Tag: Relationships

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Startup

Launch A Successful Startup In These 7 Effective Steps

Launch A Successful Startup In These 7 Effective Steps
Launch A Successful Startup In These 7 Effective Steps

Everyone has ideas! While some of them are worth executing, others are probably not so good. And this difference defines the gap between successful startups and the startups that fall flat. But part of living and working in this world is to learn from your own mistakes and others.

You get the chance to see what differentiates successful companies from failed lot. And if you can observe closely, you can learn from others without making the same blunders yourself. Some entrepreneurs choose to consult a business coach, while others choose to learn from their mistakes.

But before we begin to discuss the factors that are crucial for the success of the startup, let’s discuss what it takes to start a successful startup:

a). A Great Idea- The paramount thing which is crucial to building a startup is having a great idea. Without a great idea, your startup will have a very difficult time growing. Along with that a thoughtful business plan and product are also necessary.

b). Passion- Passion can encourage you to conquer greater heights without feeling tired.  If you are not passionate about the business or the product, it will be very difficult to stick with it when the water is rough.

c). Persistence- Even established organizations face challenges. Hence, it is important to be persistent and never give up when it comes to your dreams.

So here are 7 tips on how to start a startup and succeed at it:

1. Build a Product that Resolves a Problem

Innovative, creative, exciting, and imaginative- your product can have all these factors and yet fail to attract customers if it does not resolve any problem that the customers are facing. The most crucial measure of success is the real need for the market that you are trying to serve. The best companies are the ones that meet the requirements of your customers.

2. Have a Business Plan in Place

Before starting a startup, you will need a solid business plan in place. A well-researched business plan is a very important and strategic tool for entrepreneurs. A good business plan not only helps entrepreneurs to know where they are going but also helps them to focus on what is important. It also helps them to achieve short-term and long-term objectives.

Here are five key steps to writing a successful business plan:

a). Describe your target market.

b). Define your business goals.

c). Explain your product or service

d). Create specific marketing and sales strategies.

e). Note down your financial projections & detail the funding.

f). Summarize your overall strategy.

3. Find the Mentors You Need

Once you have established the foundation of your business, you will need professional guidance and expertise to help you navigate the entrepreneurial labyrinth. Don’t be afraid to ask people to help you. You can also work along with the business motivational coach to gain in-depth knowledge and information about your business.

4. Put the Right Team in Place

The vision for your ultimate goal may be yours, but you will need help from others too to get there. To attain your short-term and long-term goals for your business, you will need to surround yourself with the right people who will understand your vision and fit into the culture and mindset of your company.

5. Develop a Roadmap

If you want to go beyond a plan and want to turn your goals into reality, you will need a roadmap. Laying out the roadmap will help you to avoid any unnecessary diversions and distractions.

6. Establish Your Expertise

Writing and speaking about your particular area of expertise is a great way to get your name out there and establish your bona fides.

7. Build Relationships

The success of the business depends not just on what you do, but also on who you know. The key to developing relationships and growing your network is to keep it two-sided and give as much as you receive from others.

Apply these seven tips when you are planning to start a startup of your own. With persistence and determination, you can achieve your business goals. 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, visit: www.badabusiness.com

Categories
Process & Business Expansion

3 Effective Tips For Entrepreneurs To Overcome Burnout

3 Effective Tips For Entrepreneurs To Overcome Burnout
3 Effective Tips For Entrepreneurs To Overcome Burnout

Summary: Whether you are passionate about the thing you are doing or not, there comes a moment when we all experience burnout.

Finding something that you love doing and are passionate about and turning it into a full-time career is not an easy task. Even if you end up choosing one and choose to spend your entire life pursuing it, it does not mean you will never experience burnout. Once the excitement and newness of the job paves way for the monotony and pressure to get the job done and achieve your targets, burnout begins to appear.

Burnout in careers is a real issue, especially in this world where the competition is rough and our society keeps pushing people on the go with minimal rest. Due to the constant frenzy of completing tasks, many people are feeling the effects of long-term burnout.

Dr. Vivek Bindra, founder, and CEO of Bada Business Pvt Ltd is also a world-renowned business coach and guides more than 500 corporates in India to keep their employees motivated by achieving work-life balance.

