Category: Startup

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Business Startup Ideas Marketing Sales Startup

5 Ways to Skyrocket your Webinar Attendees!

If you are an entrepreneur with an e-commerce business, you must have experienced the highs and lows of hosting a webinar. After all, improving your attendance rates can result in higher sales than any other conversion strategy.  However, it is also one of the most dangerous places where you can lose most potential buyers in a campaign.

The major reason behind this is that sometimes you are so focused on the sale, you forget about getting people on the webinar. Earlier 60-70% of people would attend a webinar live whereas today, most people are likely to get 25% of the audience.

According to a report, 64% of businesses received a new client in the last year through a Facebook video.

In another survey, ‘83% of video marketers say that webinars have helped them generate leads. 84% of consumers admitted that they have been convinced to purchase a product or service by watching a video by a brand’.

Webinars have exploded on the internet, especially in that past year. The consumption of social media content is increased due to the pandemic. As the people were forced to stay at home, online consumption spiked up. And as the trend evolved, more and more marketers began to take the advantage of them.

So what makes WEBINARS a popular choice amongst the marketers as well as the consumers?

Webinars are one of the most effective ways to hook in new leads. It helps brands to change with the rapidly changing consumer behavior and market trends. A potential buyer will buy your product or sign up for your service because it will help them. Not because it`s cool, hip, or trendy.

This is why people love hands-on lessons and casual walkthroughs that can help them build their businesses in a better and simple way.

Brilliantly planned and executed webinars can result in a 19% of the conversion rate on an average. These are pretty solid statistics if you compare them with the average conversion rate on standard PPC campaigns on websites.

If you too are planning to host a webinar, here are 5 tips to cut through the noise and attract a large audience to your webinar:

1. Identify your Customers` Challenges

Understanding your customers or clients is paramount. Ask your potential customers, existing & potential clients about their current challenges, frustrations, and desires. Post questions on Facebook and read the comments. Find out why consumers will choose your brand and not your competitors. Identify the solutions and use the exact language in your webinar. This will make your audiences feel seen and heard.

2. Pick a topic that Attracts Attendees

Research a topic that will pull more people towards your webinar. Which topic according to you will attract more audience?

a). How to purchase our product?

or

b). Make your business easier through new strategies?

If you pick the ‘option B’ then you are right. Why? The second option promises a benefit that will help your customers to run their business operation, smoothly.

If you test different topics for your webinar, you will find that an interesting, engaging, timely, and educational webinar will pull more audience. Your presentation should be ‘customer-centric and ‘solution-oriented. This will give participants practical ways to solve the challenges they are facing currently.

The topic should also obviously include the real goal of lead generation, product launching, and educating your audience.

3. Find your Target Audience

If you are selling a sports product, it would be pointless to market a webinar to those who are more interested in business courses. Hence, it is extremely necessary to search out forums, mail groups, chat rooms, or any other social media platform to find out your target audience.

Once you find a topic of interest, create a follow-up plan, and make a strategy to build your event marketing plan from there.

4. Be open to fluctuating Attendance Expectations

Sometimes we overestimate the numbers and find it demotivating to see the actual number of people who attend the webinar. Expect a show rate of only 30% of those who have registered for a free webinar.

If your numbers are below that then make sure that you are sending day-of and 24 hours reminders via email. Send invitations to more prospects and multiple times to remind them about your free webinar.

5. Use Polling Questions

The best way to increase the engagement on your webinar is to ask your audience to participate in your webinar. If you have ever attended a webinar on one of the most leading platforms, you must have noticed that they allow you to pre-load interactive polling questions.

You can capture the attention of your audiences by asking questions related to the webinar. Ask things like:

i. What interests you most about the webinar?

ii. What are the immediate challenges you are facing?

iii. Would you like to boost your sales?

iv. Would you like more information on our latest product or services?

The type of questions that we have mentioned above will not only attract the audience to your webinar but also give them ‘food-for-thought and keep them hooked for your next webinar.

Have your attendees try, buy and contact you for more information on your products or next webinar. Also, offer them a limited-time offer for the webinar to create urgency and hype around it. If you are doing an educational webinar, tell your attendees to stay on for more information.

And last, but far away from least- Be Enthusiastic and talk in a more connecting way! Motivate your participants and engage them in conversation. Want to know more about marketing strategies? Click here: https://www.badabusiness.com/?ref_code=ArticlesLeads to join the league of successful entrepreneurs.

