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Tag: Business models

  • Looking for a Place to Stay? Check Out Top Local Hotels | Entrepreneur

    Looking for a Place to Stay? Check Out Top Local Hotels | Entrepreneur

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    Entrepreneur asked Foursquare to dig into its data, to reveal which small businesses America loved the most. Together we created America’s Favorite Mom & Pop Shops™, a list of 150 local, independently owned and operated businesses across 10 categories — including, yes, lodging establishments.

    To see every category, as well as the methodology behind the list, click here. Below are the 15 companies included in the lodging category.

    1. Abakee Cottages

    Laconia, NH | Company website

    If you’re looking for a vacation away from the hustle and bustle of city life, Abakee Cottages is the perfect lakefront destination for you and your family. Situated on the sands of Lake Winnipesaukee, Abakee Cottages gives you views of the White Mountains, Mt. Chocorua, the Ossipee Range, and Mt. Washington. This destination inn is located at the end of a private road and gives you access to a protected beach area safe for children. With a 58-year history, this mom-and-pop business has been providing families with a memorable place to vacation for generations.

    The cottages themselves are private, well separated, beautifully furnished, and provide access to outside grills and picnic tables. If you need a laundromat or a supermarket, or want to visit the nearby church or the Weirs Beach recreation area, all are located a short drive away. You can also easily make a day trip to the nearby mountains, as well as local golf courses and restaurants. A gallery of the Abakee cottages can be found on its website if you want to check out the architecture and amenities before your stay.

    2. Perry’s Ocean Edge Resort

    Daytona Beach, FL | Company website

    If you’re looking to land in one of Florida’s favorite vacation spots, Perry’s Ocean Edge Resort could be your perfect destination. With 214 rooms, this large resort offers everything from complimentary homemade donuts in the morning to putting greens and shuffleboard courts, heated pools and hot tubs both indoor and outdoor to outdoor BBQ grills. Vacationing with your furry friend? Perry’s Ocean Edge Resort is also pet friendly for dogs up to 40 pounds.

    Perry’s Ocean Edge Resort offers a variety of different room styles to fit whatever type of stay you’re looking for. Just you and your honey? Check out the King Garden rooms for a comforting, romantic stay. If you’re bringing the family along, this resort offers various suite options so that everyone has a place to sleep. Order colorful and whimsical beach-themed drinks at the outdoor tiki bar, which gives you a sublime view of the ocean. Perry’s Ocean Edge Resort also has larger banquet-style rooms if you’re looking for a place to host a birthday party, a corporate event, a reunion, or whatever you’re needing to celebrate.

    3. Blue Mountain Bed & Breakfast

    Missoula, MT | Company website

    At Blue Mountain Bed & Breakfast, you will be hosted by Brady and Elaine Anderson-Wood, native Mountanans who have been working for years to preserve and educate people on the wildlife and history of the area. The lodge itself is three stories, offering gorgeous views of the Bitterroot River and Missoula Valley. This bed and breakfast is decorated to highlight the region, offering guests an inside look into Missoula’s history through a vast selection of books and family heirlooms.

    The second floor of the lodge houses two private guestrooms, named The Sagebrush Suite and The Bitterroot Room. Because this B&B is so small, it’s a great vacation spot for your family to have a private, remote, and comforting experience all to yourselves. Then you can walk down to Hawk Hill House, the main facility, where you’ll find a gift shop, the kitchen, and dining areas. If you want to see the space before you book, photos of the wooded, spacious, themed rooms can be found on the B&B’s website.

    4. Paniolo Ranch Bed & Breakfast Spa

    Boerne, TX | Company website

    Occupying 100 acres of lush hills and forests. this spot is perfect for a weekend break from city life, with several options of private cottage-style rooms. Paniolo Ranch has also become well known for hosting weddings and other types of events, offering all-inclusive packages to help take the planning stress off your shoulders. This inn also has an onsite spa, gym, and art studio to keep you active and creative during your stay.

    Paniolo Ranch gets its name from the Hawaiian word for cowboy, which perfectly captures the aesthetic of this inn — a marrying of “Hawaiiain aloha spirit with Lonestar traditions.” You can view the different rooms on their website in order to pick the best one for your stay. All are beautifully decorated with a rustic, vintage, homely style, each suite alive with its own character. The spa offers services like therapeutic massages, hot stone massages, and scalp passages. Local activities not far from the B&B include local vineyards, trails, caves, shops, and theme parks, so there is lots to do on the property and in the surrounding area.

    Related: How New, Small Business Owners Can (and Should) Be Protecting Their Brand

    5. GreenTree Inn

    Sedona, AZ | Company website

    GreenTree is a spacious inn with a variety of rooms, and a welcoming place for those visiting beautiful Sedona. Lounge by the pool that’s decorated with cabanas, a large fire-pit, a hot tub, and grand views of Thunder Mountain. The hotel is located near famous Arizona attractions like Red Rock State Park, where you can explore hiking trails, ride horseback, mountain bike, and more. If you’re looking for a water-based excursion, the hotel is also not far from Oak Creek Canyon, where you can swim and fish.

    GreenTree rooms include a deluxe king option (if you and your spouse are looking for a romantic getaway) and suites and rooms with double beds (if you’re bringing the family or a group of friends). The rooms are decorated in a clean, minimalist, modern style that highlights Arizona attractions and culture. Here you can enjoy in-room coffee, continental breakfast, flatscreen TVs, and crisp air conditioning (vital for those Arizona heatwaves). GreenTree is the perfect place to rest your head after a day of sightseeing around Sedona, taking in the natural wonders of Arizona.

    6. Mathis House

    Toms River, NJ | Company website

    Mathis House is a Victorian bed & breakfast with an elegant tearoom, where guests can enjoy a weekend retreat or simply dine in for afternoon tea. This inn provides five-star service to any travelers passing through Toms River, NJ, whether you’re looking for a solo stop on a work trip, a romantic getaway with your sweetie, or a fun place to stay with your family. It also rents their larger community spaces for club meetings and events.

    This historic, three-story mansion was built in 1898 and houses a grand porch, portico, parlor room, dining room, library, lawns and a carriage house. But the showstopper is definitely the tea room, where you can be transported back to Victorian times and enjoy a traditional afternoon tea of scones, sandwiches, soups, and aromatic pots of tea. Rooms are decorated with ornate wooden furniture, floral tapestries, beautiful arched windows, and chandeliers.

    7. The Pierpont Inn

    Ventura, CA | Company website

    This historic hotel has been operating in Ventura since 1910, with 79 guest rooms and grand suites. With beautiful views of the Pacific Ocean and sprawling rose gardens and bluffs, The Pierpont Inn is perfect for everything from a weekend getaway to a wedding venue. If your pup enjoys the beach as much as you do, The Pierpont Inn is also dog friendly, so you can enjoy this special hotel together.

    If you’re looking for a little more privacy, in addition to hotel rooms the Pierpont Inn also offers two separate cottages with beautiful exposed ceilings, brick fireplaces, and vintage furniture. If you’re looking to bring the whole family, this hotel also has several suite options so that everyone has a place to stay. Explore the nearby neighborhood of historic Ventura which is full of artisanal restaurants, mom-and-pop shops, bars, and breweries. Information regarding booking the 6,000 square feet of flexible space for events can be found on their website.

    8. Eagle Crest Resort

    Redmond, OR | Company website

    It’s always sunny in the high desert of Central Oregon. This full-service resort typically sees over 300 days of clear skies a year, making Eagle Crest the ideal destination to get your Vitamin D fix. And this destination has everything you could possibly want, including golf courses, a spa, restaurants, and spaces for events and meetings.

    When you stay at Eagle Crest, you can book specific tee times for you and your guests on one of their three distinct courses: the Challenge Course, the Resort Course, and the Ridge Course. The resort also offers golf lessons if you’re looking to improve your swing. The extensive spa menu offers massages, facials, and waxing services, including standout treatments like the “Age Maintenance Facial” and therapeutic massages. Dine in at one of this resort’s many eateries, including the casual Aerie Café, the spacious restaurant Niblick’s & Greene’s, or even dine poolside. Eagle Crest resort has something for everyone in the family and will keep you entertained your whole vacation.

    Related: The Most Common (and Preventable) Mistakes Small Businesses Make — and How to Avoid Them

    9. Capitol Reef Resort

    Torrey, UT | Company website

    Capitol Reef Resort in Torrey, Utah spans 58 acres of beautiful mountain views and close access to the entrance of the nearby national park. This resort is not like other resorts, offering incredibly unique types of stays from Conestoga Wagons to even TeePees! This resort is famous for their wagons, which are based on authentic 19th century designs with wooden bunk beds and traditional textiles, if you’re looking for an authentic Utah experience. If you’re looking for more of a traditional hotel stay, Capitol Reef also offers a variety of cabins, suites, and traditional rooms.

    Dine in at the Pioneer Kitchen which serves guests breakfast and dinner. The standout breakfast dish is the iconic pioneer breakfast which is served with a choice of bacon, sausage, pork chop, vegetarian patty, grilled Utah trout, or sirloin steak. The dinner menu offers an array of classic dishes like short rib, steak sandwich, burger, pork chop al pastor, and even has options for you herbivores, like the vegan stuffed poblano pepper and the spinach & mushroom manicotti. Lounge by the heated outdoor pool that gives you a sublime view of the Red Rock Cliffs. Capitol Reef Resort knows that many of its guests will be staying with them in order to access nearby outdoor adventures, so check out the list on their website of nearby trails and attractions.

    10. Mother Earth Motor Lodge

    Kinston, NC | Company website

    The Mother Earth is a hotel with history, offering guests a fun, retro experience. This lodge was originally built in 1963 as a motel to accommodate downtown shoppers and automobile travelers from the nearby highway. In the 60s, Kinston was a thriving town for food, fair, shopping, and music, with famous musicians like James Brown coming through the lodge. After closing for a few years, the lodge was transformed into the inn it is today in 2008, when it was renamed the Mother Earth Motor Lodge.

    This lodge has a total of 44 rooms including standard rooms, suites, and rooms that accommodate longer stays. Common areas include a kidney-shaped pool, built to replicate the original pool, grills, picnic tables, shuffle board, and a 9-hole mini golf course. Immerse yourself in the past at the Mother Earth Motor Lodge, which is decorated to take you back to the pop art and bright colors of the 1960s. Next to the lobby you will find the Ram Neuse Room, which is big enough to host events and meetings if you’re looking for a place to throw a party in the Kinston area.

    11. Gazebo Inn

    Myrtle Beach, SC | Company website

    If you want a nostalgic experience at affordable prices, as well as the luxury of being right on the beach, the Gazebo Inn is for you. Enjoy access to the luxury experience of laying by the oceanfront pool and hot tub, easy access to the beachfront, and scenic private balconies. The Gazebo Inn is conveniently located near local attractions like Broadway at the Beach, Myrtle Beach State Park, the Market Common, the Boardwalk, and the Promenade. This hotel is the perfect spot for a romantic, beachside getaway, or a school vacation with the whole family.

    The Gazebo Inn offers a variety of accommodations including king rooms, queen studios, double studios, and allows guests to choose what their view will be. If you’re visiting Myrtle Beach with your little ones, some attractions close to the Gazebo Inn you should check out are Ripley’s Aquarium of Myrtle Beach, the Hollywood Wax Museum, Savannah’s Playground, and the Myrtle Beach SkyWheel. And of course, enjoy long days lounging on the sands of Myrtle Beach.

    12. The Equus

    Honolulu, HI | Company website

    Planning your next Hawaiian vacation? The Equus Hotel Honolulu is a charming family-owned and operated boutique hotel that immerses you in authentic Hawaiian hospitality. This hotel is unlike any in the area, carrying on paniolo history with its equestrian-inspired design and antique east-Asian décor. This hotel is located near one of the nation’s biggest shopping centers, Magic Island Beach Park, and the Ala Wai marina.

