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Tag: Business Plans

  • Why Every Business Leader Should Write a Book | Entrepreneur

    Why Every Business Leader Should Write a Book | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    From memoirs like Phil Knight’s Shoe Dog to leadership guides like Sheryl Sandberg’s Lean In, books have long been a powerful medium for executives to share their stories and wisdom. But in today’s noisy digital age, does authorship still matter for modern business leaders?

    The answer is a resounding yes. Here’s why every leader should make writing and publishing a book a priority.

    Related: 7 Books Every CEO Should Read

    Establish your thought leadership

    Publishing a business book has become a rite of passage for today’s foremost executives across every industry. It’s one of the most effective ways to demonstrate intellectual authority and cement your status as a thought leader.

    Writing a book lets you articulate your unique perspectives, business philosophies and life lessons. A book is a tangible artifact of your ideas that delivers lasting value to readers long after publication. Whether it’s leading a startup or a Fortune 500 firm, authoring a book provides an unparalleled way to define your leadership brand.

    Share your story

    Books allow leaders to share their origin stories and behind-the-scenes glimpses into pivotal moments. Vulnerable and personal stories connect with readers on a human level. Mixing anecdotes with practical lessons also makes teaching moments more resonant. A book provides the space to tell your journey – from early career struggles to the risks that fueled your success. Every leader has impactful life experiences worth capturing in print, which a book makes possible.

    Related: Harness the Power of Storytelling to Transform Your Business for the Better

    Spread your vision

    Business books give leaders a unique format to cast a vision and rally people behind it. Certain ideas require more nuance than a tweet, blog post or speech can provide. A book allows you to comprehensively articulate your philosophy and prescriptions around leadership, culture, innovation or any topic. Whether predicting future trends or detailing growth strategies, a book gives leaders the bandwidth to inspire action around their ideas. Put simply, books make messages stick.

    Attract top talent

    Your book can be a powerful recruitment tool to engage and hire world-class talent. It provides insight into your leadership style and company values. For candidates considering roles at your firm, reading your book is like getting a crash course straight from the CEO.

    They can discern whether your culture and philosophy resonate before stepping into the office. A book signals that you are invested in developing people. Top performers will find the care and forethought behind your book attractive.

    Related: How to Attract and Retain Top Talent

    Build your brand

    Authoring a book is a brand-building exercise that boosts your professional visibility and name recognition. A book gives you a product to promote across all your marketing channels. The content also fuels speaking engagements, podcast interviews and social media. Every touchpoint where someone engages your book spreads brand awareness. Over time, your book can make you synonymous with key ideas. Whether trying to attract investors, partners or media, a book strengthens your brand considerably.

    Leave a legacy

    Once a business leader departs, their tangible impact can fade quickly. A book, however, creates a lasting legacy that continues influencing people for generations. It serves as a formal record of your fundamental principles and achievements.

    Whether instructing others or reminiscing, your book remains a reference. Great entrepreneurs like Rockefeller and Disney still impact people through their biographies today. A book provides future leaders with enduring life lessons.

    Related: How to Leave Your Legacy, Help Others and Raise Your Authority

    The benefits for your business

    Beyond individual gains, a book also directly benefits your business in several ways:

    1. Credibility and PR. A book is a powerful credibility booster that generates buzz and media coverage for your company. Journalists rely on readers to inform their reporting. A book gives you a pre-researched resource to share with reporters. It’s also great fodder for landing speaking gigs and PR opportunities. Any publicity the book drives ultimately shines a positive light on your business.
    2. Lead generation. Your book can fuel a robust lead generation strategy. Using sections of the book or lessons within it as gated content offers in exchange for contact info is proven to attract qualified prospects. Books make ideal gifts to existing clients and high-value targets. They establish you as an authority worth paying attention to. Promoting your book is also a pillar for capturing speaking leads or advisory roles.
    3. Recruiting perk. A book can be a nice added perk to entice candidates during recruiting. Providing copies to finalists or new hires is a meaningful gesture. Your book enables them to hit the ground running by quickly getting up to speed on your leadership style and business principles. C-suite candidates, particularly, see your book as a strong indicator of your dedication to mentorship and developing future leaders.
    4. Culture ambassador. For organizations with thousands of employees across disparate locations, a book allows you to reinforce vision and values consistently. Your book encapsulates the culture you want to be embodied at scale. When distributed widely internally, it is an invaluable reference that keeps everyone rowing in one direction. New hires receive a clear artifact of the company’s ideals and history from day one.

    The book process

    Writing a book may seem daunting, but modern publishing options have made the process more accessible than ever:

    • Work with an experienced ghostwriter – They handle the writing based on your vision and interviews.
    • Use pre-orders to fund production – Cover upfront costs by pre-selling copies.
    • Start with a goal of 250 pages
    • Schedule 4 months to complete the manuscript
    • Hire a professional designer – Have a budget of around $1,000 for an eye-catching cover.
    • Self-publish and retain rights – Platforms like Amazon make this simple.
    • Launch with PR and events – Land media hits and plan release parties.

    The benefits demonstrate why authorship should be on every leader’s radar. But ultimately, a book allows you to impact people seeking wisdom on thriving in business and life. And there is no greater legacy.

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    Vikrant Shaurya

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  • 4 Companies Followed This Secret Formula. Now They’re Valued at $50 Million or More. | Entrepreneur

    4 Companies Followed This Secret Formula. Now They’re Valued at $50 Million or More. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    My 20 years in the Entrepreneurs’ Organization have provided me with a front-row seat to significant business creation and operational strategy. Of the hundreds of entrepreneurs I know, four Portland, Oregon-based leaders hit home runs and exited at company valuations of $50 million or more: the founders of Ruby Receptionists, Survey Monkey, Jive Software and DW Fritz Automation.

    Because I knew those companies very well, I wondered whether they all took similar actions to create that level of success. What did they have in common? Is there a formula other founders could follow to hit similar financial home runs?

    The answer is a resounding “yes.” The four founders who sold their companies for more than $50 million each did these four things:

    1. Created significant value for customers in a distinct way within their niche.
    2. Developed super-clear branding around their unique product.
    3. Created extremely robust company cultures.
    4. Timed their exits precisely to maximize company value.

    Each company created significant “enterprise value” — value inherent in the way it did business and its future earning potential. Aside from hard assets like cash or real estate, millions of dollars of value existed in their business models and operational expertise. As a result, serious buyers recognized that fact and paid generously for it. That is a rare distinction among small businesses.

    So how do you create a business with such obvious enterprise value that big buyers will pay millions for it?

    Replicate the following four “million-dollar ideas.” If you are able to implement even one successfully, by itself, it will create over $1 million in sales value for your company.

    Related: Are You Sitting on Top of a Million-Dollar Idea?

    1. Deliver a ton of value customers can’t readily get elsewhere

    I saw billionaire, James Williamson, interviewed on his private jet on YouTube. When asked how he became that rich, he didn’t hesitate: “Find a niche. Crush it. Deliver more value than anyone else.”

    All four companies identified a unique product or service that customers both needed and valued. Or, they delivered a more standard product with a tweak or in a way not readily available elsewhere.

    Here’s the key: Whatever your differentiators, your offering must be unique in three ways or more. Not just one or two — at least three.

    If your primary product is not totally distinct and unattainable elsewhere — like a restaurant or electrical contractor — you can develop your three uniques. Maybe it’s a better product, lower price, different delivery method, more intuitive interface, unusual spin, friendlier service or a more personalized, memorable brand. It must be essentially better than everything else and also distinct in (at least) three ways.

    Each of the four company product offerings was truly differentiated, and the company knew in what way — and pushed harder for further differentiation all day, every day.

    2. Develop crystal clear branding around your specific differentiation

    These companies knew what they were offering. They saw customers piling up and recognized why. Their marketing was clear about what they offered that others did not.

    Maybe more importantly, they knew what they were not — and each was most definitely not everything to everyone. Only certain customers were right for them, so they focused on those and forgot the rest, even if the rest was a considerable number. That is to say, they served a specific market segment and did it better than anyone else but left the rest of the market to others.

    Related: Beyond Logos and Colors — How to Create a Compelling Brand Identity

    3. Create a super strong culture focused on customer success

    These companies created cultures you could feel when you walked into their offices, like a personality unto itself. You knew it was something special and different. The people were happy, motivated and focused on driving the company forward.

    Each company’s core values were extremely focused. In all cases, half of the values concerned the customer and what the company was doing to benefit that customer. Things like “practice wowism” or “find a better way,” not just generic values like “trust.”

    Each team member was hired because they matched those values. All were clear on what the company was, where it was going and how they could help it get there. They personified the strategy of rowing in the same direction. In a fundamental sense, they were a “cult” focused on creating unique value for customers and success for each other and the company. Their energy level approached frenetic.

    4. Time your exit precisely to maximize sale value

    My observation on business exits: Timing makes all the difference. A company that can barely sell on contract for $1 million at one point in the cycle could garner $10 million all cash at another. At times, specific business types are hot and highly sought after; at other times, they’re not. There can also be a long time between peaks in the cycle. Because of that, timing the cycle — and, therefore, demand — is probably more important than your personal timing and plan. The two seldom line up perfectly. These four owners struck while the iron was hot.

    In all four cases, the companies sold to an entity that wanted to take the business to a higher level. One interesting note: Because of that, both historic actual profitability and cash flow were basically irrelevant. What the buyer thought they could do with the company in the future mattered most. They sold on what is known as “pro forma” value.

    Angel investors, private equity or venture capital groups bought three of the four companies. In all cases, when one group showed interest in buying them, the company solicited other groups (often through a broker). That generally increased the first buyer’s interest and ultimately enabled the entrepreneur to exit at a 30% to 100% higher price than if they had worked solely with the first buyer. The buyers then took the companies to new heights, either by going public or selling to a larger strategic buyer. One of the four companies sold directly to a larger strategic buyer.

    Even in their exits, the four shared significant commonalities.

    Related: When Should Business Owners Start Developing an Exit Plan? Here’s What You Need to Know.

    Devise the perfect setup to catch lightning in a bottle

    When I connected the dots between these four companies, it almost felt like being struck by lightning. I could not believe how common their trajectory was and, more importantly, how they got there. These four caught lightning in a bottle — and while some luck is always necessary, you can’t deny that their playbooks were quite similar and well-executed.

    If your company can implement any (or all) of these ideas to their fullest potential, you will create millions of dollars in enterprise value.

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    Barry Raber

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  • Why Empathy is Crucial to Your Success in the Business World | Entrepreneur

    Why Empathy is Crucial to Your Success in the Business World | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Empathy is the transformative force in business and life that allows leaders and managers to empower those around them. Beyond numbers and profits, understanding and connecting with others on an emotional level is a hallmark of exceptional leadership. This article delves into the power of empathy in the business arena — spotlighting its impact on leaders, teams and the legacy we all leave behind.

