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Dec 09 2019

Bharat Bhise – Why You Should Never Believe in ‘Overnight Success’

Whenever someone gains some fame or enter into the public sphere all of a sudden, people love to call this an ‘overnight success’. The reality is however that beyond winning the lottery or the jackpot at a casino, there is no such thing as an overnight success. I mention this based on the experience of watching my friend Bharat Bhise try to put together his business and especially in reference to when he hit dizzying new heights last year and was branded as an overnight success, something which annoyed us both in truth. If you believe this then you may end up thinking that things will happen for you in an instant, and this just isn’t true.

Embryonic Phase

Back when we were at college Bharat already knew that he wanted to be a businessman of some type and so he began to try his hand at a number of different ideas, to see which he liked most. He decided even at that early stage that he wanted to combine his love of finance and technology, to put together a fintech start-up. It was at this age that he really began putting in the research into businesses which were already successful, how they did things and what challenges they faced.

Making the Plan

Following college Bharat began to formulate the plan for his business, he would design the software himself after spending 15 hours per day attached to his computer. Bharat also used this time to put together a business plan and in order to do that he would research customer trends, finance markets and business needs.

Hustling For Cash

Bharat saved as much money as he could but most of that went into the planning and development stage of his business idea. This meant that he had to go and look for investment or for business loans from the bank, which resulted in him traveling all over the country giving pitch after pitch to investors. Eventually he managed to get enough money to get off the ground and the business was born, some 3 years after leaving college.

Early Years

During those early years in business Bharat was running at a loss, he had a handful of staff who were committed and they would all work incredibly long hours trying to get things off the ground. What they did have at this stage was a great business idea and a fantastic product, the belief in this kept them all going.

The Magazine

Last year a technology magazine picked up on this product idea and wrote a raving review about it, this caused a huge upturn in the business and sales went through the roof. Bharat and his business were then touted as an overnight success because of this explosion of popularity and the media coverage which both the business and the product then received.

As you can see, this ‘overnight success’ was in fact a decade in the making, a decade of blood, sweat and tears, to assume that it happened in an instant is almost disrespectful, make sure that you put in the same level of work for any business idea which you may have.

Dec 07 2019

Lyconet – Why Any Budding Entrepreneur Should Try Network Marketing

If you have dreams of one day becoming an entrepreneur then one of the best ways to start is to get involved with a network marketing company such as Lyconet. Network marketing goes by many names from affiliate marketing, multi level marketing and cellular marketing, these are all names for the same thing. The essence of this marketing model is that it offers a multi-tier sales approach which ensures that people at each level can benefit. companies who follow this model are a great option for a budding entrepreneur, and here is why it can be so beneficial.

Side Hustle

When you are working in network marketing there is no need for you to give up our day job and you can easily earn money and make moves in the industry, whilst still working hard to make money for your future investments. This not only provides you with an opportunity to make some extra cash, it gives you the chance to cut your teeth as a business owner without any financial risk.

Practice Building a Team

This is the crux of what network marketing is all about and it is also why it can help you to learn the skills which you need to build a great team. Let’s say that you start working for a company which sells beauty products, first off you will be selling directly either by phone, in person or by running events to showcase the product. This is the first way to earn in with this model. The next step is to build a team who you will train in line with company requirements, and then you will manage them, taking a percentage of what they sell.

The absolute goal here is to be at the top tier, with people underneath you who are running their own teams, and people below them running teams too. If you can achieve this and manage your team well, you can make great commission without having to sell yourself. The key is of course to build a successful team, something which you will need to do as an entrepreneur.

Passive Income

Saving up money for a business idea is not easy which is why it is so crucial that with this model you can both keep your day job, and make a passive income once you have built your team. There are some who are making hundreds of thousands from this model, and working just a couple of hours per day managing their team. If you do this well then even when you are launching your business, you can still be making money, allowing you to give up the day job, focus on your own company and not have to worry about a lack of salary.

If you really have dreams of one day becoming an entrepreneur, this is the model which you need to work within, it will teach you sales, management, finances and discipline, the cornerstones for success in business.

Dec 01 2019

TaxAudit – Reasons Why You Have to Be Organized In Business

Two years ago I got the fight of my life after it was announced that my business would undergo a tax audit. The reason why I was scared was not because we hadn’t paid taxes or because we were dodging the system, we were in fact doing everything by the book, but because our office was an absolute mess. We had files all over the place, we had stuff on computer and other staff in paper format and quite simply we looked like a right state.

Somehow we managed to scrape through that audit, but it served as a lesson for us to be more organized in the future. We have changed the way in which we do things now, and we have found that it came with many more benefits. If you have a business which isn’t very organized, here is why you should change.

Tax Audit

I’ll start with the obvious reason and that is a tax audit, although any audit can be helped by a better organizational system. The reason why this is so important is because any auditors coming in from outside are going to need certain pieces of information quickly to hand, if you are not able to do this because you are too busy swimming through a sea of paperwork then you are going to be unlikely to be looked upon kindly by the auditor, and they will think that if you can’t keep paperwork up to date then what does that say about your ability to run a business, or pay your taxes.

Speed of Operations

Something which has greatly improved since the big clean-up which we did was to massively speed up our operations. There are so many moments in the business where we need to get a customer’s records or cite information from previous deals and in the past we would have spent a huge amount of time each and every day searching through the mountain of paperwork in order to find it. Now that we have a perfect system which is all filed in alphabetical and chronological order, everting is easier to find and as a result we have saved a huge number of man hours which we’d have previous used on searching.

Morale

As the business owner I really should have paid more attention to how our dgsorgnziaed business was impacting the morale of the staff. They never said much about it because it just became the norm, but they have all since spoken to me about how much they would hate having to dig through the files and how happier they are since we have changed it. This change has greatly increased the levels of happiness in the office and I would say that now morale is very evidently in a good place.

If you have been putting off that organization then don’t any longer, pick a day and get it done.