Key Elements To Include In Your Business Plan If You Want To Attract Investors

Creating a business plan is essential for any business, whether you are just starting out or have been in business for many years. A business plan can help you organize your thoughts and ideas and can also be used to market your business to potential investors. If you want to raise money from investors, there are a few key elements that you should definitely include in your business plan.

What is a business plan and why is it needed?

A business plan is a document that outlines your business goals and strategy. It acts as a roadmap for your business and can be used to track your progress and ensure that you are on track to reach your goals. An investor's business plan is also required to secure funding for your growth.

Benefits of using a business plan (not just for investors)

Writing a business plan has many benefits, not all of which involve financing an investor, including:

1. This will help you organize your thoughts and track your progress.
2. It can be used for internal financial planning.
3. This will help you identify areas that need to be changed to improve the performance of your business.
4. It provides you with a clear roadmap to start and grow your business.
5. This shows that you are serious about your work and doing your homework.
6. This will help you promote your business idea to investors or lenders.
7. It provides the foundation for business success.

By putting together a business plan, you can ensure that your business has the best chance of success and that you take into account all aspects of running a business. A business plan is important if you want to attract investors or lenders because it shows that you are serious about it.

What are the types of business plans?

When it comes to business plans, there are many different types you can create. Some of the more common types are:

1. Traditional business plan.

This is the most common type of business plan and is used to present a business to potential investors. A traditional business plan includes the business, its products and services, market analysis, financial projections, and more. contains detailed information about

2. Lean plan.

Lean Plan is a new type of business plan designed for start-up companies. Lean plans are more formal than traditional business plans and highlight key assumptions and business risks.

3. Single page design.

A one-page plan is a very simplified version of a business plan that can be used to quickly summarize the goals and objectives of a business. This type of business plan is ideal for businesses that are just starting out or don't have a lot of financial information to include in their plan.

4. Canvas of the business model.

The Business Model Canvas is a tool that helps companies visualize their business model and track its progress over time. This type of business plan is ideal for companies that are still in the development phase and want to test different aspects of their business model.

When creating a business plan, it is important to choose the type of plan that best suits your business needs. If you want to target investors, you might want to consider having several types of packages so that you can tailor your message to investors based on their personality or internal processes.

5 Tips for Creating a Business Plan That Investors Love

When you are preparing your business plan, there are several things you can do to make it more attractive to potential investors. 5 tips for creating a business plan that investors will love.

1. Start with a strong resume.

This is the first thing a potential investor will read, so be sure to fill it out with information about your business and its potential.

A good executive summary includes a summary of the entire plan, including:

1. Start with a strong resume
2. Present your business and its product or service
3. Describe your business goals and strategy
4. Describe your target market
5. Determine your financial projections
6. Summarize the strengths and weaknesses of your business
7. Install attachments with additional information

2. Clearly describe your business and how it works.

Investors want to know who your business is, what it does, and how it plans to make money.

When writing a business plan, you want to explain your business and how it works. This includes explaining what your business does and how it plans to make money.

3. Market analysis.

Investors want to know if there is a market for your product or service, and they also want to know who your competitors are.

When creating a business plan, it is important to conduct a market analysis. This step will help you determine if there is a market for your product or service and tell you who your competitors are.

Investors want to know that you know the business environment and have done competitor research. Industry trends, competitor business models, customer segmentation, etc. Be sure to provide a thorough market analysis that includes such things

In order to conduct a market analysis, you need to study your industry and gather information about market size, industry trends, and consumer needs and wants. You can use this information to create a marketing strategy that will help you stand out from the competition.

4. Include detailed financial projections.

Investors need to see evidence that your business can be viable and profitable.

This section will show investors how your business is profitable and how profitable it should be.

Here are some things you should include in your financial projections:

1. A summary of your business's income and expenses.
2. Project the income and expenses of your business for the next 3-5 years.
3. A breakdown of your start-up and operating costs.
4. Estimate the profit or loss of your business over the next 3-5 years.
5. Your assumptions about future economic conditions and how they will affect your business.

When making financial projections, it is important to be realistic about your chances of success in business. Don't make big promises that you can't back up with evidence. Investors want to see a realistic plan with a high probability of success, so make sure you do your research before making predictions.

5. Make sure your business plan is well written and easy to read.

Use clear and concise language and make sure you format your document correctly.

Here are some tips that can make your business plan easier for investors.

• Use short paragraphs and clear headings.
• Write in a business tone.
• Use formatting features such as bold text and headings to emphasize important points.
• Use charts and tables to display financial information.
• Think of PowerPoint as a presentation engine, not just a Word document.
• Don't stretch your business plan because no one wants to lose in the long run.

Why should you write a business plan for internal use?

When writing a business plan, remember that the document is not just for external use. This means that you should use your business plan not only as a tool to raise funds from outside investors, but also to organize your ideas and track your progress.

One of the main benefits of writing a business plan is that it can be used for internal financial planning. By creating a business plan, you can track the progress of your business and make sure you are on the right track to meet your financial goals. In addition, a business plan will help you identify areas where changes need to be made to improve the performance of your business.

What to do if your business plan is rejected by investors?

One of the most common reasons investors ditch a business plan is because it doesn't contain all the information they need. If your business plan is rejected by investors, don't give up. There are several things you can do to fix this.

