Category: Strategy

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Strategy

5 Ways Entrepreneurs Can Deliver Exceptional Customer Service

5 Ways Entrepreneurs Can Deliver Exceptional Customer Service
5 Ways Entrepreneurs Can Deliver Exceptional Customer Service

No matter how unique your products are or how lowest the price you are offering on the internet, it doesn’t guarantee customer loyalty and conversions.

Given the cut-throat competition in the market space, it`s only an exceptional customer experience that sets you apart. Hence, delivering a world-class customer experience that guarantees customer satisfaction is more important than ever.

According to a Gartner report from the 2019 Customer Experience Management Survey, organizations nowadays are committed to improving their customer experience (CX) more than ever. A good customer experience is the sum of all interactions that a customer has with your company. It is a summary of they reach your business website and their transactions. It also includes interactions before and after a sale.

If you are an entrepreneur, you can also find many online business courses for entrepreneurs where you can learn how to give your customers an unforgettable experience. It is a crucial aspect of any business as it determines whether or not consumers will buy from your brand and become loyal customers.

Here are the 5 key strategies that will help companies to build a world-class customer experience:

1. Create a Customer Experience Vision

Before you start making a unique strategy to give your customers a unique experience, it is important to set a vision. Being an entrepreneur requires you to create a clear strategy that is consistent and sets out straight your objectives.

2. Understand Customer Behavior

Customer behavior is constantly evolving. Thus, observing the current trend and pattern is important. You can`t provide a good customer experience without knowing your customers in and out. 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.

A quick tip that you will not find in any online course for entrepreneurs is that you should interact with your customers directly and have every level of the organization speak with your customers and not just through the customer support team. This will give you a clear insight to provide your customer with an excellent experience.

3. Think of Customer`s Pain Points

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. So what frustrates your customers? What makes them change their mind while making transactions? What stops them from being loyal to you? 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 lifelong customer. To offer a unique customer experience, you have to listen to your customers. You can do it by analyzing data related to their user journey, by directly interacting with them, or focusing on social media pages. So, businesses these days can`t afford to risk ignoring a customer`s touch-points.

4. Build Strong Relations 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.

5. Focus Less on Who Your Customers are and More on What they do

Focusing more on what people are doing rather than who they are will be more important metrics in years to come. Having this data record will have a dual benefit. It will help to improve the customer experience without compromising a person`s privacy.

No one wants to do business with a company that treats you poorly. 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.

Want to build a strong relationship with your customers? Bring your company and customers together! With the Problem Solving course, companies have achieved a whopping boost in their business sales productivity. To know about this most-loved course, click here: https://www.badabusiness.com/psc

Categories
Business motivation Strategy

5 Exceptional Ways To Collect Testimonials From Customers

5 Exceptional Ways To Collect Testimonials From Customers

Summary: Testimonials are the best way to build trust among customers. But many entrepreneurs shy away from asking their customers to give feedback. Discover five ultimate ways to collect testimonials.

Everyone loves compliments. It is a gift that nobody in this entire world gets tired to receive. Not only they are free, but they are also valuable. It keeps on giving emotionally, mentally, and professionally too! Yes, you heard that right.

Quote someone as saying that your service or product was incomparable to the line of choices available in the market, or you helped them double their income and scale their business and your chances of getting more customers for your business increase.

In fact, according to a survey conducted by Bright Local, “92% of customers say that they read online reviews before purchasing a particular product.”

Many entrepreneurs often ask the best business coaches about the right way of asking their customers for testimonials because they feel so nervous that they avoid it altogether. Most often a great testimonial can help you get a lead or convert a potential customer into a loyal one.

So, if you are looking for not-so-expensive ways to promote your brand and increase its credibility, here are five ways in which you can collect a reservoir of testimonials starting today:

1. Check Your Facebook Reviews

If you are a startup, it means you must be having a business page on Facebook too! And Facebook is the first place where you should look for the reviews that your customers have given you. Facebook testimonials can be quite detailed and can highlight what your business does in an ideal way.  So, if the comment section is vacant, it is time to ask your customers for their testimonials.

