Tag: Business Coaching Program

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Business motivation

4 Profitable Online Small Business Ideas To Start Under Rs 25,000

4 Profitable Online Small Business Ideas To Start Under Rs 25,000
4 Profitable Online Small Business Ideas To Start Under Rs 25,000

Summary: Starting a small business in an online market is not difficult as it may seem if you have a good online small business idea.

Leaving a 9 to 5 job and starting a small online business may seem like a giant task, especially when the capital is limited. Daily tasks like logistics, managing inventory, marketing, etc., often send chills down the spine of beginners.

Building a successful business is an arduous journey. However, if you have the right plan and right business strategies, your business can reap benefits for its founders, stakeholders, and several others who depend on it for their livelihood. Today, with a great business idea and the best motivational coach in India, you can start a small online business with minimum investment.

Here are four small online business ideas that can be started with a minimum investment of as low as INR 25,000:

1. Artificial Jewelry

If there is one thing after food that never goes out of fashion and demand is beautiful pieces of jewelry. The best example of it is that even during the COVID 19 pandemic when many businesses were shut down, the demand for artificial jewelry pieces remained.

There are portals like TradeIndia where people can create an online shop to contact good manufacturers for procuring jewelry and selling. She further adds that the first customers of the business can be your friends and family members who can endorse your products in their circle. To grow your online business you can consult with a motivational coach for entrepreneurs.

2. Home Bakery

If you have a thing for a bakery, you can also start your own bakery business. This business does not require a large investment. You only need a minimum investment to procure an oven and buy ingredients for baking. When starting from a small scale, there is no need of doing branding. However, it is essential to focus on the quality and delivering a product, which customers would relish. This business can be started with an investment between INR 15,000 and INR 25,000.

3. Homemade Candles

In the last few years, many people are getting inclined toward aromatherapy and scented candles. Candles are a wonderful way to enhance the interiors of homes and for gifting purposes. You can start this business online with a minimal investment either by manufacturing it at home or procuring it from a third party.

You will require wax, wick, moulds, thread, aromatic oils, and more to start your business. Apart from this, you will also need to have some candle-making equipment, which includes a melting pot, pour pot, thermometer, weighing scale, hammer, and an oven to melt the wax. Once your business starts growing, you can also hire a business coach for entrepreneurs.

4. Bedsheets

Starting an online bedsheet business is quite pocket-friendly for founders as the products can be bought in bulk and at a cheaper cost from the manufacturers. Many manufacturers are available on Indiamart and entrepreneurs can connect with them. You can also purchase bedsheets from cities that are famous for their bedsheets like Jaipur, Panipat, Surat, Delhi, and Kolkata.

If you have a great online small business idea, you can begin to work upon it because they require minimum investment. To ensure that your business runs smoothly, you can also consult with the best motivational business coach in India.

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

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Strategy

5 Key Strategies For Small Business To Sustain Online

5 Key Strategies For Small Business To Sustain Online
5 Key Strategies For Small Business To Sustain Online

Summary: To have a sustainable business online in today`s dynamic business world, companies must think beyond traditional strategies and look toward more innovative possibilities.

We are living in a world where digital dependency is at its peak. In this post-pandemic world, embracing digitalization is not a choice, but has become a necessity. A multitude of businesses has already adopted digital processes. However, many are preparing themselves to embrace this ongoing demand of the business by taking help from the motivational coach for entrepreneurs.

But with all its benefits, it is very essential to follow a few key strategies to ensure that your business sustains in this digital era:

1. Create an unforgettable Brand Image

From “Thanda Matlab coca-cola” to “daag ache hain”, a powerful brand image is required for businesses to increase their product sales. Great products and amazing visuals go hand in hand. Great visual imagery can play a crucial role in the success of a business. When we talk about visuals, minute details like symbols and colors, and how you display your products online play a crucial role.

