Tag: startup business

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Startup

7 Secrets To Grow Your Startup Business Rapidly!

7 Secrets To Grow Your Startup Business Rapidly!
7 Secrets To Grow Your Startup Business Rapidly!

Summary: There is no sure-shot formula to success. But you can boost your business’s growth with these amazing tips.

There is no such thing as overnight success. Yes, you can get viral for a creative post or a thoughtful tweet on social media, but getting success instantly is still not possible. Owning a business gives you a sense of freedom and empowerment. You build things from scratch and watch them grow. But success is not guaranteed!

Business owners have to make decisions every day to accomplish their short-term and long-term goals. They have to focus on networking to develop lasting relationships with other entrepreneurs, potential clients, customers, and vendors.

But success has no instant formula! Only your passion, determination, hard work, grit, and perseverance can help you to grow your business into a successful venture. Here are seven tips that no one will tell you about:

1. Hire the Right Staff

Before you can think out all the ways to take your company’s growth trajectory upward, you will have to hire a team that will empower you to achieve your goals. Hiring the right people for a particular job role is a surefire way to ensure fast growth. With hardworking employees dedicatedly to working towards your company’s success, your business will be better equipped for continued growth.

In addition, delegating tasks to focus on important tasks will free up your time and energy, allowing you to perform at your best and cultivate a collaborative work culture.

2. Reduce Your Risks

Risk is a significant part of starting and growing a business. It is impossible to control everything, but there are many ways to limit internal and external factors that can be a direct or indirect threat to your company and its growth. You can also hire a business coach in India to ensure you are on the right track.

3. Be Open to Changes

Having an agile approach to development, both in your product and your company will help your business to grow quickly. To become a successful startup it is important to develop the ability to switch directions quickly in response to the volatility of the market. By allowing yourself to adapt and change quickly, you’re able to test different approaches to business and find out what works best.

4. Focus on Your Customer Experience

Customers’ perceptions can make or break your business. Deliver quality experiences and great products, and they’ll quickly sing your praises on social media; mess it up, and they’ll tell the entire world even faster through bad reviews and feedback. Fast growth depends on making your current and potential customers happy with their experience.

As compared to large companies, being a small business owner gives you a better opportunity to connect with your customers and respond to their queries promptly.

5. Invest in Yourself

In the early stage of your business, it is unlikely for you to see huge profits. So any money that you do make should be invested directly into your business. While it might be tempting to save all your profit, it is advisable to invest in your business’s growth, so that you can reap bigger benefits later on. Determine which part of your business needs more attention and try to work on it.

6. Focus on Digital Marketing

Marketing is imperative for every business. But many companies do not focus on marketing and advertising because of low budgets. Hence, digital marketing is a perfect solution to grow your business’s reach. Create profiles on all of the major social media platforms. It will allow you to better market your business and interact with more potential customers.

7. Hire a Business Coach

Businesses do not become successful overnight. If you want to be successful, you have to challenge yourself because no one else will do that for you. You can also consult a business coach to gain in-depth knowledge about various aspects of a business. A business coach comes with years of experience because he has walked the road himself. His expertise can help you to navigate through various business challenges.

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
Startup

Want To Pitch Your Startup Idea? Here Are The Top 4 Ways To Do It!

4 Effective Ways to Pitch an Idea to Investors Confidently!
4 Effective Ways to Pitch an Idea to Investors Confidently!

Summary: Pitching your idea to your potential investor seems incredibly nerve-wracking. But it is vital to any startup business.

Pitching a business idea successfully to an investor is an entrepreneur`s dream. However, it’s a nerve-wracking experience too! It is like the feeling of giving a presentation in front of the entire class. The only difference between the two is that the former is more challenging!

One often wonders if the potential investor is interested enough. Will they like the idea? And most of all is this potential investor going to fund the project?

The key to doing it successfully is being able to deliver it confidently. However, it can appear as a mammoth of a task if you feel shaky about your public speaking skills.

