Resilience And Growth: The Story Of The Philippine BPO Industry
The Business Process Outsourcing (BPO) industry has made tremendous strides over the past two decades. From a small sector, it has grown into a global powerhouse, making significant contributions to the country’s economy and employment. Call centers in the Philippines have been at the heart of this remarkable journey.
The industry’s success can be attributed to the country’s talented workforce. Filipino professionals are highly skilled, proficient in English, and have a strong customer-centric approach. Their cultural compatibility with Western societies and their understanding of global business practices make them valuable assets to businesses worldwide.
An Overview Of The Philippine Outsourcing Industry
The Philipine outsourcing industry offers a broad range of services, from customer service and technical support to specialized areas such as finance and accounting, healthcare, and legal services. This breadth of services allows businesses to consolidate their operations, reduce costs, and maintain high service standards.
The country’s lower cost of living and competitive service rates make it a cost-effective outsourcing destination. This, coupled with the country’s commitment to quality and technological advancement, ensures businesses get value for their money.
Role Of Government Institutions
The role of the government in promoting the outsourcing industry cannot be overstated. Through initiatives like tax incentives, the development of IT parks, and protective laws for BPO employees, the government has made contact center outsourcing to the Philippines an attractive proposition for businesses.
Its country’s resilience in the face of global market shifts and its adaptability to changing business needs make it a reliable partner for businesses. As the sector continues to evolve, it strengthens the country’s status as a top-tier outsourcing hub.
The outsourcing industry is a testament to the nation’s resilience and dedication to excellence. It showcases the immense potential of the Filipino workforce and the country’s dedication to fostering growth and innovation. As the sector continues to grow and adapt to changing market dynamics, it only further cements the Philippines’ position as a leading outsourcing destination.
The Success Story Of Philippine’s BPO
As the world becomes more interconnected, the role of outsourcing in global business operations is becoming even more significant. In this changing landscape, the BPO industry has not just survived; it has thrived. The sector’s success serves as a testament to the country’s ability to adapt and grow in the face of new challenges and opportunities.
Robust IT Infrastructure
One critical area of growth lies in the digital transformation of businesses. The Asian nation, with its robust IT infrastructure and tech-savvy workforce, is well-positioned to support businesses in their digital journey. The industry is increasingly moving beyond traditional call center services to offering more advanced digital services, including AI-powered customer support, data analytics, and cybersecurity. This shift towards higher-value services is a promising development that can potentially attract more investments into the country.
Major Socio-Economic Growth Driver
The sector is also playing a pivotal role in driving socio-economic growth within the country. The jobs created by the industry are not only helping to reduce unemployment but also contributing to the development of other sectors such as real estate, retail, and hospitality.
A Resilient Industry
The resilience and growth of the industry have been nothing short of remarkable. As it continues to adapt to the changing needs of the global market, the industry is poised to achieve even greater heights. The story of the outsourcing industry in the Philippines is a compelling narrative of a nation’s commitment to excellence, innovation, and growth. As the sector continues to evolve, it is set to redefine the landscape of global outsourcing in the years to come.
Key Factors Contributing To The Growth Of Philippines’ BPO Industries
There are various reasons why the BPO sector of the Philippines is witnessing major growth. Here are some of the most common ones:
- When the industry was in its initial years, Bill Gates, the CEO of Microsoft, donated Microsoft Apps Licenses for free to the PCPS programs. This ensured that the government could avoid enormous capital expenditures.
- Secondly, the Philippine BPO investors are provided a sizeable quantity of incentives. This includes tax holidays, simplified procedures of import, tax exemptions, etc.
- The workers might are not very fluent in the Western English accent in comparison to their Indian counterparts. However, the close affinity to the culture of the West has set them apart from other workforce in the industries.
- The Philippines government remains a quick player when it comes to passing key legislative transformations. It further favors the global industries that are willing to outsource their business to the country.
- Finally, the country focuses more on growing its vicinity in both non-voice and voice sectors. For example, global in-house centers, animation, healthcare information management, etc.
Future Prospects For The Industry
The BPO companies in the Philippines continue to face new opportunities as well as challenges. The adaptability, along with the resilience of the industry, is depicted through its steady development. However, there are various concerns, like global shifts and unpredicted threats to the sector. The goal is to offer a robust foundation that leads to continued expansion.
