ReportWire

Tag: Business Ideas

  • These 20 Elements Define the Future of Startups | Entrepreneur

    These 20 Elements Define the Future of Startups | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Greg Isenburg is the co-founder and CEO of Late Checkout, a product studio and agency that designs, creates and acquires community-first tech businesses. In a tweet, he laid out a list of 20 elements that will define the future of building startups. Here, we delve into each of these points to explore the new era of entrepreneurship taking shape.

    Looking for help getting your startup going? Book a 1-on-1 video call with Greg Isenburg now.

    20 Elements That Define the Future of Startups

    1. MVP Speed (1x per month): The speed at which minimum viable products (MVPs) are created will decrease dramatically. Startups will aim to launch a new MVP every month, fostering a culture of rapid experimentation and iteration.
    2. AI-Accelerated: Artificial intelligence will play a key role in startups, both in product development and decision-making processes. This will lead to more efficient and optimized businesses.
    3. Superniche is the new niche: Targeting ultra-specific market segments will become more prevalent as companies seek to differentiate themselves and build deep connections with their customers.
    4. Community 1st, software 2nd: Building a community will take precedence over developing software. This approach will create strong brand loyalty and foster organic growth.
    5. No-code first, some code second: No-code platforms will become the primary tool for building startups, with traditional coding taking a back seat. This will democratize the creation process and enable entrepreneurs to focus on innovation.
    6. 10x more automated: Automation will become a significant driver of efficiency in startups, allowing for leaner teams and smoother operations.
    7. Global teams, localized products: Startups will increasingly be built by global teams, yet their products will be tailored to local markets to better serve customer needs.
    8. 95% dominated by solopreneurs and microentrepreneurs (teams less than 12): The startup landscape will be dominated by solopreneurs and microentrepreneurs, leading to more diverse and agile businesses.
    9. Pop-up digital experiences: Apps and platforms that only work during specific times or events will become more common, creating a sense of urgency and exclusivity.
    10. The marketing holy trinity: Successful startups will need to achieve product/market fit, content/market fit, and community/market fit to truly gain traction.
    11. Half robot/half human teams: A mix of AI and human talent will form the backbone of startup teams, combining the best of both worlds for optimal results.
    12. Accelerated by “boring marketing”: Effective marketing strategies that may seem mundane or unexciting will play a crucial role in driving startup success.
    13. Multiple revenue streams: Diversifying revenue streams will become the norm, as startups look for various ways to generate income.
    14. Design matters: The importance of design will continue to grow, with high-quality aesthetics and user experiences being non-negotiable.
    15. Partnered with creators: Creators will play a significant role in distributing and promoting startups, leveraging their established audiences for greater reach.
    16. Feels like a game: Gamification elements will be integrated into startups, making them more engaging and fun for users.
    17. Purpose-driven moonshots: Startups will increasingly focus on making a positive societal impact, attracting both customers and investors who share the same values.
    18. Productized agencies for cash flow: Agencies will pivot to offering standardized products to generate consistent cash flow, like design agency Dispatch Design.
    19. Product studios become the norm: Product studios, which develop multiple products simultaneously, will become a popular business model in the startup world.
    20. 99% of MVPs won’t need VC: Venture capital will become less critical for the majority of MVPs, as alternative funding sources and bootstrapping gain traction.

    The future of building startups is set to be an exciting journey marked by rapid experimentation. As the landscape evolves, entrepreneurs will need to adapt to new trends and strategies to stay ahead of the curve. By embracing AI, no-code platforms, and purpose-driven missions, startups can position themselves for success in this new era of entrepreneurship.

    Related: 18 Inspiring Lessons From the GOATS of Entrepreneurship and Leadership

    For those interested in learning more about the future of startups and gaining valuable insights from Greg Isenberg himself, you can book a 1-on-1 video call with him through Intro. This is a unique opportunity to have a personalized conversation with a thought leader and founder to gather practical advice.

    [ad_2]

    Brad Klune

    Source link

  • 7 Reasons to Trust Your Gut in Entrepreneurship | Entrepreneur

    7 Reasons to Trust Your Gut in Entrepreneurship | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Starting a business is an exciting but daunting prospect. You need to consider many factors when taking the plunge and deciding whether or not you can make it a success. One crucial factor that shouldn’t be overlooked is trusting your gut.

    Trusting your gut means more than just relying on instinct or being impulsive. It’s about trusting your intuition and decisions when starting a business. It’s about learning how to recognize the signs that something isn’t right and taking action accordingly rather than having an emotional reaction to every situation. Knowing how to trust your gut can help you make decisions confidently, even in uncertain times.

    Related: Should You Actually Trust Your Gut Feelings?

    Why should you trust your gut?

    1. You know what’s right for you. Every decision you make needs to be right for you and your business. While opinions from family and friends are valuable, ultimately, you should make the final call based on what you believe is best for you and your business. Only by listening to what feels right internally can you make the right decision for yourself and your venture.
    2. Recognize patterns. Experienced entrepreneurs know how to identify patterns in their businesses that signal opportunities or challenges ahead. Learning to read between the lines will help inform decisions that lead to growth and success for your business. Recognizing patterns also enables you to spot potential problems before they become too big of an issue so that issues can be addressed quickly as they arise.
    3. Make quick decisions. Trusted entrepreneurs take decisive action when faced with difficult situations rather than dwelling on them for too long or overthinking their options. This helps them move quickly from one challenge or opportunity to another without getting bogged down in analysis paralysis or second-guessing themselves due to fear of failure or change. By identifying patterns in their businesses, trusted entrepreneurs can make quick decisions with confidence that align with their core values and goals for their company without hesitation or indecision, delaying progress or putting them at risk of missing out on potential opportunities down the line due to lack of action now.
    4. Stay true to yourself. One crucial thing successful entrepreneurs understand is staying true to who they are as individuals while running their businesses regardless of external pressures from peers, industry trends, etc. Staying true allows them to remain focused on achieving their goals rather than being distracted by temporary fads or industry hype since trust relies heavily on consistency over time.
    5. Don’t get caught up in the details. Many entrepreneurs get caught up in details when starting a business instead of focusing on what matters most: the people involved in making things happen! That’s why trusted entrepreneurs prioritize relationships over tasks; they understand that building strong relationships between key stakeholders is essential for long-term success, even if it requires extra effort during tough times like start-up phases which may require everyone to work together diligently until stability sets in!
    6. Listen to advice but ignore the noise. A successful entrepreneur understands where the advice comes from before accepting it; advice from experienced professionals should be taken seriously, but input from random strangers should be ignored since chances are it might not have a basis in reality nor provide any tangible benefits, either short term or long term! That’s why trusted entrepreneurs listen carefully before acting upon feedback received because sometimes “no” is just as important as “yes”! Additionally, if the advice does come from someone reputable, then there’s no harm double checking facts provided out of precaution because mistakes can happen, so always verify information correctly before proceeding!
    7. Embrace failure. Ultimately failure happens, but it doesn’t mean destruction; failure provides valuable lessons which can help shape future decisions made by trusting entrepreneurs who embrace adversity instead of running away from it because when done correctly, failure leads us closer to our desired outcomes, not away from them due diligence coupled dedication paying off eventually if persistent enough!

    Related: Know When to Trust Your Gut and When to Seek Outside Advice

    Conclusion

    Starting a business requires courage and conviction. Trusting your gut is just one way successful entrepreneurs learn how to manage risks while navigating uncharted territory successfully!

    It’s all about learning how to recognize patterns within our environment, spotting opportunities, taking decisive actions while staying true to ourselves, never allowing outside noise to distract us and focusing solely on what matters.

    Energy is spent unnecessarily, so always trust your gut and never settle for anything less than the best. Strive higher — only then will you reap the rewards.

    [ad_2]

    Kartik Jobanputra

    Source link

  • The Crucial Role Of Whitepapers In Thought Leadership And Industry Influence | Entrepreneur

    The Crucial Role Of Whitepapers In Thought Leadership And Industry Influence | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Thought leadership has proven to be an essential ingredient in establishing authority, building trust and driving innovation in today’s competitive market. In fact, a poll by Marketing Insider Group showed that 71% of marketers have benefitted from thought leadership via increased website traffic. In comparison, 62% have experienced increased lead generation, and 56% noticed increased media mentions. Now that’s impressive!

    So, what exactly is thought leadership, and how do you build yourself as a thought leader in your industry? Let’s dive deep into thought leadership to answer these questions and discover how whitepaper reports can exponentially boost your thought leadership and industry influence.

    Related: What Exactly Is Thought Leadership?

    Understanding thought leadership and its importance in business

    Thought leadership is establishing yourself or your organization as an expert in a specific industry, niche, or topic. This expertise is showcased through creating and distributing high-quality content that provides valuable insights, addresses industry challenges and offers innovative solutions.

    By doing so, thought leaders become sought-after sources of information and inspiration, making their businesses stand out from the crowd. Thought leadership is crucial for businesses for several reasons, but here are the top four benefits of establishing yourself as a thought leader:

    1. Demonstrates expertise: Thought leadership involves sharing content to showcase your unique insights, knowledge and experience. This shows your expertise in your field and leads people to trust you and your brand.
    2. Attracts customers and partners: By sharing valuable, relevant content, you attract potential customers and partners who share your interests and values.
    3. Drives innovation: Thought leaders challenge the status quo, inspiring others to think outside the box and create groundbreaking solutions.
    4. Builds credibility and preference: By providing actionable solutions to industry challenges, thought leadership helps you stand out and position your brand as a reliable information source. This trust translates into a preference for your offerings.

    While there are various forms of thought leadership content, such as blog posts, podcasts, and webinars, whitepapers are particularly effective at showcasing your expertise and building authority. So, let’s dig deeper into whitepapers and their uses for building thought leadership.

    Related: 5 Dos and Don’ts of Thought Leadership Marketing

    The power of whitepapers in establishing thought leadership

    A whitepaper is an authoritative, in-depth report that addresses a complex issue or problem, providing valuable insights and solutions backed by data, research, and expert opinions. Whitepapers are a powerful tool for demonstrating thought leadership for several reasons, including-

    • Prove your expertise and authority: Whitepapers showcase your deep understanding of a topic, positioning you as an expert on the subject.
    • Show your commitment to addressing industry challenges: By addressing pressing issues and offering solutions, whitepapers demonstrate your commitment to improving the industry.
    • Offer data-driven insights to build trust: Whitepapers rely on research, data, and expert opinions to provide readers with credible and valuable information. This eventually builds your credibility and trust.
    • Drive engagement by delivering value: Whitepapers help you engage with your target audience and nurture existing relationships by offering useful information.
    • Generate leads continuously: You can offer a downloadable whitepaper in exchange for contact details or add CTAs in your report to get leads. 41.4% of marketers find long-form content types like whitepapers are effective lead magnets.

    Building thought leadership strategy with whitepapers

    Now that we’ve established the importance of whitepapers in thought leadership, let’s explore how to use them effectively in your thought leadership strategy-

    • Identify your niche: Determine the specific area of expertise you want to be known for, and ensure that it aligns with your business’s core offerings and values.
    • Research and analyze: Conduct thorough research to understand the current landscape, identify gaps in knowledge, and uncover opportunities to showcase your expertise.
    • Develop compelling content: Craft a well-structured, informative whitepaper that addresses a specific problem, offers actionable solutions and provides a clear call to action for your audience. The content may include research reports on the latest trends and other educational content with your expert opinions.
    • Promote and share: Distribute your whitepaper through various channels, such as social media, email marketing and guest blogging, to reach a wider audience and generate leads.

