Tag: Competitors

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Business motivation Startup

A Complete Step-By-Step Guide To Start A Small Business In 2022

A Complete Step-By-Step Guide To Start A Small Business In 2022
A Complete Step-By-Step Guide To Start A Small Business In 2022

Summary: Starting a business sounds exciting but do you have enough knowledge to build one from scratch?

Nothing excites me as much as the idea of becoming my boss. Apart from having multiple coffee breaks and the flexibility of working at my own pace, it motivates me to work hard and chase my dreams. Every decision that I make will bring me closer to my business goals. However, there is only one hurdle, how to start a small business? Should I take help from a business motivational speaker, or should I work along with a corporate trainer?

Most young entrepreneurs often have these questions while thinking about turning their ideas into a beautiful reality. Starting a business sounds exciting, but how and where to begin?

There are many different approaches. For instance, you can enroll in a business coaching program or get help from a mentor. But what are the exact SOPs that one should follow?

To know the answer, follow this step-by-step guide that will help you to understand the exact SOPs required to start your small business.

1. Refine Your Business idea

If you are thinking about starting your venture, you might already have an idea in your mind. Whether product-related or service-related, do a quick search about existing companies in your industry. Learn about your competitors and brand leaders and figure out which unique features or products they are offering their customers or where they are lacking. You can turn these gaps into opportunities.

Also, find out your USPs. This will help you to stand out. Define your ‘why.’ If you want to be an entrepreneur but do not want to start from scratch, you can also consider taking a franchise.

But what are the factors one should consider while taking a franchise? You can watch this incredibly informative video by Dr.Vivek Bindra here:

2. Know Your Competitors Well

Most entrepreneurs spend more time creating their products (which is good) than they often do to know their competitors well. If you will go to investors, the first thing that they would like to know is what sets you apart from your competition.

Knowing your competitors is as important as knowing your target audience. You can conduct a SWOT analysis for your competitors. It will give you more clarity on what is working in the market. You can also take help from a motivational speaker.

3. Create Your Business Plan

A business map is like a road map that will help you visualize your journey and spot potential problems. This document makes it simple for financial institutions, potential investors, and company management to understand your business. Your business map should include an executive summary, market analysis, organizational structure, products & services, mission & goals, company’s background, financial and marketing plan. You can also work with a business motivational speaker to develop your business plan.

4. Assess Your Finances 

Finance is a significant factor that one should consider before starting a small business. Do you have the means to start your small business, or would you take a loan? If you are planning to leave your job to focus on your startup venture, do you think you have enough money to support yourself until you make a profit? Only 5% of startups survive after five years. Most startups fail because of lack of funds. Hence, it is essential to perform a break-even analysis.

Once you have figured it out, it is time to consider your funding options. There are multiple options, from business loans to government schemes, crowd-funding to fundraising through investors and business grants.

5. Determine Your Legal Business Structure

Before registering your company, you need to decide what kind of entity your business is. A business structure legally affects everything from how you file your taxes to your liability if something unfortunate happens. There are four types of business structure:

i). Sole Proprietorship

ii). Partnership

iii). Corporation

iv). Limited Liability Company

6. Register Your Business

Once you have decided about your business structure and name, it is time to register your brand. If you’re doing business under a name different than your own, you’ll need to register with the federal government and maybe your state government as well.

7. Apply for Licenses & permits

By staying legally compliant, you can keep your business running smoothly. The licenses and permits you need for your business will vary depending on your industry, sector, state, location, and other factors.

8. Open a Business Account

Set up one business account to handle legal, tax, and day-to-day issues. Keep all the required registration and paperwork ready.

Starting a business requires lots of planning, finance, and completion of a series of legal activities.

Hence, if you want to start a business, you can take help from a business motivational speaker.

The idea of managing a business is more straightforward said than done, and we 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 with foundation courses, specialized courses, and value-added courses.

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Startup

6 Steps To Perform Competitive Analysis For Your Startup Business

6 Steps To Perform Competitive Analysis For Your Startup Business
6 Steps To Perform Competitive Analysis For Your Startup Business

Summary: Looking to carve a niche in the market? Here is how to conduct a competitive analysis for your startup business.

Being a startup, it is difficult to make a mark in the business world where the competition is exceptionally high. However, conducting a competitive analysis helps you size up your competition by identifying its strategies, strengths, and weaknesses.

Conducting an analysis gives you an idea about your competitors and how receptive the market is to your products and services. To grow your startup business, it is essential to understand what works or does not work for your business.

Competitive analysis can help you learn from your competitors’ mistakes and discover trends you can implement into your practice. If you want a professional guide, you can also hire a business coach for your startup.

But as a new business, you must learn how to conduct a competitive analysis as it is an integral part of your startup process.

Want to learn how to do a competitive analysis? Here are six steps to do it successfully: 

Step 1- Identify Your Competitors

The first and foremost important step is to find your competitors. There are two types of competitors- Direct and Indirect.

