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Tag: Business Planning

  • 8 Steps of Effective Planning for Every Business

    There are many people who dream of being an entrepreneur and starting their own businesses. With various opportunities coming forward at this age, the number of startups is increasing every day. Whenever you try to start a business, there are several factors that are needed to be done properly, among them is planning. In fact, effective planning can do wonders.,

    Planning is an important activity of every business organisation. It is the foremost task which every business has to do before starting its other initiatives. Every implementation of an idea starts with planning. Therefore, planning has an important role to play in any venture or business.

    If planning is not done properly, the business is bound to fail at any given point. Many brainstorming ideas die before execution because of improper planning. Effective planning is what makes the lifeline of every business. In this article, we will talk about the 8 steps that you need to follow for effective planning of your business. These steps are just paving the road to success, so let’s take a look at them.

    Recognise the Opportunities
    Create Objectives
    Planning Premises
    Finding Alternatives
    Evaluating Alternatives
    Choosing Alternatives
    Making Supporting Plans
    Implementation of Plans

    Recognise the Opportunities

    Before creating a plan, there is the foremost need to recognize the opportunities that exist in the external environment. There are 8 stages of planning, to make an effective plan, in which Recognising the opportunities comes first. The managers of the organisation must do a clear analysis of all the aspects of the opportunity on the basis of the future as well as the present. The management should also do an analysis of the present position of the company so that the strength and weaknesses can be taken out which will lay the foundation for setting up the objectives of the organisation.

    Importance of Planning in Business
    Importance of Planning in Business

    Create Objectives

    Your objectives define your business, if there are no objectives then the growth of the business is not possible. The objectives of an organisation must be very clear and well defined. A proper objective of an organisation provides a proper direction to the organisation and its different departments. The objective of the organisation decides the future of the organisation, therefore the management must create a clear set of objectives that the organisation needs to achieve.

    Planning Premises

    As we already know that the process of planning premises is done on the basis of the future. However, as the future is uncertain, so we must create some forecasts on the basis of assumptions. These forecasts are known as the planning premises. The assumptions may not be true, but considering and forecasting them will make the organisation ready to deal with them. Therefore, the management must develop the planning premises so that the organisation can survive in case of any unwanted occurrence.

    Finding Alternatives

    There are multiple ways to do a single thing. Similarly, there are multiple ways in which the objectives of an organisation can be achieved. The management must develop and identify all the multiple and unique ways of doing things that can help them in achieving the objective of the organisation because if by any chance one way is failed to achieve the objective, another is ready to take its place so that the objectives can be achieved without any delay or blockage. Apart from that amongst these alternatives, the best possible case must be chosen.

    Evaluating Alternatives

    After identifying all the ways for achieving the objective, each of the alternatives must be properly evaluated. The process of evaluation of the alternatives must be made on various factors like investment requirement, risk, uses of resources, profit, and others. The management should properly analyse the pros and cons of each and every alternative and where those alternatives can take them. So, that the best one of them can be taken out and can be applied to their business to achieve the objectives.

    Choosing Alternatives

    Once after the evaluation process, the managers will have the proper awareness of the pros and cons of each alternative. Out of all those alternatives, the managers have to make decisions and choose a plan which is more profitable and where less risk is involved. The alternative that will be chosen should fit perfectly to achieve the goals, while choosing the alternative, three tools are must that is, experience, experimentation and research.

    Making Supporting Plans

    Each main plan requires various work to be done. In order to execute the main plans, there is the requirement of supporting plans for various works like hiring manpower, buying required materials, purchasing raw materials and others. The supporting plans are not different plans but they are parts of the main plan which help in managing the different activities and things. The main plans couldn’t take place without the supporting plans and therefore, the managers should create supporting plans to carry forward the work.

    Implementation of Plans

    After the creation of the main plan and the supporting plan, there is a need to bring them into action. The plans should be implemented in such a way that they can help in achieving the objectives. The process of implementing the plans includes the formation of policies, procedures, the budgets, and a sequence of activities to be performed in order to achieve all the goals. Once the implementation is done, now you have to wait and see if you are able to achieve the objectives of your business.

    Conclusion

    A proper business plan helps you in your strategies to make your business successful. When you start your journey of entrepreneurship, the growth of your business keeps you going and it can only happen through proper planning. While planning you need to follow all the steps required, then only you can achieve your end goal.

    FAQs

    What are the effective planning steps of a business?

    Some steps to make planning effective:

    • Recognise the opportunities.
    • Create Objectives.
    • Planning Premises.
    • Finding Alternatives.
    • Evaluating Alternatives.
    • Choosing Alternatives.
    • Making Supporting Plans.

    What is planning in management?

    Planning defines the correct actions to achieve organisational goals. It helps in the efficient utilization of available resources. Realistic planning helps in achieving organisational goals in the most competitive way. Hence go on and plan to achieve the goals you have set.

    What is planning premises?

    The forecast or the assumptions about the future which provide a base for planning in the present are known as planning premises. They are the anticipated environment in which plans are expected to operate.

    What is a good business plan?

    A company often needs a business plan before it can borrow money from a bank. Good plans are usually highly detailed and include information on all aspects of the business, including the industry, marketing, finance, personnel, and various operating procedures.

  • 9 Things You Need to Know Before Starting a Business

    Nowadays, beginning a startup is the of entrepreneurs along with taking it to the heights of success. However, just because you think that you can begin your startup doesn’t mean that you have the power of plunging yourself into your business without any prior thoughts. That will be your ultimate mistake, which may cost you, your lifelong dream.

    A number of things need to be considered before plunging into a start-up business in India. In a land of stark diversities, lots of factors come into play for the smooth running of a business. You may have innovative startup ideas, but it needs proper planning and execution. The first thing you need to know is that starting a business is similar to driving a car through heavy fog where you can’t see anything except a few feet in front of your windshield. So, one wrong decision can lead you in the wrong direction or worse tumbling down to the abyss.

    As per a report, only 78.5% of small businesses survive their first year. You need an effective marketing strategy to establish your business.  While starting a business if you know what needs to be done and what is not then there’s no doubt that you’ll be successful. In this article, we will talk about the things one needs to know before beginning their startup, so let’s get started.

