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Tag: Business Plans

  • 4 Strategies for Turning Your Business Idea into a Reality | Entrepreneur

    4 Strategies for Turning Your Business Idea into a Reality | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    You have a brilliant idea that has the potential to change everything. You believe it will appeal to a wide audience and are passionate about it. So, how can you turn your concept into a reality? There are many people who deal with this issue. Many ambitious business founders struggle to go past the concept stage and begin implementing their ideas.

    Resources being depleted, failure anxiety, self-doubt, procrastination and analytical paralysis are just a few of the traps they fall into. They wait impatiently for the appropriate situation, opportunity or connection to arise. Perfection, however, does not exist. The only way to make your vision a reality is to put in a lot of effort, draw lessons from your errors and keep going without looking for perfection.

    Here’s some guidance on how you can move ahead:

    Related: How to Turn Your Idea Into Success

    1. Define your vision and your “why”

    Before you take any action, you need to have a clear vision of what you want to achieve and why you want to achieve it. In order to effectively plan for success, it’s vital to implement the SMART methodology when developing your vision. This means defining specific goals that are measurable in terms of the progress made over time; achievable within reasonable means; relevant in their ability to support broader plans; and anchored by clear deadlines.

    For example, rather than simply wishing for entrepreneurial success, you might aim to create a profitable digital platform for freelancers seeking clients before December 2023. A strong “why” is similarly essential: Don’t just aim for wealth at any cost. Instead, align aspirations with personal meaning. Establishing shared dreams like reaching financial independence so that you can explore the world together as a family adds meaning to otherwise scattered pursuits.

    2. Break down your goals into manageable steps

    You need to divide your goals into doable steps after you have your vision and your “why.” This will assist you in coming up with an effective plan of action and preventing overload.

    Determine the primary checkpoints or phases of your project before you begin. If you intend to start an online platform, for instance, some milestones may be:

    • Verify your hypothesis

    • Create a minimally viable product (MVP)

    • Utilize actual users to test your MVP

    • Utilize feedback to iterate and enhance your product

    • Introduce your goods to consumers

    • Expand your user base and income

    Then, for each milestone, list the specific tasks or actions that you need to complete. For example, for validating your idea, some tasks could be:

    • Conduct market research

    • Define your target audience

    • Create a value proposition

    • Design a landing page

    • Run a validation experiment

    Finally, prioritize your tasks based on urgency and importance. Use tools such as calendars, planners or apps to organize your tasks and track your progress.

    Related: How to Take Your Product From Idea to Reality

    3. Take consistent action every day

    The key to achieving any goal is taking consistent action every day. Even if you only have 15 minutes a day, use them wisely and productively.

    Don’t wait for inspiration or motivation to strike. Instead, create a routine or a habit that supports your goal. For example, if you want to write a book, set a daily word-count goal, and write every morning before checking your email or social media.

    Don’t let perfectionism or fear of failure stop you from taking action. Instead, embrace imperfection and failure as part of the learning process. For example, if you want to launch a podcast, don’t worry about having the best equipment or the most polished script. Just record your first episode, and publish it online.

    Don’t compare yourself to others or get distracted by shiny objects. Instead, focus on your own journey, and celebrate your wins along the way. For example, if you want to grow your social media following, don’t obsess over how many likes or followers others have. Just post valuable content consistently, and engage with your audience authentically.

    4. Seek feedback and support

    Lone wolf mentality does not bode well in business endeavors, regardless of one’s talent or idea. Improvement of one’s product or service requires active participation, feedback and support from others. Seeking constructive feedback relevant to the project during its various stages could come in handy — potential customers, existing users, mentors, experts and peers could play a big role here.

    Seek support from people who can help you with different aspects of your project: co-founders, partners, employees, freelancers, consultants, coaches, investors, etc. Delegate tasks that are not within your core competencies or that take too much time away from your main goals. Collaborate with people who share your vision and values and who can complement your skills and strengths.

    Seek inspiration from people who have achieved what you want to achieve: role models, mentors, heroes, etc. Learn from their stories, strategies, mistakes and successes. Reach out to them if possible, and ask for advice or guidance. Follow their example, but also find your own voice and style.

    Related: Got an Awesome New Business Idea? Here’s What to Do Next.

    Moving beyond the idea stage is not easy, but it is possible if you follow these strategies:

    • Define your vision and your “why”

    • Break down your goals into manageable steps

    • Take consistent action every day

    • Seek feedback and support

    Remember: Ideas are cheap, but execution is priceless. So, don’t let your idea die in your head. Take action today, and make it happen!