Talk about what you do everywhere. Get into conversations with people and offer them solutions for their problems. You might have to step out of your comfort zone to ask for a testimonial after offering your product or stellar advice.

2. Ask the Right Questions

Would you recommend us to your friends and family? Did our products satisfy you?

If you want great testimonials then you have to ask creative questions. Questions that can be answered with a simple yes or no must be avoided at any cost. Instead, ask questions that require a bit of engaging explanation. For instance, you can ask your customers what are some reasons you would like to recommend us to your friends and family? Or How our products have changed your life?

The best business coach in India Dr. Vivek Bindra suggests that a customer wants a product that has a relative story attached to it. And while asking for a testimonial you should encourage them to share their journey.

3. Stay in Touch Throughout the Process

Most often startups send a feedback form to their clients at the end of their journey and try to pull testimonials out of them. But Dr. Vivek Bindra recommends staying in touch with your customers through their journey with you. Keep asking them what is working for them and what is not.

When you stay connected with them, you can have testimonials that show their experience at each stage of the process.  If you will wait until after you have finished serving them, they may not be able to remember the details accurately. So, it is important to capture the correct information at every stage.

4. Pull from Various Formats

Gone are the days, when the only way to get testimonials from your client was by sending them a feedback form. Today, thanks to so many platforms you can get creative while asking and showcasing your testimonials.

If a customer sends you a message on Instagram, take a screenshot and share it. Got an email from a client gushing about how his or her sales grew into a double? Save it. Just be clear with your clients that how important it is for you to know their experience and always tell them that you would like to share it. Always give them the option of excluding their name.

5. Never Stop at Just Three or Four

Would you love to see hundreds of testimonials from happy customers or would you rather see just a handful? Numbers are important. It shows that the products have been used by various customers and not just a few. This helps to build credibility, even if you don’t have long and elaborated testimonials.

Testimonials are pure love from your customers that also stand witness to the goodness that you offer through your products and services. The more the merrier. So, use the above ways that will help you to get testimonials from your clients.

You can boost your sales easily with the right guidance of a business expert.  Learn to generate high revenue earning products for sales, generate payment links for customers, managing account-related details. Solve your problems in just one click: https://www.badabusiness.com/psc

Categories
Startup Strategy

4 Growth Hacking Techniques To Make Your Startup Grow

4 Growth Hacking Techniques To Make Your Startup Grow
4 Growth Hacking Techniques To Make Your Startup Grow

Every entrepreneur wants his business to grow into a successful venture. However, the journey is not that easy. Scaling and expanding your business is difficult. There are many challenges down the road. But with the right growth strategies, scalability is possible.

To scale and grow a small startup business, entrepreneurs must adopt various growth techniques. It will also require you to interact with customers daily to create a meaningful customer relationship. And so much more!

Although some of these growth techniques are quite fresh, they have proven to be effective and play a vital role in the growth of the modern-day business. All you need is to de-clutter your mind and shift your perspective a little to identify the most effective business growth hack.

But first things first!

What exactly is growth hacking?

The entire concept of growth hacking is an experiment-driven technique to determine the most effective ways for growing a business. This vast concept includes a blend of development, marketing, engineering, design, data, and analytics.

If you are wondering if growth hacking is legal, why it has the term ‘hack’ then let us tell you that a hacker finds a quick, cost-effective but innovative method to attain growth instead of following the traditional processes.

Though, there are many existing growth hacks, here is a list of 4 strategies that will take your small business to the next level efficiently and quickly:

1. Build a Pre-Launch Email List

Email marketing though is an old method but remains the king when it comes to an effective growth strategy. It is quite an effective method when it comes to finding both leads and conversions. If you are launching a new product or a service, you can also create hype through email marketing. But, don`t just create a list of email addresses and sit idle. Take a few weeks to build up the hype and make your audience wait eagerly for the product or the service you are about to launch.

2. Create Unique Selling Point

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. You can also take online courses for entrepreneurs to gain in-depth information.

3. Know your Competitors Well

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.

4. Create Strategies Tailor-made for Your Business

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).

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.

