04.09.2023
THE WORKING ENVIRONMENT WILL BE IMPROVED WITH BGN 100 MILLION OF EUROPEAN FUNDING
In September, the "Adapted Working Environment" grant procedure, financed with funds from the EU and Bulgaria, through the Human Resources Development Program 2021-2027, begins. The budget of the procedure is BGN 100 million.
Its aim is to improve a healthy and safe environment in organizations and to adapt workplaces to new employment-related challenges. It will be possible to finance activities aimed at the physical safety of employees and improving their mental health. The need for complex care, which became tangible for companies after the Covid pandemic, has already been realized at the program level and among the measures possible for financing is the prevention of "burnout" and the subsequent states of apathy, critical attitude to work and lack of motivation.
Who can apply
Organizations operating in almost all sectors of the economy, with the exception of fisheries and aquaculture, the primary production of agricultural products, as well as the sector of processing and trading of agricultural products under certain conditions, can receive grant-in-aid.
There are no restrictions regarding the date of registration of applicants and realized net sales revenue. The only condition is that they have the financial capacity to implement the investment, according to the methodology developed by the program.
What are the eligible activities?
The procedure meets the modern challenges of the working environment and the need for physical improvement of working conditions and psychological support. The following types of activities are allowed:
Mandatory for every project is the introduction of "green" models of organization of work processes, which are related to increasing resource efficiency, reducing the impact on the environment or increasing the sustainability of the offered products and services. The models may be related to the implementation of new green production investments, changes in the organization of work to include green activities in specific work processes and workplaces, building an overall green company culture and motivating employees for green thinking.
With the help of the program, organizations can also provide psychological support in connection with the prevention and prevention of workplace stress and professional burnout. It is common in large companies with foreign participation to have programs to manage stress and maintain employee motivation and satisfaction, while in SMEs investments in mental health are more of an exception and grant support is a way to adopt such practices.
The ability to purchase collective, personal protective equipment and special work clothing is extremely important for the manufacturing sector. To be eligible for funding, safeguards must not have been used to date or provide higher protection than current ones.
It is also possible to provide collective protection, incl. modernization, reconstruction, securing of existing sites, technological processes, machines and equipment related to improving working conditions. The construction of railings and structures, devices for access to certain premises for the purpose of safety, ventilation and/or air conditioning system, ensuring ergonomics at work, etc. is permissible.
Electric trucks, forklifts, gas trucks and other lifting equipment desired by all enterprises from the mining and processing industry are not eligible for financing.
Among the permissible social benefits are the repair and equipment of places for recreation, rehabilitation, sports and rest for employees. Outdoor or indoor gyms, rest and entertainment areas, as well as dining areas can be equipped with funds from the program.
Food costs are not eligible, nor are purchases of family holiday vouchers, meal vouchers, entertainment vouchers, gym memberships etc. similar.
What is the amount of the grant?
The grant is up to EUR 200,000 (BGN 391,166), provided that the companies have not received any other aid under the de minimis regime in the last 3 years, including the current one. For small and medium-sized enterprises, the aid can cover the costs of the entire project, and for large ones - 80%.
What is different compared to previous procedures?
For the first time, the development and introduction of resource-efficient models of work process organization and psychological support for employees is supported.
The division of the budget by regions is also new. The south-western region, including the districts of Blagoevgrad, Kyustendil, Pernik, Sofia region and Sofia city, is classified as a region in transition and only BGN 7.92 million out of a total of BGN 100 million will be allocated to it. With an average grant of BGN 250 thousand, approximately 30 projects for the entire region will be financed.
What are the weaknesses
There are practically no requirements for applicants. The only criterion for eligibility is financial capacity according to the Program Methodology. The way to define organizations as financially stable is quite irrelevant to real business, as it is easily achieved by newly created companies without profit and with a symbolic amount of assets, but it can be a challenge for companies with a long financial history and investments of millions of BGN.
100% grant aid for small and medium-sized enterprises and 80% for large ones should also not be allowed in the third program period, as it may lead to insufficient efficiency of the planned investments, as well as to non-achievement of the set indicators under the program. When they do not have their own contribution to the financing, organizations are more likely to plan insufficient cost-effective costs.