    Know Your Competition and Available Marketspace
    Know the Future of Your Industry
    Know Your Target Audience
    Find Out the Pain Points of Customer
    Ask Feedbacks From Customers
    Be Different
    Build a Healthy Relationship With Your Customers
    Be Open to New Ideas
    Plan For a Long Time

    Know Your Competition and Available Marketspace

    Starting a business to serve people and their need is a great step toward excellence in life. However, the first step is to check out companies offering similar services to know about the industry and how one’s idea stands against competitors. If the concept is new in the residential country then also there is a chance of a company providing similar services existing for a long time in some other country, therefore, thorough market research is a must and keeping an eye on your competitors is important.

    Know the Future of Your Industry

    The future is unpredictable but the least you can do is through research to understand what can happen with your startup. There are so many thoughtful leaders in the industry who mainly or usually predict the future of the market value of different industries. Take a look at them and analyse, you may get an idea of the future of your startup in some way or the other.

    Know Your Target Audience

    Decide on the customer pool for the product or services of the company being established, and search for ways to reach out to them with the price of the product or services being provided.  A business will only be successful if customers are interested in it and can be convinced to try it. For this, a person is needed who can easily identify the target audience and their requirements and help in implementing a strategy to fulfil their requirements with all possible efforts.

    Find Out the Pain Points of Customer

    No company in the world can’t satisfy or fulfil every requirement and need of a customer, and so this is the chance to try to do it. When the given product is launched in the market, try bringing relief to customers’ pain points and this will go a long way in establishing loyal customers for the business. Remember one thing, when a company grows and becomes a bigger brand, it can’t always satisfy its customer with the same dedication but the success is, in trying to find ways to do it.

    Ask Feedbacks From Customers

    When a customer buys the said product or uses the services of one’s company, asking them for some kind of feedback about the service or products is a good idea to know the position of the business in the market. Some might have been satisfied while some might not have been satisfied. Companies can then work to correct those flaws.

    Be Different

    If the start-up is entirely a clone of the industry leader, the possibility of getting found will be lower than one expects. So, find a way to be different from the competitor by adding some uniqueness to the service or product. It will give you a lot of exposure amongst everyone. It is important for all new startups to ensure that a huge number of people know about their business.

    Build a Healthy Relationship With Your Customers

    If a user is using the service multiple times then make sure that a healthy relationship is maintained with them to retain the loyal customer. When a good relationship apart from the business relationship exists, it will help in retaining the customer and the chance of getting exposure from word of mouth will be high as well as helpful in growing the business. This is a powerful tactic of CRM (Customer Relationship Management) to improve business.

    Be Open to New Ideas

    A lot of startup companies are doing the mistake of not implementing a new idea. If they are running smoothly and getting sales for their products and service, they might think about a few great new ideas, but they don’t end up implementing them due to some issues or the fear of failure. Start-ups must be a little courageous and confident to implement new ideas.

    Plan For a Long Time

    Plan for a long time and don’t make a short term plan for your dream startup because long term plans will take you a long way and help in surviving as well as growing in the industry. These long term plans will only help you in sorting out your short term goals. They will help you analysing the situation and help you in taking the company to the right direction.

    Conclusion

    Your dream startup can be a success when your planning and its execution are perfectly done. Just like before an exam, preparation is needed a business also needs preparation before it is launched. One needs to keep these things in mind before beginning with your startup.

    FAQs

    What makes a business successful?

    Making the customer experience and customer service better is one of the most important ways to achieve success for a business.

    Why do businesses fail?

    Businesses fail because of a lack of funds, not doing proper research, marketing is not done properly or not having proper teamwork.

    What are the three significant things that one needs to consider before starting a business?

    Three significant things are adaptability, persistence and work ethic.

  • How To Build Your Company Ready to Manage Any Crisis? (5 Steps)

    Crisis management is a method that can be used for two purposes: as a way to help the contractor deal with a crucial problem that could cause severe losses; and also as a form of prevention against any type of crisis, preparing the company to deal with this situation.

    In other words, this methodology brings together a set of strategies and actions aimed at minimizing, reducing, or reversing the possible consequences of these problems, which can range from economic to those related to the organization’s image.

    But after all, what exactly characterizes a crisis?

    According to a communication and crisis expert, this concept describes any serious event that breaks the normality of a company or causes an extremely formal impact, causing serious damage and even affecting people’s safety and lives.

    Companies must always be prepared to give a quick and effective response in these situations, and for that, the first step is to know the main types of crisis that can affect your business.

    What is the Origin of a Crisis?
    How to Manage a Crisis in a Company?
    How can HR Help in Crisis Management?
    FAQs

    What is the Origin of a Crisis?

    Every company can be affected in different ways, there is no single source and in each of them, the answer must be as assertive as possible. Therefore, it is important to know the main cause of the crisis in the corporate world so that you can adequately prepare for each one of them.

    Check out this brief description of the main causes of the crisis:

    Economic or Financial:

    One of the most common types to be seen, and occurs is when the company suffers a significant reduction in its business. When there’s more supply than demand, your profitability and revenue decline, and your cash flow or working capital isn’t enough to balance the bills.

    Structural failures:

    Structural failures are most often seen in large companies such as factories and construction companies. They are characterized by the failure of equipment or structures. In more serious cases, damage to families can result in the loss of life.

    Rumours of sabotage:

    Many rumours or accusations spread by competitors or even dissatisfied customers can cause significant crises in organizations, especially when spread quickly through technology and social media.

    Reputation:

    When internal and confidential information leaks to society, every company is at great risk of facing a severe crisis, especially if this data involves illegal issues about its operation.

    Natural disasters:

    Natural disasters like earthquakes, storms, floods can damage your business, causing operational and, consequently, financial problems.

    With these examples, we can see how there is a great diversity of causes that can lead to a business crisis, whether internal or external. But don’t worry, we will give you fundamental tips, later on, to help you with this management.

    How to Manage a Crisis in a Company?

    There is no denying the importance of having good crisis management, but the big question that makes this process difficult for many professionals is: where to start?

    Assertive crisis management must be organized and prepared with great care, which is why we have created a step-by-step guide that can help your company with this task. Check out:

    1. Map the Company’s Risks

    For your company to have good crisis management, it is necessary to carry out a complete mapping of all the company’s risks.

    Raise the entire history of the organization and analyze the main issues that could affect it. It is important to simulate these possible scenarios to have a better understanding of what could happen and, based on that, devise the best strategies for each situation.

    2. Create a Crisis Committee

    Once all the risks that could affect your business are mapped and understood, the second step is to establish who will be responsible for this crisis management.

