Category: Business

Science says women are smarter and more active than men. They have also proven themselves in the field of business, and that too managed to be the wealthiest personalities all around the world. A woman has patience, perseverance, smartness, and a brain, all qualities required to be a successful entrepreneur or a leader leading an organisation to the highest point in terms of success and popularity. The year 2020 has brought up many changes in everyone’s life in various aspects. It has also resulted in the women identifying their talent and interest, which made them step into the business world, and studies have proven that it has increased to 36% more than the previous year. They came from all around the world from various countries and cultures and made themselves the best business person ever. So let’s have a look at their journey and success to become a rich personality as listed below.

 10 Richest Women in 2021

 1. Francoise Bettencourt Meyers

 Francoise is none other than the granddaughter of the Founder of the L’oreal Paris Cosmetic Brand. She got her business as an inheritance from her mother, Liliane Bettencourt. Her grandfather worked at his company since the year 1997. Francoise, a 67 years old woman, helped Loreal be more precise and diversified than before by adding new products using various technologies and has built up the business in a profitable way. The company has a net worth of about 33.6 billion dollars but has been noticed to fall down about 6%in 2020 as the need for makeup decreased in the quarantine days. Recently the manufacture of the skincare products of Loreal has made the company more profitable due to the increase in cosmetic demand.

2. Miriam Adelson

 Miriam holds a wealth of about 39 billion dollars only with the help of Casinos. She got this art from her husband, who has been a stake controller, and now she controls about 56% stake in casino operator Las Vegas Sands. As 2020 has affected us all, the same happened here. The company lost 985 million dollars as Sheldon Adelson died in January as the resorts and casinos remained closed due to lockdown. Although it opened in June 2020, it ended up losing 1.69 billion as its net loss. Miriam is 75 years old, currently living in the United States and has now decided to focus on the business in Macau in Asia and to sell the property in Vegas.

 3. Sussanne Klatten

 Sussane inherited a 19.1% stake from her mother, Johanna Quandt, who has passed away. Whereas her father, Herbert Quandt, made the BMW industry one of the most successful luxury vehicle markets. The car making company has been reported to get a profit of about 119 billion dollars in 2020 as the company has recovered from great losses from their past. The BMW company has increased its stock price by more than 93% since March 2020, being wealthier than ever before. Apart from this, Sussane has also got a pharmaceutical company from her grandfather, which is well known all around the world. She is a 58 years old woman residing in Germany having a net worth of 28 billion dollars.

 4. Julia Koch

 Julia is a 58 years old aspiring woman of the most famous United States. She lost her husband in 2019, David Koch. Now she is the owner of America’s largest private company as per the net revenue calculated recently. The company called Koch Industries has a net worth of 46.4 billion dollars. And Julia now serves as the board of directors in the company having a stake of 42% stake. Besides her, David’s older brother also holds the 42% stake.

 5. Alice Walton

 Alice is the daughter of Sam Walton and has lost a bit from being the world’s richest woman. But anyway, she owns a net worth of about 62 billion dollars and is expected to soon raise up her revenue in the near future. She is 71 years old and is currently staying in the United States who owns a company named Walmart. She gained about 7.4 billion dollars due to rising stock of about of her company up to 5% since March 2020.

 6. Gina Rinehart

 Gina Rinehart is a woman of 67 years, having a net worth of about 23.6 billion dollars and is a citizen of Australia. She is well known for being the richest person in Australia who serves as the chairperson of Hancock Prospecting Group, which is a mining and agriculture company. This was founded by her father, Land Hancock, which partially affected in 2020 but soon recovered by a stake of about 77% in the whole group. The majority affecting the company comes from the Iron ore department during the pandemic times.

 7. Yang Huiyan

Yang is the only owner of 58% who owns the China-based real estate. Having got it from her father as the equity of the business since 2007 has the bet worth of 30 billion dollars. She is a 39 years woman staying in China currently.

8. Iris Fontbona

 Iris is 78 years old and recently stayed in Chile. Her husband passed away in 2005, whose name was alAndronico Luksic, who established a beverage and mining fortune. She has a net worth of 24 billion dollars.

 9. MacKenzie Scott

 MacKenzie is the ex-wife of Jeff Bezoz, who was the Founder of Amazon, and as per the data, it is reported that they got divorced in 2019. This news became very famous because of his splitting property and business, which overall holds as the financial state. Then at the time of separation Bezoz gave away about 6 billion dollars to many non-profitable companies for social work. However, MacKenzie still has a net worth of about 53 billion dollars.