So how can you ensure that you get investors for your startup business? By not doing mistakes that most entrepreneurs commit unknowingly and by attending India`s most powerful business training—‘Leadership Funnel Program 2.0’ by Dr. Vivek Bindra. Also, they practiced the best ways to approach their investors.

Here are top tips for pitching your great ideas or products to investors:

1. Focus On Your Purpose

Connect with what you are doing and focus on the solution that your business idea will provide to your customers. Find a way to calm yourself down beforehand. Practice moving the focus from yourself and your body back to the room, the people there, and your message. Always remember it’s your idea that matters.

2. Perfect your Elevator Pitch

Your elevator pitch is a teaser of your startup business idea. These 30 seconds of elevator pitch should explain everything that someone would need to know when they meet you for the first time.

Your elevator speech should be crisp, direct, and clear. It should simply describe your product or idea and tell your investors everything if they have no background knowledge about your startup.

It should cover the 3W`s- ‘What you do,’ ‘What problem you solve,’ and ‘Why are you different?’

After your pitch, make sure to connect with the person listening. Ask them questions and resolve their queries. Learn how to impress investors with your elevator pitch by attending LFP 2.0 by Dr. Vivek Bindra.

3. Find & Research your Potential Investors

If you come prepared, the battle is half won! So before doing your pitch, do some research on who you will be presenting. You can also work along with a business coach who can help you find some investors.

You can also search for the list of Angel Investors networks that focus on your region. Some of the investors may be popular figures. So you can research them well online. Study their patterns, as some investors like to be involved in the company they are investing in. Others would rather be hands-off and would rather like to receive quarterly reports on profitability.

4. Present Facts & Figures

When you are pitching your idea to a potential investor, provide solid data reports. Investors are always interested in what you have already accomplished. Also, how much profit they will make post-investment in your company.

The value of a startup is often built even before they have made profits. The numbers behind it are often driven by speculation about how well the company could perform shortly.

However, you must also be well-prepared to back up the numbers you provide to your investors. Investors would want to hear the reasoning behind your numbers.

Do not just give a random figure of new customers your company is acquiring every month. State the exact number of how many customers you will acquire. It does not matter if you are attracting 20 or 20,000 customers. Your transparency and honesty are what matter the most!

Always remember that an investor is not just investing money into your company, they are giving it to you. And they are investing because they believe in you.  Hence, give them confidence by providing real data.

Are you trying to find investors for your startup, but could not despite having an innovative idea that could make huge profits in the long run? Worry not! With our ‘Leadership Funnel Program 2.0 by Dr. Vivek Bindra’ you can learn how to raise funds for your business even without an investor. For more information, click here: https://www.badabusiness.com/lfp?ref_code=SM&pp_code=BHBB000078 .

Categories
Finance Motivational

Top 5 Investment Lessons From Rakesh Jhunjhunwala For Young Investors

Top 5 Investment Lessons From Rakesh Jhunjhunwala For Young Investors
Top 5 Investment Lessons From Rakesh Jhunjhunwala For Young Investors

Summary: Rakesh Jhunjhunwala is an investor with a midas touch. He is famously known as the Warren Buffett of India. Here are five investment lessons that will turn you into an ace investor.

Want to become a successful investor? Then why not learn from someone who has turned his 5000 rupees investment into INR 39,527 crores. Rakesh Jhunjhunwala, who is popularly known as India’s Warren Buffet started trading in the stock market back in 1985 during his college days. At that time BSE Sensex was at 150 points. He started investing with Rs. 5,000 as capital.

According to Forbes, his net worth stood at $5 billion (Rs 39, 527 crores), as of July 5, 2022. Rakesh Jhunjhunwala is not only one of the most successful investors in India, but he is also the most trustworthy and sought after by business moguls.

If you too want to learn some of the most useful lessons from the stock market, here is a list:

1. Don’t Rely on others Develop Passion For Stock Market Instead

When it comes to investing in the stock market, most often people rely on others for investment tips or suggestions. But Rakesh Jhunjhunwala suggests otherwise. His advice for the investors is to develop a passion for learning about the stock market by reading and talking with people who are seasoned investors.