    The leaders and managers should be in front of this command-line process, but beyond them, you have to define representatives from each sector of the company, who will also be responsible for dealing with problems that reach their respective areas.

    After all, the crisis can affect the organization as much as a specific sector, so it is important to have an employee responsible for this task in each team.

    3. Strategy Elaboration

    Strategy Elaboration
    Strategy Elaboration

    Then, it is time to devise the strategies to be used in each crisis.

    Establish the actions that will be taken, train the spokespersons responsible for each team, and analyze how information about the event will be transmitted, both internally to all employees and the press and the public.

    With these actions, your company will be better prepared to deal with crises and solve the problem in the best way possible. Besides them, other tips are fundamental for this process and must also be followed to avoid mistakes that could compromise this management.

    4. A Contingency Plan to Manage a Crisis

    No company wants to face a crisis, but as we mentioned above, we are often subject to unexpected situations that will drastically affect our daily lives.

    Therefore, all companies must be ready to deal with these unexpected events, not only through the strategies we mentioned above but also through a contingency plan.

    Typically, it is based on risks that have already been identified and decided upon as situations that can critically impact the company, to maintain or restore the organization’s critical operations.

    As an example, we can mention the coronavirus pandemic, which impacted and changed the routines of several organizations, forcing them to quickly adapt to this new scenario to ensure that their business continued to function.

    In situations like this, the contingency plan must be activated so that the company can maintain its operations. At this point, all teams must be aware of the actions that will be taken to resolve the crisis and work together to put them into practice.

    Good communication is essential not only for this plan but for all crisis management so that everyone is aligned on the procedures that will be taken. In addition, the organization’s response must be as quick as possible, as the longer it takes, the more difficulties can arise in solving the problem.

    Finally, it is noteworthy that this process must be closely monitored by leaders or managers so that they can be sure that the necessary actions are being taken and that the desired results are being achieved.

    5. The Importance of Internal Communication in Crisis Management

    Internal Communication
    Internal Communication

    In times of crisis, a small flaw, miscommunication or rumours can disrupt this entire process, and even bring serious consequences. Therefore, the first item that should not be dispensed with is internal communication.

    In this process, HR must be concerned with being transparent and objective about the procedures being taken, and always be available for any queries that may arise.

    Maintaining good internal communication will bring greater security to those involved, ensuring that employees are always aware of the organization’s position at these times, feel at ease, and know what is being done to fight the crisis.

    How can HR Help in Crisis Management?

    HR is one of the most important departments in the corporate world. As well as dealing with bureaucratic issues, the contractor is also responsible for a broad range of management that involves the welfare of employees. Therefore, in times of crisis, the professionals in this department are extremely important to contribute to the management’s focus on the internal public, that is, in establishing all the measures that will be aimed at the company’s employees.

    These actions provide high-performance management, which will not only increase the teams’ performance but also contribute to greater motivation and, consequently, better crisis management.

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    Conclusion

    Managing a crisis is not an easy task and requires a series of components to be able to minimize the consequences, such as good planning, preparation, and leadership from everyone involved.

    Therefore, in this article, we explain the main crisis that can affect your business and offer tips on how your company should prepare to face these moments.

    We hope that it will help you in developing a great crisis management system for your company.

    FAQs

    How do Companies Manage Crisis?

    To manage crisis companies should develop a crisis management plan by assembling a crisis management team and ensuring strong leadership and training the employees.

    How do you prepare for crisis management?

    The company should be prepared for the crisis by recognizing a potential crisis, checking the crisis readiness, researching your company records, reviewing your social media status, building the image of key leaders, strengthening your key relationships.

    What are the six steps of handling a crisis?

    The six stages within every crisis are warning, risk examination, response, management, resolution, and recovery.

    What are the three stages of crisis management?

    The management of crisis can be divided into three phases are pre-crisis, crisis and response, and post-crisis.

  • The Step by Step Guide for Writing a Business Plan

    A business plan decides the future of a business. It’s working, profit, features, everything is provided in a business plan. But there is no universally accepted template of a business plan – it tends to differ from company to company, owner to owner, product to product, and service to service.

    Steps in writing a business plan are very very important, which is why you need to learn how to write a business plan step by step. No matter what the format of the document is, certain sections and components just can’t be missed out, which is why everyone must know how to write up a business plan. Since many people don’t know how to write a business plan.

    This write-up is going to present the important points of an ultimate business plan in parts of Essential sections, business planning tips, and general tips.

    Essential Sections Of A Business Plan
    Sales And Marketing Figure
    Operating Strategy
    Executive Summary
    Target Market Analysis
    Product Or Service In Question
    Management And Advisory Committee
    Financial Summary
    Future Requirements
    Competitive Analysis
    Some Tips And Business Plan Suggestions
    Avoid These Mistakes While Drafting a Business Plan
    FAQs

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    Essential Sections of a Business Plan

    How to start a business plan? The first step to write a business plan is portraying it’s Motto and Vision. Quite catchy slides or print-ups with interesting quotes and catchy vocabulary doesn’t make it an excellent business plan. Remember, the vision and mission are two important factors of an excellent business plan section, you can also check some samples of a business plan to get an idea of it and come up with your own.

    One of the top business plan tips is writing a simple one-liner that exudes the vision of one’s venture, creating a formidable impression on potential investors instead of long descriptive write-ups with no mention of the vision and the motto of business.

    Sales and Marketing Figure

    As the sharks on “Shark Tanks” say let’s talk about numbers because business is all about numbers, isn’t it? So this section is an insight into the true potential of the business. It highlights the existing funds raised, predicted sales over the financial year, marketing costs, and ROI, etc, and is an important part of any small business plan.

    The key point of writing a business plan is not to exaggerate or bluff data in any way. The tip for writing a good business plan is providing data about the real sales of the business and giving a pictorial representation such as charts and graphs to elucidate the intended message. It’s better than creating a large table, spanning over several slides or pages. You can also check the best business plan template to understand how it can be written.

    Also, give an estimate of the turnover that the business is planning to make in the upcoming year. This will eventually make the investor ponder about the investment portfolio. These are the main things to remember if you don’t know how to write a business proposal.

    sales and marketing go hand in hand
    Sales and Marketing go hand in hand

    Operating Strategy

    The major purpose and hassle of creating a business plan is to decide the operating strategy of how the entire business will operate as this is the part of writing a great business plan. Every good business plan will describe the process flow in terms of how the entire business would operate and endeavor. After all, any execution method is best understood when one is aware of its algorithm, in other words how the execution process takes place, because that is what is the bottom line of all the hard work.