Exposure to the latest technologies and shifting business trends have paved the way for specialized services. Moreover, it promises a dynamic and vibrant future for this industry. In the constantly changing business landscape, the nation is well-positioned to capitalize on the chances it gets hold of. The commitment to harnessing emerging technologies has made the nation’s BPO sector all set to provide more advanced solutions.
The steady focus of the BPO brands on delivering cost-effective yet high-quality solutions ensures that the nation continues to be a focal business point. Consistent support from the government creates a conducive business atmosphere which ultimately promotes foreign investment. What’s better than getting an underscore of the country’s readiness to other outsourcing industries?
Wrapping It Up
This was a brief introduction to the BPO sectors of the Philippines and how the nation has emerged in times of crisis. With its state-of-the-art technology and on-time delivery of client needs, the industry has surely set a successful footprint.
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Falguni Nayar Becomes India’s Wealthiest Self-Made Female Billionaire
Nykaa founder Falguni Nayar has created history in the world of Entrepreneurship as she became the seventh woman billionaire and wealthiest self-made billionaire on 10th November 2021. However, her phenomenal success in the beauty and personal care products of the E-commerce business was not that easy. Her journey was quite challenging in the initial days of her start-up. However, Nykaa's owner has created a history in beauty and skincare fashion brands through her website and apps. Only a few words cannot define her entire success story. Let’s dig deep into her entire journey to have a better understanding of it. Early Life Falguni Nayar Falguni Nayar was born and brought up in the Gujrati Family in Mumbai. Before she had founded Nykaa in 2012, she was an ordinary girl like all middle-class families. But her extraordinary passion and vision have made her a successful female entrepreneur of the world. She has completed her graduation from the Sun Denham college of commerce & Economics. She has also post-graduated from the Indian Institute In Ahmedabad (IIM). However, many of us are not aware of the details of the Falguni Nayar education in detail. Career Of Falguni Nayar In the year of 1985, she had worked as a management consultant in AF Ferguson & Co. Then, for 19 years, she worked in the Kotak Mahindra Group. In the year 2012, she was appointed as a managing director of the Nykaa. She founded Nykaa with $2million of her own money. The capital stock of Nykaa is now shooting up at a rapid pace. Success Story Of Nykaa Group And Falguni Nayar Nykaa founder became the first woman self-made billionaire in India. According to Bloomberg’s billionaire index, beauty startup owner Falguni Nayar has become the wealthiest self-made billionaire in 2021. On Wednesday, her shares in the stock market were listed with a great hike, and investors are hopeful for getting better returns from it. Nayar owns more than half of Nykaa, and its current worth is around $6.5 billion. The shares of this company surged 89% when the trading started on Wednesday. India’s woman-led entrepreneur has created the next significant landmark in 2021 to hit the stock exchange with a boom. The product line of the Nykaa brand comprises 4000 beauty and personal care products that are available worldwide. The best part of Nykaa products is all are available in their E-commerce portal and on the mobile app. In addition, 80 odd bricks and mortar stores also fall under the umbrella of Falguni Nayar’s Nykaa brand. Life-Changing Facts Of Falguni Nayar’s Journey Towards Entrepreneurship Today, we all are witnessing the high IPO rate of Nykaa Shares in Bloomberg stock exchanges, but we are not aware of the journey of this daunting lady who has made things possible. So, let’s find out some of the exciting facts about Falguni Nayar and her journey till now. 1. A Short Synopsis On Early Life The founder of Nykaa Falguni Nayar was born and brought up in Mumbai. She belongs to a Gujrati family. Her acumen towards business has grown from her childhood life as she was raised in a complete business environment. Falguni’s father ran a small-scale business of bearing company where her mother used to help her father in their family business. From there, terminologies like the stock market, trade, and investments became familiar to her. 2. Journey Of Her Career And After Life Falguni went to IIM( Indian Institute Of Management) to pursue her MBA career there in Ahmedabad. After obtaining a master’s degree in MBA, she started her career as a management consultant in the company AF Ferguson & Co. Nayar’s husband, whom she had met in the B-school, is now one of the renowned chairmen of KKR & Co. 3. Beginning Of Her Professional Life In 1993, she had joined the Kotak Mahindra group and had spent 19 years of her life. At the end of her Journey in the Kotak group, she became the managing director. Starting from 2005-2012, she worked in Kotak Mahindra. In many interviews, she has clearly stated that she was delighted with her job In the Kotak group. But despite that, she has chosen to start the journey of Entrepreneurship. 4. Career Hike And Rise Of Entrepreneurship In many of her interviews, Falguni Nayar said that she was happy while working with Kotak Mahindra, and she quit her job to fulfill her big dream of becoming a self-made billionaire. Nykaa IPO has reached this height due to the burning passion of Falguni Nayar for becoming the seventh-largest Beauty care giant in the world, whose annual worth is $6.5billion. 