    Choose from room king rooms, doubles, and even rooms with beautifully crafted bamboo beds. All the rooms have warm yellow walls, comfortable wooden furniture, and equestrian details to highlight the history of the area. In the lobby you will find the Paniolo Bar & Café, where you can get scrumptious breakfast dishes in the morning and enjoy cocktails in the evening. They even host local live music acts throughout the week to immerse you in the island’s artistic culture. Nearby outdoor attractions include the Honolulu Zoo, Pearl Harbor National Memorial, Waikiki Beach, the aquarium, and much more.

    Related: How Small Business Owners Can Maximize Productivity Despite Limited Budgets and Resources

    13. Kenoza Lake View Manor

    Kenoza Lake, NY | Company website

    This charming manor has been in operation since the 1950s, providing guests with a throwback experience in Sullivan County, NY. Decorated in the Pastiche style, it still features original paint colors and historic furniture to transport guests in time. And with over 23 acres of land, it’s the perfect getaway from NYC. Room options include deluxe king, deluxe queen, and mini queen, so that you can customize your experience to your party size.

    Sprawling green fields surround this manor, which makes this inn the perfect destination if you’re looking for a place to enjoy the nature of rural NY. The rooms are adorned with gold-framed mirrors, antique wooden furniture, marbled bathrooms, and ornate curtains. Kenoza Lake View Manor is located directly adjacent to Bethel Woods, Jeffersonville, Callicoon, Narrowsburg, Livingston Manor, and Kenoza Lake itself if you’re looking for a getaway that gives you access to outdoor adventures. In additional to the cozy hotel rooms, enjoy communal areas and fire pits with your friends and family.

    14. Menemsha Inn & Cottages

    Chilmark, MA | Company website

    Established all the way back in 1923, Menemsha Inn & Cottages has made quite the name for itself in Martha’s Vineyard. Originally DeWolf Thompson’s sheep farm, this hotel has become a historic site, with many families returning year after year. Close by you will find attractions like Lucy Vincent Beach, Larsons Fish Market, kayaking in the Pond, and more. The Nixon family have run this inn for 28 years, constantly working to restore the buildings and surrounding farm in order to preserve the location’s history.

    Guests at Menemsha Inn & Cottages have many choices of room types which include one and two-story stand-alone cottages, a whole floor of the original farmhouse, and even larger rental homes if you’re looking to bring a larger group to the property. As a guest, you’re given exclusive access to Chilmark’s Atlantic beaches, reserved for residents of the area, with its clear waters and jaw-dropping sunsets. This inn also offers in-room massages, basketball, tennis, hiking trails, and much more to help you unwind and relax.

    15. Hotel Blue

    Lewes, DE | Company website

    If you’re looking for a getaway in Deleware, Hotel Blue is conveniently located right near Lewes Beach. This is the perfect place to stay if you’re desiring a classy, comfortable hotel with access to the Atlantic Ocean. Bringing the little ones along? Check out the nearby whale-watching opportunities! Once you’ve splashed in those ocean waves, lay by the pool back at Hotel Blue, which offers stunning beachfront views.

    Hotel Blue has excellent amenities like a sauna and pool, and a wide room selection, from queen-bed suites to studio suites, and even tower suites. Hotel Blue’s convenient location situates guests a two-minute drive from the closest ferry, and a twenty-minute drive to the closest airport. With tiled fireplaces, cozy linens, and incredible views, these hotel rooms provide the quintessential romantic weekend away. Prices are unbeatable for beach proximity, so make sure to check this spot out the next time you’re vacationing in Lewes!

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    Sofia Wolfson

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  • A Year Later, Unity Cancels Controversial Runtime Fees Completely

    A Year Later, Unity Cancels Controversial Runtime Fees Completely

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    Unity is canceling its controversial Runtime Fee and returning to a more traditional subscription model for its popular video game engine used by small and big developers worldwide. However, the price of some subscription plans will increase next year.

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    A year ago, in September 2023, Unity announced a seismic change to how it charged developers to use its engine. Once a game was downloaded a certain number of times and had made a specific amount of money, Unity would start charging developers a Runtime Fee every single time someone installed any game developed using Unity, like Pokémon GO or Cuphead. Many smaller devs and creators criticized the decision and claimed it would lead to developers abandoning the engine to avoid paying thousands of dollars in install fees. This could have led to game delays and there was even fear that some devs might remove older games from sale, preventing players from re-installing them in order to avoid the Runtime Fees.

    All of this was a giant mess that eventually led to Unity partially walking back some of these decisions a week later. It also led to Unity’s CEO retiring and another exec resigning. And now, after all that, the company is fully ditching the install fees completely.

    On Thursday, in a blog post on Unity’s website, CEO Matthew Bromberg announced the news that “effective immediately” the company was removing all Runtime Fees from the engine.

    “I’ve been able to connect with many of you over the last three months, and I’ve heard time and time again that you want a strong Unity, and understand that price increases are a necessary part of what enables us to invest in moving gaming forward. But those increases needn’t come in a novel and controversial new form,” said Bromberg.

    Unity reveals price increases for some plans

    So Runtime Fees are gone and Unity will return to a subscription model. Bromberg confirmed that Unity Personal licenses will remain free until a game brings in over $200,00 in revenue or funding. Meanwhile, starting in January 2025, Unity Pro subscriptions will increase by 8% and cost $2,200 a year. Unity Enterprise will also see a price increase of 25%.

    Unity Personal will remain free, with the revenue and funding ceiling increased from $100,000 to $200,000, giving developers more flexibility before being subjected to Unity’s fees. The Made with Unity splash screen will be optional for games developed with Unity 6, set to launch later this year.

    Starting January 1, 2025, Unity Pro will see an 8% price increase, raising the annual subscription fee to $2,200 per seat. Unity Enterprise will experience a 25% increase, with new minimum subscription requirements for customers generating over $25 million in annual revenue. These changes will apply to all new and existing subscriptions from that date. (Because these licenses involve major companies, the prices can vary based on different packages.)

    Bromberg stressed in his blog post that Unity will continue to increase prices as it needs to, but will only do so annually via subscription fees going up. It won’t try to squeeze pennies out of every developer using the engine based on how many times people install your game.

    “Canceling the Runtime Fee for games and instituting these pricing changes will allow us to continue investing to improve game development for everyone while also being better partners,” said Bromberg.

    “Thank you all for your trust and continued support. We look forward to many more years of making great games together.”

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    Zack Zwiezen

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  • We’re In a ‘Performance Erosion’ Crisis. Here’s How To Break Your Business Free. | Entrepreneur

    We’re In a ‘Performance Erosion’ Crisis. Here’s How To Break Your Business Free. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    I want to talk to you about something important: the price of pho. A few years ago at the Vietnamese noodle joint around the corner from my office, a large bowl cost $12. Now it’s $17.

    How did my bill for the exact same meal jump almost 50%? It’s no mystery. Businesses of all kinds are wrestling with unprecedented inflation. But that’s not their only challenge.

    Even as the cost of doing business keeps climbing, geopolitical tensions are hampering trade and rattling stock markets. Meanwhile, employee engagement is in the dumps, and finding the right talent remains elusive. Then there’s AI, which is disrupting work in ways we’re just starting to grasp.

    The result is a business survivability emergency. It’s no exaggeration to say that companies today are facing an existential threat on multiple fronts. No wonder almost half of CEOs believe that if their business stays on its current path, it won’t be viable in 10 years.

    Here’s why companies find themselves in such a tough spot and how they can turn things around by better understanding the one resource that’s right in front of them — their people.

    Related: AI Will Radically Transform the Workplace — Here’s How HR Teams Can Prepare for It

    Unpacking the “performance erosion crisis”

    Despite all of our technology, people — the basic driver of any business’s success — remain a black box at most companies. Today, we can get real-time insights on customers and prospects through modern sales and CRM tools. But when it comes to the people working alongside us, we’re often flying blind.

    We’ve had people analytics for generations, of course, but they’ve been confined to spreadsheets and limited to HR wonks. And even when information about people is available, it’s typically siloed and inaccessible to the managers who need it most. At the same time, performance isn’t systematically tracked.

    The result is a performance erosion crisis. Productivity, in no uncertain terms, has flatlined. In fact, it’s now at a 75-year low and is the number one challenge, according to executives.

    Meanwhile, half of employees are disengaged, making them more likely to be unproductive or simply walk out the door, and three out of four businesses are having trouble hiring skilled talent. As a result, 1.9 million manufacturing jobs could remain unfilled in the U.S. by 2033.

    And don’t forget the elephant in the room: AI. Employers reckon that almost half of workers’ skills will be disrupted in the next five years. For companies, uncertainty about who to hire leads to inefficiency and churn. If people are expensive, that makes things even worse.

    Just ask blue-chip stalwart Intel, which is laying off 15,000 people — 15% of its workforce. With revenue declining, the tech giant admits that it’s failed to benefit from AI.

    In short, growth expectations are as ambitious as ever. But as productivity has stalled relative to operating costs, businesses everywhere are headed in exactly the opposite direction.

    How companies can come out on top

    To pull through in these uncertain times, businesses must capitalize on their most valuable resource: now, more than ever, they need real-time insights that connect the dots between their people and business results.

    What I’m talking about is categorically different from the people analytics of yesteryear — dense tables reserved for HR analysts. What’s needed are on-demand insights accessible across the company, in real-time. For people data to be useful, it must be intuitive enough for managers to use to drive daily decisions, big and small.

    The good news is that while AI is a catalyst for disruption, it’s also giving businesses a workforce edge when it comes to tackling the performance erosion crisis.

    Think of the questions that every company has about how people impact business outcomes. Who are our top performers? Who’s most at risk of quitting? Where is productivity dipping?

    Related: AI Is Changing the Way We Look at Job Skills — Here’s What You Need to Do to Prepare.

    New platforms let managers ask those questions in plain language — and instantly deliver a clear, actionable response. The best of these draw on a vast database of millions of anonymized employee records across industries to deliver tailored results and accurate benchmarks.

    Pay is yet another area where real-time people data can be a game changer. Even though most companies have a detailed compensation policy, the managers who make pay decisions often shoot from the hip, letting bias cloud their judgment. AI-powered smart compensation tools help managers make more informed choices, factoring in not only industry standards but individual employee performance while flagging pay gaps linked to racial, gender and other biases.

    Indeed, new platforms can serve as a one-stop shop for many of the repetitive questions that employees typically lob at HR, whether it’s about salaries, vacation days or benefits. Turning all of that information into a self-serve function liberates HR teams from manual toil, freeing them up to focus on what really matters: ensuring the business has the right people to propel it forward.

    Of course, technology alone is not a panacea. Companies that want to capitalize on real-time people data must also be willing to make a culture shift. This starts with a willingness to share insights on people and performance once hoarded by HR. People represent most companies’ biggest budget line-item and single most important driver of business success. A commitment to understanding how they work best and to sharing that information in ways that are consistent, understandable and safe is a prerequisite to getting the most out of AI-powered tools.

    Confronting the workforce challenge at the root of the performance erosion crisis isn’t rocket science. To get the most out of people in an unpredictable world, you need to understand them and how they impact business outcomes. In my experience, the best way to do that is by tapping the real-time insights that AI can deliver. Like my bowl of pho, running a business won’t get any cheaper, so it’s time to gain an edge by working smarter.

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    Ryan Wong

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  • 3 Recession-Proof Lessons We Can Learn From the Medspa Industry | Entrepreneur

    3 Recession-Proof Lessons We Can Learn From the Medspa Industry | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Estée Lauder chairman Leonard Lauder called it the “lipstick effect” — the growth in demand for small luxuries during times of economic uncertainty. The assumption behind this phenomenon is that when people are under more stress, beauty and self-care rituals offer a form of psychological comfort.

