StartupTalky

Tag: 📖 Learning

  • The 9 Most Popular Types of Freelancers

    A freelancer is a self-employed person who offers his or her services to clients, out of his or her own accord and independent of any superior authority or organisation. It is okay to have your head buzzing with random questions at this point. After all, it is quite a dare, to claim your own space in the market and put your best skills to test. But, as it goes, it is never a wrong time to learn something new, and creating something of your very own is worth the efforts, even if it was just a random try.

    According to gig economy statistics from 2018, 33% freelancers work in creative fields. According to their stats, 21% of all freelancers are in consulting/professional services. 17% are writers, journalists, and content service providers, 15% are in tech/web development and the left 14% of freelancers work in other fields.

    In this article, we deal with what are all the different ways, in which you can start freelancing in India. That is, the most popular types of freelancers in India. If you are new to this game and have been bitten by the freelancing bug too, take a look! With flexible work hours and great work, the job sure carries its perks.

    Different Types Of Freelancers

    Most Popular Types of Freelancers
    Most Popular Types of Freelancers

    The Independent Contractors

    One of the broadest categories here, an independent contractor, in literal terms, means an individual who works of his own free will and does not have a specific employer.

    As this is the case with all the freelancers, this category encapsulates all the categories mention below. Individual contractors include people working with several different clients, often multiple clients at once, either full time or part-time. The work is often undertaken on a per-project, per day or a contractual basis and the work variety is diverse.

    Part-Time Freelancers

    Call it one of the smartest or the most baulking types, but part-time freelancing provides an excellent opportunity to the individuals who are looking to explore new work genres or extra income without running the risk of having to quit their day job.

    Thus, these people have a steady job, which is their main earning source and a part-time freelance gig on the side, where they get to work independently. Also called the Moonlighting, part-time freelancing is a popular choice among quite many individuals, who want to develop their skills while maintaining a permanent earning source.

    Business Owners

    Look at this category as a cross between a freelancer and a small-time business owner. The conclusion? An individual who undertakes projects as a freelancer, but has employees. The freelancer pays his or her employees out of his earnings and thus, earns a livelihood.

    Business owners often prefer to work in the same niche and are experienced freelancers who know their jobs well and have over time, established themselves in the market (enough to employ other people). These dedicate long hours to their craft and often get projects through networking.

    Also read:

    The Experiential Freelancer

    One of the most curious of the types, these individuals are full-time freelancers who love what they do and strive harder and harder to learn and achieve more. They often undertake diverse projects and are constantly pushing their work boundaries by learning new things.

    Needless to say, this kind of curiosity demands to remain constantly updated with the latest developments in their work fields and experiential freelancers are masters of it. Of course, there is a reason why, these days, even hot-shot corporations want to hire the services of a freelancer.

    Diversified Workers

    Not exactly a freelancer but cutting, these individuals depend upon a variety of odd jobs for their income. They often don’t work within a particular sector but undertake a variety of part-time jobs, online freelance work, and short term projects to keep the house running.

    Virtual Assistants

    Virtual Assistant Statistics
    Virtual Assistant Statistics

    A Virtual Assistant is just like an Office Assistant but the difference is that a Virtual Assistant doesn’t work at an office or the place of the client instead they work from home or anywhere. The job of a Virtual Assistant includes various tasks such as content writing, replying emails, chat support etc. Think of it as you are working for someone as a personal assistant but from your place.

    The advantage of being a Virtual Assistant is that you get long-term projects here. And there are so many jobs available which you can do as a Virtual Assistant and the pay is also decent.

    Also read:

    Freelance Web Developer

    The name is self-explanatory here, a freelance web developer or a programmer is someone who builds websites and web applications. If you are a web developer or you know some of the programming languages like HTML, CSS and JavaScript then you can start working as a freelancer. The only thing is you have found out project specifically in your niche.

    Don’t worry! If you don’t know how HTML, CSS, JavaScript works. You can easily learn them online. There are so many courses available which you can take to learn the basics and that is enough to enter the freelancing world.

    Freelance Bookkeeper or Accountant

    Many businesses out there which don’t want to handle their bookkeeping part. As a freelance bookkeeper, you will handle their accounting part. If you know about how accounting works or if you have worked somewhere as an accountant then you just have to use those skills to work digitally.