5. Life-Changing Decision Nykaa has a self-imposed deadline that she has to try becoming an Entrepreneur at the age of 50. This was when at the age of 50, Nykaa was born in 2012 with a vision to focus on the project of the Nykaa. Another essential fact here is that she left the study for the US while concentrating on an entrepreneurship project. 6. Spirit Of A Risk Taker At The Age Of 50 She was a risk-taker, and 60 daily orders have never cut the prices. Their idea is to sell the right color of lipstick at a full price. One other half, Wrong shade, can make the buyer unhappy within some of the minutes Nayar has disclosed to Bloomberg. At the age of 50, Nayar has started her journey in Nykaa with a full set passion. 7. Start Of Nykaa The CEO Nykaa, after the setup and the growth of the Nykaa business in its initial days, was accompanied by her family members like Son Anchit. He graduated from the Columbia E-commerce business in the beauty segment market. On the other hand, Adwita, who completed the MBA from Harvard business school, headed towards the fashion vertical. 8. Full Grown Business Empire In 2021 Nykaa IPO touched the sky and became a full-grown business empire. She is now richer than the Muthoot Family and Muthoot Finance. Harsh Mariwala and Asian Paints Abhay Vakil have clearly stated that Falguni Nayar has surpassed the considerable market share in all sorts of market sizes in upcoming years. 9. Comparison With Her Competitors Different types of marketing techniques of Falguni Nayar have made Nykaa the market leader in the beauty and fashion segment. In the E-commerce Industry, Nykaa has created a considerable landmark for businesses. You have to make your choices in the right way while correctly developing your business. 10. Attitude Towards Life And Business She always put up a positive attitude towards life and business were a never say die spirit and never give up perspective has made her a market leader. You have to work out the best plans that can work well in your favor. The deeper we get through her profile, the more inspiration a younger entrepreneur will get in a short time frame. The Nykaa IPO is breaking all the records of the Stock markets in the upcoming years as expected by the experts. What Is The Networth Of Falguni Nayar? The current Falguni Nayar Networth is $6.5billion. She is one of the fastest-growing entrepreneurs to date. Falguni Nayar’s marketing tactics are pretty unique and new compared to its competitors in her segment of business niche. In most cases, it has been found that newborn entrepreneurs in this decade are doing a miraculous job in the upcoming years. What Was The Winning Marketing Technique Of Falguni Nayar? Falguni Nayar’s LinkedIn profile narrates the whole story of her out-of-the-box thinking technique that has created wonders in the beauty and E-commerce segment this current year. But, don’t think she is trending now due to her highest IPO launch on Wednesday; her unique marketing technique has made her a great entrepreneur of the decade. Some of the core marketing techniques off her are as follows:- She had discovered the gaps in the Indian market between the demand and supply position of the beauty products in the E-commerce Industry. Work out the plans that can work well in your favor. She has taken advantage of the diverse demography of the Indian market who are shopping lovers. Her E-commerce app of Nykaa has made the life of her customers more accessible than ever. At the right time, she has recognized that the application of digital platforms will perform well for her. The reviews and the peer recommendations can work well in favor of any brand in this digital era. Making a proper market study is the key in this digital age, according to her. It reveals how strong her analytical abilities were whenever she found a problem in the market. Tracking consumer behavior is an art, and you cannot ignore this fact, according to Falguni Nayar. Growth Curve Of Nykaa Over The Years The growth curve of Nykaa over the years clearly demonstrates how well she has handled the business over a particular period of time. Moreover, her 19 long years of experience in the Kotak Mahindra group have brought colors to her hard work and effort. Nykaa’s Consolidated GMV( Gross Market Value) in millions Final Words Hence, if you want to become a successful entrepreneur like Falguni Nayar, this article can help you. Develop your mindset so that one day you can also become a successful entrepreneur like Falguni Nayar to achieve your business goals in the best possible ways. Work out the best strategy that can have a long-term impact on your business, and you better return from it. Frequently Asked Questions(FAQ's) [su_accordion class=""] [su_spoiler title="1. What Is The Net-worth Of Nykaa’s Owner?" open="yes" style="default" icon="plus" anchor="" anchor_in_url="no" class=""]The net worth of the Nykaa owner is nearly $7billion, and in the upcoming months, it will increase at a faster pace as expected by the business owners.[/su_spoiler] [su_spoiler title="2. Is Falguni Nayar A Billionaire?" open="no" style="default" icon="plus" anchor="" anchor_in_url="no" class=""]Yes, she has become a billionaire in 2021, and it has boosted the share prices of her organization over the past few months.[/su_spoiler] [su_spoiler title="3. Who Is The CEO Of Nykaa?" open="no" style="default" icon="plus" anchor="" anchor_in_url="no" class=""]Falguni Nayar is the current CEO of Nykaa. And her business is growing at a faster pace. You have to understand the market first before making any comment.[/su_spoiler] [su_spoiler title="4. Is Falguni A Malayali?" open="no" style="default" icon="plus" anchor="" anchor_in_url="no" class=""]No, Falguni Nayar is a Gujrati, and her popularity in the business world is growing at a faster pace over the past few years.[/su_spoiler] [/su_accordion] Read Also: Why Create A Powerful Business Continuity Plan? How To Start A Business In 2021 – Best Business Strategies Is Nykaa Going To Dominate The Market With Their Recent Launch?
