Category: Business motivation

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Business motivation

Cosmetic Business Store: How to open your store in 7 Easy Steps

cosmetic business

From the ancient beauty practices rooted in Ayurveda to international brands introducing their organic makeup products, the market is brimming with cosmetic stores. The Indian beauty industry has seen enormous innovation and entrepreneurship in the last couple of years.

According to a Redseer report, the cosmeceutical market is in India is growing at a CAGR of 25 percent. India is set to become one of the top five global markets in 2025 by revenue.

In India, the history of beauty practices dates back to the Indus Valley civilization. There has been historical evidence that proves the indulgence of both men & women in self-beautification. As the ancient practices paved way for the modern ones, the rise in the cosmetic business has been observed.

If you are a young aspirant who is interested in beauty and skin products, opening a cosmetic store is a brilliant idea. The market is flourishing and the demand for beauty products is increasing with each passing day.

Want to start a cosmetic business? Here are 5 things you must do to start a cosmetic brand of your own:

  1. Understand the Market

Be it a printing press or a cosmetic store, understanding your target market is important. To establish a successful cosmetic business keeping an eye on the popular trends is crucial. Understand your consumer behavior and what they expect from your product.

You can take a survey by preparing a specific set of questions and asking your potential customers. Or, you can take help from professionals to conduct market research to get the real picture.

  1. Create a Business Plan

When we say, we are asking you to ‘create’ a business plan and not just write it. It takes a lot of information and thorough research to come out with an excellent business plan. A detailed business plan is a must for a cosmetic business store.

Understand your business goal. Evaluate all the factors such as the capital, rent for space, salaries of staff, procurement of products, and marketing & advertising in your business plan.

  1. Learn about the cosmetic industry

Understanding the fundamentals of any industry is essential to ensure the success of any business. So, if you want to a successful entrepreneur, understand the dynamics of the cosmetic industry. Research and know more about your competitors and what makes them popular.

  1. FDA`s Regulation

In India, FDA has specific rules about the ingredients that you can or cannot in your products. So, get a sound knowledge of the FDA`s regulations about the manufacturing and labeling of cosmetic products. You must also understand the ground rules for sale, labeling, and production.

  1. Register your Cosmetic Store`s Name

If you are planning to open a cosmetic store at a small level, you can start it without registration. But, if you want to start it on a big level, then you must select a nice name and register it with the local authorities.

  1. Choose a range of Cosmetic Products

It is essential to always select cosmetic products by keeping the market analysis in mind. Always keep a range of cosmetic products in your store that is in demand.

  1. Take your store Online

In this digital age, almost every business is trying to grow its online business. An online cosmetic business store can open a world of opportunities for you. Create a beautiful design with an excellent user interface. Use the power of social media to attract more visitors. Build a meaningful relationship by interacting with customers online and make a great profit margin in the cosmetic shop.

A business cannot survive without its customers. So, whether you already have a cosmetic store or planning to open one, building an online presence is a must!

What else you will need to open a cosmetic business store? Discover all the insights and in-depth knowledge related to business with our Everything about Entrepreneurship. To know more click here: EAE = https://www.badabusiness.com/?ref_code=ArticlesLeads

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Business motivation

Business Confidence in India Improves As Economic Activities and COVID-19 Vaccination Drive Gathers Pace: NCAER Survey

Evaluation of Business Performance
एंटरप्रेन्योर

New Delhi, February 8: The business confidence in India has improved as economic activities pick up and vaccination drive gathers pace. A study by the National Council of Applied Economic Research (NCAER) stated that the NCAER Business Confidence index (BCI) rose 29.6 per cent on a q-o-q basis during the third quarter of FY 2020-21. “The BCI rose further by 29.6 per cent on a q-o-q basis, rising from 65.5 in 2020-21:Q2 to 84.8 in 2020-21:Q3,” and NCAER statement said.

