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How To Transform Your Side Hustle Into A Successful Business

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Successful Business

Pandemic has changed human life completely by 360 degrees. Most of the people have become jobless in this situation, and hence many people have started their own businesses. There are some cases where people have converted their side hustles into full-time business during this period.

However, most of them struggle to start with their full-time start-up due to a lack of knowledge. They think that one needs a great idea and a good amount of funding to start the business. But you can easily start the business with the side hustle.

What Is A Side Hustle?

A side hustle can be anything that you love to do apart from a full-time job. A side business involves working on various projects and tasks on a freelance basis. There are tons of options one can get like content writing, Social Media Marketing, Graphic designing, etc. Here one does not need to work a full day to get started. One can turn it into a full-time business. Talk about money, which is also convenient as there are high acceptance loans for businesses. You just need to have a good repaying capacity.

You can easily start the side hustle by investing an hour or two in a day. However, as this side hustle can also get you an income from a full-time job, it is vital to invest time. One can turn the side hustle into the money-making machine through several ways. Here is the guide that shares the exact process to turn the side hustle into a successful business. Financial stability should also be there to get guaranteed loan approval if you borrow money. After all, funds are necessary for the considerable transformation.

Learn To Promote And Sell Things

The basic requirement to start with a side hustle is the art of promotion and selling. Being a businessman, it is important to learn the marketing skills to promote your brand and the services. There are hundreds of service providers available in the market that provide a similar kind of service.

But why should people come to you? Here one needs to learn how to promote the business or the skills in the right way to grab the opportunities. It is easy to learn the marketing techniques through YouTube and other online learning platforms.

Get Good At Negotiation

Being a service provider or seller, you may encounter a situation wherein buyers ask for the lowest price. Service providers in the industry can offer services at cheap prices but tend to compromise on the quality. In such a situation, make sure to learn the art of negotiation as well to deal with such clients.

You are sure to get such types of client’s multiple times. Hence be ready to face these clients with your negotiation skills. There are various videos available on the internet to learn negotiation skills. However, this skill can be only adapted perfectly with the experience.

Learn Time Management

Side hustle asks you to work on multiple things since you are the only person taking care of the business. One needs to take care of client acquisition, promotion, execution of the job, and the payments as well. It is obvious to get overwhelmed by seeing all these tasks. But it can be tackled easily by learning the art of time management. Many management gurus advise following the time blocking methods to get the multiple tasks accomplished easily.

There are several tools available for time management, such as Google calendar, which can block time. These apps send notifications before that particular task. Here one needs to assign the task at a specific time simply. Hence the task does not get missed. It is also beneficial to practice to-do list creation. Here you can list down all the important tasks for the next day in advance. This helps to cover all the pending tasks.

Create Multiple Streams Of Income

According to finance experts, it is always beneficial to create multiple streams of income. Running a side hustle may not give a steady income always. It can be lower at some time. Hence make sure you are prepared for the situation by not relying only on a single option. It is important to create other sources of income as well.

You can do this by offering another type of service that you are proficient in. For example, if one has expertise in content writing, he can also offer social media marketing services to the same client. This way, he can earn additional income from the same client. The skills like social media management or digital marketing can be easily learned online without any cost. Apart from this, one can also consider starting an online store to sell any products by utilizing marketing skills. This is also considered as another stream of income.

Target Six-Figure With Your Side Hustle

The side hustle can turn into a successful business only if you think big. Hence make sure to keep a goal of six figures to scale the business. This can be done by creating the proper business and client acquisition strategies. Try to create the monthly plan by setting the income goals and work towards them. You can also think of expanding the team if required.

Certain tasks need to be outsourced due to time constraints or skill set issues. Make sure to look for skilled partners or freelancers who can support the business. Certain tasks like accounting, bookkeeping, or admin can be outsourced easily to other people.

Conclusion

Starting side hustle may not be a big deal but scaling to the six-figure business requires effort. Proper planning and execution are all that you need. A plan of action can help make the real difference. It helps to get a direct and when you have a direction, you can decide the direction.

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BUSINESS

Which One Is Easier: Forex Or Stocks?

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Forex Or Stocks

It’s a common question about which market is easier: Forex or stocks? Forex is the world’s number one trading platform. The daily trading volume in Forex is approximately $6 trillion in trillions of dollars. Traders can work on the conversion of one currency to another. In Forex, traders buy a currency and sell it when its value increases or decreases. In this way, traders get a profit.

