Tag: business owners

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Business motivation

5 Key Factors To Kick-Start A Small Business Consulting Firm In 2023

5 Key Factors To Kick-Start A Small Business Consulting Firm In 2023
5 Key Factors To Kick-Start A Small Business Consulting Firm In 2023

Consultancy is a large and profitable industry. Organizations around the globe spent more than $155 billion in 2018 on consulting firms.

India has five of the largest IT consultancies in the world.  That is more than China, Ireland, and France combined. And it is two less than the United States if you consider the companies whose outsourcing practice is at the core of their business, like IBM for instance, according to a report published in Forbes.

In India companies like Wipro, Infosys, Tech Mahindra, and TATA Consultancy Services are the big names in the industry. However, where small and mid-level businesses are concerned, there are many industries and business owners who have plenty of professional challenges and are looking for business coaches to resolve their business challenges.

If you want to start your startup, starting a business consulting firm is a lucrative business idea. All you need to discover is your strength and expertise in a particular field.

Life as a consultant has a lot going for you in 2023. Here is a definitive step-by-step guide to starting your consultancy firm:

1. Choose your Segment

A consultant is a professional who is an expert in a particular field. It not just provides you an edge in the market but also helps you to differentiate yourself from all the other generalized consultants.

If you have a problem with your eye, would you go to an optician or a general physician? Optician, right? Similarly, when planning to start a consulting business, it is highly recommended to specialize in a niche segment. Knowing that you are an expert in their issue will give confidence to your clients. After all, they are going to invest their money to pay your fees.

Have a business idea? You can hire a business coach as well for your business.

2. Get Proper Certification & License

Based on your profession and specialization, you may need special certifications or licenses. For instance, you will have to register as a professional fund-raising consultant before starting any consultancy services.

3. Define your Consulting Services

Consulting is a broad and vague concept. But clients and potential clients do not pay money for vague promises. Hence, you need to showcase the specific consulting services you will offer and deliver to your existing as well as new potential clients. You can start by analyzing your skillset and brainstorming the general consulting services before you take up any new project.

This could be beneficial for both you and your clients. Your clients can make a comfortable, clear, and informed decision. You should also understand why clients hire consultants. Some businesses hire consultants to supplement their staff, identify and resolve problems, to promote change, to influence important decision-makers. As a consultant, your services and deliverables are foremost important for the business. Once you know what you will be offering to your clients, you are ready to take on the world with your next step- writing a business plan.

4. Write a Business Plan

When starting a business, entrepreneurs tend to make multiple mistakes and rush into things without considering the crucial element of their business – a clear vision and goal.

A clear and well-defined goal helps you to focus solely. And the focus comes from a business plan. Though writing a business plan is not necessary, it can help you crystallize your innovative ideas and avoid mistakes.

Entrepreneurs who take time to write business plans when starting a business are 2.5 times more likely to get their business off the ground. But do not get obsessed with writing every other small detail. You can write a concise business plan and start working on it.

5. Decide your Legal Business Structure

Before you start your small business consulting services, you need to decide which type of entity you need to register. As your legal aspect of business affects everything, do not rush yourself into deciding to register your business immediately.

Spend some time reading about all four types of business entities:

a). A sole proprietorship

b). Partnership

c). Limited Liability Company (LLC)

d). Corporation

Starting a business from scratch is not easy. Hence, pay some attention to developing your brand identity. Once you have defined your brand, you can start and run a consulting business. To learn how you can run a consulting business smoothly, you can take our ‘Business coaching program’. To know more about it, click here: www.badabusiness.com

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Motivational

5 Lessons By Swami Vivekananda To Inspire Young Entrepreneurs

5 Lessons By Swami Vivekananda To Inspire Young Entrepreneurs
5 Lessons By Swami Vivekananda To Inspire Young Entrepreneurs

Born in 1863, Swami Vivekananda was ahead of his time. He spent his life without any technologically advanced tools that can make anything possible in today’s world, but his teachings were characterized by the pursuit of truth and fearlessness. His teachings transcended honesty.

