Category: Business motivation

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Business motivation

Ease of Doing Business and Ease of Living Among Government’s Priority for India’s Economic Growth, Says PM Narendra Modi

Business Tips | Representational Image Only (Photo Credits: Pexels)

New Delhi, February 20: Prime Minister Narendra Modi on Saturday stressed the need for a coordinated approach among the states and the Centre to achieve the ‘Atmanirbhar Bharat’ (self-reliant India) goal. Speaking at the sixth meeting of the Governing Council of NITI Aayog, the Prime Minister said that ‘ease of doing business and ease of living’ is also among the government’s priority to a strong country’s economy. He made a strong case for repealing archaic laws for ease of doing business in India and said the centre and states need to work closely to boost economic growth.

Praising the Union Budget 2021-22 which was presented by Finance Minister Nirmala Sitharaman earlier this month, the Prime Minister said that people have made up their minds about what they want. He stressed on ‘zero defect, zero effect’ mantra which he gave in August 2014 to Indian entrepreneurs for better products–a direct reference to the need to make things without causing environmental harm.

During his address, the Prime Minister said that ‘Atmanirbhar Bharat’ campaign is the way to build an India that produces not only for its needs but also for the world, and these productions will also stand the test of world superiority. To achieve the goal, the Prime Minister added there is need for a better coordination among Centre as well as states and increase export.

The Prime Minister stressed on the policy framework and cooperation between the Centre and states, saying “coastal states are a fine example”. “Exports from the blue economy have unlimited opportunities. Why shouldn’t our coastal states take extra initiatives for the same?” He added saying that India managed to build a good image internationally during the Covid-19 period because the central and state governments worked together for the betterment of people.

 

 

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Business motivation

3 Best Marketing Strategies to Boost profit margin in Tiffin Services Business

tiffin service

A tiffin business in India is not a new segment in the F&B industry. But as the young entrepreneurs in India are willing to step into this segment with their innovative approach, the segment has begun to gain popularity.

As the millennial and students are migrating across different cities because of job opportunities and education, the tiffin services in India has witnessed an increasing demand.

Zaika Tiffin Service was started with an investment of INR 7,000. Started from the kitchen of Jinisha Jain is now serving more than 1500 meals over two years.

You too can open a tiffin service and turn it into a popular brand with the correct marketing strategy.

Good food and excellent service in the tiffin service business are essential. But what if nobody knows you are serving? It could be a game-over stage for your tiffin business.

If you already have a tiffin service business and want to increase your profit margins, here are the 3 best marketing tips:

  1. Customer Engagement on Social Media

We know that Facebook & Instagram may sound overwhelming at first; however, they can help your tiffin services gain vast exposure. According to Bain & Company, ‘customers who engage with the business on social media spend about 20-40% more money on that business’.

Promoting your business on social media platforms will drive more customers, which means a significant growth of profit margins in tiffin services.

  1. Include Complimentary Items in the Tiffin

We all love complimentary stuff! So why not give your existing customers or new clients something that they are not expecting? Include some pickles, curd with spices, chutney, or a mouth freshener to make their meal-of-the-day extra delightful.

  1. Keep Updating the Menu

To prevent the boredom that might crawl in after a certain duration of time, refreshing your menu now and then is highly advised. Also, you can ask your customers what they will like to eat on weekends. This will help you understand your customers better and improve your tiffin business services.

Don`t forget to take regular feedbacks from your customer and work upon them to have a large database of Happy Customers! You can learn more strategies that can prove to be powerful for your tiffin business services via our Everything about Entrepreneurship course. To know more, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

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Business motivation

Most Powerful Sales Strategies that will boost your Business Profit Overnight!

sales strategy

Do you have an incredible product but facing problems to reach the target audience? Do you feel there are loopholes in your business strategy? Is your business going through a loss? Then worry not! Through upselling and cross-selling strategies, you can double your business revenue.

According to Deloitte research, “laying a foundation of cross-selling and upselling to any sales strategy during the challenging times can significantly help drive the enterprise value”.

If you are looking for ways to increase profits in your business, these fundamental concepts will help you strengthen the revenue strategy:

Upselling Strategy

Upselling is a brilliant sales strategy that encourages a customer to purchase a more expensive model in the same product range with additional features. E.g. Guests who are booking a room in a hotel will likely pay extra for additional services.

While timing is the key, it is essential to keep the budget, needs, and wants of your customer in mind too. If your customer is looking at a laptop of INR 20,000 that person may not be interested in buying a Macbook air of INR 72,000.

Always ensure to keep your upsell in alignment with the customer`s underlying needs and wants to the original product.