Sharing his own experience he says that he used to ask his father about the nitty-gritty of the stock market. And that fascinated him, which eventually led to his passion for investing. Initially, he failed multiple times, but his interest never seemed to fade away.

You too can hire a business coach who can give you sound advice based on his years of experience and knowledge to help you grow your startup business.

2. Patience Is a Virtue

Investment is a long-term proposition. If you are looking to make some quick bucks, you will have to face disappointment. To become a successful investor, you need to be aware that it will take a decade or more to see the results of your investments.

Rakesh Jhunjhunwala is a long-term investor. His investments did not give results overnight. He’s been investing in Titan Company Ltd, for over two decades now and has made over 1,000% returns on his initial investment in the stock. He says, “one should always invest in a company’s business, not its stock.” He does not sell shares even during a short time drop or stock market corrections.

3. Be Ready to Grab an Opportunity

One of the most key lessons from Rakesh Jhunjhunwala is that as an investor you should be ready to grab an opportunity. He firmly believes that the volatile nature of the market is what creates opportunities.

According to him, as an investor one must have the risk-taking ability. And you will never make money if you are afraid to lose it because the stock market is a game of nerves. Stock market success depends upon your character and temperament rather than on any other factors.

4. Avoid Investing Money Impulsively

Some people invest in a stock and that stock goes up. So, he or she decides to invest in another one impulsively rather than thinking logically. Making an emotional investment is one of the biggest mistakes that anyone can make while investing.

Jhunjhunwala believes that investors should learn how to control their emotions and behave like machines when it comes to making an investment decision. If you are a consistent investor, you need to have faith in the economic cycle and your investment philosophy.  To be a great investor you need to go against your impulses and instincts and embrace some counterintuitive behaviors.

5. Invest in Businesses which is Hard to Replace

Always find businesses that offer products and services which are irreplaceable. Investing in such businesses will give you a competitive advantage. Rakesh Jhunjhunwala invests in businesses with wide moats when investing. Investing in such companies, he believes, gives investors a competitive edge of their own.

Just like stock markets, it is essential to make decisions that are good for your business growth. And to ensure that you are on the right path, you can hire a business coach.

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 these courses, visit www.badabusiness.com.

Categories
Strategy Webinar

3 Powerful Strategies That Will Sharpen Entrepreneurial Skills In Your Kids

3 Powerful Strategies That Will Sharpen Entrepreneurial Skills In Your Kids
3 Powerful Strategies That Will Sharpen Entrepreneurial Skills In Your Kids

Does your kid have an entrepreneurial spirit that needs nourishment? Here is a recipe to raise tomorrow’s successful millionaires.

India has emerged as the third-largest startup ecosystem in the world after the USA and China. A country that is producing more than ten unicorns every year is expected to grow remarkably in the next few years, according to Business Standard.

So, in a country that shows a tremendous future for upcoming entrepreneurs, will you raise your kids to work for someone else’s dream or do you want your kids to pursue their interests and work independently? With art of parenting, you can now prepare your kids for a brighter tomorrow.

If your kid has an entrepreneurial spirit, you as a parent will need to help him develop emotional skills like being comfortable with taking risks, being able to solve problems, and having a good attitude about failing.

Not only academic skills but also soft skills are important to encourage social-emotional skills in kids. Here are five parenting tips that will help you to foster entrepreneurial qualities in your kids:

1. They develop their effective problem-solving skills

It is essential to foster problem-solving skills in kids as it will help them to spot business ideas in everyday life. Most of us think that a business idea has to be technical or something that involves a complex process. But a simple business idea is what it takes to establish a successful startup business.

While your kids are young, you can hone their problem-solving skills with smart parenting skills. If not an entrepreneur, they can simply become a business coach who can help other entrepreneurs achieve their goals. So, help your kids spot the challenges and causes, think of all the possible solutions, weigh the pros and cons, and come up with the best option.