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Startup

CHUNAUTI Startup Challenge: STPI Receives Over 6,500 Applications For The Challenge Hunt

startup ipo india

With an aim to encourage innovation and entrepreneurship in the key sectors across India, the Software Technology Parks of India (STPI) announced that it has received 6,708 applications for the Challenge Hunt under Next Generation Incubation Scheme (NGIS) by Advancing Uninhibited Technological Intervention (CHUNAUTI). In August 2020, CHUNAUTI was launched by Electronics and IT Minister Ravi Shankar Prasad. The program aims to identify around 300 startups working in selected areas and provide them with a seed fund of up to Rs 25 lakh and other facilities.

According to a report by PTI, the government has earmarked an amount worth Rs 95.03 crore over three years for the programme. About 1,820 applications qualified and 111 applicants were selected for the presentation round, a statement said. The consolidation of scores and the finalisation of results is underway. The final list of selected startups will be announced soon that will be incubated by STPI and be provided with stipends/seed funding and other facilities to set up their venture, it said.

The report said that maximum applications were received for edtech, agri-tech and fintech sectors (767), followed by jobs and skilling, linguistic tools and technologies and healthcare sectors at (312) and (308) applications, respectively. In terms of regions, Maharashtra leads the tally with 215 applicants followed by Uttar Pradesh (199), Odisha (138) and Madhya Pradesh (129).

“The initiative aligns with our vision to foster an innovative ecosystem for the development of indigenous software products. The selected startups will receive end-to-end support through financial assistance and mentorship that will encourage innovation and entrepreneurship in the key sectors,” Omkar Rai, Director General of STPI, said.

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Business motivation Startup

5 Surprising Myths about Entrepreneurs that need to be busted!

Do you have what it takes to be an entrepreneur?

If you will ask any entrepreneur who has built a startup, he or she will tell you that starting a company is just like having a baby. The slight line between the two is very sleek. And just like parenthood, entrepreneurship is not for the faint-hearted. It is emotionally draining, physically, and spiritually tough.

Starting a business requires courage to take risks, patience to face the worse, and confidence to manage everything with panache. That being said there are plenty of ideas, notions, assumptions, beliefs, and most common myths that surround entrepreneurs.

Some of them might inspire a lot of you; while some of them might prove to discourage you to start your own business. However, these myths are far from true and superficial too.

Here is a list of all 5 common misconceptions about entrepreneurship that we will go through and debunk to present the truth behind them. If you are on the fence about building a startup, take a look at these myths getting debunked:

MYTH 1- Entrepreneurs Lack Personal Life

Lots of people believe that entrepreneurs work 24 hours a day, 365 days a year. Though entrepreneurship can take grueling working hours and commitment, it is not true that entrepreneurs do not have a personal life.

Part of being your boss means you can schedule your working hours and can take time off whenever you want. Certainly, this does not mean that you can take off whenever you don`t feel like coming to work, it simply means that you can attain a cordial work-life balance.

Also, one of the key skills to become a successful entrepreneur is to acquire brilliant time management skills. So, if you can establish a proper work routine, you won`t have trouble finding free time.

MYTH 2- Wait for the Right Time

A common misbelief where people believe that they should wait for the right time to launch a business can prove costly. Perhaps, this could be one of the reasons, why most of the excellent projects never see the light of the day. The truth is that there never really is a “right” time. Most people never feel fully ready.

The secret behind the success of few entrepreneurs is that prepare themselves for the future by taking small steps. You can take all the time in the world to plan, build and then put it off for years, but if you don`t execute it, you are not going to go anywhere.

If you wait for the right moment, you will keep waiting forever. There is not a set date or an alarm that will go off announcing, “Today is the day!” The sooner you begin, the sooner you will get closer to a sustainable and profitable business.

MYTH 3- You need to Know Everything Before Taking the Leap

In the bestselling book, Rookie Smarts, author Liz Wiseman asks the million-dollar question- Is it possible that we can be at our best despite being under-qualified or trying something for the first time? The answer is yes- with the right, focused, and a positive mindset.

Being new, curious, and somewhat naïve is an asset in today`s dynamic world. Sounds strange, right? However, there is a logical reason behind it. To be successful at anything new requires energy, innovation, creativity, and the ability to step outside your comfort zone.  It`s often not what you know, but how fast you can learn is that counts.

