Tag: LFP Bada Business

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Motivational

Top 5 Offbeat Jobs That Pay High Salaries & Are Completely Fun!

Top 5 Offbeat Jobs That Pay High Salaries & Are Completely Fun!
Top 5 Offbeat Jobs That Pay High Salaries & Are Completely Fun!

Summary: Most of us are stuck in 9-to-5 jobs. But some people have taken up the offbeat path when it comes to doing jobs.

Click..click….click…..Ctrl+C…Ctrl+V……save file…save as….Ctrl+shift+Del……….Well, a lot of us working in mainstream jobs might be getting our salaries on time. But very few of us would say that we are satisfied with our work.

We are stuck in a routine and our work schedule has become mechanical. Still, we choose to do 9 to 5 desk jobs each day. But a few lucky ones amongst us dared to dream differently and escaped the rut by doing some of these offbeat jobs that we are sure you have not even heard of.

Want to explore unique opportunities that will pay you well? Attend our ‘Leadership Funnel Program 2.0’ by Dr. Vivek Bindra to discover unconventional business ideas.

Here are a few business ideas that pay surprisingly well:

1. Professional Cuddler

Gone are those days when the only profession was doctor, engineer, or lawyer. Today, there is no dearth of unique ideas that is a driving change behind the blooming startup ecosystem in India. One of these unconventional professions is to become a ‘professional cuddler.’

Many people have adapted it as a full-time profession and are earning pretty good. Trevor Hooton is a professional cuddler and hugger who charges as much as Rs 7,100, for an hour’s service. He also goes by the name ‘Treasure’ and offers ‘connections coaching’ for people who find it difficult to form relationships. According to Trevor, a lot of people do not understand the profession.

2. Become a Professional Bridesmaid

If you are good at giving wedding advice and guidance to all your friends when it comes to costume color, design, hair-dos, make-up, and footwear then you can consider becoming a professional bridesmaid.

Most often we see that brides need their friends around for beautiful photographs and of course emotional support. Many companies provide bridesmaids who provide exceptional services that include offering day-of advice to giving a beautiful toast at the ceremony. You can earn from INR 6000 to INR 7000. Sounds interesting? So put on your best dress and heels, and get ready to enjoy a wedding as a bridesmaid.

3. Water Slide Taster

As bizarre as it sounds, a water slide tester gets paid well. Job responsibilities include taking multiple rounds and trips down the slide to see how much it needs, how quickly you reach down, and how safe it is. Well, having fun during job hours goes without saying. So are you ready to make a splash?

4. Ice Cream Tasters

Does your heart skip a beat when you look at a cup filled with delicious ice cream? If you just nodded your head into a yes, this unconventional idea will make your taste buds extremely happy. Ice cream tasters, otherwise known as food scientists, sensory analysts, or “flavorologists,” can make up to $60,000 a year. If you’d like to get paid to try out new ice cream flavors, this unconventional career path may be for you.

5. Food Photographers

Have a look at your Instagram account. Do you see lots of dishes lying creatively in your posts and reels? Are you passionate about clicking pictures of delicacies and mouth-watering food decorated on a platter? Can your pictures make a badly-cooked dish look appealing to the eyes and other sensory organs?

If you love clicking pictures of food served on the table, you can become a food photographer. A food photographer is in great demand and makes a generous income these days. Chefs and restaurant owners hire food photographers to capture beautiful pictures of food for promotional use. Not just in the hospitality sector, but also they are in great demand by magazines, cookbook publishers, and newspapers too.

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 also attend Leadership Funnel Program 2.0 by Dr. Vivek Bindra which is going to be held on 22, 23, and 24 July 2022. For more information, visit https://www.badabusiness.com/lfp?ref_code=SM&pp_code=BHBB000078

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
Motivational

Top 10 Motivational Quotes By Dr. Vivek Bindra To Help You Chase Your Dreams

Top 10 Motivational Quotes By Dr. Vivek Bindra To Help You Chase Your Dreams
Top 10 Motivational Quotes By Dr. Vivek Bindra To Help You Chase Your Dreams

We all want to succeed in life. However, the road to success is not always a bed of roses. And sometimes despite giving our best, nothing seems to work our way out. We feel like giving up and we might feel nothing will ever change for the good.

The nature of being an entrepreneur means that you are comfortable with being challenged regularly. Many people often consider this career path irrational as success is not guaranteed. But many people do succeed because of their unwavering belief and laser-like focus.