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    Candice Georgiadis

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  • How Macromoves Allow You to Win When Launching Your Business | Entrepreneur

    How Macromoves Allow You to Win When Launching Your Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In strategy games, macromoves are plays made with the end in mind. If you play video games, you are undoubtedly familiar with the concept. If not, you can ask any gamer how they approach making progress and winning the game. There are two philosophies: One is reactionary — making emotional decisions on the fly, looking only at the threats faced at that moment. The other is macromoves — playing the long game with a global perspective, anticipating threats and exercising patience.

    Nearly half of all new businesses fail within the first five years. Whether a college graduate or a veteran entrepreneur, you will face real challenges launching a new business with plenty of legitimate threats. While it’s tempting to believe that you can walk right into the job of CEO, it’s important to take the time to make macromoves: patient moves made with purpose that help establish a healthy growth pattern, ensuring that your business will thrive despite challenges that prove catastrophic for the less prepared.

    Related: It’s Time to Change Your Mind About Failure

    Envision your future role

    Gaming requires you to put yourself in a role, taking a virtual tour through the new reality, “playing” as someone else. In business, a good place to start is projecting your ideological “self” into the future, using your imagination and your senses. Ask yourself, “What will I be wearing when I step into this position?” “Will I have a corner office with a view, or do I see myself working outside?”

    How many of us have taken entry-level jobs and left because the environment was oppressive? It’s important to visualize the culture and workspace you want when developing your business concept. The right environment can give you a sense of purpose, camaraderie and support your creativity. If you want to work there, your staff will as well.

    You can start “envisioning” by decorating the walls of your room or office with images that reflect your dreams, or you can create a vision board, cutting out photos, phrases, names of heroes or whatever motivates you. A vision board can help you get a sense of what inspires you and how your inspirations could be connected.

    Immerse yourself in the field

    When you begin to carve out a plan, make it a point to study the roles people fulfill in the business you want to start. For some newbies, it could mean interviewing people who do your desired job. Getting an entry-level job in your field of interest could be the answer for others. After I decided I wanted my own talk show, I sat in the audience of Dr. Phil, The Price is Right and Leeza, watching the host go through rehearsals, pre-production and filming.

    Those who start from the bottom, gaining their experience from the ground up, make the best CEOs. As your knowledge and experience grow, you will develop your ideas about launching your enterprise and set realistic goals.

    As you observe how business is done, keeping a journal can help you define what you want — and don’t want — in your corporate culture. Writing about your observations can help you determine the synergy you want in the workplace.

    Related: The 4 Principles of Success and Wealth Accumulation

    Make purposeful connections

    In many strategy games, coordination with allies is key. The course of a career is not determined merely by classes and internships; we learn from people, from the connections we make and the experiences we take with us. This strategy requires teachability. You may not always recognize a teacher in your midst — we don’t usually think of a custodian, cashier or receptionist as a business coach. But the CEO often learns from the secretary. The manager learns from the customer service agent. If you’re dreaming of launching a business, talk to those on the front lines, ask questions and find out what they think about the company’s strengths and weaknesses.

    It’s important to be open and accessible to learning. Be aware of when a person comes into your life, even as a friend, a coworker or a roommate. There’s an old saying, “Iron sharpens iron.” Your life can be enriched by someone who challenges you to think differently about situations, plans, and goals. One person can ask the right question — the one you’ve not had the guts to ask yourself — such as, “Why do you want to start this business?” or “Who is going to be your sounding board?” You need people, but you never know where you might encounter them. Keep your eyes and ears open whether you are at a burger stand or in the parking lot at Walmart.

    Related: Why Embracing Change is the Best Catalyst for Growth

    Watch the competition

    In strategy games, the phases in which you are most vulnerable are the most important parts of the game. There are two considerations: your ability to defend your security and expand your economy. In business, it’s vital to understand the situation and the environment you are navigating. Watching your competition teaches you what they are doing well and where they are weak. There you will find your advantage.

    Many businesses falter at a particular breaking point; they fail to capitalize on their unique advantages while pressing on with their traditional strategy. In games and business, if you have an edge and do not press it, you give up something — perhaps something vital to growth. Growth trumps vision. Your vision can be based so much on tradition that it is difficult to embrace change, envision new ways of doing things or create new products; an old vision can keep you stuck in an obsolete business model. The competition may see you as predictable or irrelevant.

    One way to gauge the competition is to study companies, looking up blogs, reviews and articles to uncover weaknesses and strengths. You will learn what people are complaining about, what companies do right, and where they stand to improve.

