get constructive feedback from your users that can help you to make improvements.

Bada Business community app is an interactive platform where small business owners, entrepreneurs, and SMEs can share a platform dedicated to the business community. You too can explore the unlimited possibilities that India`s no.1 platform offers, today!

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

Categories
Startup

How To Start Tea Stall Business Under 20k In India

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

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

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

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

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

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

1. Choose a Perfect Chai Stall Business Model

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

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

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

2. Should You Go for Franchise or Ownership

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

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

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

3. Pick a Location

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

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

4. Business Registration & License

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

5. Go Online

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

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

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

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

Categories
Startup Strategy

5 Powerful Growth Strategies To Grow Startups

5 Powerful Growth Strategies to grow startups
5 Powerful Growth Strategies to grow startups

Scaling and expanding your business is some different ball game. It is extremely difficult, but having your own startup business is all worth the pain. Being an entrepreneur initially means wearing multiple hats, sometimes all at the same time. At the end of the day, this tiring process will drain all your energy. However, if you want to scale and grow your business, there is still light at the end of the tunnel.

So what is that one thing that can help you sustain your startup business in the market for a longer duration? The only answer to this question is by creating a growth strategy. If you want to be a successful entrepreneur then having a growth strategy is paramount. Having just a profitable business is not an achievement and is not sufficed to continue it for long.

Though, there are many existing startup strategies, here is a list of 5 strategies that will add fuel to the fire and grow your business:

1. Stay Unique

There must be plenty of other business owners selling the same product as yours. Then why a customer should buy your product? Creating a unique experience for customers is necessary in the business world.

How your product will solve the burning challenges of the consumer in the market will make the ultimate difference. Sell the benefits and not features. Tell your target customer how their life will be changed after they will purchase your product. Consumers want to know the stories behind your product, and not about your product.

2. Identify your Niche Market

You want to start a business with a certain product or a service because you saw an opportunity to make a profit from it. You might have also identified the type of audience. But are you sure that your target audience will be your ideal customer? If yes, where are you going to find this audience? Where is your potential customer and who is it?

Well, make a list of your ideal customer and then make a network through which you can let them try your product or services. You can take their feedback to determine if they are your potential customers.

3. Analyze Your Competition

“Keep your friends close, and your enemies closer”. 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. Review Business Model

It is very important for entrepreneurs to make a dedicated section in their business model to check if they are achieving your goals and assumptions. It is very important to review your goals and analyze if your business has made any progress or not? Always make a revised business model. If you think that they are becoming outdated, update, and upgrade them.

Employee training is another thing that you must conduct on a regular basis. Keeping your employees upskilled and upgraded with the trending technology and skills will help you to achieve your organizational goals. You can hire the best corporate trainer to bring in a new perspective and strategies in your company.

5. Update & Upgrade Marketing Strategies

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).

Most of the business growth hacks state with a simple idea that emerged in the conversations. These growth hacks, if implemented quickly, can be quite effective for small business owners. A planned approach is necessary to scale these experiments.

Categories
Business motivation

4 Most Popular Business Models That Can Work Wonders For Startups

If you have ever been a participant in a discussion around establishing a startup, there is no chance you have not heard about the term business model. In case you have not, the startup business is all we are going to discuss in this article. So what exactly is a business model? A business model is nothing but a long term plan that focuses on value, both for the business and the customer.

A business model should be such that it delivers value to its consumers consistently while helping the business monetize the strategies. If you are in the process of starting your business or looking for a better plan to roll things out, this article might serve you the purpose. Read on to know about 4 such business models.

Marketplace Model

It is the kind of business model where a business makes money by charging the buyers and sellers some transaction fees for using their platform. The best part about this model is that the server you need to run your business doesn’t cost that much money and the cost will only go down in the future. You can take inspiration from companies like Uber and Amazon

Sponsorship Model

Have you ever given a thought to how youtube actually earns? Think right now. If you are clueless about it, we will walk you through its business model, that is sponsorship based. In this model, the businesses usually make money from the sponsors and the users usually do not pay to use the platform. Other than youtube, Wikipedia could serve as a great example. 