Cross-Selling Strategy

Have you ever ordered a combo meal instead of buying just a burger at a McDonald`s outlet? Probably, the answer is yes! This is cross-selling.

Cross-selling is a technique to encourage a customer to combine her initial purchase with products that compliment it.

Amazon attributes up to 35% of its revenue to this brilliant sales strategy. They cross-sell their customers with the “Frequently bought together” section, where they promote the products related to the item in the cart.

To cross-sell your customers, always pair products that naturally go well, like donuts with coffee or fries with a burger. Focus on the price points of the items you pair. Products that you are likely to cross-sell are typically similar in cost. Hence, pair them well.

Whether you choose to cross-sell or upsell or both, always consider tracking your data. Metrics can help you fine-tune the existing loopholes and improve your business revenues.

To know more about these sales strategies in-depth, join our Problem Solving Course. Learn from the mentors who will share their years of experience with you. To know more about this valuable course, click here: https://www.badabusiness.com/psc?ref_code=ArticlesLeads

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Business motivation

A Quick Guide to Start your own Wedding Planning Company in 7 Simple Steps

wedding planning business

Weddings hold a great cultural significance in India. But Indian weddings have a reputation of being grand, glitzy, and glamorous. From destination weddings to Bollywood-themed private ceremonies, weddings have come a long way from being just a two-day affair.

Several stressful weeks of planning go into the preparation to ensure the outcome is breath-taking. From shopping to selecting a venue, sending invites to finalizing the food menu, decoration to attending guests, a wedding planner has to take care of a lot of other things.

Though pandemic in2020 acted as a speed-bump, with the government extending the social gatherings to up to 100 people, the weddings are back in business.

According to Business Insider, the $50 billion Indian wedding industry is back on its track and offers a lot of scope for growth.

But if the craziness, excitement, confusion, and overall euphoria give you an adrenaline rush, you can start your own wedding planning business.

How can you start a wedding planning business? Here is your step-by-step guide to understanding all the essential skills you will need:

  1. Give your company a Business Name & Type

Your business name is the first thing that a client notices. While the type of firm or service you will provide will attract future clientele belonging to the same segment. Try to offer a diverse range of choices to the bride & groom, so that they can choose accordingly.

  1. But First, Get Some Relevant Experience

Delivering the best customer experience is very important for your wedding planning business. Hence, it is advisable to work with a team to gather experience before starting your own company.

  1. Investment

Deciding on the initial investment is important for any business, and the wedding planning business is no exception. Initially, you will have to invest in a good laptop that could cost you INR 20,000 or above. To save on the rented workspace, you can start working from home or a co-working space.

However, to place initial orders with vendors, you will require around INR 2-5 lakh. Create a reliable network of vendors to keep the smooth supply of essentials.

  1. A Business Plan

Anything without solid plan bombs in no more than 2 minutes. Thus, having a business plan in place is crucial for a wedding planner. This includes a business name, industry research, target segment, financial management along with long and short-term goals.

  1. Getting a Team On-board

A skilled team is imperative for a wedding planning business. Before taking any assignments, you will need to figure out a team. From decorators, venues, caterers, musicians, travel arrangements to Mehendi artists, choreographers, and apparel stylists, you must rope-in all of them to ensure a successful wedding.

Cost-effective tip: Hire freelancers rather than a full-time team to save time & money.

  1. Marketing

Once you have organized few ceremonies, showcase all of them and start marketing your services. Instagram and Facebook could be your best friend. However, a word-of-mouth recommendation could be your best bet. You can also create a website, which could cost you anywhere around INR 1,500 to INR 3,000.

  1. Earnings

Depending upon your clientele, and the ceremonies you organize, a wedding planner could easily earn up to INR 1 lakh on a wedding with a budget of INR 10 lakh.

So what are you waiting for? With restrictions being eased-out and weather playing its charm, you too can become a wedding planner. You can know more about how to set up your business with our Everything about Entrepreneurship course. To know more click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

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Business motivation

4 Planning Tips for Events with Small Budget!

Planning-1
बिज़नेस प्लानिंग

Events come in all shapes and sizes. Some events have bigger budgets, while others come with restricted budgets. Most people believe that to make an event successful, a whopping sum of money is required. However, they could not be more wrong!

Events that have smaller budgets are no less impactful and successful, provided the planner knows how to plan, smartly. Even with a tight budget, you can make a strong impression and get your message across, loud and clear to your audience.

