Tag: Entrepreneurs

Categories
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.

Categories
Education

9 Business Terms Every Entrepreneur Must Know

9 Business Terms Every Entrepreneur Must Know
9 Business Terms Every Entrepreneur Must Know

Summary: Starting a new startup business? Here are nine business terms everyone should know.

Running a startup business involves constant learning. Whether you are starting a business for the first time or have a more established small business, knowing a list of financial terms can help you grow your business.

Being an entrepreneur also means being a learner throughout your life because there is always a new market trend, a new tool to explore, a new challenge to overcome, and a new vocabulary to understand.

Many entrepreneurs often work with the best business motivational speaker and feel they don’t need to equip themselves with the business terms. However, knowing these financial terms will help you understand and negotiate.

Here is a list of business terms and finance terms that will help you find your way to successful small business funding:

1. Accounts Payable

Accounts payable is a financial term representing your small business’s obligations to pay debts owed to suppliers, lenders, and creditors—depending upon the type of credit provided to the company by the lender. It is sometimes referred to as A/P or AP in short.

2. Accounts Receivable

Accounts receivable represents money owed to your small business by others for goods or services rendered. These accounts are labeled assets because they represent a legal obligation for the customer to pay you cash for their short-term debt. They are also known as A/R or AR.

3. Bookkeeping

Bookkeeping is a method of accounting used to time record all financial transactions for the business.

4. Capital

Capital in business terms refers to the overall wealth as demonstrated by its cash accounts, assets, and investments. Often called “fixed capital,” it refers to the long-term worth of the business. Capital can be tangible, like durable goods, buildings, and equipment, or intangible such as intellectual property. Understanding these terms can help you navigate better financial deals even if you are working with the best corporate trainer.

5. Working Capital

It consists of the financial resources necessary for maintaining the day-to-day operation of the business. Working capital, by definition, is the business’s cash on hand or instruments that you can convert to currency quickly. It should not be confused with fixed capital; working capital is another business finance term.

6. Cash Flow

Maintaining tight cash flow control is essential to any small business, especially if it is new since ready cash can be limited until the company begins to grow and produce more working capital.

The business finance term and definition of cash flow refers to the amount of operating cash that “flows” through the business and affects the business’s liquidity. Cash flow reports reflect activity for a specified period, usually one accounting period or one month.

7. Depreciation

Depreciation occurs due to wear and tear. So, the value of any asset can be said to depreciate when it loses some of that value in increments over time. Various depreciation methods are used by businesses to decrease the recorded value of assets. You can also learn a few essential industry-related terms from your business coach.

8. Fixed Asset

A fixed asset is a tangible, long-term asset used for the business and not expected to be sold or otherwise converted into cash during the current or upcoming fiscal year. Fixed assets are furniture, computer equipment, equipment, and real estate.

9. Intangible Asset

Non-physical business assets are considered intangible. These assets can be items like patents, goodwill, and intellectual property.

Whether you are an entrepreneur or not, the business terms mentioned above are essential for everyone. They will help you to understand the diverse concepts in the business world.

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

Categories
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.

Categories
Business motivation

Why Hiring A Business Coach Is A Top Investment?

Why Hiring a Business coach is a Top Investment?
Why Hiring a Business coach is a Top Investment?

Summary: Finding the best business coach can be challenging for entrepreneurs, but an extremely valuable resource. Still, thinking if you should hire one? Read this article.

From Steve Jobs to Jeff Bezos, every successful leader uses a business coach because they know just how helpful it can be when it comes to running a successful company.

Hiring a business mentor is a large investment, so it is essential to know your needs. How a good mentor can help assist you is worth the research.

What is a business coach?

A business trainer is someone who works with business owners, entrepreneurs, solopreneurs, and CEOs to help them focus on the business problems that they need to resolve. They provide consultations and specialized knowledge that helps to build your business.

In the last few years, the coaching industry has exploded over the years as many corporates and senior leaders find business coaching to be a valuable investment when it works. However, with the explosion in the industry came a few bad apples. Hence, you must find the right coach for you.

How a business coach helps you?