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    Executive Summary

    Many people don’t know how to write a business plan executive summary. The ultimate business plan is usually confined to a page or two, the executive summary ought to paint the entire picture without going into further details. The value proposition is an essential component of this summary and shouldn’t be skipped.

    It’s advised to write the executive summary after drafting the entire business plan because by picking important ideas from other sections of the document, a concise crux can be formulated. You can follow many guides to writing a business plan or check for a free business plan template to make sure you haven’t missed anything.

    Target Market Analysis

    A no-brainer would be aiming to sell the product or service to everyone out there without any research and analysis which is why writing a business plan is important. This is the main part of how to write a business plan. A niche item would attract only a particular segment of the customers. When you write up a business plan it is necessary to let whoever is reviewing the business plan to figure out the audience that the venture is targeting.

    Product or Service in Question

    Imagine you are on a flight and don’t know the destination of it, will it make any sense? No of course, right? Likewise, without specifying the product and its specifications that the business intends to disseminate, it makes the entire document meaningless. Among all the steps to write a business plan, it is an important step to add specifications of the product.

    Are you going to explain a chemistry experiment without specifying the substances and compounds involved? A startup business plan will always have a list of product dimensions, working, identified flaws and workarounds, usage, demand in the market, etc. A description should be mentally stimulating so that the customer can envision the entire thing before owning it.

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    Management and Advisory Committee

    The business plan must include a section that consists of a short profile of each member involved in the startup/company. This is the top business plan tip as it provides a parameter to evaluate the credibility of the business from the eyes of a VC or Angel Investor. It is the main part of how to do a business plan. The reasoning is clear—the ethics, personality, and various other attributes of the founder and his team are reflected in the final product.

    This may seem absurd to some but pondering over it does ring a bell as it is setting up a business plan. Also, if the business is being mentored by some kind of advisory committee, it is a testament to the fact that the business can turn profitable otherwise experienced individuals would have stayed away from guiding such a venture and that is why it is an important part of business plans for any startups.

    Financial Summary

    Not to be confused with the sales figure section, the financial summary resembles a probable balance sheet and this is one of the top business planning tips. Revenue projections give an idea of the rewards you expect for the efforts you put in running the business because the numbers on the plan will surely speak your company’s story to the presenters because as mentioned earlier, numbers play all the game in business. A financial summary is part of a good business plan.

    Future Requirements

    One reason which makes a businessman work hard is the growth of its business in the future and a sample of the business plan must have this. Even if it is a small business plan, it must have future requirements as the future needs are going to vary when compared to the current ones.

    For example, if the investment required at present is a six-digit figure, it may become an eight-digit one to sustain the business as time progresses. However, justification of the predicted requirements ought to be mentioned to make sense. You can check free business plan templates to see how this can be listed out.

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    Competitive Analysis

    While writing a business plan you don’t want to create a rip-off. The idea is to be unique with one or more unique selling points to stand out from rivals in the same segment. This is among the important steps to write a business plan, an analysis with existing products with nearly the same functionality helps to bring out the USP and also gives you the scale to make your product better than the competitors. Any guide to writing a business plan will have a competitive analysis in it.

    Guide to Writing A Business Plan

    Some Tips and Business Plan Suggestions

    • Don’t make the business plan boring by leaving out graphics. Not losing the listener or reader’s attention determines the outcome is one of the best tips for writing a business plan.
    • The best business plans include an appendix to make traversing across the document easily.
    • Executive summary in the beginning or at the end won’t make much of a difference as long as the entire plan is cohesive and is part of a good business plan.
    • There are various types of business plans, you can figure out want you want by looking for the best business plan template. Research about them before choosing a free business plan template.
    • Don’t read it out like a textbook when presenting the plan somewhere. It is one of the main steps in writing a business plan and you should know the key points and themes to sound convincing.
    • Every startup business plan details the strengths and weaknesses of the business, and how you are going to seize the opportunity if provided.
    • One of the other business planning tips is using the same indentation and formatting throughout the document. The sudden transition from a times new roman 16 to comic sans 24 can be disturbing and agonizing.
    • While writing up a business plan, make it a story-based interactive session because no one likes to listen to lectures where you are not allowed to interact. The more people are going to interact, the more they will indulge in your business plan.
    • The most important tip while writing a business plan, be the master of the plan that you have created to monitor your business. Go through each point thoroughly, make sure you are aware of all the numbers, all the future expectations, and anticipations, growth, etc. Make sure you are satisfied with the small business plan you have created.

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    Avoid these Mistakes while drafting a Business Plan

    Drafting a business plan requires intense focus and integrity as it forms the backbone of the entire business. Many people get confused about how to write a business proposal. Remember that when you are writing a business plan it should outline both the present and future strategy of the business, elucidate necessary points, facts, and stats around which it revolves.

    Simply put, it can make or break everything at stake. You can check out the best business plan template to avoid making these mistakes. Here is a list of dont’s that should be kept in mind while creating your ultimate business plan:-

    Worn out Phrases

    Phrases like ‘disruptive’ and game-changing are over-used and stale; avoid using them in the draft. These words may show what the business is but evade its idea in an actual sense. Avoiding worn-out phrases is a part of the steps to writing a good business plan.

    The plan here is to make the readers/clients/investors resonate with the business plan and convey the right message when propagated to others. Moreover, cliched expressions make you sound over-ambitious and over-confident in nature and is not good for a good business plan. It might be the greatest plan on the planet but claims that are beyond your capabilities are a bummer.

    Don’t use the word ‘DONE’ to Describe your Business

    The theory behind the working of a business plan is that it keeps on going forever; business is a cycle of implement-improve-repeat. Using ‘done’ may put an end to your aspirations outlined in the business plan. If you want an ultimate business plan process then you should PLAN-RUN-REVIEW-REVISE when repeated takes the business to the next level.

    This is why when you are writing a great business plan, using the words finished and done makes the plan one-dimensional and less prone to getting success. Always keep it open-ended in nature and sound optimistic throughout the draft and follow all steps in writing a business plan.

    Never Calculate the Sales from a Big Market

    At the same time, don’t consider the segment you’re targeting as a small percentage of a large market. Forecast the details like stores, distributors, users, subscribers, click and emails, etc. Keep everything upwards, not downwards in business plans for startups.