If you are struggling to plan a low-budget event and worried about how to begin, here are some key guidelines on how to plan it:

  1. Book your Venue Early

Venus is the most important item on your check-list. And, if you are planning a low-budget event, selecting a venue plays a crucial role. Finding a suitable venue is considered to be the hardest thing, and with a limited budget, it becomes trickier.

To avoid extra expenses for an event, book your venue early. Plan smartly and find out if off-season dates can work out for your event. You can get a good bargain by choosing less popular dates.

  1. Food & Beverages Costs

Unless the event is a culinary event, you can reduce the expenses by providing food & drinks that are good but not-so-fancy. To organize an event with limited budgeting requires out-of-box thinking. So stay away from the conventional approaches and think more about cost-effective ways.

  1. Use your Bargain Skills

With low-budgeting events, there is one thing that comes in handy- your bargain skills! By keeping your budget in mind, try to negotiate with your suppliers. Think about the long-term business opportunities and offer them opportunities to extend the business beyond just a one-off-event.

  1. Make your Event Tickets Easy to Buy

Maybe you are organizing a charity event or an event for fundraising. So how will you ensure that it is attended by people in great numbers? By making it easier for your target audience, to purchase the event tickets from the comfort of their home. You can also use your website to sell out the event`s ticket.

If you are planning a new event, there are multiple ways to make it successful. With our “Everything about Entrepreneurship” course, you can learn how to start your own event management company with a small investment budget.

Do not miss out on this opportunity to become financially independent by becoming a successful entrepreneur. To know more about this course, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

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Business motivation

5 Easy Steps to a Successful Virtual Event Planning

virtual event

In 2020, when the COVID 19 struck the country, the travel and event industry came to a halt. Although the blockage was temporary, the uncertainty associated with the virus and its effects was perpetual.

The consumers were forced to avoid traveling and the nationwide lockdown created a situation of urgency. The livelihoods of various industries and businesses were at stake.

While multiple concerns are still looking right in our faces, the event industry is finding creative ways to get back on track. The pandemic has forced certain businesses to quit the old traditional methods and embrace the new.

A special category that was considered a less-than-ideal alternative has emerged from the pandemic. Online and virtual events are now becoming a standard practice for all kinds of events.

According to a Forbes report, the virtual events are up 1000% since the Covid-19 pandemic. Based on the statistics that were obtained in the first half of the year 2020, the virtual event industry will surpass the previous revenue that was estimated to be around $404 billion by 2027.

As the demand for virtual events is increasingly high, becoming a virtual event planner is a fantastic idea. Here are some of the most brilliant tips that will help you to kick start your first virtual event with a remote audience:

  1. Understand your Audience

Being a virtual event planner can appear a little overwhelming for beginners. However, taking a solid grasp of your guidance`s general psyche can make it all simpler. To build a strong demographic profile you must know if your target audience is more tech-savvy and willing to take part in virtual events. This will help you to come out with a suitable business plan.

  1. Pick your Format

Just like live conferences, virtual events also have multiple formats. It could be in the form of a seminar, or more like a workshop, a personal party, or a tradeshow. The key here is to give your clients a unique experience that they can`t forget.

If you are a solopreneur, you can also hire a design team to create a personalized theme or “storyboard”.

  1. Select a Platform

Today, there are multiple platforms for live-streaming. Some of the most popular options include Facebook Livestream, YouTube Live, etc. You can take a free trial to familiarize yourself with these platforms to understand their timelines.

  1. Choose a Host

If you have excellent communication skills that can keep the audience engaged for the entire duration, you can be the host of the event. However, if it is a big corporate event, you can also hire a professional speaker. The choice is completely yours.

  1. Market your Event

It is important to promote the event that you are organizing just like a typical live event. Use all the popular social media channels to garner as many viewers as to make it a successful event. Do not forget to use event hashtags and use them frequently.

Organizing a virtual event is more doable than ever, thanks to technological developments. Take advantage of this technological breakthrough and build your audience to make your brand a household name.

Master the entrepreneurial skills with our Everything about Entrepreneurship course that will help you to encounter all the challenges of the business world. To know more about this course, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

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Business motivation

10 Inspiring Books Every Female Entrepreneur Should Read to be Successful

Inspiring Books for Women Entrepreneurs| Representational Image (Photo Credits: Pixabay)
Inspiring Books for Women Entrepreneurs| Representational Image (Photo Credits: Pixabay)

In today’s world that is slowly moving towards gender equality, more and more women are taking up entrepreneurial roles. Defying the age old orthodox barriers of society and religion, several women are leading the business world effectively and effortlessly. Married women and mothers who left their career midway to fit in the household role are also making a comeback with impactful start-ups and business ideas. They are leaving no stone unturned to prove their worth and capability to a male-centric and patriarchal society. 3 Marketing Techniques for Start-Up to Follow During Initial Business Stages.