You can achieve all your goals if you have faith and belief in yourself. If you are passionate enough to go that extra mile to fulfill your dreams, you can make a difference on the road to success. You can learn how to navigate the business challenges by being a part of India`s most powerful webinar ‘Leadership Funnel Program 2.0’ by Dr. Vivek Bindra.

If you feel like giving up due to constant challenges, here are the top 10 motivational quotes by Dr. Vivek Bindra that will reignite the spark inside you to follow your dreams:

  1. Don’t focus on multiple things, focus on the main thing and the business will follow you.
  2.   Leadership is about taking responsibility, not making excuses!
  3.   Difficulties in your life are not dead ends. They are just the sweet bends!
  4.   Surround yourself with people who have ambitious plans, meaningful purposes, and big goals.
  5.   You can’t convince people by convincing, you convince people by connecting!
  6.   Attraction to distraction drifts you away from your goal!
  7.   Success is not about changing reality. It is changing the mentality behind reality!
  8.   When failures hit you, you hit the failures back with a bounce back.
  9.   If you try to be the best you’ll be number one, if you try to be unique you’ll be the only one.
  10.   If you don’t help yourself, nobody in the world can help you to help yourself!

Starting a company is like a roller coaster of emotions with tremendous highs and at times, difficult lows, but one thing that will help you through the ups and downs is to connect with some of the greatest minds. Why not reach out to people who will help you to grow and evolve in your industry? Join India’s most powerful Leadership Funnel Program 2.0 by Dr. Vivek Bindra on 22nd, 23rd, and 24th July 2022.

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 event and its exclusive benefits, visit: https://www.badabusiness.com/lfp?ref_code=SM&pp_code=BHBB000078

Categories
Business motivation

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

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

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

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

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

1. Be Seen & Known

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

2. Hire Right People

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

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

3. Build Proven Business Concepts & Systems

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

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

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

4. Focus on “Who” instead of “What”

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

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

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

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

Categories
HR & People Management

3 Effective HR Practices Every Organization Must Adapt

3 Effective HR Practices Every Organization Must Adapt
3 Effective HR Practices Every Organization Must Adapt

We all have heard about the old metaphor, “jack of all trades and master of none”. But the fallacy of this idiom does not fit in the modern world. In doing so, it may lead entrepreneurs to make costly mistakes in terms of money and time.

Not only will your business face some serious consequences because of the wrong hiring. But it is completely unrealistic to build a successful business without building people, especially in a startup. Companies that invest in their human capital achieve their business goals and promote a positive culture.

So whether you are a solopreneur, an entrepreneur, or a wantrepreneur if you want to create a professional and efficient culture in your company, here are three best HR practices that will guarantee a more productive culture in your organization:

1. Find the Right People

The hiring of the wrong candidate is detrimental to the startup business. Ensuring that the purpose of the position is met with the desired candidature of the job applicant is very important. Hence, along with the essential skill set and a positive mindset, it is also crucial to consider the cultural fitment of the candidate.

Hiring the right candidate with a positive approach can help to create a culture in the organization where everyone feels welcome and participate. Select people who are self-motivated, goal-oriented, talented, and driven by passion and also share your vision.

2. Build Employee Centric Policies

The employees should be empowered to mold their work environment within the defined boundaries. Create a set of policies that defines the boundary within which it is to be carried out staying in alignment with the values professed by the organization.

You can also create a policy. The Policy or the handbook forms the foundation of the agreement on service conditions with the hiring candidate. This needs to be signed during the acceptance of the offer and every time the offer is amended.

3. Develop a Performance-driven culture

When you invest in a financial scheme, you get returns! Similarly, when business owners invest in their employees, they, in turn, invest back in the business. Performance drives the success of any organization.

An agile and motivated workforce is every organization`s biggest strength. Whether you are an entrepreneur or an HR working in a large organization, it is necessary to ensure that your staff members are fully satisfied with their role in the organization.

Employees should have clarity about their current job role and growth opportunities as ambiguity can lead to non-performance. Encourage your employees to do self-evaluation. Try to nip the problems at the early stages.

One of the most standardized and common initiatives that entrepreneurs can implement is new employee orientation. An orientation program will inculcate a sense of commitment in the employees, and thereby encourage a sense of ownership.

If the business size is small, it is advised to have a systematic performance review. A quarterly performance check would make more sense in a start-up. If you want to scale up your business and promote its growth, be honest about the performance.