    The essence of empathy in leadership

    Empathy in leadership goes beyond just a soft skill; it’s a strategic imperative. As a manager, your interactions shape the team’s culture and morale. By understanding your employees’ feelings, needs, and perspectives, you forge connections that are the bedrock of trust and collaboration.

    Empathy is the cornerstone of a positive work environment. When leaders genuinely care about their team members’ well-being, it creates a culture of camaraderie. Employees feel valued and appreciated, resulting in increased job satisfaction, higher morale and reduced turnover. By acknowledging individual strengths and challenges, leaders can tailor their approach, empowering employees to thrive and contribute their best.

    Related: 3 Overarching Reasons Why People Quit Their Jobs — and How Employers Should Address Each One

    Effective communication and conflict resolution

    Empathy is a game-changer in communication. Leaders who listen actively and understand their team’s concerns can communicate clearly and tactfully. When conflicts arise, an empathetic approach promotes open dialogue, allowing conflict to be resolved constructively. This prevents issues from festering and maintains a harmonious work atmosphere.

    Related: 8 Great Tricks for Reading People’s Body Language

    Empathy and employee engagement

    Employee engagement is vital for productivity and innovation. Empathetic leaders foster engagement by recognizing employees as whole individuals with specific aspirations and needs. This recognition boosts motivation and encourages employees to invest their energy and creativity in their roles. Engaged teams are likelier to go the extra mile, driving overall performance and organizational success.

    Building trust and loyalty

    Trust is the currency of effective leadership. Empathy is the linchpin of trust-building, demonstrating that leaders genuinely care about their team’s success and well-being. Employees who perceive their leaders as empathetic are likelier to be loyal and dedicated. This loyalty translates to increased effort, reduced absenteeism, and a willingness to weather challenges together.

    Related: Why Do Your Customers Really Buy from You?

    Empathy in decision-making

    Empathy informs strategic decision-making. Leaders who understand the impact of their decisions on employees consider not only the bottom line but also the human aspect. This leads to conclusions that balance short-term gains with long-term sustainability. By incorporating empathy, leaders build a culture where decisions are ethical, considerate, and aligned with the organization’s values.

    Empathy’s ripple effect

    Empathy is contagious. When leaders embody compassion, their teams often emulate this behavior. This ripple effect extends to customer and client interactions, creating authentic connections that enhance customer loyalty and satisfaction. A company culture rooted in empathy can differentiate the organization in a competitive marketplace.

    Related: Why Empathetic Leadership Is More Important Than Ever

    Strategies for strengthening empathy

    Developing empathy requires active effort. We can start by actively listening to others without judgment, acknowledging their emotions, and trying to understand their perspective. We cultivate a culture where people feel seen, heard, and valued.

    1. Active listening: When someone speaks, truly listen without interrupting. Let their words unfold without immediately forming your response. This allows you to absorb the depth of what they’re sharing. Show you’re engaged through non-verbal cues like nodding or maintaining eye contact, indicating that you value their perspective and emotions.
    2. Walk in their shoes: Take a moment to imagine what it’s like to be in their situation. Consider the challenges they might be facing and the emotions they’re likely experiencing. This mental exercise helps you better understand their point of view and fosters a deeper connection.
    3. Open-ended questions: Encourage them to share more by asking open-ended questions. Instead of yes-or-no inquiries, ask questions that require thoughtful responses. This invites them to express themselves fully, helping you gain insights into their feelings and thoughts that you might not have uncovered otherwise.
    4. Set aside biases: Recognize your biases and preconceptions and consciously set them aside during the conversation. Approach the interaction with an open mind, allowing their emotions and perspective to take center stage. By letting go of judgments, you create a safe space for them to express themselves authentically.
    5. Engage in service: Engaging in acts of kindness or volunteering exposes you to diverse experiences and backgrounds. This exposure broadens your understanding of the challenges people face and the emotions they navigate. Being part of a more significant community effort allows you to connect with individuals whose stories may differ from yours.

    Empathy emerges as a fundamental trait that elevates leaders beyond managerial roles. As a leader, nurturing compassion creates a positive work environment, boosts engagement, fosters effective communication, and builds trust. It’s a catalyst that transforms workplaces into thriving ecosystems where individuals feel valued and empowered. By recognizing the transformative power of empathy, leaders shape organizations that achieve financial success and leave a lasting, positive impact on their employees and the world at large.

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    Ryan McGrath

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  • How to Prioritize Mental Health in the Workplace | Entrepreneur

    How to Prioritize Mental Health in the Workplace | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    How much do you consider mental health in your overall well-being? Many business owners sacrifice their own emotional stability and personal satisfaction for what they believe to be the greater good of the organizations they run. Or they are too lost in all the noise of operating and growing a company even to consider self-care. But there is no rulebook out there that states business owners can’t have a thriving business and a healthy mind. It is all about positive psychology.

    Positive psychology is the scientific study of human flourishing. It focuses on factors like hope, happiness and optimism. Positive psychology is a proactive approach to mental health, not unlike wellness, which is to physical health. We often see a doctor when we feel sick or experience the onset of a disease, which is a reactive approach to physical health.

    A more proactive approach is to adopt the kind of healthy lifestyle choices that reduce our chances of getting sick in the first place. The same thing applies to mental health. We might see a therapist if we are in the throes of a mental health crisis, but it would surely be preferable to take a proactive approach to avoid a psychological emergency in the first place.

    Dr. Martin Seligman is an American psychologist and leading researcher widely considered the “father of positive psychology.” Seligman coined the term PERMA, an acronym that represents what he asserts are the five essential elements of mental health: Positive Emotions, Engagement, Relationships, Meaning and Accomplishment. The concept of PERMA is intriguing, specifically as it relates to the business owner’s emotional journey and mental health.

    Applying the concepts of PERMA to ourselves as business leaders is a great step in the right direction. Then, fostering opportunities to advance the PERMA ideology throughout your organization can dramatically enhance your company culture. I mean, who doesn’t want a team of emotionally healthy, mentally prosperous and happy people working for them?

    Let’s consider the facets of PERMA and how business owners can apply them to foster positive psychology throughout their organizations.

    Related: 5 Reasons We Should Make Our Health a Priority Over Our Business

    P — Positive emotions

    Not to be confused with happiness, positive emotions include personal feelings of love, joy and hope, among others. Seligman posits that our thoughts and actions improve when we cultivate and integrate positive emotions into our lives.

    First, focus on creating a culture of gratitude to help infuse positive emotions in your business. Recognize and celebrate achievements. Encourage your team to find joy in the work they do and in their interactions with others.

    Related: How Positivity Makes You Healthy and Successful

    E — Engagement

    Engagement is our ability to achieve a desirable state of flow in which we ditch our self-consciousness and allow ourselves to be absorbed in something we enjoy. It is about being substantively present in the moment rather than focusing on the mental baggage of the past or anxiety for the future.

    In your leadership role, provide employees growth and career development opportunities that encourage mastery, such as mentorship programs or advanced skills workshops. Implement ways to instill active involvement, autonomy and personal decision-making in the roles of every employee.

    R – Relationships

    We all know that deep, meaningful relationships with others are vital to our well-being. Seligman says that humans are inherently social creatures who thrive on feeling valued and supported by others. These social interactions may also stave off cognitive decline and physical health issues.

    As a business owner, be an active listener, reinforcing the importance of strong interpersonal relationships throughout your organization. Create opportunities for team bonding and collaboration.

    Related: How to Build a Positive Relationship With Your Boss and Colleagues

    M – Meaning

    Having meaning in our lives adds purpose and value to our actions. It is that connection with something bigger than ourselves. A sense of meaning might come from the business one runs, the causes one supports or one’s spiritual beliefs. Meaning increases personal satisfaction in our daily lives.

    Ensure your company mission and vision are meaningful to your team. Create in-house opportunities for employees to contribute to the causes they care about. Let your people know how important they are to the success of your business.

    Related: 3 Ways to Help Employees Combat Burnout and Create More Balance

    A – Accomplishment

    Being successful at the things we do can dramatically enhance our mental well-being. Accomplishment refers to the final product and the orchestration, mastery and self-motivation that propels a person to achieve great things.

    To support a culture of accomplishment in your business, set clear and attainable SMART goals for employees, departments and the organization. Celebrate big achievements, as well as little wins along the way. Understand that setbacks are often catalysts for growth, so provide constructive feedback when employees fall short of expectations.

    Proactively incorporating positive psychology and infusing the tenets of PERMA throughout your business can lead to a healthier, happier and more meaningful existence for you and your entire team.

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    Jason Zickerman

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  • Why Your Favorite Hobby Shouldn’t Be Your Next Business Idea | Entrepreneur

    Why Your Favorite Hobby Shouldn’t Be Your Next Business Idea | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    If you’re interested in franchise or business ownership and you’re in the beginning stages of researching what kind of business matches your entrepreneurial goals, the options available can be overwhelming. After all, 20% of new businesses fail in the first two years of being open, 45% during the first five years and 65% during the first 10 years, according to the U.S. Bureau of Labor Statistics. Additionally, franchises exist in nearly every service industry, and there are more than 3,000 registered franchise brands across the United States.

    Because franchise and business ownership can run the gamut in terms of products and services sold, it isn’t uncommon for candidates to consider hobbies that already interest them when producing ideas for a future company. However, it’s important to understand that sometimes, hobbies and businesses don’t mix well.

    For example, let’s consider a hypothetical business owner candidate. Let’s call him “Phil.” One of Phil’s favorite pastimes is to hit the green for a round of golf. Since golf is already a longstanding interest, Phil is inclined to consider a franchise that sells a variety of golfing products: clubs, balls, tees, clothing, etc. However, before long, Phil’s working hours are consumed with all things golf, and his work days are filled with balance sheets, sales reports and expenses for golf products. Suddenly, escaping to play a few holes on the weekend isn’t the break away from work it once was.

    When a favorite hobby becomes synonymous with work, you find yourself in a lose-lose situation. To avoid this overlap, examine the following three tips below for considering possible options.

    Related: Mark Cuban Says “Follow Your Passion” Is the Worst Career Advice You Can Get. Here’s Why.

    1. Separate your personal hobbies from your business

    Rarely can a person spend their leisure time and work time focused on the same thing. It’s basic Business 101 to diversify your investments, and a business is a large investment of your time, energy and money — so why would you keep all your eggs in one basket? Best practice: Separate your personal hobbies from your business.

    Like Phil, you probably have a hobby or interest that helps you unwind after a long week. However, for a business to maintain longevity, sustainability is the name of the game. So take a moment to consider your hobbies, and rather than focusing on the hobby itself, take a look at the services that support that hobby.

    If we take our friend Phil, rather than a golf store, maybe he selects a franchise of dry cleaning stores, hair salons or group fitness studios that service a community with fellow golf lovers. Another option might be a B2B franchise in which Phil doesn’t perform the services himself but is client-facing and responsible for relationship-building by taking prospective clients out to the green for an afternoon. Either of these options supports his entrepreneurial goals while maintaining his favorite pastime.