In today’s age, where entrepreneurs have to be authentic, his words ring truer than ever. He was in a true sense a great spiritual and business motivational speaker. Here are 5 lessons from Vivekananda’s work that are incredibly relevant today:

1. Take up one idea. Make that one idea your life – think of it, dream of it, and live on that idea. Let the brain, muscles, nerves, and every part of your body, be full of that idea and just leave every other idea alone. This is the way to success.

Success comes to those who are obsessed with their business idea. That idea for a product, a title, or a victory becomes an all-encompassing thought and transforms into single-minded action.

If we look at some of the most successful entrepreneurs of our times, we find they are associated with an idea – one clear thread that runs through their lives. To pursue a dream and turn it into reality, we need to be obsessed with it and be immersed in it. Hard work begins in the mind much before it is visible.

2. Even the greatest fool can accomplish a task if it were after his or her heart. But the intelligent ones are those who can convert every work into one that suits their taste.

Business owners know they can’t just do one part of the job and ignore another because they hate it. They are so consumed by the idea, the product, that their likes and dislikes don’t matter anymore. Even if they’re working with experts from different fields, they are required to love every aspect of their company – from delivering the product to managing the accounts. Entrepreneurs have to do it all! 

3. Each work has to pass through these stages—ridicule, opposition, and then acceptance. Those who think ahead of their time are sure to be misunderstood.

Who would have thought that we can speak to our loved ones while looking at them even though they are thousands of miles or continents away with just one click? Or that we could do transactions without having to go to the bank or order anything from anywhere in the world?

Having an idea is not the most difficult deal. But to believe in it when the entire world does not believe and stands in the opposition is perhaps the toughest thing to do. Every successful entrepreneur will have a unique story of rejection to share and how people didn’t believe in their ideas, but they did succeed. If you believe in your business idea, you can also hire a business coach to help you navigate through the challenges.

3. “Face the brutes.” That is a lesson for all life—face the terrible, face it boldly. Like the monkeys, the hardships of life fall back when we cease to flee before them.

Fear and Greed are the two factors due to which most people spend their entire lives being a part of the rat race. They lead their lives chasing someone else’s dreams because fulfilling their dream would involve risk. What if this doesn’t work? What do I have to show for so many years of hard work? How do I justify quitting my stable job over a start-up dream? These are questions that plague every entrepreneur. So face your fears and follow your dreams.

4. Truth can be stated in a thousand different ways, yet each one can be true.

There is no one way to do anything. There could be multiple ways to do the same thing and hence, there is no wrong or right in that. And for this, a leader needs to be open to different ideas and opinions of the people. To be able to take people along, and inspire them with your vision, one needs to know that there are a thousand sides to the same story.

These five quotes by Vivekananda are still applicable in today’s times. If you are an entrepreneur and looking for inspiration these quotes will surely motivate you. To gain an in-depth understanding of business, you can take a business coaching program. To know more, visit www.badabusiness.com.

Categories
Motivational

5 Powerful Tips To Build An Engaged Manpower

5 Powerful Tips To Build An Engaged Manpower
5 Powerful Tips To Build An Engaged Manpower

Summary- Human resource department has evolved into a very complex and specialized discipline. But still, it is lagging when it comes to making development.

Manpower is the lifeblood of any business. Employees can either make or break the business. But small business owners often fail to see the value of prioritizing human resources as a strategy. They often focus more on business operations than hiring the right candidate for their company. But statistics show that employers who view their employees as their most important asset are always more profitable. Many business coaches often emphasize the importance of the Human resource department in an organization.

Getting business owners to embrace this concept is made more difficult by the fact that payback on HR investments is not immediate. It takes time and discipline to realize. Today, the human resource department does a lot more than just hiring and firing and keeping up with employee records. It has taken on a much more strategic role. As the company’s most valuable assets, employees require investment.

So how Human Resource Management can help attract and retain the best talent? By putting the focus on these five critical areas:

1. Bridge the Skill Gap

Upskilling plays a key role in retaining top talent. Technology solutions are uniquely suited to help companies train employees in new skills — not least because many of the required skills these days are digital. A company should adopt a business-driven, people-powered upskilling strategy that relies on technology as a delivery mechanism for skills assessment, training, and continuous development. You can also hire a business motivational speaker to keep your employees motivated and inspired.