    Remember to engage professionally with those who respond to your whitepaper or talk about it, and also contribute to relevant discussions started by others to build your popularity quickly.

    Many thought leaders have successfully used whitepapers to build their authority and influence in their respective industries. Here are a few successful examples of such thought leaders and their top whitepapers:

    • Mary Meeker: The renowned venture capitalist publishes her annual “Internet Trends” whitepaper, providing valuable insights and predictions about the digital landscape.
    • McKinsey & Company: The global consulting firm regularly releases whitepapers on a variety of topics, positioning itself as a thought leader in the business world.
    • HubSpot: The marketing software company is well-known for its extensive library of whitepapers, offering valuable resources on inbound marketing, sales and customer service.

    The bottom line

    You can now position yourself and your business as a leading authority in your industry with high-quality whitepapers that demonstrate your expertise, build trust and drive engagement. Remember to start with careful planning and research to build and promote compelling whitepapers easily. If things still get tricky, you can always contact an experienced design agency to craft an amazing whitepaper and pave the way to becoming a recognized thought leader in your field.

    [ad_2]

    Vikas Agrawal

    Source link

  • 4 Ways To Help Define Your Company’s Values | Entrepreneur

    4 Ways To Help Define Your Company’s Values | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    A company’s core values shouldn’t just sound nice. They should become guiding principles for everyone in your organizations to follow.

    Ideally, employees should be able to consult our values during times of autonomous decision-making. That way, they can make choices that align with our intended brand direction. However, many companies have values that aren’t clear or up to date. As Gallup research shows, this can lead to serious problems.

    Related: Core Values: What They Are, Why They’re Important, and How to Implement Them Today

    In one of Gallup’s recent surveys, fewer than one-quarter of respondents said they’re led by their company’s values. A mere 27% admit to believing in the values that their employers highlight. As a result, the values become little more than words — and that undermines their potential to be inspirational and clarifying.

    Ideally, you want your corporate values to do much more than sound good on paper. You want them to resonate with all your team members and appeal to your customers or client base. To get those benefits, though, you may need to reconsider or refresh your existing company values. Below are the best strategies to make sure new values are reflective of what employees and buyers need.

    1. Bring your workers into the discussion early

    Getting buy-in for values is hard if you haven’t asked your team for feedback first. A better way to ensure that your values are on the right track is to survey your workforce. We recommend bringing in a third party. Consider partnering with a consultant with experience creating strong, effective corporate cultures. After all, you want your values to drive your culture — and vice versa.

    To put it into practice, hold town halls, send out surveys, and find out the ways your people want to be contacted and ultimately treated. I’ve found that this is one of the best ways to get the conversation started across the corporate landscape.

    2. Match your words with your actions

    Too often, companies share values but don’t live those values. Your corporate actions should support your company’s values. For example, one of our values is to treat all people equitably. If we had gender pay gaps that weren’t being addressed, we would show my team that I’m not truly behind the values I push. It wouldn’t take long before someone noted the disconnect, which could lead to employee turnover or negative press.

    There are plenty of ways to match your actions to your values. Case in point, you could donate to specific causes. Or you could pay your employees to do volunteer work throughout the year. Feel free to get creative in a way that makes sense based on what your values are.

    3. Talk about your values

    Keeping your values top of mind can be tough, especially during busy periods. One method to keep values alive that we’ve leaned into is talking about them openly. For instance, adding them to your company’s social media or blog posts. The more often you speak about your values, the more real they’ll become to internal and external stakeholders.

    Related: Stand for Something: How to Establish Authentic Core Values

    A side advantage of discussing your values is that they’ll become synonymous with your brand. Patagonia is a good example of this. The company’s core values include environmentalism, unconventionality, and a commitment to justice. As such, Patagonia’s leaders have made bold stands about protecting the planet and fighting systemic racism. The result? The company and its values are forever married.

    4. Start small and sincere

    If you’re starting on the path to constructing values, begin on a smaller scale. You don’t need to have a dozen value points. I’ve noticed that selecting just one is enough to kickstart your company. It’s okay to add more value statements or expand them as you move forward.

    Remember: The goal isn’t to overwhelm everyone with what you value as an organization. It’s to show your business’s true colors. Feel free to choose individual words to make up your values or generate a sentence that embodies your values. Slack does the latter with its header: “Make work life simpler, more pleasant, and more productive.” It’s easy to see how that value statement could become a roadmap for teams to follow.

    You can’t always be around to tell your employees and peers what to do. But your core values can. Start refreshing and refining your value proposition today. When you do, you’ll better position your company to remain strong and competitive.

    [ad_2]

    Under30CEO

    Source link

  • Why This Unique Marketing Strategy Can Build a Cohesive Brand Message | Entrepreneur

    Why This Unique Marketing Strategy Can Build a Cohesive Brand Message | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Marketing is a very important part of running a business. To succeed in the competitive world, you need a strong marketing strategy that connects you with your target audience and helps you achieve your business goals.

    But it’s important to note that marketing isn’t just about promoting your products or services. It’s about creating a clear and consistent message that speaks to your audience, no matter where they are. That’s where integrated marketing communications (IMC) comes in.

    What is integrated marketing communications?

    Integrated Marketing Communications (IMC) is a powerful strategy that allows entrepreneurs to bring together all of their marketing efforts into a unified and consistent message. So, instead of having disjointed and confusing messages, IMC combines advertising, public relations, sales promotions and digital marketing to create a seamless and cohesive brand message.

    This strategy helps businesses connect with their target audience and build brand awareness, ultimately driving more sales and revenue. Therefore, by implementing an integrated approach to marketing, entrepreneurs can create a memorable brand experience for their customers and stand out from the competition.

    Benefits of integrated marketing communications

    There are several benefits to using an integrated marketing communications approach for your business. Integrated marketing communications help create a consistent brand message that resonates with your target audience. And by delivering a consistent message across all channels, you can increase brand recognition, build trust with your audience and improve customer loyalty.

    It also helps you save time and money by combining all marketing efforts into a cohesive strategy. You can streamline your marketing efforts and avoid duplicating efforts. This can also help you save money by eliminating the need for multiple marketing agencies or vendors.

    Related: How An Integrated Marketing Approach Can Help Generate Greater Brand Impact

    How to implement a successful IMC strategy?

    Elements of an effective IMC strategy include messaging, brand identity, audience segmentation, media channels and data analytics. However, implementing a successful IMC strategy involves several steps.

    Here are the steps to follow:

    1. Define your target audience — Identify and understand your target audience to create a successful IMC strategy. You need to fully understand who your audience is, what they want and how they want to be communicated.
    2. Develop your brand identity — Develop a strong brand identity that represents your business and resonates with your target audience. This involves creating a brand style guide that outlines your brand’s tone, voice and visual identity.
    3. Create your messaging — Create messaging that resonates with your audience and is consistent across all channels. This includes messaging for advertising, public relations, personal selling, sales promotion, direct marketing and digital marketing.
    4. Choose your media channels — Select the appropriate media channels for your marketing efforts to reach your target audience. Choose the channels your audience uses most that align with your brand messaging.
    5. Measure success — Measure the success of your marketing efforts using data analytics. This will help you track your results and identify areas for improvement to make informed decisions for future campaigns.

    Related: Why Customer Communication Makes a Difference During Inflation

    Tips for creating a successful integrated marketing communications strategy

    Creating an effective integrated marketing communications strategy can be overwhelming, but there are several tips that can help you succeed.

    Here are some actionable tips that can help you create a powerful IMC strategy:

    • Create a compelling message: To create a powerful IMC strategy, you need a compelling message that resonates with your audience across all channels. Your message should be clear, concise and aligned with your brand identity.
    • Understand your audience: Knowing your target audience is critical to creating messaging that connects with them. Conduct market research and audience segmentation to identify your target audience, their needs and preferences.
    • Use data to measure success: Use data analytics to measure the success of your marketing efforts. This will help you make informed decisions for future campaigns and track metrics such as website traffic, conversion rates and social media engagement.
    • Stay ahead of trends: Keep up with the latest trends and technologies in marketing to stay ahead of the competition. This includes staying updated on social media trends, email marketing best practices and emerging technologies like AI and machine learning.
    • Collaborate with your team: Collaboration is essential to creating an effective IMC strategy. Work closely with your team and vendors to ensure a cohesive message and consistent branding across all channels.

    By following these tips, you can create an integrated marketing communications strategy that resonates with your audience, drives results and helps your business succeed.

    Related: Maximize Marketing and Communication Strategies With the Largest Generation on the Planet

    Conclusion

    In conclusion, integrated marketing communications is a powerful strategy that entrepreneurs can use to build a strong brand identity, connect with their target audience and ultimately drive sales and revenue.

    By creating a consistent message across all channels and using data analytics to measure success, businesses can save time and money while creating a memorable brand experience for their customers.

    By following the steps and tips outlined in this article, entrepreneurs can develop and implement an effective IMC strategy that helps their businesses stand out from the competition and achieve their marketing goals.

    It’s essential for entrepreneurs to understand the importance of IMC and invest in a robust marketing strategy to succeed in today’s competitive marketplace.

    [ad_2]

    Mohamed Elhawary

    Source link

  • How Raise Funds As a Startup | Entrepreneur

    How Raise Funds As a Startup | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    The world’s best surfers will tell you that to be incredible, you have to wait for the right wave. Every wave you choose to paddle consumes an incredible amount of energy, time and mental concentration. If you’re able to channel all of your skill and stamina into that one beautiful wave, you will be much more successful than trying to ride 50 bad ones.

    As a new founder, you don’t have the resources to catch every wave — nor is it prudent to do so. You must be calculated and strategic so you can make the most of your chance to make it.

    The traditional bank route

    For startups considering going the bank route, this probably isn’t your wave. With interest rates soaring to nearly double what they were last year, free money is no longer an option. Most startups don’t have the luxury of deep pockets to begin with, making traditional lending unviable. One of the few exceptions is for those running a minority-owned business or a member of a group with historic barriers to capital; in these cases, SBA loans are still worth considering because of their adjusted terms.

    If you don’t qualify for SBA and the bank route is your only option, here’s a word of caution: wait until the rates stabilize. As with any market instability, the next twelve months will tell the country’s financial future.

    For those unwilling to wait out the storm, think about basic accounting: if your company is running at 50% gross profit and 30% net profit, don’t make the mistake of assuming that a 4% increase in sales will make up for a 4% increase in interest on your loan. It won’t. You need to increase your profit by 4% — you need to increase your sales by 12-15%. If you choose to lock yourself into a high-interest loan, be prepared with a solid money strategy and solid reasoning that justifies giving away that much money.

    Another option worth considering is a line of credit. They’re easier to manage, and you can see your borrowed total shrinking, similar to a checking account. At any given time, entrepreneurs are juggling a thousand different things to make their business successful, so do anything you can to simplify the financials.

    Related: 4 Ways to Deal With High Interest Rates in Every Part of Your Business

    The VC route

    While the bank wants to know about your assets before writing you a check, VCs must be approached differently. Your asset is your three-year business plan, and it better be rock solid. As an investor, I’m looking for founders willing to eat, sleep, drink, and marry their business — and I want to make sure I know all of that about you in the first three minutes we’re talking. That may sound like a lot of pressure, and it is — so is starting a successful business from the ground up.