    Avoid Extreme and Unsupported Optimism

    Not involving the risk factors involved can be a deranged factor for the company’s future if the words mentioned in the business plan take twice as long to make half as much as forecast.

    Don’t Fill The Business Plan With The Product’s Or Service’s Technical Specification Or Characteristics. Keep it at a minimum. Emphasize more on questions like:

    • What problem are you going to solve for the client?
    • How are you going to solve the problem?
    • What is the product’s value proposition?

    Outline the answers to these questions in your business plan. Be careful about what you put in the business plan because it’s your business canvas while setting up a business plan. Deliberate thoroughly, ponder all possibilities and points, don’t make wild claims, stick to the facts, and finally avoid the mistakes explained above!

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    FAQs

    What is the most important part of a business plan?

    The executive summary is the most important part of your business plan, and perhaps the only one that will get read, so make it perfect! The executive summary has only one objective: get the investor to read the rest of your business plan.

    What is in a good business plan?

    A company often needs a business plan before it can borrow money from a bank. Good plans are usually highly detailed and include information on all aspects of the business, including the industry, marketing, personnel, finance, and various operating procedures.

    What are the 4 types of business plans?

    Business plans can be divided roughly into four distinct types:

    • Short plans, or mini-plans
    • Presentation plans or decks
    • Working plans
    • What-if plans

    What are the steps to writing a business plan?

    Business plan Steps:

    • The executive summary.
    • Who are your customers?
    • Evaluate the target audience.
    • What are your opportunities?
    • Understand the competition.
    • Build a simple financial plan.
    • Include an outline marketing plan.
    • Plan your operations.

  • How To Get Your Business Ready For A Seasonal Sale?

    In the world of business, earning money by selling your products can be called an ultimate goal. Every mall, electronics store, supermarket, automobile store has this thing called seasonal sales.

    So the thing which exactly happens in these sales is, it comes at a particular time. During these, which usually happen on special days Or during the clearance phase, the products are of low prices. Less pricing is a strategy that would attract more customers.

    Seasonal sales also include sales at a particular season, where products specific to that season are available. Some discounts are also available. The offering of discounts is in such a way that the store doesn’t get any losses. The profit margin is marginal on individual products during these sales. But the perk is, it attracts more customers because everyone loves reduced prices.

    There are some specific and well-crafted strategies everyone must be aware of before starting seasonal sales. These tips would help the stores and shops make more profit by attracting more customers. Let’s discuss these tips one by one.

    How to Prepare your Business for Seasonal Sale

    Start planning before the season hits
    Planning the budget for seasonal Sales
    Promoting the seasonal sales
    Season focussed marketing strategy
    Inventory Management according to demands
    Setting minimum order quantity
    Quick shipping and good delivery speed
    Clear return and exchange policy
    Creativity in orders
    Watch your competitors

    Conclusion
    FAQs

    Tips for seasonal Business

    Start planning before the season hits

    It is the most important thing we should keep in mind before starting our sales. Procrastination shouldn’t be an option. A beforehand planning would help just as a hurried plan might ruin the wholesales. The plans regarding the budget, the profit margin, consumer choices, the advertising of new brands, percent of discounts are also the key points to focus on. It is to increase the human workforce are all planned.

    The business plan should be in such a way that everything would be ready during the sales. It reduces pressure as well as doesn’t let mistakes happen. It ensures that enough time is there to jot down a perfect strategy that would lead to more fame and extract a good amount of profit.

    Planning the budget for seasonal Sales

    Plan the budget for seasonal sales
    Plan the budget for seasonal sales

    It is important because the sale should in a way that the store or shop doesn’t go into a loss. Also as more customers would come during the sales, more workforce is required. Seasonal sales might need to employ more salespeople. Especially in malls and apparel stores, where people often flock during sales, more salespeople would help them choose according to their whims.

    The budget should also include the expenses for the banners, advertising, and the salaries of the extras during sales. The budget should be such that everyone is satisfied and still a good amount of profit is made.

    Promoting the seasonal sales

    Seasonal Sales
    Seasonal Sales

    Promotion is the key that brings more customers. The promotion of the sales includes using certain advertisements be on the television or newspaper, passing out flyers, making posters, banners outside the shop, etc. The most strategic part is to put a little information regarding the discounts and the list of new products in the advertisement that lets more people know that there is a sale going on.

    People should also have a good experience when they come to the store. Customer is also a crucial agent of advertisements. A happy customer would bring in more customers or visit the next time. It improves the trust of people in the store or brand.

    Season focussed marketing strategy

    Technology helps in chalking out strategies. The making of diagrams of the profits and losses forms to know about customer experiences. It also provides knowledge about customers having an online transaction option. The usage of net banking is essential to enhance performance. The budget should also be a part of the marketing strategy. It is the overall strategy.

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    Inventory Management according to demands

    Knowing the demands of the customers at a specific period or season is the key to attract them. For example, if it’s a winter sale, more winter clothes are the key. A wide range of choices is also crucial. It leads to a customer liking many products and buying them at once.

    In the case of the automobile industry, this is also important. If customers start preferring a specific type of vehicle, that model should be available in plenty. Also, different color choices of the model should be available. It is because everyone does have a specific liking. Good quality products without any defects should be present in the inventory.

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    Setting minimum order quantity

    The possession of a particular number of products brought together helps to make a good profit and sell off more items. Also, it manipulates the mind of the customers into thinking that they have been offered low prices. It can be explained with an example – a handkerchief that costs $10 can be sold for $25 for 3 . This will be beneficial for both the store and the customers.

    Also, this helps small businesses in online stores. They provide reliable prices and have a minimum order quantity that lets them sell their products well.

    Quick shipping and good delivery speed

    It is applicable in online businesses. A quick delivery speed keeps the customers happy. During seasonal sales, the number of customers increases. Good shipping speed avoids cancellation and makes people but more. The delivery men should be polite. Also, the company should work to set up sound networks of delivery. The experience of the customers is what matters the most.

    Clear return and exchange policy

    It is something that provides confidence to the customers. They can rest assured that if a product purchased doesn’t meet their needs, they can return it within a stipulated period. However, this might be confused and damaged products would be returned. So these policies should be clear.

    A stipulated period of 7-14 days is mandatory for return and exchange. The product shouldn’t be damaged while returning. Also, the bill must be present to prove that the customer bought the product from that specific shop. Items such as inner garments and hygiene products shouldn’t come under return policy until it’s proven that they are unused.