MYTH 4- Entrepreneurs take a lot of Risks

Entrepreneurs do take risks! However, this doesn’t necessarily mean that they put themselves in a high-risk situation. Entrepreneurship is generally considered a risky proposition and many risks are associated with your business. However, contrary to popular belief, entrepreneurs smartly plan their every step to reduce risk.

They follow a calculated learning and experimentation process, actively taking steps to mitigate risk early and continuously.

MYTH 5- Entrepreneurs are only Driven by Money

Would entrepreneurs start a business in which they can`t make huge profits? Never! However, there is more to it. Generating revenue is not the only motivation for small business owners. It is not even first on their list. Following their lifelong dream and achieving their passion is the main motivation for entrepreneurs.

Then, comes financial stability. It does not mean that you are buying Ferraris. Being financially stable simply means that you are living a comfortable life and able to make ends meet. Money is a motivator, but not as important to entrepreneurs as people assume.

Dreams and ideas are two fundamentals, but also you will have to believe that it`s possible to achieve them. More and more men and women are starting a business. Everyone can get the skillset and mind of an entrepreneur. But to be a successful entrepreneur passion, confidence and the willingness to never give up are the most essential.

Want to be a successful entrepreneur? Click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

 

 

 

 

 

 

 

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Business motivation Business Startup Ideas Startup Strategy

5 Important Steps Entrepreneurs must take for the Perfect Product Launch!

So you have a unique idea for a new product that will magically resolve all the challenges that customers in a particular segment are facing. You create a killer product that may bring a revolution to the world. Now you want the entire world to go crazy to purchase it (think about people standing in queue to buy an iPhone).

But none of that happens and you get up with sweat beads all over your forehead. All the hard work and efforts that you have put in to create a product now appear pointless. Scary, isn`t it?

It is extremely easy to get ahead of yourself when trying to create a new product. Envisioning all the sales and profits, recognition, and success that will emerge after your product launch can often take us away from reality. But just like any other business initiative, a product launch also requires time and careful planning.

And, launching your product in the market without having your ducks in a row is a recipe for disaster. Thus, if you have created a brilliant product after investing your hard-earned money and efforts, here are 5 steps every entrepreneur should take before releasing a new product:

1. Be Strategic in Defining your Target Audience

Whether you are creating the new iPhone or a food joint, it is important to find and learn from your core audience. Establish your base and build their confidence in you.

Learn from your competitors as there are no original ideas, only repurposed ones. As you prepare for your product launch, research your competitors. Take from their good, learn from their mistakes and enhance where you think is a scope for improvement.

2. Go All out When It comes to Publicity

Obscurity kills businesses. If you do not shine like a sun when it comes to publicity, you won`t get the attention that is needed to be successful. Before launching your new product, ask yourself two things-

a). How far will I go to get attention?

b). How frequent will I be in my attempts?

If you will not go overboard when it comes to marketing your product launch, you will not get your customer`s attention. Also, having a thorough understanding of the challenge that your product or service is solving is imperative to business growth. It is very surprising to see how it is not thoroughly thought through.

3. Be Clear & Concise about your Target Audience

If someone asks you, “Who is your target audience?” you should have a concise answer. Otherwise, it’s a red signal! Being an entrepreneur is not an easy deal and thus, it is suggested that you should research well about your target audience.

Apart from knowing your audience, you must be well aware of your product`s value. Take testimonials from your client who found success using your product, which can be beneficial for making improvements.

4. Trace & Understand the Buyer`s Journey

What is the foundation of all the marketing and sales activities? The Buyer`s Journey! The process that revolves around the buying process makes the basis of all the activities related to marketing. Thus, it is essential to understand the customer`s pain points, from where do they get their information to, and who influences the purchase. Generally, there are specific events that may trigger a purchase.

5. Focus on Major Media Outlets

Attention is the currency of the internet. An average person consumes an enormous amount of information daily. To hold someone`s attention, cut through the noise. Develop the right media strategy that is suitable for your product launch. Pitch yourself as an expert and focus on high-profile media outlets. However, your pitch must have a sensational hook with actionable advice.

Also, do not just use the traditional medium of advertisements. Use the power of social media and create hype to engage customers. Create strong brand guidelines and ensure that you got the powerful one. Use social media platforms to create a buzz amongst the target consumers.