    As a VC, I’m looking for a founder who knows the market, their product, how much money they need and what they will spend it on. The minutiae can come later, but if you can’t convince me that you’re fired up about your idea, and you’ve done your homework, it’s a waste of both of our time. One of the first red flags is when entrepreneurs aren’t willing to commit all their time and money to their own endeavors. If you’re hoping to maintain another job or want VCs to invest money into a plan you’re not willing to invest in yourself, you have the wrong approach.

    When you approach a VC, ask for more than you need. The person who comes to me and tells me they need $300k but is asking for $500k is the person I want to talk to. At the end of the year, entrepreneurs often find themselves back at the VC’s door asking for more money simply because they failed to plan for how much they’d realistically need. Asking for the wrong amount the first time is a mistake, and that second investment will cost you significantly more.

    Related: 3 Ways to Raise Capital and Take Your Business to the Next Level

    Alternative options

    Numerous micro-funding organizations have popped up in the last few years. These non-bank lenders are gaining popularity, offering microloans for anything under $50,000 with a streamlined credit process. Unlike traditional loans, these microloans are designed to give small business owners a leg up without drowning them in debt, making it a smart option for entrepreneurs who only need a small amount of money to launch their businesses.

    Related: What is the Federal Funds Rate and How Does it Impact Loan Rates?

    Preparedness is your biggest asset

    To secure funding for your business, the first step isn’t to ask for money; it’s to determine exactly how much you’ll need. I always encourage entrepreneurs to create an expense budget that includes all their bills for one year. Whatever budget you come up with, increase that amount by 15% because you will need a cushion. Whatever you forecast in revenue, deduct 15% because you likely won’t hit your revenue targets. Within that final number lies the truth of how much lending you need.

    This isn’t pessimistic; it’s just the way that it works — you figure out what’s reasonable, and then you add a safety net for everything unforeseen. We tend to overvalue our ability to create something quickly without any hiccups. By accounting for these contingencies before they crop up, you can better prepare to face them when they inevitably appear.

    Plan your move wisely

    Where and how you choose to obtain funding could make or break your business. Take a breath, look for advice, and try to make smart financial decisions. If the time doesn’t feel right, trust your gut; no one will steal your idea overnight, so it’s OK to wait. As you consider your options, look at the bigger picture, like economic stability, interest rates, and future implications, before making your move. After all, it may be the only move you have.

    [ad_2]

    Shannon Scott

    Source link

  • Utah Cave Home Renting for $1,000 a Night on Airbnb: Photos | Entrepreneur

    Utah Cave Home Renting for $1,000 a Night on Airbnb: Photos | Entrepreneur

    [ad_1]

    This story originally appeared on Business Insider.

    Grant Johnson was living in a 19-foot trailer in Utah when, in 1995, he was presented with the opportunity to purchase 40 acres of land in the state’s rugged wilderness.

    Johnson was told the site was abandoned by a 1970s cult, but it was the perfect setting for him to achieve a long-held dream: transforming a boulder on the property into his home, using dynamite and his own two hands.

    Johnson, who worked in Utah’s uranium mines and as a backcountry guide, was inspired by the Moab Desert’s famous “Hole N” The Rock” attraction, a family home carved out of a sandstone cliff.

    He spent $25,000 and the next 20 years perfecting his new abode — and now anyone on Airbnb can rent a bedroom in the special space for about $350 a night and the whole three-bedroom cave for about $1,000 a night.

    @airbnb this stay is as solid as a rock thanks to host grant ? #airbnbpartner #airbnb #boulder #utah ♬ original sound – airbnb

    Johnson’s property is located in southern Utah, about a four-hour drive north of the Grand Canyon and near the Grand Staircase-Escalante National Monument, known for its cascading rock formations.

    Johnson lives in the cave with his partner when they’re not renting it out, and they also run the property as a homestead and grow tomatoes, peppers, garlic, and corn, some of which they sell.

    Johnson even raises horses, cows, pigs, and turkeys — and is planning to build them a cave barn of their own.

    “It’s a lifetime art project,” he told Insider.

    He carved the walls by hand using light and sound as guides

    Johnson purchased dynamite from a contact through his mining work, who trusted him to use the equipment properly.

    “That was in the 90s, so I was able to buy dynamite and just sign a paper. Now it’s a lot more difficult,” he said.

    The first blast came in the winter of 1995. Johnson returned to the site for the next eight years to hollow out the space he wanted, eventually landing at around 5,700 square feet.

    His first time stepping into the cave he created, he couldn’t help but be in awe.

    “Nothing has been in this space since the dinosaurs,” he said. “It’s a 100-million-year-old rock.”

    An instrument in Johnson’s music room, left, and Johnson on the 40-acre property. Grant Johnson

    In 2005, Johnson employed a pro-builder friend to help finish the project. Together they poured the cement flooring and installed giant sheets of tempered glass that closed the cave off from the wilderness.

    There are six openings in the boulder, all facing different directions, that had to be sealed before the space could be inhabitable. The last sheet was installed in January 2014, which is when Johnson moved into the space.

    During that time, Johnson also molded the walls and doorways of the cave himself. He used a technique where he would drill parallel holes and tie them together with a perimeter cord, which cracked the rock in the desired shape.

    “It’s a lot of acrobatics, which is truly difficult,” he told Insider.

    During the sculpting process, he played with the light and sound of the space. During the winters, he’d sometimes sit in the space, during sunsets or especially during the equinox, and observe how the cave refracted the sunlight.

    “I’d just sit down and if I noticed something that didn’t fit or that wasn’t curved right, I would get the drill,” he told Insider.

    While he was carving, he’d also play a harmonica and adjust his plans based on the best pitches he could find. It’s paid off. Since moving in, Johnson has hosted many musicians, concerts, and even a group of Tibetan monks in the space.

    “They did their throat singing and that sound has never left,” he said.

    One of Johnson’s musician friends has even named different rooms after different keys. The living room is “E.”

    You can rent the property on Airbnb for $1,000 per night

    The cave now even welcomes visitors on Airbnb. The “west end” room, with its own staircase leading up to a private balcony, rents out for $350 per night. For $1,000, guests can rent out the entire three-bedroom property, and Johnson and his partner will vacate and stay in a cabin nearby.

    Rolling desert hills with a white truck passing through

    A view onto Johnson’s remote property. Courtesy of Grant Johnson

    Guests of the Airbnb are invited to climb on the cave outside and use a rope swing in front of the property. The listing also indicates that sense of adventure extends inside, where guests should be aware of “rugged rock stairs” connecting the rooms of the cave.

    The cave runs off-grid and uses water to power things that are plugged into sockets, though the listing makes a point to note that hair dryers and pancake griddles, particularly, are too much for the hydro-electric system to handle. Also one major thing to note: There’s no WiFi.

    “The desert holds special energy and this space resonates with it. This is where you come to disconnect from the rest of the world,” one Airbnb user wrote in a May 2022 review. “The comfort, cleanliness and beauty of it far exceeded any expectations those in our group had.”

    The guest’s parting advice: “Drive a 4WD. Bring some extra water. Cherish your time there. Unwind. Go hike. Unplug and appreciate the space.”

    Johnson said he loves to watch guests marvel at the unspoiled natural surroundings and hear how they feel more connected to nature by staying in the cave. He recommends every guest climbs out to the patio on the west end at night, and watch the still, desert night.

    “You can’t ask for more dark sky. You can’t ask for more quiet,” he said.

    [ad_2]

    Dan Latu

    Source link

  • How to Make a Side Income as a Public Speaker | Entrepreneur

    How to Make a Side Income as a Public Speaker | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    As an entrepreneur, you’ve probably got your hands full with your primary business. But if you’re interested in generating a side income while simultaneously networking and building your audience, you should consider getting involved in a public speaking side hustle.

    What exactly does this entail, and how do you get started?

    Monetizing your public speaking

    Let’s start with the most important topic: how do you make money as a public speaker? If you look around your city, you’ll likely find many events that would allow you to speak for free. So how do you monetize this?

    Direct payments

    In your later stages of development, your personal brand will be strong enough and popular enough that you can make money by speaking alone. Businesses, universities, or other organizations may be willing to pay you thousands of dollars for just a few hours of your time. Unfortunately, when you’re first starting out and your reputation is minimal, you probably won’t be able to make much money this way.

    Related: 8 Reasons a Powerful Personal Brand Will Make You Successful

    Book sales

    Consider printing a book in line with your speaking topics, which you can sell when giving a public address. If people are impressed with what you say, they’ll likely buy your book.

    Networking and marketing opportunities

    Public speaking is also a great way to network and meet other people, while simultaneously promoting your business. You could potentially meet new clients, new business partners, or even new investors. You’ll also be increasing the visibility of your brand, giving your business more selling power.

    Related: How Networking Is Necessary for Effective Entrepreneurship

    Consulting

    Some public speakers also offer consulting services. If business owners or other professionals enjoy your insights and want to know more, they can hire you as a private consultant.

    Online courses

    You may also consider creating online courses for your fans and followers, presenting them with more information and more lessons in exchange for a monthly subscription.

    How to become a public speaker

    So how do you become a public speaker in the first place? These are some of the most important steps to follow:

    Cultivate niche expertise

    Most people don’t want to hear from an average person. They want to hear from someone who’s truly an expert in their field, whatever that field happens to be. If you want to become an effective and in-demand public speaker, you need to cultivate that niche expertise. What topic or area could you study that no one else seems to be covering? Do you have years of experience in a particular field that you could use? Feel free to exercise your creativity here; you can always apply what you learn in one field to a different field. What’s important is that you have a set of knowledge and experience that most other people don’t have.

    Hone your public speaking skills

    If you want to be a successful public speaker, you need a specific skill set. You need to be able to hold yourself confidently, project your voice, articulate your words well, and gesticulate without looking like a crazy person. It takes practice to refine these skills, so spend some time practicing in front of friends, family members, or a camera if you have to.

    Establish a personal brand

    You’ll be a more effective public speaker (and marketer for yourself) if you have a personal brand behind you. Who are you? How do you market yourself? And how do people find and interact with you?

    Get active on social media

    One of your best tools for marketing yourself and finding new public speaking opportunities is social media. Make sure you claim your individual social media profile on a wide variety of different social networks and consider joining groups that are relevant to your area of expertise. Meet and engage with other people interested in public speaking.

    Related: The 5 Keys to Building a Social-Media Strategy for Your Personal Brand

    Look for low-hanging fruit

    Chances are, you can find some “low-hanging fruit” public speaking opportunities in your area with a rudimentary search. Even if these aren’t paid opportunities, they offer valuable experience and chances to meet new people.

    Get featured on podcasts

    In line with this, try to get featured on podcasts relevant to your area of expertise. There are millions of podcasts out there, and hosts of niche shows are constantly looking for new people to interview.

    Network aggressively

    It’s hard to overstate just how valuable professional networking can be in any career — and in public speaking, it’s even more important. Take the time to build relationships with venue owners, event organizers, and other public speakers like you; these relationships can lead you to even better opportunities and help you master the art.

    Work your way to bigger and better opportunities

    Keep pushing for bigger and more prominent speaking opportunities. It may take some time, but you can eventually reach higher echelons of reach and popularity this way.

    Even if you never imagined yourself as a public speaker, it could be an amazing money-making opportunity for you. With more refined public speaking skills, more experience under your belt, and a more prominent personal brand, you could even turn this into a full-time, lucrative gig.