Small business owners often stay in a dilemma before consulting a mentor because they wonder how the right business coach can help them in their growth. A great mentor can help you in plenty of ways. They will guide you with the problem that you need to be resolved. If you are planning to launch a business, a mentor can help you at launching your startup business.

Business coaches share their knowledge and experience with their clients, navigate them during their business journey, and offer valuable guidance and advice. But you should hire a business CEO coach who has an experience in the same industry because they have had their share of experiences and can offer valuable tips and advice to you.

Types of Business coaches

The business has a broad spectrum of specialties. It has multiple branches like sales, human resources, marketing, legal, business finance, and leadership, just to name a few. Similarly, there are specialists who you can hire according to your requirement.

Is it marketing, sales coaching, or business finance planning? Knowing the area your business is struggling and needs help with will help narrow down your business coach choices.

When you are looking for a business coach you must know what you need from them. Knowing what you need to get from the coaching relationship will help you narrow down which business coaches can help you. You can ask your business network for referrals. People are always happy to share the names of others when they’ve had a good experience with them.

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.

You can boost your sales easily with the right guidance from a business expert.  Learn to generate high revenue earning products for sales; generate payment links for customers, managing account-related details. Get your marketing game back on track. Grow through self-learning and see your website traffic increasing with marketing collateral designed especially for you. To know more about our courses, visit https://www.badabusiness.com/psc

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

Categories
Motivational

4 Quotes By Jeff Bezos That Will Inspire You To Chase Your Dreams

4 Quotes By Jeff Bezos That Will Inspire You To Chase Your Dreams
4 Quotes By Jeff Bezos That Will Inspire You To Chase Your Dreams

Summary: Sometimes pearls of wisdom can help you in building a great life. Draw some inspiration from these five quotes by Jeff Bezos.

In this digital world, the name of Jeff Bezos needs no introduction. The CEO and founder of Amazon is a popular figure. During the pandemic, when most businesses were facing shutdowns, Amazon flourished courtesy of the services that it provided that were vital for the survival of our modern society.

Bezos has provided some of the best advices for many entrepreneurs who are looking to emulate his success. You can watch his case study here:

Here are four things all of us can learn from this billionaire to implement into our businesses:

1. “Choosing to work hard is the key to being successful.”

Growing up, Bezos says that his motto was “nil sine labore,” which means “nothing without hard work.” He firmly believed that hard work has no replacement. Many people often ask him the difference between a gift and a skill. Or does being talented at something require effort on your part? To this, Bezos replies that when you have a gift and you still choose to work hard, you are going to leverage that gift.

The world is full of people who have gifts but either they don’t realize their potential or don’t have the means to take full advantage of them. But there is one thing that everyone must know you have to put in the work every day to meet your goals.

2. “No dream is too big.”

We all have dreams. But some of us are afraid to chase them. However, having big dreams often act as a driving force to do something great in our lives. It gives a sense of purpose that we need to achieve every morning when we open our eyes. Some people dream of having a job, while others dream of giving something back to society. But no matter what that dream might be, it is up to us to figure out how to chase it and turn it into reality.

With his Blue Origin`s New Shepard rocket ship, Jeff says he achieved his lifelong dream. Though not many of us dream about owning a rocket ship company, it is a pure example that no dream is too big. As they say, if we shoot for the moon, we might just land among the stars.

3. Think bigger than yourself to understand the needs around you

Many people understand, while accomplishing their goals that there is more to life than just what is right in front of them. Jeff Bezos shares that right after his trip to space, he was inspired to commit $ 10 billion to fight climate change in the next decade.

Recently, he has taken a pledge to donate $2 billion to the cause of “restoring nature and transforming food systems.” We might not have billions to spend on a cause, but we can do what we surely can for a cause that we believe in. Whether it is replacing plastic bags with cloth bags or going green every small effort counts. It also gives us a new perspective to look beyond ourselves.

4. “Don’t let your circumstances define you.”

If you have seen this amazing case study on Jeff Bezos, you must have realized that he wasn’t born with a silver spoon in his mouth. He did not inherit a large, well-functioning business. Just like many of us, he was surrounded by many challenges. He was born to a 16-year-old mother and spent his summers working on his grandparents’ ranch during the summer.