Direct Competitor: A brand selling similar products or services to the same customer base as your business is your direct competitor.

Indirect Competitor: Your indirect competitor is a brand that sells a similar product but to a different customer base or sells other products to a similar customer base.

If you work closely with the best business coach for entrepreneurs, they can help you narrow down your competitors’ list.

To find these businesses, you can do a web search or use specific tools available on the internet. Find as many direct and indirect competitors as possible to understand who you are up against. 

Step 2- Analyze the Online Presence of Your Competitors

Today, everything is digital! From food to clothes, healthcare to travel, every brand is trying to build its online presence. So, once you have identified your competitors, assess their online presence by evaluating their websites, social media accounts, and how they are engaging with their audience.

Along with good digital marketing strategies at the forefront, an excellent opportunity to stand out is to have a website that offers an excellent user interface, robust design, and a solid plan to engage with your customers on social media.

Step 3- Check Online Reviews

Customer feedback can give an insight into the customer experience a company is providing. Hence, visit sites such as Google, Facebook, Twitter, Instagram, or any other platform where your competitor is present. Consider how it is replying to the customer’s queries and negative comments.

Whether it is a negative review or a positive review, you can understand a brand’s operation, where a negative review can help you know where these brands are lacking and how you can prevent similar situations. Positive feedback will help you identify what your competitor is doing right and how you can improve.

Step 4– Talk to Your Competitor’s Customers

As you read online reviews, please note people whom you would like to speak to and reach out. Talking with customers and understanding where they face challenges helps you understand why they had a bad experience. Make them believe that you will fulfill their unmet business needs. In the end, thank them for their time and offer a solution through your business. Hire a business coach for professional guidance for your business.

Step 5- Identify their Strengths & Weaknesses

Once you have accumulated all the essential information, compile it in one place and conduct a SWOT analysis. You can use this information to improve your own startup business and focus on the area that needs improvement.

Step 6- Use Research Tools

Conducting analysis is crucial to establishing your brand in the market; it can be incredibly tedious and time-consuming. Luckily, various tools available online can make the process easier and more efficient. You can use those tools to identify your competitors, track their content and analyze the results.

If you want to build strategies for your startup business, you should perform a competitive analysis by following the steps mentioned above. You can also consult with the best business coach in India– Dr Vivek Bindra. To know more, visit www.badabusiness.com.

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
Startup

The Bada Start-Up Show: Top 3 Reasons Why Entrepreneurs Must Participate

The Bada Start-Up Show: Top 3 Reasons Why Entrepreneurs Must Participate
The Bada Start-Up Show: Top 3 Reasons Why Entrepreneurs Must Participate

A great idea, it takes a form of reality that can result in the “next amazing venture”. Anyone can have a big idea to start a startup business, but no market exists for just creative ideas. What separates wantrepreneurs from entrepreneurs is the ability to execute a vision.

Turning an idea into a tangible product or a service that can resolve customers` problems take a ton of effort. And the hardest part about running a startup business is to build it from the scratch. Meeting investors, raising funds, learning the ropes, and finding those first few customers is far from easy.

Success requires hard work, determination, and passion. So among many other millions of things that you are doing right now to take your startup business to next level, entering into entrepreneurship competitions could also be the perfect catalyst that you might need right now.

Many shows provide an excellent platform to startups and their founders where they can showcase their journey. Startup shows and competitions not only get small business startups ‘out of the building’ and provide them recognition, but they are also a great way to begin validating your business, products, and service.

Startup shows give a chance to young and fresh entrepreneurs to share their struggles, ideation, hard work, and endless efforts that go behind their products and services. Though it will take great efforts from the participating startups, the recognition and exposure that these shows will give the new ventures are enormous.

Apart from that, there are many other advantages startup businesses can gain by entering into competitions than the prize. We are sharing the best ones with you below:

1. A Chance to Meet Your Competitors

Participating in a competition can give you a larger picture of your business. It will force you to think and rethink critically about every aspect of your business. You will get an opportunity to know your industry, competitors, distinct challenges, and the market you are addressing. In order to compete, you will have to assess the competitive landscape, set your short-term and long-term goals, and define your value proposition.

Not all shows and their formats are created equally. There exist a wide variety of platforms that are tailor-made for specific industries, company stages, etc, and thus, every entrepreneur should do in-depth research before jumping in.

2. Helps You Find Your Perfect Pitch

Pitch, Pitch, Pitch! Talk to any entrepreneurs and they will tell you that they are always thinking about ways to pitch their startup business plan to investors and stakeholders. But telling your story, pitching your business idea, or selling your value proposition requires patience and practice. However, when you are competing against others, you will have to find what works and what doesn`t to be your best version.

Test your pitch on your friends, colleagues, family, or your teammates. Take their feedback, observe how they react, and don`t be afraid of rejections.

