How to Thrive in Business after Failure

Failure is a part of life. It is inevitable for entrepreneurs. Whether you have a small enterprise or big, you can lose it despite confidence and hope you had in your efforts. It is painful but not everlasting. Best entrepreneurs are those who deal with failures smartly. More than 50% of enterprises sink in at the end of a year because everything goes against their efforts and then they give up.

Sustaining an enterprise is not as easy as starting a business. Even though you have the right strategy, there is no guarantee that you will succeed. Dynamic nature of the business can hit your planning, leading to a massive loss in revenues. Sometimes it is so severe that you have no option other than shutting it down. Failure is not fatal: it is the courage to continue, but these words seem good to read in books – a few of us follow it. You are not a real entrepreneur if you stop pursuing your goals after an encounter of a failure.  

Always remember that the pain of failure is ephemeral, but quitting lasts forever.

Failure is not final. Just rise to your feet and start doing what you are supposed to do. Whether you start from scratch or you switch to another stream, you can gradually achieve your goals with dedication and belief in your efforts. Here is how you can thrive even after a complete failure of your business.

Evaluate your situation – where you are, where you lacked and what you can do

Is your business on the skids? Now is the right time to evaluate your situation. Ask yourself why you failed and how you feel about it. Make a list of actions you took to achieve your goals and scrutinise the outcome. Of course, some of your actions have brought your business on the verge of collapse. Note down what accounted for the failure so as not to repeat it down the line.

Consider what you can do to ameliorate the present scenario. As long as there is room for amendment, you should not fight shy of it just because it has dampened your hope. Even though you need to shut it down because there is no hope for rising in the future, you must know your flaws so that you do not attempt them the next time.

Determine cash flow problems

If you do not have consistent cash flows, your business will dry up. Losses often block flows of cash. It is useful if you have a strategy to hit the ground running. However, you will need monetary resources. Analyse your cash flow statements. Find out ways how you can pay business expenses with available resources, stashing away money for futuristic business expenses. You can take out 12 month loans with bad credit provided you have a repayment plan.

However, sometimes entrepreneurs conclude that they do not have the potential to run the existing business and hence decide to invest in new business. First off, you will arrange funds to pay off dues. What you are left with after paying such expenses will be the capital to invest in your new business. If you need more money, business loans are still an option to consider.

Do not neglect your customers

Your current marketing strategy has led to considerable losses to the business. Expenses are adding up, and profits are falling, which is why you are planning to run a marketing campaign or launch a new product. Keep your customers in mind. Tell them your exact financial condition and what updates you are about to introduce. Take their feedback. It will help you know what exactly users want from you.  

Find out why the sales funnel is low. Are prices high? Are you not providing higher quality than your competitors? Do they not get support when they need? Focus on all aspects. Sometimes little improvement contributes to the growth of a business. Most of the businesses face failure because they do not keep their customers happy. You should know what they want. It is paramount to build trust among your users.

Generate a new idea and believe it

Though you are suffering from high losses, do not lose faith in you. You have the potential to grow and never stop believing it. “You can” attitude encourages you to accept failure and think new ideas to flourish. Failure, of course, will affect you mentally for a while, but believing in your plans can significantly help you overcome it.

If your idea did not work out, it does not mean you do not have the potential to streak ahead. Sometimes external factors account for a business failure too. Try new things and think strategically to overcome obstacles of your business.

Make plans for the future

Learning from your failure and create a plan for the future. If you make the same mistake again, it means you leant nothing. This is not a good sign. As an entrepreneur, you should know what went wrong and what you need to do.

  • Do you need to change your mission and vision?
  • Who will be your target audience?
  • Which new product would you like to deal in?

If you business faces difficult times, you do not need to give up hope. Instead, you should make efforts to improve the current situation. A good entrepreneur is one who learns from mistakes and does not repeat them down the road.

How to choose the best CodeIgniter Development Company for your Project?


If you are planning to use CodeIgniter for your web application project, then it is certainly the best option to convert your million dollar business idea to reality. With the help of a professional codeigniter development company USA, you can ease your codeigniter development tasks and move ahead in online business.

What’s good is that it is not tough to hire a codeigniter developer for your project. All you need to do is choose a good software development company Austin and discuss your project details with them. With your right hiring strategy and correct business mode, you can start the selection procedure in a streamlined way. A capable CodeIgniter developer can transform your site to a money producer. Below here are some points to get the best developer for your company

Know what you need

As per your requirement, you may need a team of senior CodeIgniter developer and a junior CodeIgniter developer for your project.