The report stated that the business sentiments remained worse than they were during the corresponding period in the previous year. According to a report by IANS, The proportion of respondents expecting that ‘overall economic conditions will improve in the next six months’ increased by 4.8 percentage points. This was 29.8 percent in 2020-21, Q2 to 34.6 per cent in 2020-21, Q3.

The respondents are also expecting that the ‘financial position of firms will improve in the next six months’ increased by 3.1 percentage points, from 27.7 per cent in 2020-21, Q2 to 30.8 per cent in 2020-21, Q3, the study reported.

The BCI increased for the consumer durables sector by 26.1 percent on a q-o-q basis in 2020- 21, Q3. For consumer non-durables, it increased by 32 percent, for intermediate goods by 37 per cent, for capital goods by 27 per cent, and for the services sector by 32.5 percent, the report added.

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Business motivation

Ease of Doing Business in India: 4 More States Complete Ease of Business Reforms, Total 12 States Become Eligible To Mobilise Additional Financial Resources

New Delhi, February 7: The total number of states in India that have undertaken ‘Ease of Doing Business’ reforms stipulated by the finance ministry has gone up to 12 with the addition of four more states. On Saturday, four states — Assam, Haryana, Himachal Pradesh and Punjab undertook the ‘Ease of Doing Business’ reforms. With this, these states have become eligible to mobilise additional financial resources and have been granted permission to raise additional Rs 5,034 crore through Open Market Borrowings.

The ease of doing business is an important indicator of the investment friendly business climate in the country. Improvements in the ease of doing business will enable faster future growth of the state economy, a finance ministry statement said.

In India, total 12 states that fall in the list include Andhra Pradesh, Karnataka, Kerala, Madhya Pradesh, Odisha, Rajasthan, Tamil Nadu and Telangana, Assam, Haryana, Himachal Pradesh and Punjab which was confirmed by the Department for Promotion of Industry and Internal Trade (DPIIT). After completion of reforms facilitating ease of doing business, these twelve states have been granted additional borrowing permission of Rs 28,183 crore.

In May 2020, the government had decided to link grant of additional borrowing permissions to states that undertake the reforms to facilitate ease of doing business. In view of the resource requirement to meet the challenges posed by the COVID-19 pandemic, the Government of had on May 17, 2020 enhanced the borrowing limit of the states by 2 per cent of their GSDP. Half of this special dispensation was linked to undertaking citizen centric reforms by the states.

So far, 17 states have carried out at least one of the four stipulated reforms and have been granted reform linked borrowing permissions. Out of these, 12 states have implemented the “one nation one ration card” system, 12 states have done ease of doing business reforms, 5 states have done local body reforms and 2 states have undertaken power sector reforms. Total reform linked additional borrowing permission issued so far to the states stands at Rs 74,773 crore.

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Business motivation

Evaluation of Business Performance: 5 Ways to Measure True Success

Evaluation of Business Performance
एंटरप्रेन्योर

“What gets measured,” the infamous Peter Drucker famously observed, “gets managed”.

Business is unpredictable, and what makes it more complex is the cut-throat competition. The trends that are ‘in’ today will be ‘out’ tomorrow. So the only thing that you can count on is that everything in the business world continuously changes.

Hence, it is super important to measure your business performance constantly. A Gartner report suggested that organizations that use predictive business performance metrics can increase their profitability by 20%.

Being an entrepreneur it is vital to know what works for your business, and what does not. Be it small, middle, or large, every business has its share of success and failure. So it is essential to constantly keep a finger on your business performance to stay ahead of your competitors.

If you too want to evaluate the business performance of your small business, here are 5 ways you can do it:

  1. Analyze Financial Statements

Money is important! And, one of the best ways to evaluate the success of your small business is to see how much revenue your company is generating. If your business is generating revenue, then you can pursue your entrepreneurial dream. Without it, your business will not survive in the long run.

  1. Check Customer Satisfaction

Another important way to measure the business performance of your small business is customer satisfaction. Customers can help you improve your business performance. If your customers are satisfied with your products or services, then your business is making progress.