Amid the complexities and challenges of the business world and the constant struggles to keep with the at the family front as well, many female entrepreneurs start losing their motivation and find it difficult to hold on the spirit of moving ahead. To pull out the women entrepreneurs from such situation and bring them back on the track of success, here are some inspiring books : 4 Startup Ideas That Housewives and Moms at Home Can Consider and Earn a Good Amount.

Stay Hungry Stay Foolish by Rashmi Bansal

Shark Tales by Barbara Corcoran

The Gift of Struggle by Bobby Herrera

What You Can Do, I Can Too by Helen Vallaeys

Connect The Dots by Rashmi Bansal

Dare to Be: 14 Fearless Women Who Gave Wings to Their Dreams by Rinku Paul and Puja Singhal

Superwomen: Inspiring Stories of 20 Women Entrepreneurs by Prachi Garg

In the Company of Women: Inspiration and Advice from over 100 Makers, Artists, and Entrepreneurs by Grace Bonney

Million Dollar Women: The Essential Guide for Female Entrepreneurs Who Want to Go Big by Julia Pimsleur

She Walks, She Leads: Women Who Inspire India by Gunjan Jain

From incubation to implementation of the business, entrepreneurs have to go follow a long and difficult journey. Constant source of motivation and appraisal is required to keep moving ahead towards the achieving success without giving up because of small hurdles.

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Business motivation

Open your Own Chatbot Agency in Just 5 Steps!

chatbots

Have you ever interacted with a chatbot in the banking sector? Have you ever tried to place an order online through an app that suggested you the best dish? If yes, then welcome to the world of chatbots services.

Chatbots continue to be a hot topic in this tech-enabled modern era. The concept has emerged as the biggest marketing trend in the past decade.

Chatbots use artificial intelligence (AI) to mimic human conversations. Thanks to the rapid developments in technology, the chatbot service is becoming more sophisticated.

According to NASSCOM, ‘India is one of the most attractive chatbots markets in the world in terms of total start-up funding. It comes third, after the USA and Europe, respectively.

More and more organizations are investing in chatbot development and deployment. According to statistics, the chatbots attached to Facebook Messenger was grown up from 30,000in 2016 to over 1,00,000 in 2017.

What is a chatbot?

Chatbots or virtual assistants are artificial intelligence (AI) software that simulates a conversation with users in a natural language through messaging applications, mobile apps, websites, or the telephone.

If you want to start a chatbot agency, here is a list of framework you must follow if you want to sell your services:

  1. Do Research & Decide How Chatbots will Fit into your Marketing Services

If you want to start a chatbot agency, then there are two approaches.

i). Start a chatbot agency from the initial stage.

ii). Or you can add chatbot service to your existing marketing services.

Creating a simple chatbot sequence can transform your client`s marketing goals into a reality. Create a wireframe or visualize how the chatbot service is going to look like.

  1. Select a Platform to Build Chatbot

Always select a chatbot building platform that is easy to use, offers plenty of services, has higher recommendations, and a trustworthy company. Though selecting a chatbot platform is difficult, you are going to need an agency plan. Begin with a free plan and later on, you can upgrade it with a better plan.

  1. Learn how to use Chatbot Building Platform

Making your chatbot is easy as it does not involve coding. If you are someone who would love to design your chatbot but hate the complicating programming language, fret not! A chatbot is coding-free. So learn to use the chatbot building platform by including it in your marketing funnel. The more you will learn, the better you will create.

  1. Decide the Price

It is important to determine a well-planned pricing structure for your product. Select a price structure that justifies the value of your product without appearing too costly for tentative clients.

  1. Launch your Chatbot Agency

This is the final step in which you are ready to sell your services to your clients. You can help your clients increase their efficiency and productivity by offering your chatbot services.

Chatbots are one of the most profitable tools that have given proven results to scale up the business. If you are planning to open a Chatbot agency, follow these steps to make clients in large numbers.

How to open and run a business is a little tricky. Some of you might get confused about the process and will need guidance. Hence, our Everything about Entrepreneurship course can help you achieve your entrepreneurial goals. To know more about it, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

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Business motivation

3 Brilliant Tips that will Skyrocket your Business Sales Quickly

increase sales
सेल्स

Are you looking to increase the volume of sales in your business? Do you want to know how you can retain your existing customers and create new ones for a lifetime? Do you want to learn how to increase sales? Then you have come to the right place!

Selling can be challenging. And, the irony of life is that it is the only way to skyrocket the sales of your business.  Selling is a complex process. Why? Because human behavior is unpredictable.