    You can also learn these skills easily online. But you have to be expert in bookkeeping because people nowadays looking for professional services. So, if bookkeeping is something that you are passionate about go ahead and start earning.

    Graphic Designers

    A Graphic Designer is someone who conveys the message of any brand visually. In the field of Graphic Designing, you have to decide your speciality or the niche on which you are going to work. There are so many graphic designing works available such as logo designing, web designing, t-shirt mockup, banner designing and the list goes on.

    Once you have decided the niche on which you are going to work or target. Find out the other famous graphic designers and research about their work. If they are doing something different then you also have to do something more unique.

    Again if you are not a professional graphic designer then no one is going to hire. Just because as a graphic designer you create an image of the brand and no one wants to create an unprofessional image of a brand. So, before you start looking for projects build your portfolio first. Try to take inspirations from other graphic designers and do something more than them.

    Also, don’t forget about the pricing, you have to include pricing for each type of work you are going to do as a graphic designer. But don’t provide cheap service at the cheapest price. See what others are charging for the same work and if you think that you can also do the same go ahead and charge what you deserve.

    Also read:

    Conclusion

    So now you know the different types of freelancers out there, did you figure out which category you belong to? Or if you are a beginner, what method struck out as the best for your skills? Freelancing is a booming sector and the Indian market accommodates no less in recruiters than the freelancers. With its perks and challenges, what do you think of the present freelancing business? Let us know in the comment below.

  • The Five Forces Model to Determine Your Industry Competition

    The competitions are increasing rapidly in marketplace. These increasing competition can cause threat to every ongoing business. So it becomes important to determine such competitions and make strategies to exist in the market.

    What is Five Forces Model?
    Five Factors to Analyse Industry Competition

    What is Five Forces Model?

    Porter's Five Forces Model
    An Insight of Porter’s Five Forces Model

    The Porter’s Five Forces of Model is a tool which analyses a business competition and helps determining the level of competition an industry can face. This model was given by Michael Porter (a Harvard Business School researcher) in 1979.

    The tool focuses on five forces which can have an impact on the whole industry. Even after 40 years, it’s one of the effective methods widely used to do competition analysis.

    Five Factors to Analyse Industry Competition

    Porter's Five Forces Model
    Five Factors of Porter’s Five Forces Model

    According to this model, the five factors to analyse industry competition are:

    1. Threat of Entry

    We have already seen the rapid competition among the brands and industries. The new brands entering the market are creating competition for the existing brands as well as in the industry. But what if there are high cost and lots of process required to enter in the industry? There will an entry barrier among such industries.

    But what if it is easy to set up a business in the industry? Then there will be more threat of upcoming competitors in the market. So under this factor, the threat of entry will determine the industry competition. If there are difficult or strong barriers then business will have fewer competitors.

    For Example: It is not easy to enter in the Airlines Industry as it involves huge cost. So the industry will always have few players than most industries. But it’s easy to set up a cafĂ© in the town. So there will be more players or more threat of entry in this field. The business dealing in the industry will be able to earn a limited amount of profit because there are more players in the market.

    Also Read: Must Read Startup Books for Entrepreneurs

    2. Threat of Substitute Products or Services:

    There are industries which have no or few close substitutes available in the market. But there are also industries which have one or more substitutes available in the market. The companies dealing in the industry with no or few closer substitutes will have an advantage than the ones with more substitutes. Even if the company increases its price to earn more profit, the customers will have to buy the product.

    But in the other market with more substitutes, if the companies increase the price then the customers will switch to substitute products. So the number of substitute products or services will determine the competition of the industry.

    For Example: There are more vehicles running on petrol, so the increase in the price of petrol won’t cause any change in the demand. There are no options available with them. But if the price of coffee will get increased, then people may switch towards tea (which is closer substitute of tea).

    3. Industry Competition

    An industry competition comprises the total companies which deal in particular industry. If there will be a large number of companies in the same industry, then the competition will be high. There will be cut throat competition in the market. Even a single change in the price or quantity can show more response in the market. The consumer’s enjoy lots of available opportunities with them.