    [ad_2]

    Under30CEO

    Source link

  • 3 Platforms To Elevate Your Virtual Tour Strategy | Entrepreneur

    3 Platforms To Elevate Your Virtual Tour Strategy | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    As the founder of one of the country’s fastest-growing 3D Virtual Tour companies, I’ve dedicated a lot of time to testing all of the leading virtual tour platforms available. There are hundreds of these 3D software on the market, though only a few can produce the quality content needed for my clients.

    There are many factors to consider when choosing a virtual tour software for your business, including the price, usability and quality. Sometimes, certain kinds of locations need special features only available on one platform. This is why, as one of the largest virtual tour companies in the US, we need to utilize all of these platforms.

    Today, I will go over my top 3 virtual tour platforms. The software I will list today is not only the best of the best but is the software we use for 99% of our tours.

    Matterport

    Odds are, if you are into virtual tours, you have seen a Matterport before. You have probably seen hundreds of Matterports already. This is because Matterport is the most popular Virtual Tour platform of all time and for good reasons.

    Matterports are instantly recognizable by the fully 3 Dimensional “Dollhouse” shown when you first load the tour. This feature is often absent from many other platforms; when it isn’t, Matterport still creates these the best. The way Matterport works is a full 3D scan is made in various locations of a property, which are then automatically stitched together by the software to create one large to-scale render with 99% accurate measurements.

    Matterports are useful for creating floor plans easily, which is useful in the real estate market. Real Estate agents use Matterports most often due to all of these features, the dollhouse, the floor plans and the realistic rendering. This saves them time and attracts more buyers because essentially anyone can tour the property for free as if they were there in person. This is efficient for agents and often leads to more calls, property tours and eventually a sale because the potential buyers already know exactly what the interior looks like before they ever contact the agent.

    If you are not a real estate agent, some of these premium features might not be necessary for the tour you need, especially with the high cost of these Matterport scans. The Matterport Pro 2 costs a couple thousand dollars alone, and this does not include the software or the web hosting.

    If you have a large virtual tour company, you can expect to pay as much as $1,400 a month to host only up to 500 tours at once. For this reason, we like to use other tours for other scenarios, which can be cheaper and benefit the client.

    Related: How Virtual Reality is Impacting Real Estate?

    Kuula

    One of the most groundbreaking virtual tour platforms you probably haven’t heard about is Kuula. Released in 2016, Kuula has worked its way up to be among the top platforms fairly quickly. The standout feature of Kuula is that virtual tours can be made of properties and locations that do not exist yet. This is especially useful for contractors or building planners to create a fully explorable environment for a building still under construction. These 3D models look very realistic and are commonly confused with real images.

    Along with this feature, Kuula can do everything a standard virtual tour platform can do. Kuula is known for its fast-loading and mobile-friendly tours. These tours are helpful for real estate and local businesses because they are optimized to run quickly on smartphones. They might not be as detailed as Matterports, but the price of Kuula makes up for this.

    For one, Kuula’s software works flawlessly with any 360 camera on the market, so there are no high-priced cameras to cause any roadblocks for a new virtual tour business. The software and hosting are also extremely affordable. Kuula offers its software for free, with very few features locked behind a paywall, as well as some of the most inexpensive hosting out of all platforms.

    Related: How Virtual Tours Can Elevate Your Marketing Strategy

    Cloud Pano

    My company works with all kinds of properties. Matterports are great for real estate listings and small businesses, and Kuula is essential for new construction projects; but when creating a tour for large areas, these platforms suffer. This is why, when we create a virtual tour for college campuses, resorts, or state parks, we use cloud pano.

    Cloud Pano works best with large buildings, facilities or outdoor areas. Technically, a Matterport is possible for large buildings, but to traverse the virtual environments, you will have to click through every pano area taken by the camera. Imagine a very long hallway. With Matterport, you will have to basically “click” your way down the hall, which can take a long time. If the building is a resort or a factory, it could be impossible to see everything the location offers in a reasonable amount of time.

    One drawback to CloudPano is that the tours need to be stitched together by hand, which, compared to Matterport, can take a lot of time. But the benefit to stitching yourself is you get to create the best tour path for the property and include or cut out specific areas. This allows my company to charge a bit more for our work because there is a lot more of a creative aspect to these tours, where expert experience provides a better result. CloudPanos are also significantly cheaper to host than Matterports, which is why it is my favorite tour platform for my business.

    Related: This Real Estate Hack Will Make Selling A Property Easier in 2023

    The future

    Virtual tours have only just started to take traction within the last few years. I believe most people still do not know about their existence unless they are business owners or in real estate. For this reason, I think the virtual tour industry will see massive growth over the next few years in terms of user engagement and tech innovations. For now, these three platforms are the best on the market for my company. However, I see this changing very soon as 3D software and 360 cameras continue to advance and the popularity of consumer VR headsets grows. I am excited to see where these platforms go in the next five years.

    [ad_2]

    Sean Boyle

    Source link

  • Why Selling a Business Is the Next Use Case for AI | Entrepreneur

    Why Selling a Business Is the Next Use Case for AI | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Artificial intelligence has quickly become the most talked about technology in recent years. While generative AI like ChatGPT and AI-powered search engines like Google Bard and Bing are getting lots of attention, there are also some powerful innovations bringing AI to a surprising range of use cases and industries. One example is using AI to help sell your online business.

    A big trend right now among online business entrepreneurs is that when business owners get to the point of deciding to sell a business, they don’t want the process to take too long. They want to quickly, painlessly and efficiently find the right buyer. This need for speed also works for the opposite side of the transaction. Prospective buyers of online businesses don’t want to get lost in the clutter of too many choices and irrelevant listings; they want to quickly zero-in on the right businesses that are relevant to their expertise and a good fit for their investment goals.

    AI can be the missing link for more efficient online business exits and acquisitions. With the power of AI, online business sellers and buyers can get a more precise sorting and matching process to help prospective deal partners get connected faster.

    Let’s see a few reasons why AI can be the next “killer app” for selling online businesses.

    Related: Does AI Deserve All the Hype? Here’s How You Can Actually Use AI in Your Business

    Expectations are rising for online business mergers and acquisitions

    Small online businesses, such as ecommerce stores, content-based websites and blogs, mobile apps and software-as-a-service (SaaS) solutions, have become a larger part of the “Main Street” of the digital economy in recent years. As these business categories have grown, there has been increasing interest from investors and rising expectations for how to make M&A deals for these businesses.

    Selling a business is a huge decision, both financially and emotionally. It’s kind of like selling a home; you’ve poured years of time, work and effort into this asset and you want to get the best price that the market will bear. When you list your online business for sale, you don’t want it to linger on the market or attract a bunch of tire-kickers who are not serious buyers. When online business owners decide to exit, they want to quickly and efficiently connect to a shortlist of qualified buyers who are genuinely interested in buying a business and who are ready to talk about details and advance to a deal-making stage.

    For investors, the process of buying online businesses has traditionally been too full of friction and clutter. If you’re an online business investor, you don’t want to have to sort through a bunch of irrelevant listings or get spammed by sales pitches. Your goal as a business buyer is to quickly find relevant, high-potential acquisition opportunities that are a good fit for your investment goals and expertise.

    AI can help meet these rising expectations for both sellers and buyers. With AI-powered recommendations and smarter search capabilities, online business sellers can quickly get their business on the radar of qualified buyers, while prospective buyers can use AI tools to meet their unique investment goals and get access to high-potential deal flow on tap.

    Related: AI and ChatGPT Are the Future of Business Growth — But They Still Have Limitations

    Institutional investors want to find relevant, profitable online businesses

    Online businesses are not just for solo tech geeks working out of their garages anymore. Digital Main Street businesses are attracting increased interest from sophisticated institutional investors, such as family offices, private equity firms and aggregators. These larger investors have more complex needs than first-time online business buyers or solo entrepreneurs.

    For example, if you’re an institutional investor looking to buy online businesses, you typically will have a larger portfolio of online businesses that you want to match or expand. Your team will likely have a certain industry vertical or space that you prefer to invest in, as that fits your expertise and experience. You might also have certain deal size parameters or other unique data points that you’re looking for to help determine whether an investment is a good fit.

    AI for buying online businesses is an essential development for sophisticated institutional investors. Machine learning and AI-powered recommendations can help these investment teams quickly surface and hone in on a list of potential M&A targets that fit their parameters and investment goals, with higher accuracy and at scale.

    Related: Thinking About Starting an Online Business? 2023 Is the Right Time to Do It. Here’s Why.

    AI will become a ‘personal assistant’ for online business M&A

    There’s been a lot of hype and chatter about AI and what it means for the future of humanity and how people work. Will AI replace all human knowledge workers? Will AI make people obsolete? I believe that these fears are overblown. AI will be like any other technology that humans have developed: as we learn how to interact with these tools and build them into our workflows, AI will help people work better and faster. It might eliminate a few jobs in the short run, but it will ultimately create many more new opportunities for humans to do more of what they do best.

    Here’s how that might look for online business M&A. Think about the traditional process of buying or selling a business in the pre-digital era. You had to work with a business broker. You had to set up a listing. You had to market the business and look for qualified buyers. Some deals might have happened by word of mouth or within a known universe of investors, but the process took much longer and was unnecessarily complicated and costly.

    Today, as AI capabilities continue to improve, we’re going to see AI become a kind of “personal assistant” or digital intern that helps online business buyers and sellers do their deals faster, more efficiently, and with greater precision. AI will be a friendly digital helper that is with you at every step of the way — offering up smarter searches, better recommendations and more accurate results, leading to more constructive conversations for business sellers and investors.

    AI is going to drive big changes in how every industry operates, and the online business M&A space is no different. But the future is bright. By eliminating friction, clutter and costs from the process of buying and selling online businesses, entrepreneurs can do more of what they do best: building successful companies and delivering value for customers.

    [ad_2]

    Blake Hutchison

    Source link

  • Boost Revenue Per Employee With This Effective Strategy | Entrepreneur

    Boost Revenue Per Employee With This Effective Strategy | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    In the contemporary business landscape, we can say in the last 20 years, the revenue per employee (RPE) has emerged as a salient financial metric, commanding the attention of Big Tech companies as a critical determinant of organizational success. RPE, which quantifies the average revenue generated by each employee, serves as a barometer for workforce efficiency and productivity. The impetus for Big Tech’s emphasis on RPE is multifaceted, encompassing operational efficiency, competitive advantage, cost optimization, talent attraction, retention, scalability, innovation and agility.

    In this article, I’m sharing the significance of RPE in Big Tech and delineating the potential of nearshore IT staff augmentation as a strategic lever for bolstering RPE and catalyzing growth.

    Related: What is Staff Augmentation? 3 Reasons It is Vital For Your Business

    RPE in Big Tech

    Operational efficiency: The quest for operational optimization is a perennial concern for Big Tech companies, and RPE provides a valuable lens through which to evaluate workforce utilization. By scrutinizing RPE, organizations can pinpoint opportunities for productivity enhancement and judiciously allocate resources to maximize returns.

    Competitive advantage: The Big Tech arena is characterized by intense rivalry, necessitating relentless innovation and differentiation. RPE is a comparative benchmark, enabling companies to gauge their performance vis-à-vis competitors and industry norms. A superior RPE ratio indicates an efficient and productive workforce, conferring a competitive edge.

    Cost optimization: Labor expenditures constitute a substantial outlay for Big Tech companies. Organizations can mitigate labor costs by amplifying RPE by generating higher revenue with the extant workforce, optimizing cost structure and bolstering profitability.

