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Why You Really Need A Business Plan?

Smruthi Kishore

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Why You Really Need Business Plan?,Startup Stories,Startup Stories India,2018 Latest Business News & Updates,Startup Stories Tips 2018,Do You Really Need Business Plan?,How You Really Need Business Plan?,5 Reasons You Really Need A Business Plan,Five Reasons You Really Need Build Business Plan

Innovative and defying business traditions are must to set up a startup company. But when asked many startup company founders about their business plans, you will be surprised to know that there are 8 out of 10 who responded that they did not make a business plan.

It is striking to me still that how many people are actually aware of the business plans. Apart from this, there is a myth that preparing a business plan defeats the goal of agility in business. Keeping this apart, here, we discuss why we need to take out our drawing board to build a business plan.

1) Formalize your business road map

A well-planned business sketch is a road map detailing about many things like an assessment of what you need, financial indicators, how much you will get paid and how much you will attract your customers. This assessment is no doubt a tedious one and takes more time. But building a plan pays you well in the long run. Business plans are rather inherently strategic.
Don’t confuse your business plan with a doctoral thesis or a lifetime task.
The plan should always be straight forward and yes, short and precise.

2) Analyze your market and industry

The main reason why a startup fails is because a lot of startup founders are driven by their ideas and passion but don’t have a strategic mindset. Understanding the market and the industry is important if you want to play here.
Analysis of market and the industry is a time-consuming process in planning a new startup.
The time spent on this might be significant. Spend some time on researching and learning the opponents.

3) Determine your objectives

Just close your eyes and imagine the date as five years from now. Where do you stand after five years? Are you commanding a rapidly growing empire or are you running a business that is stagnant without making any profits? It is merely important to know where you stand to plan your business.
Write a personal essay on your business goals. Even if you don’t learn anything new, by determining your objectives you tend to get a firm handle on your goals and objectives.

4) Business structures

Many young entrepreneurs feel that being incorporated is the right way to move forward. While others go with the partnership strategies without understanding the risks involved in it.
Your business structure should suit your business models and objectives. Seek advice if you are new to this field because at the end of the day you are not going to repeat this in a short period of time.

At last, we can draw a conclusion that business is founded on in such a way that the purpose would be finding money. So, plan well before you set up a startup.

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Startup Hacks

Why Tumblr, Reddit and Quora Are Marketing Goldmines

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Social Media Sites,Tumblr,Reddit,Quora,Social Media Marketing,Best Social Media Marketing Sites,Best Social Media Sites,Top 3 Social Media Sites,Social Media Platforms,Social Media For Business Marketing,Social Media Sites 2018

When brands and businesses look at social media marketing, they tend to overlook these sites such as Tumblr, Reddit, and Quora that are essentially marketing goldmines. Let me tell you why.

These websites will give your brand or business exclusive access to build brand awareness; in a niche market, that is not already saturated. Unlike traditional social media outlets, that require a large amount of following to get your brand noticed. Websites like Tumblr, Reddit, and Quora let brands and businesses directly engage and connect with their audience.

Shall we take a look at the numbers? They speak for themselves.

  • Tumblr has 550 million monthly users with a global rank of 50, and 22 in the US.
  • Reddit posted 8 billion page views in November 2016. With over 250 million active users every month; with a ranking of 11th in the US, and 26th in the world.
  • Quora generates 200 million monthly visitors. The site ranks within the top 60 websites in America, and top 100 in the world.

All three websites work differently, to make the most of each one make sure you do not post the same content on every website. Tailor it, to the needs of that particular website.

Thirty-nine % of Tumblr’s users are under the age of 25 and they are very clever, so, if your brand wants to gain their attention, the posts are required to be interesting, funny, and most importantly original. Submit a post that looks like an advertisement or a marketing ploy, you’ll find yourself losing followers.

Remember to be always consistent as 47% of Reddit users are online almost all the time, hungry for content.

To make it work on Reddit, make sure your texts posts are relevant to the subreddit where you are posting. As a brand, you should monitor those topics and have a say in your field of expertise.

On almost every other social network, the number of followers is important. People like to proudly flaunt and brag about the number of followers they have. Tumblr is different. It’s rare to find a Tumblr blog which displays the number of followers it has. Tumblr users care more about the interactions they have with other users, they want to build more meaningful relationships.