Smooth roads never make good drivers. The challenges that come in our lives make us stronger, smarter and more experienced. If at any moment in your life, you feel like giving up on your dreams, read these quotes and draw the inspiration to fuel your dreams.

If you are an entrepreneur and are facing challenges in your business, you can take our online courses for entrepreneurs that are specially designed to provide practical solutions. You can take Problem Solving Courses which is a bundle of exclusive courses curated for specific business problems. To find out more about our courses, visit: www.badabusiness.com

Categories
Motivational

4 Things That Will Give Power To Your Morning Routine

4 Things That Will Give Power To Your Morning Routine
4 Things That Will Give Power To Your Morning Routine

Summary: Entrepreneurs have too much on their plate. And if you do not start your day well, it can lead to stress and unachieved goals.

Entrepreneurship can be challenging! Not just because you are trying to tick off your goals, but also because being an entrepreneur means playing different roles at different times. Many people start their day packed with meetings and work that has been scheduled for later.

Most entrepreneurs start their morning by picking up their phones right away after they wake up to snooze the alarm, check email, or check their social media platforms. Unfortunately, this does not give a positive start to the day.

Creating a productive morning routine is essential. Otherwise, it could be challenging to perform efficiently. Here are four things every entrepreneur should do to create a powerful morning routine:

1. Start Your Day Two Hours Before Your Regular Day Starts

No, we are not going to tell you to get up super early like at four in the morning, but wake up at least two hours before your actual day starts. Starting your day early gives you considerable time to prepare your mind, spirit, and body for the day. You will feel prepared before your hectic day is off to start. You can also listen to the best motivational speakers in India to learn how you can create a powerful morning routine.

2. Read Something Uplifting & Inspiring

Reading is an amazing habit. If you have this habit, take out time to read something uplifting and motivating in the morning. You can read for 30 minutes. But, if this duration seems long, you can start with just 10 or 15 minutes. You can read a book, a blog, an article, or listen to an audiobook that is inspiring. Just make sure that you make some time for reading in the morning. So fuel your mind with positive messages first thing in the morning. It will help you to build self-confidence and a positive mindset.

3. Practice Daily Gratitude

So much has been said about gratitude and its importance, but not many people follow it. knowing that something is good for you and practice it daily are two different things altogether. There have been so many scientific researches that have proven that practicing daily gratitude regularly and keeping a journal can help people to be more happy and successful. The best time to practice gratitude is in the morning. Make this habit a part of your routine as it is the best way to start the day.

4. Get Moving

When you work out in the morning, the mind releases endorphins that help you to stay positive and happy. Exercising regularly will not only help you to stay physically fit but also help you to remain mindful.

The best way to create a powerful morning routine is to find out what works best for you and then try to follow that plan every morning. These four practices are simple and easy to do. They will give you a positive start to your day.

Are you looking to find solutions for 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, Digital Marketing to IT & Sales, find creative solutions to prominent business problems easily. Click here to know how these courses will benefit you: https://www.badabusiness.com/psc.

Categories
Strategy

5 Time Management Strategies For Business Growth

5 Time Management Strategies For Business Growth
5 Time Management Strategies For Business Growth

Summary: You don`t need to work for ten hours to accomplish your goals. You can work less and grow your business with these three principles.

Time management is something most entrepreneurs and business owners struggle with. We all keep on looking for ways that can help us to achieve more in less time.

Though time is a limited commodity, if you invest in it smartly, your life will be transformed irrespective of your age, religion, caste, creed, occupation, and gender. So if you are serious about achieving your goals, you should find good time management and work on it.

Many people work for 20-22 hours and still complain that most of their tasks are not completed. But, if you take care of your tasks completed, you can finish them on time.

Here are 5 principles that will help you to manage time constructively:

1. Set Your Mindset

“Simple scales, complexity fails.”- Steve Jobs

Everything begins in your mind. Many of us often believe that more growth means more work and a lot of us simply don`t think that it is possible to have more free time and scale up our startup business. However, to bring significant changes in our life, we need to make changes consciously.