• Consider modifying your plan to better suit specific investors (without focusing too much on one investor or investment group).
• Be sure to include a detailed description of your business and how it operates.
• Conduct a more complete market analysis.
• Include financial projections that show how much money your business can make in the future.

results, achievements

A business plan is a living document. Your business is constantly evolving and changing as it grows and matures. What you wrote in your business plan when you started your business may not happen months or years later. And if you share your business plan with outsiders, they may not understand or appreciate the changes that have taken place since it was written.

When creating a business plan, it is important to make sure that all the necessary information is included in order for investors to be interested in financing your business. However, if your business plan is rejected by investors, don't despair. There are several things you can do to improve it and make it more attractive to potential investors. Remember that your business plan is a living document that should continue to evolve as your business grows and changes.

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5 Ways Robotics Are Making Life Safer

Technological innovation in the field of robotics seems to have reached a boiling point. Since the turn of the 21st century, the world has seen robots in many forms. And people are more comfortable with their existence. Take, for example, the success of the Roomba range of self-propelled vacuum cleaners. They are a type of robot that welcomes customers into their homes.

This is very different from the old theory that robots make life worse or more terrifying. In contrast, bots and robots have transformed many industries. In many cases, these changes have led to safer working conditions and lifestyles for people around the world.

Here are some of the ways robots are making life safer and beginning to improve the human condition Each helps promote peace of mind, confidence and security. Above all, these exciting bot solutions prove that bots aren't here to stay: they're here to help

1. Robots help improve patient outcomes in healthcare.

Can robots be surgical and medical assistants? Lilies look like they belong in a futuristic science-fiction movie. However, healthcare entrepreneurs continue to use research, testing and robotic development for medical purposes.

Consider the robotic arm used by doctors at the renowned American Hip Institute. During hip surgery, the surgeon manipulates the arm through a series of pre-planned movements. Each movement was performed carefully and precisely based on the patient's personal digital check. The robotic arm improves accuracy and results. This makes robotic surgeries safer and more predictable.

Another type of health-focused bot is autonomous bots that deliver packages and items. These robots are capable of traversing large and small hospitals and medical facilities. They primarily take care of all repetitive tasks, freeing up time for primary patient care.

2. Robots are used to explore potentially dangerous places.

There are many things that are dangerous or unsustainable for humans. However, many workers have to travel to places like offshore oil platforms to do their jobs. Instead of endangering human life, single-use robots make life safer by reducing the number of situations humans encounter. After all, unlike humans, robots are immune to pesticides and experience dizziness.

For example, drones can explore caves or other remote areas. Your job is to submit the created images for cartographers to use or convert into high-quality maps. British company Ross Robotics offers unmanned robots capable of traversing nuclear and radioactive waste sites. Instead of sending humans to these places, robots can make all the dangerous journeys.

These types of "brave" robots are not only capable of managing real estate. Underwater robots are getting more and more sophisticated. These marine robots can see the underwater environment and objects. General repair work can also be done by yourself or under the guidance of staff.

3. Robots help workers avoid workplace injuries.

Occupational health and safety is of fundamental importance. Workplace injuries, whether chronic or acute, cost companies millions each year and prevent workers from doing their jobs. Recent statistics from the BLS show that approximately 2.7 million workplace accidents occur each year. Most of them occur in healthcare, manufacturing and retail.

Once again, robots make lives safer by reducing workplace injuries and deaths.

In warehouses, companies use mobile robots to lift boxes, tools and equipment. A single robot can easily lift over 800 pounds. The more robots a facility invests in, the less likely employees are to develop musculoskeletal disorders such as gout, arthritis and fractures.

Exoskeletons are another way to improve occupational safety, especially in medicine. When used by physician assistants, nurses and other staff, the exoskeleton can help lift patients. These robots usually surround the major parts of the body. Example: An exoskeleton can be worn on the arm to increase the overall strength of the arm without stressing the muscles.

4. Robots deliver products to high traffic areas.

Many people rely on last mile delivery services to get the products they need. However, this last kilometer is not necessarily a safe area. Final delivery may be miles away through traffic jams or safe, crowded city blocks.

While humans are capable of covering the last few miles, robots can do the same.

Payments companies are programming so-called "delivery bots" to navigate through crowds and choose the fastest route to deliver items. They do not rest, need only moderate maintenance and can follow the chart.

Although these robots appear only for display, they are practical, especially given the current labor shortage. Finding delivery staff can be challenging for small businesses. Paying for a delivery bot once eliminates the need for constant hiring and rehiring. At the same time, the possibility of damage to delivery personnel is reduced.

5. Bots reduce stress for disgruntled customers.

So far, the bots discussed in this article have focused on them in real form. What about obscure digital bots like chatbots? Such bots can provide more security for human users.

Through the use of artificial intelligence, conversational chatbots are increasingly able to "understand" human emotions in context. In other words, they can tell whether a customer is happy or upset. Instead of persistent behaviors that can make the problem worse, chatbots can be programmed to make decisions to suppress emotions.

Here's an example: An angry customer might call a chatbot. After a few conversations, the chatbot learns the language or tone to interpret that the customer is angry. At this point, the chatbot can take steps to mitigate the problem, such as: b. Send client immediately. Access to a human agent trained to handle distress callers can reduce stress for everyone.

Robots make life safer and are quickly becoming one of the most advanced tools available to humans In addition to simplifying work procedures, they can make life safer. In the coming years, robots may be one of the most important inventions of the past generation.

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5 Types Of Loans To Help Investors Grow Their CRE Portfolios

Finding deals is easy when building a commercial real estate portfolio (CRE). The tricky part is financing.

CRE is one of the most profitable portfolios and offers leverage over housing investments, although interest rates can be high. Commercial real estate loans are a factor.