    If companies increased a slight price in the competitive environment, then the customers will switch to other suppliers. If any company started giving exclusive deals and products at discounted rates, then the customers will move towards such business. The customers’ loyalty is diminishing these days. Consumers are much focused towards getting quality products at cheaper rates.

    In such a market, the businesses are dependent upon market forces to determine the prices. But if there is less competition in the industry, then the companies will have the advantage of maximising the price and earning huge profits.

    Also Read: How to find target market for your Startup

    4. Bargaining Power of Suppliers

    In the market, the powers remains among such businesses whose products are more demanded and few suppliers are there. So if you deal in such a business where the raw materials are heavily demanded and available with few suppliers, then you may have to suffer from the strong bargaining power of suppliers.

    The suppliers can sell the materials at a higher price, and you have to take it because you need raw materials to run your further business operations.On the other hand, if there are more suppliers and raw materials are easily available, and then you will be able to buy materials at fewer rates.

    Suppose, a person running a shoe manufacturing unit will be dependent upon the leather. If there are less leather suppliers then the shoe brand will have to pay more to get leather. His business unit will solely be dependent upon leather because he cannot make shoes without it. So anyhow, he will have to buy the leather even at high price.

    Also Read: How to Make Customers Loyal?

    5. Bargaining Power of Buyers

    The business enjoys huge profit if the product is scarcely available i.e. heavily demanded but quantity is less. Whenever the demand of product gets increased, its price also gets increased. The heavy demand of products requires more products to be supplied. But due to the limited availability, the product only reaches in few hands.

    There will be more buyers in the markets, but few sellers. In such a case, the buyers will have to accept the product even at high price. But consider if there are more sellers in the market? In this case, the buyers will have more power to bargain and get their price reduced.

    So the business will have to sell products at less cost. By this way, he will earn low profits. If the business doesn’t reduce cost, then the customer will switch to other seller and his stocks will remain unsold.

    The customers become more sensitive to price if they find more options in the market. If the industry has more sellers, then the company won’t be able to earn more profit. He will have to agree with the buyer, because of large number of sellers available. So companies dealing in such industry will have more threat to buyer’s bargaining power.

  • How to Raise Fund for Startup in India?

    When it comes to a business the most significant thing is funding and if it’s a startup, funding becomes more important. The survival of a business hugely depends on it. In a startup, funding is important so that the business can meet its expenses, as the profit will be mediocre at first.

    Finance is the fuel needed to run any business. There are numerous stories of entrepreneurial ventures which could not survive despite having great potential tanking, due to a shortage of funding. Getting funds is especially challenging when a business is in the startup stage. Hence, it is important for emerging entrepreneurs to be aware of the various startup company funding options.

    According to a report, Indian startups raise a record $3.9 billion so far in 2019. So we have compiled a list of sources from where you can raise funds for startups, in India.

    Microlending
    Crowdfunding
    Line of Credit
    Equipment Financing
    Angel Investors
    Venture Capitalists
    Government Grants
    Peer to Peer Loans
    Business Credit Cards
    Bank and NBFC Loans

    Microlending

    When loans are given by individuals or a group of people instead of banks and other financial institutions, such loans are known as micro-loans and the technique is called microlending. Micro-loans can be a good source of startup funding for small businesses. Microloans are unsecured loans. The credit score of the borrower is a guiding factor for the lender; it helps in deciding the interest that the borrower would pay to the lender in addition to the original principal amount.

    Crowdfunding

    Crowdfunding
    Crowdfunding

    Using an online platform, individuals interested in raising funds for their initiative can make use of crowdfunding. The investor gets some form of equity or reward in exchange for the contribution. KickStarter, GoFundMe and Indiegogo are some of the most popular and top-ranked crowdfunding sites. Crowdfunding is a good startup funding process because it is easier to acquire than traditional bank loans.

    Line of Credit

    Once approved for a ‘line of credit’, the borrower gets access to a pool of money. But only when he actually takes out some amount i.e. borrows from the pool, he is subjected to the interest that would be charged. The benefit of this type of loan is the low-interest rate charged as compared to bank loans or NBFC loans.