A serious weakness is the Project Evaluation Methodology, which is entirely subjective and focused on the description of activities and target groups. There are no objective and verifiable criteria such as the number of persons who will be covered by the measures, the financial capacity and experience of the organizations to implement projects, etc. There are criteria such as "realistic and adequate time resource", "detailed description", "reasonable necessity" and other similar definitions that create doubts that project proposals may not be evaluated fairly and objectively.
What is the application deadline and method?
Until September 1, 2023, the procedure is in the process of public consultation, and all interested parties can send comments on the conditions. The application is scheduled to open on September 15, 2023, but due to the high interest, many proposals will be received, which require more technological time to be processed. The projects will be submitted through the ISUN system, and the expected application period is three months from the date of announcement.
The procedure is long-awaited due to the possibility of grant funding of soft measures at 100% grant, which is extremely rare for the third program period. The last scheme with a similar focus was announced in 2016 and had an unprecedented number of projects submitted - 2,520, of which only 401 were approved for funding. It is expected that the interest in "Adapted working environment" will be significantly higher, which necessarily implies a refinement of the criteria for eligibility and assessment under the procedure.
01.09.2023
BGN 188 MILLION TO SUPPORT YOUTH EMPLOYMENT
Employers who hire young trainees up to the age of 29 on a permanent employment contract will receive the insurance funds for the first six months. This foresees a new project under the "Youth Employment Plus" measure, which will be implemented with BGN 188 million under the "Human Resources Development" program 2021-2027, the Ministry of Labor and Social Policy announced. The condition for using the incentives is that the contract is for a position that matches the intern's qualifications for the same or better compensation.
The main goal of "Youth Employment Plus" is to increase the competitiveness of unemployed and inactive young people aged 16 to 29 by facilitating their transition from education to employment, the Ministry of Social Affairs specified. At least 15,200 people, including long-term unemployed youth, are expected to be covered in internships, on-the-job training or subsidized employment.
For the first month of their inclusion in project activities, they will be provided with funds for public transport to and from the workplace. Within days, a contract on the measure is expected to be signed between the Managing Authority of the Human Resources Development Program and the Employment Agency. This is how the support for unemployed youth will continue, as the current project "New Opportunity for Youth Employment" under the Operational Program "Development of Human Resources" 2014 - 2020 with a budget of over 161 million BGN will end in September.
Unemployed up to 29 years of age had the option of doing an internship for 6 to 9 months, engaging in on-the-job training with a mentor for up to 6 months, or starting a job for up to 9 months. Nearly 39,000 people participated in the activities, with more than half remaining employed by the same employer after subsidized employment ended.
31.08.2023
WHICH VIOLATIONS OF WORKERS' RIGHTS ARE PUNISHED WITH PRISON
On July 28, 2023, the National Assembly approved changes to the Penal Code, which criminalize acts directed against the right of workers and employees to associate in trade unions and unions.
In addition to the new amendment to the law, since 2015, the prosecution of offenders for non-payment of insurance contributions has been in force in Bulgarian legislation. What are the provisions specifying these acts, what are they expressed in and what is the responsibility of the offenders, answers Dr. Todor Kapitanov, an expert in labor law.
The latest changes in the Penal Code regarding the right of association are effective from 08/08/2023. What is actually the crime against the right of workers to associate in trade unions and unions?
The law provides that whoever, by violence, threat or otherwise unlawfully prevents someone from exercising his right to join a trade union, compels him against his convictions or will to join or renounce membership in a trade union organization, or prevents him from to create one, is punishable by imprisonment for up to three years or a fine of up to five thousand BGN.
The norm also states that whoever, through violence, threats or in any other illegal way, prevents someone from realizing the rights arising from the exercise of his right to join a trade union, is punished with imprisonment for up to one year or a fine of up to three thousand BGN. If the listed acts are committed again, the punishment is imprisonment for up to five years or a fine of up to ten thousand BGN.