    Talent attraction and retention: A commitment to RPE can enhance Big Tech companies’ ability to attract and retain high-caliber talent. By manifesting a dedication to productivity and efficiency, organizations convey that they prize high-performing employees and cultivate a work environment conducive to innovation and growth — especially crucial when it comes to navigating the post-pandemic global market.

    Scalability: The rapid growth trajectories of Big Tech firms necessitates a workforce that can scale commensurately with burgeoning demands. By prioritizing RPE, organizations can monitor the ramifications of growth strategies on workforce productivity and implement adjustments to preserve or augment efficiency.

    Innovation and agility: The technology industry’s rapid pace of change demands innovation and agility. A robust RPE ratio signals a company’s capacity to innovate and swiftly adapt to evolving market conditions. By concentrating on RPE, Big Tech firms can ensure their workforce remains nimble and poised to capitalize on emergent opportunities and surmount challenges.

    In the past 20 years, I have seen organizations go through on-and-off cycles of RPE. It is a critical metric for Big Tech companies, underscoring the centrality of workforce efficiency, productivity and innovation in propelling growth and securing a competitive advantage.

    Related: Learn The Simple Equation That Tells You If Your Business Will Grow and Scale

    How nearshore IT staff augmentation can boost RPE

    Organizations can optimize operations, entice top-tier talent and achieve scalability and agility in a dynamic and competitive market by assiduous monitoring and enhancing RPE. Nearshore IT staff augmentation, as a strategic initiative, offers a viable pathway for augmenting RPE, facilitating sustained growth and fortifying Big Tech companies’ market position, especially in the post-pandemic era.

    In Latin America (LATAM), several countries have emerged as attractive destinations for nearshore IT staff augmentation, particularly for businesses based in North America. These countries offer unique advantages that can contribute to improved revenue per employee (RPE) and overall operational efficiency. Below are some of the LATAM countries that are well-suited for nearshore IT staff augmentation, along with the factors that make them unique:

    1. Mexico: Mexico’s proximity to the United States and its participation in trade agreements such as the United States-Mexico-Canada Agreement (USMCA) make it a prime location for nearshore IT staff augmentation. The country boasts a large pool of skilled IT professionals, competitive labor costs and a growing technology ecosystem. Mexico’s time zones are also closely aligned with the United States, facilitating real-time collaboration.

    2. Brazil: Brazil is the largest economy across LATAM and has a vibrant technology sector. The country produces almost as many STEM graduates yearly as the United States, providing a rich talent pool for IT staff augmentation. Brazil’s technology hubs, such as São Paulo and Florianópolis, are known for their innovation and entrepreneurial spirit.

    3. Colombia: Colombia has made significant strides in developing its technology and innovation sectors. The country’s capital, Bogotá, and cities like Medellín are emerging as technology hubs with many startups and tech companies. Colombia’s government has also implemented initiatives to promote digital transformation and attract foreign investment in the technology sector.

    4. Argentina: Argentina is known for its highly educated workforce and a strong emphasis on research and development. The country has a well-established software development industry and a reputation for producing high-quality IT professionals. Argentina’s technology sector benefits from a culture of innovation and a focus on advanced technical skills.

    5. Chile is recognized for its stable economy and business-friendly environment. The country has invested in technology infrastructure and education, resulting in a skilled IT workforce. Santiago, the capital, is a regional technology hub with a dynamic startup ecosystem. The government has also implemented policies to support entrepreneurship and technology development.

    6. Costa Rica: Costa Rica has a growing reputation as a nearshore IT destination, partly thanks to its political stability and high literacy rate. The country strongly emphasizes education, particularly in STEM fields, and offers a multilingual workforce. Additional advantages include Costa Rica’s strategic location and time zone compatibility with North America.

    Related: Why Entrepreneurs Are Looking Towards Latin America for Nearshoring Opportunities

    It is important to note that the suitability of a particular country for nearshore IT staff augmentation depends on various factors, including the specific needs and objectives of the company seeking to augment its workforce. Companies should conduct thorough due diligence and consider factors such as language proficiency, time zone alignment, intellectual property protection and cultural compatibility when selecting a nearshore IT staff augmentation partner. Please make sure they are transparent!

    [ad_2]

    Lonnie McRorey

    Source link

  • One Company Will Pay You to Enjoy Bad Weather on Vacation | Entrepreneur

    One Company Will Pay You to Enjoy Bad Weather on Vacation | Entrepreneur

    [ad_1]

    The disappointment is real when less-than-ideal weather conditions threaten to put a damper on that beach vacation or camping trip you’ve dreamed about for months. It’s enough to make you reconsider going at all, or, worse still, leave you with a serious case of buyer’s remorse.

    Nick Cavanaugh, founder and CEO of Sensible Weather, wanted to find a real solution to that all-too-common problem, and he was uniquely positioned to do so, having worked both as a climate scientist and consultant.

    So he did. Sensible Weather’s service is simple: It offers customers paying for a trip or activity outdoors a weather-guarantee protection based on the expected weather conditions in a particular location. Customers can rest assured they’ll have a good time — because they’ll be automatically reimbursed if it rains.

    Image credit: Sensible Weather

    It was a fantastic business opportunity. But for Cavanaugh, the venture went beyond that.

    “After spending 10 years at the intersection of climate, data and finance, I still felt that there was this gap,” Cavanaugh explains. “Most people didn’t really understand how climate and climate change affected them. And my goal was to build a product that could be as relevant for as many people as possible, to show them directly, ‘This is why it matters in your life.’”

    Because Sensible Weather launched during the pandemic, outdoor recreation and camping/glamping became its first two main verticals, driven by the reduced demand for travel involving flights or hotel stays, Canavaugh says. But today, Sensible Weather boasts more than a dozen partners, including the PGA of America and Rebel Hotel Company’s Manhattan property The Renwick — with plenty more on the horizon.

    Related: Meteorologist Sneaks Rap Lyrics In Weather Forecast, Goes Viral

    “We often wind up with a Weather Guarantee that costs 8-12% of the trip cost.”

    Sensible Weather “turns the whole insurance idea on its head,” Cavanaugh says, as it’s entirely data-driven and consumer-experience-oriented. There’s no underwriting based on human experience or reliance on filed claims for reimbursement, which streamlines Sensible Weather’s process from pricing to payout.

    “We underwrite based on weather and science around weather probabilities, and that’s what dictates how much a particular coverage costs,” Cavanaugh explains. “And then on the fulfillment end, if, say you’ve purchased a rain guarantee for your golf outing on that day, we’ve said, ‘Hey, if it rains for this long, if it rains for this much, we will pay you back.’ So we don’t require the golfer to tell us how much it rained. We know how much it rained, so we just put the money back in their hands.”

    The number of hours of rain needed to trigger a payout is subject to seasonality and locale, Cavanaugh says, noting that “for obvious reasons” consumers are generally less inclined to travel to places during times of the year when the weather is likely to be bad there. “Or at least if they are, they aren’t traveling to these places contingent upon weather-sensitive activities, and therefore aren’t our target customers for the Weather Guarantee anyway,” he adds.

    In other words, Sensible Weather’s pricing very much hinges on the reasonable weather expectations people have for their trip.

    “In wetter destinations, they may be more tolerant of a little rain, whereas in drier destinations, they may be intolerant of any rain at all,” Cavanaugh says. “By adjusting the threshold of rain needed for reimbursement in these two examples, we often wind up with a Weather Guarantee that costs 8-12% of the trip cost.”

    Sensible Weather’s guarantees are very rarely more expensive than that, Cavanaugh says, and in fact are often significantly less expensive in drier locations, like Arizona.

    Related: Catching Up On Climate Change? There’s Still Time to Do It Right.

    “We needed to build [the technology] ourselves because it needs to be very, very fast, and very scalable.”

    Sensible Weather’s consumer experience is seamless and straightforward because of the technological complexities unfolding behind the scenes. The company relies on data from a comprehensive modeling suite and observations based on information from satellites or radar, combining them to get a full picture of the weather risk.

    “The coverage of these data sets is global,” Cavanaugh says, “so the specific area would be indexed by its latitude, longitude coordinate, and then there’s a time component which could be going backward — things that have already happened — or forward, like in a weather forecast model or a climate projection.”

    On the weather-guaranteed day itself, that data combination is also in play, ideally predicting unfavorable conditions before the consumer even experiences them.

    “We can say ‘Hey, you’re going to be at this music festival for the next couple of hours, and we’re expecting it to be raining at this time. Here’s your money,’” Cavanaugh explains. “But we also have various real-time weather observations [on the back end] that can say, ‘This is what actually happened.’”

    We can say, ‘Hey, it’s not going to be a great day. We want to put some money in your pocket.’

    Sensible Weather designed a proprietary technology to make the end-to-end process possible. “The reason that we needed to build it ourselves is because it needs to be very, very fast, and very scalable,” Cavanaugh says.

    The key is not to disrupt the online purchase flow for Sensible Weather’s partners, Cavanaugh explains. And so far it’s paying off. The response has been positive, with customers appreciating the preemptive payments and partners enjoying reduced friction to purchase and fewer complaints when the weather takes a turn for the worse.

    Cavanaugh looks forward to expanding Sensible Weather’s offerings into different coverage areas, including snow, wind, temperature and air quality, and to getting the product into more people’s hands.

    “Opting in at point of sale is what most people think about when you think of a supplemental coverage product,” Cavanaugh says. “That said, we can bundle it; it can come in your room rate. We can have credit card benefits. There are a lot of ways that we can build this behind the scenes, where maybe customers know they have it, or maybe they don’t. But in the moment, we still have this surprise and delight factor — We can say, ‘Hey, it’s not going to be a great day. We want to put some money in your pocket.’”

    Related: 10 Billionaires Stepping Up to Fight Climate Change

    [ad_2]

    Amanda Breen

    Source link

  • 4 Ways to Become a Better Leader Through Customer Relationships | Entrepreneur

    4 Ways to Become a Better Leader Through Customer Relationships | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    There are a lot of pieces that go into building a thriving company. But the reality is even the most well-meaning CEOs can’t guarantee success. Early in my career with Truly Free, I believed the right product and a solid social impact story would equate to revenue growth.

    I quickly found that website traffic didn’t just appear. The reality was that a solid offering backed by purpose was just one thing to consider in my entrepreneurial journey. I needed to refocus on our ideal customers and what they truly wanted. By reimagining our company with customers at its heart, Truly Free grew.

    Research has shown the power of placing priority on the customer. McKinsey notes that 70% of the customer journey is based on how the customer feels they are being treated. And Salesforce found that 80% of customers say the experience a company provides is just as necessary as its product.

    Here are four tips to put priority back on building authentic customer relationships.

    1. Become active in the customer service process

    As a CEO, it’s essential to be an active participant in the customer service process. Knowing each aspect of the user journey enables you, as a leader, to know your company best and hear the voice of those you serve.

    In fact, I often delegate other aspects of my job to ensure I have the time and space to be fully part of customer service touchpoints. This allows me to learn more about our customer and how our company story and products are resonating.

    In addition, ensure your sales and customer service teams are reporting on their daily customer interactions. These teams are your front line when it comes to understanding what obstacles, priorities or questions clients have. The information they hear can help enhance the customer journey, strengthen your brand and its products and build a more loyal bond through consistent client touch-points.