    2. Be passionate about owning your business, not passionate about the widget

    Being a business owner means having more control over your life in so many ways. The top motivators for an individual to become a business owner are autonomy, more flexibility, more purpose/meaning and financial security.

    These benefits of business ownership and their ability to support yourself, your family or other financial and non-financial obligations outweigh the appeal of selling a specific product or service.

    Building on the previous tip, a way to avoid misalignment between the product or service you are selling and the overall vision of the business is to focus on bird’s eye metrics of success. For example, owning a chain of cleaning stores might not be your dinner party small talk highlight that “golfing” might be, but who’s hosting the dinner?

    Prioritize long-term goals over what sounds cool to sell — a.k.a. be passionate about owning a business and all the benefits that come from that, rather than being passionate about a specific widget you sell.

    Related: Why You Should Stop Trying to ‘Find Your Passion’

    3. Your business should match a lasting market

    A common misconception about franchises in particular is that they are all centered around the fast-food industry. This makes sense: Everyone eats multiple times per day, hence a stable and recurring consumer base. However, any company that can benefit from proper branding, repeatable processes and continuing product or service evolvement is a candidate to be franchised. While it’s true that there are a number of successful restaurant-style franchises, there are so many other options that fall into the “service-based” franchise bucket.

    In today’s business world, particularly with a younger generation of consumers, experiences are valued over material items. To support these experiences, a number of non-flashy but necessary service industry tasks are essential. What is a service that you use on a recurring basis that is not centered around food? Clean clothes perhaps? Monthly haircuts? Consistent trips to the gym? Phil would agree.

    If there is a recurring customer need, then there is likely a franchise that is seeking to capitalize on that customer need.

    At the end of the day, hobbies are a great place to start for brainstorming purposes, but think outside the box and ask yourself: What tangential services support your hobby or other hobbies that are similar in nature? Before long, you’ll have a list of services, and, to bury the lead, I guarantee there will be multiple franchises for you to consider associated with those services.

    So remember these three key takeaways when considering business ownership: First, hobbies and business are best kept separate. Second, owning a successful business is the goal (not selling a specific product/service). Third, set yourself up for success by selecting a business that has a strong base of perpetually recurring customers.

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    David Busker

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  • How to Use Buy with Prime to Benefit Your Brand and Customers | Entrepreneur

    How to Use Buy with Prime to Benefit Your Brand and Customers | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Amazon Prime has become associated with a level of consistency and dependability. It’s a brand over 200 million subscribers trust globally. Ecommerce sellers can tap into that subscriber base by adding Amazon’s Buy with Prime service into their websites’ checkout process.

    All the customer has to do is log in to their Amazon Prime account and all their payment and shipping information are available. Amazon says that Buy with Prime’s ease of use, free shipping and familiar checkout experience have increased shopper conversion by 25% on average. If you’re a brand, that’s conversion on your website.

    When a customer buys your brand’s product on Amazon, they’re Amazon’s customer. It’s hard to get around that — especially when tapping into Amazon marketing capabilities like Amazon DSP — you’re targeting Amazon customers on Amazon. Anyone using Buy with Prime is still your customer. By the time a customer gets to that checkout option, they will have interacted with your brand’s marketing funnel and website, but they get the convenience of Prime to boost their experience.

    Related: Amazon Just Updated A Service That Will Make Shopping Even Easier for Prime Lovers

    Buy with Prime merchants can also showcase reviews from Amazon. If your brand has a positive following on Amazon, it’s easy to tap into that consumer trust. Online shoppers depend on reviews when making their decision, and seeing reviews from both Amazon and your website helps to clinch that conversion.

    This is most useful for brands with an established Amazon presence, especially because of fulfillment. For Buy with Prime to work, you must have inventory in Amazon fulfillment centers. When Buy with Prime was first rolled out in 2022, it was only available to Fulfillment by Amazon (FBA) businesses by invitation only. Now any third-party merchant can use it — as long as they “pay for what they use, and all fees, except for those incurred for storage, are charged only after merchants make a sale,” Amazon notes in a FAQ section on the Buy with Prime page.

    For those prices, Amazon will deliver on delivery. Amazon has been bolstering its delivery process using artificial intelligence and “regionalization,” keeping inventory in areas closer to customers. Online shoppers prefer value over speed when it comes to delivery. In a survey, shipping cost was found to be 2.85 times more important than shipping speed. If they are already Prime subscribers, not having to pay for additional shipping along with fast delivery reads as the ultimate value—value that becomes associated with your brand.

    Overall, Buy with Prime integration is relatively easy, with minimal code to be added to your brand’s website, even if you use ecommerce platforms like Shopify. Sellers can choose which items are Buy with Prime compatible and their pricing. You can create bundles with higher price points, even varying from your prices on Amazon. Your website must have Amazon Pay integrated for Buy with Prime to work, though.

    Related: How Amazon Got Americans to Spend $12.7 Billion in 2 Days Without Lifting a Finger

    Buy with Prime does come with some endorsed integrations. No code is necessary for integration if sellers use a BigCommerce website. BigCommerce sellers can automatically sync their catalog across platforms and monitor orders and returns. If you’re a Klaviyo user, Buy with Prime also comes with integration for syncing purchase data to reach customers with targeted messaging. Klaviyo will allow you to reengage shoppers, encouraging Prime members to return and complete checkout using Buy with Prime on your site.

    Your brand gets access to the shopper information, including name, email address, shipping address and phone number. Amazon will also get that customer data about Prime, but they won’t get any data concerning your non-Prime orders on your site.

    Related: Amazon Slashes Dozens of In-House Brands. Did Your Favorite Line Get Cut?

    At my company, ChannelOp, I love to see brands excel using Amazon’s tools to boost their brand. Amazon’s greatest strength comes from having a diversity of sellers in its marketplace. However, there are sometimes disparities between how inventory moves on Amazon and its websites. We’ve found that when certain products sell well on a brand’s website and not on Amazon, Buy with Prime can move that Amazon inventory. It’s just another tool in your brand’s toolbelt.

    I do look forward to improvements from Amazon on these tools. One feature I hope to see is a Buy with Prime basket. Currently, it’s a single-unit checkout process, limiting online shoppers to single transactions. The margin will increase if three products can sit in a checkout basket instead of just one.

    I hope to see more brands tap into online shoppers’ trust in Amazon Prime. Whether you’re already a Fulfillment By Amazon business or a third party, Buy with Prime adds value to your customer’s journey.

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    Tyler Metcalf

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  • 5 Ways Startups Can Increase Their Visibility | Entrepreneur

    5 Ways Startups Can Increase Their Visibility | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    During the recent pandemic, many startups had to rethink their business models. In some cases, this meant refocusing on their core business and determining how well they served customer needs. In other cases, startups had to change their business models completely to succeed.

    Now that the world is back to normal, I recommend that startups place a new urgency behind becoming more visible and keeping their momentum going. Methods to do so include attending or speaking at events, competing in startup competitions and establishing new customer or partner relationships. Taking advantage of such opportunities will help startups emerge stronger than ever before from the pandemic.

    1. Target the right events

    Around the world, I see event organizers switching from virtual events to hosting in-person events. I recommend that startups take advantage of this opportunity to increase their visibility. Startups can research which events are the most relevant based on event themes and the typical attendee profile. At technology and business events, attendees often include corporate executives, other startups, potential partners and customers and investors. Most events publish in-depth profiles of their attendees, so startups can study these ahead of time and determine which events are the best fit.

    Before any event, take advantage of event websites and apps to see who is attending. This allows you to reach out to set up networking meetings ahead of time. Journalists often attend business and technology events, so there’s a good chance that startups can meet them and ideally set up press interviews.

    Related: 5 Ways to Make Journalists Actually Want to Publish Your Brand’s Stories

    2. Compete to promote your startup

    I also recommend that startups consider competing in startup competitions to raise the visibility of the business and its founders. Even if you don’t win, you get to pitch your business, fine-tune your elevator pitch and network with attendees – including other competitors, judges, investors and journalists.

    Typical opportunities include:

    • Business plan competitions are offered by MBA programs, which offer startups with a connection to the school to present their business plans and compete to win.
    • Pitch competitions are offered by leading technology events around the world, such as Collision, Web Summit, Startup Grind and The Next Web. Startups who compete typically take the stage to pitch their ideas in front of the event audience.
    • Startup competitions allow startups to compete on a local, regional, national or international basis. At the Startup World Cup, for example, startups compete at 70+ regional competitions worldwide. The grand finale winner earns a $1 million investment prize.

    Related: 8 Business Titans Reveal the Best Social Media Tactics to Promote Your Company

    3. Build new relationships

    While virtual meetings have their place, there’s nothing like meeting in person to build genuine, long-term relationships. Forbes Insights reports that 85% of people reported building stronger, more meaningful business relationships with people they’ve met face-to-face. When I attend events and competitions, I often meet influential people from different walks of life that I would otherwise not meet. Startups should take advantage of such opportunities and either ask for introductions or just introduce themselves. My business relationships with partners, startups, portfolio companies and journalists started with a casual introduction and in-person meeting.

    4. Publish thought leadership content

    Another good way startups can increase their visibility is by publishing thought leadership content. I often advise startup founders to write about what they know – whether about new technologies, business trends or leadership advice. This allows the author to establish themselves as an expert in one or more topics. The press might notice such content, and it often opens the door to new business relationships.

    Research shows that thought leadership works. In fact, 88 % of decision-makers surveyed by Edelman and LinkedIn think that thought leadership effectively improves their perceptions of an organization. Business-to-business decision-makers said that high-quality thought leadership strengthens a company’s reputation and positively impacts requests for proposal invitations, wins, pricing and cross-selling that occurs post-sale.

    Writing thought leadership content can take different forms. The most straightforward method is to write an article on LinkedIn, populate social media or use a self-publishing channel. Experts can also submit their articles to local, regional or national publications that accept contributed content. Doing so will help a startup founder share his or her expertise without generating news, which is typically required to get press coverage. Thought leadership content goes beyond articles. On the technical side, startup founders — or other experts, including chief technology articles — can publish technical articles or research findings. On the creative side, entrepreneurs can create short-form videos that demonstrate their expertise while entertaining the audience.

    Related: So You Want to Be a Thought Leader? Here are 5 Steps to Take

    5. Continue your momentum

    Now that it’s possible to meet people in person and attend live events, I recommend that startups work hard to increase their visibility and maintain their business momentum. Don’t sit back and hope that business will come to you. Put yourself out there and take advantage of opportunities to attend events, network, compete and build new relationships. Each can help startups grow more quickly, enabling them to capitalize on their innovative ideas and ultimately make the world a better place.