In another legal provision, which has been in force since 2015, it is stated that whoever evades mandatory insurance contributions for state social insurance or for health insurance in large amounts by declaring an insurance income in a smaller amount than the actual one for the insured person, is not submits a declaration, confirms a falsehood or conceals the truth in a submitted declaration, compiles or uses a document with false content, a false or falsified document when carrying out business activities, when keeping accounts or when presenting information to the revenue authorities, destroys or hides within the statutory terms accounting documents, accounting registers or payrolls is punishable by imprisonment for up to five years and a fine of up to two thousand BGN.
The law states that when the above violations are committed with the participation of a revenue authority or a registered auditor, the punishment is imprisonment from one to six years and a fine of up to five thousand BGN, as well as deprivation of certain rights.
When the obligations for insurance contributions for state social insurance or health insurance are particularly large, the penalty is imprisonment from two to eight years and confiscation of part or all of the property of the guilty party.
In similar cases, if until the conclusion of the judicial investigation in the court of first instance, the mandatory insurance contributions for state social insurance or health insurance are paid into the budget together with interest, the punishment is imprisonment for up to two years and a fine of up to five hundred BGN or imprisonment for up to three years and a fine of up to one thousand BGN.
The law also specifies that the worker or employee subject to compulsory insurance does not bear criminal liability, including for incitement and aiding and abetting.
I remind you that "Compulsory insurance contributions for state social insurance or for health insurance in large amounts" are those that exceed three thousand BGN, and "compulsory insurance contributions for state social insurance or for health insurance in particularly large amounts" are those that exceed twelve thousand BGN.
Reference:
Art. 174b, Art. 255b, Art. 93, item 29 of the Criminal Code
31.08.2023
FREE PAYMENT ACCOUNT FOR CITIZENS FROM 1.09
From September 1, individuals will be able to open a payment account for basic operations, which will be serviced free of charge, when funds from salaries, pensions, benefits and allowances for social insurance and social assistance, scholarships for schoolchildren, students are received and stored on it and PhD students. This was announced by the Ministry of Finance in connection with the possibility for citizens to receive their wages under the so-called "payment account for basic operations".
The department reminds that this possibility is ensured by changes in the Law on Payment Services and Payment Systems, voted with the adoption of the Law on the State Budget for 2023.
A condition for the use of a payment account for basic operations is that citizens do not have another payment account opened in a bank through which they can use these services. Each citizen will be entitled to only one payment account for basic operations. It can be used to perform services such as depositing funds into the account, withdrawing cash from a counter or ATM, as well as other payment operations on the territory of the country in BGN. Citizens will be able to withdraw the specified funds from the account for basic operations free of charge only at ATMs of the servicing bank, the Ministry of Finance explains.
From there, they recall that with the adoption by the parliament of the state budget for 2023, amendments were made to the Labor Code and the Law on Limitation of Cash Payments. They introduced the obligation for all employers with 100 or more employees to pay their wages only by transfer or deposit to a payment account in a bank in the country specified by the worker or employee. Excluded from this requirement are people who work under an employment contract for short-term seasonal agricultural work.
The Ministry of Finance also announced that changes to the Law on Payment Services and Payment Systems have been prepared, which are currently open for public discussion. They will specify the application of this new part of the law, "given the achievement of the set goals". According to the European directive on payment accounts, the payment account for basic operations aims to provide easier and more barrier-free access to banking services for more vulnerable consumers, the announcement notes.
These legal amendments aim to contribute to brightening the economy, and this creates prerequisites for better economic growth, better quality of work and a better standard of living, argues the Ministry of Finance.
30.08.2023
4.6% IS UNEMPLOYMENT IN OUR COUNTRY IN THE SECOND QUARTER
In the second quarter of 2023:
- The unemployment rate is 4.6%, or 0.1 percentage points higher than in the second quarter of 2022;
- The employment rate for the population aged 15 - 64 increased by 0.3 percentage points compared to the same quarter of 2022 and reached 70.3%;
- The coefficient of economic activity for the population aged 15 - 64 is 73.7%, and compared to the second quarter of 2022, it increases by 0.3 percentage points.
Discouraged persons aged 15 - 64 are 29.6 thousand, or 2.8% of the economically inactive persons in the same age group.