    McKinsey even reported a surge in demand for skincare and wellness products during the pandemic. So, with fears of an economic downturn never far from the surface, might the same apply to the more affordable alternatives to surgical procedures like tummy tucks?

    One of the most recognizable dermatology brands in the U.S., LaserAway, has now expanded to over 120 locations and reports the industry has been growing at over 20% annually in America. CEO Scott Heckmann says that LaserAway experienced “strong years” in 2008 and 2020 despite the recessions. He put it down, in part, to patients moving away from higher-cost providers like plastic surgeons and dermatologists.

    As CMO of Vagaro, a software provider to the wellness industry, I have witnessed it myself: So many people are abandoning surgical procedures for non-invasive methods such as body contouring that advancements in beauty technology are now allowing. They are simply more accessible and less overwhelming. I want to dive deeper into LaserAway’s growth as a barometer of the industry because it has drawn out three lessons that can help other beauty brands recession-proof themselves in an unpredictable economic climate.

    Related: 7 Strategies to Recession Proof Your Business in 2024 and Beyond

    1. A changing market is a good market

    When customers trust a clinic’s practitioners with something as sensitive as their bodies and faces, being very transparent about what’s involved in a procedure is critical to credibility. LaserAway’s social media features videos with real people, real nurses, actual treatments and basic plotlines — at their heart, these procedures are about helping people find their self-confidence.

    Providing people with a realistic picture of likely outcomes also ensures they are more likely to end up satisfied with the treatment. Internal data from our marketplace shows increasing demand for these non-invasive aesthetic treatments. Over the last five years, we have seen an average annual growth of new medspa businesses on our platform of 24%.

    Technology has been a key factor. While cosmetic surgeons have a very limited audience at a high price point, medspa clinics offer myriad services that open the door to a large market — including an increasing number of men. In fact, skincare makes up 45.6% of the global men’s grooming market (worth $85.2 billion in 2023) as old masculine stereotypes give way to self-care among younger generations.

    Related: 5 Recession-Proof Businesses to Start in a Turbulent Economy

    2. Diversification builds resilience

    In many industries, brands must be niche with their products or services. But medspa chains like LaserAway, Sculpt MD and Sono Bello can on-sell a range of services while still maintaining expertise in each area. That diversification is really important because it drives repeat customers and more revenue. When people get body contouring once, they are likely to come back. It’s the same with Botox.

    On our platform, we’ve found that medspa businesses offer an average of 47 services. Having a balance of higher and lower-value offerings like this is a great strategy to maintain steady income through economic fluctuations as people regard treatments as an ongoing investment in their well-being.

    Technology with embedded payments is also a key feature in helping people afford all types of treatments. A lot of consumers are choosing non-invasive procedures because they get the same results as surgery but don’t have to deal with the long recovery time.

    However, the pay-later option can make these treatments financially viable. Getting people through the door, however, does not require the hard sell because consumers are savvier than ever about what they want and expect.

    3. The power of referrals

    All beauty businesses need to be aware that the traditional sales model has evolved after first engaging customers through their different digital and marketing channels. The pandemic was the big impetus for digital influence, but people now want to be impacted through the use of real-life case studies instead of feeling like they are being “sold to.” Hence, the role of influencers.

    We can now assume that once people have sought out a product or service online and done their own research, they are already warm. For me, it is only once I have satisfied myself that a company has authority and integrity that I am ready to talk to a salesperson. The demand for more authenticity only reinforces the idea that the biggest point of sale in the beauty and wellness space should be referrals.

    It will be interesting to watch companies shift to this new expectation of how consumers want to be influenced through sales. This is especially the case since they are already doing so much right, such as their onboarding process that leads patients to choose their treatment, their body target areas, number of treatments already received, and their age. This kind of data can inform the appropriate regime and be leveraged to anticipate consumer trends and continue to build credibility.

    Related: How Small Businesses Can Survive and Thrive in a Recession

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    Charity Hudnall

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  • 7 Mistakes That Sabotage Your Startup Fundraising (And What To Do Instead) | Entrepreneur

    7 Mistakes That Sabotage Your Startup Fundraising (And What To Do Instead) | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    With U.S. venture capital fundraising at a 6-year low, raising investor capital for your startup has become more challenging than ever. Potential investors are tightening their budgets and adopting a “wait and see” approach before putting their capital at risk. Yet, some of the best startups — like Airbnb, Uber and Square — were born during market downturns. So, if you’re an entrepreneur seeking capital in this environment, you might wonder about your chances of success.

    As a serial entrepreneur and now CEO of Builderall, I’ve heard over 3,000 pitches and helped founders raise millions. From my experience, seven common mistakes often derail attempts to raise investment capital. If you’re looking to raise money for your startup in this uncertain economic environment, be sure to avoid the following:

    Mistake #1: Rushing the pitch

    Many founders rush through their pitch, but speed isn’t always your friend in the venture capital world. Your goal is to establish key points and let them resonate, not finish your presentation as quickly as possible.

    Think of it like telling a good joke at a party — you wouldn’t rush to the punchline before everyone has had a chance to grasp the setup, right? The same principle applies when pitching. You want your investors to hang on to every word. But that’s impossible if you rush or gloss over crucial information.

    One effective technique is to use strategic pauses. In between slides or after making a key point, pause for about three seconds to let it sink in and observe your audience’s reactions. Don’t be afraid of silence. Patience in delivery can be a powerful strategy.

    Related: What Every Entrepreneur Needs to Know About Raising Capital

    Mistake #2: Skipping trust indicators and key differentiators

    Balancing detail with brevity is tricky, but it’s essential. There are some critical signals you should share to help build trust and differentiate your business. While most founders want to focus on how great their product is, there are two questions that are arguably more important:

    • Why is your team uniquely qualified to lead this business?
    • How does your company stand out in the market?

    As far as team qualifications, don’t be shy about including specifics on years of experience, prestigious university degrees, previous exits, existing patents and/or impressive startup or corporate experiences.

    I once coached a founder who was struggling to raise capital. After reviewing his pitch deck, I said, “The problem is that you have no real startup experience.” He then proceeded to tell me that he and his co-founder sold their last company for $80 million, but he thought it wasn’t relevant since it was in a different industry. Let me tell you, your previous accomplishments are 100% relevant to whether or not investors will trust you with their money.

    Next, I can almost guarantee that whatever amazing idea you are pitching — we have probably already seen it. This begs the question, how are you going to execute differently when you get to market? This is where your current traction becomes crucial: existing user base, early subscribers, accepted patents and strategic partnerships all come into play. These elements demonstrate that you’re not just another idea but a viable business that is already making waves.

    Mistake #3: Talking too much and for too long

    I know — this sounds like a contradiction based on the first point, but hear me out. Blathering on is another fatal mistake. You should plan for a nine-minute pitch, but you don’t want to “rush through” your nine minutes. Instead, be relentless about what to include – and what to cut – so the pacing feels natural and you’re still covering the key data points that make your business compelling.

    I often ask new founders to introduce their startup in just two sentences: What do you do, and why should I care? After that, you have under 10 minutes to explain the market problem, the market size, your business model, your solution, your traction, your team, and your ask. That means you need to be very specific about what details will tell your story most effectively.

    I’ve seen many founders get nervous and overcompensate by filling the conversation with unnecessary details and fillers. This often has the opposite effect of what they intend. If you talk too much or too quickly, investors might think you’re not being straightforward, or they may get bored and lose interest.

    Related: 5 Innovative Ways for Entrepreneurs to Raise Capital in Today’s Market

    Mistake #4: Forgetting who you’re pitching to

    Remember, you’re pitching to investors, not potential clients. Investors are not interested in how great your product is; they want to know about your market, margins, and differentiation.

    I once sat through a pitch for a young women’s jewelry startup where the founder spent the entire time trying to sell me on the jewelry. As an investor, I wasn’t the target audience and the pitch fell flat. Rather than sell me on the business, she was selling me on the product. When talking to investors, they want to hear about the business opportunity, not the product.

    Mistake #5: Undermining your credibility with weak language

    This might seem like needless semantics, but words like “hope” subtly signal uncertainty, and investors are not fond of taking chances on “hope.” They want clear-cut projections backed by data and logic.

    Instead of saying “we hope,” use phrases like “we will” or “we project.” This shift instantly ramps up your pitch’s credibility. Be definitive; your words should exude confidence, not wishful thinking.

    Here are a few more examples:

    • Instead of saying, “We think our product will be successful,” assert your confidence by stating, “Our product is positioned to be successful.” This subtle shift conveys certainty and strengthens your pitch.
    • Replace “We believe our revenue will grow” with “Our projections show our revenue will grow.” This not only sounds more authoritative but also indicates that your assumptions are based on concrete data.
    • Don’t say, “We aim to capture 10% of the market;” instead, say, “We are on track to capture 10% of the market.” This adjustment demonstrates that you are actively working toward a clear, achievable target.
    • Change statements like “We expect to launch by Q2” to “We will launch by Q2.” This minor change projects certainty and reliability, which are crucial to building investor trust.

    These subtle language changes replace hesitation and probability with assertiveness. It emphasizes that your pitch is built on credibility and supported by a solid, well-thought-out plan.

    Mistake #6: Using broad claims instead of precise data points

    When pitching to investors, generalized claims can raise red flags, making investors wonder if you’re trying to obscure the truth or lack the necessary detail.

    For example, instead of saying, “We have a huge subscriber list,” focus on concrete details like, “We have over 20,000 subscribers.” Specifics not only clarify your claims but also significantly boost your credibility and trustworthiness.

    Here are a few more examples:

    • Don’t say, “Our team has a lot of experience.” Say, “Our team has eight years of experience in this industry.”
    • Replace “Our product is very sticky, and our customers rarely leave” with “Our product has an 89% customer retention rate.”
    • Instead of “We anticipate rapid growth,” say, “Our projections show 30% month-over-month growth in the fourth quarter.”
    • Swap “We dominate the market” with “We currently hold 45% of the market share in our region.”

    These changes in phrasing turn vague assertions into solid, data-backed statements, which help to build investor confidence and convey that your pitch is grounded in reality.

    Mistake #7: Telling instead of showing

    Our final lesson: show, don’t tell. Depicting something visually instead of through words will have a greater impact and be more likely to be remembered. Instead of telling investors, “We have a great interface,” show the interface screens and let them make the determination themselves about whether it’s great or not. Instead of saying, “We’ve grown exponentially over the years,” show a line or bar chart illustrating your impressive growth.

    One more example: telling investors how much your customers love you is far less impactful than showing screenshots of social media posts where your customers are raving about you in their own words. Keep this mantra in mind: less talk, more visuals.

    Bottom line

    Mastering the art of pitching involves more than just avoiding pitfalls — it’s about crafting a narrative that resonates with investors and builds trust. However, by avoiding these seven mistakes, you significantly increase your chances of securing the capital needed to take your startup to the next level.

    In today’s challenging economic climate, precise communication, showing rather than telling, and delivering data-backed arguments will set you apart. Investors want to back entrepreneurs who can navigate adversity and drive their ventures to success. Keep refining your pitch, build strong relationships, and show investors why your startup is the one to bet on.

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    Pedro Sostre

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  • 5 Financial Blind Spots That Could Be Preventing You From Making More Money | Entrepreneur

    5 Financial Blind Spots That Could Be Preventing You From Making More Money | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Money can often be the barrier between being stuck where you are or breaking through to the next level. This includes having or not having a budget, using it properly, hidden revenue or even misaligned goals — all of which influence your growth trajectory. These four common secrets have helped my company elevate our clients to the next level.