To understand how to successfully invest in this area, you need to know how loans work and which options will be most beneficial to you. There are many loans available to commercial real estate investors, but each has its own rules. Which one suits your needs depends on your situation.

For example, some investors may use multiple types of debt to support the growth of their CRE portfolio.

DSCR credit

DSCR stands for Debt Coverage Ratio. As the name suggests, DSCR debt measures free cash flow relative to a business's current liabilities. These loans are good for assessing the financial health of a business or investor, helping to determine whether a commercial property will generate enough income to make monthly loan payments.

When calculating DSCR, financial companies divide net operating income by total debt service. Net operating income is calculated as profit less cost of equity. Total debt service includes principal and interest on all outstanding loans.

As a general rule, a DSCR must be above 1.25 to qualify for financing. Anything below 1.00 indicates financial difficulty for the investor or business. Net operating income of $100,000 and total debt service of $60,000 produces a DSCR of 1.67 points. However, if the same company has $95,000 in debt, the score is 1.05.

Hard money loans

Hard cash loans are a safe haven for investors with a less than stellar credit history.

These short term loans are a quick and easy way to get financing for your commercial investment property. The downside is that the interest rate is high and the repayment period is short. The investment is also collateral for the loan, so this combination makes it a risky option.

Hard cash loans are usually available from non-bank sources. Therefore, you will get them from individual investors, financial institutions or investment groups. Given the loan terms, this is a variant of Flipper. If you want to get your property back quickly, a cash loan can be a good idea.

This doesn't always work out well for those looking to hold commercial leases. This can be a quick fix if you know you have funding from another source, but waiting will mean losing the deal. A hard cash loan can be a temporary arrangement until funds are available because it is easy to get.

Hard cash loans are a way to improve the credit history of an investor looking to grow their CRE portfolio. However, this strategy can either work well or fail. Investors need to know the value of the commercial property they want to buy before taking out a cash loan.

The amount requested must cover any repairs or reconstruction. Otherwise, you could end up with a property that you can't afford to renovate and need to sell it cheaply to pay off your short-term debt.

Permanent loan

A permanent loan is a long-term mortgage that is paid after the property is completed and ready for occupancy. The payback period is usually between 15 and 30 years. Average depreciation period is 25 years. Funding can come from banks, credit unions, and even life insurance companies.

Consolidation loans usually replace construction loans taken out for new projects. A permanent loan usually has a lower interest rate. Thus, it allows you to pay off a construction loan and refinance a new property. For this reason, a permanent loan is usually a first home loan.

However, it is possible to get a permanent loan for an existing property. The age of the property will help determine the depreciation period. Properties older than 30 years may have a shorter payback period.

Construction loans

Some investors want to enrich their portfolio by building new commercial properties.

That's where a commercial construction loan comes in handy. It covers real estate development costs including land, supplies and labor. The payment period is based on the construction schedule provided during the application process.

A construction loan can allow you to maintain a manageable balance while the building is under construction. Payments during this period are often interest only, so you typically won't pay until construction is complete. At this point, the investor sells a new property or refinances a business loan.

The disadvantage of construction loans is that they usually do not provide 100% financing. Instead, lenders take 70 to 90 percent of the cost, with investors covering the difference.

In addition to interest, you can expect to pay a guarantee and processing fee. You can include these fees in the credit or refund them sometime after construction is complete. Permanent loans can also cover them.

Who offers construction loans? A popular source is the Small Business Association (SBA). These SBA loans will be provided through a commercial lender such as a bank or credit union. The SBA provides loan guarantees.

You can get a loan directly from a bank or credit union. However, they will consider an investor carefully before paying. They expect you to have an excellent credit history and not be new to commercial real estate investing.

Bridging loans

A bridge loan is a short-term loan you can get to quickly buy a property, close a deal or improve what you already have.

The key word here is "bridge". By design, these loans have very short repayment periods, usually between 12 and 36 months.

Investors should only use them to profit from trading with long-term funding expectations. The finance officer will likely ask for collateral for the loan, which is usually the property you are buying or renovating.

Finding the right business loan is critical to your investment strategy. Find a lender that specializes in the financing you need to get the best interest rate and best chance of approval.

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How Outdated Hiring Practices Can Derail Your Recruitment Efforts

Often, procurement departments are used only in the background as a call center or business budgeting function, with the sole purpose of nurturing people and accepting bids. This attitude and practice could not be further from the truth. Quality employees provide the foundation for cohesive and successful teams. Many companies cling to outdated hiring processes that often prevent recruiters from acquiring the best talent.

Outdated recruiting practices can undermine your recruiting efforts

This year, 82% of American employers plan to hire new people. However, employers still face challenges in finding the right candidate, with 61% of employers saying the biggest challenge is finding qualified and experienced workers. It's time for organizations with antiquated recruiting practices to abandon them altogether and start looking at recruiting as a strategic function.

Although, of course, shedding old habits means replacing them with new ones. There are four key areas that require innovative and new recruiting solutions: talent discovery, candidate experience, data and reporting, and HR decision-making.

Let's dive into ancient practices that should be in the history books and how organizations can use technology to strategically manage their recruiting efforts.

The right tools to find the best talent

Many recruiters still manually search job boards for good candidates, but find it difficult to specialize in all the positions they need to fill.

Misunderstanding the employer's position means losing good candidates.

For example, if potential candidates aren't using the exact keywords the recruiter is looking for, they might miss the mark.