2. Find & Retain the Right People

A company’s culture is composed of people. People are responsible for creating the culture of a company. No matter how capable leaders or the operational processes are in place, if the right people are not hired, the organizational goals will never manifest into reality.

The sacred and foremost duty of HR professionals is to help managers bring in the most compatible candidates, maintain open communication, recurrent feedback, proper documentation for the right ones, and protections in place for when the wrong ones need to be sent out of the door.

3. Empower Your Workforce

Empowering employees means empowering your organization. The concept of employee empowerment is giving employees the tools that they need to fulfill their job responsibilities successfully. It not only gives them a sense of achievement but also instills the feeling that they have control over their career development.

The best way to do so is to give your employees autonomy so that they can work without being micromanaged. This also gives them confidence that their leader will go to bat for them if necessary.

4. Promote Transparent Communication

When it comes to deepening employee trust, transparent and empathetic communication plays a significant role. Communication is a two-way exercise, and that includes listening to employees, acting on what they tell you, and sharing information frequently and honestly.

5. Identify Key Areas

It is vital for HR to identify the best practice areas of focus that can help to cultivate and promote the desired culture. Once it is clear and defined, HR needs to assure the value proposition for the change is clear. It simply means that the leaders and the employees must have a clear idea about what’s in it for the company and the employees.

A company’s culture is defined by the environment and how it feels when you walk through the door and interact with employees. Building and maintaining a sustainable culture that feels positive and empowering takes the whole village.  Hence, it is the responsibility of the HR department to talk to the top management leaders and remind them about how business decisions are perceived.

As an entrepreneur, you will need the right talent to take your business to the next level. HR is the glue that helps to stick every department of a company together. Hence, you can take an online coaching program that focuses on the problems like retaining your best employees and how to keep the productivity of your workforce at an all-time high.

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, visit: www.badabusiness.com

Categories
Motivation & Mind Control

5 Effective Tips For Entrepreneurs To Handle Stress

5 Effective Tips For Entrepreneurs To Handle Stress
5 Effective Tips For Entrepreneurs To Handle Stress

Summary: Chronic stress, as much as we don’t want it, has become an integral part of our modern-day lifestyle.

In today’s era, stress has become an unwanted part of our lives. From students to entrepreneurs, employees to employers, job seekers to housewives, everyone seems to be stressed out these days. Where stress can act as a catalyst and compel us to perform our best, most of the time it harms our physical and mental health.

There are many leaders and business owners who wear burnout, working weekdays, and overworked minds as a badge of honor. This is the reason why most employees today don’t feel in control; rather, they feel beholden to the demands of their employer.  Many successful motivational speakers advocate for work-life balance but seldom do they follow it on their own.

Many entrepreneurs worry about their business especially when it is going through tough times. And because business owners must ensure that both their employees and the organization overall are well taken care of, they worry about whether they’ll have enough left over at the end of the month to cover payroll and operating expenses.

While some financial stress is inevitable, it doesn’t have to be an all-encompassing, omnipresent concern. Here are 5 effective ways in which entrepreneurs can better cope with stress and enjoy their business journey:

1. Utilize the Power of Now

Stress is multidimensional. Staying present and incorporating the power of now is the only way to bypass any stress, especially stress related to finance. Only focus on the present and stop worrying about the future. Tell yourself “anything is possible.” Look around and you will find ideas, suggestions, and solutions to any challenge that you are facing. You can also take help from a business coach if you are seeking professional guidance.

2. Empower Your Teams

Many believe that being an entrepreneur means bearing the brunt all alone. However, you don’t have to bear the responsibility of ensuring the smooth operations of your business all alone. You can empower your team so that they can contribute to achieving your organizational goal. One way this can be done is by showing them how their jobs directly affect the bottom line. This will make them more efficient, effective, and creative, which will increase revenue and ensure the employees and your business is well taken care of.