Another brilliant way to create a buzz around your product before its launch is to reward your customers. Offer discounts for preorders, first-time users, and or something else that can entice users to buy upon launch.

Launching a new product or service is not easy! There are lots of steps involved that can leave a great impact on a product launch. These steps can make or mar your product in the niche market. Know what is best for your product or service with our Problem Solving Courses.  To know more about it, click here: https://www.badabusiness.com/psc?ref_code=ArticlesLeads

 

 

 

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Business motivation Business Startup Ideas Startup Strategy

5 Common Pitfalls Startups Encounter and How to Avoid Them!

Home to 21 Unicorns, India is being the 3rd largest startup ecosystem. The Indian startup has received increased attention in recent years. This simply means that their numbers are on the rise and they are widely being accepted and recognized as an integral part of growth.

Though the immense growth and support for startups that are available in all dimensions is a pleasant change, the cold and hard fact is that most of the startups in India fail within 5 years of their launch, as per a report by IBM Institute for Business Value and Oxford Economics.

There are numerous reasons behind the failure of the startup. But one major reason is due to the lack of innovation. Also, startups that fail tend to repeat the same mistakes that prove costly shortly.

Here is a list of five common pitfalls that every entrepreneur makes at the early stages, but should steer clear of them at any cost:

1. They don`t have a Leadership Team that encourages diversity

Starting our list with the most common but costly mistake that founders usually make is when they begin hiring people for their team. Many entrepreneurs hire people just like themselves. On the surface, this appears to be a sound idea, but the danger lies underneath.  Without people who challenge the stereotypes and the founder`s thinking, a startup fails to identify new opportunities or to spot risks until it`s too late.

Avoiding this trap is essential to make a startup business successful. Startups should hire people who think out-of-the-box and know no creative boundaries. The diversity of ideas, skill sets, and backgrounds are the key essentials of every successful startup.

2. They Don`t Invest Time To Find The Right Venture Capital

Capital is essential. But this does not mean that every startup should rush after it. Speed is important, yes, but without breaks, it will result only in a misadventure. Finding a balance speed to find the right fit is equally essential.

Finding perfect Venture Capital is just like finding the right partner for marriage. Take enough time to find the right match- and avoid jumping at the first or the biggest check.

VCs are always on the lookout for the next Uber, Razorpay, Nykaa, or Facebook. To increase their chances, they may invest in multiple companies and come with a growth-at-all-mindset.

To avoid a situation like that put in a considerable amount of time to find a VC partner that will provide thoughtful guidance, mentorship and will be there for you during the challenges.

3. They Create Products Without Considering Customer`s Pain Points

Too often founders get overly enthusiastic about their ideas related to their product or service. They often believe that once they build a product, customers will come. But building a product or a service without any customer validation or A/B testing can be dangerous for a business.

Instead, founders of startups should always find an alpha customer and then create a product to solve the customer`s biggest pain point. Creating a customer-centric product doesn`t happen by just sitting around a conference table brainstorming. The idea to build an amazing product comes from seeking out and tackling the real problems in the world that already exist.

4. They Lack a Clear, Concise & Focused Go-to-Market Plan

More often than not, startups are known to overestimate the demand for their products. Generally, they also lack a clear understanding of how to bring their big ideas to the market. Entrepreneurs should document a clear and concise path to their profitability. To chart this document they should conduct rigorous research and analysis that challenge their market estimates.

This requires an in-depth knowledge of the strengths and weaknesses of their market competitors. Along with that, they should also determine the company`s proprietary advantage in each market segment it is looking to penetrate.

It is also important to be prepared in advance to be able to shift the business with the technological advancement or according to customer needs. And while adaptability is crucial, having a focused plan is also essential. As a startup the resources are generally limited, thus, it is important to be laser-focused for maximum impact.

5. They don`t build Strategic Partnerships

Many startups think about partnerships just in terms of capital and checks. But startups also require strategic alliances that will help them refine their business models, new customers, scale revenues, and generate market awareness.

By making partnerships with large and established companies, startups can save costs on R&D resources as well as the expertise of their professional team.

Want to know what are the other pitfalls that entrepreneurs should avoid? Know it all from the top industry experts with our Everything about Entrepreneurship course. EAE course will give you access to marketing expertise and essential mentorship.

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

‘Completion before expansion’- Invest your money on a complete project

Planning to buy a new home? Know why you should invest your hard earned money on a complete project rather than an under-construction project.