This is where technology can help. AI-powered resume validation can analyze resumes, use data from past hiring success, identify the best candidates and guide them to the next stage of the hiring process.

Taking it to the next level increases recruiters' chances of finding the best candidates because they no longer rely on intuition; they have historical data of hundreds, even thousands of applicants.

In addition to artificial intelligence, other technological advances in recruiting have made finding the right candidate for the right role a smoother process. For example, some travel nurse recruitment methods combine an organizational strength application program and a human recruitment approach to place nurses where they are most needed in their chosen specialty.

How to reduce the possibility of bias

An important point to note here is that to reduce the possibility of bias, it is important to detect trends that may lead to data corruption and adjust the algorithm accordingly. We all remember the sex worker Amazon and how it turned out.

Candidate Experience: From Fragments to Wholeness

Candidate experience has never been more important in the virtual world. And while 80% of respondents to our 2021 Remote Employment Trends Survey said interviewing and hiring are now completely out of the question, that means moving away from technology skills and creating a unified candidate pipeline.

The truth may be harsh, but it's important to hear: Companies that continue to use multiple hiring management systems and interview tools are ignoring the candidate experience.

With all of these different platforms at different stages of the hiring funnel, candidates often feel overwhelmed and frustrated by the sheer number of platforms they have to deal with.

A candidate can connect to an applicant tracking system to apply, complete an assessment in a separate tool, complete a Zoom or Google Meet video interview, and conduct email communications.

Now some recruiting tools

Meanwhile, the contractor is forced to handle various tools and switch from one platform to another to gather information, which inevitably affects the efficiency of the operation. This data is spread across different platforms making it difficult to find and can be lost completely by employers.

The answer here is simple: companies that invest in an integrated platform take care of everything.

After all, a one-stop platform will save you a lot of money. You want your platform tool to take you from screening to conversation. You'll set yourself and your company apart from your peers when it comes to candidate experience and make life easier for the recruiting team.

These tools can automate the process from step to step.

For example, they can automatically schedule an interview with someone who has passed a skills assessment, or automatically send an offer email to someone who successfully completed a recent interview.

Not to mention, using a single tool allows companies to customize their online environment to fit their brand, which is important for consistency and professionalism in front of the candidate.

Companies using white label recruiting platforms can create a more accurate image of their company when there is no physical workplace to visit.

Data is everything, and so are employers

The reality is that most employers do not have access to extensive information to make decisions. This needs to change.

Recruiting often boils down to investing in data and reporting technology.

Historically, little emphasis has been placed on the use of data analytics for strategic decision-making within a function, and other departments, such as sales or marketing, have been equipped with these technical skills as standard.

However, data and reporting are essential to procurement success, and the often hidden business function of procurement should not be left out of the information revolution.

Useful information can influence hiring decisions.

Consider how long the average candidate spends in the hiring funnel. View high-quality candidate rankings and all candidate-related data from multiple sources. Each step of data processing takes time. See your app conversion rate and each candidate's experience score.

Armed with this knowledge, recruiters will be able to determine the success of their recruiting efforts.

You need to make sure they reach different groups, assess candidate experience, and more. Given the importance of diversity and inclusion (one of the hiring trends of 2021), companies must use analytics to support these efforts.

Eliminate bias in talent decisions

People are inherently subjective, and the same is true of employers, even if they are honest. This means that, ultimately, decisions based on interviews are subjective.

There are many unconscious biases that the interviewer can reveal in this process. Unconscious biases can include:

• Similarity bias (when you prefer people who share characteristics with you or someone you like).
• Attribution bias (our inability to determine the causes of certain behaviors).
• Conformity bias (allowing others to influence your opinion).

Unwittingly, recruiters often avoid qualified candidates and hire unsuitable candidates, all because of their own internal biases.

Additionally, most interview performance data is not collected with candidates, and is used in aggregate and objective evaluation for decision making. Instead, they are fragmented across platforms and documents, complicating the process.

behavioral concepts

AI interview platforms can provide employers with objective information about behavior during video interviews and an objective assessment of candidates' social skills and learning abilities.

These tools improve an individual's decision-making ability by highlighting areas where the interviewer's opinion may be biased.

Advanced AI platforms can evaluate an interviewer's performance by providing data on time spent on each interview topic, the interviewer's speaking time with the candidate, and whether inappropriate questions are asked.

All this allows the interviewer to identify the gaps in his approach and improve his performance.

closure

It is time for procurement departments to break away from old habits and use technology to drive strategic procurement. With virtual hiring on the rise and remote work uninterrupted, what better place to start than now?

Featured Image Rights: Pexels; Thank you!

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How To Use Frugal Innovation To Grow Your Startup

With global economic conditions worsening, Russia's aggression in Ukraine, and rising energy costs, many aspiring entrepreneurs may be tempted to give up and wait for better days. But don't give up!

It is true that starting a startup in times of crisis seems more difficult. Investors can also be fickle, and getting new customers is not easy. However, a crisis can be a golden opportunity to launch a new product or service, as long as some actions are taken early on. One of them is called cost-effective innovation.

Entrepreneurship - Cost-effective innovation can be a powerful tool for growth

Lean innovation is the process of achieving more with fewer resources. This can help startups leverage their resources more and achieve greater impact. In this article, we explore ways to use lean innovation to grow your startup. We will also see some examples of startups that have had a big impact from this perspective. Find new ways to accelerate your startup's growth.