Entrepreneurs often feel that they need to find more people and processes if they want to get work done and save time too. But if you add more elements to your business, even to save labor, you will end up adding more complexity. Hence, find more creative ways to remove tasks from your day, not add them.

2. Prioritize tasks that Yield High Results

Once you read this, you might think that it is the most logical thing to do. But ask yourself, if it is so obvious, why we don`t do it? If you take an audit of your daily tasks, you might realize that your day is packed with tasks that are not giving you results.

So, sort out your daily tasks and make a list. Whether it is answering your phone calls or taking team meetings, producing reports, or answering emails, list out every task. Most of the tasks that yield fewer results take most of your time and money.

According to the time management Pareto Principle- 80% of your results are coming from 20% of your work. All the other tasks are just wasting your time. This can also be implemented on your client base too. 80% of the company`s revenue is coming from 20% of your clients.

So to deal with this you can make a list of those tasks that yield more results. You can also consult with a business coach as well to understand the dynamics of time management. You can also watch some of the best time management techniques, right here:

3. Spend Mornings at MIT’s

Mark Twain once said, “if it is your job to eat a frog, it is best to do it first thing in the morning. And if it is your job to eat 2 frogs, it is best to eat the biggest one”. His point? Tackle the most important tasks in the morning that needs your complete focus and creativity. Accomplishing these tasks will give you a sense of achievement.

4. Prepare to-do lists in advance for the next day

Make a list for the next day every single evening before hitting the bed. Writing down all the activities in your list gives you time to plan for your day in advance. It helps you prioritize your tasks and finish them on time.

Time management is a must-have skill for every entrepreneur as it brings a harmonious balance between work and personal life. Where carrying out daily tasks successfully ensures a bright future, maintaining a personal life is also vital for well-being.

5. Do Deep Work

Coined by Cal Newport ‘Deep Work states that activities that require 100% focus and energy must be completed first in a state of distraction-free concentration that your cognitive capabilities to their limit. With this technique, you produce work with exceptional quality and value. This technique of time management strategy can also help you to improve your skills and do things that are hard to replicate.

The above-mentioned time management tips can boost your productivity. Apply these in your daily life and you can achieve more by doing less. Finishing your tasks on time will not only help you accomplish your long-term goals but also instill a sense of achievement that will keep you motivated.

If you are an entrepreneur and looking for professional guidance and expertise to grow your startup business you can take Business Coaching Program. To learn more about our business courses, visit www.badabusiness.com

Categories
Strategy

5 Key Strategies For Small Business To Sustain Online

5 Key Strategies For Small Business To Sustain Online
5 Key Strategies For Small Business To Sustain Online

Summary: To have a sustainable business online in today`s dynamic business world, companies must think beyond traditional strategies and look toward more innovative possibilities.

We are living in a world where digital dependency is at its peak. In this post-pandemic world, embracing digitalization is not a choice, but has become a necessity. A multitude of businesses has already adopted digital processes. However, many are preparing themselves to embrace this ongoing demand of the business by taking help from the motivational coach for entrepreneurs.

But with all its benefits, it is very essential to follow a few key strategies to ensure that your business sustains in this digital era:

1. Create an unforgettable Brand Image

From “Thanda Matlab coca-cola” to “daag ache hain”, a powerful brand image is required for businesses to increase their product sales. Great products and amazing visuals go hand in hand. Great visual imagery can play a crucial role in the success of a business. When we talk about visuals, minute details like symbols and colors, and how you display your products online play a crucial role.

Most businesses pay a great deal to produce an excellent range of products without giving a thought to visual depiction. The online space has cut-throat competition and one of the best ways to give a leap to your business is by investing in quality visuals. Working on your brand image from the start is the best way to create a connection with customers.

2. Adopt a Flexible Pricing Strategy

Any business depends on how the products are priced. If you price your products at a loss or a very less margin, it will be very difficult for you to grow and scale. This is why product pricing is one of the trickiest aspects of a business. With so many options, entrepreneurs often find it difficult to finalize the correct price point keeping customers in the center, while also maintaining brand differentiation.