    Equipment Financing

    As the name suggests, equipment financing involves machinery or some other item instead of monetary funds at disposal. The idea is to allow businesses to save money on purchasing equipment and use the same for other purposes. So equipment financing can be the funding option for startups that require equipment and machinery.

    Angel Investors

    Wealthy people who are interested in assisting the business owner through debt-free funding are known as angel investors. They ask for a stake in the ownership of the business and provide advises and suggestions from their own experiences. Such investors usually back early-stage startups that can generate a massive turnover in the future. So if you have a great business plan, then approaching angel investors can be one of the best ways to raise capital for the company.

    Venture Capitalists

    There are many venture capitalists that readily provides fund for a startup. People often use the terms venture capitalists and angel investors interchangeably without understanding that there are more than just subtle differences. Unlike angel investors, venture capitalists are proper firms aimed at helping businesses to develop. The venture capitalist plays an active role in running the business. Apart from purchasing stakes in the business, the firm has a say in the business’s decisions. There are two types of entities in such firms—‘limited’ partners who inject cash into the venture capitalists’ funds meant for assisting startups, and ‘general’ partners who work alongside the startup by engaging with the startup’s management in business-related decisions.

    Government Grants

    The central authority of the country also provides loans for startups in different sectors of the economy. In India, there are various schemes such as Credit Guarantee Scheme, MUDRA loan scheme, and Stand Up India scheme under which the Government provides funds to startups.

    Also, there are schemes introduced by the State Government of different states of India, like Rajasthan Startup Fest, Kerela State Self Entrepreneur Development Mission, Sarothi startup loan by the Govt of Assam.

    Peer to Peer Loans

    In P2P lending, people (excluding banks and financial institutions) lend to those in need of money. Now, this may seem like crowdfunding but there’s a significant distinction: In peer-to-peer lending, the borrower has to repay the original principal along with the interest accrued. This isn’t part of crowdfunding, where the investors may not necessarily pay money to the lenders in exchange for their contribution; it could be a reward exchange program as well.

    Business Credit Cards

    As the name suggests, business credit cards allow borrowers to access a pool of money with a credit limit for transactions. Credit cards are suitable for financing short-term needs and immediate requirements. Just like ordinary credit cards, the card owner is liable to be penalized if the borrowed amount is not repaid in full at the end of the billing period.

    Bank and NBFC Loans

    Lastly let’s talk about the traditional method of funding, the bank, and NBFC loans. Banks provide term loans, working capital loan,s and asset-backed loans. NBFCs provide business loans too. But the issue with most banks and NBFCs is that they offer unsecured loans to only such businesses that have been in business for at least 2 years and which are earning a specific amount of profit.

    While approaching someone for a loan for your startup, ensure that you have an excellent business plan. A business plan is the heart and soul of your initiative or project. It should cover the minute details, must be easy to comprehend, engaging, and enticing at the same time. Above all, it’s the attitude brimming with confidence and the ability to convince that would either make or break the deal!

    Conclusion

    If you are thinking about long-term sustainability then funding is highly recommended. Funding also helps you to explore the current market opportunities as well. Before going for funding, you need to understand what type of funding is actually needed for your business. The entrepreneur needs to be very careful while selecting the type of funding they are going to choose for their business.

    FAQs

    Can businesses use GoFundMe?

    To start funding for a business, people can use GoFundMe.

    What is Startup Funding?

    Startup funding means the amount of money required to start and build a new business.

    How many Startups are there in India?

    There are 61400 startups in India as of now.

  • How to Be a Good Boss | 10 Ways?

    Becoming the leading head of any company or office is a great honour and opportunity. It always gives a feeling of superiority and strength. As the boss, people get respect, attention, and love from their employees. However, this is not always the case as bosses might become the center of gossip, the one person, the employees dislike with passion and other issues around the workplace. It is better to know that respect is earned, thus, the question arises, how to become a good boss?

    According to a report, 86% of companies say developing new leaders is an urgent need. Here are a few ways to accomplish how one can be a proper boss. You Know that when someone is the boss, employees follow their command and just because they do that, doesn’t mean they are doing that happily and it also does not mean they are always entitled to follow the boss’s command. There are qualities of a good boss that one must possess so as to garner the respect that is required from the subordinate. In this article, we will talk about those qualities.