A history of humble innovation

Economic link with Ghana. Image credit: Amuzujo

Navi Radjo and Jadeep Prabhu coined the term frugal innovation in their 2012 book Jugad Innovation: Think Frugal, Flexible, Generate Breakthrough Growth . In the book, the authors discuss how lean innovation can be used to create value in contexts with limited resources.

Frugal innovation has its roots in the developing world, where resource constraints always call for creative approaches to problem solving. This is evident in the widespread use of "jugad", an Indian word for makeshift or temporary solutions.

In recent years, affordable innovations have found a greater place even in developed countries. In part, the global financial crisis of 2008 caused many companies to review costs to reduce costs.

Today, lean innovation is increasingly being adopted by companies to drive growth with limited resources. In fact, startups often need to be smart and smart to get off the ground, and lean innovation can help them achieve more with fewer resources.

How cost-effective innovation can help your startup grow

There are many ways that cost-effective innovation can help your startup grow. Here are some of the most important benefits.

• This allows you to stretch your resources

As a startup, you probably don't have a lot of money to spend on marketing or product development. This is where modest innovation can help, allowing you to grow your assets further and get more bang for your buck.

For example, you can use guerrilla marketing tactics to promote your product without spending a lot of money on traditional advertising channels. Or you can use open source software, which is often free or inexpensive, to develop your product.

• It helps you focus on important things

When you are constrained by limited resources, you have to be very strategic about how to use them. This means that you should focus on the things that are most important to your business and leave out everything that is irrelevant.

In other words, humble innovation forces you to focus on what really matters. This can help simplify your work and avoid wasting time and money on unnecessary tasks.

• It helps to be more creative

When you need to do more with fewer resources, you have to be creative. This is because you cannot rely on traditional methods or solutions to solve your problems.

This creativity can lead to success that you wouldn't otherwise have. This type of innovative thinking is what can help your startup grow and thrive.

• It helps you understand your customers better

When deploying your assets, it's important to understand your target market and what they want. You really need to make sure your product or service solves a problem.

It is more accurate to deal with an issue or problem during an economic downturn, when people are more cautious about spending and less inclined to try products or services they don't know about.

By understanding the needs of your customers, you can develop a product or service that meets their specific needs. This laser focus on your target market will help you better serve and grow your business.

Examples of successful profitable innovations

There are many examples of how Lean innovation enables exponential growth in companies. Here are some.

Raspberry cake

Raspberry Pi - Photo by Jayanath Ponala; sketches Thank you very much!

The Raspberry Pi is a prime example of affordable innovation. Developed by UK-based charity Raspberry Pi, this microcomputer is designed to provide schools with affordable access to IT education.

Despite its low price ($35), the Raspberry Pi offers great technical capabilities and has become popular with hobbyists, researchers, and businesses. Its simplicity and versatility have enabled many innovative uses, from being the brain of a home robot to helping control crop growth. The success of the Raspberry Pi demonstrates the potential for cost-effective innovation that not only benefits consumers on a tight budget, but also fosters creativity and drives social change.

Airbnb

Airbnb is another example of this approach. By using unused space in people's homes and apartments, they have been able to create a highly successful global lodging platform without the high costs of traditional hotels.

This not only benefits travelers looking for cheap accommodation, but also helps people invest in vacant rooms, boosting the local economy. In this way, Airbnb has used cost-effective innovations to solve both practical and social problems, creating a model for future companies to maximize their resources.

Google driving directions

Google Cars is used to collect data from Google Street View - Image by Suzy Brooks; sketches Thank you very much!

Google Street View is another service that creates the most value with the fewest resources. The service offers high-resolution, 360-degree images of streets and buildings around the world. These images were collected using simple and relatively inexpensive camera systems installed in cars and other vehicles.

However, the impact of this cost-effective technology has been enormous. Google Street View allows people and businesses to discover destinations, plan trips and navigate unfamiliar areas without leaving their homes. It serves as a valuable resource for the real estate and construction industry. Finally, it provides essential visual information at a low cost. In short, Google Street View is an example of how a small investment can generate big returns.

Mobile banking in developing countries

Traditional banking systems often exclude those living in poverty, making it difficult for them to save and manage their money. Some companies in developing countries, such as M-Pesa, offer a solution that uses comprehensive and cost-effective technology.

By providing access to basic mobile banking accounts, people can participate in the formal financial system at low cost. This cost-effective innovation meets the needs of those living in poverty by using resources efficiently and creatively.

Moreover, mobile banking can lead to greater financial stability and the empowerment of individuals and societies, helping to reduce inequality and promote development. As more companies and institutions invest in mobile banking technology, it could have a major impact on global financial inclusion.

Renault Logan

Dacia Logan - by Janekiankowski - Thank you!

Renault Logan was released in 2004 and is the best example of budget innovation. Developed by the Renault-Nissan Emerging Markets Alliance, the vehicle has been designed with simplicity and economy without compromising on basic functionality and quality.

By using parts from other models and removing unnecessary features such as power windows and air conditioning, the Logan kept its price low to satisfy consumer demand.

Its success was evident not only when it was widely adopted by buyers in emerging markets, but also when it expanded into developed markets, where it succeeded as a budget-friendly option. Logan's Lean approach to design and manufacturing is the model that companies need to innovate efficiently and effectively.

What makes an ideal innovation cost-effective?

Let's say you want to use lean innovation to grow your startup. In this case, it is very important to create a product or service that has real value for the target market.

As with any business venture, any of these tips need attention, whether you're spending billions or looking for a new product or service. Here are some factors to consider:

1. It should solve the main problem

The best profitable innovations solve a fundamental problem identified for users. It may seem obvious, but people are more likely to use and pay for products or services that make their lives easier.

