When a startup is launched, the first and biggest challenge is – how is it going to survive in its initial years.
The first three years are said to be the testing years for a startup. It determines in which direction the business is thriving and how much it has managed to climb the ladder.
Many individuals decide to go for their own entrepreneurship venture. They invest in it, organize the setup and start functioning. Various founders and entrepreneurs have confessed to this fact that the first two-three years are like a roller-coaster ride for any venture.
In that case, it doesn’t matter how much profit they have managed to generate. What matters is how these startups managed to sail through these difficult times strategically.
To ensure that a startup keeps functioning smoothly in its first few years, a founder or an entrepreneur should keep few things in mind.
1) Show Your Presence of Mind
As an entrepreneur, your idea of work may be brilliant, but it’s going to be a hard, bumpy ride. Let us tell you despite the hard work done by you and your team, the profits are not going to land the overnight. At times, you may have to wait longer for income generation. You, along with your team need a lot of patience and preference for this process.
There might be times when your team might get really frustrated due to all this, but the fact is to achieve success or profit you need to keep your cool over the matter. Even though there might be dark clouds, but always remember that still there are enough tools that will help you to get out of all this if they are utilized well.
Keep yourself so motivated that your negative thoughts hardly could paralyze you.
2) Accept Your Fears
OK! We agree you have to be confident to keep your team charged up. But at the end of the day, even you are like any other fellow who has his/her own fears. The best way to tackle a fear is to embrace it first. To combat it, take actions. Don’t be bothered about what the result is going to be. Have enough courage to face something new. Doing something like this will help you unveil a new potential inside you, sometimes.
3) Work in Accordance with a Plan
As a boss, keep yourself updated with the latest trends, the downfalls, which section of the market your product/services shall cater to, your operation location etc.
Consumers are really quick in deciding what they want, so before them, your firm should quickly get the clue what a particular consumer want. You can choose online marketing for this purpose. When you are quick with your planning, you will start gaining businesses in no time. When planning something, discuss it with your whole team so that as a team everyone is able to put efforts.
4) Have a Cordial Relationship with Your Team
As a budding entrepreneur, it is very important that you interact nicely with each of the team members. Sometimes in a startup, each member has to wear multiple caps to perform multiple duties. In that case, a cordial and healthy working environment shall boost their confidence and make them perform better. Experts recommend that you should boost your home environment quite similarly the way you boost your home environment. Try to provide maximum facilities as you can so that the team members can work easily.
5) Hire Wisely
Even though you have started new, learn to hire people on their qualification basis. Choosing less qualified people expecting that they will learn their lessons while working will only add to your woes later on. If you have a lesser budget, learn to identify those people who can learn their work quickly and shall prove their potential later on, while working. For a startup, every member is important because of the role that he/she has to play. Thus one bad decision can largely affect the business progress achieved to a certain point. For certain positions, you can hire people whose work experience match your criteria. This shall secure the business’s future.
6) Just Don’t establish Network Expecting profitable Returns
Networking is an important part of a startup business. In order to stay in business, you need to establish contacts and help each other at times, like you can recommend their services to others. But don’t expect that even they would recommend your services to others when you are in. Of course being optimistic and persistent in such cases pays. Your focus always should be to make your way out so that you don’t have to rely upon others.
Even though you are the owner of an enterprise, you have to realize that at the end of the day, you are a part of the marketing community who are connected to each other through a chain. Sometimes a few people would be there to help you get certain profitable returns, but at the end of the day, you have to be on your own feet.
7) Choose Digital Marketing
Digital Marketing is a widely recommended option for startups since it provides profitable returns at a low cost. Launch your own website and use Search Engine Optimisation to make your website visible. Websites help your brand to get a face. Thereafter you can make various Social Media pages especially the Facebook to promote your business.
Around half of the world population have their accounts on Social Media and spend a considerable amount of time using these apps (mostly on their smartphones). This is easy, reliable and few of the most effective options to reach out to these people. You can choose numerous paid plans to showcase and sell your product and services to millions of people in a single time. Apart from this, you also get insights into the viewers’ likes and dislikes.
With numerous online options available, you can decide how and when you wish to promote your business locally, globally or internationally.