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    Anis Uzzaman

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  • How to Successfully Launch a Product in Under 90 Days | Entrepreneur

    How to Successfully Launch a Product in Under 90 Days | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    SaaS continues to expand at record rates, with SaaS growth at 11.7% CAGR and fintech, also mainly cloud-based, growing at a similar velocity at 11%. But most SaaS startups will fail for a variety of reasons, including poor go-to-market (GTM) strategy. I’m on a mission to change that.

    Why? Because I’ve spent 15 years working with companies struggling to land their messaging, make an impact in the market and drive consistent expansion. In a terrifyingly titled McKinsey report, “Grow Fast or Die Slow,” the authors outline that even at 20% annual growth, 92% of SaaS companies will cease existence within a few years. Fast, sustainable growth is everything. The sooner, the better.

    In my experience, B2B and B2C SaaS, fintech and services teams, from startup to enterprise, often suffer the problems mentioned earlier at different scales. There’s also too much noise and bad advice for early-stage and less confident founders; VCs tell them to go and sell their product, which is fundamentally the right strategy, but there’s no context or value beyond that.

    It should seem obvious that companies need solid foundations to enable long-term growth and stability. Still, time and again, I see founders bypass this (admittedly hard) work in the scramble to get to market — only to find themselves back at square one, needing our help reorienting the ship. So, how do you get it right?

    Related: How to Build a Go-to-Market Strategy That Prevents Risk

    Your GTM strategy should be based on assessment, research, ideas, strategy and execution (ARISE)

    Start by assessing. Look at what you’ve done to date, and use that as a basis for change. For instance, analyze your website performance, your content. What’s resonating? What isn’t? Where are you losing your audience? Dig into your product, from retention rates to average lifetime value (ALV). Measure your onboarding effectiveness — where could you refine it? How can you measure its impact?

    Next up is research, which includes competitive analysis, customer feedback and market sizing. To set a north star, you must set a user or buyer hypothesis and find people to interview even without customers. Wynter and Respondent spring to mind as platforms for this research.

    Ideas — the creative element. Here, you focus on jobs to be done, your value proposition, storytelling and messaging and the service design framework. Understand the typical things your intended or current buyer/user does without your platform, and use that to understand where your solution picks up the heaviest load for that buyer. You must change their world. Use that insight as part of your external communications.

    Strategy — by now, you’ve done a lot to organize your platform for GTM readiness, but here the work starts in earnest: goal and objective setting, content planning, personas and segmentation, keyword research, website strategy, sales enablement strategy (you don’t want to wait on this one in particular), asset management, paid marketing, reporting, analytics and your CRM.

    Related: How to Nail a Successful Product Launch

    Your CRM is key to success (and a 360-degree view of your customer)

    I’m a fan of HubSpot to enable the strategy, execution and operationalization of this approach. Not only because of the capacity of the platform but because early-stage tech companies can often achieve significant discounts via the HubSpot for startups program or their VC/angel investors. This allows business leaders to align their growth goals from go-to-market into full-blown revenue operations down the line.

    Finally, you move to execution. All of the research and prep done in the previous stages come together, and now you can go live. We’ve seen B2B services teams closing their first deals in under two weeks, with an active pipeline in under a month. By this, we mean a mix of closed won, closed lost and open sales.

    I believe growth should be programmatic in the sense that a business needs stages of development to achieve growth, clarify the chaos and work with the best business practice — that is, all teams operating on a single source of customer data.

    Founders take note: Predictability is a good thing. A systemized, repeatable and scalable framework with proven results is the pinnacle for early and mid-stage tech firms.

    Related: 6 Key Things to Consider When Bringing a Product to Market

    The power of review — this is not a one-and-done process

    The main assumption of go-to-market is that once you’ve done it — it’s done. But as your offering matures (i.e., new features or fresh products in your tech stack), who buys from you and how you solve for those buyers may change. Therefore, you have a compelling reason to revisit positioning, messaging and personas periodically in order to keep scaling results.

    We prefer the above approach, and to keep companies aligned to regular review, we set them up for success on HubSpot by building an ARISE framework into the platform. This enables founders and marketers to assign and track progress.

    If you want to successfully launch a product in under 90 days, this framework has proven successful amongst the businesses that we work with. It’s not for the faint of heart; it’s for leaders who understand that strong positioning and messaging, combined with a robust sales strategy supported by comprehensive onboarding will allow you to retain and expand revenue from the outset. Plus, you develop a culture of testing and development. No slow deaths here.

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    Paul Sullivan

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  • Drew Brees: From Football to Franchising | Entrepreneur

    Drew Brees: From Football to Franchising | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In this captivating podcast episode, hosted by Jeff Fenster, founder and CEO of Everbowl, former NFL quarterback Drew Brees shares his remarkable transition from the football field to the world of entrepreneurship. The conversation between these two accomplished individuals offers a unique blend of insights from both the host and the guest, adding credibility and depth to the discussion.

    Jeff Fenster, a highly successful entrepreneur himself, brings his expertise and experience to the table as the host of the podcast. As the founder and CEO of Everbowl, a fast-casual restaurant chain specializing in superfood bowls, Fenster has demonstrated his ability to identify market opportunities and build a thriving business. His entrepreneurial journey serves as a testament to his knowledge and understanding of the challenges and triumphs that come with building a successful brand.

    Fenster’s entrepreneurial journey began with a vision to create a healthy and delicious dining option that would cater to the growing demand for nutritious food. With a passion for health and wellness, Fenster recognized the need for a fast-casual restaurant that offered nutrient-rich meals without compromising on taste. This realization led to the birth of Everbowl, a concept that has since gained popularity and expanded to multiple locations.

    As the founder and CEO of Everbowl, Fenster has been instrumental in shaping the brand’s identity and driving its growth. His hands-on approach and commitment to quality have earned him a reputation as a respected figure in the restaurant industry. Fenster’s ability to identify market trends, adapt to changing consumer preferences, and build a strong brand presence has been key to Everbowl’s success.

    On the other side of the conversation, Drew Brees, a legendary NFL quarterback, brings his own credibility and expertise to the discussion. With a career spanning two decades, Brees is widely regarded as one of the greatest quarterbacks in NFL history. His accomplishments on the football field, including a Super Bowl victory and numerous records, have solidified his status as a respected and admired figure in the sports world.

    Beyond his football career, Brees has also made a name for himself in the business world. As a franchisee for Jimmy John’s sandwiches and an investor in various other ventures, Brees has demonstrated his entrepreneurial acumen and ability to navigate the complexities of the business landscape. His experiences as a franchise owner and his commitment to authenticity in his business ventures further enhance his credibility as a successful entrepreneur.

    Brees’ journey into entrepreneurship began with his foray into the world of franchising. As a franchisee for Jimmy John’s, Brees gained firsthand experience in running a business and managing a team. This experience sparked his interest in franchising and opened his eyes to the possibilities that lay beyond the football field. Brees recognized the value of aligning himself with established brands that shared his values and resonated with his personal brand.

    Brees’ commitment to authenticity has been a guiding principle in his entrepreneurial endeavors. He understands the importance of staying true to oneself and maintaining unwavering integrity in business. This commitment not only ensures a genuine connection with his business ventures but also helps build trust and loyalty among his customers. Brees believes that authenticity is the key to building a successful and sustainable business.

    But what sets Brees apart is his ability to find love in difficult situations. He fearlessly opens up about his personal encounters with failure and adversity, emphasizing the importance of resilience in overcoming challenges. Brees firmly believes that setbacks are not the end of the road but rather stepping stones to success. He encourages aspiring entrepreneurs to embrace failure, learn from it, and use it as fuel to propel themselves forward. By reframing challenges as opportunities for growth, entrepreneurs can approach difficult situations with a positive mindset, unearthing the hidden gems within every setback.

    Brees’ experiences as a franchisee have also highlighted the value of the franchise community. He recognizes the wealth of knowledge and support it offers. Brees cherishes the opportunity to learn from fellow franchise owners, understanding the power of collaboration and shared experiences.

    The franchise community provides a vibrant platform for entrepreneurs to connect, exchange ideas, and gain invaluable insights from others who have walked a similar path. Brees’ experiences underscore the importance of building relationships and leveraging the wisdom of others in the pursuit of success.

    In addition to his franchise ventures, Brees has also found success in expanding his Everbowl locations. Everbowl, a fast-casual restaurant chain specializing in superfood bowls, aligns with Brees’ commitment to health and wellness. Through his involvement with Everbowl, Brees has not only expanded his business portfolio but also contributed to promoting a healthy lifestyle among his customers. This expansion showcases Brees’ ability to identify opportunities that align with his personal values and leverage his platform to make a positive impact.

    Brees’ journey into entrepreneurship is a testament to the power of setting goals and embracing challenges. He emphasizes the importance of having a clear vision and working tirelessly to achieve it. Brees’ relentless pursuit of excellence on the football field has seamlessly translated into his business endeavors. He believes that the same principles of discipline, hard work, and dedication that propelled him to success in football are equally applicable in the world of entrepreneurship.

    As Brees reflects on his journey, he acknowledges the lessons learned from both successes and failures. He understands that failure is not a reflection of one’s worth but rather an opportunity for growth and improvement. Brees encourages entrepreneurs to embrace failure as a stepping stone to success, reminding them that even the greatest achievements are often preceded by numerous setbacks.

    In conclusion, Drew Brees’ journey from the gridiron to the boardroom is a captivating tale that offers invaluable insights for aspiring entrepreneurs. His entrepreneurial mindset, emphasis on authenticity, unwavering resilience, and commitment to personal values serve as a beacon of inspiration. Brees’ unwavering belief in finding love in difficult situations and his deep appreciation for the franchise community further underscore the importance of resilience, collaboration, and continuous learning in the entrepreneurial journey.

    As entrepreneurs navigate their own paths, they can draw inspiration from Brees’ experiences and apply his insights to their own ventures. By embracing challenges, staying true to their values, and seeking support from the vibrant community, entrepreneurs can conquer obstacles and achieve their loftiest goals. So, gear up, embrace the unknown, and let Drew Brees’ entrepreneurial spirit guide you to victory in the game of business.

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    Jeff Fenster

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  • 7 Things to Know Before Launching a New Media Company | Entrepreneur

    7 Things to Know Before Launching a New Media Company | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    From sports streaming and YouTube video series to satellite radio and podcasting, the media industry now offers a vast and exciting landscape for entrepreneurs aiming to make a mark. And with the meteoric rise of digital platforms, content consumption is at an all-time high, resulting in more opportunities than ever to launch a media company, cultivate brand resonance and realize your vision.

    Yet, while a broad and dynamic media landscape brings a wealth of opportunity, it can also be highly competitive and often unpredictable. And to succeed in this rapidly evolving, often cutthroat environment, aspiring media entrepreneurs must come prepared, armed with knowledge and a creative vision and a deep understanding of trends, innovations and, ultimately, the target audience.