Creative ideas, proactive solutions, emerging trends, and innovation stems out of a fully engaged workforce and not otherwise. Looking for a bit of expert advice on how to build a high-performance workforce? Watch here :

You can also take LFP Bada Business which will provide in-depth knowledge from starting a startup to expanding your business. Learn from the top industry leaders on the front line. To know more click here: www.badabusiness.com.

Categories
Marketing

5 Digital Marketing Myths Busted

5 Digital Marketing Myths Busted
5 Digital Marketing Myths Busted

Summary: Do you believe digital marketing is like ‘one size fits all?’ Welcome to the world of reality. In this article, we are going to debunk some myths that will have your jaws dropped.

Well, thank us later, but it is in our utmost interest to make people aware of the facts and myths that surround people in India- especially about digital marketing. Digital transformation is a vast concept. It is much more than the technology buzzword.

Many people think that the concept of digital marketing involves lots of technical information, which is again a myth. With so much information regarding this great concept, it can be challenging for a marketer to distinguish between what to believe, let alone develop a smart strategy.

What`s more damaging is that many believe the infamous “one-size-fits-all” approach. If you tried this approach, you are doing a disservice to your clients, your customers, and your startup business. There are many online business courses for entrepreneurs to make the most of digital marketing for their business.

According to a recent survey by KPMG, “75% of the respondents believe that digital transformation can create a more seamless customer experience.” But because every individual is unique and no experience is the same, a digital marketing strategy must be based on agility and flexibility.

This simply implies that anyone with a laptop and an internet connection can`t claim to be an expert. One has to understand every aspect of this concept that can be leveraged by large as well as small startup businesses for marketing purposes.

Below, we explore some of the most common myths and try to bust them related to the biggest digital marketing myths we have heard over the years.

Myth #1: Digital Marketing = Technical Information

Yes. Digital marketing does involve the use of computers, smartphones, tablets, and laptops. But you don`t need to have in-depth technical information or computer languages like Java, Visual Basic, or Linux. Digital marketing is all about making full use of digital devices and platforms to reach out to your target audience through social media.

Myth #2: Digital Marketing is only for Big Businesses

One of the most common myths that small business owners have is that digital marketing is only for big brands and businesses. To tell you the truth, digital marketing is as much beneficial for small startups as it is for large businesses.

You do not need a call center to engage or salesman for door-to-door services. You can sell your products directly to your customers globally without even having to establish a physical shop. By making your social media profile on popular platforms you can fetch valuable insights and data regarding the buying behavior of your customers through their demographic details.

Myth #3: Word-of-mouth marketing is better than Digital Marketing

Word-of-mouth marketing is great, but integrating it with digital marketing can maximize its effects. Today, every customer checks out reviews of a particular brand before making a business transaction. If your customers are happy with your products and services, you can create testimonials and share them with the pool of your potential customers with the power of digital marketing.

You can also run social media campaigns to achieve your business goals. You can encourage your customers to visit the retail show and share their experiences with a customized hashtag.

Myth #4: Posting needs to be Done Several Times a day on Social Media

Many social media guidelines are focused on the number of posts that should go on the platforms every day. But does it guarantee its success?

The ROI of social media is constantly in question. Out of all the other digital marketing channels, it is often the most misunderstood. But many few people know that the value of social media is not measured in leads but through customer experience. More and more brands are using their social media handle as the extension of their customer service department. Both negative and positive comments from the customers can be seen online on social media platforms and review sites.

Hence, it is not just about how many posts you publish each day. But how you engage and inspire your consumers through online customer service. Ultimately, digital marketing has more power than you can imagine. You could be missing out on some great returns on investment, better brand engagement, and low-cost campaigns. You can also take an online course for entrepreneurs to learn more about digital marketing. You can also take the LFP Bada Business.

Categories
Leadership Building

5 Simple Traits To Help You Become A Powerful Leader

5 Simple Traits To Help You Become A Powerful Leader
5 Simple Traits To Help You Become A Powerful Leader

Summary: They say leaders are born. But, we say that leaders are made provided the right guidance and expertise.

Being great seems like an easy job. Many people say that great leaders are born and too many it appears like a straightforward job because there are no hidden secrets in it. But, while many leaders think that great leadership consists of simple things, only a few implement them because the rest of the people forget about them for some reason.

If you are an entrepreneur who wants to hone your leadership skills, you can join Leadership Funnel Program by Dr. Vivek Bindra. It is the most powerful flagship program in India that has benefitted many people including top management leaders from large organizations.