10. Jacqueline Mars

 Jacqueline and own the pet care and food company Skittles and M&M with 40 billion sales. Their grandfather founded this company, Frank. C. Mars in the year 1911. She is an 812 years woman staying in the United States has an estimated worth of 32 billion dollars.

Conclusion

Women are doing extremely wonderful in the field of career and life and have also shown their charm in the business and monetary world. And has built up many business empires with a lot of revenues and success.

Life is steadily developing, and so are your financial wants. With age, your responsibilities also increase, and you might want to offer additional protection to your family in your absence. If you have invested in a term insurance plan early in life and over the years have realized that your loved ones need more financial security, you can always increase the sum assured amount.

Read on to know how you can increase the cover amount of term insurance plans.

How to increase your cover amount for online term insurance?

There are two ways to increase your cover amount:

Use the increasing cover option in your existing policy: If your current policy offers the rising sum assured option, you can go forward and raise the cover amount and enjoy more reliable protection. Many term insurance plans provide this feature to increase the sum assured at major life stages, such as when you get married, have a child, or adopt a child. This allows you to ensure that your loved ones are well-protected all the time.

When you opt for this option, the insurance company will likely increase your premium amount in proportion to the sum assured amount. However, the rest of the features and services remain the same, and there is no change in the terms and conditions of the plan. In the unfortunate event of death, your loved ones receive the updated sum assured amount, as long as you have paid all premiums and the policy is active.

This is a convenient option as you can modify your existing plan without any hassles. 

 Purchase a new plan with a higher sum assured: 

If your current insurance provider does not offer the option to increase the cover amount of your online term insurance plan, you can consider purchasing a new term plan. In this case, you will have to surrender your old policy and then buy a new plan from a new insurer. The new insurance company will offer you a plan based on your current age, medical history, policy term, and sum assured. The premiums for a new plan may be more as you would be older than when you bought your old policy. So, it is imperative to compare different plans, features, services, premiums, etc., and then pick a plan that is the most cost-effective.

While this option may seem a bit tedious, it can be ideal if you are not happy with your existing term insurance plan and insurer and want to move to a better company. Also, keep in mind that it is better to go through slight inconvenience now rather than leave your loved ones with an inadequate cover amount in your absence.

Which of the two options is better?

The choice would entirely depend on your needs and your current policy. If you are happy with your existing plan and your insurer agrees to increase your cover, you can stick with the same company. However, if your current insurer lacks in providing you with the required features and cover, you should consider moving to another insurance provider. Various insurance companies offer online term insurance plans these days, making it easy and hassle-free to purchase insurance from the comfort of your home.

To sum it up

Before you increase your cover amount, make sure to evaluate your needs thoroughly and pick an amount that will protect your family members and beat inflation. Moreover, it would be best to keep in mind that the policy’s premiums increase with an increase in the sum assured. So, pick a cover amount that fits your budget.

If you are looking for high sum assured options at affordable rates, you can explore many options that can be suitable for all income and age groups.

If you have just started your business in any sector and your primary objective of earning revenue is through providing services; then your burning question should, “How do I find initial customers?” Finding initial customers can be a bit tricky since there are a lot of measures and steps that need to be undertaken to get to that point. We will be discussing some smart points on how you can find initial customers to boost your business.

Strategies on finding initial customers

We will now be taking a look at some of the strategies for finding an initial set of customers as they are important in taking your business forward,