Categories
Leadership Funnel Strategy

Make Your Business Pandemic Proof With Powerful Booster Dose of LFP 2.0

Make Your Business Pandemic Proof With Powerful Booster Dose of LFP 2.0
Make Your Business Pandemic Proof With Powerful Booster Dose of LFP 2.0

With the onset of New Year 2022, a new variant of the virus has stuck our nation once again! Where large organizations have adopted the hybrid model of working, small business owners are again worried about the future of their business due to slow business operations. However, many startup owners are taking their venture to new heights despite the lockdown and other business challenges. How? Because they are good leaders!

Good leaders are indispensable, not just for an organization but also for the success of the business. Hence, organizations and business leaders need to train themselves for the right mindset and clear goals-especially when it comes to entrepreneurs.

Successful entrepreneurs are defined by three characteristics- 1. They are powerful risk-takers. 2. They can navigate through uncertain times. 3. They are highly ambiguous explorers. These three traits are critical for anyone who wants to grow as they enable a leader to perform, analyze and find solutions.

A strong entrepreneurial leader can turn problems into an opportunity that not only benefits the organization, but also contributes to his or her personal growth, and society at large. And at Bada Business, Dr. Vivek Bindra strongly believes that entrepreneurial leadership is both a mindset and a skill set. And the best part is that it can be taught!

And with the booster dose of Leadership Funnel Program 2.0, this program will help you to create opportunities for your business and will enable you to lead change, create value across business and society, and solve business challenges. To catalyst your growth, Dr. Vivek Bindra is bringing a powerful booster dose of Leadership Funnel Program 2.0 that will deliver the unique content of 300 days in just THREE HOURS! This course is designed to develop a mindset that will help you to see opportunities where others see challenges and acts as a muscle you can strengthen with the right practices and strategies.

Dr. Vivek Bindra—the best motivational speaker in India will be explaining 26 Strategies that will make your business-Pandemic Proof! Here are 26 strategies that will help your business to grow despite the challenges:

1) Capture the Inconvenience

2) Market Research

3) Talent Acquisition

4) Talent Engagement

5) Talent Retention

6) Talent Off Boarding

7) Team Management

8) Startup Metrics

9) Bait and Hook Model

10) Intellectual Property Rights

11) Design Thinking

12) Brand Positioning

13) Product Pricing Strategy

14) Reduce your COCA

15) Product Packaging

16) Creative Business Cards

17) 10Cs of Content Creation

18) How does a Brand become Viral?

19) Must-Haves in your Ads

20) 5As of Marketing

21) Online Reputation Management

22) Performance Management

23) Billion $ Business

24) Passive Income

25) Designing Effective KRA – KPIs

26) Project Management

So why not give your business the growth that it deserves? Do not forget to attend the powerful booster dose of LFP 2.0 on 26th January 2022.

Register Now: https://badabusiness.com/lfp-booster

Categories
Strategy

5 Effective Strategies To Retain The Best Manpower

5 Effective Strategies To Retain The Best Manpower
5 Effective Strategies To Retain The Best Manpower

Manpower is the superpower of any organization. An organization is nothing without the right employees. Despite this truth, not many organizations take many steps which they should make their employees want to stay.

A hard-working employee who is talented and better skilled is aware of the fact that there are many opportunities available to them, so staying with your organization might not benefit them at all. Where a high turn-out rate is a problem for HR personnel, it could also impact the performance of the organization.

So how can you retain your best employees? Watch it here:

As a business owner, if your employee turnover is high, it is time to reevaluate the business. Your first job is to evaluate why your employees are leaving your company before you know how to stop it. There could be many reasons, but some of the most common ones could be a lack of one or more of the following: flexibility, growth, support, appreciation, engagement, and vision.

When one or two employees decide to leave your company, it may seem negligible, but if a large number of employees are leaving your company, especially the important ones, it is a cause for alarm. Here are a few strategies that you can implement to retain your best employees:

1. Provide Flexible Work Options

Since the pandemic has hit the world, many individuals have realized that they can have flexible work hours and still can be extremely productive. Many employees are now looking for an organization that offers a hybrid work system and would take a job over a higher-paying one. Flexibility does not have to be in the number of hours alone. It may extend to working hours, vacation days, or day-to-day regulations including many other things.