Unemployment
Unemployed persons in the second quarter of 2023 are 141.0 thousand, of which 75.1 thousand (53.3%) are men and 65.9 thousand (46.7%) are women. The unemployment rate is 4.6% (up from 4.5% in the second quarter of 2022) and is the same for men and women.
Of all unemployed persons, 14.2% have a higher education, 55.0% - a secondary education, and 30.8% - a primary or lower education. The unemployment rates by education levels are respectively 2.0% for higher education, 4.5% for secondary education and 13.8% for primary and lower education.
Long-term unemployed (unemployed for one year or more) are 73.8 thousand persons, or 52.3% of all unemployed.
The long-term unemployment rate is 2.4%, respectively 2.5% for men and 2.3% for women. Of the total number of unemployed persons, 21.5 thousand, or 15.2%, are looking for their first job. The unemployment rate for the age group 15 - 29 years of age in the second quarter of 2023 is 8.8% (9.6% for men and 7.7% for women).
Compared to the same quarter of 2022, this ratio is higher by 1.0 percentage points, with an increase of 0.4 percentage points for men and 1.8 percentage points for women.
30.08.2023
DO I NEED PERMISSION TO TAKE UNPAID LEAVE?
The employer, at the request of the worker or employee, may allow him to take unpaid leave. Here we must pay attention that Art. 160 of the Labor Code provides a legal possibility for the use of unpaid leave, but it is not a subjective right of the worker or employee and its use is with the permission of the employer. The use of unpaid leave does not depend on whether the worker or employee has used the due paid annual leave. In addition, the use of unpaid leave does not depend on the length of service of the worker or employee.
In para. 2 of the same article, however, the legislator obliges the employer to allow a one-time use of unpaid leave, up to one year, to an employee who has a legal relationship with an institution of the European Union, except in cases under Art. 120a, with the United Nations, with the Organization for Security and Cooperation in Europe, with the North Atlantic Treaty Organization or with other international governmental organizations. The right to use this leave is one-time and cannot be used again, including when changing the employer. The employer is obliged to release the worker or the employee only if the described prerequisites are present, and only the persons for whom the above requirements are met have the right to such leave.
The worker or the employee, in order to use the leave under Art. 160, para. 2, must submit to the employer, together with the request for leave, evidence that he actually meets the requirements for the use of this type of leave.
The use of unpaid leave takes place at the initiative of the employee by submitting a written request to the employer. The application must necessarily contain the beginning of the use and the duration of the leave, specified in working days. In order to give his consent and authorize the use of the leave, the employer issues a written leave order.
The unpaid leave under Art. 160 of the Labor Code is considered an internship of up to 30 working days in one calendar year, and more than 30 working days only if this is provided for in the Labor Code, another law or a normative act of the Council of Ministers.
30.08.2023
ENTREPRENEURSHIP: ONLINE BUSINESS - WHY START AND HOW TO PROSPER
Many people dream of owning their own business, but in reality only a small part of them decide on this step. If you still have no experience and your budget is limited, you might consider developing an online business. It carries less risk and also has a number of advantages over the standard type of business.
Most people lead busy lifestyles and when they need to buy something, they increasingly choose to do it online instead of visiting a physical store. Online business allows customers to shop from the comfort of their home instead of walking around the stores. Shopping online saves time, effort and money.
What are the advantages of online business?
It's relatively cheap to get started
The amount of initial investment required deters many from creating their dream business. You need to budget for rent, leasing, purchasing inventory, budget for employee salaries, advertising, etc. If your venture fails, it can ruin you financially.
On the other hand, for an online business, all you need is a computer, a domain name, and a website. This means that starting an online business with a few hundred BGN initial capital is completely feasible, and you don't have to risk all your savings or take out loans to become a successful online entrepreneur.
There is great potential for growth
When you own a brick-and-mortar business, you have to deal with real-world constraints—from real estate costs to local search. If you don't have a top location or you don't offer unique products/services and you haven't built an image yet, your business can quickly go bankrupt.
When running an online business, none of these limitations can stop you. You can sell to anyone, no matter where they live, and your pool of potential customers expands every year as more and more people become comfortable with online shopping.