Running a startup successfully and sustaining it over a long time is a not a cakewalk as well. But at the end of the day, there’s nothing that can’t be achieved with hard work, persistent and good decision-making skills.
How To Get Rid Of Debts With The Best Debt Management Program
Sometimes you have so much money that you think, how you can swim in money like Scrooge McDuck. Sometimes you have to take the extreme of bankruptcy. Hardly anyone can say that he is immune to financial ruin. Lack of job opportunities, increasing cost of living and other factors can bring financial difficulties in your everyday life. If you are buried deep under debt, you want to get rid of them as quickly as possible.
A debt management plan is one of the ways you can beat financial challenges due to debt. You will sit with a credit counselor and he will create the best debt management program after evaluating your financial situation. It is a plan you can easily afford. The counselor will negotiate with all of your lenders. This program will allow you to make lower payments possible. You will be able to get rid of your debt in three to five years.
Instead of sending money to different lenders, you will make one monthly payment to the debt management company. Now, it is their job to make monthly payments to your lenders and creditors. The company can get more favorable terms for you such as longer repayment periods and lower interest rates. So, having the best debt management program makes your life simpler as you are paying less money and making only one monthly payment.
Though it will hurt your credit score, it is not as damaging as a bankruptcy. As your loan balances start to decrease, your credit score starts increasing.
One thing you should keep in mind is that not all loans are included in this program. A debt management plan does not include secured debts. Student loans and some other unsecured loans are also not included.
Creating Your Debt Management Plan (DMP)
Finding A Credit Counseling Agency
Don’t work with any random credit counseling agency that has called you yesterday. Make sure that it is a member of the NFCC (National Foundation for Credit Counseling). It should be a reputed credit counseling agency having an excellent track record. Your lenders and credit issuers should be able to trust the agency.
The first credit counseling session is often free. Always ask about the fee of subsequent sessions and documents you have to bring.
What To Expect During Counseling
When you are meeting your counselor for the first time, you need to bring bills for each lender, your recent pay stubs and banking statements. It is good to have a copy of your credit report. Telephone meetings and web meetings are also very common. So, you might not have to see your counselor in person. In this forty-five minutes to an hour-long initial session, the counselor will assess your debts, incomes, and expenses. The counselor also pays attention to the interest rate you are paying. After doing all these assessments, the counselor develops an action plan according to your financial goals. Your lenders are not involved in this session.
Making A Choice And Getting Started
The counselor will tell you about the pros and cons of all the available options. You can take your time to make the final decision. In case the credit counselor is pushing you to make an immediate decision, you are working with the wrong company. Carefully consider the debt solution you are choosing. Does your budget allow you to stick to the DMP?
What if the plan fails?
You will be in a worse position. So, act wisely.
Putting Together the DMP
If you choose to go for a debt management program, the counselor will ask for more detailed information to set up the best debt management program for you. You need to tell about the lenders you are including, bank account statements, medical bills, and credit card bills. You cannot miss any of your expenses. Make sure that you are comfortable with the due date.
Start Making Payments
Though you have to make only one monthly payment, it should be made on time. So, get used to following your new budget. Your credit counseling agency will negotiate and reach agreements with your lenders. Keep in mind that not all lenders will accept your plan. Once the lenders agree, start making payments.
Don’t ignore the fact that the debt management program is not the only solution for you. If it is right for you, go for it.
How to Get a Personal Loan with Low Credit Score
Personal loans are extremely popular financial solutions, as you need not pledge any assets to avail them. However, as lenders do not have any collateral to fall back on in case you default on the loan, they approve loan applications after gauging your repayment ability. One of the important ways in which they do this is by checking your credit score.
Your credit score is a number between 300 and 900 that reflects your creditworthiness. In other words, it indicates your debt handling capabilities by considering your ongoing debts and your repayment behaviour on loans and credit card dues. If you have a score below 750, lenders may hesitate to offer you the loan amount that you seek and they may also charge you a higher interest rate. So, it is very important for borrowers to check credit scores before applying for a loan.
If you have a poor credit score, consider these points before applying for a personal loan.
Look for a guarantor or opt for a joint loan
When you apply for a loan with a co-applicant or a guarantor, you improve your chances of getting a personal loan on pocket-friendly terms. When selecting the guarantor or co-applicant, remember to select someone with a high income and a good credit score. This way, the lender will be assured of timely repayment.