2. Help them understand that failures are lessons

In today’s world, people are keen to focus more on their achievements and wins. They highlight their wins while downplaying their failures. The media has created a stigma about failure that nobody wants to accept that it is a natural process to fail at some point in your life.

Failure is a stepping-stone toward success. If you don’t fail, you will never learn to work on yourself. Influence your kid’s willingness to try, fail, learn, and you also try again as a parent. These are the essential skills of entrepreneurs. Help your kid see criticism as a chance to learn by helping them come up with ideas about what they should do next.

3. Let Your Kids Take Their Own Decisions

An entrepreneur has to make multiple decisions in his life. Some are challenging, some are hard, while some decisions can change the course of their business completely. The confidence to make the decisions after weighing the pros and cons comes from early independence.

You can let them choose their own outfits or dinner menu. This will help them to make their own decisions and will make them feel good for being able to do that. Try to limit the choices to a few options, as it can be overwhelming for kids.

Kids are often taught to follow what their parents tell them to do, blindly. This is a habit that hinders their ability to think constructively. Instead, teach your kids to challenge the usual norms by articulating their rationale. Ask if they agree with a certain thing. If not, what would they like to change and why? Give them the ability to think, reason, and make decisions independently.

If you are looking for some guidance on how to raise your kids and nourish their entrepreneurial spirit, then do not forget to join the FREE-FOR-ALL Webinar, ‘Art of Parenting & Success Mantras For Students’ by Dr Vivek Bindra on July 10th 2022.

Register  now: https://www.badabusiness.com/art-of-parenting/?pp_code=BHBB000078&ref_code=SocialMedia

Categories
Business motivation

5 Things About Entrepreneurs That Are Not TRUE!

5 Things About Entrepreneurs That Are Not TRUE!
5 Things About Entrepreneurs That Are Not TRUE!

Ask any entrepreneur who has built a startup, and he or she will tell you that starting a company is just like having a baby. Just like parenthood, entrepreneurship is not for the faint-hearted. It is emotionally draining, physically, and spiritually tough even if you are working with the best business coach for entrepreneurs.

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

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

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

1. Entrepreneurs are Workaholics

Lots of people believe that entrepreneurs work 24 hours a day, 365 days a year. But part of being your boss means you can schedule your working hours and can take time off whenever you want. Though entrepreneurship can take grueling working hours and commitment, it is not true that entrepreneurs do not have a personal life.

However, it does not mean that you can take off whenever you don`t feel like coming to work, it simply means that you can attain a cordial work-life balance.

Also, one of the key skills to becoming a successful entrepreneur is to acquire brilliant time management skills. So, if you can establish a proper work routine, you won`t have trouble finding free time. If you are struggling with managing your time, you can watch this amazing video by Dr. Vivek Bindra on time management here:

2. Entrepreneurs Wait for a Perfect Time

When it comes to launching a business, a common misbelief that most people have is that they should wait for the right time. Perhaps, this could be one of the reasons, why most excellent projects never see the light of the day. The truth is that there never really is a “right” time. Most people never feel fully ready. And waiting can certainly prove costly.

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

If you wait for the right moment, you will keep waiting forever. There is not a set date or an alarm that will go off announcing, “Today is the day!” The sooner you begin, the sooner you will get closer to a sustainable and profitable business. You can also take help from the best motivational speaker in India to take guidance and support.

3. You need to Know Everything Before Taking the Entrepreneurial Leap

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

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

4. Entrepreneurs are Risk Takers

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

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

5. Entrepreneurs are motivated only by Money

Generating revenue is not the only motivation for small business owners. It is not even first on their list. Following their lifelong dream and achieving their passion is the main motivation for entrepreneurs.

But does that mean entrepreneurs start a business in which they can`t make huge profits? Never! However, there is more to it- Financial Stability.