The stock market is also popular. Its daily trading value is $200 billion. Many traders get a profit from stock trading. The traders work to buy or sell a stock and profit if its value increases. Stock, also known as a share, is the trading unit. Forex trading brokers in South Africa is very easy. The trader can start trading on the South African stock exchange.

The Distinction Between Forex And Stocks

Forex and stocks work on the same principle. The traders can profit from the market if they have learned and have the skills to trade in a particular market. The Forex market works on currency pairs such as USD/JPY or AUD/AUS whereas stock works on shares. Here are some differences between Forex and stocks.

Market Trading Hours

The forex market is global, and traders can access it from any part of the world. Major currencies are available all day long. It works five days a week. The time zone is different for each country. When the one-time zone closes, another time zone will open. Such as, when the time zone in Sydney closes, the time zone in London will be at its peak. One time zone can also be matched with another country’s time zone.

Whereas stock of time zone is limited. Companies list their time zones for their traders, and traders can perform trading in that particular time zone. The stock exchange market is available for 8 hours a day.

Volume

Trading volume is also different for both markets. The Forex daily trade is $6 trillion, whereas the stock exchange market works on $200 billion trading in a day. There are a lot of advantages to working with a high-volume market. The Forex market can perform trading operations more easily than the stock market. Traders can get a high profit in the forex market compared to the stock market.

Liquidity

High liquidity is also associated with high volume. Forex provides high liquidity to its traders, which means traders can trade at lower transaction prices. But tight spreads are associated with high liquidity. Forex provides a lower spread with liquidity. Because it cannot be purchased and sold as readily as a stock that trades in huge volumes, a specific stock that does not trade inadequate volume would have low liquidity.

Conclusion

Beginners should study the differences between the Forex and the stock market. Both markets have their benefits. Traders should consider all these factors before entering any market. The trader should also make a decision on the available investment, what your goals are, and which trading style would suit you.

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BUSINESS

Remote Human Resources Strategies

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Resources Strategies

As the pandemic hit, working from home became the go-to solution to prevent virus outbreaks and increase employee safety.

Remote working does come with organizational challenges, however, and it is up to the HR department to create an environment that facilitates remote communication, collaboration, recruitment and training, and employee wellbeing – among others

Let’s look at what HR professionals can do to help their organizations set up a productive remote work environment:

10 Key Steps HR Departments Should Take for a Smooth Transition to a Remote Setup

From adopting new policies to choosing the right platforms, these are the 10 tactics to employ when transitioning to a remote setup.

1) Evolve the Existing & Adopt New HR Policies

As you might expect, the way you communicate, track performance, clock in and clock out, as well as a great many other practices will change when you go remote, and so should the policies that are guiding them.

The first policy to consider is which roles are eligible to work outside the corporate offices.

Next, HR professionals recommend focusing on the policies that guide remote communication as the foundation of effective collaboration and productivity. Communication guidelines should govern how and how often team members exchange updates and information. This can also include setting clear guidelines around the use of various communication platforms, from emails to instant messengers.

Then there are the question of flexibility including work hours and employee accessibility, tech and tech stipends, recruitment policies and so on. Bottom line, assess all the existing guidelines to see which ones can remain relevant and which ones need to evolve.

2) Invest in an HRMS

Evolving company policies is the first step to building an infrastructure to support your remote or hybrid teams. The next, and equally as important, are the platforms where these policies will take effect.

Cloud-based human resources management systems (HRMS) will help you manage employee records, generate data on workforce trends, and provide a centralized system for accounting and finance teams. It can also be used to manage payroll and even analyze employee performance data.

The HRMS will provide your HR department with a virtual environment that automates and optimizes previously manual tasks and workflows, increasing your team’s efficiency as well as the corporate one.

3) Recruitment & Onboarding

Recruitment has changed tremendously in the past decade.

Only a few years ago, job hunting would take weeks and even months. Today, for in-demand talent, job hunting can take only a few days thanks to platforms such as LinkedIn and Indeed.

With so many opportunities, competing for the top talent is difficult, but retaining them is even harder.

It goes without saying that effective recruitment strategies, onboarding included, will rely on the effective use of recruitment and HR platforms.