Here are three powerful tips that might appear simple on the surface, but are super-effective if practiced daily:

1. Money is Not the Master Key for Every Door

People today often are a part of a rat race because they have lost their sense of individuality. Their goals are influenced by others and they want to achieve what their peers are trying to achieve, which is more often than not- MONEY! However, contrary to what our society wants to make us believe, money doesn’t resolve all the issues in our lives. No doubt that it makes life more comfortable, but there is more to life than what we buy and own.

In a bid to make a certain amount of money to give your family a comfortable life, you may be sacrificing your time with them. Now, there is nothing wrong with wanting to work hard, but being an entrepreneur one must know that something is going to slip through the cracks, and sacrifices have to be made. The good news is that there are ways to be able to do both.

2. Create Boundaries

The doors of opportunities are not easy to find in our fast-paced society. For entrepreneurs who are on a constant lookout for opportunities to scale their business or people who want to climb corporate ladders in less time, it may be hard to say “no.” Hence, boundaries are necessary to achieve balance. If there is stress in your life, then you have created stress and not the business. If you have stress in your relationship, it is because of a lack of boundaries.

Life is more enjoyable when you learn to say “no” to the things that don’t excite you or help you achieve your innermost goals. You can also work with a business motivational speaker to learn how to create boundaries and focus on the things that matter the most.

3. Give Equal Importance to your Relationships

Many people start their journeys to make money and create wealth so that their families can lead comfortable lives. In their pursuit, they sacrifice their precious time with their family. Hence, while it is good to work hard towards achieving your goals in life, one should not take their family and friends for granted. Relationships are not binding chains. They are like rocket fuel. And to lead a balanced lifestyle, leaning on one another can help us grow.

These three tips might look simple, but definitely will leave a positive impact on your mental and physical well-being. So follow these tips and Dr. Vivek Bindra, who is the best motivational speaker 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 about our course, visit: www.badabusiness.com

Categories
Strategy

6 Smart Tips For Entrepreneurs To Build Strong Relationships With Investors!

6 Smart Tips For Entrepreneurs To Build Strong Relationships With Investors!
6 Smart Tips For Entrepreneurs To Build Strong Relationships With Investors!

Summary: When adequate funds are the only thing that is stopping your startup from becoming successful, you might want to think about establishing good relationships with your investors.

Entrepreneurs put in their immense effort and hard work in pitching their business idea to angel investors to bring them on board because the key to success for most startups is having funds for the growth of their business.

However, a deal is never done when it comes to dealing with investors. If you have wooed your investors once, it does not mean you won’t need them again in the future. Investors with their lots of experience can offer incredible insight and resources that can get your startup business on the right track.

According to experts, nearly one-third of the startups shut down because of a lack of planning about the proper usage of their funds. This leads to investors losing interest and credibility in their business venture at the very early stage. Many entrepreneurs often hire a business coach to help them navigate the rough waters of the business world.

Managing investor relations can make a huge difference to your business. As an entrepreneur, it is your responsibility to strengthen ties with investors to position your current business for success. While a strong relationship can help the startup to grow rapidly, one wrong move can end the game for you.

Therefore, it is highly essential for you to maintain a working, productive, and winning relationship with your investors, even if they are not friendly.

Here are six pointers that will help you to build a strong and cordial relationship with your angel investors:

1.  Don’t Choose Investors Solely for Financial Purpose

Investors can provide not just funds, but also their valuable guidance and experience to accelerate your business. Acknowledge the relationships and expertise investors will bring to your business by giving them a voice. Listen to their underlying apprehensions and concerns. Encourage open conversation and clear dialogue so that you can learn more about their risk-taking appetite. You can consult with a business coach as well to understand how you can maintain dynamics with your investors.

2. Set Clear Expectations in the Beginning

An entrepreneur and investors need to be on the same page as nobody likes surprises in the business. Thus, it is vital to set the goals, nature of the relationship, degree of control, vision, the scale of growth, and exit strategy that is acceptable to both parties.

3. Be Authentic & Respectful

Investing in any firm is not a matter of a “fund it and forget it” scenario for any investor. In fact, they would like to stay updated with the latest ongoing in your organization. And when you are looking to strengthen your relationship with investors, it should be rooted in authenticity and respect. As entrepreneurs are coming into the market with their ideas, they should also respect their investors` opinions, suggestions, and feedback.