1. Create a list – Since you have laid the groundwork for establishing a business, you would have met a potential set of customers. You could have met them through social media interactions, focus groups, and other similar instances. Create a list and add them as potentials that would help you in establishing your business. You can even set aside some time to browse online for potential clients and interacting with them.
2. Referrals – Ask around and know people who might have an interest in buying what you are selling. Getting good referrals can also be important in getting more like-minded customers and connections that are interested in you. You can even speak with your friends who are veterans and get ideas on how to score big through referral connections.
3. Work upon your network – You need to search for some local business networking groups and gain perspective about your domain and industry. Understand how you would be able to help others as opposed to how they can help you. Creating a connection with these business owners is a great way to meet prospects if you are selling B2B or B2C.
4. Show off – Yes, you heard it right. You need to showcase your services at trade events that would attract a sizeable amount of customer base that you would cater to. Doing this will help you in getting clients, potential customers, interested buyers, referrals, and even great contacts.
5. Industry events – Another important way in finding prospects and initial customers is through industry events. There is no need to have a separate booth installed for yourself where you would want to sell your services. Instead, you can just meet your clients, have a one-on-one interaction about the industry, its potential growth, how each of you is contributing towards making it flourish. Focus on creating your connections first instead of making a hard sale of your services, that might not bode well. Building a relationship is a slow process and you must nurture it with time to see it grow.
6. Team up with business owners – You can also find an entrepreneur whose products and services are not competitive and also ask them to connect you with some of the potential customers and clients. Having a partner who has an understanding of these matters also goes a long way when it comes to developing contacts with initial customers. You can use the online social network to connect with business owners and ask them for their assistance with regards to approaching the initial customers.

Conclusion

Getting the initial set of customers whilst starting your business can be challenging since it is the initial phase of revenue generation. There would be a lot of things involved, a lot of disappointments, and a lot of learning; but when you get there, it is important to nurture your relationship with them with care. Make sure that they are satisfied with the work that you provide to them, as this would help you attract more customers.

Introduction

There will be time when you need to raise money or get a new financing round in business. There are many ways to invest cash into your business, but debt or capital is the two most common. Both are very different, and you can see which one is right for your business. Let’s dig deeper to understand and simplify the process. You should know how to raise funds for a business.

Debt finance is the process of borrowing money from a lender and paying it back with interest over a period of time. The most common way to raise debt is to borrow from a bank or NBFC. Debt lending is a common way to raise money for millions of companies across the country. When you collect money through a loan, you haven’t let go of any stock in your business, which means your property remains intact. This makes loans a popular option among borrowers. After all, in addition to an innovative business idea, new businesses depend on financial resources to make their expected rapid growth sustainable. Of course, the amount of capital a company needs depends on the business model. But where did the funds come from?

In addition to traditional creditors such as banks and state institutions, several sponsors nowadays specialize in financing new businesses.

Top funding options apart from a traditional bank.

Crowdfunding

The concept of crowdfunding is very similar to mutual trust at a basic level. This option involves multiple investors and offers a fixed amount based on business ideas, goals, action plans, and profitable plans. All you need are people who believe in your business ideas. This is one of the easiest ways to raise money without a loan.

Consider Self-funding

Commonly known as bootstrap, this plan is an ideal action plan when it is difficult to convince others of your business ideas and visions. Investors often seek traction before investing. The first self-financing round allows you to demonstrate your thoughts’ feasibility and build investor confidence in the new round of financing.

Bootstrap is an excellent idea for startup financing, especially if your initial business requirements are small. It also gives you the freedom to be your boss. You can’t answer anyone, which also allows you to control your income growth.

Private Lending

In addition to the funding options mentioned above, private lending can be a viable option for businesses seeking capital. These are often individuals or investment groups that offer loans with terms and conditions that can be more flexible than those of traditional banks. This can be particularly appealing to startups or businesses with unique funding needs who might not meet the strict requirements of banks.

Some platforms that connect borrowers with a private lender are adopting a “”people-first”” approach, emphasizing transparency, personalized service, and a focus on building long-term relationships with borrowers. These platforms can be a good starting point for businesses exploring private lending options.

Get in touch with the Venture Capitalists.

Venture capitalists, a safe destination for big bets, offer professionally managed funds looking for funding for startups. The best part of venture capital investment is the experience and follow-through they bring. Venture capitalists usually invest in stocks, and they leave when a company initiates an initial public offering or is acquired.

Venture capitalists often look for startups with sufficient traction and a strong team. However, if you choose to raise funds from venture capital, be flexible enough to be informed and accept scrutiny.

Try Angel Investment

Cash surplus people invest in promising startups and try to gain market share when they reach their potential. They can work alone or collectively in a network to find new companies with great potential. This funding option has a business mindset that wants you to be interested in your success and expect up to 30% equity.

The investors for startup are expected to be of high interest and low investment compared to venture capitalists. Still, it’s important to remember that even Google, Yahoo, and Alibaba were the result of angel investing.

Borrow vs. fundraise: which is best for your business.

Fundraising

Advantages

Finding an investor may be a better strategic move to help you grow your business, Des Marteau said. Investors often offer more than just capital. They may have business connections, manufacturing capabilities, distribution experience, etc. He was inaccessible by other means. If that’s what your business needs, you may also be able to receive a much more considerable amount from a venture capitalist or angel investor than from a loan.