    Creativity in orders

    Being creative is something that draws attention. Providing trinkets and gifts is an example of this kind. Some stores also provide flowers and drinks to their customers. It ensures satisfaction among them. They would like to visit the store more often. Also, creative advertising catches the eye of the audience. They come in large numbers.

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    Watch your competitors

    It will prevent entirely making a plan similar to the competitors in the market. Also, one should utilize the strong points. Thus, having a favourable plan is mandatory. It enhances competition and further improves the quality of seasonal sales.

    Conclusion

    Business is just like a game of capturing more and more customers. The brand that is the most creative with its sales gets more profit. These strategies mentioned above can help a brand grow and strive. Knowing about the needs of customers and keeping them happy should be the key objective. After that, good planning, advertising, and recruiting are crucial for a good business.

    At present, when there are many brands, only some can capture the hearts of people. A well-thought strategy is the main thing that is necessary for doing. So, one follows it and executes it properly even a smaller brand would be able to compete with the great brands. Also, a good watch should be kept on the competitors and try to learn from their good points. It will help in a rise in fame and profit.

    FAQs

    What is seasonal promotion?

    Seasonal promotions are special offers, discounts or limited edition products that are occasion specific or season specific.

    What are examples of seasonal businesses?

    Some of the seasonal business examples are:

    • Rakhi Business
    • Kite Business
    • Fire crackers Business
    • Woollen Clothes business
    • Raincoat business

    What are seasonal products?

    Seasonal products are the products that are available in the market during a particular seasons or periods of the year only and are not available during another period.

  • Brainly- Business Model and Story

    With so many educational startups like BYJU’S, Toppr, Vedantu, Unacademy, UpGrad, etc. emerging around the corner, raising millions from the students of India, few international platforms like Brainly are also paving their way to take their bite from one of the biggest youth-oriented countries.

    Let’s see how this 11-year old edtech company set to surmount the world’s e-learning market.

    Brainly – About
    Brainly – Foundation
    Brainly – Story of Startup Launch
    Brainly – History
    Brainly – Business Model
    Brainly – Challenges Faced
    Conclusion
    FAQs

    Brainly – About

    Brainly is an education technology company based in Krakow, Poland. Brainly provides a knowledge-sharing community where millions of students, teachers as well as parents share knowledge and solve each other’s problems. It has become the world’s largest social learning network, having reported 250 million monthly users per month across the 35 countries it serves, among which 15 million users are from India itself.

    Brainly, as it describes itself, is a place for students, by students. The motto of Brainly is Smarter Together. Mainly built for high school and middle school students, all types of solutions and help can be found in this application, be it about Mathematics, History, Calculus, English, Biology, Chemistry, Physics, Social Studies, Health, Business, Arts, World Languages, Law, Computers and Technology, Engineering, Medical Sciences, French, German, etc. and many more.

    Moreover, Brainly makes its usage more interesting by granting points to its users when they answer questions posted by others. And it awards ranks to users based on their frequency and accuracy of solving problems. The website also provides teacher ranks to professional teachers. So peers can have a healthy competitive environment among themselves while also enjoying the website and learning together.

    Brainly Introduction

    Brainly – Foundation

    Brainly was founded in 2009 by three friends Michal Borkowski, Lukasz Haluch, and Tomasz Kraus. Since then, it has set up its headquarters in New York City, United States, and Krakow, Poland; and expanded its venture over 35 countries, raising 38.5 million dollars from its seven investors, including Naspers which also funded BYJU’s.

    Brainly – Story of Startup Launch

    Michal Borkowski | Co-founder and CEO of Brainly
    Michal Borkowski | Co-founder and CEO of Brainly

    The inspiration to start this multi-million dollar company came from Michal Borkowski, co-founder and CEO of Brainly. Before Brainly, Michal worked for Q&A networks and got to understand from it that subject-specific Q&As perform better than general Q&As. This later became the original inspiration behind Brainly.

    Brainly was launched at the time when edtech companies were not much encouraged and it was difficult to find investors. So the three founders funded their company themselves and took the risk, and within a year, their decision got paid off as millions of students were starting to use Brainly to know more, and to know faster, in a click. And today Brainly claims to have built the world’s largest social learning network.

    The Brains behind Brainly.Michal Borkowski, Lukasz Haluch and Tomasz Kraus.

    Brainly – History

    The company was initially named Zadane.pl. In 2011, just 2 years after the company’s birth, it created Znanija.com, the first international project dedicated to Russian language speakers. After that, the growth of this company had no turning back and raised several funds from large capital firms. The total funds raised by the company since its establishment is reported to be $68.5 million.

    In 2017, Zadane.pl changed to Brainly. In January 2018, Brainly announced the ownership of the video education startup, Bask, to bring video technology to the Brainly platform.

    Brainly – Business Model

    After conquering the world, Brainly is now all set to expand in India by focusing on vernacular content. It has already created a 15 million userbase in India within 2 years, the same as India’s first and only edtech unicorn BYJU’s. Brainly conducted a survey for Indian students and found that its users comprise of 42% secondary and 39% higher secondary grade students.

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    However, Brainly has not yet monetized its services in India. According to Michal Borkowski, the CEO and co-founder, Brainly is giving priority to the growth of its reach to every potential user over profits. It has planned an efficient business model for rooting in India.

    India offers a huge market to Bainly. People here are more willing to spend their salaries on their kid’s education than any other sectors. The building competition among students and the pressure to succeed put up by parents acts as a boon to Brainly’s market opportunities.

    Moreover, students are dissatisfied with their schools, complaining that the schools are unable to prepare them for their careers. So here comes the need of an easy-to-go help source.

    Unlike most other edtech companies established in India that provide competitive exam preparations and tedious learning programs, Brainly focuses on specific, curriculum-related problems and skill strengthening through connecting students together.

    India’s Education Market

    Brainly – Challenges Faced

    Brainly’s current strategy is to build the student community and work on the content to ensure the best quality possible. But India also poses some challenges.

    Lack of internet availability, which is a great problem in rural areas and semi-urban areas of the country, can cost a lot of users to Brainly. For this, the Brainly team is working to have a low and flexible data requirement for their app.

    Lack of a unified syllabus in India also puts the company in trouble. So it does not follow a specific curriculum so that it can have a wider userbase of all school subjects.

    Seeking the vernacular language is also a tough and elaborate job. India, having 22 official languages and thousands of regional ones, Brainly has to launch in languages other than English and Hindi in order to attract all types of students.