By 2025, e-commerce will account for almost 25% of global retail sales. In addition, the global internet population is also growing, with internet users worldwide expected to reach 5.6 billion by 2025.
More people online means more potential exposure for your online brand – especially if you don't mind taking your business overseas. Many people are willing to pay higher shipping costs in exchange for a quality and unique product.
You are always available
Another big advantage of an online business over a brick-and-mortar store is that it can operate 24/7, even during lockdowns, extreme weather conditions, and other unforeseen circumstances.
Once your business website is online, you are always available to sell. Buyers can order from you at any time. Since you don't need to be physically present to make sales, your business can generate revenue with less day-to-day involvement.
It is important to follow certain steps to create a successful business:
A business niche is the area you focus on – a market segment and target audience that you will primarily care about. This can be anyone from sports enthusiasts to amateurs and professionals.
You need to choose a suitable niche for your new business. To find the right target audience, make sure it has:
- a problem that no one else is solving (the way you would);
- willingness to pay you for solving this problem;
- a large enough discretionary income to afford your decision.
Once you've chosen the right niche, it's time to clarify your business idea. Here are some ideas:
Build an eCommerce Store – Ecommerce has been around for over four decades, but now is the best time to start an online store.
Once you've determined your niche, choose an e-commerce platform, set up your online store, and start driving traffic to it. If you intend to host yourself, you can choose a dedicated service.
Enter Dropshipping – Dropshipping is an online method that allows you to sell physical goods without maintaining inventory. With it, the customer orders a product on your website, you forward the order to the manufacturer, and then the manufacturer ships the product directly to the customer.
Dropshipping is an attractive option for those looking to enter e-commerce without taking on the financial risk of maintaining inventory. Statistics show that dropshipping businesses are constantly on the rise.
Become an Affiliate – Affiliate marketing is worth considering if you want to start an online business but aren't interested in creating your own products. This is a popular way to make money online.
The first step is to sign up for an affiliate program. Choose someone else's product to promote to your audience. This can be any digital product or physical good. You receive a commission for each sale generated through your referral link.
Promote affiliate products on your blog by creating SEO or social content around relevant keywords and then optimizing it to get organic traffic from Google. You can also promote affiliate products to your email list subscribers by allowing your affiliate partners to host webinars for your audience.
Affiliate marketing has an extremely low startup cost. You only need to pay up front for a domain name, web hosting and email marketing software.
Offer Web Design Services - Create a portfolio website to start attracting clients. You can learn the basics of web development and design through e-learning and experimentation platforms.
Alternatively, you can register with a freelancer site. However, freelancing can be challenging. While you can benefit from location independence and a flexible schedule, you'll have a harder time predicting income and financial stability at first.
Regardless of which option you choose, once you acquire web design skills, you can expand into creating and selling your own products – this gives you greater financial stability and provides greater autonomy.
Create an interesting blog - do you have a writing talent? If you can write engagingly and enjoy it, then a blog is an online business idea worth considering.
While having a blog isn't a business model in itself, it does allow you to build an audience. Once you have an audience, you can sell your products or services, promote affiliate products, run sponsored campaigns with brands, etc. – which helps you earn passive income while working on other business projects.
When conducting product research, you should review the following main product types:
Physical goods
As the name suggests, physical goods are tangible objects that must be manufactured, stored in a warehouse, and shipped to customers.
Selling physical goods can be lucrative, but profit margins can be low if you don't manage your operating costs well.
Digital downloads
You can also sell digital products – this category includes anything a customer can download to their device, such as e-books, audio courses, podcasts, online courses, etc.
Digital products have higher profit margins than physical goods. However, pricing them can be difficult as they are often perceived as having less value than physical products.
Services
Almost any service available remotely can be sold online. Selling services is one of the fastest ways to start an online business and make a profit.
However, it is important to keep in mind that this is a business model where you are selling your time. This means that your earning potential is limited because you only have a limited number of hours in the day.
To create a successful online business, you will also need market research dаta:
Marketing research is an important step in starting your own online business. It helps determine the depth, competitiveness and profitability of any chosen business vertical.
You certainly don't want to offer something that no one is willing to buy. By conducting online market research, you can learn what your target audience wants, needs, or lacks.