If you are new to the business world, there are many business coaching programs that you can take to gain in-depth knowledge about the various dynamics of the business world.

3. Minimize Cash on Delivery Failures

Every startup business that starts operating online needs to build trust at the initial stage. Until the customers have built their trust with the brand, cash on delivery is almost inevitable. But it can cost businesses. When a customer returns a product, businesses have to bear the shipping charges- twice.

Verifying orders, limiting payment methods, and incentivizing your audience with discounts with online payment methods will create trust and help you reduce unnecessary spending. Try to optimize payment and order tracking, in the beginning, to avoid any complications in operations later on.

4. Go Slow & Steady

As an entrepreneur, it is not just important to visualize an idea, but also to execute it and keep improvising. The best way to ensure that your business grows consistently, start small. Don`t try to tick all the boxes in one go. Your idea of business will go through multiple stages of trial and error before it comes to flourishing.

So the first step is to test it. Observe and study how your product is getting received by a small section of your audience, before going all out. In an environment that is constantly on change, it is best to refine offering as much as possible.

5. Understand Advertisement & Promotions

The world of advertising is quite difficult to understand completely. However, it plays a key role in introducing a business to the audience. In this age of the internet, digital ads and posts are everything. There are many online courses for entrepreneurs that allow you to pick the best course for your business. So, focusing on social media is something that can help your business to sustain itself in the long run.

The above-mentioned key strategies will help your business to stay upgraded with the latest trend and innovative possibilities. Instead of doing everything on your own, outsource them. Look for trusted people that can cover tasks for you and focus your attention on tasks that need your focus.

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
Startup

4 Non-tech Startup Business Ideas For Entrepreneurs

4 Non-tech Startup Business Ideas For Entrepreneurs
4 Non-tech Startup Business Ideas For Entrepreneurs

Summary: Times have changed and so have the market! Find out what are non-tech startup ideas you can start in 2022.

In today`s era where everything involves technology, many non-technical people with innovative ideas often think that they can`t start their own business. However, in today`s era, there are many startup business ideas. Opportunities in today`s era, have widened its horizon to the sky and beyond.

While there are thousands of business ideas, only a few of them are profitable. So if you are looking to attain financial independence by starting your venture, here are four non-tech startup ideas you can use in 2022:

1. Insurance agents

With the ongoing pandemic situation in the world the insurance have become crucial. The area of precaution nowadays is not just limited to the medicinal part but has also introduced elements of safety via insurance to all levels.

From general insurance to term insurance to life insurance, the agency shows concern for you as well as your family members. Not just individuals, but corporates too provide insurance to their employees. You can become an insurance agent and can earn money on a commission basis. Becoming an insurance agent is one of the best non-tech startup ideas.

2. Travel Agency

Do you love traveling? Do you like planning itineraries for your trips and others? If yes, then you can become a great travel agent. In today`s world, people are busy with their hectic schedules. Hence, the only thing that they look for in today`s world is a unique travel experience.

So if you love going to offbeat places, you can start your travel agency. It is a great business in which technical skills are not required. Instead, you can earn a handsome package by just doing some research and exploring beautiful places across India or the globe.

3. Wedding Planner

The big fat Indian weddings are famous all across the globe because of their glamour, vibrancy, and decadent. An enormous amount of planning, coordination, and arrangements go behind the scenes to make weddings unforgettable. However, wedding planning and coordination can become a lucrative career as well. If you love planning, you can become a wedding planner. It is the best non-tech startup idea which is a highly profitable idea for you.

4. Fashion Boutique

Do you have an impeccable fashion sense? If yes, you can open a fashion boutique. Opening a boutique is one of the most ongoing and lucrative non-tech startup business ideas. If you have a sense of style and you can sense the market preferences to the point, this profession is perfect for you.

The above-mentioned non-tech startup ideas are perfect for those who want to start their venture but lack technical skills. These business ideas do not require any technical background and can be initiated easily with minimum investment.

To understand the nuances of business, you can take our business coaching program and learn from the experts.