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    Conclusion

    Brainly’s multifaceted community of experts encloses students who help answer other students’ questions, be it a complex calculus question, or a conceptual question about a reading based assignment, or any inquiry regarding studying strategy for any career-related goals. So it assures verified and reliable solutions and to its users and builds a sense of trust for itself.

    As Brainly puts its concept in a line, “No one knows everything, but everyone knows something. With Brainly, students combine their strengths and talents to tackle problems together.”

    With such great perspective and an efficient and dedicated team constantly working to refine its business model and open to new ideas; the day does not seem to be far away when Brainly will become every Indian student’s goto app.

    FAQs

    Is Brainly a free app?

    You can always access most of the content and features available on Brainly for free. But if you wish to access all of the answers on Brainly, including Verified Answers with 100% uninterrupted access, you can purchase a Brainly Plus subscription!

    When was Brainly founded?

    Brainly was founded in September 2009 in Poland by founders – Michal Borkowski, Lukasz Haluch and Tomasz Kraus.

    Do you get paid on Brainly?

    Brainly doesn’t give you money. It works like Quora, where you answer questions to get points, and then use those points to ask questions and clear your doubts.

    Is Brainly Indian?

    No. Brainly is a Polish EdTech, headquartered at New York. It is available to use in India though.

  • Everything You Should Know About Family Business Ideas

    When we think about starting a business, one of the main points is to think of an idea of what your business will be based on. If you are thinking, planning, and dreaming to start a business then starting a family business idea will be a smart way to explore your existing talents to create extra income and also helps in a move from a 9 to 5 work schedule. Through this business, you will give support to your family members, you just only need to pick up an idea and move forward to that idea.

    There are lots of family business ideas but you need to select among those ideas according to your interest. When you start the business with lower pressure with your family member you need to give time and energy. So starting a family business can be a popular way to make a living. If you’re interested in starting your own family business, take a look at the potential list of family business opportunities below.

    Child or ElderCare

    One small business option to start with your family is the child or elder care business. One benefit of this business is that you can care of them in your place/residence or in the residence of the person whom you are taking care of. You can start this family business by advertising or from your network. This business is now becoming popular because:

    Women have to work who have children.

    • Millennials are planners
    • Today’s mothers are older and mid-career
    • The next generation is up in the air
    • Flexible work options
    • Care subsidies
    • Support groups

    2.Errand Service

    If you need of getting extra cash an easy way to get is to offer to run Errands. As people get older they are not capable of managing daily tasks such as grocery shopping, picking up prescription medicine, and more. That’s why Senior citizens often hire errand runners to do the tasks they no longer can do. Some steps to keep in mind to start this business:

    • Legal Structure
    • Name Your Business
    • Insurance
    • Gather Supplies
    • Choose Services
    • Set Your Prices

    Some benefits of this business are following:

    • More time in your day
    • More time with family and friends
    • Reduced stress levels – your health can improve
    • Less worries
    • No waiting in lines
    • More leisure time for yourself
    • Less wasted time in traffic
    • Enjoy your lunch hour at work
    • Less downtime at work
    • The pleasure of knowing your life is under control

    3.Celebration Boxes or Baskets

    If you and your family love to craft and want to make money with this skill then this a great idea to start a business. You just need to create gift baskets or celebration boxes for friends and family. In this business, there is no need to rent space for your business. There are various types of boxes you can made:

    • Off-to-college box
    • Graduation box
    • Birthday box
    • New baby box
    • Wedding box
    • Anniversary basket
    • Proposal box
    • Housewarming box

    With this business any of life’s big moments can be celebrated. And the box will be designed according to the buyer’s preference.

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    4.Retail Arbitrage

    If you like to do an online business with minimal interaction then this business will be great for you.

    In this business, you can buy a product from local stores and sell at with higher price in the different marketplace or online marketplaces for a profit. And the items which you purchased sell them on Amazon, eBay, Jet, Walmart.com, Etsy, Craigslist, Facebook Marketplace, Offer Up, Let Go, and many others.

    5.Tutoring

    Some students need some extra help to ensure that they are excelling in their studies. Then you will need knowledge of the subject which you want to teach. More important required is kindness and patience. In this business timing are flexible. There are many more growths and expansion of this tutoring business as time passes people will know about you then many more students come to you. Some tips which will be very much important to start this:

    • Determine the subjects and educational level where you can help
    • Make a list of potential students
    • Decide how you’re going to provide tutoring services
    • Gather the tools you’ll need to provide tutoring services
    • Decide on your pricing and policies
    • Decide on your business structure
    • Create a business name
    • Obtain needed permits and licenses
    • Write a business plan
    • Map out a marketing plan
    Year-Wise list of no of family businesses run above or below 25 years
    Year-Wise list of no of family businesses run above or below 25 years

    6.Gardening or Lawn Care

    If you love to spend time outside and love to taking care of plants also have a passion for gardening then starting this business will be very much profitable for you. Many people love to have fresh vegetables in their garden and green, weed-free grass, but simply don’t have the time to maintain either.

    In this business, there will be needed some equipment. And you can become the master of your destiny and you can devote much little time from your work schedule to take care of this business. You have very flexible timing whenever it will be possible you can work. You also can enjoy the fresh air, get a good cardiovascular workout, and bulk up your muscles.

    The basic types of lawn and landscaping businesses include:

    • Lawn mowing/maintenance
    • Sod installation/hydroseeding
    • Weeding or fertilizer and/or pest control application
    • Landscape care/maintenance services
    • Landscape design/contracting services
    • Landscape architecture services

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    7.Freelance Writing/Media

    As the content writing business increasingly growths online business, companies need a steady supply of fresh content that helps them stand out from the crowd. If you are passionate about decent writing also with a good design then you can use this to showcase your skills to your clients. If you are truly a beginner, your best bet would be to start writing the kinds of articles you’d like to be paid for and posting them on free platforms like Medium. Freelance writing can be very much rewarding and full of fun if you truly show your interest. Your customers will be the editors of your target publications.

    You’ll need a computer, a laser printer, a fax machine, and the usual office software. Also besides, you’ll want plenty of reference books, including a dictionary, encyclopedia, and style guides.

