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Thinking of starting an online business in India? If you have always dreamed of being your own boss, now is the best time to do it! Thanks to the Internet and the World Wide Web, there are endless business opportunities for aspirants like yourself.
Even the everyday brick-and-mortar stores are now making the transition and building a presence online. Moreover, since the advent of smartphones, online commerce has seen an exponential growth. Though the competition has increased significantly, smart business owners can make a fortune.
If you are wondering which online business you should start, here are a few ideas.
Before starting an online business in India
It is easy to get lost in the allure of being an online business owner. You get to set your own working hours, take days off as and when you need, and grab all the profits you make.
However, things may not be as picture-perfect as you imagine; at least not in the beginning. It takes ample research, planning, and strategizing to launch a business that has the potential to succeed. However, success only comes to those who put in the hard work.
The choice of business can also determine whether or not you would be successful. Ideally, the best online business should have the following qualities:
It provides you with a consistent and stable income
It helps you make money even when you take time off
It allows you to work from anywhere and anytime
It helps you make enough money to support your lifestyle
It is scalable and requires little effort once it gets going
Considering the points mentioned above, some online businesses fare better than the others in the face of intense competition. Below are some of these businesses that you can consider.
Which Online Business Should You Start in India?
Today, starting a blog has become easier than ever. With user-friendly content management systems such as WordPress, you can set up a blog in mere minutes!
Moreover, there is a wealth of information on the internet on how you can start blogging. Contrary to what many people believe, you can earn a decent living through your blog. You just have to monetize it correctly.
However, you may not see a lot of money right off the bat. You need to keep at it and post high-quality content regularly.
Remember, your blog and its content should inform, educate or entertain the audience. You can make money by selling products, ad space, digital products, coaching, sponsored posts and eBooks through your blog.
You do not need to build an ecommerce giant such as Amazon or Flipkart to make decent income online. Even the small and mid-sized ecommerce businesses are doing well today.
Moreover, if you are planning to explore affiliate marketing, you should know that the best niches are online money making ideas, weight loss and dating.
However, to make it work, you would have to have a well-designed and user-friendly website and a stellar online marketing strategy.
Though there is fierce competition, you can make your mark by choosing the right niche and using the best marketing tactics. Here are some crucial tips you should keep in mind:
Find the most lucrative market. You can do so by doing ample research and getting as specific as you can. For example, if the competition is high among surfboard sellers, you might want to sell surfboard racks. This will not only help you stand out, but will also improve your chances making sales.
Find out if the product is expensive. Before choosing a product, consider how much it will sell for. Consider the cost associated with distribution, manufacturing and reselling. You should be able to make some profit after you sell the item.
See if there is room for growth in the market. If the market has already reached its saturation point and is now going downhill, you would want to stay away from it. Instead, you should try and penetrate an industry that is on the upswing. That is where you will stand to make the most profit and have sustainable growth.
3# Affiliate marketing
Simply put, affiliate marketing is the process of promoting someone else’s product and earning a commission. There are primarily two types of affiliate marketing — Amazon partners and information products. When done right, Amazon affiliate marketing can help you generate a handsome income.
On the other hand, promoting information products such as membership sites, eBooks, video series and so on can bring you 50% or more commissions. Beginners can easily get started with the latter as it is easy to find products to promote.
However, before you delve into affiliate marketing, make sure to gather a basic understanding of copywriting and SEO.
4# App development
Ever since the advent of smartphones and tablets, apps have become exceedingly popular. From health and fitness to gaming and business, there is an app for everything!
If you have a great idea for a fun and useful app, consider building it. You would need to have some knowledge of coding, but it may not be necessary.
You can also find mobile app developers who would like to collaborate with you. A successful app can bring you loads of money, but the market is fairly saturated right now. Make sure to do your research before getting into it.
Want to create engaging and entertaining content? YouTube provides you with the best platform to showcase your creativity. Thanks to affordable smartphones and cheap internet data packs, more and more people are now watching videos on the go.
From Facebook Live to Instagram and Snapchat stories, video content is everywhere! Whether you like being on the camera or behind it, you can build a career on YouTube. You can not only make money through advertising on YouTube, but you can also use your YouTube channel to promote your website.
Online business ideas that cost little investment
When starting a new business, it is natural for you to be worried about the cost. Not everyone has an impressive savings account, and even if you do, you may not want to spend it all on your business.
Thankfully, there are many excellent online businesses that require a small investment. Here are a few ideas that you may try:
Start a food blog
Create a health/fitness channel on YouTube
Become an online motivational speaker
Write an eBook
Build a gaming application
Provide counselling and therapy online
There are plenty of such ideas that you can explore when looking for low-cost online business ideas. You may also look for instant loans online to help you with your funding needs. Many online lenders and NBFCs are now willing to provide financial help to aspiring entrepreneurs.
Over the last few years, online business has exploded in India. There are plenty of opportunities and room for growth. With the right strategy and approach, you are sure to find your footing in the industry.
Providing a pleasant experience to customers is what many businesses strive for. After all, how well the customers are treated can be a deciding factor in gaining their loyalties.