2. It should be comfortable

Another important factor to consider is affordability. If your product or service is expensive, people will use it less. This is especially true in developing countries.

3. It should be easy to use

Your product or service should also be easy to use. Compared to your competitors, you should make things easier.

4. It must be expandable

Finally, your product or service must be scalable. This means it needs to evolve as your business grows.

Strategies for implementing modest innovations

If you want to use lean innovation to grow your startup, there are some basic strategies to consider. Here are some of the most important.

Consider your target market

When developing a new product or service, it is important to consider your target market. That's why it's important to have a solid business plan before you start. In fact, it often prevents strategic changes along the way, making it difficult for your potential customers to understand your product or service.

Also, having a target market will help you fulfill your needs while considering the limitations of that market. This is especially true if this target market is far from a traditional market (eg, a new market versus an established market).

Simplify your presentation

Another important strategy is to simplify your presentation. Narrowing down to one or two core propositions allows you to streamline your processes and focus on achieving excellence in those areas. For example, you can remove features that are not part of the core functionality

Simplify complex, expensive or time-consuming parts or processes. Or, reuse existing assets instead of creating new ones.

Focus on quality, not quantity

Focusing on quality products and services will satisfy customers and build trust in your brand. Also, focusing on quality can save time and resources in the long run. For example, poorly designed or low-quality products require more inspection and maintenance, which wastes time and effort.

On the other hand, high quality products require less maintenance. It can

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Lean Innovation is a strong force if you consider these things, then you will be an important candidate.

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Featured Image Credit: மிக்கு உநில்ரர்; Pexels; thank you very much!

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How To Become An Online Millionaire (6 QUICK Ways To Do That)

Last year alone, more than a million people became millionaires in the United States, setting a new record for young people reaching seven figures.

Want to be the next name on this list?

The 6 Best Ways to Become an Internet Millionaire

So how can you stand out, do something unique and interesting, build an online business and make enough money to change your life forever? Continue reading. This entire post will focus on the best way to become a millionaire online.

There are many ways to earn money online. Below are some of the platforms you can use to be successful. Keep in mind that there is no single path that everyone can follow. If that were the case, everyone would have a million dollars from an online business.

Find what works for you, stay focused, work hard and you will find a way to make a million dollars. You don't have to wear an expensive suit or sweat all day to make money, and we'll prove with our list that becoming an online millionaire is still possible.

1. Independent skills

Self-employment will not make you a millionaire overnight. This will give you an idea of ​​the life you can have when you start out on your own. You will build an online business and learn the art of making money online.

Most people start with the freelancing skills they already have as a side job to increase their income. This extra money can be used for vacations, to increase savings, investments or to create liquidity for your business.

Popular freelancing options include graphic design, coding/development, writing and proofreading, social media marketing, and working with a virtual assistant. If you have the required skills or skill set, you can probably work on the side.

Many people, after being bitten by the self-employment bug, quit their day job to pursue other interests, and this is where the magic happens. Now you have the freedom to build an online empire, become an online millionaire and take control of your life.

2. Blog

The average salary for a writer is around $60,000 per year. According to Fit Small Business, professional bloggers claim to earn between $40,000 and $80,000 per year, which is more or less in line with the earnings of various writers.

The difference is that you can and should treat your blog like a business if it makes you money. Turn it into an LLC, which you can do on a site like LegalZoom for a few hundred dollars.

A blog post can also be considered passive income. You write it once, update it once a year and it will continuously bring you money online; for that you need a website where you can drive your audience to read (or get traffic), some of the best website builders on the market where you can do this are Wix, Squarespace, Pixpa or Word Press.

If you want to become an online millionaire through blogging, it's important to think of it as a home. You want to start with a good foundation. This includes your theme and your host. Your fund is not where you want to save money.

If you don't have at least a few hundred dollars of seed capital to get you started on the right foot, put it aside a little earlier.

Once you've laid the foundation, the rest of the house will be built around your content and SEO efforts. This includes on-site and off-site SEO, but it can wait until you have a few blog posts.

If you have never written anything for the web, it would be a good idea to take an online course before starting your online business. This way, you will learn how to write blog posts that convert well. Then you'll need a family so you don't feel lonely.

This is your tribe. Social media marketing is the lifeblood of an online business. Be helpful and make new friends. Show that you are valuable and help people.

How do bloggers make money online? Most start with a combination of advertising income and affiliate sales. As their influence grows in the space, they will be offered sponsored posts by their respective brands and eventually be able to create their own products or courses.

3. e-commerce

There are many different ways to become an online millionaire through e-commerce. Today we will talk about two of them: Amazon FBA Private Label and opening a Shopify store. Both have the potential to go from just another online business to making over a million dollars.

Amazon Fulfillment by Amazon - Private Labeling

Amazon FBA is short for Amazon, which means Fulfillment. This involves setting up a store on Amazon's website where they store your inventory and handle customer service, shipping, returns and more at a significant cost.

Private label is the term used for a brand that puts its logo on products it didn't actually create and then sells them under its own brand. This practice is perfectly legal and is usually achieved by searching for the product on a website like Alibaba and linking to it.

Once you've closed the deal and found out how much your product and shipping will cost on Amazon, you can launch your new online business right on Amazon's website and get started.

There are a few things to keep in mind if you want to use the Amazon FBA method; (trade wizard how to sell on amazon) which is private label mode. First, you want to know how much each sale will cost you as a seller. So you need to find the right margin for this product.