Here's how you can get started with market research:
Check SERPs (Search Engine Results Pages)
Look for variations of your product/service keywords and analyze search engine results pages (SERPs). What type of content is currently ranking on the first page? Which businesses pay to advertise above organic search results?
This will help you pre-assess your competition and get information on advance SEO and digital marketing strategy based on the content your target audience prefers.
Research the competition
It's a good idea to take a close look at your main competitors outside of the SERPs. Who are the biggest business players in your niche? How much money do they make? What are their strengths and weaknesses?
By looking at other players in the market "under the microscope", you can understand what can give you a competitive advantage over them.
Track high performing keywords
Analyze how demand is changing for different products in your niche and what content ranks best by monitoring niche-relevant keywords.
You can use tools like: Google Trends, Google Keyword Planner, Ahrefs, Semrush.
Once you know who your target audience is and what they want, you can begin the process of attracting sales and scaling your business. This data will help you develop a deep understanding of your prospective customers' needs, their preferences and reasons for buying.
To analyze buyer needs and preferences, be sure to research the following areas:
Demographics – Demographics include basic socioeconomic characteristics and patterns such as age, gender, ethnicity, income, and occupation.
Psychographics – psychographic data includes various psychological characteristics such as values, beliefs, interests and opinions.
Your online business will not prosper if your products are mediocre. You need to find the price-quality balance to turn your company into a recognizable brand and your products into a trend in your industry.
When looking for products to sell online, consider your sourcing strategy. This can be done by:
Create your own products – this option is relatively easy if you plan to sell digital products/services.
On the other hand, physical production of products involves hard work in terms of design, material selection, partnerships, etc. Financial costs are also higher.
However, manufacturing will always give you an edge over the competition in terms of quality, product range and branding ability.
Finding a Dropshipper – Finding a manufacturer that allows you to dropship their products is potentially lucrative. In fact, many small business owners negotiate dropshipping deals with foreign manufacturers to offset business expenses.
Partnering with a wholesaler – A wholesaler can provide your business with a range of products to purchase and list in your online store. Some may even offer you a product distribution plan.
You need to holistically evaluate the viability of your product before purchasing or manufacturing a large order. To do this, ask yourself the following questions:
Is there a successful online company already selling such products?
Is the demand for this product sustainable or just temporary?
Do the bills come out with this product ie. can you sell it at a profit?
Remember, it doesn't matter how trendy or exciting a product may look. The important thing is that it is viable from a business point of view.
Brand is the overall essence of your business. You need everything from an online business name to a web design to convey a consistent visual image and ideas. The same goes for your off-site presence, from social media and e-newsletters to packaging.
As you work on your brand identity, pay attention to the following details: logo, color scheme, landing pages, page layouts, typography, graphics and photos.
Your brand image should be the overall result of the successful combination of all these elements.
Some small business owners believe that traditional business laws do not apply to online businesses. This is not true.
Although online businesses require fewer licenses and permits than brick-and-mortar operations, there are still a few important legal details you need to sort out. Specifically:
- What business license do you need to start a business?
- Which legal structure makes the most sense - a sole proprietorship, a limited liability company or a corporation?
- Are there any permits you need to get?
- Are there examinations you need to pass?
- Do you need a sales tax license?
- Are there specific regulations that only apply to online businesses?
- What are the laws regarding hiring contractors and employees?
Each country has its own laws. Make sure you always check with your local authorities.
It's time to prepare for the launch of your website. To ensure that the website becomes successful and viable, consider the following steps:
Choose your e-commerce platform
An e-commerce platform is the technical backbone for online sales. This software provides you with all the features you need, from product catalog to payment processing.
Some of the most popular options are: BigCommerce, WooCommerce, Shopify, Adobe Commerce (Magento), Salesforce Commerce Cloud (Demandware).
Make sure you choose a platform that provides all the features you need at a price you can afford.
Add your products
Once you've chosen a platform and store theme, add products to your catalog. Pay special attention to product images – provide high-resolution visuals showing the product from different angles.
Product descriptions are also essential. Don't just list the features, focus on the added value the customer will get.
Product images and descriptions greatly affect the conversion rates of your product pages. Therefore, do not spare time and effort to make them well.