Every day, entrepreneurs are coming with ideas that could help them gain an edge over tough competition. New ideas, new services, and new products; all aimed at enhancing the business experience; however, in the midst of this all, many people fail to realize the importance of good Wi-Fi and its role in transforming the business experience for the betterment.
WiFi is a small thing that could decide the quality of your services. Not only this, but it can also help in defining your audience, saving valuable resources, and much more. Here are a few ways good Wi-Fi can help your business.
Finding Target Audience via Customer Data
Having free business WiFi is becoming the norm. Businesses provide this facility to
A) Make the customer’s wait time bearable
B) Get important information which could prove crucial in tailoring the existing services to meet up with consumer’s expectations.
Additionally, it also provides businesses with the opportunity of finding their target audience through Wi-Fi analytics.
Free Wi-Fi to people is what honey is to bees. No matter whether consumers are interested in your offered features, they will still come to your joint if they learn that you are providing free Wi-Fi. For your business, it will be a win-win situation. On one hand, customers will be using free Wi-Fi while on the other hand; you will be collecting crucial consumer data with the help of Wi-Fi analytics.
In simple terms, Wi-Fi analytics integrates the usage of analytics tool that serves as an access point from where consumer data and important information can be gathered. Such analytic tools are trained to pick up the signal from users’ mobiles, gather important information (if they connect to your Wi-Fi), and record the data for later usage. With the help of proper Wi-Fi access points, the strength of the mobile pings along with its location can be pinpointed.
Wi-Fi analytics enable data collection, and in the right hands, this data could prove beneficial. For instance, if you know who your customers are, how they behave around your business, and what they need; all of this could help you in enhancing your services thus transforming your business experience.
Additionally, individuals can get their hands on consumers’ information such as age, name, email address, online preferences, social profile access, etc; all of which could prove beneficial in finding their target audience.
Save Resources with Good Quality Network
The success of any business is determined by its overall revenue and annual spending. With the traditional methods and the lack of innovation, saving resources while increasing profits can be a hassle.
Of course, there is marketing, loyalty building, and finding consumers’ behavior; all of which can amount to some serious expenses. On the other hand, a high-speed Wi-Fi connection can help in saving crucial resources.
Research has found out that 60% of the people state that they cannot go a day without a proper internet connection. Now imagine, if your business started offering free yet high-quality Wi-Fi, your business could save up through the following ways:
Marketing: Traditional or online marketing requires money because there are ads, campaigns, etc that you need to invest in to increase awareness. With a great guest Wi-Fi, you can extend your brand’s reach by enabling customers to connect to your WiFi through a cleverly crafted splash page. You can use this opportunity to showcase your services, expertise, products, and services; all of which can attract the right customer.
Additionally, you can also name your Wi-Fi with your company’s name to build your brand.
Attracting Customers: If you are offering free guest Wi-Fi, people will frequent your joint, even when they do not have any specific needs in their mind. Once they visit your Wi-Fi network, they will become your unintentional brand ambassadors by communicating your features and services/products with other people in need. This will attract new customers to your business.
Engaging Customers: A free business Wi-Fi means that customers will get to spend more time on your joint than expected which may lead to an increase in sales and vice versa.
Organic Promotion of Your Business
Organic promotion is the promotion where you do not have to spend a single penny on marketing purposes, and for many businesses, it is a dream come true! Regardless of how attractive it sounds, working this strategy can be a little difficult but with great Wi-Fi, you can achieve this through:
Pay with Social Mention: People love it when they get discounts and you can feed on this consumer psychology by offering them exactly what they want. You can start a campaign by allowing consumers to get 10% off on their current or future purchases if they mention/tag your brand on their social profiles. Further, you can ask them to use guest Wi-Fi to accomplish this task.
Reward Program: You can provide your consumers with the opportunity of becoming a part of your reward program. Simply, ask them to use the guest Wi-Fi to refer your products/services to their friends or family members. If the referred person does any kind of business with your joint, the referee can be eligible for any award scheme.
Run Live Streaming: This strategy is business-oriented. With the help of your Wi-Fi, you can hold live streaming sessions where you can hold Q&A videos, promote your business, and engage with followers. Additionally, you can use this opportunity to offer quick and small tutorials on common problems that trouble your customer base.
People love businesses that care about them and by implementing all these strategies, your business will be doing just that. Additionally, through this, you will not only be organically promoting your business but will also be increasing your customer base.
Internet of Things Preparation
Internet of Things (IoT) is the vast connection of physical devices to the internet through a proper Wi-Fi connection. With the right tools and devices, anyone sitting in their office can control the environment of their homes.
For instance, they can control the thermostat, the light functions, security system, and much more. It is a great opportunity; however, businesses need to prepare themselves to properly handle this advancement.
The first and foremost thing to do in the gradual acceptance of IoT devices is to plan ahead. Businesses need to adopt a proactive approach and implement all the right tools that could prepare them for an influx in WiFi connected devices.