Here are a few tips that can help you to sharpen your leadership skills:

1. Be Kind, Be Human

Many leaders often forget that they are dealing with real human beings who have unique stories and backgrounds. Every unique individual has his or her share of struggles, challenges, and breakthroughs. For many managers and leaders from the top management, people at work are nothing more than man-hours who need to be managed and optimized.

Your team members always know what value they hold for you. And a man-hour will never help you to overcome situations. Hence, never forget that you are dealing with real humans and not bots.

2. Sharpen your Managerial Skills

Directing people is not something that comes naturally to any one of us. It is an art to co-work and co-exists happily at the same time. Fortunately, we have a lot of amazing programs like the Leadership Funnel Program that offers expert advice and guidance to help you become a powerful leader.

As a leader, you will need to defend the interests of your company but you will be able to do it only when you are aware of the theory of negotiations and understand the psyche of the person you are talking to.

Reading books can be another medium to become better at your managerial and leadership skills. You can begin by reading about psychology, the structure of thinking, negotiations, hiring people, project management, marketing, and economics too.

3. Have In-depth Knowledge

The best way to win authority is through your expertise. You need to understand the things that you manage, and this golden rule applies to every stage. For instance, to lead a creative team you must have a fair knowledge of typography, graphics, color coordination, and some of the most popular tools like Photoshop, coral draw, and Illustrator. This will help you to talk with the people in their language.

Without knowing the things you are managing you can`t do value addition. Without an understanding of what you manage, you will not be able to assess the risks, costs, and timing.

4. Admit Mistakes (Your Own & Others` too)

If something goes wrong, you should have the integrity to accept your mistake gracefully. If you will try to dodge the bullet, you will only be deceiving yourself and no one else. More than that, you will immediately lose your authority within the team.

Accepting your faults publicly can truly have a magical effect. This will give your team a clear understanding that it is okay to make mistakes and that making mistakes is normal. But, what is more, important is to learn from them so that they are not repeated shortly.

Once your team will understand it, they will be more open to experiments, and they become more courageous in their work, take responsibility, and more risks.

5. Protect Your People

To earn the respect of your team members, you have to be the shield that takes all the impact. No one in this world should have the right to influence your team past you. If someone wants to criticize your employees, let them do it to you and not directly to your team members.

One of the best things that will help you to become a great leader is, to be honest with your employees. Whether you are planning to give them a pay raise or thinking about closing down a particular product or the entire company, communicate with your employees honestly. Always remember that a transparent culture in an organization is always better.

Want to become a powerful and influential leader in your field? Join LFP Bada Business today!

Are you looking to find solutions for your burning problems? Get practical solutions easily with our step-by-step learning strategies, action plan, frameworks that are designed to empower you with various business functions via Business Coaching Program.

We hope this blog must have helped you to understand a few aspects of the business. If you like our blog section, you can share your comments with us in the section below!

Categories
Strategy

5 Great Small Business Marketing Strategies To Attract More Customers

5 Great Small Business Marketing Strategies To Attract More Customers
5 Great Small Business Marketing Strategies To Attract More Customers

Summary: With the right small marketing strategies you can avoid the pitfalls and achieve your long-term business goals.

Marketing can be tough. And if you are a small business owner it can de hard due to the lack of budget and the right marketing strategies. From big brands to small startup businesses, everyone is competing for attention, and it`s hard to stand out from the crowd.

If you too are struggling to find out the right marketing strategy for your business, here are 5 small business marketing strategies that will give effective results:

1. Learn How to Target Your Consumers

When you are a startup, you need to reach out to your target audience to build brand awareness. It is important to target the right audience that is genuinely looking for your product and services and is interested in them. With the right marketing strategy, you will be able to reach the right audience.

For starters, you can begin by defining your niche, creating a buyer`s persona, using demographic data, researching your competitors, segmenting your audience, and customizing your messages. Also, invest some time in offline marketing too. Many online business courses aim at resolving the problems that many small businesses might face. You can enroll in specific problem solving courses as well.

2. Use Cold Email Marketing

Cold emailing is one of the most effective marketing strategies when it comes to small businesses. It is a great way to connect with potential customers who may not be aware of your business. To begin with cold email marketing, you can create a list of potential customers and research the companies you want to target. Find out who the key decision-makers are and draft a personalized message to introduce your business, the range of products and services that you have to offer.