    Launching a career is about planning out the moves, a long game in which you are setting yourself up for success, much like playing chess. Although you can’t control every aspect of your destiny, you can deploy a game-winning strategy so that, when opportunity comes, you are ready.

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    Nancy Solari

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  • 4 Critical Elements You Need to Pull Off a Successful Rebrand | Entrepreneur

    4 Critical Elements You Need to Pull Off a Successful Rebrand | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Gone are the days of a rebrand equating to a simple refresh of a company’s name and logo. In a business landscape saturated with competition, choices, and a consumer desire for deeper connection, these steps barely scratch the surface of what it takes to build a brand that is meaningful, differentiated and customer-centric.

    In over three decades of experience, I have led through my fair share of transformation — most recently working with stakeholders at a global scale to smartly integrate 10 unique brands into a new human-driven consultancy that connects brands with people and culture to drive positive change.

    And while there is no single approach to building a brand, it’s essential to build a human-centric strategy that ensures employees and customers equally relate to its essence. If a new brand or a rebrand is on your horizon, here are four critical components to include in your roadmap to ensure internal stakeholders are engaged as ambassadors and the customer is oriented as your north star.

    Related: How to Cultivate a Customer-Centric Approach to Brand Building

    Step 1: Establish your foundation

    The ethos and foundation you set as a company will dictate how your brand is perceived — not only in your employees’ behaviors but also in the products and services the company offers. That said, every decision made, and action taken should map to purpose, strategic priorities, and behavioral values embodied in the brand, remembering that your employees are often the best representation of your brand.

    Today, having a corporate purpose is more integral than ever to a brand. But not just any purpose — one that focuses on the humans it serves. And if that purpose and/or mission is not engrained and authentically acted upon, it will not only fall flat but has the potential to backfire and degrade the brand’s equity in the marketplace.

    In fact, 92% of executives feel a customer-centric company purpose delivers better business benefits than a purpose that does not commit to the customer, according to recent research. Unfortunately, only 38% of these same executives say their company has a customer-centric purpose that is deeply embedded in the mindsets and actions of employees — and therefore the way the brand is represented to customers and other external stakeholders.

    To be most effective, a company’s purpose should manifest beyond marketing — in employee experiences, customer experiences, and certainly the products and services offered. It should be treated as a timeless truth that every decision points back to. And, in unconditionally honoring their reason for existence, brands benefit from the clarity, confidence and meaningful connections with customers, no matter the climate.

    Step 2: Listen to employees and customers

    Before making any big organizational change, it’s important to walk before you run. Take the time to immerse yourself with stakeholders — internally and externally — and listen to their feedback, perceptions of the brand and the competitive landscape. This can be accomplished through many methods including surveys, one on one conversations, and immersion tactics. Tuning into internal stakeholders will give you a sense of the challenges in the current environment: What is working, what is not and where possibilities can be harnessed. And by listening to consumers, you gain insight into what is currently valued and areas for innovation. By first understanding the “why” for your brand, you have a clear line of sight into where your brand could be going. If stakeholders feel heard and understood from the start, buy-in, adoption, and advocacy is much easier along the journey.

    Step 3: Architect and co-create

    Once the foundation is set, it’s imperative to test and communicate your intention for a rebrand with all stakeholders and be open to pivoting and multiple iterations. Think about creating a formal or informal advisory board of relevant stakeholders or a panel to test messaging. The brand’s foundation and purpose is one that stakeholders will need to resonate with, act upon and advocate for, and there is no better way to establish a sense of ownership than letting stakeholders get some skin in the game through co-creation.

    Step 4: Innovate

    While foundations should remain steadfast, the world is constantly evolving, customers are constantly evolving – and so should brands. It’s a good idea to leverage qualitative and quantitative data to keep an ongoing pulse on industry nuance and search for ways that align with your brand ethos to connect and build lasting relationships with customers and employees.

    Related: Customer Centricity: What It Is, Why It Matters and How to Improve Yours

    The bottom line

    There comes a time for any brand — regardless of industry, size or success — for a refresh or total rebrand, depending on your circumstances. Rather than succumbing to the age-old trap of “if it isn’t broke, don’t fix it,” and waiting for something to indeed “break,” now is the time to assess what your current brand stands for and how this aligns with key stakeholders’ wants, needs and values. Through establishing a foundation of purpose, gaining stakeholder buy-in, co-creating along the way, and opening your organization up to true innovation, brands can stand to reinvent themselves in ways that are authentic to their mission and serve their customers and employees better.