Quora is a great way to find out what issues are puzzling your current and potential user base, use this information to determine the direction of future content.

On Quora, as long as you clearly state for whom you work, you can also explain how your product can help solve someone’s problem. How’s that for direct marketing?

If you want your brand to reach this untapped demographic of the “cool kids,” then hop on these website bandwagons now!

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Entrepreneur Stories

How Online Marketing Can Be Used To Promote Your Business

Startup Admin

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How Online Marketing To Promote Your Business,Startup Stories,Startup News India,Latest Business Updates 2018,Online Marketing Tips,How to Promote Your Business,How to Grow Your Business,Define Your Target Audience,3 Ways To Promote Your Business

First, you need an idea, then you define a target demographic and finally, you make sure your product is of selling value! Once you have all your formative ducks in a row, its time to think of a marketing strategy. In a world that is leaning towards the digital side of life, there is so much one can do to grow a new business. If you are still wondering about how to grow your business the digital way, then these strategies might just help you!

1. Social media 

In this digital world, social media just cannot be ignored. This is where all the “magic” is happening. A rule of thumb to follow for social media is to be authentic and true to you as well as to your brand. Your audience can smell pretense a mile away and the moment they detect signs of false promises, your brand is negatively affected. To create a direct contact with your audience, make sure you reply to messages as often as possible. By doing this, you are building a loyal audience for yourself and letting people know that you are open to feedback! Social media is tricky and done right, it can help your business grow in leaps and bounds!

2. Leverage influencers 

Influencers are the new flavour in the field of online marketing. If you are looking at a way to increase the online presence of your brand without taking years to build your audience, then influencers are the way to go! Find the right influencer in your niche so that you target the right audience. It is not just about spreading your message. It is about spreading your message to the right consumer base. If you can do this properly, then you can reach a sizable audience for not much money invested when you think about the potential profit it can return.

3. Be different 

“Be you. Everyone is already taken.” How many times have you heard this and why does it ring so true? Simple answer? It is! Everyone is already taken, why do you want to sing the same old tune over and over again? With social media being social media, there us the chance of being different by being you. Be original and quirky and uniquely represent your business through advertising and marketing. Show everyone not only why your business is awesome, but why it is head-and-shoulders above everyone else.

The world is constantly growing and with change, comes innovation and creation. No matter what marketing strategy you use, if you do not have an effective sales funnel and optimize your conversions, you will just be throwing money away.

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Women Entrepreneurs Who Rule With Their Crew

Smruthi Kishore

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Women Entrepreneurs,Startup Stories,Startup News India,Best Motivational Stories,Female Entrepreneurs Rule,Top Female Entrepreneurs,First Youngest Woman Entrepreneur India,Most Successful Female Entrepreneurs,Women Inspirational Stories of Success,Empowering Women

For generations, male dominance has overpowered every aspect of life. However, women have been working together and fighting the system. While movements like #MeToo and the Women’s March have been helping in empowering women, there is still a gap when it comes to female entrepreneurs. Women in lead roles are a rare phenomenon but when it does happen, everyone stands up to take notice. To stay sane in a forever competitive world, these five friendships are extremely crucial.

1. The Been There Done That One 

When you are starting out as an entrepreneur, it is important to have a mentor by your side. When that mentor comes in the form of a close friend, it makes things all the more exciting! Since women face unique challenges in business, it is critical to have this experienced entrepreneur on your side to guide the way forward.

2. The Industrious One 

There are friends who talk business and those who avoid the subject entirely. When starting out, it is important to have that one friend who knows the in and outs of the business world. Not only can you geek out together, you can also stay up to date with everything in the world of business and commerce! An added bonus? This friend can keep you sane through the tough times, especially when it seems like no one else understands what you are going through!

3. The One Who Everyone Knows 

There is always that one friend who seems to know everyone or who is known by everyone. This particular social butterfly will help you expand your circle in ways you did not know was possible. A friend like this is important for every female entrepreneur to have, giving you the opportunity to grow and expand your business like never before!

When growing, it is important to surround yourself with people who have your interest at heart. Identify the females you need to add to your circle. Then start building those relationships one brunch at a time!

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