Most businesses pay a great deal to produce an excellent range of products without giving a thought to visual depiction. The online space has cut-throat competition and one of the best ways to give a leap to your business is by investing in quality visuals. Working on your brand image from the start is the best way to create a connection with customers.

2. Adopt a Flexible Pricing Strategy

Any business depends on how the products are priced. If you price your products at a loss or a very less margin, it will be very difficult for you to grow and scale. This is why product pricing is one of the trickiest aspects of a business. With so many options, entrepreneurs often find it difficult to finalize the correct price point keeping customers in the center, while also maintaining brand differentiation.

If you are new to the business world, there are many business coaching programs that you can take to gain in-depth knowledge about the various dynamics of the business world.

3. Minimize Cash on Delivery Failures

Every startup business that starts operating online needs to build trust at the initial stage. Until the customers have built their trust with the brand, cash on delivery is almost inevitable. But it can cost businesses. When a customer returns a product, businesses have to bear the shipping charges- twice.

Verifying orders, limiting payment methods, and incentivizing your audience with discounts with online payment methods will create trust and help you reduce unnecessary spending. Try to optimize payment and order tracking, in the beginning, to avoid any complications in operations later on.

4. Go Slow & Steady

As an entrepreneur, it is not just important to visualize an idea, but also to execute it and keep improvising. The best way to ensure that your business grows consistently, start small. Don`t try to tick all the boxes in one go. Your idea of business will go through multiple stages of trial and error before it comes to flourishing.

So the first step is to test it. Observe and study how your product is getting received by a small section of your audience, before going all out. In an environment that is constantly on change, it is best to refine offering as much as possible.

5. Understand Advertisement & Promotions

The world of advertising is quite difficult to understand completely. However, it plays a key role in introducing a business to the audience. In this age of the internet, digital ads and posts are everything. There are many online courses for entrepreneurs that allow you to pick the best course for your business. So, focusing on social media is something that can help your business to sustain itself in the long run.

The above-mentioned key strategies will help your business to stay upgraded with the latest trend and innovative possibilities. Instead of doing everything on your own, outsource them. Look for trusted people that can cover tasks for you and focus your attention on tasks that need your focus.

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.

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Startup

4 Non-tech Startup Business Ideas For Entrepreneurs

4 Non-tech Startup Business Ideas For Entrepreneurs
4 Non-tech Startup Business Ideas For Entrepreneurs

Summary: Times have changed and so have the market! Find out what are non-tech startup ideas you can start in 2022.

In today`s era where everything involves technology, many non-technical people with innovative ideas often think that they can`t start their own business. However, in today`s era, there are many startup business ideas. Opportunities in today`s era, have widened its horizon to the sky and beyond.

While there are thousands of business ideas, only a few of them are profitable. So if you are looking to attain financial independence by starting your venture, here are four non-tech startup ideas you can use in 2022:

1. Insurance agents

With the ongoing pandemic situation in the world the insurance have become crucial. The area of precaution nowadays is not just limited to the medicinal part but has also introduced elements of safety via insurance to all levels.

From general insurance to term insurance to life insurance, the agency shows concern for you as well as your family members. Not just individuals, but corporates too provide insurance to their employees. You can become an insurance agent and can earn money on a commission basis. Becoming an insurance agent is one of the best non-tech startup ideas.

2. Travel Agency

Do you love traveling? Do you like planning itineraries for your trips and others? If yes, then you can become a great travel agent. In today`s world, people are busy with their hectic schedules. Hence, the only thing that they look for in today`s world is a unique travel experience.

So if you love going to offbeat places, you can start your travel agency. It is a great business in which technical skills are not required. Instead, you can earn a handsome package by just doing some research and exploring beautiful places across India or the globe.

3. Wedding Planner

The big fat Indian weddings are famous all across the globe because of their glamour, vibrancy, and decadent. An enormous amount of planning, coordination, and arrangements go behind the scenes to make weddings unforgettable. However, wedding planning and coordination can become a lucrative career as well. If you love planning, you can become a wedding planner. It is the best non-tech startup idea which is a highly profitable idea for you.