Additionally, the businesses need to review their data and privacy policies before implementing any third-party software (for guest Wi-Fi facilitation) to manage IoT systems.
The Bottom Line
It does not matter if you are using Wi-Fi in combination with Ethernet cables and Cat6 RJ45 connectors; the bottom line is good WiFi can significantly impact your business. Many businesses have realized the potential of good WiFi and are using this as an opportunity to further their brand’s reach.
So, if other business can utilize and customize their Wi-Fi to offer maximum benefits, special offers, etc to increase their customer base, why can’t you?!
Author Bio: Shawn Mike provides ghostwriting and copywriting services. His educational background in the technical field and business studies helps him in tackling topics ranging from career and business productivity to web development and digital marketing. He occasionally writes articles for Shireen Inc.
5G is about to go to become the future of marketing – at least, that’s the promise. But the real question is when 5G will reach its dominance in the mobile world? Let’s look at the impact of market transformation from 5G.
Most marketing experts agree that 5G is going to be a transformative technology. It will process data at a much higher speed than the current 4G network. Furthermore, users will be able to access data on a variety of devices at the same time.
Expect 5G to Hit the Market Hard in 2020
5G was first mentioned back in 2017, but all of the major carriers have been busy testing their programs. But the latest Mobile World Congress conference in Barcelona saw many of these providers sharing their visions and rollout plans with the community.
These rollouts are all pointing to 2020. Since carriers and smartphone makers are all working in unison for this rollout, we’re going to see it gain traction quickly.
Businesses need to be ready to take advantage of this technology the moment it becomes available. Start laying out the foundation for your 5G marketing plan today.
What 5G Means for Brands?
The market transformation from 5G will be directly affected by two key factors – speed and data. Each one has an important role to play. All marketing trends are going to emerge from those two metrics.
5G is expected to have speeds at least 10 to 100 times faster than current 4G networks. Faster mobile internet will be the most influential change that marketers will need to pay close attention to.
That means faster load times for websites and videos. Mobile users will be able to consume even more data. It also means that they will be providing more data to businesses.
Mobilevideo marketing is going to become even more impactful with these new speeds. We’re going to see 4k and 8k streaming become the new normal.
Finally, we’re going to see real-time analytics since the communication between devices is faster. Marketing campaigns will be much more laser focused.
Make no mistake! 5G is going to revolutionize the entire industry, so we will need to design marketing campaigns differently.
No one knows for certain exactly what will happen, but the evidence thus far shows us that users will be sharing more data than ever. This will allows businesses to personalize their marketing campaigns even further. It will also put more demand on small businesses to adopt data analytics into their marketing efforts.
From a marketing perspective, we’re going to be able to reach more people and an entirely new market segment. Right now, there are millions of users who are limited to slower connections, but once mobile opens up 5G networks, a lot of these people will become reachable.
Plus we’re going to start seeing more devices connected through a 5G network. For instance, even refrigerators can connect to the internet now. That doesn’t mean that we’re going to be taking our fridge everywhere, but the fact that a fridge can connect would open up new marketing opportunities in specific niches.
What Can Marketers Do to Prepare?
Companies need to tweak the way they approach marketing to handling the market transformation from 5G.
Combining machine learning with data analytics is going to become even more important since there will be even more data coming in. The stress on a company’s data systems is going to continue to grow, forcing them to prepare more advanced systems.
The entire customer journey is likely to change. Cloud software will continue to become a go-to technology for storing mobile data. It will expand since users will now have faster access to the cloud.
Data will continue to be the key driving force for business so marketers will need to ensure that their systems are employing a data-centric approach.
Small businesses that have gotten away with not utilizing data to its fullest will no longer have that option. They will be forced to adapt.
The 5G Roadmap
LTE is going to continue its evolution as we get closer to the rollout of 5G networks. As a result, we’ll see a lot of providers start to incorporate LTE access. Additionally, new transparent air interfaces will be developed that are centered on services and users.
By 2020, we’ll find that most of the wireless coverage in the world is provided by LTE technology. Service providers that are hosting 4G networks will have time to start the transition to the new spectrum. They will develop new wireless access technology to meet the coming demand for 5G.
Any service providers that are still using limited spectrums will introduce 5G access in an interoperable manner. This will allow legacy devices to be still serviced on compatible carriers. This is going to be a vital aspect of the transition.
Finally, LTE will evolve to the point where it is capable of becoming a full-fledged member of the 5G family. This is an essential step for service providers looking to stay ahead of the game. Since air interfaces are going to evolve, LTE will need to evolve along with them to ensure that devices can operate in the same bands.
The bottom line is that businesses need to get a head-start on 5G because it will put them at a significant advantage.
We’re going to see the services that we can’t even imagine at this point. All we can do is prepare for the things that we know will happen. Marketers must adapt so that they can bring positive results and ensure that their brands are still seen as credible once 5G takes over.
The key preparation strategy is to make sure that all data analytics systems are prepared for faster mobile speeds and that they can handle the influx in data that we fully expect. Data experts like the Research Optimus team can help prepare businesses to meet this new demand for data.