Do not forget to mention why you think your products and services would be the right fit for their business. Send the email and follow up with phone calls if required. Keep updating your strategies accordingly, and keep track of your progress.

3. Leverage the Power of Social Media

There are multiple strategies when it comes to building a marketing strategy for your small business. But to find out a marketing strategy that works best for you, one needs to do some research and find out a few tactics that work best for you. Social media advertising is one of the most popular strategies that involve the use of popular social media platforms like Facebook, Instagram, and LinkedIn.

Another online marketing strategy is Search Engine Optimization (SEO), which involves optimizing your website and pages by using popular keywords. This might take much longer but gives results. These tools allow you to target specific audiences about their demographics. You can also take Problem Solving Course to get hands-on knowledge about digital marketing.

4. Connect with Local Businesses

Another way to create awareness of your business is to connect with local businesses. When you partner with other businesses in your region, you can share resources and promote each other by collaborating on local events and marketing initiatives.

Start by networking with other local businesses in your community. Join online forums, attend business events and focus on business collaboration.

5. Offer Incentives & Discount

Offering a discount or an incentive can help you to attract customers who are not familiar with your business. You can offer a discount or incentive in the form of a discount on your products or services. You can also offer a free item with purchase so that customers can try the product and decide to make a purchase. Whatever discount or incentive you offer to your customers, always ensure that it is something that your customers will find valuable.

Marketing is an important aspect of your small business and it is important for the growth of the business. Hence, the above marketing strategies can help small businesses as they require minimum investment.

Are you looking to find solutions for your burning problems? Get practical solutions easily with our step-by-step learning strategies, action plan, 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

To learn leadership skills, you can also take LFP Bada Business which is the most powerful flagship program.

Categories
Finance

5 Types Of Small Business Loans Entrepreneurs Can Take At Low Interest!

5 Types Of Small Business Loans Entrepreneurs Can Take At Low Interest!
5 Types Of Small Business Loans Entrepreneurs Can Take At Low Interest!

Summary: Finding the right source of funding for your business? These government schemes can help you to take your business to new heights of success.

When starting a small business funding is crucial. What makes it a daunting process is finding the right source. There are many banks and schemes through which entrepreneurs can take small business loans. Entrepreneurs can take small business loans in two ways: they can either take loans through government schemes or they can take loans from private players.

The government of India also offers relief in the form of collateral-free loans, subordinated debts, and equity infusion through its Fund of Funds (FoF) scheme, which proposes to buy up to 15% growth capital in high-credit MSMEs.

Many government schemes are made to empower SMEs. Among various schemes, the key government schemes include MSME Business Loans for Start-ups in 59 minutes, Pradhan Mantri Mudra Yojana, and SIDBI Make in India Soft Loan Fund for MSMEs.

Here is a list of other government schemes for small scale businesses:

1. Loans for Startups in 59 Minutes

Launched in 2018 this central government-backed small-scale industrial loan is famous for the loan eligibility that is conveyed to the applicant in just 59 minutes. Though, the actual process might take eight to 12 days.

A loan via this scheme attracts an interest rate starting from 8.50%. Also, the interest rates are based on the nature of your business and your credit rating. This scheme offers loans ranging from a minimum of INR 1 lakh to a maximum of INR 5 crore. A 3% reservation for such loans is available for women entrepreneurs.

2. Pradhan Mantri Mudra Yojana (PMMY)

To provide business finance to micro-businesses the Government of India established the Micro units’ development and refinance Agency (MUDRA). The Pradhan Mantri Mudra Yojana (PMMY) administered by MUDRA is a small-scale industry loan by the central government with the intent to “fund the unfunded”.

This scheme offers a wide range of sectors and business activities. MSMEs can take up to INR 10 lakhs without collateral. This scheme is called MUDRA loans. All types of trading, manufacturing, and service businesses can apply to this scheme.

3. SIDBI Make In India Soft Loan Fund For MSMEs (SMILE)

SMILE is a government loan scheme by the Government of India that offers loans with below-market interest rates, also known as soft loans. This small business lending scheme is governed by the Small Industries Development Bank of India (SIDBI). The minimum loan amount under this scheme is INR 25 lakh. The interest rate starts at 8.36%, the scheme comes with a moratorium period of 36 months. The maximum repayment tenure is 10 years. New MSMEs, along with existing service and manufacturing sectors, can apply for this scheme.