Second, nothing lasts forever. Calculating a product's expiration date has a steep learning curve, and you have to accept the fact that you may encounter some losses along the way. By learning these two important caveats, you will be able to make money online by setting up multiple stores or selling multiple products under one banner.

Finding ways to become a millionaire online will not happen overnight. This is the first idea on the list that requires a significant investment and can lead to huge losses. Get ready to get rich little by little with this idea. But once you get it right, it can be replicated endlessly, helping you fulfill your dream of becoming an internet millionaire.

Shopify

Shopify stores are not much different from Amazon FBA branded stores. The main difference is that you have your own website.

With this online business model, it's all yours. Your website and products come from any source you choose and are 100% your responsibility. Traditionally, most people promote their websites with Facebook ads. Many are unaware of how powerful their content can be. Shopify allows stores to have their own blog and is notorious for underutilizing this resource.

Advertising on Facebook and other social platforms can help brands make a lot of money, but never underestimate the power of search engine optimization. A million dollars is great, but if you want to go further and grow your online store in the long run, SEO should be at the center of attention.

4. YouTube/social media influencer

Influential people are usually from the younger generation. Those with the largest presence soon move to the online platform, connect with the audience, and then grow exponentially as the platform grows.

You don't have to be a Kardashian or have a million followers to make a million dollars. The average salary of micro-influencers is between $40,000 and $100,000 per year. These influencers only have 10-50k followers.

Creating a YouTube channel is useful for people who want to be in front of the camera. But the key to having a great YouTube channel, or an influencer in general, is editing skills. Video editing itself can probably help you become a millionaire.

All you really need to start a YouTube channel or become an influencer is a smartphone and a laptop. Just like blogging, success doesn't come overnight. Focus on creating great content and building a tribe.

Youtubers earn just like bloggers. Affiliate marketing combined with Google AdSense if you qualify, brand sponsorships and offers, and their newest feature, subscriptions. People can join your channel as a member and get privileges not available to non-members.

How much money do youtubers make? It depends on the niche, opinions and many other factors. The platform also has its own type of SEO that you should master.

As a starting point, look for channels in profitable niches that create content similar to what you want to do, and then find them on sites like Social Blade. There, you can get an idea of ​​how much advertising revenue each of these channels brings. Please note that there are multiple ways to make money on YouTube and Social Blade cannot track affiliate sales and other streams.

5. Investment

There is no better way to earn passive income than investing. Making money is not easy anymore. Investments can be in real estate, stocks or even cryptocurrencies. While trading is fun, it's usually best to take a "set it and forget it" investing attitude.

When it comes to investing, you will need to do your research and more. Start with the products and services you already know and dig into your finances.

Stocks and cryptocurrencies rise and fall regularly. Real estate markets experience booms, bubbles, and busts. Investing is a long-term passive income. As tempting as it is to check your stocks and cryptocurrencies every day, it's a bad habit.

Investments in real estate can bring 5% per year, sometimes a little more. The stock market typically returns close to 8%. And cryptocurrency can do whatever you want with you. Keep in mind that cryptocurrencies have very poor security and there are many ways to lose money.

6. Create courses or digital products

Many bloggers and YouTubers create their own products. This is a great way to make money online for people who already exist. Whether you're looking to sell physical or digital products, building an online store on Etsy can be a great resource to help you achieve those goals.

Digital products are what this strategy needs. You are making something that can be downloaded and sold on your online store page. It may need to be updated once a year if it's a planner or calendar, but for the most part it will generate passive income for many years.

An online course is how people make a living and build an empire. If you are an expert in an in-demand skill or service, people will buy your online course. You can start selling and creating online courses today using some of the best online course platforms.

There is no single way to create and sell a course. But some tips for success would be to have an audience that will buy the course and have a list of email addresses to sell the course to your target audience.

Conclusion: The best ways to become a millionaire online

Some people like to use several of these options at the same time to create multiple sources of income. Many of the ideas on our list are great ways that thousands of people have become online millionaires over the past few years.

However, there is also the option to focus on a platform or topic that you know or really want to learn more about. Hyperfocus can also be a double-edged sword. So the best advice is to do what you want. We're talking about your life, your freedom, and your financial future. Take responsibility for it.

Thanks for visiting today's post. If you have any questions feel free to ask below.

Featured Image Credit: Photo Kindel Media; pixel; Thank you!

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8 Common Mistakes Small Businesses Make

Small business development is not an easy task. Just when you think you have it all figured out, something happens to disrupt your plans.

The key to success is anticipating these obstacles and planning how to overcome them.

There's no denying that running a small business is hard work.

From managing finances and staff to the latest industry trends, there are many moving parts to keep track of.

However, even well-meaning small business owners can make mistakes that jeopardize their success.

In this article, we'll cover some of the most common small business mistakes and give you tips on how to avoid them.

By being proactive and aware of potential risks, you can keep your small business growing. Lily!

1. Don't hire financial and legal professionals

One of the most common mistakes small businesses make is not managing their finances properly.

Without a clear understanding of where their money is going and coming from, it is easy to overspend and get into debt.

Lack of budget is closely related to this. A budget can help small business owners track expenses, budget for unexpected expenses, and plan for future growth.

If you want your small business to be successful, it's important to keep track of your finances. But if you really want to be smart, hire professionals to handle your finances and legal affairs.

Many small business owners make the mistake of trying to run various financial reports themselves.

Or download important legal contract templates online. This action is a crime. Please cooperate with lawyers and accountants!