4. Fashion Boutique

Do you have an impeccable fashion sense? If yes, you can open a fashion boutique. Opening a boutique is one of the most ongoing and lucrative non-tech startup business ideas. If you have a sense of style and you can sense the market preferences to the point, this profession is perfect for you.

The above-mentioned non-tech startup ideas are perfect for those who want to start their venture but lack technical skills. These business ideas do not require any technical background and can be initiated easily with minimum investment.

To understand the nuances of business, you can take our business coaching program and learn from the experts.

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Process & Business Expansion

7 Top Debt Management Tips For Small Businesses

7 Top Debt Management Tips For Small Businesses
7 Top Debt Management Tips For Small Businesses

Managing finances when you have just started a business can be quite challenging. Most often small startup businesses operate on a good note at the very beginning. But if entrepreneurs don`t have a lot of experience with managing business finances, soon the business can drown into business debts.

Hence, the most important step for any business owner is to educate themselves. They must know how to do simple accounting tasks, apply for loans, or draft financial statements. By keeping themselves updated, entrepreneurs can save their businesses from financial losses. There are many online business courses for entrepreneurs that offer in-depth information regarding debt management.

Being in debt is like a nightmare- never-ending & scary! Debts can be quite stressful, which is why it is necessary to tackle your finances and get them under control. But trying to get out of your debt or improve your credit score is like running on the treadmill. You will keep running but won`t reach anywhere.

So whether you are a student or a manager, creditor, investor, supplier, regulator, or any stakeholder in an organization managing your finances is paramount! Get more from what you spend, credit score, financial purchases, and surplus funds to build a business.

1. Pay Yourself

It is very common for small business owners to invest their capital into day-to-day operations. Though, investing money can help your business to sustain itself in the long run, as an entrepreneur you must compensate yourself too. Always ensure that your business and personal finances are in great shape.

Learn the Interest rates, fees, charges, negotiating terms, and other product-specific features you must consider through our Problem Solving Courses.

2. Invest in Growth

In addition to compensating for yourself, it is very crucial to find new opportunities that offer growth. This way your business will thrive and move in a healthy direction. From poor spending decisions to impulse purchases & investments, learn what mistakes end up costing you in the long run and figure out golden opportunities that will help your business to grow. You can take online course for entrepreneurs to understand the dynamics of making financial investment.

3. Find ways to get your business out of debt

Loans can be scary. They can lead to financial worries and repercussions that may fail. Hence, reducing expenses, reviewing the budget, or consolidating debt, find out effective ways with our Problem Solving Courses that can get your business out of debt. 

4. Avail Government Loan Schemes

There are many policies made to benefit the debt-owners by the government of India. To empower small business owners, the Indian government has launched multiple loan schemes that come with minimum interest. You can learn about policies to ensure your business is on a road to growth. 

5. Keep Good Business Credit

As your business grows, you may want to buy some commercial real estate, acquire insurance policies and take out more loans to facilitate smooth business operations. Maintaining your credit score can help you manage your debt easily. Learn how to manage your bad debts with our Problem-Solving Courses on our app. 

6. Have a Good Billing Strategy

Managing small business finances also means managing cash flow. A consistent cash flow ensures that your business is operating at a healthy level on a day-to-day basis. Hence, it is very important to manage payments from your clients or customers from time to time. If you are struggling to collect payments from certain customers, it is time to get creative to bill them.

7. Know how to recover your debt from the market

Develop & strengthen your debt recovery strategy to help reduce costs, save time, and maximize resources with our business

Improve your own personal & business finances,  grow your income, budget the smart way, and reduce your debt with our Problem Solving Business training courses that also include ‘debt management’ to become debt-free over time.

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.