Most often people don`t want to work in an environment where rules are set in stone and have no scope of flexibility. Rules are meant to ensure a smooth workflow. But when they are too rigid, employees start to feel smothered. You can also take help from a business motivational coach to build a suitable plan to reduce the turnover rate of your employees.

2. Extend Support to your Employees

Everyone wants to feel they are valued, including people who are working in an organization. An employee who feels supported by his or her employer will likely stick out more with an employer. Ask your staff which area of job they find unnecessarily taxing and what you can do to make it easier for them. This one step can also prevent burnout. Employees who feel overworked will lookout for better opportunities. Support your employees in learning a new skill for their current role. It will be beneficial for you and the organization both.

3. Provide Positive Feedback

At many companies, the only time employees might garner attention for their work is when something goes wrong. Issues need to be addressed to ensure that organizational goals are met. But focusing on the bad can lead to a negative work environment. Your many employees might get overlooked just because they are doing their job well. There could be many teams that are excelling every day, with no one from management ever calling attention to it. Once, employees feel unappreciated they tend to look out for other professional opportunities.

4. Pay Them Well

Financial motivation is the biggest motivation that can make employees stay in an organization. So no matter how many cultural changes you make in your company, it might not make a difference if you are not paying your employees a competitive salary. The desire for higher pay is one of the most common reasons people leave their jobs. After all, a job that you enjoy but doesn’t pay well and cover your financial needs isn’t worth it, especially if another company will give you the same job for better compensation.

5. Be Open to Feedback

Many corporate trainers and business coaches might give you expertise and countless strategies on what should be done to improve the retention rate of your employees. However, not all will help you. Your employees might want different things than what others recommend, and they are the ones you want to worry about. If you want to keep your employees happy, ask them. Let them know you are open to feedback.

In the end, the most essential key to increasing your employee retention rate is common sense. You know that with dictatorship your organization can never sustain. Appreciate your employees, cater to their genuine needs, and reward them for their hard work. Hold onto your best people by treating them as they want them to be treated.

The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive online business course for entrepreneurs that come with Foundation courses, specialized courses, and value-added courses.

Categories
Startup Strategy

5 Powerful Growth Strategies To Grow Startups

5 Powerful Growth Strategies to grow startups
5 Powerful Growth Strategies to grow startups

Scaling and expanding your business is some different ball game. It is extremely difficult, but having your own startup business is all worth the pain. Being an entrepreneur initially means wearing multiple hats, sometimes all at the same time. 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.

So what is that one thing that can help you sustain your startup business in the market for a longer duration? The only answer to this question is by creating a growth strategy. If you want to be a successful entrepreneur then having a growth strategy is paramount. Having just a profitable business is not an achievement and is not sufficed to continue it for long.

Though, there are many existing startup strategies, here is a list of 5 strategies that will add fuel to the fire and grow your business:

1. Stay Unique

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

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

2. Identify your Niche Market

You want to start a business with a certain product or a service because you saw an opportunity to make a profit from it. You might have also identified the type of audience. But are you sure that your target audience will be your ideal customer? If yes, where are you going to find this audience? Where is your potential customer and who is it?

Well, make a list of your ideal customer and then make a network through which you can let them try your product or services. You can take their feedback to determine if they are your potential customers.

3. Analyze Your Competition

“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.

4. Review Business Model

It is very important for entrepreneurs to make a dedicated section in their business model to check if they are achieving your goals and assumptions. It is very important to review your goals and analyze if your business has made any progress or not? Always make a revised business model. If you think that they are becoming outdated, update, and upgrade them.

Employee training is another thing that you must conduct on a regular basis. Keeping your employees upskilled and upgraded with the trending technology and skills will help you to achieve your organizational goals. You can hire the best corporate trainer to bring in a new perspective and strategies in your company.

5. Update & Upgrade 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.

Categories
Strategy

5 Ways To Get Real Followers On Your Instagram Business Profile

5 Ways To Get Real Followers On Your Instagram Business Profile
5 Ways To Get Real Followers On Your Instagram Business Profile

Summary: Want to know how you can get Instagram followers for your business account? Discover the most effective strategies that will get your brand more Instagram followers fast.