    1. Financial transparency for ROI

    The first blindspot we often notice with new clients is not having a clear reporting connection between your tools, like ads and a CRM like HubSpot, to see which channels drive the most significant return on investment (ROI). Do you know your best-performing channels? Or your best-performing piece of sales copy? What is the most opened document that leads to a closed deal?

    And we’re not just talking about marketing and sales; this applies to many connected platforms — for example, the closed-loop revenue or your ERP systems. When things are not connected, they are disjointed and siloed. You end up flying blind. Without connecting your marketing tools with your revenue tools, and with that being CRMs, finance platforms, or ERPs, to name a few, there is a disconnect, and the arms and legs end up moving in different directions.

    Here’s a simple example we see all the time: If you knew that one channel drove more deals by a 75% faster conversion rate, wouldn’t you invest more time and energy in that channel than one that only had a conversion rate of 10%? Many people don’t want to share the revenue numbers within the company, but all of that information informs the other departments; without sharing these revenue numbers, your money secret is keeping it in hidden silos.

    Related: I Hit $100 Million in Annual Revenue by Being More Transparent — Here Are the 3 Strategies That Helped Me Succeed

    2. Strategic investment for avoiding blind spots

    Another financial blindspot is not investing in marketing. We have had prospects come in with no budget and no internal marketing team, but we want to grow by 150% and spend a total of $1,000. I wish achieving growth like this was possible, but unfortunately, it’s not. The old adage that you get what you pay for, or it takes money to make money, speaks the truth. Your investment goals should match your growth goals. The amount of money invested should be measured not just by short-term, quick wins but also by looking at long-term investment to growth.

    You would never measure an HR department strictly on the number of hires. However, looking at the whole picture of longevity amongst many other important KPIs, You would not use an HR department for a few months. It is something that is constant and needs care and attention. Marketing is no different — if you strictly only measure marketing by the number of leads, you are missing out on the full picture. Marketing helps push leads through nurture campaigns, creates automation, leads scoring, builds new campaigns and tests, supports sales enablement activities and many other components. A buying cycle is rarely a straight line to click and buy unless we’re discussing Amazon.

    That said, everyone has budgets, margins and bumper lanes they need to stay in. I am by no means saying throw your budget to the wind, but your goal should match your budget. If you have modest growth goals, be realistic about the budget needed to get there. Set incremental micro goals but stay the course for long-term growth.

    Related: You Won’t Have a Strong Budget Until You Follow These 5 Tips

    3. Data-driven decisions to save money

    Another money secret that costs companies is spending without the data to back it. We had a company inquire about a new website, a full blow-up, new navigation, new content, new page layouts, migration onto a new CMS, a new theme and the works. They said they had a $75,000 budget for the whole project. In theory, it sounds great, right? Willing to invest? Check. Has a budget? Check. Know what they want the end result to be? Check. But when we asked them the next question, they looked at us like we were crazy, “Do you have data that backs the changes you are looking to make?” Are you running a tool like Hotjar to see real user data behind how these proposed changes will impact your existing inquiries and the only source the sales team was currently using for leads?

    The answer was no. When the heat map was overlaid, do you know what happened? Well, they were looking to build that new navigation out and replace the old one — nearly 90% of the traffic was going to two pages of their site directly from the navigation, both of which they had originally wanted to remove. In this case, it wasn’t just about having the money but also about making sure the decisions you make with the budget are informed by real data: user data, sales data, marketing data and more. The more informed you can be by closing the loop on your data, the better your end result will be.

    Related: Want to Be Better at Decision Making? Here are 5 Steps to Better Data-Driven Business Decisions

    4. Modern marketing channels to drive growth

    What is likely costing you the most is using old-school channels without the ability to measure. Companies have spent the last decade on traditional marketing channels and are switching to digital. The company’s historical growth has relied on things like trade shows, print, postcards and online magazines. We ask what the ROI you have seen by each channel is, and rarely can they share a specific revenue number and say it is for brand awareness. Some of the budgets can be over 50 to 100 thousand dollars spent on these traditional methods, but there is no ROI attached, yet they continue them.

    When the pandemic happened, we saw a massive influx in businesses shifting from once only boots on the ground to digital. The lockdown changed everything; there were no more trade shows, no more door knocking and no one picking up their mail or faxes daily. It made traditional selling channels challenging and obsolete and forced a new level of openness to try new ways to get the job done. In the example of running online magazine ads there are lots of ways to capture them, we can use UTM tracking, referral analysis or create a custom landing page for the offer and capture the leads directly. Without running them to a landing page or form, you rely only on the online publication for leads and analytics. We’ve had people show a list of just names, no emails to follow up with, or only show a random number of visitors to the page, not a single name. It’s important to know what they will provide for reporting and tracking when you publish or use traditional channels. The rule of thumb is to use connections and tools that leverage old-school methods into technology and not blindly spend on channels that cannot be measured.

    Stop wasting time, energy and revenue on these blind spots. They have easy solutions, so you can avoid them and focus on growing your business!

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    Jennelle McGrath

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  • 3 Effective Ways to Connect With Your Customers | Entrepreneur

    3 Effective Ways to Connect With Your Customers | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In today’s market, the bond between founders and customers is more than a transaction; it’s the cornerstone of sustainable growth and brand loyalty. Modern consumers want authenticity more than ever. They find it difficult to connect with faceless entities and want to follow people rather than businesses.

    This shift towards personal connection in marketing stems from a saturated market where consumers are bombarded with choices and advertisements daily. Personal stories and authentic interactions cut through the noise in this crowded space, creating a memorable impression. Consumers crave realness and transparency at a time when these qualities are scarce in the world of business.

    So, how do you go about deepening your connection with your target audience? Here are three strategies that can turn your customer interactions into a powerful engine for sales growth.

    1. Personalize your approach with behind-the-scenes storytelling

    It’s one thing to sell a product. It’s another to tell a story and share fascinating details that resonate.

    Imagine a founder sharing their journey, the highs and lows, through a series of behind-the-scenes content. This narrative isn’t about humanizing the brand; it’s about creating a shared experience. When customers see the sweat and tears behind a product, they’re not just buying an item; they’re investing in a piece of your process and founder’s story.

    So, how do you start?

    Weekly emails or social media posts that peel back the curtain on your process make customers feel like they’re part of your journey. To do this effectively, begin by mapping out key milestones in your company’s history or product development process. For each milestone, identify a story or challenge you faced and how you overcame it. These stories form the basis of your content.

    Next, use visuals like photos, videos, or even simple sketches to bring these stories to life. Visual content not only increases engagement but also helps to humanize your brand further.

    In your communication, be transparent about the obstacles you’ve encountered and how you’ve addressed them. This transparency fosters trust and relatability. Moreover, invite your audience to contribute their thoughts or similar experiences through comments or direct messages, turning your storytelling into a two-way conversation.

    Publicly tell people the “why” behind your products, services, and company by integrating customer testimonials or user-generated content that aligns with your narrative. This validates your claims and amplifies your community’s voice, making your brand’s story part of their own stories.

    Like successful pitch decks showcase the story behind your brand, so should your content marketing and advertisements. Bringing the “real” to your business breeds authenticity, and that authentic connection will drive your business’s growth. Remember, the goal is to broadcast and engage in meaningful conversations that build long-term relationships.

    Related: 8 Effective Ways to Connect With Your Customers

    2. Leverage technology for personal connections

    AI tools are booming, so personal connection using automation seems like an oxymoron. Yet, technology can be the very tool that brings you closer to your ICP.

    Consider implementing AI chatbots that do more than answer queries. Work with tools, consultants, and language model professionals to custom-tailor AI to chat with your customers.

    Implement these chatbots on your company website and train them to initiate conversations based on customer behavior. Offer personalized recommendations or even simply check in with website visitors. Sometimes, a simple “How are things going?” goes a long way, and this part of your customer experience can be automated.

    This approach won’t replace human interaction, of course, but it will enhance it by making your brand present and proactive in your customer’s lives.

    The key? Ensure these AI communications feel personal and specific, not just like another automated message in their inbox or as a popup. This takes a bit more effort to implement, but the investment is worth it for the long-term growth of your brand and business.

    Related: 6 Ways Connections Create a Sense of Belonging Anywhere With Any Workplace

    3. Create exclusive communities

    Imagine a space where your customers can gather to discuss your product and share their stories, challenges and triumphs.

    There’s a particular company on the rise called Skool, which enables businesses and personal brands alike to do just this. Other great platform choices, such as Circle, Mighty Networks or Kajabi, enable seamless community building. These platforms allow you to make posts and help your customers, but they also give users the flexibility to post and communicate with each other.

    An exclusive community for customer discussion could take many other forms as well: a Facebook group, a Slack channel or a dedicated forum on your website.

    The goal for your community is to foster a sense of belonging and mutual support, turning your customer base into a tight-knit community. Offer insider access, sneak peeks, and the opportunity for feedback. The more valued and listened that customers feel, the more likely they are to advocate for your brand organically.

    Over the long term, these communities become a word-of-mouth marketing machine.

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    Thomas Strider

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  • How To Choose the Right Funding Model for Your Startup | Entrepreneur

    How To Choose the Right Funding Model for Your Startup | Entrepreneur

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    Choosing the right funding approach is a critical decision for launching your startup that can shape the trajectory of your business.

    In this article, we will explore various funding models available to startups and provide insights on how to make informed decisions based on your unique needs and goals.

    Understanding Types of Startup Funding Models

    Bootstrapping

    Bootstrapping involves funding your startup with personal savings, revenue generated by the business, or loans from friends and family. While it offers autonomy and control, it comes with the challenge of limited resources and a potentially slower growth trajectory.

    Angel Investors

    Angel investors are affluent individuals who provide capital for startups in exchange for ownership equity or convertible debt. This funding model not only brings in financial support but often includes mentorship and industry connections.

    Related: 12 Things You Need to Understand about the Silicon Valley Model before Using it in Other Markets

    Using Security

    Some entrepreneurs use security as a means of funding. This can come in multiple forms, including using your property, inventory or other assets as collateral, which can be risky if you cannot repay the finance. Other options include using accounts receivable (or invoice factoring), such as future orders, and borrowing money against these future orders.

    Venture Capital

    Venture capital firms invest larger amounts of money in startups with high growth potential. Venture capital funding is suitable for businesses with scalability, a strong market opportunity, and a capable team. However, it involves giving up a portion of equity and adhering to rigorous growth expectations.

    Crowdfunding

    Crowdfunding platforms like Kickstarter and Indiegogo allow startups to present their ideas to a global audience and collect small contributions from backers.

    Kickstarter alone has facilitated over 500,000 projects, raising more than $6 billion from 18.6 million backers, showcasing the impact of crowdfunding on startup funding.

    This model not only provides capital but also serves as a marketing tool, generating buzz and interest around the startup.

    Related: 12 Key Strategies to a Successful Crowdfunding Campaign

    Bank Loans and Traditional Lending

    Historically, if you need a loan, you would visit your local bank branch and speak to a bank manager. This has changed significantly over the last few decades towards more private institutions which may offer more favourable terms and faster funding.

    Through the likes of Funding Circle, MT Finance, Iwoca and Swoop, new businesses are able to access capital much quicker and raise significant amounts, even as much as £500,000 or £1 million. However, note that you may need to be trading for a minimum period of time, e.g., 6 months or 2 years, and have regular revenue.