You don't have to spend a lot of money to work with a professional. You can easily find qualified accountants and lawyers for contracts. If you are a small business, you will need to invest a small amount of money every month. And it's invaluable for providing peace of mind and keeping your business compliant with the law.

2. There is no position or specialty

Many small businesses strive to be everything to everyone. They wanted to attract as many customers as possible, so they cast a wide net.

The problem with this approach is that if you don't have a specific audience, brand, or goal, it's hard to stand out from the competition.

It's much easier (and more effective) to focus on one area or specialty. If you are known to be the best at something, clients will seek you out.

Think about it, when you want a particular product or service, do you go to a store that has everything or a store that specializes in what you want?

You'll probably choose the latter. The same is true for small business customers.

You want to work with a company that specializes in what you want, not a company that tries to be a jack of all trades.

If you want your small business to succeed, focus on a niche or specialty. Not only can you attract more customers, but you can also charge higher prices for your services.

3. Don't focus on branding

Another mistake small businesses often make is not investing enough in branding. In today's competitive market, having a strong online presence and standing out from the competition is essential.

However, many small businesses have not invested in their websites or social media platforms or have a clear marketing strategy. As a result, they lose opportunities to attract new customers and grow their business.

What does it mean to invest in branding?

Let's start with one brand for an example of a successful brand: Starbucks. The success of this company is based on a strong brand image.

You may have come across cafes that make better coffee than Starbucks, but lack the reach and recognition of retail coffee chains.

The difference is that Starbucks has created a strong brand identity that resonates with customers.

When you invest in branding, you do more than create a logo, color palette, or style guide. You create an emotional connection with your customers that goes beyond what you sell.

Investing in branding will help you build a strong, recognizable and trustworthy business, all of which are essential to small business success.

Not all small business owners are marketing experts, but that doesn't mean you can't build a strong brand for your business.

Whether you hire a branding agency or work with a marketing consultant, there are many ways to get help with branding.

The important thing is that you understand the importance of branding and invest time and resources in creating a strong brand for your business.

4. Lack of expansion plans

Many small businesses are satisfied with their current level of success and have no desire to grow.

They may be happy with the number of customers and the amount of revenue they get, so they don't invest in growth.

However, if you want your small business to be successful in the long run, you must keep trying to grow.

That doesn't mean you should aim to double your income overnight. But that means you should always be thinking of ways to increase sales, expand your customer base, and grow your business.

Expanding can seem like a daunting task, but there are many resources available to help you achieve it. Here are some ideas:

• Join the speed control program
• Join a small business networking association, preferably in your industry.
• Ask the teacher for advice
• Contact government agencies that support small businesses for advice, funding and networking opportunities.

If you want your small business to succeed, you need to plan for growth and invest in strategies that will help you grow. The next bug we'll cover in this article will give you an idea of ​​how to fix it.

5. Do not reinvest in the business

Many small businesses make the mistake of not reinvesting in their business. They may be profitable, but they don't invest their profits back into the business.

Instead, they use the money to pay themselves or fund other businesses.

However, if you want your small business to succeed, you need to reinvest the profits to grow your business and achieve long-term success.

• There are many ways to reinvest in your business, such as:
• Recruit new employees
• Investment in marketing and advertising
• Buying new equipment or updating the premises
• Improve your product or service.

Reinvestment does not only affect profits. It boosts employee morale when they see you have skin and work to build a strong business.

6. Don't alienate your customer base

Another mistake small businesses make is not segmenting their customer base. They may have some repeat customers, but they don't take the time to attract new customers.

As a result, they have not grown their customer base and are at risk of losing their existing customers.

If you want your small business to succeed, find specific customers who need your products and services. This will help you reduce your dependence on one customer and protect your business from losing key customers.

There are many ways to increase your customer base such as:

• Attracting new customers through marketing and advertising
• Differentiate your product offering.
• Creating a loyalty program
• Use SEO and research tools like Ahrefs, AnswerThePublic etc. To find a specific target audience.

By expanding your customer base, you also create better products and marketing. Especially if you create content for each person or target group of customers, it helps to personalize your content and help more people find you.

7. Don't invest in employee development

Many small businesses hire talented people but don't give them the training and development they need to succeed.

As a result, employees are unable to reach their full potential and the company is not getting the most out of its investment.

If you want your small business to succeed, you must invest in employee development. This will help you attract and retain talented employees and maximize your investment in them.

There are many ways to invest in workforce development, such as:

• Provide opportunities for learning and development
• It offers a counseling program
• Allow employees to attend conferences and seminars
• Invest in the tools your employees need and want

Investing in workforce development creates a better workforce for your business. They are more likely to stay loyal and patronize your business.

8. There is no succession plan

Although it may seem inconvenient, succession planning is necessary. This means planning what will happen to the business if the owner dies or becomes incapacitated.

Because the death of the business owner can lead to the sale or closure of the business. It affects many people including company employees.

Succession planning is important. This will help you ensure the continuity of your business and protect the workplace of your employees.

There are many ways to create a succession plan, for example:

• Preparation of sales contract
• Substitute meaning
• Creating a real estate project
• Make your employees the owners of the company

Succession planning builds trust and ensures that things continue, ensuring the long-term success of your business.

Protect your business by avoiding these mistakes

These are just a few of the mistakes small businesses can make that put their success at risk. By considering these potential pitfalls, small business owners can negotiate solutions.

With the right setup, you can successfully turn your small business into a large business that your employees can rely on to achieve all of your business goals.

Featured Image: Photo by Blake Wiese; Avoid squirrels; thank you!

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