Prove your repayment capacity
While lenders check credit scores of all personal loan applicants, they also check your employment details and salary slips to ascertain your repayment capacity. This is because a steady job and a higher salary directly impacts your ability to repay personal loan EMIs on time. So, when you have a low credit score, you can strengthen your loan application by showing a reliable source of income via your job as well as other sources. If you manage to prove that your income has increased in the recent past or you have other sources of income using which you can successfully repay the personal loan, then despite a poor credit score, you can enjoy approval.
Request for a lower loan amount
Lenders do not favour the combination of a large loan amount and a poor credit score. Keeping this in mind, ask for a lower loan amount when you have a low credit score and you may find it easier to get your application approved. To decide on the amount, plan your requirements in advance. Then use an online personal loan calculator to determine the loan structure that works in your favour.
Appeal for an NA or NH consideration
Your credit score is based on your credit history, which is how you have handled debt in the past. A lack of any activity in this regard for the last 3 years will leave an NA or NH mark on your credit report. In such a case, your CIBIL report may lack a credit score altogether. You can speak to your lender regarding this status and request them to reconsider your application.
Apply after improving your score
One of the best ways to proceed is to work on boosting your credit score before applying for personal loans. Try paying your EMIs and credit card bills on time, avoid defaulting on your debts, and abstain from applying for multiple loans all at once. Keep in mind that several ongoing loans on your name can lower your score. Moreover, your credit report may contain errors or may not have the updated information on loans you have paid off, which impacts your credit score. Therefore, keep an eye on your credit report and rectify mistakes to see your score improve.
If you’re facing a medical emergency and do not have enough time to improve your credit score, you can consider applying for a loan from NBFCs who have simpler eligibility criteria. Apart from offering instant funding, NBFCs provide an array of attractive features. For instance, Bajaj Finserv offers personal loans of up to Rs.25 lakh at nominal interest rates and tenors ranging up to 60 months.
With easy-to-meet personal loan eligibility criteria and minimal documentation, you can apply for a loan quickly and easily here and even enjoy the features of a flexi personal loan. This allows you to withdraw funds from your total loan in parts, multiple times. Interest is incurred only on the amount you withdraw, and you can choose to pay interest-only EMIs, thus reducing your EMIs by 45%. To make the most of instant loan approval, check your pre-approved offer. This customised deal ensures you get the financing you need without any hiccups.
Tips to Write a Product Review for Promoting
An affiliate marketer can promote his online business by writing enticing product reviews. It is true that there are other ways to promote one’s online business and make the target readers aware of one’s products and services. You can resort to website content writing, blog writing and posting, article writing and E book writing for making your products and services popular among target audience. But, writing reviews can actually help to boost your affiliate marketing business. However, it is found that online readers express doubts about the product reviews found online. The reason is many have been cheated by fabricated reviews. It is true that in many instances marketers have tried to hoodwink the readers either through exaggeration or by fabricating facts.
Although, readers have revealed their doubts, product reviews are still considered to be essential for promoting a product or service. The readers read the reviews and cautiously take their decisions before purchasing and using a product. That is the reason why we need to write authentic, high quality and exceptional reviews to make our products popular among the consumers and, at the same time, urge them to purchase our products. Now, what are the methods you should follow for writing a product review? Well, here are some tips which you can consider while reviewing a product.
Need to Have a Well- Structured Affiliate Website
A well structured website can surely help in writing review. To put it in simple words, a good website contains ample information that helps the affiliate marketers to write good and authentic reviews. Moreover, when you have ample information, you know exactly what to include in your reviews, which can attract the readers. However, while using the information from the website, do no copy it exactly, but try to structure the review in your own style- a style that can entice the consumers.
Consider The Needs and Demands of the Target Readers
Before you start writing a review, you should try to understand your readers well. Your reader might be a novice who is least interested about the technicalities. He is only interested in the basics. Write your review according to the demands of the readers. In addition, maintain an informal style of writing, rather than being overtly professional. You are actually helping the consumer to understand a product and then, encouraging him to purchase it read more here. So try to be informal and use simple language.