November, 11 2021
The Benefits Of Migrating From Monolithic To Composable Ecommerce
The world of eCommerce is constantly changing, and businesses everywhere are looking for ways to stay ahead of the curve. One of the newest trends in the industry is migrating from monolithic to composable eCommerce. This move is beneficial to businesses of all sizes, as it allows them to optimize their current structure and create a more efficient process for their customers. The composable approach allows for the construction of smaller, more focused eCommerce solutions that are tailored to each business’s specific needs. Additionally, businesses can use composable eCommerce to create a unified customer experience across all of their channels. With a composable approach, businesses can reduce costs, increase agility, and streamline their processes, all while delivering a better customer experience. All of these benefits make migrating from monolithic to composable eCommerce an attractive option for businesses looking to stay ahead of the competition. What is monolithic eCommerce? According to the dictionary, the term "monolith" describes a large mass of stone. Similarly, a monolithic application is constructed from one piece or block, functioning as an integrated and undivided unit. This form of an app is characterized by a single, tightly-knit codebase and a single database. This is a widely-used traditional method for developing applications, but it has the potential to create major issues over time, potentially leading to unmanageability. The illustration below shows the components of this architecture: a user interface on the client side, an application on the server side, and a database. All of these components work together as a single unit, so any changes to the codebase necessitate an update of the entire application. So, monolithic eCommerce refers to an eCommerce solution that’s built on a single platform. Such platforms include Shopify, Amazon, or other known shopping cart systems. In some cases, an eCommerce solution is built on a single platform — without the help of a third-party vendor. The drawbacks of monolithic programs include a lack of scalability, resulting from the fact that the entirety of the application needs to be scaled instead of individual components. Furthermore, this type of software has reliability issues, since any minor problem could cause the whole system to crash. Additionally, the components of the application are closely intertwined, making it difficult to introduce modifications. This lack of flexibility restricts users to a single technology and makes it expensive and time-consuming to rewrite the application. As the program becomes more extensive, the structure becomes increasingly complex and hard to comprehend. What is composable eCommerce? Instead of having a single, rigid structure, microservices architecture splits applications into multiple, independent components and decomposes the program into its essential parts - each part is known as a service. Each job is handled by these components as a standalone service and each is self-contained; this implies that if one service fails, it won't affect the other services. In simpler terms, the application is created as a collection of services, where each service has its own logic, database, and capacity to perform specialized tasks. Composable eCommerce is the transition from a monolithic system to a composable one. It’s a gradual move from a single system to a composite one. In this way, the organization reduces costs and increases agility by using a headless front end (FEaaS) to support all of the best-of-breed integrations such as the commerce platform (backend), payment channels, content management, and any other 3rd party tools it needs. Benefits of migrating from monolithic to composable eCommerce Monolithic eCommerce, on the other hand, can offer all of these benefits, but can also come with limitations. For example, monolithic eCommerce allows for scalability, but these benefits must be carefully managed. Likewise, a single platform can increase agility and reduce costs, but these benefits must be managed as well. Composable eCommerce, on the other hand, offers all of these benefits, but can also come with fewer limitations. 1. Cost savings As monolithic eCommerce systems become more complex, they tend to become more expensive. However, when transitioning to composable eCommerce, businesses can use a variety of applications. This allows them to reduce costs by using an inexpensive platform. Plus, composable eCommerce platforms tend to be much less expensive than monolithic eCommerce platforms. Another way for businesses to save money with composable eCommerce is to use a lower-cost alternative to the underlying technology. For example, using an open-source shopping cart or an inexpensive cloud computing service can help businesses save money. 