Choose how you will make the deliveries
Fast and free shipping is the number one driver for making an online purchase and can greatly affect the quality and quantity of your sales.
Make sure all products reach your customers without delay. It's good to have several delivery strategies including: store pickup, freight carriers, same day or next day delivery, free shipping.
Make sure everything works
Finally, once your eCommerce store is live, triple test all aspects. Make sure all pages look good on all devices, including desktop, tablet and mobile.
It is important that the website works well in all browsers, from Chrome and Firefox to Safari and Microsoft Edge. All buttons must be associated with the correct applications.
If you have the budget, it's a good idea to hire a quality assurance professional to conduct site tests for you and report the findings.
Once everything is set up, it's time to start driving traffic to your eCommerce store. Prioritize the following channels:
- paid ads – allocate an advertising budget for pay-per-click (PPC) ads on social networks and in search results. This is one of the fastest ways to improve brand awareness for a new store;
- influencer marketing – start building partnerships with social media influencers to create testimonials promoting your products;
- social media marketing – complement paid campaigns with organic traffic by building an audience on social media platforms such as LinkedIn, Instagram and Facebook;
- search engine optimization (SEO) – make sure all pages on your website are optimized for SEO and create a content marketing strategy for your written content;
- email marketing – create an email list by saving the email addresses of users who visit your online store. You can then promote your products to your email subscribers.
Are you convinced yet that creating a successful online business is not an overwhelming task? You just have to walk the path step by step.
The process from research and development to launching your website can be complex, but it's not complicated. By following the recommendations in this guide, you can build a profitable online business on a small budget.
29.08.2023
SUCCESS TECHNIQUES: "WHAT CAN I LEARN FROM THIS?": 9 PHRASES THAT SPEAK OF EMOTIONAL RESILIENCE
Emotionally resilient people consciously respond to painful experiences. They allow themselves to grieve, remember what they are grateful for, and focus on what they can control right now.
But for many people it's an uphill battle, and it takes effort, practice and mental strength to win.
If you use any of these phrases every day, then you are more emotionally resilient than most people:
Emotional resilience is associated with courage and mental resilience. There is an understanding that we must be strong and overcome adversity without letting it break us.
A similar phrase: "As much as I hate this, I can live with it."
Resilience means that when you experience the pain of mistreatment, you change your perspective from "I'm a victim and I'm powerless to help myself" to "How can I grow from this?"
A similar phrase: "Even though I was a victim in this situation, I will not let it define me or destroy my future."
Resilience is associated with a basic acceptance that life is not always fair and that we all experience emotional difficulties. Accepting this truth helps people not take things so personally when undesirable events occur.
A similar phrase: "I'm not always going to be happy with how things turn out. But that's part of the journey."
Resilient people believe that setbacks and challenges may feel terrible in the moment, but that nothing in life is permanent. This doesn't mean the pain will go away completely, but it does mean we can work to make it less traumatic and harmful to us over time.
A similar phrase: "Every day is an opportunity to feel a little better."
Openness to experiences and the ability to shift your perspective from "Why did this happen to me?" to "What can I take from this to grow?" can help you better cope with life's inevitable ups and downs.
A similar phrase: "Even in the darkest experiences there is always a gift - I just need to find out what it is. How can I use this experience to empower and transform me?"
A key component of resilience is emotional flexibility, or the ability to regulate your feelings and reduce their intensity in a given situation. Mastering this ability can help us feel strong in difficult times.
A similar phrase: "I'm feeling a strong emotion, so I'm going to take some time before reacting or making important decisions."
We are hardwired to notice threats to our well-being. But people who are resilient find a way to focus on the positive even in difficult times.
A similar phrase: "It may be hard for me, but I can find a way to be grateful for the good things in my life."
The key to resilience is not in denying reality or looking for a reason to make us feel better about what happened. When we come to a place of radical acceptance, the situation has less power over us.
A similar phrase: "I have to see reality as it is, even if it's not what I want, in order to move forward."
If we are offended, want revenge, or focus on revenge, it causes us to hold on to the pain of the past. Developing resilience requires getting to the place where we can see life's difficult circumstances for what they are and actively choose to let them go.