 

 

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E-Commerce Startup Strategy

5 Crucial Tips for Entrepreneurs & Wantrepreneurs to Enhance Productivity!

Productivity is critical for success! It acts as a catalyst to enhance the efficiency and growth of a business. From entrepreneurs to wantrepreneurs, solopreneurs to business owners, productivity is of utmost importance.

Finding ways to be productive and not just busy is essential for every entrepreneur and wantrepreneur is crucial in these economically turbulent times. And, if you are between managing people, meeting deadlines, and performing random tasks dutifully, you are running a business, perhaps you are also running out of time.

If you can thrive while juggling between the distinct job roles, then CONGRATULATIONS! But, if you feel like you are hanging by a thread most of the time while managing the hectic work schedule, then don`t feel bad. Because being an entrepreneur can be a tough task.

And, if you are not making constant efforts to improve your productivity, it`s only a matter of time before all those goals and aims will come crashing down. However, increasing your productivity is not rocket science, given that you are willing to put all your efforts down.

You can complete all your major tasks in less time if you maximize your efforts and minimize distractions. Here are 5 brilliant tips that will improve your productivity rapidly, as a busy entrepreneur:

1. Build Time Blocks- Figure out your most productive time

Do you struggle with focusing on prioritizing tasks? Do you often fail to manage your time? If you found yourself nodding your head while reading the above two questions, then Time Block could be the solution.

A time block is nothing but small parts of your scheduled time throughout your day. You can decide the tasks you would like to complete according to their priority. Focus on a single task and ignore everything else. Focusing on a single task at a given point of time helps you to concentrate and perform better. It also ensures that you tick off all the important tasks for the day.

2. Implement Accountability

We often underestimate the power of public accountability. Public accountability is something that can truly motivate us.

Make a to-do list and set short-term goals, even if it means finishing your pending tasks for the day/week. Share your tasks and goals with a co-worker, friend, or with your team. Knowing that you will have to report back and be answerable for not meeting these goals will keep you motivated to perform better to see them through.

3. Say Goodbye with Multitasking

We know that in today`s busy world, most people will suggest you handle multiple tasks at one go. However, what most people forget to mention is that it reduces efficiency & productivity. When you are being pulled in hundred different directions daily, it is really hard to give your best and deliver quality results. Jobs are often left open and incomplete, or they are full of human errors due to simple oversight.

This is why staying focused on one task until its completion ensures that it has your 100% concentration and done to the fullest potential.

4. Minimize Distractions

Easier said than done, we know, but try to reduce unnecessary distractions throughout the day that we perform unconsciously. You can also right ‘Day in your life off’, which is a wonderful way to take note of where you are spending your maximum time.

All you have to do is write about your assigned task and your daily routine which you follow. This will give you an idea of where your maximum amount of time is getting spent. For instance, you can reduce social media browsing, or spending too much time on your phone.

5. Learn to say ‘NO’ Politely

When you segregate your daily tasks and schedules, it is time to prioritize them whole-heartedly. Allocate your time to the most worthwhile tasks, which will help you to achieve your goals. This also means saying ‘No’ to new projects, new assignments, new clients, and new responsibilities.

Saying NO to non-essential tasks will help you to finalize the list and helps you to stay adhered to your to-do list.

When you are an entrepreneur or a wantrepreneur who is ‘work under progress’, it`s easy to be “on” at all times. However, staying busy and occupied all the time can stifle your mind and block your creative juices from flowing.  Take time to distress your mind regularly as it will impact your effectiveness. And your mind and business will thank you.

Want to know how to deal with business challenges that come unannounced? With our ‘Everything about Entrepreneurship’ (EAE), you can learn business insights and in-depth knowledge from the top industry experts. To know more about EAE, click: https://www.badabusiness.com/?ref_code=ArticlesLeads.

 

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Process & Business Expansion Startup Strategy

White Label Solutions: A Cost-effective Solution for Start-ups to build a successful Business!

White label solution

Being an entrepreneur is not an easy task. Especially in a start-up world where the competition is fierce and the market is dynamic! From taking care of multiple tasks at the same time to managing your products, marketing, brand reputation, and customer service, it is hard to do everything on your own.