There are more than 2 billion people using smartphones and the numbers are surely going to increase. This data shows how important mobile applications have become. So, if one needs to make the most out of their business they need to find a way out to reach the smartphone users. The best way to do it is by having a mobile app.
In the last few years, even restaurants have taken the assistance of it and enhanced their sales big time. Applications like Foursquare, Zomato, Yelp, and Swiggy is responsible for helping restaurants set a new benchmark in terms of food delivery service and popularity.
Whether the application is about providing offers, rating or food orders, it is helping restaurants to connect more and make a business out of it.
There are many applications with a user-friendly interface and completely secure to help customers get their food from their favorite restaurant with ease.
So, if you are a restaurant owner, all you need is a mobile application development with lots of features which can help your business grow and expand.
If you are still confused about how restaurant mobile application will help you with better business, then please go through the below-mentioned points to have a clear idea:
6 Ways Restaurant Mobile App Can Drive Your Food Business
1# Location Notification
Having a restaurant mobile app which can let the customer know that they are near your restaurant and there are new offers and food which they must try can help you big time.
As soon as the customer is near your restaurant, there will be a notification to their app stating them about the latest offers and specialties which then enjoy joining in. This will make it easier for customers to make their decision when they are hungry and are looking for a restaurant.
2# Loyalty Schemes
The best way to connect with your target customers is surprising them on special occasions. Yes, whether it’s a Good Friday or any other festival, you can start a program and help customers with extra loyalty points while booking their order from the application.
Loyalty program is certainly the most result oriented way of marketing which can help them with a good percentage of profit. Not only it can benefit the restaurants but also users can earn loyalty points which they can make use of any time they want to. You can also go for referral programs with which your customers can help you with even more traffic.
3# Easy To Order
With so many online food order application, it has become easy for people to get food packed from their preferred restaurants.
The ones with the application can easily go through the menu and select the food they want to have. This will send the order straight away to the restaurant support executive.
As soon as the order is received, the staff can prepare it accordingly and get it delivered. There are no issues at all when it comes to location tracking and you can be assured about the payment security with apps helping you with all the features.
The application users will be able to track their order with ease and also if the order is not according to their needs, they can have it returned.
4# Connecting With Millennials
With the smartphone in every single hand these days, you can reach to an endless number of people for your service. So, it will automatically take your sales up and help you with more orders.
In fact, there has been a survey stating that more than 34 percent of people always favor ordering their food online. Making use of their smartphone does become the go-to option for millennials to get their favorite cuisine right at their doorstep.
And the best part is there is more than 40 percent of people prefer paying online with the use of mobile payment option. So, having a seamless online food order application will help you connect with millennials and help you with better results. This will also help users to make their order within minutes and get it delivered to their place quick.
5# Secure Online Reservations
Another most exciting thing about having an application is that you get your reservations sorted with ease. There are many restaurant applications which allow users to reserve their table online as per their convenience. And you can also have a prime membership who is even allowed to book their table during the weekends or during the festival time.
The users will not have to get engaged in making calls or wait in a long queue to wait for their turn with the use of the application. It will also help you in managing things properly with all the reservations done online.
6# Improved Services
If you have a fast food shop and you get a lot of orders from surrounding office spaces during the time of lunch hour, the best way to manage it is by having a restaurant mobile app.
Serving long queue of people makes it quite difficult but delivering orders in a certain time limit makes it a lot easier to service. So, you can have an application where you can get your orders booked and your staff will work on it accordingly.
It will allow you to run your place in a more organized way and also you will not have to spend time taking orders, rather you will receive it with the use of an application.
So these are the benefits you get with different types of food delivery app, restaurant mobile applications. It not only gives your place an edge over your competitors but also helps you connect with your regular customers.
All you need is a secure mobile application with an ideal mix of features which can get your customers hooked to your service. It will surely drive more success to your food business!
Author Bio: Nikunj Shingala is a CEO and co-founder at Websoptimization which is successfully delivering services in the realm of UI/UX design, web development, mobile app development, and enterprise solution. He’s enthusiastic blogger and his writing interest includes mobile and web development technologies, startup ideas and strategies.
Retirement is a bit like a double-edged sword. It can be both frightening and very exciting. The thought of spending the rest of your days only doing the things you love is appealing to just most folks.
Sure, there are going to be times when you might burn out and feel restless, but this is better than heading into the office and working your fingers to the bone for 8 to 10 hours a day.
All that being said, retirement is not what it used to be. There was a time when people could just simply rely on employee pensions and social security.
Unfortunately, with the rising costs and unreliability of social security, this is no longer the case. This is why it is more important than ever to not only understand the options available to you but to understand that you need more than one retirement plan. Never put all your eggs in one basket because there is no guarantee that it will pan out.
Understanding The IRA
The IRA is without a doubt one of the most popular retirement plans out there. Any individual in the world can get in touch with a financial institution like a bank or brokerage firm and open one of these accounts. These accounts can hold your investments, stocks, mutual funds, bonds, and cash that you have set aside for retirement.