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Finance

4 Ways To Reduce Risks & Make Good Financial Investment In The Market

4 Ways To Reduce Risks & Make Good Financial Investment In The Market
4 Ways To Reduce Risks & Make Good Financial Investment In The Market

Summary: Making investments in stocks and mutual funds is a great way of achieving your financial goals. But how to reduce risks when you are a beginner? Find it out.

The ongoing war between Russia and Ukraine has impacted the Bombay Stock Exchange and National Stock Exchange. Such volatility of the market may cause beginners to panic and slip away from the equity markets, vowing never to come back again.

Any investment big or small is subject to market risks. The thumb rule is to protect your principal amount. While the stock market involves risks and can`t be entirely predicted or avoided, one can protect the portfolio by being mindful, careful, and observant of market changes to minimize the investment risks. There are many online business courses for entrepreneurs to offer in-depth information on financial investment.

So apart from creating a diversified portfolio with quality stocks, you may also listen to the experts like Meghana V Malkan and Vishal B Malkan from April 1st to April 3rd, 2022 to learn how to make a mindful investment.

Here are four ways that will help you to reduce the risk while investing:

1. Keep Your Portfolio Diversified

What you do to your portfolio matters and when it comes to diversifying it, it can help in more than one way. Investing in more than one asset class will minimize the risk. Diversification means to spread out investments in different types of funds across various sectors and not stick to a particular theme or an idea.

While over-diversification means low-risk and low returns, a concentrated portfolio are a high risk-high return concept advisable to only those who are experts in the field. An investor`s job is to find the middle ground between over-diversification and concentration.

2. Buy Value & Buy Cheap

Would you invest in a property which is quite expensive or would you want to invest in a real estate property that is available at a cheaper price and have the chances of gaining momentum in the future?

The best thing about value investing is that it offers maximum margin safety. But the downside is that it offers limited growth, unlike the sectors that offer unlimited growth with high uncertainties. To find themes that are available at cheaper prices and experiencing temporary downturns but are expected to do well in the future. If you are just a beginner, you can take online courses for entrepreneurs to gain basic knowledge related to stock market.

3. Invest in SIPs

Systematic Investment Planning which is also known as SIP is a great investment plan for everyone. Hence, it is advisable to maintain a disciplined approach towards mutual fund SIPs no matter where the world is going as it can help in averaging out the NAVs at various levels.

4. Avoid Adding Stocks With the help of Margins

Avoid taking leverage and adding stocks with the help of margins. Pure cash investing is a slow and steady process to win the race.

Investing in stocks can be overwhelming especially for beginners. However, with the above-mentioned strategies, you can begin on a positive note. These strategies will help you to minimize risk while investing. To ensure that you make some good investments, you can either consult a financial advisor or you can take our problem solving courses that are aimed to offer extensive knowledge.

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

From finance to HR, Digital Marketing to IT & Sales, find creative solutions to prominent business problems easily through our problem solving courses. Click here to know how these courses will benefit you: https://www.badabusiness.com/psc

Having a compelling marketing idea is great. But you know what is even better? Personal guidance to increase your brand presence consistently to facilitate sales, engage your customers and close leads. You can join our business coaching program to learn from the experts.

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Leadership Building

3 Leadership Secrets Every Entrepreneur Must Know

3 Leadership Secrets Every Entrepreneur Must Know
3 Leadership Secrets Every Entrepreneur Must Know

Summary: New entrepreneurs often try hard to make a mark in this world. But to become a great leader takes more than sweat and blood.

Startups are often a delicate project. A new startup business is like an unexplored aspect of organizational performance. A promising business venture meets a young mind that results in the demand for a strong leadership

So how a young entrepreneur who has just started can instill an effective leadership methodology to optimize his company`s performance?