But how do you measure customer satisfaction? You can do that through various surveys, reviews, and honest feedback from your customers. If your business is at a very early stage, you can start developing a client list with an email address to track customers. This way you can keep a count on your new customers as well as build a strong relationship with your clients.

  1. Reach Break-even Point

Setting up a break-even point or a target can help you evaluate the business performance of your small enterprise. The set target is the number you need to achieve in a given period (monthly or quarterly) for the company to cover its expenses to sustain. It is important to reach the break-even point, even if your business is not making a profit.

  1. Sales Indicators

The volume and frequency of sales can provide everything you need to measure the business performance. You can segregate the sales data into new customers, sales to existing customers, how much profit a particular product or service is making, or any other categories that might prove vital for the business. Keeping track of these numbers can provide invaluable insights into your business performance.

  1. Assess your Expectations

While evaluating your business performance, it is also important to assess your expectations. Many people disregard their happiness when it comes to evaluating business performance. But try to consider your perception when measuring your business performance. It always helps!

Entrepreneurship is not easy. However, with the right expertise and guidance, one can master the skills that are imperative for the progress of your business. So why not learn it from the business gurus? Join our ‘Everything about Entrepreneurship’ course where you will discover the fundamentals of business.

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Here are 4 Simple Ways to Protect your Business from Cybercrime

Protect your Business from Cybercrime

Cybercrime is on the rise. And in a classic web-based fraud that involved a well-renowned NDTV journalist Nidhi Razdan falling prey to an internet scam in January 2021, the attacks have become undetectable.

Not only individuals but cyber-attacks on MSMEs and SMEs have been on the rise. According to a 2019 study conducted by Accenture, 43% of the cyber-attacks worldwide have small-and-medium-sized businesses on their radar.

In India, there are 6 crores SMBs that contribute around 30% in the GDP as per the Confederation of Indian Industry. Their digitalization can increase their contribution further.

Unlike large organizations and enterprises, many SMBs often do not have sufficient resources and manpower to deal with the evolving threat landscape. Also, the major reason behind the less spending on cybersecurity by small business owners is their perception. Most of the decision-makers in small enterprises did not think they would be the target of cyber-attacks. It is this perception that discourages them to invest in cyber-security.

So how can you protect your business from cybercrime? Consider these tips to upgrade and stay protected from ransomware and other cyber-attacks:

  1. Update Software Regularly

If you do not update your servers and systems regularly, you could leave your networks vulnerable to hackers. One of the most common ways through which hackers gain access to your computer is via code defects, which is also known as exploits

Some of these exploits remain unnoticed for years and can affect all software from browsers to operating systems and more. Hence, keeping your system and software updated will protect the business from cyber-attack.

  1. Invest in a reliable VPN

Virtual Private Network or VPN is software that helps to create a secure connection over a less-secure network between your operating system and the internet. It makes you invisible to hackers and protects your sensitive credentials like passwords, login details, and other transactional information. As there are many VPNs available in the market, it is best to determine your organization`s needs.

  1. Divide, Encrypt & create a Backup Sensitive Data

Data is imperative for any business to make constant growth. So protecting it should be the topmost priority. Hence, protect your data by keeping it behind as many layers as possible. Divide it into different segments and do not keep it in a single source. This approach might appear less convenient, but if hackers try to breach the security, hackers will not get access to your entire data bank.

Use advanced data encryption methods to ensure that in case the data get stolen, hackers will not be able to use it.

  1. Put Strict Limitations on company Computers

Put security limitation on every computer which is used in your company. Make sure that no one can install unauthorized software without approval from your system administrator. This step will prevent any malware from infecting your company`s network and protect your business from cyber-attack.

These days, cyber-security can no longer be treated as a choice. A security breach can prove to be catastrophic for small as well as large businesses. The only way to protect businesses is to upgrade and invest in quality cybersecurity software.

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Building a World-class Customer Experience: 3 Strategies to stay ahead of your Competitors

world class customer experience

Given the cut-throat competition in the market space, delivering a world-class customer experience that guarantees customer satisfaction is more important than ever.