There is a whole discipline dedicated to this called recruitment marketing. To gain real competitive advantage in your pursuit of the top talent, consider hiring an online digital agency who can optimize your employer profiles and recruitment marketing strategies.

4) Monitor Employee Performance

Making sure that every remote employee completes their tasks on time is a challenge for your HR team. To set up performance monitoring and ensure that your employees stay efficient and complete tasks on time, you need a monitoring system that allows you to check the progress of every employee regularly.

The system has to be able to track typical performance KPIs and metrics. The common monitoring practices include time tracking, target tracking, and creating regular reports on remote employee performance. Going back to the HRMS software we mentioned earlier, this is one of its primary roles. You can also consider introducing project management tools with time tracking capabilities such as Asana and Monday. Systems like these also help reduce human error and help save you money in the long-run.

5) Set Clear Work Hours

While remote working does offer a certain level of flexibility, ensuring that all tasks and projects are completed on time is a must if you want to keep your business going.

Setting clearly defined work hours will provide structure and help managers coordinate work more effectively across departments.

If some of your employees are in different time zones, your HR team needs to find a way to reorganize tasks so that all departments can complete their tasks on time.

6) Encourage Reduced Screen Time

Working from home could increase your employees’ screen time. More time spent at the computer has been linked with deteriorating attention spans, emotional wellbeing, socialization and focus – among other mental health concerns.

If your HR team notices that your workers complete tasks outside of work hours, or that some employees fail to take breaks, they should take the time to encourage breaks and leave time.

A 10-minute break or a lunch break can actually help improve efficiency.

Show your employees that breaks are good for them and try to promote physical activities and spending time outdoors after work. This will make a difference for your teams’ wellbeing and productivity.

7) Upgrade the Existing And Introduce New Technology

Much like HRMSs and project management systems, there are plenty of tools designed to help you manage and collaborate with your remote teams. For example, Google’s GSuite is a complete solution that offers dozens of tools that help streamline communication and improve team collaboration.

Zoom is a great choice when you want to hold regular online meetings and provide feedback.

If you want a tool that will help you maintain employee engagement and morale, 15Five is an excellent choice. It’s a versatile tool designed to simplify communication between managers and employees.

There are plenty of software solutions you can use to improve productivity, and some of them are completely free. It might take you some time to find the solutions that work best for your projects, but once you do, managing everything will become much easier.

8) Training and Development

Once you migrate to online ecosystems, your onboarding process and employee development techniques have to change as well. The key here is to communicate employee expectations clearly and ensure that everyone involved is on the same page.

Traditional onboarding, training, and development techniques are becoming obsolete.

In-person presentations, workshops, training sessions have to be replaced with video conferences and a suite of other solutions. Additionally, enforcing new policies and practices might require more attention once supervisors and their teams are physically removed from one another.

Invest time in creating shareable documents and interactive online learning experiences to promote the adoption of new policies and practices. Consider introducing a learning management system if your organizatio runs these sessions frequently and with a defined structure.

9) Maintain Company Culture in The Remote Workplace

A DesignRush report has shown that maintaining the company culture is one of  the top concerns for managers across industries when migrating their teams online.

What can HR do about it? You can start by communicating company values as early as possible and ensuring that employees are on the same page. A reward system that recognizes employees for their hard work is a great starting point.

Employees working from home don’t get the chance to experience company culture first hand. They don’t have access to the common areas where they can meet colleagues and create stronger bonds. Your HR team will have to create “virtual” opportunities that give remote employees the chances to exchange thoughts and build stronger relationships. Something as simple as a chat or a virtual game night can do wonders.

Lastly, your HR has to prioritize regular face-to-face meetings. Introduce weekly one-on-one meetings between employees and managers, so they can provide feedback and share experiences to improve company culture. Apart from these meetings, organize group video meetings to celebrate wins and encourage employees to exchange ideas.

10) Security

Ensuring that your systems are secure is a challenge when everyone is working from the office. It is way harder to keep your systems safe with a remote workforce due to an increased risk of human error and disregard of company rules. If your employees use personal devices during work, provide extra education to help your workers understand the security risks that put the entire company in jeopardy.

Online security should always be your primary concern, which is why you need a strict security policy. One wrong move can result in a system breach, data theft, and other cybersecurity risks.