    Here are a few insights and practical tips for navigating the launch of a new media company and building a brand that stands out and connects over the long term.

    1. Establish your unique voice and niche early

    Having a unique and compelling voice is critical in a sea of content creators. Regardless of the format, building a successful, attention-grabbing media brand — something distinct, captivating and profitable — starts with uncovering your brand’s identity and value proposition and doing so early in the process.

    This means identifying what sets you apart from the competition and pinpointing your niche in the market. Whether you’re delivering thought-provoking documentaries, producing witty podcasts, or curating compelling lifestyle content, carving out a distinctive space will attract a loyal audience, especially those seeking something different.

    Related: 8 Tips That Will Help Your Storytelling Deliver

    2. Thorough market research is your foundation

    Before diving headfirst into your media venture, take time to conduct thorough research on the market and where it’s headed. Get to know the trends, gaps, and demands in your chosen niche, and don’t forget to analyze your target’s habits and pain points along the way.

    Arming yourself with this insight allows you to tailor your content to better meet your audience’s needs right out of the gate and position your media company for success beyond the initial startup stage.

    3. Embrace the digital

    The digital ecosystem is everywhere, offering a vast playground for aspiring media entrepreneurs of all stripes. Whatever your focus, embracing those dynamics is key to creating a relevant media enterprise and cultivating the strong online presence needed to connect with audiences across various platforms.

    From social media channels like Twitter and Instagram to video streaming services and podcast networks, always aim to diversify your content distribution and engage with your audience where they are most active. Be proactive and bring your brand to the audience.

    4. Don’t compromise on quality

    In the media industry, there’s no way around it: content is king. Delivering high-quality content that resonates with your audience is non-negotiable. Focus on storytelling, accuracy and authenticity in your content creation process. Embrace creativity and innovation to craft engaging experiences that captivate your audience’s attention.

    Remember, it’s quality content that drives organic growth. When viewers consume content they value and enjoy, they share it with their networks, providing a potentially powerful boost to your reach and brand impact.

    Related: How to Create a Brand Narrative That Inspires and Engages Your Audience

    5. Monetize strategically

    Monetization is an essential aspect of building a sustainable media business. Exploring diverse revenue streams that align with your audience and brand can provide a pillar of support that strengthens your brand and your bottom line.

    Traditional advertising and sponsorships tend to be viable options, but you might also consider subscription models, premium content offerings, events and merchandise sales. A well-balanced and strategic approach to monetization can provide your media company the financial stability needed to navigate challenges and, ideally, thrive.

    6. Harness the power of analytics

    In a competitive digital media market, data is often the lifeblood of any media company. Utilizing robust data analytics tools provides critical insights into audience behavior, content performance and market trends; they can also help you make more informed decisions, particularly when refining your content strategy and creating more personalized experiences for your audience.

    7. Cultivate brand advocacy

    Building a community around your media company is crucial for fostering brand loyalty and advocacy. Engage with your audience across social media platforms, respond to comments and actively listen to feedback. Encourage audience participation and create opportunities for user-generated content. A strong sense of community will turn viewers and listeners into devoted brand advocates, promoting your content organically.

    Launching a new media company can be an exhilarating journey, complete with amazing opportunities and no end of challenges. To succeed in such a competitive landscape, you must build your new venture on a solid foundation, supported by such vital pillars as a distinct and compelling voice, market research, digital diversification, value-driven content, a strong monetization strategy, data analytics and more.

    As an entrepreneur in the media industry, continuous learning and adaptability are vital. Stay attuned to industry trends and evolving consumer behaviors. Be prepared to pivot your strategies when necessary and remain passionate about your vision. By following these practical tips, you’re taking a critical first step on your media entrepreneurship journey, building a thriving media company that resonates with audiences and leaves a lasting impact on the world of content creation.

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    Eric Weinberger

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  • Amazon is Rightsizing, But What Does That Mean for FBA Brands? | Entrepreneur

    Amazon is Rightsizing, But What Does That Mean for FBA Brands? | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In 2021, Wall Street and private equity firms invested 12 billion dollars in startups consolidating popular brands sold on Amazon. These aggregators of brands seemed like they would be the next big thing. By 2022, that number had risen to 16 billion dollars in capital raised. It was a “cool” time to be in ecommerce.

    The tone around aggregators has begun to shift, though, as it’s difficult to maintain this kind of growth non-stop. These aggregators are now aggregating themselves as rising interest rates and sinking online demand change the mood.

    Thrashio is the largest aggregator in the spotlight, notoriously the first unicorn aggregator. It raised billions and bought hundreds of brands selling on Amazon. This reorganization was an indicator of an industry rightsizing — aggregator growing pains. Amazon seller acquisitions declined in 2022 but didn’t stop completely. Strategic players, such as holding companies and private equity funds, continued to buy, but most Amazon aggregators saw the writing on the wall: the gold rush was over.

    Every aggregator is different, but generally, their funding takes the form of one part equity and three parts debt. The debt was used for acquiring Amazon sellers, while the equity expanded the aggregator’s operations. As the initial loan covenants prevented aggregators from selling assets below a set amount, they have to be revised for these new deals and acquisitions.

    Related: How Amazon Got Americans to Spend $12.7 Billion in 2 Days Without Lifting a Finger

    Aggregator giants like Thrashio, SellerX Group and Razor Group are shoring up for uncertain times. Capital isn’t flowing like it was in 2020; the threat of recession is right around the corner. If you’re wondering why these large mergers are happening now, the key to understanding it all lies in the special recession we’re having— a rolling recession.

    As Loyola Marymount University economics professor Sung Won Sohn identified, we aren’t seeing the economy-wide recession many were expecting. Instead, it affects industries and sectors in waves. According to Sohn, the Federal banks’ transparency in its rate-hike campaign and general access to information online, promote action in advance. The tech sector, including aggregators, has been acting accordingly.

    So, where does this leave all the Fulfillment By Amazon brands looking to get scooped up by an aggregator?

    I’ll start by saying we were very fortunate to have this sort of energy injected into the e-commerce industry and the Amazon marketplace. We shouldn’t be disappointed it’s over, but grateful it happened in the first place. Aggregators, as a whole, aren’t going to disappear. They’re now a cornerstone in e-commerce, and deals will continue.

    Related: Want to Sell Your Amazon FBA Business? Here Are 5 Lessons From Someone Who’s Overseen $100 Million in FBA Acquisitions

    As all the aggregators merge and mix, we’ll continue to see those select few giants establish themselves on the larger stage. Eventually, it will be a clear divide, like Coca-Cola and Pepsi. And just like Coke or Pepsi, they’ll keep acquiring the smaller innovating brands.

    We’ll see this new ecommerce model start solidifying in the coming years: create a brand, build it up, sell it to an aggregator and exit. It’s an option for liquidity in what has traditionally been a non-liquid industry (pun intended).

    Plus, you don’t have to bank on selling to an aggregator. For each Coca-Cola and Pepsi, there’s a Red Bull. Red Bull continues to maintain its autonomy, unbeholden to investors. Its brand is independent, built from its own capital. It’s similar to how Anker built up its brand on Amazon. Most of these aggregators were inspired by Anker’s ability to grow as an Amazon-native brand. It tapped into multiple categories, spun off its own brands like Soundcore and Eufy, and became a household name. It’d be like if Coca-Cola and Pepsi had started by trying to replicate Red Bull’s success. Is that sustainable for aggregators, though? Can they solidify their own brands?

    Related: The New Pandemic and Its Effects on Amazon Aggregators

    I’m curious to see what will happen in the next five years. We know aggregators have reached a limit and won’t be growing like they used to. Investors will eventually want their exits. Will aggregators need to downsize? Will they be focusing exclusively on the brands that they’ve acquired? Will we see dramatic restructuring? We’ll have to wait and see.

    For the Amazon-native brands out there looking to capitalize on the aggregator landscape, I say: aim to be Red Bull. Strengthen your brand, but be open to that potential liquidity. If you’re lucky, you might be aggregated. If you’re even luckier, you’ll inspire another whirlwind movement in e-commerce.

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    Tyler Metcalf

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  • Can This Uber Eats and DoorDash Competitor Thrive? | Entrepreneur

    Can This Uber Eats and DoorDash Competitor Thrive? | Entrepreneur

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    On the season nine finale of “Entrepreneur Elevator Pitch,” find out what happens when entrepreneurs with big ideas meet investors with big money.

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    Entrepreneur Staff

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  • Why Mixing Company Culture With Strategy Is Key to Success | Entrepreneur

    Why Mixing Company Culture With Strategy Is Key to Success | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    For years, I’ve heard people say that “culture eats strategy for breakfast” — a phrase I have always found frustrating as a business leader. Not only are these words misleading, but they also perpetuate a dangerous misconception. Strategy and culture are completely dependent on one another, yet I would venture to say that more than 90% of C-suite executives fail to understand why and how the two must be integrated in the right way to drive sustainable results.

    Business strategy is essential for reaching a new, profitable growth level; it is the vision, the plan, the choices and the decisions made — the what, where, why and how much of any company.

    Company culture encompasses the values, behaviors, attitudes and standards that unite a workforce — the who and the how of any company. Culture is the sum of a workplace environment and stretches beyond the formalities of strategy. Yet to say that one is more important than the other negates the fact that strategy and culture must be thoroughly and properly integrated for a company to execute its vision in a sustainable way properly.

    Related: Why Being Profitable is a Business Strategy in Itself

    Strategy and culture are always intertwined

    Action without vision wastes time and resources. Vision (AKA strategy) without action (AKA culture) is just a dream. Of 300 executives, only 56% said they used an integrated approach to strategy and culture, while 30% said they put strategy first. Both elements of business should be developed in tandem, yet too often they remain siloed. While a strong strategy is a company’s north star, companies looking for comprehensive growth must be clear and strategic about what this growth will require of the organization’s culture.

    So, what does effective integration look like? The top three categoric enablers of change are tone from the top, communications and incentives or compensation (PWC). When properly understood and utilized correctly, an organization’s unwritten and informal cultural sentiments and norms will successfully drive change — and, therefore, enable the proper execution of the strategy — but only if both strategy and culture are interconnected.

    Businesses must understand and value the various skillsets, learning and working styles and perspectives of their workforce — then, resources must be allocated from the top down, investing in those key behaviors that are most crucial to overall company success. This is where the infamous 80/20 rule comes into play: 80% of resources should be allocated to 20% of activities, specifically, those founded on the efficacy of the overall strategy.

    However, when it is left to HR to foster culture, and the marketing and leadership teams alone handle strategy, there is little to no shared dialogue about the holistic vision for the company. In these instances, essential aspects of the business suffer — including buy-in, collaboration and cross-functional communication. It is the role of leadership to integrate strategy and culture and then enable and drive the change.