2. Improved customer experience Monolithic eCommerce systems can often feel outdated, and they can also feel slow. This can lead to a poor customer experience as customers might be forced to wait longer than they’d like. The combination of a complex system and a slow customer experience can lead to unhappy customers. As businesses migrate to composable eCommerce, they begin using various best-in-its-class applications. This allows them to improve their customer experience by providing a clear path for customers. Moreover, businesses can also optimize their workflow by using a different platform for each stage of their customer experience. 3. Increased agility Monolithic eCommerce systems often have many processes that have been in place for years. These processes can make it difficult for businesses to react quickly to changes in the market and/or customer needs. As businesses migrate to composable eCommerce, they begin with a single platform. This allows them to improve their agility by using this platform to support a variety of processes. For example, businesses can use a separate platform for marketing campaigns so that they can provide campaigns that are relevant to the customers’ needs. 4. Streamlined processes Monolithic eCommerce systems can often feel like a maze. As a result, it can be difficult for businesses to easily track and manage how their processes are unfolding. As businesses migrate to composable eCommerce, they begin with a single platform (frontend or backend) and add other applications via APIs. This platform is then used to support various business processes. This allows businesses to streamline their processes by using a single platform with an API layer. For example, businesses can plug in a platform for order management so that they can quickly track orders and manage orders. Wrapping up Monoliths can be beneficial when you have a small team and a basic application; however, they can't meet the needs of a growing business. Meanwhile, microservices are more suitable for complex, changing applications that need to be frequently and quickly released and are especially beneficial when the existing architecture is unmanageable. It all comes down to the specific requirements of your business and the skills of your team. If you opt for microservices, it is crucial to use a feature management tool to follow the flags in your system and how the features are performing. Read Also: Speed Up Your Funding: A Quick Guide To Business Loans How To Get A Mortgage As A Small Business Owner The Resources You Need To Start Your Business
February, 02 2023
How To Raise Funds For A Startup Post-Pandemic
Are you planning to raise your funds post-pandemic? If yes, you have to scroll down the best option that can work well for you. You have to make the correct selection of the funding options to choose better business options. Make sure that you do not commit any mistakes in this regard. Try to make your choices in the correct way to achieve your business goals in a better way. Plan out how to raise your funds from targeted business options that can make things happen properly. Try to make your choices correctly to achieve your business goals in the best possible ways. There are different types of marketing you will see when you want to raise money for your business. Benefits Of Raising Money For Startups Post Pandemic There are several benefits of raising money for startups post-pandemic. Here in this article, you will get the complete details once you go through my article. So let’s find out the details one after the other to get a better insight into it. 1. Allows You To Grow Your Business The best thing about the startup raising fund is that it allows your business to multiply. But, unfortunately, in the post-pandemic situation, the market for small-scale businesses has become fragile. You never know what will happen next if you have enough capital in your hand right now. Two valuable benefits you can derive from it. First, you can cut off the operating cost, and secondly, you can focus on employee hiring. 2. You Can Invest In Innovation Most of the business lacks the technology and innovation especially the SME’s. You have to understand these facts while you want to raise funds for your business from various sources. Seed Capital is required for meeting the innovation requirements of your business. Try to achieve your business goals in the best possible ways to meet your needs effectively. 3. It Allows You To Acquire Other Businesses Your company may not be a giant organization in your business domain. But if you can make the right choices for your business, you get better results in the long run regarding selecting the best sources for raising funds. So try to make your choices in the correct direction while developing your business regarding raising funds. 4. Signifies The Vote Of Confidence Your company’s stakeholders will start to trust you when you have enough capital backup to support your business contingencies. The confidence of the stakeholders will help your business to grow at a rapid pace. It can help you to achieve your business objectives in the best possible ways. The vote of confidence will always be there in your favor. Different Ways To Raise Funds For Startups Post Pandemic There are multiple sources and ways to raise funds for the Startups Post Pandemic. You have to identify the ways that can suit your budget and time to get the things done as per your wish and the requirements. Developing a proper investment plan can help your business to grow in the correct way. 1. Bootstrapping Self-funding is also commonly known as bootstrapping. It is an effective way for startup financing. It is the best option when you are planning to start your business. First-time entrepreneurs often commit this mistake while they start their new venture. The reason is they do not have enough traction to start their business on a long-term basis. You can make your investments on a long-term basis without having any savings for your friends and families to make a contribution to it. It is another lucrative method to raise the fund for your business. 