However, it is also important to remember that some IRA accounts only allow individuals to contribute so much money yearly. In addition to this different IRA accounts are taxed differently.
A traditional IRA is more suitable for the current workforce because they require you to have earned income in order to contribute to the account.
Spousal IRA accounts can allow nonworking spouses to accrue tax-advantaged retirement savings but subject the contributing party to the same limits the working spouse.
Employer-Sponsored Retirement Accounts
If you are like most individuals, you probably know that you need to start your retirement planning early, but lack the information to do so. This is even true for individuals that are currently enrolled in employer-sponsored retirement accounts.
You might be contributing a portion of your check towards retirement, your employer might be even matching the amount deposited, or you might not even be enrolled in the employer-sponsored retirement accounts.
Whatever the situation is, you need to truly sit down and look at what retirement plans your employer is offering and which are best for you.
Charles Schwab recently released a report that revealed only 60 percent of people do not have a retirement plan. In fact, all of these individuals are living from paycheck to paycheck.
Another 25 percent have already taken the time to create a financial plan for their retirement. The people who do not have a financial plan in place when they reach retirement age may not be able to retire at all. This is why many seniors past retirement age continue to work until they are no longer able.
Living comfortably after retirement will depend on the type of retirement plan you choose. Regardless, if you believe you are financially stable enough to make it after retirement without a plan, you may find out later on that you were totally wrong.
Social Security And Medicare
According to the Social Security Administration, as of May 2019, 48,666 people 65 and older were receiving Social Security or Supplemental Security Income.
Of all age groups, 68,535 were receiving either Social Security or Supplemental Security Income. Out of that group, only 5,386 people were receiving Supplemental Security Income. The remainder were receiving Social Security benefits.
Many people are basing their retirement plans on Social Security and Medicare benefits. These individuals have already planned to claim their benefits as soon as they turn 65 years of age. Nearly 30 percent of the people living in the United States plan on claiming Social Security and Medicare benefits as well as Pension.
Working Past Retirement
According to Charles Schwab survey, nearly 67 percent of those surveyed plan on working past the retirement age. The only problem with this plan is the possibility of a health crisis. People who plan on working past the age of 65 should definitely take this into consideration.
A health crisis could lead to a layoff and then your entire retirement plan would be flushed down the drain. With that being said, you should definitely consider having another retirement plan. You just never know what is going to happen so it is best to be prepared for anything that could come your way!
There is no denying the fact that the Forex markets can be immensely confusing. If you attempt to travel this path alone, there is a really good possibility that you’re going to run into big problems.
With that being said, you should definitely find guidance and use it to your advantage. If you want the best help you can find, you should definitely think about looking for a good Forex broker.
With their assistance, you will be able to make the right investments much easier. Within this guide, you’re going to discover 6 tips for ensuring you get the best Forex broker for your investments.
Best Tips For Selecting a Forex Broker
1. Check Their Reputation
First and foremost, you should check the broker’s reputation. After all, you just never know whether or not the broker is worth your time and energy.
Remember that some brokers are shady and they may attempt to use dirty methods to make more money for themselves. This is something you have to be extremely careful about. The good news is that you can avoid such problems by researching.
Make sure that the broker in question has a good reputation. Otherwise, you may end giving your money to someone who doesn’t have your best interest at heart.
You should read reviews from previous customers to guarantee that you’re going to get your money’s worth.
2. Make Sure They’re Knowledgeable
While you’re at it, you need to make sure that the broker is actually knowledgeable about the field in question. After all, there are lots of people who have become brokers.
Some of them know the Forex markets exceptionally well. However, a lot of these individuals know very little about it. Therefore, you have to be extremely careful with your decision.
If you choose incorrectly, you might not get the assistance that you need. With this in mind, you should do your research to make sure that the broker actually has the knowledge needed to help you.
Before going any further, you really need to make sure that the broker in question has a good customer service department. After all, you’re probably going to need their help at some point in the near future.
With this in mind, you should experiment with the customer service before signing up. Make sure that they’re going to get back in touch with you very quickly.
It is also pertinent to make sure that they can answer your questions. As mentioned above, they need to be knowledgeable about the subject at hand. If they’re not, their customer service isn’t going to be able to help in the least.
After all, you do not want to become a victim of identity theft. Make sure that the company in question has great security on their website.
If they do not, signing up with them is going to be very risky. Be cautious and make sure that they use the latest security technologies to keep your information safe.
5. User Interface
Some brokers use software that is very difficult to understand and use. If you’re not tech savvy, you may have trouble with it. Therefore, you should choose a broker that offers a very easy to use interface.
You should be able to make your investments without having to read instructions or guides. Everything should be quick and easy.
6. Payments And Payouts
Finally, you should think about payments and payouts. For starters, you’ll need to make your deposit to start playing. Therefore, you’ll need to make a payment so to speak. Well, the company should provide you with several payment options.
Be sure that they offer one that you feel comfortable with. At the same time, you have to worry about payouts. How quick can you get your money? Are there various methods to choose from? Make sure that they offer something you like. Otherwise, you might be wasting your time and you may never get the money you’ve won.