3. Collaborate with Business Mentors

A lot of times help from professionals can add valuable insights to the potential stresses ahead. There is safety in the counsel of business mentors. Along with providing roadmaps to avoid various business challenges, a mentor can also be a pillar of excellence.

4. Keep a Tab On Financial Statement

One of the major concerns for every entrepreneur is their financial statement. Reduce financial stress by knowing your numbers. Some key numbers include monthly and annual profit and loss, balance sheet, monthly cost to operate, annual forecast, accounts payable, accounts receivable, number of proposals, number of clients, win rate on proposals, and customer acquisition costs.

5. Have an Adequate Safety Net

Always ensure you have adequate safety in terms of savings as it can go a long way in handling financial stress. We all understand the drive to put your money to work, but the ease of mind a safety net can bring often outweighs the value investing that money could bring. By lowering your financial stress levels, you’ll start working more effectively and making long-term plans.

As entrepreneurs, it’s easy to fall into the trap of treating every day financial issues like existential ones. That’s why you can use mindfulness exercises and meditation to see problems from the outside. Do not forget to exercise regularly to regulate your body’s response to stress.

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 this program, visit: www.badabusiness.com

Categories
Process & Business Expansion

5 Effective Ways To Connect & Network With Other Entrepreneurs

5 Effective Ways To Connect & Network With Other Entrepreneurs
5 Effective Ways To Connect & Network With Other Entrepreneurs

Summary: Networking is essential for the growth of small startups business. Find out how you can connect with mentors and business coaches and get inspiration through networking.

Networking can benefit young entrepreneurs, from fresh perspectives that spark business growth to finding new customers, mentors, and contacts to bounce ideas off. It helps raise awareness, find new partnerships, and win over potential customers.

From Twitter to LinkedIn, you can connect with professionals with diverse profiles. And if it is done strategically, networking can greatly help entrepreneurs in India.

Here are five ways that will help you to connect with other small business owners and young entrepreneurs:

1. Be Active in a Community App

Several social networking platforms are popular these days. However, not every platform will be beneficial for young entrepreneurs. If you are a young entrepreneur, then you should join a platform that will connect you with other business professionals for business growth. Bada Business community app is one such platform that offers a unique platform for young entrepreneurs to connect and network with other business owners and potential clients.

This unique app offers points when you like, comment, or share a post that you want. Based on the collected points, your profile is promoted in the community, making it possible for you to connect with many out-of-reach individuals. Not just that, you can attend Free Masterclass that is conducted every week by billionaire professors.

2. Know-How Networking is Beneficial for You

Entrepreneurs must be aware of what they want to get out of networking and how it benefits them. Whether you are looking to find the best business coach, mentors, or partners, networking can help you discover great local suppliers, logistic partners, or retailers who can enhance your small business.

Whether you are just starting a business or you are a successful entrepreneur, networking could be your route to finding more clients. You can also find the Best Motivational Coach in India. 

3. Don’t Be Afraid to Ask for Connections

Take a step back and have a look at all your existing connections. Every single relationship in your contact list could be beneficial to you. All you have to do is – reach out. You can reach out to all your existing connections and ask them if they have someone in their network that could benefit your business. Also, don’t forget to offer your help to anyone in their circle, as it is a two-way street. You can also consult with a business coach who can use his network to help your startup business grow.

4. Join a co-working space

Getting away from your workstation can be refreshing from time to time. Changing work environment can help spark creativity by breaking the monotony of regular working hours. You can find some co-working spaces for networking purposes. You can also join the Bada Business community app to make some meaningful connections. It is an online community that is available 24/7 for entrepreneurs to discuss, learn, and share all aspects of the business.

5. Keep the Agenda of Networking Clear

People often network rather vaguely. However, it is essential to understand that increasing the number of people on our contact list is not enough. We need to connect with the right people keeping our end goal in mind. Build strong connections with like-minded people who can help us grow.

Entrepreneurs need not only a great product or an excellent service but also the courage to build a wide range of relationships within a growing professional network. Try to imply the five ways that are pretty effective for networking and let us know which one worked the most for you. Join the Bada Business Community App by Dr Vivek Bindra and get closer to your entrepreneurial dreams.

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