Five Easy Steps To Become An Entrepreneur From An Employee

Only getting a job is not enough, you would love doing your job. Many reports reveal that almost 72% of employees are not engaged in their work. They are just there. There are many entrepreneurs who are making money for doing what they love. The main part from employee to entrepreneur is planning well, knowing you and set realistic goals.

Here are some easy steps to make this transformation successfully.

  1. Connect yourself with self-authenticity

If you are working in the corporate world, you might feel disconnected from the tasks that brought you joy. It is important to connect yourself with self-authenticity to discover your true purpose. Find the convergence between what you are good at and what you enjoy? It is the most critical phase in transformation from employee to entrepreneur. Ask yourself about your gifts, values, ideal life, success, activities etc. Know the activities which you can do for hours.

  1. Use your knowledge for business ideas

You can turn your strong sense of purpose into potential business ideas. Many entrepreneurs get their business ideas from the pain points they experienced. Figure out the problems someone or you have. Find the innovation idea which helps to solve their problems? It helps you to have a personal connection to your purpose and can give more amounts of energy and time.

Must Read: How to know entrepreneurship is right for you?

  1. Research the fields you are interested in

Search the experts in the interested fields. Discuss the idea to your relatives and friends if they are excited about. Check if you need any other qualification or certifications. Create a side hustle and continue your current job for security purpose. Always give enough time to search for all the details of your interested field. If you are doing any kind of work which you love, you will dedicate yourself in that work. By this, you will get better results.

  1. Escape plan

After creating the side hustle, you have to plan your job escape. Do your financial analysis to understand how much money you need to get the business. Always set aside some amount of money in the early days till your new business can sustain itself. Location, naming the business and registering it is also some main points. Make proper plans and give a deadline to yourself for completing the tasks in a limited time.

  1. Take the plunge

The last step is to take the leap, which is the scariest part. After all the preparation and planning you had done, starting a new business will be a nightmare. Don’t fear to take a step forward, there is never a right time. Just take the leap and don’t look back. For a leading fulfilling life, do what you love. It just takes persistence, patience, and planning.

Must Read: Best Sites for Entrepreneurs

Conclusion

By doing what you love, you will get quality and better results. There are many opportunities are available in the market, you just have to pick the right one. Every business has its own important whether it is small or big. Don’t hesitate to pick a small business idea. Be your own boss with the proper planning, you can achieve success.

Top Mistakes to Avoid While Naming Your Business

While you are starting a new business, there are some major facts to keep in mind for a better success rate, naming a business is one of them. With extensive experience in branding and naming, you can discover the main mistakes which people make in naming their business. The name creates the first impression with potential investors and customers so don’t take this decision lightly.

naming a businessHere is the list of top mistakes to avoid while naming your business.

  1. It is too hard to hear, say or spell

Whenever you start a new business, make sure the name is simple to say. If it is difficult to remember or pronounce, nobody will recall it. Always give an easy name to hear and spell. Follow this simple formula which will help your business. The name should be fluent to spell and easy to remember, choosing a difficult name will affect the success rate of your business.

  1. Not researching competitor names

Brand recognition in business will work as giving power to your business. The name should be strategic and creative, sets you aside from the pack and can review what the company does. The exact name of your competitor can cut your customers in the same industry. For a successful business, you should always be a way ahead of your competitors.

Must Read: Checklist For A Perfect Business Startup

  1. Don’t make your business name so obscure

If the business name has intuitive sound, natural and special meaning, it can work. If it’s too puzzling it will prevail a mystery to the customers. To reach a mass audience you have to follow the above guideline. The name always depends on what business you are doing, the name should be bright, illuminated and brilliant. The business name should have special significance or meaning. But if the name is too obscure or too hard to pronounce and spell, you will lose the opportunity to interact with the customers.

  1. Test your name with customers

We can say that naming a company is the most strategic decision. Always test the target audience you have, if you choose a different name and audience is not convenient with that then you are doing it wrong. Business name delivers the image of your business, so make sure the audience can easily spell the name, which eliminates market confusion. Customers are the god in business, so before taking any step always keep in mind them.

  1. Choosing the wrong name

Many company owners know they have a problem which is in their company name and they just hope it will resolve itself. Your company name should be accurate and not make any confusion to the customers. Some company names are hard to understand what they do or what they serve. Time to time the demand of customers change and the business owner should be always updated. Don’t hesitate to change your company name if it will give you better success.

Must Read: 21 Business Name Generator Tools

  1. Overthinking your name

Naming a business plays an important role in success rates but by just assigning a good name will not grow your business. Don’t over think it does not give your company value. The name is just a small tactical expression, think about it but don’t over think. Work hard to make your name known to everyone, don’t make it heavy lifting.