It does not mean that you are buying Ferraris. Being financially stable simply means that you are living a comfortable life and able to make ends meet. Money is a motivator, but not as important to entrepreneurs as people assume. If you have an amazing startup idea that can provide ease to people`s lives, you can take help from a business coach for entrepreneurs for support and guidance.

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

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 business-related courses, visit: www.badabusiness.com

Categories
Startup

Launch Your Startup With These 5 Financial Tips From The Experts

Launch Your Startup With These 5 Financial Tips From The Experts
Launch Your Startup With These 5 Financial Tips From The Experts

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

Starting your business venture can be a daunting but rewarding process. While a great business plan is imperative for entrepreneurs, financing is one of the most crucial elements that help a startup succeed. Many entrepreneurs often take help from a business coach to receive fundraising guidance.

Securing funding to launch a startup can be difficult. More often than not, entrepreneurs use their savings to start their businesses. Another report by NASSCOM states that around 25% of Indian startups shut down untimely due to failure to raise follow-on funding rounds beyond Pre-Series. A good and effective management of finances can make a massive difference between a business that keeps climbing the ladder of success and one that falls at the very first challenge.

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

1. Create a Dedicated Emergency Fund

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

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

Having an emergency fund will also give you peace of mind, and you can make more confident decisions for your business. A good business mentor will help you how to create a dedicated emergency fund.

2. Avoid Expensive Credit Loans

Credit is the lifeblood of any business, especially for startups. Hence, entrepreneurs need to keep their credit scores high. Always pay your bills on time. When it comes to financing your business, the cost of credit is a critical factor, especially in the initial months of operation.

In the beginning, when the business has not even reached the break-even point, the company’s financing should be done by keeping the interest cost at the bare minimum. This will reduce cost and attain profitability. Never miss a payment or delay the payment date, even if you face a financial crunch.

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

3. Keep personal & business accounts separate

It is wise to keep your business and personal bank account separately. It will provide the benefit of easier accounting at the end of the financial year for tax purposes and eliminate the cash crunch situations in business caused due to withdrawals for personal expenditure.

4. Bad Debts

Debts that cannot be recovered are called bad debts. When credit sales are not recovered, bad debts are created. Entrepreneurs should eliminate the situation of a fund crunch in business due to withdrawals for personal expenditure. Instead, these debts should be repaid in the next year so that a healthy financial position of the company can be showcased in front of potential stakeholders. You can also take guidance from a best business coach to plan your finances.

5. Develop Financial Goals

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

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

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

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

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

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

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.

To know more, visit www.badabusiness.com.

Categories
Education

9 Business Terms Every Entrepreneur Must Know

9 Business Terms Every Entrepreneur Must Know
9 Business Terms Every Entrepreneur Must Know

Summary: Starting a new startup business? Here are nine business terms everyone should know.

Running a startup business involves constant learning. Whether you are starting a business for the first time or have a more established small business, knowing a list of financial terms can help you grow your business.

Being an entrepreneur also means being a learner throughout your life because there is always a new market trend, a new tool to explore, a new challenge to overcome, and a new vocabulary to understand.

Many entrepreneurs often work with the best business motivational speaker and feel they don’t need to equip themselves with the business terms. However, knowing these financial terms will help you understand and negotiate.

Here is a list of business terms and finance terms that will help you find your way to successful small business funding:

1. Accounts Payable

Accounts payable is a financial term representing your small business’s obligations to pay debts owed to suppliers, lenders, and creditors—depending upon the type of credit provided to the company by the lender. It is sometimes referred to as A/P or AP in short.

2. Accounts Receivable

Accounts receivable represents money owed to your small business by others for goods or services rendered. These accounts are labeled assets because they represent a legal obligation for the customer to pay you cash for their short-term debt. They are also known as A/R or AR.

3. Bookkeeping

Bookkeeping is a method of accounting used to time record all financial transactions for the business.