    Factors to Consider When Choosing a Funding Model

    • Stage of Your Startup: The stage of your startup plays a crucial role in determining the most suitable funding model. Bootstrapping might be ideal for early-stage ventures, while later stages may benefit from venture capital to fuel rapid growth.
    • Business Model and Industry: The nature of your business and industry can influence the choice of funding. Some high-growth industries may be more attractive to venture capitalists, such as biotechnology, while other new businesses, such as in consumer goods, may find success through crowdfunding or angel investment.
    • Financial Need: Evaluate the specific financial needs of your startup. Consider factors such as initial capital requirements, operating expenses, and potential expansion plans. This assessment will guide you toward a funding model that aligns with your financial goals.
    • Risk Tolerance: Assess your risk tolerance as an entrepreneur. While venture capital might bring substantial funding, it also involves relinquishing control and adhering to aggressive growth targets. Bootstrapping, on the other hand, offers autonomy but requires a higher risk tolerance due to limited resources.
    • Timeframe for Results: Consider the timeframe within which you expect to see results. Venture capital may provide rapid injections of capital for quick scaling, while crowdfunding campaigns might take time to build momentum. Bootstrapping offers a gradual approach but may result in slower growth.

    How To Choose The Right Funding Option For Your Startup

    Thoroughly research each funding model, understanding its advantages, challenges, and success stories within your industry. Networking becomes incredibly important, so take time to consult with industry experts, mentors or advisors who have experience in your field. Their insights can provide valuable perspectives on the most suitable funding model for your startup.

    Also consider a diversified approach by combining multiple funding sources. For instance, a mix of angel investment, crowdfunding and bootstrapping might provide a well-rounded and resilient financial foundation.

    Choosing the right funding model for your startup is a pivotal decision that requires careful consideration of various factors. Whichever method you opt for, aligning the funding model with your startup’s stage, industry financial needs is essential.

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    Kimberly Zhang

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  • Boost Your Ecommerce Success with These Top Photography Techniques | Entrepreneur

    Boost Your Ecommerce Success with These Top Photography Techniques | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Having an appealing product image can be quite helpful in the ever-changing world of online purchasing. How we take images of items to sell online has changed significantly over the last few years. The ways we display the goods we’re selling online change as more people purchase online and technology evolves.

    This article outlines the most recent techniques for taking images for websites, including how they should be lit, what equipment to use and what they should look like. It all revolves around assisting companies in succeeding in the competitive world of sales via the Internet.

    The visual revolution

    The way we look at things has changed a lot because of online shopping. Unlike in physical stores, we can’t touch or try items online. So, when we decide to buy something, we rely on its pictures. This is why online shops must take really good product photos. They have to be creative and show things in new and interesting ways.

    One trend is using lifestyle photos. Instead of just showing the product alone, they show it being used in real situations. For example, if they sell outdoor items, they might show people using them outdoors. This helps customers understand how the product works and makes them want to buy it.

    Another trend is minimalism. This means keeping things simple and clean. Products are often shown on plain backgrounds with soft lighting. This style is great for fancy or luxury items because it makes them look elegant and well-made.

    Lastly, there’s mobile-first photography. Since many people shop on their phones, product pictures need to look good on small screens. These photos should be clear, simple, and load quickly on smartphones and tablets. Making image files smaller and using tall or square shapes can enhance the mobile shopping experience. Online stores need to follow these trends to ensure customers have a great online shopping experience.

    Related: Why Influencers and Ecommerce Should Be the New Power Duo for Your Business

    Lighting techniques

    Regarding online sales, high-quality product photos are essential, and proper lighting is key to capturing the details effectively. Soft and gentle lighting techniques, achieved through tools like bounce boards and soft boxes, create a smooth appearance suitable for clothes and jewelry. For products with intricate details, dramatic lighting, like spotlighting or side lighting, highlights specific areas, making them visually appealing, especially for gadgets and fashion items. Natural light, obtained by shooting near windows or during the golden hour outdoors, adds authenticity and warmth, perfect for products related to health and outdoor activities.

    In addition to lighting, having the right equipment is important. High-quality cameras provide clear and professional-looking photos, like DSLRs or mirrorless options. Prime lenses enhance sharpness and brightness, especially in low-light conditions, ensuring detailed product images. Stability is essential; tripods and stands keep the camera steady for clear shots. Smartphone photography kits offer budget-friendly options, enhancing smartphone images with special lenses and tools. Continuous LED lighting provides a consistent glow and adjustable colors, allowing photographers to match the light with the product and surroundings. Editing software like Adobe Photoshop and Lightroom helps perfect the images by adjusting colors and removing backgrounds, ensuring your product photos look appealing and professional for online customers.

    Related: Learn How to Make Online Courses and Start a Profitable Side Hustle

    Staying ahead of the curve

    Because of new technologies and consumer preferences, the world of online shopping photographs is always here. Online retailers must always come up with innovative and fresh methods to display their items in images if they want to stay competitive. Here are some excellent suggestions to help you constantly take incredibly beautiful product shots.

    1. Regularly Update Your Content: Imagine your online store like a shop window. People passing by always notice if the display changes, right? Similarly, updating your product images is like changing the window display. You want it to look fresh and exciting, so people are curious to see what’s inside. By keeping an eye on how your products look, work, and suit different seasons, you ensure your store always feels new and inviting. It’s like giving your store a makeover regularly, making customers eager to explore.

    2. Conduct A/B Testing: A/B testing is like trying different flavors of ice cream to see which one you like best. You experiment with different styles, lighting techniques, and ways of presenting your products to find out what your customers prefer. It’s like asking your friends which ice cream they enjoy the most. By testing various approaches, you discover what makes your products more appealing to your customers. It’s a bit like finding the perfect recipe that everyone loves!

    3. Consider Professional Assistance: Imagine you want to take a beautiful picture, but you’re not sure how to use the camera. That’s where professional photographers come in – they’re like expert chefs in the kitchen of photography. They know all the tricks to make your products look incredibly delicious to buyers. Just like you’d hire a chef to cook a special meal, hiring a professional photographer ensures your products are presented in the best possible way. It’s like having a magical touch that turns your ordinary pictures into extraordinary ones.

    4. Stay Informed about Industry Trends: Staying informed about industry trends is like keeping up with the latest games or toys that everyone is talking about. You want to know what’s cool and exciting right now! In the world of online selling and photography, things change quickly. By reading magazines, attending online classes, and talking to other business owners, you learn about the newest and coolest ways to present your products. It’s like being part of a big conversation where you get all the tips and tricks to make your store the most attractive one on the block!

    Related: Ecommerce Basics: 10 Questions to Ask When Creating an Online Store

    E-commerce photography is always changing. When businesses use new styles, lighting, and equipment, they can make product pictures that grab people’s attention and boost sales online. Whether you go for natural-looking photos, simple designs, or pictures that look good on mobile phones, remember the most important thing is to tell a visual story that connects with your customers and shows your products in the best way possible.

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    Kartik Jobanputra

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  • A Graduate Student's Side Hustle Now Earns $110,000 Per Year | Entrepreneur

    A Graduate Student's Side Hustle Now Earns $110,000 Per Year | Entrepreneur

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    This Side Hustle Spotlight Q&A features Carter Osborne, who started tutoring students in need of help with college application essays in 2017. Today, Osborne’s business brings in about $110,000 per year — more than his full-time job as a director at a global PR firm.

    Image Credit: Courtesy of Carter Osborne

    When did you start your side hustle, and where did you find the inspiration for it?

    Tuition was my original motivation. I started graduate school in 2017, and my tutoring business was originally meant to be a temporary, small-scale operation to take the edge off tuition.

    I was inspired by two people who ran their own tutoring practices at the time, both of whom advised me during the weeks after I launched. One was a test prep tutor in New York who helped me understand the logistics behind starting my own business. The other was a Seattle-based college consultant who had previously supported me during my application process to Stanford. I only met with her once, but she had such a profound impact on my college search that I was inspired to reconnect, emulate her work and start tutoring college essays.

    Related: The Sweet Side Hustle She Started ‘On a Whim’ Turned Into a $20,000-a-Month Income Stream: ‘It’s Simple, It’s Affordable and It’s Fun’

    What were some of the first steps you took to get your side hustle off the ground?

    Mentorship was key. I reached out to local college consultants and asked for informational meetings, both to understand their business models and to pitch myself as a potential resource. It worked — one of them recommended several clients from her waitlist to help me get started, and another hired me as a part-time writing coach. These were small steps by my standards today, but at the time, they were just what I needed to get off the ground.

    From there, client referrals became the core of my growth. I had three clients in my first year, 14 clients in my second year, 23 clients in my third year and so on. This year, I worked with over 50 clients and referred several families to other tutors after reaching capacity. It was a nice full-circle experience — I owe my start to referrals from established tutors, and this year, I got to provide those referrals to others.

    Related: This Former Teacher Started a Side Hustle That Made More Than $22,000 in One Month: ‘I Have Never Been More Fulfilled’

    What were some of the biggest challenges you faced while building your side hustle, and how did you navigate them?

    I quickly discovered that there are hundreds of qualified tutors in urban hubs like Seattle, including many who work in my core business of college applications. This created a major challenge: How could I build a unique service that stands out from everyone else’s?

    There turned out to be two answers. First, I pivoted away from academic tutoring and test prep and focused entirely on the niche market of college essays. It was a calculated risk — the market for college essays is relatively small, but that’s exactly what made it easier to differentiate myself as a specialist.

    Second, I turned my competitors into partners. College admissions consultants typically advise on the full application process, but many don’t enjoy working on essays. As an essay specialist, I pitched this as an opportunity to consultants in the Seattle area — they could onboard new clients, outsource the essay portion to me, and then continue working with their clients on all other aspects of the application. The result was a win for everyone: College consults got to offload work they didn’t like, students got specialized essay support, and I got a bump in business from people who otherwise would have been my competition.

    Related: This Arizona Teacher Started a Side Hustle That Immediately Earned More Than Her Full-Time Job: ‘Much Better Than $40,000’

    How long did it take you to begin seeing consistent monthly revenue? Did revenue ever surpass that of your full-time income, and if so, when?

    I began seeing monthly revenue right away. It started small: a few thousand dollars in my first year and about $10,000 in my second year. However, by my fourth year, I earned over $113,000, which exceeded my full-time income as a director at a public relations firm.

    You’ve turned your side hustle into a successful business. How much average monthly or annual revenue does it bring in now?

    In 2023, my business generated roughly $115,000 in revenue. Almost all of this comes during the six-month stretch from June to December when college applications are at their peak. I take time off from tutoring from January to May, which allows me to reset and think critically about ways to improve my service for the next application cycle.

    What’s your advice for other side-hustlers who hope to turn their ventures into successful businesses?

    First, develop something unique about your product or service. How can you make your work stand out from the competition? This might mean pursuing a niche market within your field (like college essays within the field of tutoring) or building a variation on your product. It doesn’t need to be revolutionary — I’m always surprised by customer enthusiasm for products that are marginally different from the mainstream.

    Second, stay patient as you grow. There are plenty of stories about side hustles that struck it rich in year one, but for most of us, success takes time. If you have a multi-year time horizon and the persistence to keep at it, your investment will be much more likely to pay off.

    Related: 3 Secrets to Starting a High-Income Side Hustle in 2024, According to People Whose Gigs Make More Than $20,000 a Month

    Finally, remember that there are no prerequisites to starting a successful side hustle. I am hardly the stereotype of a business owner: I studied public policy in college and never dreamed of starting a business. There’s no such thing as a “type” of person who becomes a successful business owner, so go pursue your ideas and see what happens.

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    Amanda Breen

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  • Outpace Competitors in 2024 with Fresh Niche Growth Tactics | Entrepreneur

    Outpace Competitors in 2024 with Fresh Niche Growth Tactics | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    A niche market is simply defined as a subset of an overall market, with the individuals comprising it sporting unique and often nuanced needs. This is why businesses that target them typically focus on one type of product or service. And this focused effort can result in remarkable returns: A study published in a May, 2013 edition of Market Intelligence & Planning revealed that businesses that engage with niche markets experience “increased profits, prices, sales, growth, market shares and competitiveness.”