    Related: Listening Will Make You a Great Leader

    2. Prioritize being a listening CEO

    At Truly Free, customers are family. With every decision we make, we return to this key point. Would we want our family to use this product? Would we be comfortable sharing these ingredients? Would we want them to have this experience on the website?

    To best get to know our customers, we listen. Not only do we coordinate regular focus groups, but I sit in them as the CEO. This enables them to know their voices are heard and matter throughout the company.

    Related: 5 Strategies for How to Make Customers Trust Your Brand

    3. Pay attention to feedback

    Studies have shown that feeling unappreciated is the number one reason customers switch products or services. That’s why it’s critical to pay attention to feedback from customers and resolve it quickly.

    Make sure team members are actively monitoring customer reviews and social media comments. Set up a process to deal with complaints, giving team members the authority to help rectify situations as they arise. Finally, share complaints and reviews across the entire team for full organizational transparency into customer pain points and opportunities.

    When it comes to angry customers, a swift resolution is critical. As CEO, I’ll even pick up the phone and call an angry customer directly to help solve a problem. This seemingly simple act can reap big rewards. 70% of unhappy customers whose problems are resolved have shown a willingness to keep doing business with the same company.

    Related: Meaning Well Doesn’t Equal Success: 4 Ways to Run a Successful Business

    4. Share your story

    Understanding your why — as well as your customer’s why — is essential to growth. And in this climate, social impact is a critical trend for companies to consider.

    This all begins with authentic connection and a company driven by purpose. Not only should you know why your customers purchase your products, but your customers should also understand why you do what you do.

    For me, this all begins with sharing the story of how Truly Free began and how we’ve grown. I do not shy away from talking about the personal impact products like ours have had on my family. Further, I am transparent about who creates our products and the causes our products support. By building authenticity into our narrative, we are fostering a trusted audience that resonates with our mission.

    With so many products in the marketplace, there is no shortage of options for customers. The key to success in an ever-changing digital and competitive landscape is to understand the hearts and minds of your customer. Creating unique, authentic connections and prioritizing relationships across the organization can set your company up for long-term success.

    [ad_2]

    Stephen Ezell

    Source link

  • What I Learned By Raising My Pre-Seed Funding in the Downturn | Entrepreneur

    What I Learned By Raising My Pre-Seed Funding in the Downturn | Entrepreneur

    [ad_1]

    Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.

    Heading into my first pitch for pre-seed funding, I was less nervous than you might expect. I had concerns, of course: was I prepared for the questions I’d be asked? Had I focused on the right selling points? But, as a former corporate consultant, I was used to presenting to executives in high-pressure situations and was confident in my ability to disarm and build rapport within a room.

    Going into that first pitch, I felt lucky to have the opportunity to talk to credible investors, particularly at a time when funding was more scarce. Yet now, with our pre-seed round freshly closed, I’ve come to realize there’s an alternative mindset to embrace. As I reflect on my experience of raising during a downturn, here are three lessons I wish I’d known sooner.

    Related: How to Get Funding: The Dos and Don’ts of Raising Capital From Investors

    Equalize the power

    There’s no arguing investment is harder to come by than it was even a year ago. According to CB Insights, funding for Silicon Valley startups fell by 40% year-over-year in 2022 and the downtrend isn’t slowing.

    The recent collapse of Silicon Valley Bank — America’s 16th largest bank and a favorite among tech startups — is a testament, in part, to the mindset of financial scarcity that has rocked the tech sector amid mass layoffs and rising interest rates.

    Regardless of the economic climate, however, going into a pitch thinking an investor has more to offer you than the opportunity you’re presenting them with, will only hinder your chances of securing funding and finding the right partners.

    In a down economy, it’s easy to adopt a scarcity mindset, but it’s critical you understand your own value. If you don’t believe in yourself and your business, no one else will.

    When I started researching investors for my startup — there was an industry heavyweight at the top of my list. An entrepreneur herself, I knew she would understand the problem we were solving, but I didn’t have a warm intro to her.

    So, I got tickets to a pitch event she was judging and signed up to present. Had I not been confident in my pitch, I likely wouldn’t have mustered the courage to track her down and I certainly wouldn’t have landed a second meeting with her, which eventually led to her investing.

    If confidence is an issue, find a coach, get trained in public speaking and/or surround yourself with a team that hypes you up — having confidence will help equalize the power balance between you and the investors you’re pitching.

    Related: 3 Ways to Raise Capital and Take Your Business to the Next Level

    Build traction first

    There’s no denying, the downturn has changed how investors vet companies. The era of easy money, where any founder with a strong resume and attractive pitch deck can land funding, are gone.

    In this recessionary environment, startups that don’t have a shininess to them — a founding team with big names or an industry that’s trending in the press — but have numbers to back up their business are now attractive to investors.

    With VC funding down 37% in Q3 of 2022 from Q2, EY reported investors with dry powder are favoring entrepreneurs who show customer growth and retention while demonstrating a clear path to profitability. This sobering return to the basics of business may be a stark departure from the glory days of easy money, but it isn’t a bad thing for founders.

    For example, our startup operates in the treasury space — not exactly a captivating industry by mainstream standards — but because we’ve tapped into a double-sided marketplace and fixed inefficiencies on both sides, we’ve been able to generate significant traction.

    Approaching investors when your startup already has traction also allows you to negotiate a fair valuation and favorable terms at a time when investors are more discerning. Not to mention, it can serve as a litmus test for whether or not you’re ready to scale while boosting your confidence in securing the right investors.

    Related: How to Raise VC Funding When the Odds Are Against You

    Ask for feedback

    It can be hard to hear “no,” when you’re pitching your company, particularly when funding is more scarce. Rather than focusing on the rejection, however, try to uncover why an investor has passed on the opportunity.

    Every investor is looking at your company from a unique lens and there are many reasons behind a “no.” For example an investor may be looking at later-stage startups or have a minimum check size that is too large. It could be they don’t have the right expertise for your market or there’s a conflict in their portfolio. The point is you won’t know why an investor has passed on the opportunity unless you ask for feedback.

    After every pitch, I ask investors what resonated and what didn’t. I make it clear I view their candidness as a gesture of kindness, as it allows me to refine my pitch. This has allowed me to improve how I communicate my company’s value proposition. For example, I learned early on that I was too focused on my company’s short-term trajectory and not painting a clear enough picture of our longer-term strategy.

    Getting feedback from investors can also help determine who you want to work with down the road. Just because an investor passes, doesn’t mean they may not be a good partner for your next round.

    I also use feedback as a tool to cross-evaluate investors. If someone takes the time to specifically communicate why they’ve passed on the opportunity, for instance, it’s a good indication of what kind of partner they would be — if they’re putting in the effort to help a startup they’re passing on, imagine what kind of energy they’re giving to their existing portfolio.

    Raising money during a downturn comes with a unique set of challenges, but it’s not all bleak. Founders who focus on building viable businesses and look for investors who add strategic value to their companies will ultimately emerge stronger when the economic headwinds change.

    [ad_2]

    Yvette Wu

    Source link

  • 3 Lessons I Learned from Speaking at a Berkshire Hathaway Event | Entrepreneur

    3 Lessons I Learned from Speaking at a Berkshire Hathaway Event | Entrepreneur

    [ad_1]

    When delivering keynotes my mission is rather simple. I just want to help my audience build their resilience, reputation and revenue. However, during a recent speaking engagement in Last Vegas, a series of mishaps and meaningful interactions taught me the same lesson.

    And I know, “What happens in Vegas stays in Vegas”, but sometimes the experiences are too good to keep to yourself. Especially if my story will help you avoid common pitfalls and build your business.

    So, here’s what I learned.

    You must advocate for yourself

    The Berkshire Hathaway conference took place in Las Vegas. Honestly, I’m not the biggest fan of Vegas since I’m married, I don’t drink and I don’t gamble. So it’s not quite the “adult playground” I’m looking for.

    However, I had a pleasant surprise upon arriving at the airport. I ran into a good friend from college, Anne Magur, who I haven’t seen in almost 10 years. We caught up for a few minutes before parting ways, I then hopped in a Lyft en route to my hotel.

    That’s when I was hit with a not so pleasant surprise. While attempting to check in I was told my hotel room was no longer available. Why? My hotel was booked from March 26-March 29th. I arrived on March 27th, so they gave my room away.

    Should I have noticed and corrected this in advance?

    Yes.

    Did I?

    No.

    And I should note, later on the organizers graciously expressed their empathy for my situation and let me know I could call them immediately if something similar ever happened again.

    Back to my story. The front desk agent then proceeded to tell me the hotel was completely booked, but the Horseshoe hotel might have rooms available.

    By now it’s after midnight and I’m tired after flying in from New York City. There’s no way I’m going to walk around Las Vegas hoping to find a hotel room when one was already booked for me. I asked to speak to her manager about it. She said I couldn’t, but she would for me. Two minutes later she came back with the same response “There are no rooms available, try the Horseshoe”.

    I’m going to fast forward a bit. She went back and forth between me and her manager for ten minutes before the manager suddenly found an open room for me at the hotel. Was I annoyed? Yes, but the situation was resolved and venting wouldn’t help. Instead I just asked her manager a simple question.

    “Why did this have to be so hard?”

    And, I’m sure you’re going to have to ask yourself that same question in the very near future. Maybe it’s in regard to a client taking forever to pay, or being disrespected during a meeting.

    You’re going to want to give up. Don’t.

    Instead, fiercely advocate for yourself and demand the respect you rightfully deserve.

    Be Yourself

    My friend and award-winning social video expert, Kim Rittberg, was speaking at the same conference. She got in earlier that day and recorded a quick video from the event. I watched it as I was unpacking in the hotel room.

    The video was great but here’s what stood out to me; all the guys were wearing blazers, most were wearing suits. I was planning on wearing sneakers, BYLT pants that kinda look like slacks and a hoodie. But once I saw all those guys in suits I started second guessing myself.

    I was tempted to rush out and see if I could buy something that would help me fit in more. I even thought to myself “a lot of people unexpectedly get married in Vegas, there must be somewhere I can buy a suit in the middle of the night.”

    And if you’re following along the answer is “yes”. That same guy who wouldn’t look for a hotel room at midnight suddenly felt compelled to go shopping at 1am.

    But then it hit me. These people all paid to see me on stage. I’m a keynote speaker, I deserve to be here, and I can’t deliver the experience they’re looking for if I’m not comfortable.

    Back to you.

    There will be times when you feel like you have to change who you are to fit in. Maybe it’s the way you dress, do your hair or how you talk.

    You’re going to want to conform. Don’t.

    The best version of yourself is all you need to be, but you can’t do that if you’re pretending to be someone else.

    Challenge yourself

    After my presentation this guy in a really nice suit walked over to me.

    I was immediately disarmed by what he said; “Nice shoes, I need to start wearing sneakers too. These events are great but my shoes are so uncomfortable I sometimes skip sessions because I don’t want to walk that far.”

    He then told me how much he appreciated the session I led and was looking forward to sharing the key takeaways with his team.

    Normally I would have just said something along the lines of “That’s so great to hear, I’m glad you found value in my session . . .” But then I thought to myself; now is the perfect opportunity to pitch your LinkedIn training program. Just bring it up and see what happens.

    I pitched him on my LinkedIn training program and he only had one question “Can you lead it remotely?”

    That’s it. No questions about cost, references, none of that. I already proved my worth on stage and he was ready for more.

    Your turn.

    At times you’ll be afraid to pitch a prospect or partnership opportunity. Don’t let that hold you back. If you ask, the answer will be yes or no. But if you don’t ask, the answer will definitely be no.