4. Capital

Capital in business terms refers to the overall wealth as demonstrated by its cash accounts, assets, and investments. Often called “fixed capital,” it refers to the long-term worth of the business. Capital can be tangible, like durable goods, buildings, and equipment, or intangible such as intellectual property. Understanding these terms can help you navigate better financial deals even if you are working with the best corporate trainer.

5. Working Capital

It consists of the financial resources necessary for maintaining the day-to-day operation of the business. Working capital, by definition, is the business’s cash on hand or instruments that you can convert to currency quickly. It should not be confused with fixed capital; working capital is another business finance term.

6. Cash Flow

Maintaining tight cash flow control is essential to any small business, especially if it is new since ready cash can be limited until the company begins to grow and produce more working capital.

The business finance term and definition of cash flow refers to the amount of operating cash that “flows” through the business and affects the business’s liquidity. Cash flow reports reflect activity for a specified period, usually one accounting period or one month.

7. Depreciation

Depreciation occurs due to wear and tear. So, the value of any asset can be said to depreciate when it loses some of that value in increments over time. Various depreciation methods are used by businesses to decrease the recorded value of assets. You can also learn a few essential industry-related terms from your business coach.

8. Fixed Asset

A fixed asset is a tangible, long-term asset used for the business and not expected to be sold or otherwise converted into cash during the current or upcoming fiscal year. Fixed assets are furniture, computer equipment, equipment, and real estate.

9. Intangible Asset

Non-physical business assets are considered intangible. These assets can be items like patents, goodwill, and intellectual property.

Whether you are an entrepreneur or not, the business terms mentioned above are essential for everyone. They will help you to understand the diverse concepts in the business world.

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.

To know more, visit: www.badabusiness.com

Categories
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.

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Business motivation

Why Hiring A Business Coach Is A Top Investment?

Why Hiring a Business coach is a Top Investment?
Why Hiring a Business coach is a Top Investment?

Summary: Finding the best business coach can be challenging for entrepreneurs, but an extremely valuable resource. Still, thinking if you should hire one? Read this article.

From Steve Jobs to Jeff Bezos, every successful leader uses a business coach because they know just how helpful it can be when it comes to running a successful company.

Hiring a business mentor is a large investment, so it is essential to know your needs. How a good mentor can help assist you is worth the research.

What is a business coach?

A business trainer is someone who works with business owners, entrepreneurs, solopreneurs, and CEOs to help them focus on the business problems that they need to resolve. They provide consultations and specialized knowledge that helps to build your business.

In the last few years, the coaching industry has exploded over the years as many corporates and senior leaders find business coaching to be a valuable investment when it works. However, with the explosion in the industry came a few bad apples. Hence, you must find the right coach for you.

How a business coach helps you?

Small business owners often stay in a dilemma before consulting a mentor because they wonder how the right business coach can help them in their growth. A great mentor can help you in plenty of ways. They will guide you with the problem that you need to be resolved. If you are planning to launch a business, a mentor can help you at launching your startup business.

Business coaches share their knowledge and experience with their clients, navigate them during their business journey, and offer valuable guidance and advice. But you should hire a business CEO coach who has an experience in the same industry because they have had their share of experiences and can offer valuable tips and advice to you.

Types of Business coaches

The business has a broad spectrum of specialties. It has multiple branches like sales, human resources, marketing, legal, business finance, and leadership, just to name a few. Similarly, there are specialists who you can hire according to your requirement.

Is it marketing, sales coaching, or business finance planning? Knowing the area your business is struggling and needs help with will help narrow down your business coach choices.

When you are looking for a business coach you must know what you need from them. Knowing what you need to get from the coaching relationship will help you narrow down which business coaches can help you. You can ask your business network for referrals. People are always happy to share the names of others when they’ve had a good experience with them.

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.

You can boost your sales easily with the right guidance from a business expert.  Learn to generate high revenue earning products for sales; generate payment links for customers, managing account-related details. Get your marketing game back on track. Grow through self-learning and see your website traffic increasing with marketing collateral designed especially for you. To know more about our courses, visit https://www.badabusiness.com/psc

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.