  1. Using a region to name your company

Many businesses choose their region, state or city name as a part of their company name. In the beginning, this may help but as the business grows it becomes a hindrance to the business. Some owners are having this problem they are serving more market than their name. After naming your business and doing the paperwork, it is too hard to change the name. These companies should make strategic moves.

  1. Don’t follow short term trend

Choose a name which will stay unchangeable for years. Many phrases are memorable, so they get clichéd and get annoying in a few years. Trends could be influenced by business but they don’t control it completely. Only certain group or stereotypes develop associations with trends frequently. But those stereotypes will not always your audience.

Must Read: 51 Side Business Ideas To Make Money

  1. Involving committee in your decision

Involving everyone like your family, friends, employees, and clients will get you lots of suggestions of name and it will be a trouble to select one of them. Selecting that one name will estrange the remaining people. The fewer the better is a better method just involve some decision makers who have company’s interests at heart. If you involve many people in naming a business you will end up too descriptive and literal.

  1. Failed to do a Trademark search

In new business, the owners spend money and time promoting a certain name, and someone is using that name already. If someone is using that name before you used it, they have the rights even if the trademark is not registered by them. A professional trademark search is an absolute must, before naming a business. Using a name which someone is already using is not a solution do proper research for a trademark and owning the rights.

Last words

Above mentioned are some of the facts to keep in mind before naming a business. Always take enough time to think about these facts. By avoiding these potential issues and with your creativity you can name your business which will be suitable for both the short and long term. It will support your company to reach new heights.

How To Make A Perfect Bond With Other Businesses To Grow New Startup?

Nowadays, business relation is the most essential things for business partners, colleagues and also for a new startup. If you make a strong bond with other businesses then it will really help you to develop broadly in the market. You also can build a business relationship with any of your clientele, retailers, and wholesalers and so on. No doubt, trust is one of the most important things while making relationships in business. So, you will have several businesse, deals, and contracts coming on your way.

Business relationshipsYou have the great chance to build an image of your business in front of everyone. This image shows how all the business process happens in your company. This will ultimately make belief for your products or services in the eyes of the clients and also with other people who do business with you. Now, let’s have a look at some key value of making a strong business connection to develop your innovative business.

Be Genuine

You need to find people and companies that feel a natural relation and ease of communication with the things that are general. The genuineness of connecting personality, values and opinion can accelerate relationships.

More Trust in Business Relation

Your clients feel good when you carefully listen to them regarding their requirements and desires and try to provide your greatest performance while serving them. This is the main and significant step to make stable bonds with clients and businesses. It will also assist you to do new business, take more deals and begin the ideal image of your innovative commerce in the market.

Share Knowledge

If your client does not realize your area of knowledge, they can feel ignorant about the details of the procedure and so disconnected from the growth of the project. It is a good chance to share information that will assist the clients to recognize what you do and will make trust and assurance in the procedure.

Identify Shared Objective and Principles

It is important to share similar goals and principles with your business partners and other clients. This is the most important thing that makes connection suitable and varies depending on your business, client type, and the individual client’s persona.

Develop the Most Successful Customer Segment

It is important to develop the most suitable customer segments. Customer segments know the best clientele who will have the preeminent potential for achievement with product, service, and platform. You do not need to develop your commerce slower.

Keep a Positive Attitude

As an independent expert, you frequently carry numerous responsibilities. It is very important to show a positive face and attitude to your clients. Eagerness and zeal are beautiful personality traits that people get pleasure from being around and clients have working with.

Moreover, it is common for business owners and independent expert to focus their possessions on gaining innovative business. Though, the latest projects do not always mean innovative clients. To make strong relationships with existing clients can put you up for recurring business. No doubt, there are some essential selectivity, constancy, and engagement to find great people and increasing relationships with them.

How women entrepreneurs can fund their business?

To start a business one needs an idea and a thought out plan but to put this idea into practice one needs capital. As education level is rising in women, more and more women are coming out of their home to make a career or start their own business. While starting her business, many women face the problem of acquiring capital. Part of the capital they arrange from family sources, but for the remaining part, they face the problem. There are many different ways one can fund her business. To ease her problem discussed below is how a women entrepreneur can fund her business and execute her plan.

women entrepreneurs1. Bootstrapping

It is one of the ideal ways to start your business. You can start your business without taking any external funds. You can tap into your personal saving and get started. Maybe in the initial phase, it will not be big, or returns will not be as expected. But once the business grows, you can plow back your profits back into the business.