Instagram has become a cornerstone of many brands` social presence. Whether you are a motivational speaker or selling a product, this platform has helped many small startup businesses to drive profitable traffic to landing pages, grow conversions, and build an engaged audience.

As a brand, the journey on the most popular social media platform can be tricky, especially when you are starting afresh. However, the first thing to do here is to get more followers, fast.

But how?

Many brands pick the easier route like buying followers or using bots. Tricks like these might help you to increase your followers on your business account. But they won`t be helpful in the long run. You will lack genuine customers and engagement. The organic distinction is very important.

So if your Instagram presence isn`t quite as robust as you are hoping, it is time to learn how to sharpen up your strategies for getting real, and organic followers on Instagram.

Here are five ways in which you can increase your Instagram followers on your business profile:

1. Optimize Your Instagram Account

One of the most essential steps that you must do is to optimize your account completely before you set out on an expedition to grow your followers. The ‘Instagram bio’ space is like your homepage that will act like a window for the world to get insights.

Without a bio, image captions, an attractive username, or profile image, how your customers will feel connected with you? How will your target customers know the account belongs to your brand? It might seem obvious but it forms the foundations of your brand identity. But many people miss out on this basic thing that your website link in the bio is that one spot that can drive traffic to your site.

2. Keep a Consistent Content Calendar

As an entrepreneur, the worst thing that you can do for your brand is to post content at random timings. If you are lucky to get users following you in the beginning, you might not want them to forget about your brand and business altogether.

Hence, keep a regular posting schedule. Typically brands should not post more than a couple of times a day to avoid spam. But if that suits you, keep it consistent. Depending upon the type of industry you are in, you can figure out which time is suitable for your posts.

3. Schedule Your Posts in Advance

While Instagram has changed its algorithm to show users more content that they like, posting at the right times can still give your posts more visibility by increasing engagement. By scheduling everything in advance, you or your team can see campaigns and schedules more easily. It is always wise to design and prepare your content in advance and with our Instagram scheduling tools, you can reach a wider audience and maintain a consistent flow of the content posting.

4. Get Partners & Brand Advocates

Any brand needs to understand and know the value of its audience. For your small startup business recognizing your target customers is vital for business growth. The larger your follower count grows organically, the more buyers and clients you will have for your products or services.

The most effective method to get more followers is to get in front of them and be present. You can conduct a contest or try sponsoring user-generated content to get your brand in customers` feeds. These types of campaigns build social proof by showing that your fans are invested in your brand enough to repost your content.

5. Avoid Fake Followers

There is a huge difference between legitimate followers and fake followers. Brands that have genuine followers are more likely to attract customers as compared to those who fake numbers. Buying followers might seem tempting, but the backlash outweighs the perks of having organic follower growth.

In today`s digital world, every business large or small is present on Instagram. This social media platform has more than 200 billion users who log in every day. So make the most of it by posting quality content to increase your followers.

Categories
Motivation & Mind Control Strategy

5 Ways To Work Efficiently In Teams At Workplace

5 Ways To Work Efficiently In Teams At Workplace
5 Ways To Work Efficiently In Teams At Workplace

Summary: Success needs collaboration, communication, and people. No one has ever succeeded alone. But sometimes managing different people from distinct backgrounds can be a little tricky. Discover 5 ways to work with people, efficiently.

Clarity and kindness can go a long way when it comes to building and running a startup business successfully. While your business idea might begin in your head, to materialize it, you will need a highly efficient team. Even if you are working in a corporate world, teamwork is an essential skill.

So if you are someone who wants to get along with people at your workplace or looking for easier ways to build the high-productive team for your startup business, here are 5 ways:

1. Provide Constructive Feedback

Working in a group when the deadline is reaching nearer can get difficult. Conflicts are inevitable in that situation. So instead of getting caught up in a useless argument, focus more on a solution. When two people are working together, disagreements are pretty normal. So instead of focusing on the negative part, bring an actionable solution to the table that helps take things forward.