1. Keep Innovating

Innovation is the key to keeping businesses alive. Just like stagnant water begins to stink, a business running on age-old norms will eventually come to a shutdown. So, when you apply the spirit of innovation to your own company, think beyond coming up with a new product or a service. Consider various ways to enhance your customer experience and keep your teams motivated. You can offer a mentorship program to your employees through the best business motivational coach to create a dream work environment.

2. Communicate Clearly

First of all, let`s try to understand the meaning of communication. Communication is a two-way street. Many entrepreneurs often forget that to communicate also means to listen to your colleagues. Listening can make the difference between a mediocre organization and a great one. Don`t just share your ideas with your employees and customers, but convey a clear message that aligns with your organization`s goals.

3. Be Open to Advice

Elon Musk says, “don’t tell me what you like, tell me what you don’t like.” It is perhaps because of this trait that he has become famously known as one of the biggest innovators of all time. His advice for the entrepreneurs who want to be great leaders? We should not have a culture where the messenger gets shot. We should rather celebrate the person who called a potential threat or risk to our attention.

So, if you want to have a positive work environment encourage free sharing. Instead of team meetings, you can rather suggest teamwork activities from time to time.

When people get to know each other better, more sharing and innovation happens. This will also help your company to build bonds and a productive work environment. If you want to cultivate powerful leadership skills, you can try the aforementioned strategies.

You can also join the Booster dose of LFP 2.0 on March 27, 2022, to learn how you can become a great leader. 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 practical solutions easily with our step-by-step learning strategies, action plan, frameworks that are designed to empower you with various business functions. From finance to HR, Digital Marketing to IT & Sales, find creative solutions to prominent business problems easily. Click here to know how these courses will benefit you: https://www.badabusiness.com/psc

Categories
Business motivation

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

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

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

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

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

1. Be Seen & Known

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

2. Hire Right People

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

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

3. Build Proven Business Concepts & Systems

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

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

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

4. Focus on “Who” instead of “What”

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

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

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

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

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Startup

3 Ways Business Coach Can Help Your Startup To Succeed

3 Ways Business Coach Can Help Your Startup To Succeed
3 Ways Business Coach Can Help Your Startup To Succeed

To make a startup business a successful one in a short time, as much as a great leader, a good business model, and a good team- the best business coach is also needed. A business coach with good experience gives good direction to the business. With his clear understanding and sharp vision, he also works to give better leadership to the team along with the leader.

But many entrepreneurs often wonder if it is the only reason for which they need a business coach? So, in today’s article, we talk about why an entrepreneur needs a business coach and what are the main things that a great business coach can bring to any startup business or even a large organization.

1. Goal Identification and Clarity

Entrepreneurs may know many nuances of business, but every entrepreneur needs a guide to identify his or her professional goals for a clear vision. The best business coach in India can help you in clearly defining your goals. A corporate trainer is a person who plays a unique role in identifying your goal and bringing clarity to it. An entrepreneur needs to be focused and clear towards his goal, his concentration and clarity only enable him to overcome the difficulties in business.

Despite having a good business model, if an entrepreneur lacks clarity of his goals then he cannot make that business model successful. A business coach helps you to start the business by bringing minute details related to your business model to your notice. This helps you to build a great business model for your startup venture.

2. Your Business Gets Expert Advice

Not every entrepreneur needs to have the efficiency of the business. If you are an entrepreneur, you don’t need to be an expert in every field. Many times, due to a lack of correct information on any subject, wrong decisions are taken in the business, which can directly affect your business. But if you have a business coach then you can remove whatever chances you have of making wrong decisions that can ruin your business. A business Trainer in India is no less than a technician for your business. You should have expert support. If your business is in the initial stage, then having a business coach can help you climb the ladder of success. If the mistakes of the beginning take a toll on your business, then it becomes a little difficult for you to run the business smoothly. That is why the expertise of a business coach is very important in your starting business.