    Related: 4 Ways Leaders Can Create Award-Winning Corporate Culture

    Strategy must be developed based on the core strengths of its existing culture

    Every company’s unique culture lays the groundwork for an actionable strategy; culture is the raw material but is of little value if the strategy does not capitalize on its core strengths. Microsoft is known for optimizing its strategy this way following Steve Ballmer’s exit in 2014. Satya Nadella understood how to motivate and unite Microsoft’s workforce of engineers, developers and programmers to make Microsoft a better place to work. During his tenure as CEO, Nadella minimized the then-cutthroat, arrogant culture to heighten the workforce’s more explorative and empathetic growth mindset — laying the groundwork for a step change and sustainable profit growth.

    To best understand where the company’s core strengths lie (and how much upskilling may be required), leaders must run diagnostics on the culture. Then, the symptoms and limitations can be alleviated, and sources of productivity and innovation can be prioritized. A common language is essential for honing key mindsets and concepts. This language might include values, traits, value propositions, business models and capabilities — these can all be essential in nurturing cultural strengths into strategic advantages.

    In addition to identifying key strengths and building a common language, leaders must identify and engage the key drivers of change. These individuals may not be speaking from the C-suite but serve as change agents for the company. These passionate advocates should be present at all levels and represent the model behaviors for the evolution of the culture.

    Four types of change agents are essential to the process: pride builders are master motivators; exemplars act as respected role models; networkers are hubs of internal personal communication; and early adopters are earnest, curious enthusiasts for change. By modeling these attributes, change agents help spotlight and hone the strengths of the company-wide culture, making achieving company goals through strategy more possible.

    Related: If You Are Choosing Between Culture and Strategy, You’re Choosing Wrong.

    Culture must change and evolve to accommodate strategy

    Of course, both culture and strategy must be adaptable. While the two should grow together, there are times when the already established culture must adjust to better support the new strategy directing the company.

    Netflix, a company famous for its “radical reinvention,” faced this task when shifting its focus to streaming. CEO Reed Hastings took an interest in the behaviors of Netflix workers, cultivating an environment of “freedom with responsibility.” Regarding expenses (such as travel, etc.), time off and other benefits, Netflix has only one policy: “Act in Netflix’s best interest.” Hastings credits this policy for the shared trust that helped the company pivot successfully, as the freedom offered by Netflix has fostered a culture of loyalty, curiosity, and enthusiasm among its employees.

    Related: Why “Culture Eats Strategy For Breakfast” Misses the Point of a Truly Healthy Work Culture

    Microsoft, Netflix and Best Buy are prime examples of when leadership understood the critical, equal importance of strategy and culture when changing the company’s trajectory. The market capitalization of these companies had step-change increases from static baselines before the change.

    Business leaders must know which behaviors drive the best work and what fosters or hinders these actions or behaviors. Likewise, leaders should evaluate which behaviors should be eliminated and what changes are needed to do so. From there, leaders can assess the opportunities on the horizon and how best to reach them — but such a trajectory requires an interwoven approach to strategy and culture, understanding their unique importance and mutual exclusivity.

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    Jack Truong

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  • The Middle East is Emerging as a Serious Hotspot — Here’s What Entrepreneurs Worldwide Can Learn | Entrepreneur

    The Middle East is Emerging as a Serious Hotspot — Here’s What Entrepreneurs Worldwide Can Learn | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Over the last decade, the Middle East has undergone a profound transformation. Traditionally viewed as an oil-rich region, the Middle East has been diversifying its economies, creating an entrepreneurial landscape ripe with opportunity. The region’s dynamic economies, bolstered by ambitious economic diversification and innovation plans, have created a favorable environment for global entrepreneurs.

    With its expansive Vision 2030 economic reform plan, Saudi Arabia has been leading this transformation. Still, the entrepreneurial wave is being felt across the region — from the United Arab Emirates to Qatar, Bahrain and beyond.

    Related: Entrepreneur Middle East

    Diverse economies foster entrepreneurship

    Countries across the Middle East are showing increased commitment to fostering entrepreneurship as they seek to diversify their economies beyond oil. Governments are investing heavily in infrastructure and establishing regulatory frameworks that are conducive to business, creating a fertile ground for startups and SMEs.

    For instance, Saudi Arabia’s Vision 2030 plan aims to foster a vibrant society, a thriving economy and an ambitious nation. To achieve these goals, the kingdom promotes sectors like tourism, entertainment and technology, providing ample opportunities for entrepreneurs. Likewise, the United Arab Emirates Vision 2021 aims to make the UAE among the best countries in the world by the Golden Jubilee of the Union, and it recognizes entrepreneurship as a key driver of competitiveness and growth.

    Related: The Changing Face Of Business In The Middle East

    The strategic advantage of location

    In today’s globalized economy, the Middle East’s strategic geographic position cannot be underestimated. The region serves as a bridge between the East and West, providing businesses easy access to markets in Africa, Asia and Europe. The region’s extensive logistical and transportation networks further enhance its attractiveness as a hub for international business.

    Investing in innovation

    The Middle East’s commitment to innovation is mirrored in its vibrant investment scene. Sovereign wealth funds, private investors, and venture capitalists actively invest in promising ventures, providing the financial fuel that startups need to scale and thrive. For instance, the Saudi Arabian Public Investment Fund (PIF) has been actively investing in tech companies and startups domestically and internationally, providing the necessary capital for growth.

    At the same time, governments are backing initiatives such as startup incubators and accelerators, offering new businesses resources, mentorship, and networking opportunities to navigate the entrepreneurial landscape.

    The advantage of a tech-savvy population

    One of the Middle East’s greatest assets is its young, tech-savvy population. With one of the world’s highest smartphone penetration and internet usage rates, the region’s consumers are eager for innovative products and services. This creates lucrative opportunities, particularly in the digital and e-commerce sectors, which are experiencing explosive growth.

    Overcoming challenges and obstacles

    Despite the significant potential, the Middle East’s entrepreneurial scene is not without its challenges. Entrepreneurs often cite regulatory complexities, bureaucratic red tape, and the need for more robust intellectual property rights as hurdles to business. However, governments are showing a commitment to addressing these issues, and the business environment is improving year by year.

    Moreover, the region is also grappling with the need to develop a culture of entrepreneurship and risk-taking, a shift from the traditional preference for stable government jobs. However, the tides are changing, and the growing success of startups in the region inspires a new generation of entrepreneurs.

    The Middle East, with its strategic location, vibrant economies, supportive government initiatives and untapped market potential, presents a compelling opportunity for global entrepreneurs. With the right insight, cultural understanding and innovative solutions, the region offers rewarding opportunities for those willing to navigate its unique landscape.

    As governments continue to foster entrepreneurship, and with increasing global interest in the region, the Middle East is emerging as a hotspot for global startups and a region worth considering for entrepreneurs looking to expand their horizons.

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    Henri Al Helaly

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  • How Technology Can Help Artists Make Money Through Their Online Audiences | Entrepreneur

    How Technology Can Help Artists Make Money Through Their Online Audiences | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    This story was originally reported on ReadWrite.com.

    It’s been no secret that the music industry has been struggling over the past couple of decades. After years of spiraling album sales, the industry hit a new low in 2016, with just over 100 million units sold — a nearly 14% decrease from the previous year, reflecting declines in both physical and digital album sales.

    That’s not the whole story, of course. The music industry’s sluggish sales gave way to music streaming, which overtook physical music in terms of revenue last year. With streaming music’s revenues skyrocketing to $6.6 billion — representing growth of 41% — the music industry has championed streaming as its new golden goose.

    Related: How to Build a Go-to-Market Strategy That Prevents Risk

    This is a good change — the music industry lost billions by fighting the shift to streaming. By focusing on CDs and digital downloads, never mind the fact that CDs saw an 84% decline in sales over a decade, the industry found itself “fighting over pennies while waving goodbye to dollars,” as The New York Times pointed out.

    Musicians take the hit

    This sea change of embracing the technology the music industry once feared hasn’t necessarily paid off for musicians, however. Music manager Troy Carter told TechCrunch that labels are hoarding the royalties earned through streaming, keeping more than 70% of the fees. The contracts musicians sign with labels are intended to drive revenue for the record labels, not the artists themselves. The common refrain is that for every 20 artists signed to a label, only one is successful — with that math, it makes sense that labels hedge their bets to fund all 20.

    Carter believes, however, that streaming payouts could approach CDs’ revenue heyday as more users sign up. Platforms like Repost are making the same bet. The platform, designed to help musicians make a living through their online audiences, works with artists and their teams to monetize their music distribution and promote their work.

    Related: The Newest Workplace Trend Has HR Sounding The Alarm

    Despite the democratization of many platforms and technologies, it’s been incredibly difficult for musicians to monetize their content, and fragmentation is a big part of the problem. “The music industry is way more complicated than it needs to be,” says Repost’s CTO Joey Mason. “Despite all of the advancement in tech, the structures in place on the revenue collection side are incredibly inefficient. To make matters worse, the copyright rules and regulations differ for each territory, so often, it’s not cost-effective to try to collect revenues in certain territories.”

    Mason says that for artists, this problem is compounded by the fact that there’s no seamless way to collect all of their earnings. They’d have to work with multiple entities — performing rights organizations, publishers, labels, distributors — to collect every cent they’ve entitled to. This forces artists to spend more time developing business skills than creating new music.

    Consolidating an entire industry

    When Mason and his co-founder, CEO Jeff Ponchick, built Repost, they aimed to eliminate as many of the distractions for artists as they could. They recognized that most of the artists they spoke to struggled primarily in terms of exposure — they hit a wall as independent musicians and needed help getting to the next step. These independent musicians then faced a laundry list of tasks: optimize music on every platform; earn press write-ups; find promotional outlets; collect checks from SoundCloud, YouTube, etc.

    Related: 10 Best Entrepreneurial Events To Attend Before 2023 Is Over

    Seeing how confusing and draining this was for artists, Repost built itself as a one-stop shop for doing everything. By eliminating multiple distribution and payment touchpoints, the platform also removed the burden of dealing with a variety of infrastructures, accounting practices, and more.

    “A lot of people don’t know the difference between a music distributor and a record label,” Ponchick says. “For a distributor, we’d be seen as insanely expensive, taking 30 percent of artists’ money while others take 5 percent. But we offer label services and marketing the way a record label does, without taking any ownership of the music itself. It’s a way to make it OK to remain independent, for musicians to avoid signing with a label. They can make $20,000 to $30,000 per month and retain ownership.”

    Chance the Rapper is one well-known indie artist who’s avoided the dreaded “sellout” label and made a successful go of it. While his success is considered a “fairytale” within the industry, Repost’s team aims to make independent success attainable. It started its quest with an algorithm. Artists apply to join Repost’s platform with their SoundCloud IDs; the platform’s algorithm combs the artist’s channel, assessing her average play count per upload, follower count, and biggest and smallest track to determine her likelihood of making money through the platform.