Despite the disagreements, they must behave respectfully towards each other. Discussions should happen openly to arrive at a mutually acceptable solution.

To gain investors’ trust, startups must engage with them regularly, instead of treating them as an obstruction that needs to be dealt with.

4. Share Challenges & Achievements With Investors

Every investor wants to stay updated about the current progress of the venture he has invested in. Hence, update your investors regularly with the latest figures, and charts prepared by the startup team weekly or monthly, if not daily.

Also, be transparent with your investors. Even when there are failures or mistakes, be forthright with your angel investors. Keeping your communication channel open with your investors helps you build a positive image of the startup.

5. Pay Respectful Towards your Investor`s Input

Investors can guide your startup business with their expertise and insights gained from years of experience in the market. You don’t have to agree or incorporate every suggestion, but paying heed and valuing them will give your investors a sense of involvement and validation.

6. Address their Concerns

Investors might have concerns about your plans, strategies, or any other aspect of the business. You should make a conscious effort to address those concerns through open discussion, dialogue, and reasoning.

As founders seeking capital quickly learn, finding the right investor is often all about who you know.

If you are facing the biggest challenges from your investors, we can provide you with amazing solutions with our business coaching program. You can learn from the top industry experts how to take your business ahead in the market. Kick start your entrepreneurial journey by clicking here: www.badabusiness.com

Categories
Strategy

5 Powerful Strategies To Increase Sales In A Startup Business

5 Powerful Strategies To Increase Sales In A Startup Business
5 Powerful Strategies To Increase Sales In A Startup Business

Summary: For businesses to scale, strategies that fuel growth are necessary.

Every business thrives on revenue. The primary source of generating revenue is sales. Businesses all around the globe have been chasing sales numbers. To ensure that a business is doing well in sales, many companies advise other organizations on how to achieve those numbers.

Yet, despite all the available assistance, many companies often overlook the value of their sales strategies that can skyrocket their profit margin and revenue. Though entrepreneurs often know about multiple ways to increase sales, they often find themselves in a dilemma about what strategy they should implement.

If you are an entrepreneur and experiencing the same challenge in your business, you can consult Business Coach to get proper guidance. Here are five strategies that will increase your business sales:

1. Know Everything About Your Niche

If you have designed a specialized product or service that resolves your customers’ problems and meets the demands of your target customers; you are on the right track. If not, your first step should be to go back and brainstorm precisely how your brand provides something unique and different from your competitors.

If your product is not in much demand, you can revamp it to make it more appealing to your target audience. You can also consult the Best Business Trainer in India who can help you navigate through these challenges.

2. Build Valuable Relationships

If you are struggling to increase sales, offer services that are beyond what is just required in a way that inspires a customer to stay in your brand experience. Give your customers an experience that will make them feel like a king, and they will come back again and again. Think about your customer journey regarding pre, during, and post-experience. This will create an opportunity for smooth upsell and cross-sell offerings.

Learn the art of upselling and cross-selling in this video by Dr Vivek Bindra, one of the best business motivational speakers in India:

3. Cross-Sell Complimentary Products

Before focusing on the acquisition:

  • Focus on retention because you don’t want a leaky bucket.
  • So, try to increase sales through cross-selling complementary products or services to your existing clients.
  • Sell products that will solve the need not fulfilled by the original purchase.

4. Leverage the Power of Social Media

Social media is one of the most affordable ways to get access to a large audience in a short time. It is a vital resource when it comes to lead generation. Social media is more than just posting. So, focus on building relationships with your audience by educating them about your business, products, or services. Be sure to comment on others’ posts, like, and engage with potential clients.

5. Don’t Forget to Provide Necessary Knowledge to your Team.

Always ensure that your team has all the essential knowledge about the product and service they are trying to sell to potential customers. If they can talk about all your offerings easily, it will be easy for them to connect with your consumer’s needs and your entire range of services.

A great customer experience means more business and ultimately more sales. You can train your sales team to listen and add value to the overall sales experience. If you need a piece of expert advice, you can work along with business coach for entrepreneurs.

To ensure that your business is growing, do what nobody else is doing to see returns that nobody else is receiving. You can implement strategies that are mentioned above for better sales. 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 that comes with Foundation courses, specialized courses, and value-added courses.