2. Appreciate & Give Credit

If someone has done a commendable job, acknowledge and appreciate the. But do not limit it only to the team. Do it when you are talking to your investors as well. Appreciation makes individuals valued and more invested in the company.

You can also organize a wall of fame or Rewards & Recognition ceremony where team members get rewards for their efforts and get a shout-out from their fellow team members can be a great way to thank your colleagues and subordinates. When people feel demotivated and exhausted, a concrete memory of successes can help them keep going.

3. Be Accountable for Your Mistakes

If something goes wrong and it`s your fault, be honest and accountable. The first step to finding solutions to a problem is to accept it, be upfront about what happened. While your first impulse might be to underplay it and sweet it under the rug, avoid doing it like a plague. Don`t try to blame someone else, as it will only cause more problems.

4. Understand Your Strengths

Being aware of your strengths and weaknesses can make you more efficient and productive. Before taking up a new project with a different team, you must take inventory of the strengths and weaknesses of your teammates.

5. Stick to Schedule at all cost

Emergencies can throw everything off the table and can catch you off guard. So from the start make some ground rules with your team, such as for how long a meeting will last and how often will those meetings happen. It is easier to get pulled in all directions instead of focusing on one thing. Figure out how people like to communicate and talk things out. Whether short meetings or long meetings are perfect, or would you rather do an email or chat update at the end of the day.

It makes sense that you would like to finish up work that is been delegated to you, but sometimes to finish work on deadlines, you can ask for help from your peers. Once the word is done, acknowledge them for their help and say thank you.

Gratitude always goes a long way and when you are working in a potentially stressful situation, it can help you to build an amicable environment. The above-mentioned 5 things will help you to work with people most efficiently and will bring productive results.

The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.

Get your business back on track. Grow through self-learning and see your website traffic increasing with marketing collateral designed especially for you. To know more, visit: www.badabusiness.com

Categories
Finance Strategy

5 Common Mistakes Beginners Make While Investing In Stocks

7 Best Tips You Should Consider Before Investing In Mutual Funds
7 Best Tips You Should Consider Before Investing In Mutual Funds

Invest in the stock market—-this was the millionth time Rahul heard this suggestion from his friend Sridhar when he asked about wealth creation. Trading, mutual funds, long day, short day, intra-day, and many other terms were thrown at him by Sridhar that amazed Rahul.

Rahul asked Sridhar how to invest in stocks and his dear friend asked him to open a Demat account. And as eager as he was Rahul begins his trading journey by investing in cheaper stocks without doing fundamental analysis.

Result? He lost INR 5000 in 2 days. Though Sridhar showed a great way to wealth creation, he should have told Rahul to avoid making hasty decisions. Investing in the stock market can be tricky, especially for amateurs. And for a new investor, it can be an alluring place.

For those who are new to this world, it might seem like gambling where people make and lose fortunes. But with the right approach and fundamental analysis of stocks, one can create wealth. The investment process has become hassle-free these days.

However, even with the fundamental knowledge of stocks, you can make these 5 mistakes as a first-time investor:

1. Not Understanding the Fundamentals of Stock Market

Ignoring the basic facts about the stock market can result in you losing your hard-earned money. Understanding concepts like ‘Going Long’, Going Short’, ask price, bid price, bid quantity, offer quantity, and stock price changes, PE ratio, PB ratio, dividend yield, a margin of safety, and many other factors.

To know everything about Share Market from the scratch, watch here:

2. To Not Have a Proper Investment Plan

Before you start investing, as a new investor you must have a proper investment plan. Being an amateur every stock and share will look promising. This can often make you lose direction by unplanned investments. Hence, it is very essential to understand your objectives and your financial goals. The investment objective is not subjective and every investor has their own financial goals.

3. Unaware About Risk Factors

The Share market is full of risks. So another mistake that first-time investors often make is that they do not decide how much they are willing to take risks. Investors who have a low-risk appetite may consider investing in stocks that have a low-risk appetite that provides stable returns and is less impacted by market volatility.

4. Wrong Risk Assessment

The stock market is exposed to high market volatility. So while trading online for the first time, it is best to strike a balance between unnecessary risk-taking and calculative risks. Sometimes beginners fail to know the margins they are willing to push while taking risks. Hence, understanding your risk-taking ability is of paramount importance.