For an entrepreneur who is facing a business challenge, doing everything on their own could be the first reflex. However, keeping a considerable pace with the market trends that are forever evolving could be an overwhelming experience. And, in many cases building a customized solution right from the start has proved to be a disaster.

According to a study conducted by MIT Sloan Management Review and Deloitte found that ‘around 23% of the marketers needed to develop a stronger talent model. By hiring a full team with a white label model, they were able to skip the problems of hiring in-house and recruiting and straight away built a team of highly qualified experts working for your brand’.

White label business solutions are a gateway into the business world. It helps you to scale your business and sell your products at no extra cost and without pre-planning, training, hiring, and implementation work.

So what exactly is a White Label Solution?

A White Label Solution is a generic product that is created by one company but marketed by another under their log and branding.

If you think only budding entrepreneurs are using White Label Marketing then let us tell you a secret, which is no more a secret. Do you know that around 84% of Walmart customers purchase private label products?

With lots of products on the shelf do you think that all the products are manufactured by Walmart? Not entirely! There are many products that Walmart uses under its name by using its branding and logo.

Essentially, a White Label Solution involves a manufacturer who sells an unbranded piece of product or service to a reseller who then places their logo and sells it to their business clients. Hence, in a white-label market, the manufacturer and seller are two separate entities that work for mutual benefit.

It is not only limited to small business owners and large enterprises, but many college and institutions are also making the most of this service with White label content creation.

How does White Label Solutions come into existence?

This concept was drawn from the fashion industry where retailers acquired mass-produced goods from the manufacturers and sewed their branding on the product. What did they get? A product that was similar to private label brands. However, at a competitive price point!

Advantages of White Labelling

Naturally, the foremost benefit of white labelling is its cost-saving aspect. However, there are plenty of other benefits that white labelling that every entrepreneur, solopreneur, or business owner must consider:

1. It saves time– Time is money! And since businesses do not have to build or develop solutions from the start by putting their own time and resources, White Labelling saves up a lot of time, financial and human resources.

2. No Infrastructure Needed– As the resellers can purchase the product from the manufacturer and start reselling it under their branding, they do not need an infrastructure to set up a manufacturing unit.

3. Happy Customers– With quick customizations and quicker time to market the products at the reseller`s end, you will have more happy & satisfied customers.

4. Allows you to focus on your business– More often than not, the companies hoping to build a solution find themselves in a precinct that does not fall under their expertise. Pre-packaged solutions with White Labelling that are prepared by experts can help businesses to reach their goals more efficiently.

White Label Solutions can help businesses who are trying to establish themselves in the market to utilize their unique branding to offer a range of products and services without having to incur money in resources, infrastructure, and technology.

By using white labelling entrepreneurs can give their customers a quick solution to their immediate problems. They can also focus on the core competencies of their business, and move towards building a brand and greater conversion rates.

Want to know how you can grow your business with White Label Marketing? Click here to watch this video: https://www.youtube.com/watch?v=cpSf2e-k7CM.

 

 

 

 

 

 

 

 

 

 

 

Categories
Business motivation Startup Strategy

5 Powerful Fundamentals every Entrepreneur must know for growing Startup!

Startup Tips

Starting your own business can be very exciting. A young mind, which is full of aspirations and creative ideas willing to give everything that it needs to turn a dream into reality, knows no limits. But just like there is no shorter way to success, every successful entrepreneur will tell you that the journey to success is daunting!

No matter what the nature of the business is, there are fundamentals that every entrepreneur must be aware of to keep their business thriving. Doing multiple things at the same time and without having a solid business background, being in charge of a lot of things can feel overwhelming.

Understanding how to read a balance sheet and a financial statement is just as vital as it is to understand how to make, launch and market the product or offer an A-class customer service.

Here are five fundamentals that you must know to grow your business startup:

1. Build & Grow Network

Networking is one of the most crucial factors that can help a business to grow immensely. Topping the list, every entrepreneur must focus on building an online and offline network. Building an online network with some of the most important key influencers is a really powerful thing to do. This can lead to people sharing your brand with others.

If you don`t have a large circle, go out and meet new people to build meaningful connections. Create a profile on social media and be socially active with influential people. Follow their blogs, leave comments on their social network profiles.

Engaging with influential people on social media can bring you to their notice. This can further help you in growing up your business because you never know on which door opportunities will knock.