  1. Family funding

If bootstrapping does not work in your case the next best option to secure funds for your business is through family and friends. You can tap into your internal source that is your family and friends. People close to you, when they listen to your business idea, they may be ready to fund your venture. They may give you money as a donation (to encourage you) or loan (the amount that is to be paid back later) or equity (partnership) in the business. The loan can be paid back later once the business picks up and is in motion.

  1. Crowdfunding

Getting funds from the crowd (known and unknown people) who are interested in your business idea may be ready to fund you. On the internet, there are many crowdfunding platforms where you can run your campaign to receive funds. Many company owners who see your business an extension to theirs or like your idea, to encourage young entrepreneurs, are ready to crowdfund the project.

  1. Winning sponsored competition

There are many entrepreneur competition organized by government and private companies wherein you can showcase your product or service. The winner is entitled to prize money apart from getting sponsors, and investors. Note that your business idea should be viable and should have features that satisfy early adopters.

  1. Women based initiatives

There are many states as well as central government programs/schemes that encourage women entrepreneurs by offering soft loans, grants, and/or a variety of subsidies. Many banks also offer structured loan focused only for women entrepreneur and participants are entitled to loans at the discounted rate of interest. Out of the schemes available, many do not require collateral security against the loan. There are schemes which provide training to women entrepreneur by experts also.

  1. Angel funding

Angels are those persons who can help you with funds who are mostly high net worth individuals (or group) that mostly funds startups in its initial lifecycle in exchange of equity (partnership). The angel can also bring in his network of connections to help your business.

  1. Bank loan

Financial institutes and banks provide financial support to startups if they are satisfied with your business model. They also figure out if you can pay them back the loan that you have taken. They also take a look at your credit score before offering any loan. Most loans offered are term loan or working capital against hypothecating (mortgage) your business to them.

Above mentioned are few ways how women can fund their business and secure funds to give wings to their business. There can be many other ways of obtaining funds which you can comment in the comment section. It will help women entrepreneurs to stand up on their feet as an individual.

How does franchise model help business to go international?

A franchise is a business opportunity that allows the franchisee (that is you) to start a business legally using franchisor’s expertise, idea, and processes. The franchise business is a business in which the franchisor sells the right to use their business name, logo and model to third-party retail outlets. These are independent third party operators called franchisee.

franchise modelThere are three types of franchise, business format franchise, product or single operator franchise, and manufacturing franchise. Franchising is a common way of doing business.

Franchising model has grown its popularity over the last several decades. The structure of the franchise model can help the business grow in foreign markets more efficiently. It is more cost effective than other expansion models and opening corporate chain outlets.

From the franchisor’s point of view, franchising allows the franchisor team up with local businesses who very well understand the local culture, marketplace and know their territories very well. The new brand has a tremendous advantage as it does not take much time and does not require huge capital to speed up their businesses.

The franchisee (local operator) also provides valuable feedback to the franchisor which in turn can be used to customize the business for a particular market.

There are some challenges if one is expanding internationally. Some are significant and some are trivial. Let us discuss a few challenges one by one.

  1. Language

In many cases, the company training material, operations manual, marketing literature, and website has to be translated. This needs the cost and creates challenges in relation to certain content that cannot be directly translated.

2. Currency

The varying currencies rates and different currency can make the collection of royalties and other fees challenging. This, in turn, can affect the unit’s financial model and the franchisor’s profitability.

3. Supply chain

In many franchise models, the franchisee has to depend on the supply of raw material to operate and maintain the quality of product/services. If there are problems in the supply chain then it can limit the successes of the franchise unit.

4. Some trivial issues

Some less important problems can be the cost and logistics issues that can arise while supporting franchise operators from long distance. Many a time franchisor enters the foreign market even before they are ready for it. It is because the potential franchisee has a strong interest in the regional market. Premature launching in a distant and new market can cause disruption in the whole system which can even fail.

Brands going for international franchisee should perform a complete analysis before going ahead for a foreign franchisee.

Those investing in foreign franchisee opportunity and are new to the market should look into the foregoing challenges if they are addressed or not. The brand should be ready, willing and have sufficient resources for expansion in the region.

Having some structural options, the franchise model can make international expansion more efficiently and appealing for both the franchisor and the franchise in the region. The popular structural options can be area developer and regional developer agreements.

Most countries have regulations which govern the franchise industry. For this, the franchise companies should check with the local government agencies to see that the franchisor complies with it or not.

How to transform your product or service into a brand?

A brand is seen as the company’s most precious and known asset. A brand can be recognized by its logo, slogan, or mark that the general public associates with the company.

create a brandFashion is a fascinating business field and unlike any other field, it is ever changing and highly dynamic. And in such a fast moving and changing industry, to create a brand is a herculean task. But if you adopt some simple points and laid out strategies the herculean task is possible.