    Make Goals Together With the Employees
    Be a Good Listener
    Celebrate Success With Employees
    Remember That Mistakes Can Happen
    Identify Employees’ Development Needs
    Conflict Resolution
    Sensitivity
    Be a Good Example
    Encourage a Good Relationship Among Them
    Admit Your Mistakes

    Make Goals Together With the Employees

    It is very important to let employees feel that they really are a part of the company and not just puppets. Let them feel that they belong in there, like a big family. Employees also have goals, not just for themselves but for the company, too. So, make the employees aware that when the company continues to grow, they will also grow with it. Most of them build their future in the company they work for, so help them to realize it that the growth is also for their own benifit.

    Be a Good Listener

    Not everyone can be a good listener but in a team, this quality is extremely important to have in a leader. Listening to employees and their problems and attend to their needs is one of the prime responsibility of a leader. Do not focus only on self-growth, try to understand and know the issues, employees are facing and help them find a way out. This is very important to become a good and respectful boss.

    Celebrate Success With Employees

    In a business, success is not just about you, it should be enjoyed by the whole team because all of them have worked hard for it. Treat your employees to a meal or anything that would simplify the celebration of success and thanksgiving. Do not forget to thank them for the success because they are part of it and make them realise that, the success could not have been achieved without them.

    Remember That Mistakes Can Happen

    We are human, and mistakes are bound to happen. Although being a perfectionist is important but one also has to remember and consider that mistakes do happen. There are times when bosses might have to consider these mistakes and let them go. When there is proof that it was not committed intentionally, understand why it has happened and do not take too long to forgive.

    Identify Employees’ Development Needs

    Conduct training for employees to develop their skills and allow them to gain more
    knowledge about new innovations and ideas. Have personality-building sessions for employees to allow them to grow personally. Every employee needs growth and a boss must take care of that, when there will be growth of an employee, the company will definitely get benefited from it.

    Conflict Resolution

    As this is a company, so arguments and conflicts can happen anytime, it is inevitable. When there are conflicts in the office, pacify employees as soon as possible and stay neutral towards the causes. Try to see the matter from different point of views. Being biased will only create rifts between the boss and employees, so be impartial.

    Sensitivity

    When somebody commits a mistake, do not scold them right in front of their workmates but call his attention and inform him about the issue. When someone has done something good, do not hesitate to appreciate them and if possible, give a reward. With this, they will feel more motivated, enthusiastic and important to the organization. It is not one of the most successful methods to become a good and respected boss.

    Be a Good Example

    When you are the boss, your responsibility becomes double, so be the version of yourself, so your employee can draw inspiration from you. Remember that in the office, everyone is working in one team. Avoid doing things that may disappoint others and reduce their respect for you. Do not allow this saying to come true, “Follow what I say but do not follow what I do.”

    Encourage a Good Relationship Among Them

    Team work makes a dream work. When you are in a team, you must have a good relationship with your group mates a proper coordination is required. A healthy work environment will help employees work well and thus the company will get the taste of success. When they feel comfortable with each other, they can avoid conflicts and concentrate on getting their work done with ease. Do some in-office activities that will encourage them to mingle with each other and have a good relationship amongst them.

    Admit Your Mistakes

    As mentioned above, when you are a human , mistakes are inevitable they are bound to happen. What makes you different, is your way of acknowledging it and not repeating the same mistake again. When a mistake is committed by the boss, they should admit it and be sorry for it. Seeing this humility will make employees trust the leadership qualities of the boss.

    Conclusion

    Being a friend to employees is the first step towards being a good boss. Do not pretend to be somebody else. Be honest in dealing with them and do not build huge blocks for interaction. The more approachable one is, the easier it is to pacify conflicts and solve issues. A good boss results a into a good company, if an employee is happy with their boss, the possibility of growth of that company increases.

    FAQs

    What are the Three Qualities that make a Good Boss?

    The three qualities that make a good boss are, high EQ, Honesty and the ability to motivate.

    What are Good Bossess like?

    Good bosses earn respect from their employees not demand them.