    This data-driven approach has resulted in 100,000 rejected applications and 5,000 acceptances. But it enables Repost to put its focus and efforts behind the artists who are best positioned to benefit from its hands-on bevy of services, ensuring it doesn’t spread itself too thin or do what many in the music industry have done: sold a bill of goods to artists.

    Making tech music’s best friend

    Repost has recognized one thing many — other than artists — have failed to see: It’s inherently difficult to manage the varied tech infrastructures presented by SoundCloud, Spotify, YouTube, and others. And that remains true whether an artist is independent or well-established, selling out arenas.

    “Every music platform is unique in how its content is delivered, monetized, and consumed. In order to maximize revenue, artists need to have a solid understanding of best practices and a monetization strategy for each store,” Mason says. “They need to work with a distributor that provides them a high level of insight and control of their content on a per-platform basis.”

    Unfortunately, Mason says, most distributors take the one-size-fits-all approach, meaning artists’ revenue generation can’t be maximized. Repost has sidestepped that issue by building deep technical integrations with the platforms artists value most, with an emphasis on marketing, monetization, and content protection. And it’s worked: Repost’s client base has been driven through word of mouth, and it’s currently paying tens of millions of dollars to artists annually.

    Related: 3 Studies Show What Sustainability Really Does to Your Bottom Line

    For example, Repost does fingerprinting through YouTube to drive revenue back to artists. Repost aggregates, packages, and delivers sound recording rights information to YouTube at scale for thousands of artists; using this data, YouTube utilizes audio fingerprinting to find videos on its platform that match the provided sound recording. When a match has been found, the YouTube video is “claimed” on behalf of the artist. Any advertisement or subscription revenues generated by the video are then sent back to the artist through Repost.

    Technology is making what was once impossible possible for the music industry, and it’s democratizing music creation. “Music production is cheaper and more accessible than ever before — anyone with a laptop and Ableton can produce a hit track,” Mason explains. “Because of this, a ‘middle class’ of musicians has emerged, and more and more money is shifting into the mid- and long tail. Record labels aren’t equipped to handle this scale. They’re not tech companies, and their business models are built around breaking a smaller roster of artists and, ultimately, taking ownership of their clients’ music.”

    Repost sees itself as a tech company in music, not a music company in tech. Because its business model is built around working with thousands, not hundreds, of artists, it’s invested heavily in automation. That’s enabled it to operate on a revenue-share model, not an ownership model. “This is better for creators, which is why so many artists are choosing to go independent rather than work with labels,” Mason says.

    While the music industry has been struggling for years, technology is on track to put an end to that. With companies like Repost applying automation and technology to the many hoops the industry has erected over the years, they’re putting music on a path to become as streamlined as businesses in other industries. And that’s exactly what music needs.

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    Brad Anderson

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  • Can Mushrooms Save the World? Tune into This Episode of ‘Elevator Pitch’ to Find Out. | Entrepreneur

    Can Mushrooms Save the World? Tune into This Episode of ‘Elevator Pitch’ to Find Out. | Entrepreneur

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    As an entrepreneur, if you ever encounter the wonderful problem of having multiple investors showing interest in your startup, but you can only choose one, what would you do? That’s the dilemma a pair of co-founders face on this fast-paced episode of Entrepreneur Elevator Pitch. While the financial investment is at the core of what they’re after, the founders wind up evaluating the investors based on the mentoring opportunities that they bring to the table.

    Is your vision to get your product into big box stores? Or do you want to be an e-commerce powerhouse? Are you expanding internationally? Capitalizing on an increasingly popular podcast? Just as our founders on this episode eventually decide, sometimes it’s best to pick an investor who has the contacts and experience that compliment your vision.

    Related: Is It a One-Hit Wonder or Can This Mom’s Business Scale?

    Also on this episode of Entrepreneur Elevator Pitch, our investors get critical about one contestant’s pitch and gauge the business acumen of the founder of a new agri-tech startup.

    Episode 7 Entrepreneur Elevator Pitch board of investors:

    • Marc Randolph, co-founder and first CEO of Netflix, master of scaling
    • Kim Perell, CEO of 100.co, serial entrepreneur and investor
    • Jonathan Hung, angel investor and Managing Partner of Entrepreneur Venture Fund

    Episode 7 Entrepreneur Elevator Pitch contestants:

    Season 9 of Entrepreneur Elevator Pitch is presented by Amazon Business with support from State Farm. New episodes stream Wednesdays on entrepreneur.com. Follow Entrepreneur Elevator Pitch on Facebook, YouTube and Instagram.

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    Entrepreneur Staff

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  • 5 Tips for Properly Expanding Your Brand Into a New Area | Entrepreneur

    5 Tips for Properly Expanding Your Brand Into a New Area | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    For many entrepreneurs, growth means expanding into a new location. Offering your products and services in another state can be a great way to reach new customers and increase your market share.

    However, expanding your business into a new location isn’t easy, and if you aren’t prepared, you could put both locations at risk. That’s why it’s important to understand what you’re getting yourself into first.

    If you’re preparing to expand your brand into a new area, here are five tips to help you get started.

    Related: Opening a Second Location? Here’s What to Keep in Mind.

    1. Take your time

    Expanding into a new location increases your opportunities to grow, but it also increases your risk. By making the move, you’re making a considerable financial commitment and opening yourself up to potential company culture problems. Most business owners underestimate what it takes to expand to a new area.

    Before making the leap, ensure that your business is ready to expand into another state. Do you have a loyal customer base, steady cash flow and several years of profitability under your belt? Or, more importantly, do you have processes in place that can scale?If not, you might look for lower-cost strategies you could use to expand. For example, if you run a successful brick-and-mortar retail store, you could consider opening an ecommerce business.

    2. Research the area first

    Once you’re confident your business is ready to expand into a new location, you should begin researching the area. Understanding the area will help you determine your startup costs and learn more about the competitive landscape.If you plan to hire employees at your new location, you’ll need to find out what the minimum wage laws are in that state. For example, the minimum wage in Kansas is $7.25 per hour, but if you choose to expand into Missouri, it’s $12 per hour. That means you’ll have to account for the increased payroll costs.

    You should also consider the property values, rental rates and cost of business insurance in that location. Determine the state and local taxes as well, since some states are more tax-friendly for businesses than others.

    3. Update your business plan

    Next, update your business plan to account for the new location and target audience. You can learn more about the local market by researching competitors in the area and learning how they advertise. This information will also help you determine ways your business can stand out.

    You should also adjust your financial objectives to account for the new location. Create a financial forecast that projects the estimated costs and revenue of your new location.

    Related: 8 Things to Consider Before You Open a Second Location

    4. Find the right people

    Since you already have a successful business, you probably understand the importance of hiring the right people. Still, hiring employees to work at a location in another state comes with additional challenges.

    If you aren’t careful, the employees in the new location may not feel like they’re truly part of the company. Or if you’re spending a lot of time at the new location, your original employees may feel left out.

    Communication is vital during this process — come up with a plan for how you’ll stay in touch with your employees at both locations. Having a monthly call to go over business objectives will help all of your employees feel like they’re on the same team.

    5. Look for financing

    There are many different ways to finance a business expansion, but a small business loan or line of credit is ideal. Financing gives you a way to cover the expansion costs over a more manageable schedule without putting your working capital at risk.

    Since you’ve already taken the time to update your business plan and determine your startup costs, you’re well-positioned to apply for a loan. One option is to apply for a loan through a bank or credit union since they offer low rates and flexible repayment terms.

    However, the application process can be tedious, and banks tend to have higher lending requirements. If you want a faster application process and funding, non-bank lenders are a great alternative. For example, a lending marketplace allows you to apply once and receive offers from multiple lenders.

    Related: Expecting the Unexpected in Small Business Expansion

    If your initial business was successful very quickly, you may feel pressure to replicate this success at your newest location. Plus, you’ll want to earn your investment back as quickly as possible.

    Patience is key during a business expansion. Don’t get discouraged if it takes time to break even or if the expansion takes a toll on your original business. Challenges are inevitable, but careful planning and lining up the financing will make all the difference in your endeavor.

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    Joseph Camberato

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  • How This Coach Helps His Clients Become 7-Figure Earners | Entrepreneur

    How This Coach Helps His Clients Become 7-Figure Earners | Entrepreneur

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    Have you ever struggled to express how you help people and why they should buy from you? If so, you’re going to enjoy listening to the next episode of the Launch Your Business podcast featuring Seth Czerepak.

    Seth is the head marketing coach at Mawer Capital, a mastermind for new entrepreneurs serious about growth or experienced six and seven-figure business owners wanting to go to the next level — faster.

    He’s described as the world’s premier expert on sales funnel copywriting and my head coach at Mawer Capital. I meet with him every Monday to review my sales emails, website copy and the creative work I develop on behalf of my clients. He’s not just good with words though, you can easily see a measurable impact from his work. The number of leads generated from my 1:1 coaching page tripled after Seth made several changes.

    He’s incredible, but our calls almost always get sidetracked by me asking questions about how he discovered one technique or another. It’s hard to describe how his brain works or how impressed I am with the output. So, I decided to bring him on my podcast so you can hear from him yourself.

    You can check out a few of my top takeaways below.

    Expanding your market is the key way to grow

    Seth compares expanding your business to a plant growing in a pot. After a certain amount of growth, the roots are expanding and you need to move to an entirely different, bigger container to allow the plant to keep growing.

    “You have to get outside of your warm network,” Seth said. “Being able to convert complete strangers (a cold audience), using paid ads to your customers is the way that you break out of that “small pot” of marketing only to the people in your warm network and having access to almost a limitless sea of prospects.

    And that, in my opinion, is the only way that you can grow to seven figures unless you just become a viral sensation overnight, which is a lot of time a game of luck.”

    How to make your message relevant

    When you’re reaching out to a cold audience, it’s critical to grab their attention with relevant information. “Your message has to be relevant to the conversation going on in their head every day, surrounding the problem that you’re going to help them solve,” Seth said. “So if you were to follow your prospect throughout their entire day like you’re filming a documentary, think about the times during their day when they run into the problem that you’re going to help them solve. And what does that experience look like? What are they saying to themselves? What’s [their] internal dialogue like?”

    Seth used the example of selling cream for plantar fasciitis (pain in the heel). You don’t start your ad with, “Do you have plantar fasciitis?” You start with, “What is that pinching pain in your heel? It started small, but now it’s so bad you can’t walk.” Because you’ve started with their situation — not jargon — you can move forward with introducing your solution.

    Don’t bury the lead

    “The most common mistake I see people make is a lot of the time: Their best headline is usually about three-quarters of the way down the page,” Seth said. “There’s too much throat clearing, too much preparation before they actually get to the point.

    And a lot of times you can chop off the top of a sales page, find the buried lead, move that up to the headlining and increase your conversions right away.”

