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Tag: Planning Budget

  • How to Become A Digital Nomad?

    The COVID-19 pandemic has caused an impact on people belonging to all spheres of life. This has surely changed the working styles and environment in which we were comfortable for ages. According to a global survey conducted by Lenovo, the report states that around 74% of people want to continue working from home. Many such reports indicate that the changes in attitudes, technologies, and communication are inevitable which will eventually lead us to have maximum communities of remote workers, enjoying their freedom and flexibility in their professional lives. Around 4.57 billion people are using the internet and using technology which is making our world smaller.

    People can connect through various video conferencing tools, by staying anywhere in the world. The rising ease of automobiles and jet engines has also conveniently shortened travelling time and has ensured that we need not be working from one place. Travelling today has become much easier and cheaper than it was ever before. All such cues lead us to become digital nomads. One can now see the world and earn from wherever they wish to. It gives you the flexibility to create a strong balance between your work and life. In this article, you will get to know a lot more about digital nomads.

    Who Is a Digital Nomad?
    Three Types of Digital Nomads
    How to Become a Digital Nomad?

    Who Is a Digital Nomad?

    A person whose job location is independent, and allows him/her to live and work according to their wish is known as a digital nomad. It simply means that you can work from a coffee shop in Mumbai for a client of London. Digital nomad uses technology such as smartphones, laptops or tablets, and the internet to perform their tasks and earn a living irrespective of their job location. The term digital nomad consists of two parts:

    Digital: Making Money Online

    Nomad: Travelling or moving from one place to the other

    Three Types of Digital Nomads

    Remote Working for a Company- Many digital nomads work for a company and get a salary by working remotely. This has become very common after the Coronavirus outbreak. A regular employee can also ask their boss to allow them to do the work online if it suits their job and work. If you cannot get such approvals try to switch the company to a similar position that allows you to work remotely. These are the days when companies are looking out for employees who are ready to put their blood, sweat and tears into working remotely.

    Freelancing- Digital nomads are more prominently seen to be working as freelancers. All you would need to do is find a freelancing portal and job where you can offer your skills to the clients and work for them on a contractual basis.

    Work for Yourself- There are many options for opening up a business and working as a digital nomad. A lot of people handle and run their businesses remotely. Be it an online health coach or a marketing consultant there are lots of opportunities for you to be an entrepreneur and a digital nomad at the same time.

    How to Become a Digital Nomad?

    Becoming a digital nomad is no rocket science; however, you will need passion and dedication to carry out your duties along with your travel plans. Here are a few tips that you would require to become a digital nomad:

    Save Money

    Moving to an unknown location can be an unpredictable experience. Planning and research surely help us to manage our budget and expenses but sometimes we need money for an unexpected cause. Being a digital nomad the first step for you should be to save money and cut down your expenses. Travelling is always expensive as you require money not just for transportation but for accommodation, food and other activities too. You should save money and find out ways to keep costs low.

    Be Prepared to Work Hard

    Surely, being a digital nomad is a lot more fun than a desk job but you shouldn’t expect any fewer hours of work than you had earlier. At every point, you would be expected to hustle. Even if you are smarter and better than others, you will need to establish yourself wherever you work. To enjoy the nomadic life that you plan for yourself, you must gain success and profits too, and that is only possible if you work hard and do your best in whatever path you’ve planned for yourself.

    Choose the Right Path and the Destination

    To become a digital nomad, you will have to find out a job or a profession that allows you to work remotely. There are many freelancing opportunities out there for you to figure out which one suits you the best. Also, if nothing works for you and you are good at the English language, then you can start teaching English. It is surely in demand in all parts of the world and you can provide this service to the locals wherever you decide to travel.

    It is also important to figure out a place where you would want to travel and live for the initial time. Many factors will help you in determining a location for you, some of which include: salary, co-working space, digital nomad community, culture and lifestyle you’re looking for. There are various places where digital nomad culture is quite popular. These places have a relatively low cost of living, plenty of co-working spaces, and high-spirited culture:

    • Mexico
    • Buenos Aires
    • Argentina
    • Lisbon
    • Portuga
    • Taiwan
    • Bali
    • Bangkok
    • Thailand

    Figure Out Your Budget

    Budget is one of the most important things while being a digital nomad. It will help you survive throughout  Once you know how much money you have and what is your path going to be, you need to have a strong financial plan of how you are going to earn and how are you going to spend money. It is imperative that you decide on a budget that works best for your lifestyle and needs.

    Generate Passive Income

    While you will carry out your journey of becoming a digital nomad, you will need some money to support your nomadic lifestyle. You shall require a backup steady income source to support your lifestyle. Most digital nomads today are able to live anywhere in the world because they have earnings from more than one source. It is the money that you are going to make outside of an employer or your profession. The most common example of earning a passive income for digital nomads includes money earned from rental property, stock dividends, blogging, affiliate marketing, and others.

    Conclusion

    If you are really passionate about being a digital nomad, the first thing you would need to do is to work towards your goals and stick to your ambitious plans. Reach out to digital nomad communities, seek the help of mentors online and offline and you have little to lose in this journey but a lot to gain. It is the time to travel, earn, and start chasing your dreams.

    FAQs

    How do digital nomads earn money?

    Digital Nomads can have a job and earn money through online.

    Do Digital nomads pay taxes?

    Yes, Digital nomads have to pay taxes.

    Who is a digital nomad?

    A digital nomad is a person who works with the help of the internet and a laptop while travelling to new places.

  • 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.