2. Avoid Rushing

Business expansion is on every entrepreneur`s mind. However, rushing to do a lot of things in a very short time can result in a disaster. If your business is in the early stages then do not try to market your product or service to everyone. Target a small niche of consumers first, and then focus on reaching out to a wider audience. Here is a very informative video that will tell you how you can scale-up your business. Watch it here: https://www.youtube.com/watch?v=LxTCBzr9q-k&t=76s

3. Cash Flow

Budgeting is the first step that will take you on a successful entrepreneurial journey. Understanding the concept of cash flow projection is a vital step. You must be well acquainted with information like how much money your startup can expect to earn. How much profit will be generated, and how much fund will be required to continue day-to-day operations. It is essential to set realistic goals and take a cold, hard, fact-based look at what you can reasonably expect in the future from your business.

Have a basic understanding of financing and fundraising options that include angel investors, venture capital, self-funding, crowdfunding, loans, grants, and more.

4. The Regulatory & Legal Framework

Every business requires certain financial, economic, and legal frameworks in India. Adhering to all the regulatory and legal requirements is required to smooth the working of your business. Some of the legal aspects that your business must include are:

a).Business structure (corporation, partnership, and sole proprietorship).

b).Business name (copyright issues).

c).Tax IDs

d).Permits & Licenses

Understanding the legalities also means managing your rights and maintaining the right to do business. Also, insurance is crucial to any business as the future is uncertain. Having insurance is essential to growing a business at any stage of development.

5. Marketing Strategies

Last but far from least, having deep marketing knowledge is a must-know thing for every entrepreneur. Marketing is essential for the growth and profit of any business.

For instance, you have created an amazing product. It can change the lives of your customers, but your customers are not aware that your product exists in the market. Would it be beneficial for your business or your customer? Not exactly! Hence, you will have to invest a considerable amount of time into marketing.

Also, people do not like to make purchasing decisions impulsively. They need to be persuaded, coaxed, and reassured. That`s what a good marketing strategy does. You will need to understand your customers and their buying behavior to sell your product or services in the market.

These were some of the best tips that every entrepreneur must keep in their mind that will help you to scale up your startup business. Put these to use and with your determination and perseverance, you will see some excellent results.

For more such tips and in-depth knowledge to scale up your business, you can join our ‘Everything about Entrepreneurship’ course. To know more about this course, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

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Startup

Start-Up Ideas: 4 Profitable Retail Businesses You Can Start Right Away

Start-Up Ideas | Representational Image (Photo Credits: Pixabay)
Start-Up Ideas | Representational Image (Photo Credits: Pixabay)

Many people dream to start their own business, convert their passion into profession and become successful entrepreneurs. However, there are certain factors that are needed to be evaluated and considered before launching one’s own business. The first and foremost decision in this regard is in which industry should the business be started, which largely depends upon the interest and knowledge of the entrepreneur. Next decision to take is regarding the nature of the business – should the business be started in a retail set-up or a wholesale one. This depends on certain factors including location, finance, logistics, manpower, market conditions among others. 5 Financial Tips for Entrepreneurs Launching a Start-up.

For those who intend to start a business in the retail sector can choose among a range of alternatives available to them depending upon their finances, interest and market conditions. Here are some ideas for starting a retail business:

Stationary Store:

One of the most sought after product line is the stationary. It is an all season business. The demand for stationary items is not restricted only to the school and college students, but it has a vast market. Every organisation needs regular supplies of files, papers, pens, folders among others for both administration and operational work. Even though more and more firms are going digital, stationary still remains in high demand ensuring huge profits for the owner.

Confectionery Store:

Another profitable and ever green retail business idea is to start a confectionery store. With an year round demand, such stores is surely one of the safest business to undertake. Moreover, the list of products available in a confectionery store can also include a range of products, thereby attracting a larger customer base and more revenue. Part-Time Business Ideas for Students: Here are 5 Low Investment Businesses That Youngsters Can Take Up.

Gift Store:

Gift stores never go out of business. Be it birthday, anniversaries or any other celebrations, people look for unique and valuable gifting options to give their loved ones. Even during market slowdown, such products remain in demand. Especially during the festivities, the demand for gifts increase thereby increasing the revenue and sales of the stores.

Florist:

Another business to start as a retail set-up is that of a florist. These days ornamental and unique flowers are highly in demand of decoration purposes. Various event planning and executing companies require flowers on a regular basis and order them in bulk. Every season has its own unique flowers, hence the business never runs out of products to offer.