Choose the right source

As per the expertise level needed, you need to choose the right source for your project. Take references from your colleagues and industry peers. Also check out the forums to seek recommendations. Check out the technical recruitment portals. You can also outsource your project.

Know the hiring model

You can appoint a codeigniter company which works on the dedicated hiring model or on a fixed cost approach. If you choose a dedicated hiring model, you need to pay them on hourly basis while a fixed cost model is the final price which the company quotes for its service.

Find out the abilities needed for the job

The enhancement of technology has made developers technically savvy. Thus, you may need specific skill sets for a particular project. It is recommended to identify what skills you need and what technical knowledge you require. For instance, if you want a CakePHP website development, then you should approach a cakephp website development company.

Cross-check the skills by going through their portfolio and resume

It is important to ask the company professionals to share their portfolio. It helps you in getting a better idea of the kind of project they have dealt in before you. It also verifies all the claims they have made.

Go for experienced professionals

It is better to hire someone who has experience and has a long list of website development projects to his name. Someone who has a right skill set and ability to adapt to the changing technology should be the perfect choice for your web development project.

Good interaction skills

 A company which is good at communicating with its client should be preferred. A communicative company is an asset for your business. Make sure they are always available for you via email, chat or video call.

Verdict

It has become very important for any entrepreneur to choose a reliable CodeIgniter development company USA to help in their project effortlessly. Whether it is a big project or small project, a good software development company should be able to handle all kinds of projects equally

How I Grew My Freelance Business from Zero to Six Figures

how I grow my Freelance-Business

Freelance jobs mainly act as a side gig to earn extra money. Various freelance platforms allow you to demonstrate your skills to get projects of your own interests. It has recently gained popularity that many people are looking forward to becoming a full-time freelance. 

One of the greatest advantages of a freelance career is you get a chance to make very good money. Though it takes a lot of time to generate cash, you can get to earn a six-figure income once you learn to grab projects. 

I started my freelance journey six years ago and today I am making a good amount of money every month. Here is how my freelance career grew.

Think about WHY

I believe that you need to have a strong motivation to do something. I have seen several people starting a venture impetuously, ending up with a permanent failure. It happens because you do not have a reason or a strong desire to make it to the top. 

Knowing the reason fuelled my passion and desire to grow. First off, you should know the reason why you want to opt for a freelance career. 

Some people start freelancing because: 

  • they want flexibility, 
  • some want it to earn extra money, 
  • and some want it because they prefer to work on different projects. 
  • Further, you also need to know why you want to reach a six-figure income. 

As long as you have a reason to do something, it will push you to keep growing. The reason for making a freelance career was to making money quickly without hurting my liberty. 

Most of the people do not like freelancing as they think that it affects their discipline and it does not allow for constant cash inflows, but I feel that discipline is an approach to live life. Whether you are a freelancer, a self-employed or a full-time employee, you cannot get success if you do not maintain discipline. 

Gain experience and hone your skills

Today I work as a full-time freelance writer, but my journey began with a full-time job. I studied journalism and started working my way up to a journalist, but soon I realised that there was not much scope to earn a good amount of money. 

Several companies were ready to appoint me as a full-time writer, but I knew that I could get multiple projects through freelance sites. Thankfully, I got a job as a magazine editor. Blog writing, article writing are basic skills that every writer must possess to get work on freelance sites. I needed to have additional skills to stand out.

I considered learning editing to be a big improvement unless I met a copywriting agency. Not only did I learn new things, but I also made a lot of money. While I was grooming myself, I was taking a survey at freelance sites to get an idea of projects I would get. I got to know that some entrepreneurs seek e-book writers. 

Having spent two years in the agency, I thought of applying to a company that needs e-book writers. Most of the companies wanted to hire experts, but my additional skills helped me get the job. Having a couple of years’ experience under my belt, I decided to start my freelance career. 

Hire a marketing assistant to fill the funnel continuously

To earn a six-figure income, you should have projects lined up in advance. Even though you know how to choose a niche, demonstrate your skills, market your profile and generate leads, you fail to generate a six-figure income. Why? 

Once you find a client, you immediately stop marketing and get busy with your project, but you have nothing as you finish that job, leaving you more desperate to grab work. If you want to get new projects before you finish the current one, you need to be strategic. 

This is why I hired a marketing assistant. Even though I was busy with my projects, he did not stop finding potential clients. This is why I never felt the need for compromising with the price.

However, hiring a marketing expert was not so easy. I had a couple of projects and little savings by the time I felt the need to have an expert to fill the funnel with projects. 

This is why I decided to take out a small business loans from direct lender like British-lenders.uk. In the beginning, I was a bit cautious about loan payment, but the strategy my assistant followed to select clients reduced all my worries. 