2. Crowdfunding Crowdfunding is another lucrative option that you can opt for your business development. In this method, you can take a loan for your business on a pre-order basis. An entrepreneur will provide the details of his business on his crowdfunding platforms to increase the chances of funding options for your business growth. It can help you to generate your business funding options to develop your business to the next level. The best thing about Crowdfunding is that it will help you to raise funds at a minimum cost. It is one of the competitive places to earn funding. Unless your business is rock solid, you cannot raise the chances of Crowdfunding for your business. 3. Get The Angel Investment In Your Startup You can seek the assistance of angel investors who can help you to get better returns from your investors. Angel investors can be anyone, even your family members too. Even the reputed companies in the world like Google, Yahoo, and Alibaba are showing their interest in investing their money in startups. They are one of the best sources for raising funds for your startup business. You have to select the best money-raising medium to develop your business. Proper planning can work well in your favor. Angel investors are one of the prime investors to increase the chances of getting the seed capital for your business. 4. Get The Venture Capital For Your Business Raising funds from venture capital is one of the easiest ways to collect money for your startups. There is one limitation in it as the venture capitalists will invest their money in those startups that have the potential to grow. It can help your business to grow at a steady rate in a short time frame. Proper planning can help you to achieve your business goals if you can get the money for your business from a professional venture capitalist. 5. Accumulate The Funding From Incubators And Accelerators In the early stage of your business, you can accumulate funding from the incubators and accelerators for your funding option. You can get funding options from the hundreds of startups and incubators in almost all the major cities of the world to provide adequate funding. There is a slight difference between the incubators and accelerators. The main reason is accelerators do not take an active part in the business whereas incubators can take an active part in the business daily affairs for its development and growth. 6. Raise Funds By Winning The Contest Today, there has been an increase in the number of contests that you have to take care of while you want to raise funds for your business. You need to plan out the ways in the correct order to achieve your business goals. Winning a contest that offers a lump sum money can increase your chances to get the required amount of money for your business. It is one of the best means to raise the funds for your business. Raising funds from winning the contest can provide you the option to save the planned money for better investments in the future. An accurate business strategy can help your organization to grow your business in the right direction. It can increase the chances of your business growth in the long run. Plan out the best means to develop your business. 7. Raise Money Through Bank Loans Raising money through bank loans is one of the traditional ways of raising funds for your business. It can help your business to multiply rapidly in a short time frame. Prepare the best business strategy that can work well for you by all means. If you want to get the loans from the banks then you have to show your business plans to them. There are two kinds of bank loans a business gives to its investors. The first type of loan is a working capital loan and the second type is funding. In both, the forms of raising funds Capital stock of your business may get involved in it. It actually dictates the term and the tenure of the loans to help your business to grow in the right direction. 8. Get The Business Loans From Microfinance Providers In most cases, it is found that startups do not get qualified for getting loans from the banks. In such a scenario you can collect the loans from the micro-finance providers to get the best out of it. NBFC(Non-Banking Financial Corporations) provides loans to the startups in the form of micro-finance to start their business at the initial level. It can help your business to grow at a rapid pace in a short time span. These are some of the risky funding options that you can opt for at your end. Remember that do not make the wrong choices or the selection of the sources for raising funds that can put your money at stake. 9. Product Pre-sales Selling the products before they are launched in the market is one of the effective ways for raising funds for your business. The product pre-sales is one of the best options as you are indirectly creating your channel partners for your business. Apple and Samsung have started investing their money in the pre-sales model for developing their business in the right direction. It can help you to achieve your business goals in the best possible ways. Product pre-selling can help you to achieve your business goals in the right direction in a short time span. Prepare the best mode of raising the funds that can work well for you. 10. Selling Assets Selling out the assets in a crisis situation is one of the effective means for raising funds for your business. It can help your business to grow and prosper in the right direction before