    Next Steps

    I love feedback! If you have any questions or suggestions for future podcasts please connect with me on LinkedIn or Instagram.

    Listen to the full episode below.

    [ad_2]

    Terry Rice

    Source link

  • How Creators Can Thrive as Advertisers Are Cutting Back | Entrepreneur

    How Creators Can Thrive as Advertisers Are Cutting Back | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    If you’re a creator, you’ve probably heard about the importance of diversifying your revenue streams. Chances are, you may have already done this successfully and if not, you might be curious about where to start.

    Like any industry, the creator economy isn’t immune to the pressures of inflation. As declining brand sponsorship offers and ad revenue payouts squeeze revenues, creators increasingly seek additional ways to extract value from their businesses. But for many, the question then becomes how and when?

    Not only do I believe diversification is one of the major trends that will define the creator economy in 2023, but a recent survey we conducted also revealed that 70% of respondents were considering additional income streams because of this economy. And with good reason: Diversifying can help complement and cross-sell existing offerings, leading to greater engagement, retention and customer lifetime value.

    But while it can be tempting to dive right in, creators need to approach diversification strategically to ensure it yields increased revenue and career stability by complementing and strengthening existing content rather than becoming a distraction.

    I don’t just work with creators; I am one, which has given me a front-row view of diversification’s overlooked pitfalls and powerful potential. There are no easy answers to getting this right, but here are some rules of thumb for any creator hoping to diversify their offerings to remain competitive, meet evolving audience needs and survive in this economy.

    Related: Why Creators Can Weather a Recession Better Than Big Business

    Don’t diversify without a purpose

    Let’s get this out of the way. Yes, diversification can be a powerful strategy for business growth, but you don’t have to diversify just because everyone is talking about it. And you certainly don’t need to be on every platform, trying to tap into every possible revenue stream. Generally speaking, there are two main scenarios in which diversification might be a good option for your business: When things are working and when they’re not.

    Diversification can be an effective strategy for creators who are already successful and want to take their business to the next level. If you have a large audience, generate significant revenue, and have the bandwidth to take on more work, it’s a good time to consider expanding and reaching a wider customer base.

    By diversifying, you can tap into new revenue drivers and lead sources and engage with your audience innovatively. Twenty-five percent of full-time creators earn between $50,000 to $150,000 per year, according to a recent survey from ConvertKit. Most do this by combining several revenue sources, from online courses to paid newsletters, appearances, coaching, merchandise or other streams. Our research shows that full-time creators rely on an average of 2.7 income streams, and the number of creators relying on multiple streams has risen nearly 50% over the past five years.

    On the other hand, if your current strategy is losing steam and you’re finding it difficult to generate audience engagement and revenue, it may be time to look for content and revenue streams that click. Used this way, diversification is more of a slow pivot than a true expansion, but exploring new kinds of content, products and services may help you energize your community or find new audiences that are more receptive to your content, bringing long-term stability to your business. Simply put, if your content is not resonating with your audience or you find it difficult to generate revenue, it may be time to consider a new approach.

    Related: A Recession Creates Opportunity for Creatives

    When to wait

    Despite the great potential diversification offers, sometimes it’s better to wait and focus all your energies on what you’ve got. If you’re new to the creator economy, still seeing growth and achieving your milestones, it may be best to focus on your existing content and channels rather than adding extra distractions. Diversifying can easily become overwhelming, especially if you’re still on a learning curve.

    Even experienced creators should recognize that diversification will require additional focus and effort. I’ve seen plenty of cases where creators with Shiny Object Syndrome neglect successful and profitable business channels and lose at both. If your current approach works well, staying focused on growing existing channels and hiring a team to increase your capacity in those successful ventures may be better than splitting your attention.

    I’d always suggest you do a quick ROI check on if your efforts on this new opportunity are likely to create greater returns than just leaning into your existing business and doubling down on what’s working.

    It’s not a one-size-fits-all approach

    If diversification is your move, the next logical question for many creators will be: How? And the truth is, there is no golden ticket. The right moves for diversification depend heavily on your unique audience and business.

    One way to diversify is by expanding your topics using your existing channels. For example, if you have an online school for yoga instruction, your student community might also be interested in meditation and healthy eating. By expanding into related niches, you can diversify the topics within that niche to keep your audience engaged and attract new followers. This approach allows you to grow your brand while maintaining focus on the platforms that serve you best.

    Another approach is diversifying your revenue sources to complement and cross-sell successful content. A physical product can drive revenue, while a course and community can be an engagement engine that keeps people returning. The synergies create a virtuous cycle – hot topics of conversation in a community can be the basis for a new minicourse or ebook; courses can be gateways to paywalled communities where everyone has a common baseline of interests and skills.

    Creators can build robust and sustainable businesses by combining channels in unique ways. Take John Lee Dumas, host of the podcast Entrepreneur on Fire, who has combined his daily podcast, short courses, and even regular reports about his own entrepreneurial journey as part of his diversified offerings.

    Related: For Savvy Entrepreneurs, an Economic Downturn Creates Opportunity

    A well-executed diversification strategy can turn your community into an engagement engine that builds customer loyalty while yielding rich customer insights. The key is always to be strategic. When considering diversification, map out a workflow for your content production, syndicating it across channels and reassess the impact on your bandwidth before making additional changes.

    Diversification can be a gamechanger for creators looking to build thriving, sustainable businesses, but there’s no single way to go about it or one right answer that will meet every creator’s needs.

    Random expansion, or feeling the need to be everywhere all the time, is not a successful strategy — it’s a recipe for burnout. But by strategically identifying and tackling new content and revenue streams, creators can stay on top of the game.

    [ad_2]

    Greg Smith

    Source link

  • How to Develop a Strong Content Strategy and Solidify Your Brand’s Online Presence | Entrepreneur

    How to Develop a Strong Content Strategy and Solidify Your Brand’s Online Presence | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    There’s no denying that the way people consume content is at an all-time high and has drastically changed over the past few years. The quick morsels and tidbits of information that people seek can be found across different platforms and mediums, and the stakes are high when it comes to quality content.

    Many brands and businesses have begun to pay utmost attention to the quality of their content based on the expectations of users, and that also means getting serious about information that is put out into the digital sphere when it comes to a solid brand representation. A strong online presence through a connected and unique content strategy can positively impact your brand just by focusing on the finer details and best practices.

    Related: 4 Tips for a Successful Content Strategy

    Focus on the foundation

    The initial push that will move any project down its pipeline needs a solid foundation before it can be fully developed — this also applies to content strategy building. Before delving into writing content or its corresponding visuals and assets, it is best to dissect as a team, fundamental questions that will elevate your content.

    Preliminary conception can begin by asking internally, who the target audience is. Knowing your audience, and the audience you may want to attract, streamlines what your brand puts out into the digital space. Features such as demographics, expertise and more can reduce fluff and allow for more centralized output. Additionally, analyzing any underlining issues that your current content strategy has helps prevent creating the same mistakes. If there is a pattern that your content is not ranking high in engagement or interaction, an assessment as to why is imperative.

    From there, the layers behind the purpose of each content delivery can also be fine-tuned, and a great way to ensure this is by focusing on what makes your brand a differentiator in the industry. Spotlighting why audiences should seek your brand over others builds credibility and trust that a lot of users are often seeking.

    Drive engagement and retention via connectivity

    Against the verve and excitement that comes with the growth of digital products, a solid content strategy that drives engagement through connectivity can bring a brand full circle. Further, when audiences can attain a high level of engagement with a brand’s content, there, in turn, is a strengthened level of retention for conversion and connectivity to a brand. When a brand can magnetize, delight and engage its users, growth inevitably follows. To master this much-needed brand and marketing initiative, there must be a focus on quality.

    When thinking of content strategy, it can fall under different tiers such as web content, social media, publications, ads, visual designs and campaigns —thus all these assets should attain an equal level of importance and quality. When content is coupled with a high-quality graphic design or visual asset, for example, it only amplifies the messaging, thus micro forms of content strategy (for example, a social media post) should deliver the same standard as all marketing collateral that harbors a brand’s identity.

    Moreover, high-quality content to propel engagement can also be achieved through personalization. By tailoring content to the specific needs and interests of individual users, brands can create a more relevant experience that engages audiences’ emotions through a human-centric approach. Whether it’s web pages, email marketing and more, content that is tailored to users’ preferences on an individual level can ensure your content is much more engaging and sparks a connection with users. Ultimately, incorporating personalization into a content strategy can help brands build strong and lasting relationships with their target audience.

    Related: Why Content Marketing Is Crucial to Your Business

    Consistency and distribution

    Attaining a strong content strategy in place is only as strong as its upkeep. The pulse in which your content development strategy is uploaded is essential to not only boost SEO but to also ensure a consistent online presence. Thus, creating a content or editorial calendar that organizes the frequency of posts helps you avoid missing opportunities to stay connected with your audiences. Additionally, structuring the calendar to include where each content asset is published is key. Visibility across platforms and tiers such as paid, earned and owned publication of content further covers all your brand’s bases. A healthy balance across all three furthers exposure and traction as well.

    To further ensure cohesion, consistency in tone, voice and delivery across all platforms establishes a robust brand identity. A brand that is unified in the way in which it is represented further engages audiences and solidifies a brand’s ethos. In turn, when a brand’s internal team is on the same page about the intricacies of a brand’s overall purpose, it promotes a better sense of brand enablement in which a brand will be represented accurately across platforms, internally and externally.

    Track performance

    With a content strategy newly in place and an editorial calendar ready to ensure its frequent delivery, tracking the analytics of a content strategy is crucial for gauging its effectiveness and making data-driven decisions to optimize it for better results. Analyzing the data that arises from your brand’s content can provide a clear vision of how users are interacting with the newly established content, the bounce rates and linger times, as well as conversion rates to see what is working and what still may need to be improved on.

    Tools such as Google Analytics or heat mapping can help determine if your users are skipping over any content that may not be in line with what they are seeking, or perhaps, might be too long in length. With the landscape of the digital world changing, keeping an eye out on user trends and how they interact with content is also essential. Understanding how your users are consuming content can also determine the analytics. For example, today, most users consume content in easily digestible formats such as short scrollable videos as opposed to, say, reading a full-length article. The shifts in which preferences turn and transform shouldn’t be overlooked.

    Content is in full force in the digital world, and ensuring that your brand has a robust and optimized content strategy in place can elevate it in new ways. The tips above will help you develop a strong content strategy and boost your brand’s online presence.

    Related: How To Create Better Content And Grow Your Business

    [ad_2]

    Goran Paun

    Source link

  • Is AI a Threat to Remote Work? Understand the Crucial Challenges and Opportunities of AI | Entrepreneur

    Is AI a Threat to Remote Work? Understand the Crucial Challenges and Opportunities of AI | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    The dawn of the 21st century has ushered in the era of remote work. With technological advancements allowing for increased connectivity amongst individuals, organizations can now operate from disparate locations around the globe. The concept of remote work has been gaining traction over the last decade, with more companies embracing it as a viable option for their businesses.

    However, despite its potential benefits, particular challenges must be addressed if remote working is to become an integral part of the workforce. In this article, we will explore some of these challenges and opportunities that lie ahead regarding the future of remote work.