A similar phrase: "Forgiving doesn't mean it's all right; it just means I'm not letting it weigh on me anymore."
25.08.2023
2022, THE MOST PROFITABLE YEAR FOR ROMANIAN COMPANIES, AN INCREASE IN PROFITS IS EXPECTED IN 2023 AS WELL
Last year, Romanian companies enjoyed unprecedented revenues and profits, and for 2023, an increase in profits and profitability is expected on the back of a significant reduction in energy costs, Romanian news agency Agerpress reported, citing an analysis by business intelligence platform Termene.ro.
"In 2022, there was an increase in the total number of companies submitting their annual financial statements, and for the first time in the last 5 years they exceeded the threshold of 810,000", according to the study on the development of the business environment in Romania in 2022, carried out from Termene.ro.
Against the background of high inflation (over 13%), revenues in 2022 reached a record level compared to both 2021 and the other analyzed years, namely 2020 and 2019. Thus, the total revenues declared by the companies managed to exceed 2 trillion lei for the first time, namely – 2.392 trillion lei.
As in terms of revenues, 2022 registered a record in terms of profits of Romanian companies and also in terms of their average profitability.
If in 2020 the total profit of Romanian companies was 103 billion lei, being the first year in which the threshold of 100 billion lei was exceeded, in 2021 the value of the total profit increased by almost 50%, reaching 149 billion lei, and in 2022 an increase of another 50% was achieved, and thus the total profit exceeded 204 billion lei.
According to the quoted source, the profitability of companies in 2022 is based on the emergence of the phenomenon of "greedflation", inflation fueled by artificial price increases. Thus, against the background of rising prices of raw materials, prices increase not only to cover the corresponding price increase, but also to generate higher profits than before. At the same time, the emergence of a labor force coming mainly from Asia, which accepts lower wages than the local labor force, generates a decrease in the final price.
A further increase in profits and profitability is forecast for 2023 on the back of a significant reduction in energy costs (electricity, gas, fuel), while prices continue to maintain their levels (in some cases even rise) in the first half of 2023. Termene.ro's analysis also shows a continuing trend of increasing the share of cheap labor willing to work for wages close to the minimum in the economy at the expense of local labor.
2022 was the first year since the start of the pandemic in which the number of private sector jobs did not decrease from the previous year and remained constant at 4.01 million, the cited document noted. However, the number of registered workers last year remained at a lower level compared to 2019, when 4.12 million workers were registered. This decline in the number of people employed in the private sector is due to the appetite of Romanians for entrepreneurship, visible through the record number of active companies, to automation processes that reduce the need for the human factor, but also to the phenomenon of the migration of the Romanian workforce to developed countries, also says the analysis of the business intelligence platform Termene.ro.
The analyzed data takes into account the public situation as of July 17, 2023.
24.08.2023
BGN 210 MILLION ADDITIONAL SUPPORT FOR COMPANIES IN OUR COUNTRY
Small and medium-sized enterprises in our country will be able to benefit from support in the amount of nearly BGN 210 million until the end of 2023, reports the Fund of Funds.
The Fund will provide the additional resource to the guarantee limit of the partner banks implementing the instruments under the "Recovery" Program. The funds are from the Operational Program "Innovation and Competitiveness" 2014-2020, co-financed by the European Fund for Regional Development, including under REACT-EU (Recovery Aid in favor of Cohesion and the Territories of Europe).
The interested partner banks will receive additional funds in the amount of BGN 84.5 million, so that the total funds for the implemented guarantee instruments under the "Recovery" Program will reach BGN 333.8 million, the announcement states.
The resource is expected to be available on the market in the second half of September, after the completion of the formal process of assigning it to the banks.
The Fund of Funds explains that the factors for the addition of fresh money for the business are the successful investment of the resource under the instrument, the market need and the ongoing active search for financial support from Bulgarian companies.
The "Recovery" program was created to facilitate business access to business recovery loans after the gradual lifting of measures related to the pandemic, according to the website of the Fund of Funds. A total of 1,659 companies in the trade, transport, hotel and restaurant industries have been supported through the program.