    Another common error is not understanding your audience. You need to be so inside their head, that you’ll know whether you should be selling to their pain or pleasure points. The sooner you can address that internal dialogue and sell what’s most relevant to them, the better.

    Next steps

    Seth has helped hundreds of entrepreneurs become six-figure earners and dozens more break the seven-figure-a-year mark.

    His signature copywriting framework, “The Antifragile Sales System,” has been endorsed by direct response marketing legend, Dan S. Kennedy, and is the topic of his upcoming book, “The Antifragile Sales System,” which will be coming out in January 2024.

    Connect with Seth on social media to get more of his content and updates about upcoming books, podcasts, and products. And if you’d like to work with him 1:1, just like I do, consider joining the Mawer Capital mastermind group.

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    Terry Rice

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  • How a ‘Barbie-ish’ Airbnb Stays Booked in a Challenging Market | Entrepreneur

    How a ‘Barbie-ish’ Airbnb Stays Booked in a Challenging Market | Entrepreneur

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    This story originally ran on Business Insider.

    This is an as-told-to essay based on a conversation with Bre Fleschner, owner of an Airbnb that’s become known for hosting bachelorette parties in Tempe, Arizona. It’s been edited for length and clarity.

    I’ve always wanted to be an entrepreneur and own my own business. I wanted my money to work for me, and I didn’t want a 9-to-5 job. My parents were business owners when I was growing up, so it’s in the family.

    I also love real estate so much — everything from home designing to house-flipping projects. I could watch HGTV all day.

    When I graduated from college in 2015, I wanted to have vacation rentals all over the U.S.

    I had this vision mainly because I love traveling, but also because I wanted people to experience those homes instead of them just sitting there.

    Bre Fleschner owns the bachelorette desert dream house Courtesy of Bre Fleschner

    I wanted them to be my “dream houses,” and when people would visit, they’d want to see more of those houses in Nashville, Orlando, Miami, or all of these different, cool destinations.

    I got my start when I moved out to Arizona in 2019 from St. Louis

    It felt like a calling from God, and I knew this was where I needed to start my business. I reached out to a realtor, and she was a mentor to me who was doing exactly what I wanted to do.

    I found my property located just outside of Scottsdale, in Tempe, in December of 2020. It was right before the craziness of the market, so I got a good deal on it. I was able to purchase it for a little over $400,000 with a traditional loan.

    Bachelorette desert dream house pool

    The desert dream house includes a heated pool in the backyard. Courtesy of Bre Fleschner

    It was the only thing I could afford at the time, so I had to make do with what I could. It’s since turned into my desert dream house.

    I did have friends who wanted to have their bachelorette parties in the area, so I thought it was interesting. I just never thought the area would be as popular as places like Nashville.

    When I decorated the house, I did so in a way that reflected what I wanted. I wanted groups of girls to stay in my houses — I figured they’d be less destructive — and the house is kind of in a party area, so I decided to make it all girly. It’s Barbie-ish and cute.

    Bachelorette desert dream house bedrooom

    Bachelorette desert dream house bedroom Courtesy of Bre Fleschner

    Thankfully, I haven’t had any issues with the property

    I’ve become friends with my neighbors and make sure to let them know that their comfort is my top priority.

    I make sure the guests are aware that there are quiet hours. I don’t provide speakers the guests can take outside, I don’t allow DJs, I ask them not to bring any additional people over, and I encourage all guests to be courteous.

    I’ve never had to kick anyone out due to bad behavior, and usually, the property is left squeaky clean.

    Bre Fleschner Bachelorette desert dream house

    Airbnb owner Bre Fleschner. Courtesy of Bre Fleschner

    At the time I designed the property, I was really into influencing

    I thought about what would make someone come to my house, and one of the things was Instagrammable spots. So I have murals everywhere that I hand painted. I only had so much money to do the things I wanted to do, so I got creative.

    That’s because when I purchased the property, there was a major plumbing issue that we thought the previous owners were taking care of but didn’t. That was a mishap that cost me thousands I wasn’t expecting. I also spent a lot of money on furnishings, but I did a lot of the painting myself and went to thrift stores to cut costs.

    Still, everybody who visits loves it. I’ve never had any complaints about the décor. If anything, people say: “This place is so much better than the pictures,” and “The pictures don’t do it justice.”

    Thankfully, I can make bigger changes now

    I’m in the process of adding an additional bedroom and more murals. A lot of people are now doing what I’m doing, so I want to find ways to stay on top.

    Before I started accepting Airbnb bookings, it was that time when it was still really easy to blow up on TikTok, so I created a TikTok showing people what I was doing and explaining that it would be the newest property in the Scottsdale area for girls. One of my videos went viral and had over 500,000 views and I gained 16,000 followers. Before I even had the property listed, people were asking to get on a booking list.

    My launch date was March 1 of 2021 and immediately my summer was almost booked up — it was really cool.

    bachelorette desert dream house couch

    Bachelorette desert dream house couch Courtesy of Bre Fleschner

    However, the Airbnb landscape is changing

    This time last year I had approximately twice as many bookings as I do this year. There are now so many properties out there doing exactly what I’m doing. I’m getting back on social media now to share videos and give updates on what I’m doing, to help keep my property on top.

    If this is what you want to do for a living — like I do — you have to put your heart and soul into your properties. You also have to change and update your properties, and keep paying attention to what works and what doesn’t work.

    What’s worked for me is having a home with unique designs, offering a heated pool, advertising on social media, and working with a third-party management system. So far, the only thing that hasn’t worked was buying cheap furniture — it did not last long.

    The goal this year is to purchase another home in the Scottsdale area, get one in Nashville, another in Palm Springs, as well as a couple in Florida.

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    Jamie Killin

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  • 7 Affiliate Marketing Strategies for Entrepreneurs | Entrepreneur

    7 Affiliate Marketing Strategies for Entrepreneurs | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    We’ve all been there. You invest hours into crafting your brand, diligently expanding your audience, yet your revenue isn’t reflecting the time and effort you’ve put into your platform. All major brands utilize partner marketing, which is significant in growing brands and gaining revenues.

    Partner and affiliate marketing play a crucial role in brand growth by leveraging the influence and reach of trusted partners. Companies can tap into new audiences by collaborating with them, increasing brand awareness and driving customer acquisition. This strategic approach allows brands to benefit from the credibility and expertise of their partners, resulting in expanded market reach and ultimately higher revenues.

    Below are seven things to remember while working with marketing partners for your company.

    1. Redefining high-earning potential

    The commonly held belief that fashion and beauty are the most lucrative sectors in affiliate marketing is becoming obsolete. While these areas maintain a significant market share, the high competition they attract can make differentiation challenging.

    Special events are also worth considering. During Black Friday 2022, for instance, event tickets, various online services and PC and mobile games claimed the top three positions based on our data. These niche sectors have vast potential for affiliates willing to explore them.

    Related: Start an Affiliate Marketing Side Hustle to Bring in Passive Income

    2. Fostering niche communities for greater profit

    Traditionally, the recipe for maximum income in affiliate marketing revolved around maintaining a wide audience with high engagement. The landscape has evolved today, with the biggest profit potential now lying within fast-growing niche sectors.

    Growth of partner sales in niche segments worldwide in 2022 demonstrates this shift, with niches like Console and PC Games seeing a 35% growth, Mobile Services and IT services growing by 95%, and even Movies & Music growing by 33%, according to ConvertSocial data.

    Such trends indicate you can unlock significantly greater profits by building a loyal, engaged community in a specific niche.

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

    3. Engagement is the new currency

    Engagement has emerged as the new currency in the digital space, outweighing the importance of audience size. Our report shows that even creators with smaller audiences can earn significant sums, provided they maintain high engagement levels. For instance, one of our client’s Telegram channels, with around 200,000 users focused on gadgets, earns $2,000 monthly.

    In contrast, another fashion-focused channel with only 8,200 subscribers made a whopping $6,400 in the same period. This underscores that an actively engaged audience, regardless of its size, is the cornerstone of a successful affiliate marketing strategy.

    These statistics demonstrate that the affiliate marketing landscape is undergoing a transformative shift, opening up new avenues for profit and engagement. As we step into this new era, it’s essential to adapt our strategies to these changing dynamics. After all, success in affiliate marketing is no longer just about casting the widest net — it’s about casting the right one.

    Related: 3 Tips to Get Started with Affiliate Marketing

    4. Monetizing blogs — Quality over quantity

    While monetizing a blog can seem daunting, it’s far from impossible. The key lies in focusing on creating and delivering real, valuable content that goes beyond mere advertising. This approach builds a loyal readership and makes your blog more appealing to advertisers looking for high-quality, engaging platforms to showcase their products or services. Rather than churning out countless low-value posts, invest time and effort into producing fewer but high-quality, insightful articles that resonate with your audience.

    Related: 3 Tips to Get Started with Affiliate Marketing

    5. Fair revenue share — the new norm

    In the early stages of content creation as a recognized profession, creators often found themselves at the short end of the stick when it came to revenue generation. The platforms hosting the content usually claimed the lion’s share of profits, leaving creators with a meager sum for their efforts. This imbalance in revenue distribution made it incredibly challenging for creators to generate a significant income, often stifling their creative potential and enthusiasm.

    Today, major content hosting platforms have introduced improved revenue-sharing models. These new agreements often involve a higher percentage of ad revenue allocated to creators, more monetization opportunities, and even bonuses based on engagement or view counts.

    Such changes have helped boost creators’ income and created a more appealing industry for content creators. By recognizing and rewarding quality content creation, platforms invest in a future where creators can thrive, producing richer and more diverse content. This progressive move has thus set the stage for a new era of content creation, characterized by fairer revenue distribution and a greater focus on quality.

    Related: 12 Myths and Misconceptions of Affiliate Marketing

    6. Data diving for sales success

    The key to future sales success lies within the depths of audience and demographic data. By identifying your audience’s preferences, behaviors and habits, you can tailor your content and marketing strategy to better align with their interests, consequently boosting your sales. Engagement data is your key to sales success.

    7. Branding relationships are more than money

    There’s more to a brand relationship than just monetary compensation. Influencers can leverage these partnerships to garner additional coverage and audience reach. Plus, a host of intangible perks and networking opportunities are only available to creators with robust relationships with these brands.

    Brands are also recognizing the value of investing in top creators. For instance, GoPro hosts a large-scale creators summit with all expenses paid and makeup brand Tarte sent a brigade of their creators to the Turks and Caicos for an “influencer retreat.” This recent collaboration with brands and their creators garnered significant attention, demonstrating how strategic brand relationships can yield benefits beyond financial gains.

    A shift is taking place in the partner marketing space. New, more effective methods replace old strategies prioritizing quality content, audience engagement and a deeper understanding of data. It’s time to adapt and tap into the rich potential of this new era. To build a successful brand means to build a mutually beneficial alliance that can amplify your reach, enhance your reputation, and generate greater opportunities in the future.

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    Ksana Liapkova

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