Fashion is an industry which is fueled by brands. Is the office colleague wearing an Arrow shirt or Peter England?  Youngsters check out on Instagram which brand they should wear for college farewell party, etc.

It is the potential value of the brand, which not only speaks about the product but beyond that. It represents an image of the company, its people and all stakeholders who stand for it.

We have discussed here a few steps that one should follow and keep working on it to ensure you create a wonderful brand.

Define the brand to create the first impression

It is important that you first outline the brand yourself prior to getting into the reasoning of it. You as a creator and generator of the brand should write down clearly the important elements of the brand. Better write down, as it will get embedded in your thoughts. Essentials like what you wish to communicate with the people, the relation between your brand and your business, etc. are the important things and should be set on high priority.

Take personal interest and be original

Building a brand is one of your business biggest assets. It is often seen that entrepreneurs often outsource brand-building task to some third parties. This should actually be the last thing you should do. A brand is close to your heart, hence it is you who should nurture and grow with your efforts. It is your vision and your mission and not the third party’s which is involved. As a brand is your thought, your vision and mission, therefore it is you who should make all efforts creating, building and promoting it.

Weave a story

Weaving or telling a story is one of the most crucial aspects of brand building. As a human being people are more interested in storyline instead of a just logo, tagline or Facebook share or like. So weave a good story that becomes the script of your brand. The story can be just anything, not necessarily how your brand came into existence. The important point is, there should be a flow in the story and it should be associated with your brand. It is the story which will stay back in consumer’s mind for a long time to come.

Look beyond only sales

A good brand building exercise calls for seeing further than just merely selling the product to the end user. You should be constantly and consistently be in touch with your consumer. It can be after sales service, addressing his/her grievances, feedback about the product, etc. which creates a sustainable brand in the consumer’s mind.

Brand building is a never-ending process and hence you will have to keep on putting efforts continuously and consistently.

Business lessons to become a successful entrepreneur

‘Tough times never last, but tough people do’ so goes an old age saying and has strong relevance in today’s entrepreneurial setup. Entrepreneurship has its own set of responsibilities and challenges to deal with. That is, from turning dreams into reality to forming a capable team to arranging finances. An entrepreneur often feels that road leading to success is never-ending and is full of bumpy rides. Depending upon sector or industry sometimes it may take years to make profit which tests entrepreneur’s resilience and persistence. Though everyone cannot become a successful entrepreneur or maybe he/she is not cut to become one.

Business lessonsLet us look at the lessons every entrepreneur should learn along the way towards success.

Search financial opportunities

One of the important steps towards building any business is to have finance in place. With passion alone your company cannot take off, you will require starting capital. It is also important to understand the operational and maintenance cost your enterprise will need.  Before you plan to start your venture you will have to calculate the total required costs that you will incur and you have to manage how to get those funds. You will have look beyond the traditional approach by surrounding yourself with industry insiders who can also invest in your business. Another method is to crowdfund your business. In simple words, you should not leave any stone unturned to see that your finance is in place perfectly.

Aim for the bigger picture

If a business survives for three years consecutively then it has better chances of success. One can see many startups die prematurely due to lack of a visionary leader. One should focus more on long-term goals instead of short-term ones for running the enterprises successfully. There can be few hiccups on the way which the entrepreneur has to overcome. One should understand the fact that success cannot be achieved immediately. You have to make a few years planning to register growth and profit from it. You may not get the expected results right in the first year but it is better to stick to your plan and stay committed to your long-term goal plans.

Learning from mistakes

‘Failures are the pillar to successes’ goes the old age proverb which is true even in this current scenario for the entrepreneur. Every business has few shortcomings along its way. One should have the ability to learn from mistakes that were committed in the past and negative feedback received from the customers and co-workers. One should access the past performance on regular basis to know which thing worked for you and which did not. Entrepreneurship is not about committing mistakes but using them to your advantage for the future.

Hire capable and talented employees

Human capital is one of the most valuable assets of any enterprise.  They function as an intangible source of profit. It is important to hire skilled, hardworking, and efficient employees who give their 100 percent to the enterprise. They may be needed to acquire job-related skills; they should be self-motivated and action-oriented.  Before taking final decision to hire an employee, try to spend some time with him/her. You will understand their thoughts, know their nature, and know their personality. To hire any employee do not base your decision only on academic qualification or an impressive biodata.

Entrepreneur’s job is not an easy one and you need to have a certain amount of commitment before you become a successful one.