getting stopped in a crisis situation. Selling the assets can help you to meet short term fund requirements of your business. Once your business gains stability you can get back all the assets you have sold in the market. During the pandemic, it has become quite difficult to raise money at a faster pace. It has actually collapsed the entire financial system of the world. Startups have become confused about how to raise money during a pandemic? Final Take Away Hence, these are some of the best sources for raising funds you can seek for developing your business post-pandemic. It is better to say that post-pandemic these are the best options available in your hand for raising funds for your business. You have to ensure that you do not make any mistakes while selecting the best options for raising the money. Frequently Asked Questions (FAQs) 1. Is A Bank Loan A legit Idea To Raise Money For Your Start-up Business? If you have a strong business plan to show to the banks then it is a legit idea for raising funds from the bank loans. Otherwise, banks may deny your candidature to grant loans for your business. Banks will cross-check whether your business has the profit potential to grow in the future or not. 2. Can NBFC Provide You Security For Your Investments? NBFC can provide you initial fund support to your business but they cannot guarantee financial support to your business. You cannot consider it as a reliable fiscal sponsorship for your business to grow in the latter half of your business. 3. What Is The Best Way For Raising The Seed Capital For Your Business? There are several ways you can raise the seed capital for your business from various sources. Angel investors. From your personal savings. Incubators. Accelerators. Micro financiers. Read Also: 7 Business Opportunities That Can Change Your Life In 2021 Top 7 Best Types Of Marketing On Which You Should Focus In 2021 Top 5 Types Of Business That Are Giving More Profits To The Sellers
October, 10 2021
How To Build A Personal Brand For Your Business? – 7 Rules To Follow
Creating a personal brand for yourself is not that easy. You can consider it as one of the daunting tasks if you are not ready for it. Creating a personal brand sounds very simple, but it can lead to several problems if you do not prepare. Personal brand means creating a separate identity of yourself in the market to get a better response rate. From your customers, you can receive a better response once you establish yourself as a personal brand. Today, personal branding is not as easy as it seems to be, as you have to undergo several work processes to handle this thing with care. Today, personal branding has not become an easy task for many entrepreneurs as they do not know the basics properly. Benefits Of Personal Branding People talk about personal branding and importance of brand identity, but they do not know it in detail. There are several significant benefits you can enjoy by creating your brand. Proper and effective planning can work well if you want to make your brand for yourself. 1. Granting Permission To Yourself Personal branding means you are highlighting yourself in front of the world and celebrating your individuality. You are expressing your authentic self to the world. You can project yourself as a unique person with numerous talents and skills. It is one of the essential types of marketing techniques that can work well for you. Each of us is blessed with some unique skill sets that we can offer to the world, and personal branding helps us do that more effectively. 2. Gaining Confidence When you develop your brand, you can gain Confidence in your domain or skill sets. Furthermore, you can generate Confidence when you recognize your strengths and highlight them to the world. Keep the chicken of your choice on the right track while you want to develop the best version of yourself. Then, as you create the building blocks of your personal brand, you can understand the positive aspects of your personality. In this aspect of your brand building can help your branding can help you achieve your business goals correctly. You can also consider yourself an expert financial planner or an angel investor to create a self-branding of yourself in the financial world. 3. Building Credibility You can build your credibility, not through your words but your actions. When you project yourself as a personal brand, you have to give Confidence to your target audience that you will do what your target audience expects from you. Building confidence among your target audience is not that easy if you want to project yourself as a successful brand in the market. Personal branding can help you to increase your reach in the global market. Try to keep your brand promise to instill Confidence in the minds of your target audience. 4. Showcasing Your Speciality When showcasing yourself as a personal brand, you must highlight your unique skills and USP that is new to the world. It will help you to spread your brand awareness at a faster pace. It will help you to achieve your business objectives quickly in a short time frame. Proper planning can make things easier and effective for your business as a projection of the right skills set can make things easier and effective for you. 5. Leaving Your Mark One of the essential parts of branding is leaving your mark that you are the best in a specific skill set. You can leave the impact of your expertise when you can provide the best services and add value to your business correctly. You can leave your mark when you can establish your brand name successfully in the market. It sounds easy, but in a practical sense, it is not that easy at all. 7 Golden Rules To Follow For Personal Branding Strategy There are some of the golden rules you have to follow while building your branding. You cannot stay ignore these points while you want to develop the personal branding of your own self while using these factors. So let’s find out some of the core reasons while you want to create and follow the reasons for the personal branding of your business. 