The impact of the pandemic has impacted customer behavior. The majority of the industries have cut-down their expenditure and the purchases have shifted from in-person to digital channels. Public safety has become the topmost priority for both the customers as well as the companies.

According to a Gartner report from the 2019 Customer Experience Management Survey, organizations nowadays are more committed to customer experience (CX).

A study by American Express stated that around 60% of people are willing to pay more if an enhanced customer experience is guaranteed.

Today, the leaders are realizing how vital the customer experience is and have gained rapid insights to build customer loyalty. The data obtained with the help of advanced analytics can help to achieve revenue gains of 5 to 10 percent and can reduce costs by 15% to 25%.

Post the COVID 19, companies all across the globe are preparing for the long haul. However, the path is rather vague due to uncertain customer behaviors and trends.

To win in the next ‘normal set-up’, companies need to identify the trending patterns and customer behavior to build the strategies in the near term.

Here are the 3 key strategies that will help companies to build a world-class customer experience:

Observe the Current Customer Behavior

Customer behavior is constantly evolving. Thus, observing the current trend and pattern is important. A customer journey consists of various touch-points that together add up to the experience they get upon interacting with a brand or a company.

Seeing the world as a pool of potential customers can help the companies and small businesses to organize better and mobilize their employees around the customer requirements.

Seamless Omni-channel Experiences

Due to the personal and financial losses inflicted upon people all across the world due to the pandemic, the financial flexibility of the customers is limited. But many customers now face a surplus of time. This has stimulated a record-high engagement on digital platforms.

Consumers these days have a low tolerance for bad experiences. A good or bad experience in any single channel can result in winning or losing a life-long customer. So, businesses these days can`t afford to risk ignoring a customer`s touch-points.

Make meaningful Connections with Customers

To build meaningful relationships with customers, companies need to interact with them across multiple channels (website, live chat, social media, and more). While the customers appreciate the candid interaction across multiple channels, they want it to be consistent.

For instance, India has 53 IKEA stores, and if you visit any store across not just India, but across the world, you will get the same experience. IKEA focuses on customer experience and invests heavily into it. And how did it help them? Not only IKEA is one of the most beloved companies in the world, but its revenues have risen to $40 billion worldwide.

No one wants to do business with a company that no treats you well. Hence, providing an exceptional customer experience is vital in today`s time. By using the above-mentioned techniques, you can build strategies to give your consumer a world-class experience.

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Business motivation

5 Cost-effective Inventory Management Tips for Retailers to Save More Money!

Inventory-Management

If you are a retailer, you must be aware of how difficult the process of inventory management is. The major goal of every retail business is to sell inventory. But mismanaging your inventory can incur losses in the business.

Inventory management is one of the strong pillars of a successful retail operation. Efficient retail inventory management can lead to more customer satisfaction, increase profits and reduce costs.

What is retail inventory management?

Retail inventory management is the practice through which retail businesses ensure that the right products are available in the right quantities, at the right time. It may sound simple, but it also includes coordination with vendors, managing your in-store inventory, product list, tracking products, and also coming up with a price strategy in mind.

Any retailer who wants to be successful must have brilliant inventory management. Here is a list of 5 top inventory management techniques that will increase your sales:

  1. Organize your Storehouses

One of the best inventory management techniques is to have a segregated store. An organized inventory store is a key to infrastructural continuity. A disorganized store can lead to stocks getting lost or backed up. E.g. if you have perishable items in stock that have an expiry date, there is an existent possibility that they will turn sour, if not sell in time.

Disorganized inventory management can lead to unnecessary wastage of products and loss to your business.

  1. Decrease Product Range

If you are carrying multiple items in stock that are not much in demand, it is time to narrow down the product range. An overstocked inventory increases the cost of inventory as it leads to the storage of obsolete products that are not in demand. You will have to discount, bundle or donate these products later.

All that extra stock will also take up the valuable space of the products that your customers do want to buy. On the contrary, a smaller inventory will decrease your inventory costs and will also help you avoid holding excess inventory.