He targeted companies with a big budget so that I could earn a good amount of money. It was his approach that led me to earn a six-figure income. 

Never leave the room for scope creep

You and your clients need to be on the same page if you do not want to get a hurdle in the growth of your business. Clients often backflip on their requirements. 

When a project is underway, it becomes challenging to amend it as per their new instructions, and it takes a lot of time to complete it. 

In order to deal with such scope creeps, I made my work policy transparent. All requirements needed to be laid upfront, and extra charges will be made for additional work. I never allowed for it.  

The final word

Using strategies mentioned above, you can reach a six-figure income. Nowadays, it is easier to make it happen. However, you need to bear in mind that you meet deadlines and render quality. If you continue to keep your clients happy and satisfied, you will be able to earn more than a six-figure income.

Description: Growing a freelance business from zero to six figures is not difficult at all. This blog discusses useful strategies to do it.

Cryptocurrency: How To Get Started With Cryptocurrency

A cryptocurrency is a form of virtual currency that provides a digital medium for doing the transactions. It’s underlying technology, blockchain, is the ever-growing group of immutable blocks of data also called as records that are secured by some form of cryptography, i.e. “chain”. Cryptocurrency provides a decentralized platform to its users, allowing the users to have full control over their funds without relying on any other third party or central entity that can be a bank or other financial institution. This article will guide you on how to get started with cryptocurrency.

Before getting started, you need to know that cryptocurrencies like Bitcoin and Ethereum have given immense profits at the beginning, which has gained the interest of many tech-investors. They are also showing very much interest in bitcoin mining, due to its popularity. Although investing in cryptocurrencies can be risky, as it is still a new technology and is highly volatile, an affordable investment can be more beneficial for the investor.

Getting Started With Cryptocurrency

1 First, Get A Cryptocurrency Wallet

The cryptocurrency wallet acts as an account of any bank. Technically speaking, it is a software program that allows you to store, send and receive cryptocurrencies. It is also used to track your ownership by blockchain. The wallet itself is stored in the blockchain and is maintained decentrally as a public ledger. There are private and public keys in the cryptocurrency wallet.

Public Key

The public key is used to facilitate the transactions and allows you to receive cryptocurrency. It is also referred to as an address in the blockchain.

Private Key

It is the level of access to your wallet for doing the transactions. They are the passwords created using some encryption algorithm and should not be shared with anyone.

2 Choosing a cryptocurrency wallet

Three types of wallets are available.

1) Local Wallets

These are the locally created wallets, on a computer. For example, “Bitcoin Core” software that can act as a Bitcoin wallet. This wallet is not suitable for beginners, as it requires a lot of space for storing the wallet.

2) Owned Wallets

Owned wallets are the cryptocurrency wallets or the core software that is running on a server. Although it is available in a different blockchain access point, it still gives full ownership, i.e. private key. Owned wallets are generally lightweight than local wallets. They are the easiest to use and are the most secure.

3) Exchange Wallets 

Cryptocurrency exchanges hold very much importance in the market. The users must be cautious while choosing the wallets due to the insecurity that lies within the cryptocurrency exchanges. You can do some analysis of these cryptocurrency exchanges and then select the suitable one.

3 How To Get Your First Cryptocurrency

Owned wallets allow you to purchase cryptocurrency with the help of any credit card or debit card in the cryptocurrency application. Another approach would be to find some cryptocurrency exchange and exchange traditional currency with cryptocurrency.

4 Activate Two-Factor Authentication

It is the most used security feature for all types of cryptocurrency accounts. Everything must be secured with blockchain, from cryptocurrency exchange to your email.

The two-factor authentication pairs your cryptocurrency account with the smartphone. It creates a unique password that changes itself in a minute. This code is required at login time and if the system detects that your password is seen it changes the code in a minute. 

Conclusion

In this guide on how to get started with cryptocurrency, we have seen some of the basic things that help you to deal with cryptocurrency. You can either use owned wallets or go to some popular cryptocurrency exchange where the traditional currency is exchanged with cryptocurrency. Also, you can select the most suitable wallet by analyzing the risks involved. Cryptocurrency has immense potential to change the world as it provides a secure way of doing transactions.

Meta description 

Cryptocurrencies are getting the attention of investors. In this article, we will give you detailed information on how to get started with cryptocurrencies.

Author Bio

Hi, this is Sujit. I am a blogger and crypto enthusiast. I work for Cryptoknowmics which is known for the best ongoing initial coin offering listing and ongoing initial exchange offering listing. I like to find and share new information across the web. You can follow me on Twitter and Linkedin too.