1. Have Your Focus Too many people are unfocused while they want to develop their branding. Instead, create and find out your key message for the business and try to build on it. Her brand has undergone some dramatic shifts that can work well in your favor. No bigshots of the world to date have achieved success in life by focusing on multiple things. You can only successfully create your personal brand when you can focus your attention in one direction. So prepare the right plans that can work well in your favor. 2. Be Genuine In Your Approach There is no other way to create a genuine and original personal brand that is authentic and genuine in your terms. To complete your brand, you have to make your own story that can work well in your favor. Then, more audiences can approach you when you show your natural talent by all means and effectively. You have to be genuine and original in your approach while correctly developing your business. Do not make plans that cannot work well in your favor. Instead, prepare the correct business strategy that can create a long-term impact on your business. 3. Tell Your Story The original life story of yourself matters a lot for your brand, especially if you are turning your attention to the personal branding of your business. Every human being has their stories of uncertainty and struggles in their life. For your successful branding, these stories matter a lot. You cannot ignore these points while you want to establish your personal brand in the market with high repute. The more you can think positively, the better you can achieve your goals in the proper manner. You can share the story of your personal branding through written content or from your YouTube channel. Proper planning can make things effective and essential for your business if you want to achieve success in your career in the long run. 4. Maintain Consistency Being consistent in your approach means you are having a narrow focus for your branding. Think in a singular way out rather than on multiple factors. Work out the ways that can help you to achieve your business or personal branding goals in an effective manner. Consistency can help you to bring success to your career path. The reason is you are focused on one thing not on multiple things all at a time. You have to set your targets and goals in a unified formation while developing your business. 5. Accept Failure And Bounceback Failure is the pillar of success once said by a great man. But in the professional world, you have to bounce back after your failure. It can help your business to develop and grow in the right direction. Do not make things complicated for yourself. Plan out the ways that can make things easier and effective for your business. Do not make things complicated or difficult for you if you want to achieve success in your life. Prepare the correct strategy that can work well in your favor. Learn new things and bounce back with your full power. 6. Create A Positive Impact Creating a positive impact can make things easier and effective for your business. After you have developed your personal brand you need to continue to grow your community over a particular period of timing. Make sure you do not fall into a trap while you want to develop your personal brand in the right way. Creating brand awareness will be easy for you if you can follow this process in all aspects. Proper creation of the plans can make things easier and effective for your business. 7. Follow Successful Examples Follow the success stories of the great men and build yours. Prepare the correct business strategy that can work well in your favor. Work out plans that can make things easier and effective for your business and for your personal branding. In one word I must say follow the pathways of great men and lead by example. Work out the plans that can make things happen in your favor in all aspects. Do not make things complicated for yourself. The more transparent you are in your approach, the better you can achieve your goals in the best possible manner. Final Take Away Hence, these are some of the core facts that you have to take care of while you want to create your personal branding. Work out plans that can make things easier and effective for your business. Do not make things much more complicated than you cannot achieve later. Ensure that you must not perform all the crucial work all at a time rather try to give your best in one thing that can work out the ways in an effective manner. Frequently Asked Questions (FAQs) How Can You Create Your Personal Brand? You can create your personal brand in different ways like: Claim your name. Position yourself as a personal brand. Promotes the colleagues of your business. Answer the questions of as many people as you can. Post frequently. How Can You Create Your Business Brand? There are several, ways you can create your own brand like: Determine the business USP. Find Out how others can see your business. Identify your business goals. Identify your target audience. Re-organize your business priorities. Read Also: Why Create A Powerful Business Continuity Plan? What Is Network Marketing And How To Do It In 2021 How To Start A Business In 2021 – Best Business Strategies
October, 10 2021