  1. Avoid deadstock

Deadstock is a stock that can no longer be sold because it has either gone out of the season, fashion, style, less demand, or otherwise become irrelevant. Hence, manage your inventory better so that you can avoid dead stock.

  1. First-In-First-Out (FIFO)

The principle of “first-in, first-out” is very important for inventory management. It simply means selling your oldest stock first, followed by your newest stock. This principle is apt for perishable products so that you don`t end up with unsellable spoilage.

  1. Invest in the Right Talent & Technology

Automation of inventory management is crucial for every retail business. Hence, invest in an excellent inventory management system, and most importantly, hire people who know and pay attention to details.

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How to Write the Winning Business Proposal in 5 Steps

business proposal

Starting up a business is not an easy task to do. It may sound exciting, but the journey to change an idea into reality requires discipline, clear goal settings, and a winning business proposal!

A business plan is like a road map that guides you through your journey and helps you reach your ultimate goal. Just like it is difficult to travel without a road map, it is impossible to start a business without a proposal.

What is a business proposal?

Many people believe that a business proposal and a business plan are similar. However, they couldn`t be more wrong.

The primary purpose of a business proposal is to persuade a company or an organization to do business with you. While a business plan is all about your company`s strategies and growth plans.

It also outlines your value proposition and bridges the gap between you and your potential clients. A well-written business proposal can help entrepreneurs to build up their customer base.

It is a formal document that is created by a company and is provided to the prospect of securing a business agreement. A brilliantly written business proposal sells either your product or service, rather than your business itself.

Types of Business Proposals

A business proposal can be of two types: unsolicited and solicited.

Solicited Business Proposal: The business proposal when requested by a customer or a client is called a solicited business proposal.

Unsolicited Business Proposal: As the name defines, the unsolicited business proposal is usually meant to approach a client or a customer, even if they do not ask for it.

Key Things to keep in mind while writing a business proposal

A common mistake that small business owners often make while writing a business proposal is that they do not cover the key questions in their proposal. Every small business owner must cover these questions in their proposal to customize it according to their potential clients.

The person you might be meeting with your business proposal might not be the final decision-maker. It is always best to ask the prospect about the entire decision-making process or approval process.

Do your homework carefully. Research your competition to find their pain points or gaps. Ask your prospect about their past experiences related to the product or services that you are offering them.

Keep the budget in mind and find out their target price that will help you avoid wasting time on projects that have no chance for much profit.

Calculate the costs of your labor or materials, you will incur in case your proposal might get accepted. Make sure that you have got all the revenue numbers in place.

5 Steps to Draft a Persuading Business Proposal

Here are five sections that every business proposal must address:

  1. Introduction- Beginning a business proposal with a clear, crisp, and informative introduction can get your brownie points. Highlight what makes your business and product unique, your credentials, achievements, and awards.
  2. Executive Summary– In this section, you can explain why you are the perfect fit for the job, and give the reader the crucial message for the proposal.
  3. Table of Contents- This is useful for longer proposals that consist of details. List each section with its corresponding page number to make it easier for the reader. However, try to keep your business proposal short.
  4. Body- Here you can explain the information on scheduling, pricing, and logistics
  5. Conclusion- Ending your proposal with a call-to-action encourages your potential client to contact or visit you. Hence, end your business proposal with a powerful Call-to-Action.

Once your business proposal is complete, send it to your main point-of-contact and primary decision-maker. If you are unsure of who will receive the proposal, do not hesitate to ask.

You can send your business proposal via an email attachment. Plan a follow-up to see if they have any query.

If you regularly send business proposals, but not getting any desired results, you must join our Everything about Entrepreneurship course. With this course, you can learn the mantra that makes every entrepreneur successful.

To know more click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

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How Investors can contribute with more than Investing Just Money into the Startups

Investors
ईज ऑफ डूइंग बिजनेस

Investment is the blood of any startup that is vital for its smooth functioning. However, investing in startups is a lot more than just buying stocks.