4. Credit Guarantee Fund Trust for Micro And Small Enterprises (CGTMSE)

This government loans scheme offers central government small-scale industries loans to the MSME sector. This scheme provides working capital loans of up to INR 10 lakh without any collateral. Credit facilities up to INR 1 crore can be availed after mortgaging your business land or assets.

New or existing MSMEs in service or manufacturing activities, agricultural and educational institutions, and self-help groups are eligible for this scheme.

5. Stand Up India

The Stand-Up India initiative seeks to provide government small business loans to women entrepreneurs and individuals under the scheduled caste or scheduled tribe category. It was launched by the Small Industries Development Bank of India (SIDBI) and it provides loans to small businesses between INR 10 Lakh to INR 1 crore. The amount will cover around 75% of your business project and its interest rate is calculated as the bank’s marginal cost of funds-based lending rate (MCLR) + 3% + tenure premium.

These are the government schemes that entrepreneurs can use to raise funds for their small businesses. We know what you are thinking! 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 Problem Solving Courses  & LFP Bada Business (Leadership Funnel Program).

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Leadership Building

5 Powerful Qualities Of Highly Impactful Leaders

5 Powerful Qualities Of Highly Impactful Leaders
5 Powerful Qualities Of Highly Impactful Leaders

No one is born a great leader. With continuous dedication, discipline, and hard work they can cultivate skills that can make them impactful leaders. Successful leaders are the driving force behind their organizations. They have certain qualities that play a crucial role in the company`s growth. So, establishing yourself as an effective and powerful figure that is trusted and followed by others unquestionably, obviously involves preparation and a lot of hard work.

Many people think that a leader is born. But rest assured everything does not need to be innate, and becoming a leader is possible. So what are the qualities that you must cultivate to become a great leader? Here is a list:

1. A Great Communicator

There is no one-size-fits-all strategy when it comes to communication. But, successful communication begins with transparency. But to keep lines open and clear across the business, we must be careful not just about putting our messages across, but also about the mediums, too.

While businesses around the globe are adapting to the change unleashed by the pandemic, great leaders are trying to find the right balance. Good leaders today have to make difficult decisions such as furloughs, and staff reductions.

2. Confidence

Confidence is the key that can make anyone extraordinary. A good leader does not hesitate to trust his subordinates. It is very important to let your employees know that you trust them without any doubt and that you believe in them and their skills. Dare to delegate tasks according to their capabilities and make them feel important and necessary for the sustainability of your business. If your team feels that they have your trust, their productivity will improve and so will their performance.

Many managers hide others in their shadows. They refuse to let others grow and this is one trait that distinguishes a true leader from mere managers. A powerful leader makes room for others and allows them to grow while focusing on teamwork. To develop leadership skills, you can attend ‘Leadership Funnel Program 2.0’–the most effective flagship program by Dr. Vivek Bindra.

3. Be a good Listener

Listening and hearing have a hairline difference between them. Hearing is passive, while listening is active-and the great leader is someone, who understands the difference between the two terms.

Real listening is essential for effective communication. Listening not only involves ears but many other aspects like body language, expressions, and gestures. What`s not said is just as important as what is said.

A great leader will take cues from all other aspects and help people in the organization who might lack the courage to speak up. We need leaders who listen and are intentional about their conversations. Want to become a strong leader? You can join Leadership Funnel Program 2.0 popularly known as LFP Bada Business to understand the nuances of leadership.

4. Have Clear Goals

Every great leader has clear goals and vision where he would like to see his company and himself after a few years. You must know where you are right now and where you want to reach and know-how to get there. Above all, don`t keep your strategy a secret. Share it with your peers and team members so that each member will feel what he or she is working on is important.

Establish a strong connection between the company and its employees by discussing objectives and action plans. Everyone can contribute if they are aware of how you have planned to conduct your business.

5. Make Better Decisions Without Wasting Time

Many leaders talk, but they do not execute and do. And it is doing that separates the real leaders from the rest. When your words match your actions, people learn to develop trust. It is more impactful when you take an action on what you are hearing from your employees. Leaders who act quickly and confidently often must make difficult decisions, and for that it takes grit.

As a leader, it is also important to remain positive even during challenging times. Lead by example so that your team members can trust you and follow you without a doubt. Even during difficult times, your passion for your work should not waver. These qualities can make you a successful leader. Work on these five qualities, but never forget that there is always a scope for improvement. You can also join our LFP Bada Business program to understand and learn how to become a successful leader.