3. Startup Shows Help Your Optimize Unique Value Proposition

Competition forces you to think ‘out-of-the-box and get creative to stand above the rest. At times, you will have to put down your business on paper. Hence, practicing your written communication as well as your presentation skills is essential to build your unique identity as a brand to create an exceptional recall value.

This process can give immense benefit to your startup business regardless of how you perform in the competition or if you win it. If you are looking for an amazing show where you can provide the exposure to your startup business that it deserves, you can take part in The Bada Startup Show.

The Bada Startup Show is also a unique kind of show which is meant to provide an excellent platform to a small startup business. The major goal of the Bada Startup Show is to empower the Indian SMEs and MSMEs by showcasing their journeys on National Television and social media channels of Dr. Vivek Bindra, founder and CEO of Bada Business Private Ltd. He is also one of the best motivational speakers and leadership consultants in India.

The Bada Show will give a golden chance to startups across India to showcase their entrepreneurial journey and get their story covered by celebrity anchors. Not only this show will be a huge platform to reach a wider audience at no cost, but will also give global recognition as Dr. Vivek Bindra`s YouTube channel has 17+ subscribers.

It is important to understand that entering into any competition requires endless efforts and determination with no guaranteed returns. However, learning is great! And experience is valuable. There is much more to gain by entering into competitions than the prize.

So are you ready to participate in the Bada Startup Show exclusively for Indian entrepreneurs? To participate, you can click here: https://badastartupshow.badabusiness.com

Categories
Business motivation

3 Amazing Ways For Small Business To Stand Out From Competitors

3 Amazing Ways For Small Business To Stand Out From Competitors
3 Amazing Ways For Small Business To Stand Out From Competitors

What is the most essential aspect of a successful startup business? To stand out so that your potential customers choose you over your competitors on every single purchase. And just like most of the things in this world, there is a right way and a wrong way to do that. But unfortunately, most entrepreneurs approach this crucial factor in the wrong way.

Approach it the right way and it will result in a shorter sales cycle, lower marketing costs, and dominance in your niche market. Do it the wrong way and it will result in the opposite.

Being an entrepreneur you would like to avoid the latter.

But then how should you stand out from your competitors when the startup ecosystem is getting saturated? Are there any online business courses for entrepreneurs from where you can learn them?

Keep reading this article and we promise that by the time you reach the end, you will know exactly how to position your brand as a clear choice- both logically and emotionally:

1. Be Different & Unique

No matter how unique was your startup business idea was according to you, there is a possibility that either someone already has or will come up with the same business idea. And contrary to the popular belief, the world will not beat you down your door throwing money for your product or a service just because you have come up with such a great business idea.

A product or a service that is better than your competitors is great. But a consumer wants something different and unique. That’s because the human brain wants to change and that’s how it works. Things that are similar blend into obscurity, while the things that are different, stand out.

Take Apple computers for instance. An Apple computer is not any better than PCs, despite the popular belief of the loyal customers. They are priced higher with comparable specs with a different operating system that does not even let its user run any software.

They are not better, they are just different.

So while it is essential to provide products or services which are better than what your competitors offer, it is vital to be more different and unique to get a massive advantage over your competitors.

2. Build Multichannel Presence

“Out of Sight, Out of Mind”- this adage is truly applicable in today`s marketing world. Have you ever followed up with your customers only to find out that they bought from one of your competitors instead of you? This is because once you are out of sight, you are out of mind. And your competitors did a better job of staying in front of potential customers.

When your customer was making a buying decision, your competitors made the most of it by staying in front of them. And all it takes is–Effective Marketing. While some brands do it well, others do not.

An effective marketing strategy requires you to be present in more than one place to capture the attention of your target audience. Facebook, Instagram, Twitter, YouTube, Email Marketing, Google, SEO, phone calls, Video Marketing, Blogging, and the list goes on. You just have to be careful to not take more than you can effectively handle.

The proper approach is to add one new channel at a time and work strategically to achieve significant traffic there before adding another. You can also take an online business course that includes marketing to learn important tools to boost your business.

3. Testimonials of Happy Customers & Clients

No matter how much a company claims its products to be the best, consumers will dismiss a company`s claims unless they can be proven. This is where your customers and clients come into the equation. You should incorporate them as part of your marketing strategy because they provide social evidence and back up your statements.

Other potential buyers who are willing to purchase your products or services but hesitating due to unfamiliarity with the brand will trust other customers` words. A great testimonial can explain why a customer chose you over your competitors and why should others do it too.

Getting a testimonial from customers is a simple formula that covers both the logical and emotional components of a buying decision.

Coming up with a better startup business idea is not sufficient; you should be able to stand out from the competitors too. By implementing the above three tips you can effectively make your small business stand out from your competitors.

Get your marketing game back on track. Grow through self-learning and see your website traffic increasing with online business courses for entrepreneurs designed especially for you.