At the end of the day, there are plenty of great brokers out there. Nevertheless, not all of them are equal. If you want to be safe, you should refer to the tips provided above. Be sure to use this information to guide yourself in the right direction. Do that and you’ll have an easy time choosing a broker that treats you right!
Unfortunately, issues in a supplier-buyer relationship are almost inevitable every now and then, although most of them can be solved effectively with timely intervention.
In case you are having issues with one or more of your suppliers, the following tips could prove to be quite helpful.
5 Essential Tips to Resolve Issues with Suppliers
1# Handling Quality Issues
Before we get to the part about addressing the supplier who has provided your business with poor quality materials, it is important to understand how the immediate situation must be dealt with first.
When you are in manufacturing, your factory workers will be able to determine the quality issue even before it goes out to your buyer.
Now, it is important to never send out or even manufacture a batch when you know it’s not up to the ordered standard.
If you are left with no other option, then it’s better to talk to your buyer/buyers first about the quality issue, so that they know what to expect at least.
In retail, the effects are more damaging, since the business has no idea about what’s going on, unless the customers start coming in with complaints.
Refund them when possible to maintain your reputation, provided the quality issues are genuine enough. Offer them heavy discounts with an exchange offer, when a full refund is too much to handle.
After the initial damage control, now it’s time to turn your attention to the supplier who is at fault here.
Contact them about the problem immediately to see if there has been a mistake or if they can replace the faulty supplies in time. Sometimes, it’s a genuine mistake and at others, suppliers might themselves be unaware of the quality problems with their products.
Prompt communication might help you clear up the current mess, without suffering big losses, but you will need to take additional steps to ensure that such lapses do not happen again, which we will get into next.
2# Establish Your KPIs and Monitor them Strictly
KPI stands for Key Performance Indicator, which can be defined as a clear set of precise instructions, regarding what a buyer expects from each shipment. Some of the common KPIs which need to be established for all suppliers are as follows:
Turnaround time and delivery schedule
Quantifiable, measurable and determinable standards of quality
Cost per unit, after maintaining the standards of the KPIs
Compliance to the legal stipulations of the state, and agreed upon company policies
Compliance to sustainability efforts in manufacturing of the supplies, where applicable
The shipments will also need to be monitored regularly on a pre-established metrics and checked for non-compliance to the established KPIs.
3# Utilizing the KPIs to Solve Issues with Suppliers
Once you have legally established your requirements, you now have the grounds to pursue legal action against a supplier if they repeatedly break any of them, even after warnings.
If a particular supplier had been cutting corners, the credible threat of legal action will ensure compliance in most cases. However, if you have to threat legal action against the supplier time and again, consider switching to a different one after the ongoing agreement period is over.
4# Understand the Supply Chain Better with Professional Education
It is easy to have impractical expectations as a buyer if you do not have an actual understanding of how the supply chain works.
Impractical expectations will not be fulfilled, and when you start taking business decisions based on such unrealistic estimates from your suppliers, both your relationships with your suppliers and the business itself are bound to run into severe roadblocks.
To prevent such scenarios, small business owners can take either one of two approaches, as mentioned next.
Hiring or Training a Supply Chain Manager
If you don’t have a supply chain manager already, then you most certainly need one. Hire someone who has experience and a degree in supply chain management to see an improvement soon after.
However, it is more likely that you already have someone managing the supply chain for your business, but he/she isn’t exactly qualified enough to do so with the efficiency necessary.
Even then, if they have been handling the supply aspects for a while now, they are probably acquainted with the supply chain partners and the company policies quite well.
Get them enrolled in an online supply chain management course to make the most of both worlds.
The online masters in supply chain management program from Kettering University was ranked as the number one online course of its kind, so that’s a good option to consider for the education and the training of your employee.
Getting an Online Masters in Supply Chain Management Yourself
This is a particularly good idea for small business owners, who actively participate in managing the supply chain and solving problems with their suppliers.
You don’t have to take any time off for completing the course online of course, but with each semester, the growing knowledge base will help you streamline and manage the whole supply chain with greater efficiency than before.
5# Negotiating with Suppliers
The most common cause of friction is when a supplier wants to raise the price or the buyer wants to lower it.
Efficient negotiation is key to solving this particular issue and your knowledge about supply management will come in extremely handy during such negotiations.
You will be able to help out the supplier with the logistics to improve their profit margin, without cutting into yours.
Reaching a middle ground should be the objective in a majority of such negotiations, except when you realize that either one of the parties would be at an actual and significant disadvantage if the changes are not made in their favor.
Demand and supply is a convoluted chain that connects multiple industries together in direct or indirect dependence to each other.
Therefore, irrespective of the business, as long as you are in manufacturing, packaging or retailing, you will need to make sure that there are no long lasting issues with any of your suppliers, so that when it’s time to supply your own buyers, they are not left in a difficult situation because of problems on your end.