A report by IBM (Institute for Business Value and Oxford Economics) stated that around 90 percent of the Indian startups fail within the first 5 years of their inception due to the lack of innovation.

Truth to be told, many entrepreneurs themselves believe that post the initial ideation, the startups fail to scale because they lack funds, strategy, or strong leadership. More often than not founders or the owners of small businesses place too much focus on raising money, rather than emphasizing the value that each investor can bring to the table.

So how can an investor add value to the startups beyond making investments into the company?

  1. Financial Aid & Funding

Needless to say that backing startups with finances are often a huge advantage if you are an investor. By providing capital and financial aid, an investor adds immense value to a startup. But, it would be beneficial for the startup if an investor brings more than just money to the table.

As the initial years are crucial for small businesses, investors can help MSMEs and SMEs with their deep industry insights and mentorship. They can help young entrepreneurs in the early stage of the business and guide them to success.

  1. Strategic Planning & Decision Making

Customer satisfaction, cost-effectiveness, and relevance of the product or service in the target market are often lost in the struggle to scale. A seasoned investor who has gained expertise with years of experience can lay a crucial role in decision making.

By making available strategic planning, investors can also help in achieving market penetration and profitable operating ratios.

  1. Network Creation

For small businesses, it is essential to gain access to the right people at the right time in the early stages. An established investor can help in the creation of valuable connectivity to the potential customer or the right talent pool.

Young entrepreneurs who hail from tier II or III cities struggle in finding the right investors and right talents due to the limited access. Hence, investors can help small business owners by being the mediator in business talks. They can also help entrepreneurs in grooming and incubating new profitable ventures to help them grow.

  1. Visibility & Credibility

To add and increase the overall value to an innovative startup venture media attention and access to established domains are required. Hence, an investor can help to build associations with industry doyens, which results from a startup gain visibility and credibility in the market.

Making introductions, build meaningful & profitable associations, giving insights, an investor can do more than just buying the company stocks. With their immense contribution, they can increase the chances of that company`s success.

If you think about it more deeply, why an experienced investor shouldn`t help the startup he is investing in? Want to know how you can find an investor for your business?

Learn the best business strategies that will help you to get investment for your small business with our Everything about Entrepreneurship course. To know more about this course and exclusive offers, click here https://www.badabusiness.com/?ref_code=ArticlesLeads.

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3 Simple & Effective Growth Hacks for Every Small Business

growth hacking strategies

Having a successful business is the dream of every aspiring entrepreneur. But let`s face the truth. Scaling and expanding your business is difficult. Initially, it means wearing multiple hats, sometimes all at the same time.

Sometimes it means understanding taxes and corporate compliance. Other times, it could also mean juggling between sales and marketing. It will also require you to interact with customers daily to create a meaningful customer relationship. And so much more!

At the end of the day, this tiring process will drain all your energy. However, if you want to scale and grow your business, there is still light at the end of the tunnel. All you need is to de-clutter your mind and shift your perspective a little to identify the most effective business growth hack.

Though, there are many existing growth hacks, here is a list of 5 strategies that will take your small business to the next level efficiently and quickly:

  1. Stand Out of the Crowd

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

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

  1. Research Competitors

“Keep your friends close, and your enemies closer”. Knowing about your competitors is necessary to stay ahead. Hence, do a market analysis and research about your competitors. Find out their key selling points and build a strategy that will work for your product. This is an excellent growth hack for small business owners who are in the early stages.

  1. Innovative & Personalized Marketing Strategies

In this digital age, creating a marketing strategy that is tailor-fit for your brand is a little tricky. But, if done properly, it can fetch more customers and boost sales. Small business owners can deploy creative growth hacks to pull more customers to their platforms by email marketing, product recommendations, visually appealing ad creative, and identifying high lifetime value (LTV).

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

Learn what works for what, not for your business. Find a customized business strategy as per your requirements with our Problem Solving Course. Click here to learn more: https://www.badabusiness.com/?ref_code=ArticlesLeads.