When using a crowdfunding route, unlike certified equity investors, entry barriers are much lower than getting a loan. Instead of going through a lengthy application and credit check process, anyone can launch a crowdfunding campaign with just a few clicks. This is also a wise option if you need to raise a small amount of money. Both commercial lenders and investors tend to negotiate large amounts of capital.

Finally, financing works for businesses at any stage. On the other hand, most lenders’ “business hours” requirement eliminates startups that need to procure seed capital to get going.

Disadvantages

One of the most significant drawbacks of equity financing is the need to relinquish ownership of the business. According to Chan, investors are more likely to maintain a larger share of earnings than mortgage repayments and often seek in-house decision-making power as part of their stock.

Consumer crowdfunding sponsors may not demand fairness, but these platforms usually have low success rates, and campaigns take a lot of time and energy to raise money.

Borrow

Advantages

Loans are one of the most profitable ways to fund your business. When you get a loan through a bank or SBA (Small and Medium Business Administration) lender, the interest rate is usually lower than a personal loan. You can also enjoy some tax incentives. Taking a loan also allows you to increase your business credit score when you repay the loan.

Disadvantages

The application process is very long if you consider getting a traditional bank loan or an SBA bank loan. You often need to meet a long list of prerequisites, including being an established business rather than a new company. Mr. Chan also pointed out that the loan also means that if the loan cannot be repaid, there is a risk of losing collateral.

Benefits of alternative funding 

Alternative lenders often charge a higher interest rate for their convenience, although the approval and financing process is usually much faster. Evan Singer, general manager of SBA loan provider, is beneficial in the easiest business loan. It helps in a pinch. They might not be a good long-term strategy because of the highest rates. I warned you.

• Rapid application process.

It can take weeks, or even months, for a bank to confirm a loan application. Also, disagreements and concerns about collateral valuation (because banks usually underestimate collateral to reduce their risk exposure) can slow down the process.

At the other end of the speed, the spectrum is alternative financing. Evaluating an application typically takes a few days, or up to a day for National Business Capital & Services.

• Access to unsecured business finance solutions.

All bank loans are secured by business and personal assets. This is not always the case with alternative financing, where many financing solutions are not guaranteed in approval of business loan. For example, National Business Capital offers unsecured working capital loans, credit lines, and Merchant Cash Advances.

• Impairment or lousy credit approval.

Banks claim good personal and business credit scores. The latter is especially problematic for some applicants who don’t even know they have a business credit score in the first place.

• Corporate financing through a capital increase

One way to raise money for your company without going to the bank is to decide to increase your equity capital. This will allow the entry of capitalist partners who will fund the company to exchange shares or participation.

Before publishing your capital increase offer, we recommend that you first research and elaborate on the amount of funding you need and then adjust the offer to your financial goals.

One way to do this is to use Equity Crowdfunding, which follows the same system as crowdfunding, with the difference that investors receive shares in the lending company. This allows the company to raise funds.

Tips for finding the best funding options

1. Financing to companies by factoring

This is one of the more common ways to raise money among large companies than small businesses. Therefore, this is a way to proceed with collecting company invoices without resorting to commercial discounts.

2. Corporate financing through venture capital

If your company is a startup with high growth and innovation potential, this is one of the best options for raising private funding for entrepreneurs. Venture capital is a company managed by so-called general and limited liability companies responsible for the funds raised through private investors.

3. Financing to companies through IPO

This is a financing tool for large corporations, as it requires a minimum of € 1.2 million in capital to do so. If your business is listed, it will be an important way to raise money for your business.

4. Funding my company with public assistance

Before assessing a company’s financing through this option, remember that the aid or subsidy is a public incentive, not the source of funding itself, as the subsidy rarely fully covers the project’s entire cost.

Conclusion

Financing is an essential aspect of realizing your business vision. Funding and financing are both basic modern business scenarios that support the growth of startups startup. The first round of funding, commonly known as seed funding, forms the basis for financing. Series A, B, and C funding rounds follow. Seed funding usually refers to the essential initial funding round, but Series A, B, and C differ in the business’s maturity and investors’ types. Financing the series will help you evolve your start-up into a full-fledged organization by supporting it with the funds calculated in crucial steps.