    The challenge is that anticipating future growth in these sectors, while vital to success, is no easy feat.

    1. Early homework

    The first step in securing growth is to find your niche market — a sector underserved by current products and perhaps ignored by broad-market companies. The good news is that the possibilities are expansive. Harvard Business Review found that no less than two-thirds of customers feel that “companies are not responding fast enough to their changing needs.”

    One reliable way to find a niche market with potential for growth is to evaluate your own needs and the needs of those around you. Does your mother lament how bare her house feels now that you’ve moved out? Then she’s part of a growing community of empty nesters perhaps in need of personalized home décor. Does your gym buddy keep complaining about how his coffee doesn’t fit into a training regimen? Then he might be part of the health-conscious cold-brew lovers market.

    Related: How to Effectively Beat Your Direct Competition in a Niche Market

    2. Evaluate demand

    A market close to your heart will be the easiest to research and serve. Just ensure that yours isn’t too small to be profitable. Simply because a sector is underserved does not mean it has the potential for growth. This is why evaluating market demand — including its maturity and business cycle — is crucial.

    That said, even if there doesn’t appear to be growing demand, this doesn’t mean your business cannot drive it. For example, in 2021, a garden furniture company conducted a case study revealing that UK households, on average, invested approximately £670 ($853 US) in enhancing outdoor spaces, then strategically analyzed how to better impact sales outcomes. Resulting insights led to a remarkable 160% boost in revenue and the introduction of 450 unique stock-keeping units to the company’s product lineup. By conducting a similar base-rate analysis, your business, too, can shape products for a niche market while simultaneously influencing that market.

    Of course, customers’ needs are always changing, so you’ll likely need to pivot and expand at some point, but the street goes both ways; you can also strategically drive demand with a product line.

    Related: How to Grow Your Profits in a Niche Market

    3. A deeper market dive

    Once you have found a market with potential for growth, you’ll need to find out what product or service will meet its unique needs and why these needs aren’t currently being met. There are a variety of ways to conduct associated research, usually by looking at the broader markets they’re part of. Methods include:

    • Tracking down current industry reports: They must detail the size and drivers of — and barriers within and without — a sector, including its potential for growth.
    • Engaging with potential customers: Despite its time-consuming nature, this step is essential. Surveys are an effective mode of interaction, but for more in-depth insights, don’t shy away from individual discussions, either through social media platforms or face-to-face meetings.
    • Identify competitors: Oversaturated markets will likely have the least potential for growth, not surprisingly, but also keep in mind that — though they may be tempting — niche markets with no competitors can also pose sales risks, even when catered to. So, it can be helpful to expand or pivot slightly to give yourself competitive protection.

    Related: How To Spy on Your Competition With Social Media

    4. Consider external factors

    When contemplating the potential for growth, be sure to take into account external factors that alter customer need and demand, and otherwise alter a market broadly. (We all saw, for example, how impactful the Covid-19 pandemic was on businesses of every size.) Getting ahead of them will let you plan and adapt. Also, it’s not uncommon for radical innovations (in technology, principally) to “leapfrog” a business, so keep a wary eye on advancements and plan how to incorporate them into offerings.

    Another common external factor is the gamut of governmental regulations and their capacity to force compliance, influence customer buying willingness and trust, and/or outlaw a product altogether. Here again, being a student of possibilities — taking note of even possible regulatory changes — will allow you to quickly customize offerings and educate customers.

    Related: What Every Entrepreneur Must Understand About Their First 10 Customers

    5. Potential for early adopter relationships and strategic partnerships

    Cultivating relationships with your early adopters will provide valuable insights and feedback, which helps refine, improve and expand a product in alignment with the ever-evolving needs of a niche market.

    Another key growth assist can come in the form of helpful allies. The presence of influencers is a good indicator that a market has room for growth. Partnerships with these influencers and other thought leaders can fuel increased visibility and access.

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    Pritom Das

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  • Thinking In Circles Isn't a Good Thing — Except In This Case | Entrepreneur

    Thinking In Circles Isn't a Good Thing — Except In This Case | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Growing a business in a way that nurtures alignment instead of stunting it persists as a famously difficult task. And it’s only becoming more important. According to research by LSA Global, organizations that are “highly aligned” grow revenue 58% faster and are 72% more profitable than poorly aligned organizations.

    How can leaders rethink their businesses’ organizational structures to make alignment possible? How does alignment translate from an aspirational buzzword to a resonant reality?

    Enter the concentric circle model of communication, an organizational structure that understands the importance of alignment in business and the need for collaboration, community and shared outcomes. The methodology needs not replace existing organizational structures but augment them.

    Related: A Step-by-Step Guide to Achieving Organizational Alignment

    The concentric circle model and the future of organizational thinking

    The concentric circle model is an organizational way of thinking. It places the residents of your world in a ripple effect instead of in a tree or ladder-like structure. From partners (the strong core of the business and its mission) to employees, beta testers, community members and back again, the concentric model helps information flow freely across groups.

    Imagine a startup aimed at developing sustainable technologies. In the concentric circle model, you’d see the following:

    • Core: The founders and primary stakeholders setting the vision.
    • Next circle: Employees bringing the vision to life.
    • Following circle: Principal informants providing crucial feedback.
    • Outer circle: The wider community interested in its mission.

    In a traditional hierarchical model, communication between different groups might be linear and restrictive, whereas the concentric circle model promotes a continuous exchange of ideas and feedback. This means that engineers can receive input from the community, which helps them understand their technologies’ real-world impact and potential improvements. Additionally, the core team’s vision and updates can not only reach employees but also target audiences and the broader community. This ensures everyone is aligned and fosters a shared sense of purpose.

    As the company evolves, each ripple in the concentric model contributes to a continual feedback loop that drives innovation, alignment and a strong communal bond toward achieving the mission of sustainable technology.

    The benefit of this mindset is that it is mutually collaborative. Values can be shared from group to group — no matter where that group sits in the circle. Because of that sharing, the business can become quickly aligned on economic outcomes and a sense of common purpose. In turn, group members can take bold action, knowing they’re in unity with the whole circle.

    At my company, this means pursuing a true everybody-wins culture from a financial perspective. When the product succeeds, shoppers save money, businesses make more sales and our company earns more money, which allows us to reward users. When the company revenue grows, our stakeholders also share in that growth.

    Related: Why Aligning Your Company Values is Crucial for Long-Term Success

    3 ways to make the concentric circle model work for your business

    The concentric circle model of communication might sound like a fabulous idea, but how can you put it into practice? Does it require a complete renovation of your business’s organizational structure? Not necessarily. It’s a way of thought, and practicing it well means keeping some key methods in mind:

    1. Identify your stakeholders

    To make the concentric circle model of communication successful, you need a holistic, working knowledge of your organization. What parties do you need to include in your vision? What are their roles? What are your organization’s layers? One business might include beta testers and influencers; another might include a wide network of suppliers and volunteers.

    Identify key stakeholders and assess the impact of their actions on your business or product to determine their positioning within the circle. For instance, those with higher impact are placed closer to the center. Those who are folded closer into the circle often have higher participation in decision-making. To bring outer echelons inward, involve more stakeholders. For example, Demand.io’s SimplyCodes product not only asks for constant user feedback, but also identifies product champions to employ in an internal council of high-expectation users who earn a stipend for their valued input.

    2. Find agreement on shared goals

    The purpose of the concentric circle model is to create a collaborative way of working and making decisions based on a shared vision. Achieve this by establishing your business’s core goals. Across the layers of the circle, you must design and tweak your aims to align with the community. Begin with the nucleus of partners and decision makers to form a set of core initial ambitions and then find unity in the wider circle by collaborating.

    Goals could be economic, or they could be product- or service-related. Maybe your goals are to grow your business into new territories; maybe it’s to condense your impact and make your business more community-centric. No matter your ambitions, shared goals can lead to shared outcomes. The above research from LSA Global found that highly aligned companies outperform their peers in retaining and satisfying customers, engaging employees and leading effectively.

    Related: Your Public Messaging Strategy Starts With Your Inner Circle

    3. Align your values

    If you’ve followed the above steps, you’ve established a strong working knowledge of your organization, its various layers and how they function in your circle. You’ve also set goals you’ll aim toward collectively. The final piece of the puzzle is values. Currently, your organizational values might be fragmented. Different groups may want different things and be guided by conflicting values, but the concentric circle model encourages you to zero in on the values shared across your community. Aligning these values will have a unifying effect on everything you do.

    In applying the concentric circle model, every major business decision should be held up to the model, and leaders should consider whether benefits ripple across the whole circle. To aid alignment, you need not necessarily agonize over perfect plans but discipline your vision and mission to be authentic and considerate of every layer of your circle. Driving business strategy toward shared outcomes encourages the team to ideate innovative and sustainable business flywheels instead of juggling adversarial relationships.

    The CEO of Chicken Salad Chick implemented a concentric circle model in the business. With a strong focus on community growth and awareness to pave the way for future expansions, the brand went from 32 restaurants in 2015 (when the CEO joined the company) to more than 220 today.

    The concentric circle model is an important tool for thinking differently about business value alignment. It may not replace hierarchical structures, but it does respond to the future of business leadership as the landscape evolves. By beginning with a strong core and radiating values outward through the various layers of the organization, the concentric circle model can forge deep, lasting, productive connections among stakeholders and communities.

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    Michael Quoc

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  • 6 Brand Design Tactics That Will Make You Stand Out | Entrepreneur

    6 Brand Design Tactics That Will Make You Stand Out | Entrepreneur

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    How many times have you walked past a storefront, perused a grocery store aisle, or scrolled through your Instagram feed and experienced a little “I want that!” ping to your brain after seeing a particularly compelling image? That, in a nutshell, is the power of great design.

    According to research from Insights in Marketing, 93% of consumers say a product’s appearance is the most important factor in their purchasing decisions, and 85% say they’re heavily influenced by the colors of a product or brand. And because the average consumer spends so much time looking at their phone, brands have more ways than ever to make a visual impact. Bankrate found that 48% of social media users have impulsively bought something advertised to them on social media, and a whopping 72% of Instagram users base their buying decisions on content they see on the platform.

    So, in a time when consumers are endlessly bombarded with brands, how do you create something that stands out? Something unconventional and unexpected, but still appealing to the established tastes of your customers? We asked some founders who leaned on design to build best-selling brands. One common strategy? They all looked at their categories and figured out what wasn’t there, and designed into that blank space.

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    Frances Dodds

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  • How to Make High-Priced Products Accessible to Working-Class Families | Entrepreneur

    How to Make High-Priced Products Accessible to Working-Class Families | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    There are times when products are inherently expensive. Homes are a classic example. So are vehicles. In those cases, the constant human needs for shelter and transportation have created natural solutions in the form of mortgages and auto loans.

    But what about companies outside of staple product niches? Here are three examples of how companies with high-priced products designed for larger consumer markets can make them accessible to working-class families.

    Leasing expensive equipment to customers

    Leasing is a classic business model. It involves renting an asset under a contractual agreement at a certain price for a set amount of time.

    When leasing comes up, it’s usually referencing major assets such as a house or car. However, it’s completely possible to lease a wide variety of additional products.

    Related: 5 Major Leasing Deal Points to Know Before Signing a Lease

    One example of this is solar panels. NerdWallet reports that the average solar panel installation can cost as much as $35,000. The renewable source of energy can save money over time, but its barrier to entry is inhibitive and has made solar power inaccessible to lower-income homeowners for over a decade.

    Some companies aim to combat this by leasing solar panel systems to homeowners. The end result is lower energy bills that ideally cover both the leased equipment and reduce the original cost of energy for the home.