    Are bosses always right?

    Bossess are not right everytime, when the made mistake they should apologise for it.

  • How to Use the 10 Year Challenge for Your Business?

    In 2019, one challenge that took the social media world by storm is the 10 Year Challenge. Fortunately till now, this challenge hasn’t caused any kind of accidents, unlike the Kiki Challenge. Therefore, people loved this new challenge. However, it is not just fun to do this kind of challenge, but they can help in earning you some bucks as well. The trend is something that keeps the business running. If you are up-to-date with the latest technology and trends, you will never be out of your established business, but grow. So, we have come up with some ideas for you to take advantage of this trend and generate some leads.

    What Is the 10 Year Challenge?
    Origin of 10 Year Challenge
    How Can This Challenge Help You in Business?
    What Can You Do to Take Part in This Challenge?

    What Is the 10 Year Challenge?

    The 10-year challenge is a very simple challenge in which you have to post your 10-year-old photo along with your latest photo. Therefore, it is also known as the “2009 vs. 2019 Challenge”.

    So, basically, it’s just another way to show off your wealth and glamour. These pictures show how you have evolved in the last few years and what has changed. Many celebrities are posting their old and new photos and their fans are going crazy for this. This trend got viral and people started sharing pictures in social media related to this trend.

    Origin of 10 Year Challenge

    All this started when the TV meteorologist, Damon Lane posted his photo on January 11th, 2019. He compared his photo with the 2009 version of himself. However, we cannot blindly say that he is the one behind all this, but he is the first known celebrity to do it in 2019. Hence, we can say that he is the father of 2019 challenges. However, it is not the first time 10 year challenge or How Did Age Hit You Challenge or #2009vs2019 or GlowUpChallenge (Phew!) is trending. Many such picture comparing challenges have already taken place on the internet in the past. However, this time, it is booming.

    How Can This Challenge Help You in Business?

    As already said, a business exists if it follows the trend. So, this is another trend. If you create a good post, there is a strong possibility that it will go viral. Everyone will be searching for posts related to this challenge. And if they are potential customers, you can even generate some leads. Moreover, if your post is interesting, then bloggers will also feature them on their websites.

    What Can You Do to Take Part in This Challenge?

    Many entrepreneurs must be sharing their personal and financial growth in this campaign. But if you want to market your company in this campaign then post something related to your product and services. You can:

    Show your service- If you provide any service which solves any problem, then share the old look and the look after your service. Bimbra 4×4, which is a car modifying company, did it great.

    Show your growth- Show how better your product has become in all these years. In this way, you will be targeting your old customers. Window Developer’s tweet did it in a simple but cool way.


    The same old quality- If you think you are providing the same best quality over all these years then you can do something creative. Post 2 same photos and captions something like “always like new”, or others. This will be kind of funny for your followers. Moreover, you can use this idea to show the durability of your product.


    Achievements: You can show some of your company’s achievements. This is another way you can show your growth. You can show what awards you got or how you became better, or how you have evolved. This way it will show them how your product and services have better themselves.


    Solving problems- Take an old picture of your customers or your product and a new one showing how you solved their problem. This will give your customers insight, into why they should buy your product.


    Meme- A meme is the best content to share with everyone it can actually attract attention to your product and can be a great way of marketing. Create a meme based on your product and share it on social media, it  is oneof the best ay to get viral


    Customers love for your brand- Another thing you can do is share the love your customer has shown to your product as it is still in here and thriving in the industry.


    Conclusion

    A trend is the easiest and best way to go viral ofcourse it has to be interesting one. If you are reaching millions of people, then there are at least thousands of potential customers and hundreds of lead generations. #10yearchallenge is just one of the dozens of trends in 2019 that has gone viral. So, if you missed this chance, there is nothing to worry about. You just have to think creatively. Create something which everyone will like and relate to. This is one of the best marketing tools in the modern days, use it wisely.

    FAQs

    What is the 10 year challenge?

    The 10-year challenge is a trend where individuals have to post their picture of 10 years ago and a recent one in a collage.

    Who was the first person to start 10 year challenge?

    TV meteorologist, Damon Lane started was the the first person to take part in this challenge.