Search engine formulas regularly change, so companies require search engine optimization (SEO) skills from experienced professionals or companies like Los Angeles SEO to provide these digital marketing services. While some corporations have budgets for in-house SEO personnel, many companies opt to outsource these services.
The buzz around digital marketing has led many people to ask how to make money with SEO experience, which entrepreneurs soon learn that it encompasses a wide range of the online marketing sector. Here are four different ways to make money via SEO.
4 Ways to Make Money Via SEO
1. SEO Marketing Consultant
SEO marketing consultants must have a fundamental understanding of digital marketing and SEO skills. Search Engine Optimization consultants generally perform several services because of academic or SEO work experience.
Sell products and services at a profit by utilizing drop shipping
Partner with agencies that build websites that need technical SEO
Contract your skills to help companies develop SEO-rich presentations
Offer SEO services like keyword research, technical SEO or link building
2. Content Creation
Most notably for those who enjoy working from home, SEO-friendly content creation is an excellent place to get started because of the many online freelancer sites that cater to writers.
As a freelancer, it is your responsibility to find work, advertise your skill sets, meet deadlines and set your payment schedule, which many new writers find it challenging to accomplish without on-the-job experience. With SEO knowledge, you will be in demand.
You can also find writing jobs at SEO and digital marketing agencies as usually, these businesses specialize in SEO marketing, but they generally lack the writing or graphic design skills to create content for clients.
Writers typically have content creation skills, but they lack SEO knowledge. SEO courses will be useful if you are considering entering this part of the digital marketing industry. If not, an agency will gladly teach these skills.
3. Social Media Management
In 2020, social media platforms will play a primary role in SERP ranking, so becoming a social media manager this year will be a lucrative job opportunity.
Your primary job will be to identify business-friendly subjects your niche’s audience want to read, identify the keywords that drive sales and boost digital media marketing campaign engagement.
In addition to providing an SEO benefit, managing social media accounts opens the door for a whole suite of different services. New income can be generated for simply managing their platforms, posting, and running paid agency campaigns.
4. Affiliate Marketing/Lead Generation
Sometimes it’s hard to sell SEO, so instead you can sell the result. Many SEOs are moving towards generating leads and selling them to local businesses.
Some of the big players in this industry includes AngiesList and Zillow. They build powerful websites, rank them, and then sell the leads to the local owners instead of trying to sell the local owners on SEO.
The most common niches for lead generation tend be home services as for business owners, there’s a large margin between what they make and what they’re paying for. It’s a win/win for everyone.
Another option is through affiliate marketing. This is the process of creating a website, ranking it, and then selling other people’s products and getting a small commission on each sale.
The advantage of affiliate marketing is that you don’t have to deal with client work – instead, you can just work at your own pace and get paid whenever you help make a sale. The disadvantage is that affiliate marketing websites can take a long time to build and many niches are extremely competitive.
In conclusion, there are many ways to make money through SEO, and there are options for everyone, no matter what you like to do or how you like to work.
The best part about using LED signs is the fact that it’s content flexible. Content flexible in a way that you can easily maneuver your way around its system, and program it to alter the advertising instantly.
Here is an overview of the best kinds of LED signs to use for advertising your businesses.
1# Indoor vs. Outdoor LED Signs
Depending on your marketing and advertising goals, you could use LED signs indoors and outdoors. Outdoor LED signs are best for captivating passersby, especially from a distance.
On the other hand, indoor LED signs also come in handy if you’re advertising your business in places with a lot of foot traffic.
2# Double-Sided LED Signs
Double-sided LED signs are the most visually striking type of digital signages. It’s the most visually stunning signage because it allows you to captivate potential customers from multiple directions.
You can make the most out of advertising through this kind of LED sign by displaying the same image, video, or message on two sides, or program each side with different designs.
3# Full-Color LED Signs
Full-color LED signs are an excellent way for you to showcase your business and the services that you provide.
Due to the versatility of full-color LED signs, you’ll be able to customize the high-definition screen as many times as you’d like.
Having a full-color LED sign for advertising will also make it easier for you to interact with potential customers because of flexibility.
You can choose from showing photo-realistic graphics, animations, text communications, full-motion videos, or a combination of all to boost brand recognition.
4# Tri-Color LED Signs
Tri-Color LED signages feature a triad of vivid colors such as red, green, and yellow. The tri-color LED signage allows you to advertise your business by communicating with potential customers using texts, animations, and simple graphics.
Similar to the double-sided and full-colour LED signs, you can program the tri-color signage to change the message or the advertisement anytime you want. Although it only features three vibrant colors, it’s enough to warm the eyes of passersby.
5# Monochrome LED Signs
The easiest but extremely effective way to advertise your business is by using monochrome LED signs. This type of LED sign features only one color, usually a warm yellow or amber.
Even though monochrome LED signages features only one color, you’re still able to choose from a variety of sizes, either as small as a window to catch the attention of passersby, or as huge as a billboard, to captivate the foot traffic.
Two Types of Digital Signage for Advertising
Digital signages have become a promising medium to present information about businesses to consumers.