    Related: When Office Return Turns Sour: Apple and Twitter’s Struggles Reveal Fractures in Corporate Culture

    Challenges

    One of the primary challenges associated with implementing a successful remote work policy is ensuring that employees remain productive while away from their traditional office environment. It is essential to create effective communication systems and establish clear expectations around duties and tasks to ensure that employees remain motivated and productive. Without these safeguards, productivity could suffer due to distractions or lack of motivation.

    Another challenge is providing adequate support systems for staff. When managing a distributed team, it can be challenging to provide consistent feedback and guidance on activities and effectively monitor progress and performance. This can lead to feelings of isolation among staff members, which can harm employee well-being and overall business performance.

    Opportunities

    Despite these challenges, many opportunities are associated with introducing remote working policies into organizations. One such opportunity lies in cost savings for employers; by reducing rental costs on office spaces or eliminating travel expenses for commuting staff members, organizations can make significant cost reductions which can improve financial performance or provide additional funds for other investments within the business.

    Remote working is also beneficial from an employee perspective; studies suggest that staff who can work experience increased job satisfaction due to improved flexibility and control over their daily routine remotely. Additionally, enabling remote working also provides employers access to global talent pools as they no longer need to be confined by physical boundaries when recruiting new staff members.

    Finally, enabling flexible working arrangements could help organizations become more agile in responding to changing customer needs or market conditions; by having access to external resources, they’ll no longer need to rely solely on internal resources when adapting their operations quickly.

    Related: Benefits of Remote Work are a Widespread Success

    Impact of artificial intelligence on business and society

    As technology advances exponentially, so does its application within various fields, including business and society. Artificial intelligence (AI) presents great potential for increasing efficiency and creating innovative solutions within various industries such as healthcare, finance and manufacturing. However, like any new development, AI also raises concerns about its potential societal implications. In this section, we shall explore some key ways AI may have both positive and negative implications for businesses, society and human rights.

    Positive effects

    1. Enhanced accuracy and efficiency — One significant advantage artificial intelligence offers are its ability to improve accuracy & efficiency across many different tasks. For example, AI-powered bots and applications can automate mundane tasks with precision far beyond what humans would be capable of achieving. This increases output accuracy while freeing up valuable time, which could instead be used to tackle higher-value tasks. As such, adopting AI-driven solutions often leads to increased operational efficiency & cost savings, which can benefit both businesses and society.

    2. Improved decision-making capabilities — AI technologies also possess remarkable decision-making capabilities, which can significantly aid in strategic decision-making processes. For example, using automated data analysis algorithms, businesses can gain valuable insights about target markets and customers, leading to improved marketing strategies and customer service protocols.

    Similarly, healthcare providers may use AI-driven genomic mapping algorithms to identify diseases earlier than possible, enabling more effective treatment plans before symptoms develop. Such innovations present great potential benefits to societies at large, providing improved medical care while simultaneously reducing costs associated with wasted resources resulting from ineffective decisions being made previously.

    Related: How to Leverage AI for Maximum Benefits for Your Business

    Negative effects

    1. Loss of human jobs — One concerning factor raised frequently when discussing potential impacts AI might have upon society relates to the loss of jobs currently done by humans being replaced by machines taking over roles once held by people. At the same time, it may create social difficulties, particularly for those already vulnerable, such as low-income earners and elderly citizens

    2. Regulation — Another downside of automation through artificial intelligence lies in difficulty surrounding regulation and enforcement. Given the current rate of advancement, technology outpaces traditional regulatory systems meaning lawmakers struggle to keep up with ever-changing technical sectors. This means laws may not sufficiently address issues directly related to emerging technologies, leaving them open to exploitation.

    While artificial intelligence has great potential to enhance different aspects of our lives, both personally and professionally, there still remain ethical considerations, and problem areas arise should we fail to pay attention to what exactly controls us.

    [ad_2]

    Kartik Jobanputra

    Source link

  • How Working With Startups from Around the World Can Improve Your Business | Entrepreneur

    How Working With Startups from Around the World Can Improve Your Business | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Growing up in rural Illinois, I had little international communications experience. In fact, it was actually sitting at a big zero by the time I got to college. In my first few jobs, I lived and worked in big (and then bigger) cities and grew experience working with people from all over the world. It energized me to learn about different cultures, customs and communication styles. Colleagues and clients inspired me to travel and increased the “countries to visit” portion of my bucket list.

    Launching a virtual public relations agency meant the in-person meetings may have reduced, but the ability to connect with even more people worldwide increased exponentially.

    Our agency works with partners all over the United States and India, Israel, Finland, England, APAC and more. One of the best things about working in the tech space in many countries is that great partnerships tend to lead to more great collaborations and opportunities (and even friendships).

    We have a CMO partner in Israel who has hired us in her last three positions, recommended us to other Israeli tech companies and is someone I would now consider a personal friend. It was upon working with her years ago we quickly discovered the growing Israeli tech scene and made a point to connect with others in the space.

    While a personal example, working and collaborating with international partners has given my team and me priceless experience in international business relations.

    If your business allows it and you have not started working with partners outside your own country of origin, I highly recommend it.

    Related: Surviving the Storm: 10 Effective Communication Strategies for Startups to Survive the Economic Downturn

    1. The early riser benefit

    Working on the west coast, I often have early morning meetings to coincide with my east coast counterparts’ and media schedules. But it’s also a perfect time for international calls to take advantage of the overlap between working hours. It may also help you be more productive by working during your peak hours. By working with companies on the other side of the world, you can schedule your work around your natural energy levels.

    Once you’ve connected at the end of their day and the start of yours, the rest of the day means fewer interruptions by Slack, WhatsApp, emails and other distractions.

    This may ultimately increase your bandwidth to take on additional clients as time management improves due to time zone communication.

    Related: Should You Head to the East or West Coast to Launch Your Startup?

    2. Collaborative learning

    International partners foster a more collaborative environment. Working with brands from other countries can help a PR agency learn about new cultures and how to do business in different parts of the world.

    This knowledge impacts and develops new strategies and tactics that can be used to help their clients succeed. It’s far too easy to become complacent in your country’s norms, and it’s essential to hear, see and learn about other ways of life, trends and cultures.

    3. Gain access to new markets

    “The world is a small place” is true when you specialize in an industry. As mentioned above, many countries have ecosystems in particular areas, and it can mean ongoing referral partnerships after a single successful engagement.

    Working with brands from other countries ultimately helps a PR agency to gain access to new markets. This is a great way to expand the business and reach new customers.

    4. International partners

    In our case, companies looking to hire us to increase their presence in the North American market may have a country-specific PR agency they work with. That means we get to partner with another team who already shares a common bond through our profession.

    It provides several benefits, including:

    • Access to new markets: Partners have the local knowledge and expertise you need to succeed in new markets.
    • Cultural understanding and language skills: This is essential for developing successful localized PR campaigns.
    • Network of contacts: Both teams support the shared build of media contacts. This can help get your foot in the door and for developing new opportunities.
    • Cost-effectiveness: Many times, the collaborative hiring of partner agencies costs far less than hiring two agencies separately.

    Related: 5 Ways to Connect and Network With Other Entrepreneurs

    5. Become more competitive

    The ability to work with companies around the world automatically increases your competitive advantage. It also means that PR agencies may be able to offer a wider range of services and expertise, including cross-cultural communication, international media relations, and global market research.

    Over time PR agencies develop skills and expertise to understand:

    • Cross-cultural communication: Communicate effectively with clients from other cultures. This means understanding the client’s culture, communication style and expectations.
    • International media relations: Build relationships with international media. This means understanding the media landscape in different countries and how to pitch stories to international journalists.
    • Global market research: Conduct market research in different countries. This means understanding the different markets in different countries and knowing how to collect and analyze data.

    Working with companies from around the world has had many positive impacts on our PR agency. From an increase in revenue, partnerships and international media, we have gained a deeper understanding of different cultures and how to do business in different parts of the world.

    [ad_2]

    Sarah Evans

    Source link

  • How to Grow Your SMS List: 5 Best Practices to Follow | Entrepreneur

    How to Grow Your SMS List: 5 Best Practices to Follow | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    It’s hard to believe in the legitimacy of a marketing method that boasts a 98% open rate and a 20–30% conversion rate, according to Startup Bonsai. However, these incredible outcomes are achievable with SMS marketing, such as SMS lists. As a result, many businesses are capitalizing on this untapped marketing opportunity to boost sales.

    The return on investment for SMS marketing is encouraging. This makes it easier to monetize your subscriber list in the context of customer experience and marketing. However, almost every business worries about how to get clients to sign up for an SMS list without being intrusive or illegal.

    Getting clients’ express permission to use their phone numbers is crucial, and the only way to do it is to be completely honest about your intentions. The primary focus of this message should be on conveying the benefits of joining your SMS mailing list to your target audience. Here are five ways to improve your SMS marketing.

    1. Pop-ups for instant attention

    One option is to introduce an SMS pop up on your website. It’s a great approach to getting website visitors interested, whether or not they’re already familiar with your business. To ensure your website visitors opt in, perfecting the timing and content of these pop-ups is crucial.

    Related: 5 Ways to Use Texting to Grow Your Sales and Marketing

    SMS pop-ups can be timed to appear as users reach the bottom of your site or just before they click away to another one. Make your pop-up highlights why people should sign up for your SMS list, such as access to exclusive offers.

    2. Launch a text-to-join campaign

    Text-to-join is the simplest approach to acquiring prospective customers’ phone numbers.

    Customers can choose to receive your promotional texts by texting “join” to a special shortcode. This approach can also gather other information, such as a complete name, zip code, and product preferences. You can also use this data for future advertising initiatives.

    It takes little effort to launch a text-to-join campaign. All you have to do is make up a term that relates to your company and start advertising it. Instruct your audience to send a message containing the keyword to your company’s regular phone number or a shortcode.

    Related: 7 Ways to Correct a Failing Marketing Strategy

    Your SMS subscription list will automatically expand to include everyone who sends the specified keyword. Your subscribers will know they have successfully opted in when they get an automatic reply after signing up for your SMS list.

    3. Provide rewards for people to join your list

    Getting clients on your SMS marketing contact list is something you’ll need to promote at all times actively. You can streamline this by offering your clients discounts, freebies and other enticing offers. Make an irresistible deal and watch your number of SMS subscribers soar.

    Let’s say you run a car wash service. If they sign up for your SMS list, you can give them a 20% discount on their next car wash. Assuming you own a supermarket, you could offer subscribers a Buy One, Get One Free promotion on certain products in exchange for their phone number.

    4. Include a check-out sign-up

    Another good strategy for gathering numbers from your target audience is to have customers sign up for your mailing list at the point of purchase.

    Get clients to sign up for your SMS list when they pay at your store. Let them know that signing up for SMS will allow them to enjoy exclusive discounts. This facilitates the collection of contact numbers for use in SMS marketing. For example, if you own a salon or spa, you might give customers a discount on their next service in exchange for their consent to receive promotional text messages from you.

    5. Make the most of your current list of email or newsletter subscribers

    If you already have a subscriber list for your email or newsletter, you may have an easier time converting those same customers into SMS subscribers. Persuading the people on your email list to also opt-in to receive text messages could be beneficial because text messages are more successful than emails.

    SMS marketing is a great marketing strategy for companies of all sizes and budgets because of its high open rates and conversions. Although growing your SMS list while still being compliant might seem challenging, a well-executed SMS campaign can do wonders for income. If you’re looking for a unique way to build and maintain your SMS subscriber base, the aforementioned methods can help.

    [ad_2]

    Under30CEO

    Source link