A small business owner needs to generate revenue to maintain a healthy cash flow. Entrepreneurs who have just started their new venture often struggle to win customers, and that ultimately pushes their sales downhill.

So, how can you ensure that the number of sales is always on top? By using our amazing tips to increase your sales. Whether you are selling your products online or run a brick-and-mortar business, our sales strategies will help you convert casual visits into sales:

Keep your Customer in the Focus

You have made a product with lots of features and you can`t wait to talk about it. However, what most of the business owners miss here is that a customer is not interested to know about a product. They are more interested to know how it will make their lives more convenient. By shifting the focus of the discussion on your customer`s pain points, you will come out with a more customer-oriented sales strategy.

Create a personalized experience for your customers

Treating your customers like king can take your sales volume up, rapidly. It is very important for a customer to feel that their requirements and feedbacks will be taken seriously. They love it when a business owner remembers small details.

So, if a customer comes regularly to your café, remembering the amount of milk or the quantity of sugar he or she takes will make it special for them.

It is the feeling that brings a customer again to your store or café. According to a Forbes report on average, 7% of consumers expressed some level of frustration when their experience was impersonal.

If you are a shop owner, you can give your customers a personalized touch by greeting them with their names. This tip might appear simple, but it is very effective and will deliver big results.

Involve your Customers While Bringing Innovation

Change is the constant thing! It is essential to keep bringing innovation into your services and products. However, there is one thing that every business owner must do- take extensive feedback from your customers. Make your customers an integral part of the innovation by analyzing the ‘ABCDE Model’.

  • Analyze the problems & needs of the customers
  • Brainstorm what exactly your customer looking for in your products.
  • Co-create. Involve your customers when altering a range of products or services.
  • Deliver what promised
  • Evaluate

The model of ‘ABCDE’ is behind Subway`s success. They let their customer decide and select the ingredients of their meals. This way even if a sandwich doesn’t taste good, the customer doesn’t mind because of his involvement in the process.

A curve in growth is what every businessman dreams about. So follow our above-mentioned tips and see your sales numbers increasing. With our Problem Solving Courses, you can learn about the best sales strategy with zero investment.

Learn to generate high revenue earning products for sales, generating payment links for customers, managing account-related details. Solve your problems in just one click: https://www.badabusiness.com/psc?ref_code=ArticlesLeads

 

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Business motivation

The Simple Trick To Gain Profits In Stock Market

It is important to get into the depths of the market to reach the heights of the market. This is a very important step before taking a step towards investing in the stock market. The stock market is like the game of snakes and ladders, where you may get good shares in form of ladders that may help you to get great profits or even bite you into the downfall of losses like snakes. What sets the stock market apart from the game is that while luck is only what lets you proceed with the game, you can gain high profits by understanding the market if you are planning to invest in the stock market.

When you visit a grocery store or a vendor, you may get vegetables at different costs at different times. Sometimes you get groceries at a cheap rate but you later find out that it is not of good quality. Sometimes, you may buy expensive vegetables expecting good quality, but end up being fooled by the street vendor. To get good quality vegetables at a fair price, you need to know the vegetables like how to check their quality and the current ongoing price. Similarly, you also need to know the shares you are investing in before you proceed in the investment, such as the increase and decrease in price and demand of the shares. Just like you bargain with a grocery vendor, you can bargain with your shares on when you want to buy them i.e., at what point in time.

People generally make the mistake of taking tips from advisors, friends, or family before investing in stocks of a particular company. Dr. Vivek Bindra, an Internationally acclaimed business coach suggests people leave the shares in restaurants. To understand which companies can one invest in, they can check Nifty 50, a list of the top 50 companies in India. Nifty offers investors a price earning ratio (PE) i.e., a comparison between how much they will invest and how much they will earn by investing in a particular company. One is also advised to check the ratio for the entire share market. The PE ranges between 11 and 30, 10 being the lowest in the market trends and 30 being the highest. One can invest his money when PE is around 11, for example, to get high profits when the shares see a high rise. Moreover, one should avoid investing when PE is between 25-30, as the chances of shares increasing are very low and one may end up being at a loss.

There is a lack of knowledge about the stock market amongst the Indians, due to which only 4% invested in it, whereas about 50% of people in America invest in stocks. If you are interested in investing in the stock market and want to learn more about it, you can join the “Stock Market” Problem Solving Courses which gives you complete guidance about what the stock market is, and how you can get great profits by investing in it. To know more or to register, visit https://www.badabusiness.com/psc?ref_code=ArticlesLeads