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Finance Startup

5 Financial Tips for Entrepreneurs Launching a Start-up

फाइनेंस

Building a company from the ground is one of the most difficult things to do. Starting your business venture can be daunting but a rewarding process. While a great business plan is imperative for entrepreneurs, financing is one of the most crucial elements that help a startup to succeed.

However, when it comes to financing management, the requirements of entrepreneurs are different. Not only an entrepreneur lacks the stability of predictable incomes, but they also have different spending decisions.

Securing funding to launch a startup can be difficult. More often than not entrepreneurs use their savings to start their business.  While this act showcases their immense commitment, it impacts their finances, and in few cases, leads to a severe cash crunch.

According to a report published on Inc42.com, in 2016, the major reason behind a large number of startup shutdowns was due to lack of funding. In 2017 lack of market demand was the major reason for the startup shutdowns.

Another report by NASSCOM states that around 25% of Indian startups shutdown untimely, due to failure in raising follow-on funding rounds majorly beyond Pre-Series A.

Good and effective management of finances can make a huge difference between a business that keeps climbing the ladder of success and one that falls at the very first challenge.

Here are 5 financial tips that would help every entrepreneur or small business owner manage their finances better:

  1. Create an Emergency Fund

A contingency or an emergency fund is created to provide financial security in desperate times. This fund helps an organization to meet large expenses in unforeseen circumstances. Ideally one should have six months of living expenses as a contingency fund.

If you own a business, it is suggested to create a larger emergency fund, in case your business has seasonal cash-flow fluctuations. It is best to build such a fund and invest it in a debt mutual fund as it will give far better returns than a savings account and help you encounter unforeseen challenges.

Having an emergency fund will also give you peace of mind and you can make more confident decisions for your business.

  1. Costly Credit must be avoided

Credit is the lifeblood of any business, especially for startups. Hence, entrepreneurs need to keep their credit scores high. Always pay your bills on time. Never miss a payment or delay the payment date, even if you are facing a financial crunch.

The cost of credit is a critical factor, when it comes to financing your business, especially in the initial months of operation. In the beginning, when the business has not even reached the break-even point, the financing of the business should be done keeping the interest cost at the bare minimum. This will reduce cost and attain profitability.

Also, keep your credit utilization ratio under consideration. The credit utilization ratio is the percentage of your available credit limits that you are borrowing during the month. Keeping your credit utilization ratio below 30% will help you to maintain a better credit score.

  1. Keep personal & business account separate

It is wise to keep your business and personal bank account separately. It will not only provide the benefit of easier accounting at the end of the financial year for tax purposes but will also eliminate the cash crunch situations in business caused due to withdrawals for personal expenditure.

  1. Bad Debts

Debts that cannot be recovered are called Bad DEBTS. When credit sales are not recovered, bad debts are created. Entrepreneurs should eliminate the situation of a fund crunch in business due to withdrawals for personal expenditure. Instead, these debts should be repaid in the next year so that a healthy financial position of the business can be showcased in front of potential stakeholders.

  1. Develop Financial Goals

Keeping the in-flow and out-flow of your finances is extremely important.  Planning a year for large expenses in advance can help small business owners to reduce the financial burden. If your future business goals involve the expansion and the launch of new products or services in the market, it is essential to plan everything related to finances.

If you are not sure how to manage your finances or how to ensure a strong financial future, you can also take the help of a certified financial planner. A financial advisor can also help you to build a strategy to meet your business objectives.

Instead of investing all your profits back into your startup venture, save for your future by investing your funds into multiple investment schemes. From stocks to mutual funds there is a wide array of investment schemes available. You do not have to invest every last penny into your business, save for your future as well.

If you can improve your finances with a better emergency fund, a solid credit score, and a strong portfolio of retirement savings aside from the equity that you own in your business, you can run your startup with a more focused and peaceful mind.

And for business owners, who are some of the busiest people in this world, having financial security is truly priceless. Are you planning to launch your dream startup business, but worried about managing your finances?

Get practical solutions easily with our ‘Everything about Entrepreneurship’ that includes step-by-step learning strategies, action plans, frameworks that are designed to empower you with various business functions. To know more about this course, click here: https://www.badabusiness.com/?ref_code=ArticlesLeads

Do you have any other financial tips for our entrepreneurs? Share them with us in the comment section below.