    This approach to solar panel installation saves consumers tens of thousands of dollars in up-front fees. This makes it possible for homeowners to tap into the long-term savings of solar power without breaking the bank in the process. The same model is easy to reproduce for any brand that has a solid product and enough capital or investors to front the cash for equipment.

    Related: How to Invest In Real Estate Amid High Interest Rates and Inflation

    Offering interest-free payments

    Interest is a major detracting factor that makes larger purchases unappealing. For example, if an individual purchases a car in New York and takes out a five-year $25,000 auto loan at 5% interest, they’ll end up paying over $2,600 more in interest.

    Broken down over 60 months, this is nearly $45 per month in interest alone. To a working-class family, this is a legitimate cost that they must factor into their financial plans.

    Savvy companies that sell big-ticket items have caught onto the toll that interest payments take on their customers. Some have opted to offer interest-free payments as an alternative.

    Home Depot, for instance, regularly offers its customers coupons for 12-month and even 24-month interest-free financing. The Home Depot credit card also provides a round-the-clock six-month interest-free financing option. That means a customer can hold a balance with the company for that entire period (whether it’s six, 12 or 24 months). As long as they pay off the total before the payment period ends, they won’t pay a penny in interest.

    This model assumes a certain degree of risk on the part of the company. However, when managed well, the interest-free financing model more than makes up for the risks in the amount of larger purchases it encourages from those customers with limited up-front funding.

    Breaking things into smaller bundles and á la carte pricing

    Sometimes, a grouped product selection can push something out of reach of working-class family budgets. When this is the case, splitting a product up into multiple components can help reduce the financial barrier to entry.

    The exorbitant cost of cable television is a good example of this issue. Cable provider Spectrum has found a solution to the problem of its excessively priced full television packages by offering its Spectrum TV Choice bundle.

    This allows users to choose from a variety of channels to fill up a smaller quota of total channels. They can change their selection once a month, making the arrangement sustainable and accessible.

    Not all products come in individual pieces. Whenever that is the case, though, companies should consider innovative ways to repackage the individual components to make them accessible to customers without losing their collective value.

    Related: How Businesses Can Empower Consumers to Make Sustainable Choices

    Making high-priced products accessible to everyday consumers

    The middle class in America is able to make larger purchases. But they cannot do so with the same laissez-faire attitude as those with ample wealth and disposable income.

    Companies that want to market higher-priced products to middle-class consumers must be willing to find unique and innovative ways to help them make a purchase. From leasing and financing options to á la carte and “buffet style” offerings, consider how you can make your brand’s big-ticket items accessible to your target audience.

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    Rashan Dixon

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  • CEO Struggles Eased by Business Community Support | Entrepreneur

    CEO Struggles Eased by Business Community Support | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    This story originally appeared on Under30CEO.com

    Everyone knows that life as a CEO is awful. As Elon Musk’s friend once put it, “It’s like chewing on glass while staring into the abyss.”

    No doubt that phrase struck a chord with the Tesla CEO, given his numerous “production hell” and “development hell” experiences over the years, not to mention nearly going bankrupt in 2009.

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    Kimberly Zhang

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  • How Founder Personalities Contribute to Startup Success | Entrepreneur

    How Founder Personalities Contribute to Startup Success | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    This story originally appeared on Under30CEO.com

    A groundbreaking study published in Nature, Scientific Reports suggests that the key to a startup’s success may be rooted in founders and founder personalities. Researchers from the University of New South Wales, Oxford University, and two other Australian universities delved into the data of over 21,000 startup founders to pinpoint the personality traits that contribute the most to a successful venture.

    The Impact of Founder Personalities on Startup Success

    Their discoveries revealed that not only do specific personality traits predict success, but the blend of personalities within a founding team can also play a vital role. In particular, the study found that founders who possess a mix of grit, curiosity, conscientiousness, and high emotional intelligence were more likely to propel their startups towards success. Furthermore, assembling a balanced team of diverse personality types can create a synergistic effect, enhancing creativity, resilience, and decision-making capabilities, ultimately contributing to the startup’s overall success.

    Identifying the Six Primary Founder Personalies: The FOALED Framework

    The research pointed to six primary founder types that are better predictors of success than other factors like industry or founder’s age. These six types are Fighters, Operators, Accomplishers, Leaders, Engineers, and Developers, collectively known as “FOALED.” Lead author and University of New South Wales adjunct professor Paul McCarthy said, “Personality traits don’t simply account for startups’ success—they are critical to elevating the chances of success.” Each type brings unique qualities to a startup, complementing other founder types and contributing to the team’s dynamism. Understanding the strengths and weaknesses of these types can aid startup teams in harnessing their combined skills to increase success rates within their industries.

    Using Machine Learning to Analyze Twitter Activity and Predict Success

    By employing a machine-learning algorithm to evaluate the Twitter posts of founders, the researchers were able to predict successful founders with an impressive 82.5% accuracy. They assessed startups’ success based on fundraising, mergers, acquisitions, and IPOs data sourced from Crunchbase’s directory. Additionally, the algorithm considered various factors such as the language utilized, tweet frequency, and user engagement. This method not only illuminates the potential success of founders, but also underscores the sway of social media behavior on startup results.

    Traits Exhibited by Successful Founders and Their Benefits

    Successful founders tended to display traits such as seeking variety and novelty, being open to adventure, possessing less modesty, and having high energy levels. Companies with higher concentrations of these traits were found to have better odds of achieving success. Furthermore, these entrepreneurial characteristics nurtured innovative and adaptable work environments, ultimately driving growth and attracting valuable talent. This research underscores the significance of founders’ personality traits in determining a company’s overall performance and longevity.

    Diverse Founder Combinations and Increased Chances of Success

    Significantly, the study demonstrated that it is not necessary for all of these traits to be present within a single founder. Startups that boasted diverse combinations of founder types had an 8- to 10-times higher likelihood of success compared to companies led by a single founder. This finding accentuates the importance of bringing together a team of individuals with complementary skills and attributes rather than relying on one person to lead the startup to success. Furthermore, startups with a diverse mix of founders were better equipped to navigate challenges, adapt to changing market conditions, and foster innovation.

    Related: The 6 People Every Startup Needs

    The Ensemble Theory of Success: Emphasizing Diverse Founding Teams

    The discoveries from this study led to the development of the Ensemble Theory of Success, which reinforces the idea that a varied founding team often boosts a startup’s overall success. The Ensemble Theory of Success highlights the importance of diverse skill sets, backgrounds, and perspectives in fueling innovation and addressing complex challenges. Consequently, startups that embrace this theory by assembling a well-rounded and complementary team are more likely to adapt, grow, and thrive in the fast-paced and ever-changing business landscape that characterizes today’s world.

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    April Isaacs

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  • The Most Important Shift Hybrid Workforces Need to Thrive Is the One Most Are Ignoring | Entrepreneur

    The Most Important Shift Hybrid Workforces Need to Thrive Is the One Most Are Ignoring | Entrepreneur

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    By the end of this year, 39% of all global knowledge workers will be hybrid workers.

    That’s a forecast from Gartner, and it’s more than just a statistic; it’s a harbinger of a seismic shift in our work culture.

    Some business leaders may mistake this trend as a partial return to “the way it was.” But that is shortsighted. The hybrid model isn’t just “old office life” for half the week, and it also isn’t a free-form, work-from-home life for half the week. To embrace the hybrid work model means reimagining the very fabric of our work environment. The pandemic taught us that work is not a place you go; it’s something you do — so the office must now serve as a hub for collaboration and innovation, not a factory for rote tasks.

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    Dr. Gleb Tsipursky

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  • 20 Ways to Master Your Brand on LinkedIn in 2024 | Entrepreneur

    20 Ways to Master Your Brand on LinkedIn in 2024 | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Personal branding is more than a self-promotion exercise. It’s the art of building a holistic professional identity that aligns with your skills, values and career goals. A great personal brand can help you attract customers and business partners while establishing your authority as a leader in your industry.

    If you’ve been in the business world, you’ll surely know that a great image and loyal following can make all the difference to your market share and sales. This is where the unparalleled platform for personal branding for professionals across industries and careers comes in. Yes, I’m talking about LinkedIn!

    LinkedIn reigns supreme as the go-to professional networking platform for building a brand. With a whopping 875 million members and 310 million monthly active users as of 2023, most being business professionals, LinkedIn is a goldmine of branding opportunities for a professional. Your target customers and prospective business partners are waiting for you, but navigating through such a crowded field to get yourself heard can be daunting.

    Thankfully, LinkedIn offers the tools you need to succeed on the platform. You need to make the most of LinkedIn’s inbuilt features to stand out from the crowd and establish your brand — if you want to learn how you’re at the right place! In this article, we’ll explore 20 innovative features that can help you master personal branding on LinkedIn in 2024 and beyond.

    Related: Unlocking the Power of LinkedIn: How Entrepreneurs Can Leverage the Platform for Growth and Success

    1. LinkedIn stories and stories ads

    Gone are the days when LinkedIn was just a digital resume. Now, you can share Stories, just like on Instagram or Snapchat. Use them to give people a peek into your workday or share quick career tips. And if you want to go big, you can even use Stories Ads to reach a wider audience. It’s a fun and interactive way to boost your personal branding on LinkedIn.

    Related: 7 Ideas For Personal Branding Using LinkedIn Stories

    2. Live videos

    Live videos are a game-changer for personal branding on LinkedIn. Imagine the possibilities — hosting a webinar, conducting a live Q&A session, or even giving a virtual tour of your workspace. It’s like having a virtual stage where you can showcase your expertise and engage with your audience in real-time.

    3. LinkedIn polls

    Curious about what your network thinks about a hot industry topic? Or maybe you’re looking for feedback on a project? LinkedIn Polls are your best friend. They’re a simple yet powerful tool for gathering insights and sparking meaningful conversations, enhancing your personal branding on LinkedIn.

    4. Product pages

    If you’re selling B2B products, listen up! LinkedIn Product Pages are akin to having a dedicated website within LinkedIn. It’s a multifaceted feature that not only adds credibility but also serves as a direct channel for potential business opportunities, boosting your personal brand’s reach and reputation.

    Related: How to Find Investors on LinkedIn

    5. Analytics for content creators

    Here’s something for all the data enthusiasts — LinkedIn’s analytics, a treasure trove of insights. You can track engagement metrics and even understand the demographics of your audience. This feature is like having a personal branding dashboard that helps you fine-tune your content strategy based on real-time feedback.

    6. Creator mode

    Activating Creator Mode is akin to spotlighting your content creation efforts. It changes the layout of your profile to highlight your posts and encourages more people to follow you rather than connect. It’s a subtle yet effective way to enhance your personal brand.

    7. Cover story

    You know how they say first impressions last? Well, the Cover Story feature lets you add a short video intro to your profile. Think of it as your elevator pitch but in video form. Well-designed cover stories are a fantastic way to make a memorable first impression.

    Related: 6 Ways to Ace Social Media Branding for Your Startup

    8. Pronouns and name pronunciation

    In today’s world, inclusivity is not just a nice-to-have, it’s a must. Adding your pronouns and a name pronunciation guide may seem like small gestures, but they go a long way in making everyone feel seen and respected. It’s a step towards building a more inclusive personal brand that resonates with a diverse audience.

    9. Skills assessments

    LinkedIn Skills Assessments serve as a third-party validation of your skills, whether Python programming or SEO expertise. Passing these assessments not only adds credibility but also signals to your network and potential employers that you have the skills you claim to have, further solidifying your personal branding efforts on LinkedIn.

    10. LinkedIn newsletter

    Starting a LinkedIn Newsletter is not just about sharing long-form content. It’s about building a community. It offers a platform to delve deeper into topics you’re passionate about and engage with your audience on a more intimate level. Over time, this can position you as a thought leader in your field, significantly boosting your personal branding on LinkedIn.