    8.Gourment Baking

    Baking is a hobby that can be a family business with a little bit of patience. You can start this by simply a few recipes and designs and serve them in your local community gradually you can expand this business. There are two main types of bakeries: retail and wholesale. Retail bakeries are the most common type of bakery, and they are the bakeries that sell baked goods and bread directly to customers. The other main type of bakery is wholesale bakeries. Rather than selling their products directly to customers, wholesale bakeries market their baked goods to businesses like grocery stores, restaurants, delis, and cafes. Which you want to choose depends on your interest.

    Some tips to start this business:

    • Write a Business Plan
    • Obtain Loans and Startup Capital
    • Leasing a Commercial Space
    • Permits and Licenses
    • Designing a Layout

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    9.Event Planning

    Starting from weddings to many other parties which are part of our daily culture. To plan all the things properly there will be a need for some successful event planner  can maintain all the activities. According to Goldblatt’s research, profits in this industry continue to rise.

    There are various types of events:

    • Celebrations (fairs, parades, weddings, reunions, birthdays, anniversaries)
    • Education (conferences, meetings, graduations)
    • Promotions (product launches, political rallies, fashion shows)
    • Commemorations (memorials, civic events)

    10.Interior Design Service

    If you have a knack for planning spaces and coordinating furnishings and accessories, then this is the field for you. Many specialize in a particular type of design like kitchen design or lighting solutions, and many augment their income by selling decorative products like accessories and furniture. With creativity, imagination, and a good eye for form shape, and color you can become an interior design professional.

    Some steps which will be help for starting this design business:

    • Determine what services you’ll offer
    • Focus on your style & specialty
    • Choose a catchy business name & register it
    • Build a beautiful website
    • Build a portfolio
    • Set your rate
    • Promote the heck out of your business
    • Start a blog
    • Have a dedicated work space
    • Build relationships with suppliers & contractors

  • 7 Ways To Create Best Ideas For Starting A Business

    There are so many different factors that contribute to the success of your startup. But your business idea is the most important thing among them. The idea drives your business forward. Most of the people think that starting a business is a difficult and mysterious process. Also, they don’t know about the first step to take in starting a business.

    Starting a business requires energy and time. The person, who wants to start a business, must be subject to periods of self-reflection in order to find a realistic and profitable business idea. Let us discuss about it. Where can you look for ideas for your business? There are so many ways.

    A good idea makes others to invest in the business. Also, it has an important role in creating sales and profits. The profit allows us to invest in more products and services. It enables the business to grow. But a bad idea will increase the chances to face more competition. That will be a reason of reduced sales and profits. Also, it decreases the growth of your business and you may struggle to survive.

    How to find a business idea

    There are some ways to create the right idea for starting a business. They are given below.

    1. Explore your passion

    We should identify something that we love to do. It makes you able to find enjoyment in what you are doing. We can turn our interested thing into a business idea. For example, if you love space travel, you can try to start a business of building rockets. So, you should find out what you love. Prepare a list of things you love to do. Look for the ways to turn these ideas into a business. For example, if you are interested in healthy living and also, like to discover the new ways to workout, you can start a fitness startup.

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    2. Try to identify your frustrations

    The best business ideas are coming from problem solving. There are so many problems that we are facing in our daily life. If we face a problem, we try to solve it. We can create a business through this. You need to identify and analyze the problems that you face in your daily life. Also, you should try to make solutions to those problems. All creative inventions are born out through problem solving. Your best and most profitable business ideas are the problems that you can solve.

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    3. Think about challenges of our society

    Think about the problems that are most likely to affect the future of our humanity. Identify the needs of our society. Also, think about how to solve those problems. Elon Musk is a perfect example. He is a forward thinking innovator. Musk identified the future problems and made solutions to those problems. He probably knew that there would be short-term solutions to short-term problems. So he thought about bigger future problems.

    Business idea has an important role in creating sales and profits

    As a result, Musk manufactured rocket ships, founded PayPal, built an electric car, invented a tube-travel capsule, and designed a submarine car. But you don’t need to design hyperloop capsules or rockets. There are so many other challenges. So, think about the other kind of future problems that our world is going to experience. Also, think about how to fix those problems. The People will pay you for those solutions.

    4. Study successful entrepreneurs

    It is very important to know about the great entrepreneurs and their stories. We should study about their successful business models. We can learn so many things from them. It will help you, when starting a business. Also, you will get business ideas from their business models. Try to know about how they implemented their business idea. You will get inspired by knowing about them.

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    Take a look and analyze the trending subjects on social media sites like YouTube, Twitter, BusFeed, Reddit, etc. You can quickly get into trending topics by reselling or creating services or related products. It enables you to build a valid business. Also, choose an industry and spend a few months for reading everything about it. Do it until you reach where you can find and predict upcoming trends.

    6. Find business ideas in your corporate job

    Take a look at the internal processes of the company. It includes finance & accounting, human resources, sales, management, marketing, etc. Think about how can be making this process more efficient by using technology. Try to use this process in another industry. Also, think about how its service or product can be made better and cheaper. Look for the ways to access a completely another different market for the product.

    List of eCommerce Business Ideas which anyone can easily start
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    7. Use your smartphone

    We have experienced unavailability of App or need of improvement in an App, when searching for a needed thing in the phone. If you know to develop an application, you can use this opportunity by making an App. Also, we have experienced unavailability, when searching a product or service in the phone. We can turn this into a business opportunity by creating that product or service in the market.

    How to determine the quality of a business idea

    It’s important to determine the quality of an idea. There are some strategies to help you determine if you have a good business idea. They are given below.

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    • A good business idea is those that can solve a problem in some way. If you know that a problem affects you, your family, friends and coworkers, it’s more likely to affect people you don’t know.
    • You do not have to worry about deep financial forecasts at the early stage, but you should do some basic calculations to make sure that your idea is profitable.
    • There are several ways to solve problems, but the best business ideas do it in a way that is less costly than the market survives. You can evaluate that the solution is worthy or not through determining the price.
    A good idea is one of the important factors in the success of a business
    • You never be successful in your business without a large enough market. You should determine that if there is a niche market for your idea.  If your business is doing better than it already is, you can achieve success
    • You may need to spend all your time for the business. So it’s important to make sure that you are passionate about your idea.
    • You can’t know if your business is profitable until you try it on strangers. Try it with honest people who create your ideal target audience, and then pay attention to the feedback.

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    Starting a business is not an easy thing. You can’t be successful without taking risks. But there are differences between the calculated risks and the foolish risks. The best ideas are not the specific area of smart and most successful people. It is possible to everyone. We all can come up with an idea that will change the world, revolutionize an industry or helps you to earn millions.