5. Not Making a Diverse Portfolio

Many investors who trade online often fail to diversify their investments. They often fail to understand that investing in a single company or investing in only a single type of investment is never a profitable idea. A market crash or a single negative market movement can result in huge financial losses.

An ideal portfolio must comprise of stocks from different companies, along with investment in futures and derivatives.

Talking about money and growing it by investing in multiple stocks and companies may seem daunting at first. But with in-depth research and fundamental analysis of each stock before purchasing can give high returns.

So whether you are a beginner who has set goals and wants to invest in stocks to fulfill them or a professional who is aware of all the ups and downs of the market, if you don`t do enough research, you will end up raking in losses. The above-mentioned mistakes are probably common because often people ignore the basics. Keep these factors in your mind and be a smart investor.

If you have a startup business and looking for solutions, worry not! The idea of managing a business is easier said than done and we completely agree with you. This is why to help you move forward with your business goals, we at Bada Business offer an exclusive Business Coaching Program that comes with Foundation courses, specialized courses, and value-added courses.

Categories
Business motivation Strategy

4 Ways Passive Income Can Take Your Financial Worries Away!

4 Ways Passive Income Can Take Your Financial Worries Away!
4 Ways Passive Income Can Take Your Financial Worries Away!

Summary: Do you want the freedom to work on what you truly desire, rather than having to go into a job that pays you well but leaves very little time for you to enjoy things you truly love? Passive income could be the answer.

“Don`t let making a living prevent you from making a life”—John Wooden.

John Wooden, the guy who said it, interestingly lived for almost 100 years. Now, whether you want to live for 100 years or not, you want to make enough money to lead a comfortable life.

Now, if that sounds like you, would you like to know how you can do it? Would you want to know how you can lead a comfortable life even when you can`t work anymore?

What if we told you there was a way to make money without having to work for it? Passive income is the most effective way of making money with minimum effort. With passive income, you can change your financial future. And yes, we are not kidding!

What is passive income and why is it so essential?

Passive income is a source of income that is generated without requiring any additional effort on your part. You can make money from investment, property, or business that can generate earnings. It is not something that you earn from a regular job. In simpler words, passive income is what you make when your money makes for you.

Watch how passive income can change your life here. 

Here are 4 ways in which you can change your financial future:

1. Freedom of Time

Stability and security, passive income provide both to those who don`t want the worries and restrictions of a 9 to 6 desk job and still want to enjoy the freedom without having to think about paying their bills. Those who wish to spend more time with their family without having to think constantly about their monthly financial deadlines can generate income for their future with passive income.

2. Less Stress & Fear

Though money is not the most important thing in life, it can certainly make a lot of things easier. Hence, it`s no wonder that a lot of people these days feel stressed out because of their financial instability. Making money without having to constantly worry about deadlines and a bad boss can completely change your life and level of happiness.

Fear of the future can reduce the quality of life, making it difficult to enjoy the present. An extra source of income can eradicate the worry about how will you make your ends meet. All these benefits can make us feel better emotionally, mentally, and physically.

3. Flexibility to live & work from Anywhere

The freedom and independence that come from passive income are incredibly addictive. You can live, travel and work from anywhere. You don`t have to rush through the early mornings and sit for 9 hours despite finishing your work.

For those who want to travel the world with zero financial worries, passive income is an incredible opportunity. This is a chance to live the life of your dreams while being able to enjoy financial stability. Passive income also allows us to take care of the travel cravings by allowing us to explore incredible beautiful places sans the worry for our financial future.

4. New Growth Opportunities

Do you know what is heavenly? To be able to make money without having your superior standing over your shoulder and telling you what to do. The independence to do things at your own pace boosts productivity and gives you ample time to focus on things that are much more important.

When your income is automatically transferred to your bank account, you don`t have to constantly worry about meeting your needs.

Instead of having to run off to your workplace and your toxic manager, creating a passive income can help you lead a good life. You can focus better and train your mind to achieve more. These were the 4 ways in which passive income can stabilize your financial condition.

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