    Related: 3 Strategies for Maximizing Your Potential on LinkedIn

    11. LinkedIn events

    Hosting a LinkedIn Event is a fantastic branding exercise. Whether it’s a virtual panel discussion or an in-person networking session, these events offer a unique opportunity to bring like-minded professionals together. It’s a great way to provide value, share expertise and build a community, all of which are vital in strong personal branding.

    12. LinkedIn conversation ads

    Imagine sending a personalized ad right into someone’s LinkedIn inbox. That’s what Conversation Ads lets you do. Conversation Ads offer a more personalized and intimate way to engage potential clients or collaborators. It takes a direct approach that can yield high engagement rates, making it a valuable tool in your personal branding arsenal.

    13. LinkedIn lead gen forms

    LinkedIn Lead Gen Forms help simplify the often tedious process of data collection. One click and voila! You’ve got yourself a high-quality lead. With pre-filled information, these forms make it easier for people to engage with your content. It’s a user-friendly feature that makes your personal branding efforts more effective and efficient.

    14. LinkedIn dynamic ads

    These aren’t your run-of-the-mill ads! Dynamic Ads are a step above traditional advertising. They use the viewer’s LinkedIn profile data to personalize the ad in real-time. This level of personalization can significantly increase engagement rates, making your advertising efforts more effective and aligned with your personal branding goals.

    Related: 4 Keys to Building B2B Brand Awareness Online

    15. LinkedIn video ads

    Why tell when you can show? Video Ads let you bring your brand story to life. They offer a dynamic storytelling medium. These ads are all about conveying your brand message in a more engaging and memorable way, enhancing your personal branding efforts on LinkedIn.

    16. LinkedIn carousel ads

    Think of Carousel Ads as a mini-slideshow that allows you to showcase multiple products or narrate a story slide by slide. This feature offers a unique and creative avenue to engage your audience, making it easier to convey complex messages or highlight various aspects of your brand. It’s an inventive approach to enrich your personal branding on LinkedIn.

    17. Featured section and articles

    Your LinkedIn profile is your personal branding billboard. Use the Featured Section to showcase your best work, whether it’s a project, article, or even a testimonial. It serves as a portfolio that visitors can explore, offering a more rounded view of your expertise and skills. Leveraging the featured section, you can focus on putting your best foot forward.

    18. Recommendations and endorsements

    Nothing boosts your credibility like a glowing recommendation or skill endorsement. It’s social proof that you’re as awesome as you say you are. Endorsements from people who have worked with you and can vouch for your abilities add a layer of credibility to your personal brand that’s invaluable.

    19. InMail

    Want to reach out to someone outside your network? InMail helps you break down the barriers by allowing you to reach out to anyone on LinkedIn, regardless of whether they’re in your network. It’s like having a VIP pass to connect with industry leaders, potential clients, or collaborators, expanding your reach and influence.

    20. LinkedIn learning coach, accelerate for marketing, and more

    LinkedIn is constantly rolling out new features like a Learning Coach and Accelerate for Marketing. Whether it’s recommending courses to enhance your skills or optimizing your marketing campaigns, these features offer actionable insights that can be instrumental in boosting your personal brand.

    Ready to boost your personal brand?

    Personal branding on LinkedIn is a dynamic, ongoing process that requires strategic use of the platform’s multifaceted features, as we discussed. And the most important factor here is undeniably the content you present. If you don’t know where to start, consider the expertise that an experienced design agency can bring in crafting impactful content to create a cohesive and compelling professional narrative.

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    Vikas Agrawal

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  • How Influencers Coupled With Ecommerce Can Impact Your Growth | Entrepreneur

    How Influencers Coupled With Ecommerce Can Impact Your Growth | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The digital revolution in ecommerce has brought forth numerous innovations, with the role of social media influencers standing out distinctly. These online mavens, each with distinct flair and following, are crafting a new narrative in online marketing. Central to this transformation is social commerce, an innovative strategy that weaves shopping into the tapestry of social media.

    Unpacking the phenomenon of social commerce

    Social commerce signals a paradigm shift in how consumers experience online shopping platforms. Rather than the traditional browsing and searching, it offers a richer, more engaged shopping journey. Modern consumers, especially those in the millennial and Gen Z demographics, are tightly intertwined with their social media accounts. Platforms like Instagram, TikTok and Facebook aren’t just for entertainment; they serve as lifestyle compasses, guiding users in everything from pop culture to shopping choices.

    In this digital landscape, influencers have carved a niche for themselves. Their content, genuine and relatable, shines bright amid the bombardment of traditional advertisements. When these influencers vouch for a product, it’s seen not as a sales pitch but as a sincere recommendation. Augmenting this is the allure of convenience that social commerce brings. The process is incredibly streamlined; one can spot a product on a post or story, swipe or click on it, and be led directly to an online checkout. The entire experience is swift, smooth, and satisfying.

    Related: 6 Essential Influencer-Marketing Truths Every E-Commerce Brand Should Know

    The inimitable role of influencers

    At the core of the social commerce machine are influencers. These individuals, with their varied followings, are more than just digital personalities; they’re pillars of modern marketing. Unlike celebrities who might endorse various products, influencers are selective, ensuring their endorsements often stem from personal experiences and align with their brand. This selective approach, combined with their domain-specific expertise, makes influencers trust magnets.

    For instance, a beauty influencer’s tips on skincare are valued because they’re backed by experience, while a tech influencer’s gadget review is awaited for its depth and authenticity. Additionally, influencers prioritize engagement. Their interactions aren’t limited to broadcasting content. They chat, conduct polls, share snippets of their lives, and create a shared digital space with their followers. This two-way communication fosters a bond, a digital kinship that’s deeply valued. Another feather in their cap is their expertise in visual content. In an age where visuals dominate, influencers, with their compelling images, videos and stories, hold their audience’s rapt attention.

    Related: 5 Ways to Identify Influencers Worth Your Brand’s Time and Money

    Strategic collaborations for mutual growth

    The collaboration between brands and influencers is multifaceted. There is sponsored content, where influencers create posts or videos infused with their personal experiences with products. While promoting, they ensure transparency, often tagging these as #ad or #sponsored. Then there’s affiliate marketing, a performance-centric approach where influencers reap rewards based on the sales generated via their unique links.

    Some collaborations transcend regular promotions. Think of a renowned beauty influencer launching a limited-edition product line with a major brand. Such initiatives blend the influencer’s personal brand with the product, promising authenticity and unparalleled quality. Beyond these, some brands envision a longer journey with influencers, turning them into brand ambassadors. This deep relationship ensures that the influencer becomes an enduring face and voice for the brand.

    Enduring impacts and considerations

    The synergy between brands and influencers leads to tangible benefits. Enhanced brand recall, exponential growth in sales and spikes in website traffic are common positive outcomes. On the trust front, influencers act as a bridge, lending their credibility to the brands they endorse. However, like all strategies, this one isn’t without pitfalls. Over-commercialization can dilute an influencer’s authenticity.

    Moreover, ensuring that the influencer’s personal brand aligns with the corporate brand is crucial. Then, there’s the challenge of measuring the intangibles. While metrics like clicks, views, and sales are straightforward, quantifying trust or brand perception remains nebulous. It’s also crucial to remember that influencer marketing isn’t an unregulated frontier. Clear guidelines, especially about disclosures, exist, and both brands and influencers must adhere to them to maintain credibility and avoid legal pitfalls.

    Related: How Nano Influencers With 1,000 Followers Are Making Big Money and Impact

    Conclusion

    The convergence of e-commerce with social media influencers creates a dynamic symphony of trust, engagement, and sales. For consumers, it offers a shopping experience that’s rich, trustworthy, and interactive. For brands, it’s a golden ticket to visibility and authenticity in a crowded digital marketplace. Looking ahead, with innovations on the horizon, this partnership promises to redefine the retail landscape further. In a rapidly evolving digital world, the bond between e-commerce platforms and influencers is beneficial and essential. They aren’t just changing the game – they’re crafting a new one for the next generation of online shopping.

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    Kartik Jobanputra

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  • Low-Cost Startup Ideas for Aspiring Entrepreneurs | Entrepreneur

    Low-Cost Startup Ideas for Aspiring Entrepreneurs | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    This story originally appeared on Under30CEO.com

    The entrepreneurial journey often begins with an idea, passion, and, quite frankly, a limited budget. While the digital age has ushered in numerous opportunities for aspiring business minds, capital remains a primary concern for many. But worry not because the current market landscape is brimming with low-cost startup ideas that promise substantial growth potential. Let’s delve into some of these exciting opportunities.

    Related: The Secret to Coming up With New Ideas

    Laying the Foundation: Business Setup Essentials

    Starting a business isn’t merely about having a unique product or service; it’s also about setting up a strong foundation that can support your entrepreneurial aspirations.

    Begin by drafting a clear business plan outlining your goals, target audience, and strategies. Proper licensing and understanding tax obligations are crucial. Depending on the nature of your business, invest in essential equipment without overburdening your budget.

    Additionally, consider setting up a dedicated workspace, even if it’s a home office, and embrace digital tools to streamline operations. Every element of your setup should reflect professionalism, preparing you for a prosperous entrepreneurial journey.

    Online Tutoring and Courses

    The global pandemic has cemented the importance and viability of online education. With a specific skill set, be it mathematics, coding, or even a musical instrument, entrepreneurs can establish online tutoring businesses.

    Related: This Retiree’s Yummy Hobby Is Now a Remote Side Hustle That Makes $250 an Hour: ‘I Attached My Bank Account And the Money Just Flowed Automatically’

    Platforms like Zoom or Skype can facilitate sessions while creating pre-recorded courses on sites like Udemy or Teachable can also generate passive income.

    Freelance Digital Services

    The gig economy is in full swing. Websites like Fiverr and Upwork offer platforms where skills like graphic design, writing, programming, and digital marketing can be monetized.

    Starting as a freelancer requires minimal initial investment—primarily just a computer and a stable internet connection.

    Handmade Crafts and Vintage Reselling

    Platforms like Etsy have made it feasible for artisans and crafters to reach a global audience. Whether it’s hand-made jewelry, bespoke clothing, or even vintage items, there’s a thriving market for unique and personalized products. Entrepreneurs can start small from their homes, scaling as demand increases.

    Related: Struggling to Come Up With Creative Ideas? Try Doing This.

    Dropshipping

    Traditional retail businesses often require significant capital for inventory. However, with a dropshipping model, entrepreneurs can set up online stores without holding any physical stock.

    When a customer orders, the product is directly shipped from a third-party supplier. This model reduces overhead costs, making it an attractive proposition for budding entrepreneurs.

    Consultancy Services

    For those with expertise in a particular industry or field, consultancy can be a lucrative avenue. Whether business strategies, financial planning, or even personal coaching, offering consultancy services requires a strong network and credibility.

    Building an online presence, perhaps with webinars or workshops, can further bolster the client base.

    Green Ventures

    The world is moving towards eco-friendlier choices, and businesses are no exception. From compostable goods to organic produce supply, there are many opportunities in the green market.

    Aspiring entrepreneurs can align their passions with sustainable solutions, fostering a business that’s not only profitable but also beneficial for the planet.

    Setting Sail on Your Business Voyage

    Diving into the entrepreneurial waters doesn’t always demand deep pockets. With the right idea, unwavering dedication, and a touch of innovation, small investments can transform into flourishing ventures.

    Remember, every grand business empire once started as an idea. Your bootstrap beginning might be the first chapter of an inspiring success story. So, gear up, research, plan, and embark on your entrepreneurial expedition.

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    Kimberly Zhang

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