Franchise

In the franchise business model, Franchisee pays royalties to the Franchisor to use the brand’s name, logo, values, business model, as well as how the entire operation works. Rapid growth can be achieved without much capital vs full ownership. The best part of buying out a franchise is that you do not need to invest a huge chunk of money in the form of capital, rather you will get a steady and regular income out of your association with the established name. The best examples could be food chains such as McDonald’s India.

Reseller 

This is the business model where the businesses give the responsibility to their resellers to sell the products on their behalf. If we talk about the USP of this business model then it would surely be the hassle-free experience of not managing the inventory, as it is managed by the resellers. A great would be Amway. Just by going through its business model, you will get to realize how efficiently and profitably the company has been running the business all this while.

It is important to understand that a single kind of business model would suit all kinds of businesses. Think through what your business is all about and what is it that you want to deliver to your customer and what you want to achieve as a business. Once you have a clear picture, it’s just a matter of time before you see a business model fitting your needs perfectly.

 

Categories
Process & Business Expansion

Which Franchise Model is Good For Your Business

सफल उद्दमी
सफल उद्दमी

Franchising is a superb avenue to explore while starting a business. Before investing money in the franchise, entrepreneurs should look for best Franchise Business Models which can work. While doing so, there are many questions that come up in everybody’s mind- 

Which Franchise Model will bear the most benefits? 

How are these models different from each other? 

What are the pros and cons of these models? 

If you’re one among them, then throw away your worries, we’ve got it covered for you.

COCO (Company Owned Company Operated) 

  • The COCO franchise business model is primarily run by the franchisor itself and the franchise partner only has a stake in the property.
  • COCO model offers franchisees a unique opportunity to generate profit from an established and well-loved brand.
  • The only thing required in this model is an investment. The franchisee does not have to engage in the daily running and gets a guaranteed return.  

FOCO (Franchise Owned Company Operated) 

  • In the FOCO Franchise Model the initial set up cost is borne by the franchise or the owner of the business.
  • The franchisee gets a percentage of revenue or minimum guarantee while the running cost is borne by the company.
  • The company will be responsible in operating it and taking care of all the things necessary to run an outlet, such as Marketing, Logistics, Staff wages, Electricity, rent etc. and the franchise is the owner of the business.
  • The company will also have to give a fixed percentage of profit shares to the franchise owner.

FOFO (Franchise Owned Franchise Operated)
 

  • In the FOFO business model, the company basically rents out the brand for a pre-agreed time period and a particular non-refundable sum.
  • Merchandising and money are decided by the company although the company provides a few similar benefits like in the FOCO model; such as marketing, print and electronic.
  • This Franchise Model is owned by the store, that’s why the operational cost has to be borne by the franchise itself. The Franchise has to assured the percentage share of revenue and the minimum guarantee to the company.
  • This model is adopted for faster expansion of business/brand by the company. 

For example; in a Fast Food Chain where the business is operated and owned by the franchise but regular audits are done by the company to ensure standards are maintained.

COFO (Company Owned Franchise Operated)

  • This Franchise Business Model is adopted by companies when they want to reduce the operational expenses.
  • In this model the company leases the operations to an interested franchise to ensure standards are adhered to.
  • The business ownership still lies solely with the organization, the franchise partner can be changed when the company identifies a more profitable and efficient franchisee.
  • This model is adopted by the company only in well established markets where the company has operated and got a high return on investment.

FICO (Franchise Invested Company Operated) 

  • This business model is similar to FOCO but unlike the FOCO the franchise does not involve themselves in the business operations.
  • Only a fixed amount is paid to the Franchisee by the company as an investment done by franchisee in the business.
  • In this model there can be multiple franchise partners and investors as the company runs the business operations with end-to-end control of the supply chain.

Hope this account has given you a clear Idea about the different kinds of models that are present in the Franchise Business. Hence, evaluate all propositions before getting into the franchise model depending on which side of the table do you stand.