In contrast to the traditional physical signages, digital signages eliminate the cost of distributing content to potential customers.
Further, there are two types of digital signages that you could use for advertising. By applying the point of wait principle, you have to think about how you can utilize the consumers time to engage with your LED signs. Here are the two types of digital signage.
1# Contextual Digital Signage
The key to sustainable advertising effects is to provide consumers with relevant content. Further, having digital signs that can instantly adapt to fit the situational context can be an effective way to advertise your business.
Contextual digital signages is an effective way to advertise. You’re displaying advertisements that an individual or a group of individuals could relate to, given their present situation. Relating to the circumstances of the consumers is one right way to increase brand recognition.
In essence, you’ll be able to gain more attention for your business because your advertisements have a higher possibility of being relevant.
2# Interactive Digital Signage
By raising the possibility to interact with potential consumers, you will be able to increase consumer value just by enabling consumer engagement or emotional perception.
Following this, you can enhance your LED signs through programming and allow consumers to interact with your advertisements.
Further, having interactive digital signage will also let potential customers know more about your business. By programming it to make the advertising feature some game, you’ll be able to hook their interests.
There are many kinds of LED signages that you could use for advertising your business. It comes down to how you’ll communicate the information about your business and the services you offer, to consumers.
No matter how good your product or service is, you won’t be able to profit off of it you don’t have the proper ad or sign.
Remember, placing the appropriate kind of LED signs to captivate passersby also matters.
Matching your advertisements to the correct situational context to relate to individuals or a group of individuals also help boost your business’ recognition.
Once you have a proper sign and your targets are set, it’s only a matter of time that you’ll be reaping the rewards.
In the simplest language, one can say that business is an organization or a system where goods and services are exchanged in return for money or either some other goods or services.
However, business is a much more complex deal. Business requires some kind of investment and enough number of customers to sell the goods and services and be able to make enough profit to keep the business running.
Types of Businesses
There are different types of businesses. Like,
Sole Proprietorship or business owned by a single person
Partnership, where two or more people share responsibilities and profits
Limited Partnership, where the partnership is with investors
Corporation, independent business with shareholders
LLC or Limited Liability Company, it is a soft blend of partnership and corporation
Non-profit Organization, the profits made are used for charitable purposes.
Cooperative or Co-op, a business that serves the members of the organization who use its services.
Why Should One Do Business?
There are many people who prefer working for someone else rather than working for themselves because they are afraid of the risks involved. But there is a very different kind of pleasure when you work for yourself.
These are only a few reasons why one should start their own business. The simplest of them is that you get to be your own boss and you get what you’ve always wanted and not what others wanted of you.
What Are Business Rewards?
There are various businesses all over the nation who provide services to customers. While they are working hard to deliver quality products and services, many awards are given out to acknowledge these services.
Many business awards are given out to various organizations to thank them and to set apart their amazing services from the rest.
Awards go a long way in boosting up a company’s morale and to make them work even harder as it feels great to be acknowledged for doing well for the community.
Benefits of Various Business Rewards
There is no better feeling than being appreciated for your work and services. Not only does it prove to your customers that you are good at what you do, but it is also a great way to boost your morale and to differentiate you amongst the others in your field of work. For a small business, winning awards is a stepping stone towards making something great of their company.
1# Gain recognition
Awards help you in gaining recognition in the market and make a separate name for you and your company. When you win an award, you come into focus of not only potential clients but other big companies too.
2# Stand out from the crowd
When you win an award, it is a testimony that you are better than rest in your field of work. You are worthy of standing out.
People look up to you for inspiration. And once you start getting recognized for your work, you can start taking more risks and improve the business further.
3# PR opportunities
Business requires marketing to gain more audience and fame, and the better you are, the better you are portrayed to the general public.
Thus, when you win an award, you come in focus of many great marketing companies who are willing to advertise you. They get to make more money, and you get more exposure.
4# Employees can gain the benefit, as well
A business is nothing but a dream if you don’t have a great team working for you. When the company receives an award, it is because of the amazing working ethics of the employees as well. Awards make the employees feel proud of their company.
5# They add value to your business
When you win an award, you gain recognition, and your value in the market increases. All the big and recognized companies have huge values and make great profits because people are willing to spend loads of money to gain their services.
6# Enhance your market share and profitability
Through the union of awards, the winners and finalists move on to command the market place and become high rated brands.
Also, earning an industry honor means that your name is recognized by related stakeholders, which surely attracts better investors and generate new sales. There is no wonder that your margins and profit will be highly influenced by your new praise.
Business rewards are a potential system of contacts. It provides an opportunity to stay relevant and live in the sector.
However, it is not just achieving the award that counts’, getting nominated is often worth the effort. If you get to meet other business leaders and learn from their success, it always gives a positive attitude to move forward.
Author Bio: Aditya works as a Growth Assistant at AirTract.Com, a social platform wherein people ask questions, write articles, share knowledge and experience. He has a Bachelor’s Degree in Computer Science Engineering and has been working in the field of Digital Marketing for the past two years. He is also a voracious reader and a big sports fan.