3. Business Coach can Help You Achieve Goals

A business can only be successful when every member of your team along with you should are very much aware with your business goals. The business coach first understands your business goals and then tells you the techniques to achieve them easily. It works to improve your business planning by catching those weak links, which can harm your business in the future. The methods and strategies suggested by Business Coach add life to your business and also work to connect your clients, employees, and business partners with your business for the long term.

Only a good team takes the business forward and a great leader takes the team forward. A business coach inculcates those leadership qualities which are needed in a good leader and entrepreneur.

Many such startup businesses in India started and closed after some time due to a lack of good strategies, expertise, and guidance. But there are some other businesses as well, which have emerged as examples in the industry. They have set the benchmarks with their success milestone. With the help of the best business motivational speaker in India, you too can make your business successful.

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
Leadership Building

5 Simple Traits To Help You Become A Powerful Leader

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

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

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

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

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

1. Be Kind, Be Human

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

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

2. Sharpen your Managerial Skills

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

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

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

3. Have In-depth Knowledge

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

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

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

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

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

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

5. Protect Your People

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

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

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

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

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

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Business motivation

5 Ways To Determine Which Franchise Business Is Best For You!

5 Ways To Determine Which Franchise Business Is Best For You!
5 Ways To Determine Which Franchise Business Is Best For You!

Two years ago, Ram Prakash Misra from Kanpur decided to quit his job in a multinational company and start his own business. But, due to a lack of experience in starting something new from the scratch, he decided to consult with an old colleague who was thriving as a franchise owner of a popular food chain.

After a quick meeting with him, Ram Prakash Mishra decided to get into the franchising business, too. After four months, he says his career change has been a profitable one.  He now spends his time cleaning the ducts of air conditioning and heating systems. So, though Ram Prakash Mishra is happy cleaning air conditioners, it is not for everyone.

But, if you want to get into a franchise business, you are in luck. There are thousands of different types of franchise businesses that you can buy into at various levels of investment of both time and money. But, how would you determine which franchise business should you invest in?

Here is our ultimate guide to choosing a franchise business.

1. Choose the Right Franchise By Knowing yourself

Before you decide to jump on any franchise business opportunity, you need to first understand yourself. You will need to take more than just a step back to analyze your interests, requirements, and many other aspects of your personality. Be brutally honest and introspective about what you are trying to accomplish by buying this business.

2. Ask yourself what do you want out of a franchise business

People buy a franchise for multiple reasons. Ask yourself is this something you want to do out of the hobby? Will you want to make it a primary source of income? Are you looking to build equity? Would you eventually want to buy more than one franchise?

These questions might appear simple, but the type of business you eventually pick is the result of what you are trying to accomplish.

3. How much you are willing to invest?

You might have an idea or you might be contemplating on what type of business you want to get into, but calculating how much capital you are ready to invest will give you a clearer idea and a realistic sense of franchise opportunities that are possible for your budget.

Like any other business, you should not expect that your business will be profitable since day one. Also, loans will not be easy to come by. So make sure that you have enough money to live off while you get off the ground.

4. What is your exit strategy?

This is a common yet the most neglected question that potential entrepreneurs fail to ask themselves. It is important, to be honest about how long you would want to continue it. Is this something you would want to do for 4-5 years? Or is this something you will continue as a legacy? Having a clear answer is very important because different franchisors have different restrictions on selling to other franchisers.

5. How much risk are you willing to assume?

This is one of the most important questions; you must ask yourself before investing in a franchise business. Once you have reviewed your financials, you can probably get a sense of how much risk you can take. Some well-established franchises are working for many years and have a great record of franchising success, but they are not exactly on the cutting edge anymore. Similarly, many new companies are riskier, but they can potentially offer higher returns. By keeping your risk-taking abilities into your consideration, decide on investing in a franchise business.

A franchise business is a wonderful option for those who want to start their own business, but don`t want to begin from scratch. To decide and choose a franchise, you will need to evaluate the pros and cons of both of them. Hope the above-mentioned questions will help you discover and select the best franchise business.

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.