You need to establish a highly secure environment that minimizes security risks. Technologies such as VPNs or proxies will go a long way in protecting sensitive data. Your HR team should find the best option and ensure that all remote workers understand how it works and why it is important.

Summary

As you can see, your HR department plays a key role in organizing and managing remote employees. They have to revise existing strategies and create new policies to ensure that the transition to remote working goes as smoothly as possible.

Your HR should be able to help guide the management and employees through the process and ensure that everyone involved understands how the remote strategy works. That might require extra training, new software solutions, technologies, and a different approach to maintaining company culture.

However, as long as everyone works together in building a solid infrastructure conducive to remote work, working from home can prove to be just as effective, if not more so, than traditional working environments.

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BUSINESS

4 Ways BTL Marketing Connects With Your Audience

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4 Ways BTL Marketing Connects With Your Audience

The world is advancing at a rapid pace, so your marketing strategies should too. Promotional brand marketing activities like radio, print and television commercials are no longer the only way to show customers your product and generate leads for you. About a decade, above-the-line or ATL activities were the leading ways to market a new product. But when marketers started experimenting with experiential events and promotions to push products, below-the-line as a medium of marketing has almost entirely overshadowed traditional non-experiential marketing methods.

Marketing has multiple dimensions that are interchangeable depending on the present trend. BTL activations are among the most impactful marketing methods and are popular for grabbing attention and attracting untapped leads from within your target audience. They help customers experience the product or understand its real-world benefit through experience, or both. They enhance customer engagement and help build strong ties between brand and customer.

BTL Advertising Overview:

BTL advertising is a strategy marketers use to promote products in a more engaging and personalised manner as compared to ATL brands. This includes trade shows, direct mailing, telemarketing, free product sampling, search engine marketing, exhibitions and catalogues. BTL activations are highly interactive and allow customers to interact with brands in a personalised manner. It creates a direct bond between the brand and customers and helps increase visibility and brand engagement. 

Benefits of BTL Activations:

If you want to grab the attention of audiences and give them a very real experience of your brand, experiential BTL marketing is the way to go. There are many benefits your business can reap by investing in a powerful BTL activation. It directly scales up businesses’ marketing efforts and builds recall value for your brand that gives you an edge over your competition.

  • BTL activations establish direct contact between brands and customers, which helps them in understanding the other more personally.
  • They build brand awareness and target new customers that are currently untapped. This means higher lead generation.
  • BTL activations allow you to reach target audiences easily and more directly as compared to traditional ATL marketing methods.
  • They mark your brand’s presence and give you an advantage over your competition. This helps you to stand out and not become just a part of the crowd.
  • BTL activations allow businesses to build a positive public image that gives instant and measurable results.
  • They make you memorable and exciting. Dynamic BTL strategies can create a strong impact on customers and drive higher sales.
  • They help provide your audience with product insights and allow them to experience your offering as they would if they were existing customers.
  • BTL activations also give you customer feedback directly from the customer. This can help you improve your service or product.

BTL Marketing Activation Examples:

 Let’s take a look at how leading brands connect with their target audiences through BTL marketing.

1. Photo Booths:

Digitising photo booths and making them more Instagrammable is almost guaranteed to grab customer attention. It gives your customers social media clout and attention while giving your brand higher visibility through their follower base. A photo booth lets customers get snapped by following simple instructions mentioned on the screen. It lets them select layouts and pictures in the section given. They can upload an event image along with a branded hashtag to give your event more visibility on social media.

2. Social or Tweet Cafe:

A tweet or social cafe has the power to make you a trailblazer on social platforms and keep your brand in the spotlight. What makes a social cafe perfect is that customers can get rewarded for simply using a single hashtag. This not only gives your brand more visibility but also makes you a social media sensation. You reach more active users, every participant’s follower base and gives your brand more reach without much physical infrastructure.

3. Photo Wall:

If you are conducting an event, attendees are going to take pictures throughout the entirety of the event. You can display every picture taken at your event on a single mosaic wall as a collage to summarise your event. This gives you a vast digital album without putting in too much effort.

4. 3D Hologram:

This is a unique tech-first solution that is used to build brands. 3D holograms allow you to show your product to customers without needing to be physically present.

Take your marketing strategy to the next level with an experienced BTL marketing agency and put your brand in the spotlight today.

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