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    Camille Nicita

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  • 3 Key Methods of Boosting Franchise Operation Sales | Entrepreneur

    3 Key Methods of Boosting Franchise Operation Sales | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The old saying goes, “Sales cures all,” and that may be right, but how exactly does a savvy businessperson intending to grow a franchise go about boosting their sales numbers?

    My inbox and social feeds are filled with “helpful” pitches by marketing professionals — digital marketing, PR companies, lead generators, funnels, text marketing… the list seems endless. It’s vital, in considering all these come-ons, that you not confuse efforts and results.

    Think, for example, about how improvements in operations can compound sales growth. I call it the “10/10/10 Method:” By focusing on increasing daily customers, check size and visit frequency by 10% in each category, you’ll juice yearly sales in a disproportionality large way.

    Take Five Guys: Its average franchise location does about $1.2 million in yearly sales — roughly 220 customers a day averaging about $15.00 per check. If you can attract just 22 more people a day, and manage to up-sell one additional item on each check, things change dramatically. I recently sat down with Fransmart‘s CFO and ran the numbers: Yearly sales would go from $1.2 million to $1.59 million — a 32% increase by being just 10% better.

    Here are three ways to ensure that your 10/10/10 growth strategy is a success.

    1. Nail that trial period

    Most of your marketing budget, particularly in the early days, will be spent on getting customers to try your concept, so great operations and loyalty programs will keep guests coming back and spending more. Sweetgreen, for example, has a loyalty program that builds revenue by charging customers for extra perks, and it works. Rest assured: people will pay good money for a quality experience.

    Grand openings are, of course, vital. These events are usually held between a month before and a month after you open and should be designed to create a buzz in the market. Break through the noise by being creative; add a twist to your messaging so people won’t want to miss out.

    Be exhaustive in your research of the local market and tie your brand’s message and marketing into it. And, whether in tandem with opening events or in a separate effort, consider a discount or giveaway to give folks additional motivation to stop by. Give them a reason to invest, because good value and community support are equally vital.

    When that crowd inevitably shows up, capture it in every way you can — whether in photos, video — heck, rent a drone and show just how far the line goes. A giveaway or other tempting draw may be great, but there’s no incentive better than the fear of missing out. If the community sees a massive line, they’ll be through the door soon.

    Related: The 8 Rules to Live By in Franchise Marketing, According to Top Franchise CMOs

    2. Encourage frequency

    Repeat customers are the most profitable because you don’t have to re-market to them. If someone enjoyed their first experience, the instinct is to repeat it, in the process hopefully trying other products. There’s no marketing or incentive needed to bring these people back through the door: Your brand is the draw.

    Remember that marketing is an investment in repeat customers: it’s not a cost. Consider a customer who uses you two times a month and spends $10 each time: That person isn’t just the $10 they spend at that moment, but $240 a year and $2,400 over ten years. And that’s not even factoring in the word-of-mouth business they provide by bringing in friends.

    Another major component of encouraging repeat business is making sure customers can enjoy your brand in whatever way they want, which means having a quality delivery program. You may cringe at the cost of developing your own, and/or partnering with third-party apps, but remember: This isn’t just about building incremental sales but building a relationship with a repeat customer who will pay full price the next time they drive by your business. That’s worth an investment.

    Another vital consideration: The quickest killer of repeat business is making guests feel unsafe or uncomfortable. Great marketing might get someone through the door, but if they walk through a cobweb on their way in, it’s over. Ensure that locations are adhering to high standards of presentation, or all the other good work is wasted.

    Related: 3 Customer-Service Tips That Will Ensure Repeat Business (60-Second Video)

    3. Grow check averages

    I once asked the founder of a popular burger brand what percentage of customers also ordered its fries and maybe a fountain beverage. “Everyone does,” he replied. “Well, most everyone. I think most do.” We watched the line for the next 10 minutes, and less than one-third of the customers were also ordering fries and a drink. Why? Because there was a line out the door and the cashier was trying to move it along instead of suggesting extras.

    Once you have people in the door, you’re failing as a business if you’re not doing everything you can to maximize each sale. This is an art: You don’t want to apply undue pressure, but remember that you’re in business to sell, not just take orders.

    To that end, customer service is more than a warm smile. People want a valuable experience, and that means having their needs met. Businesses should be prepared to ask good questions, identify specific needs and offer the right products to meet them. That means making sure the staff is well-trained. Suggestive selling will lead to a better experience if it’s addressing a genuine need.

    Many businesses are turning to kiosks now to address the need for such selling. I love Wow Bao, an Asian concept in Chicago that’s nailing the ordering process. In the early days of the company, new customers were clogging the lines by asking a long series of questions when ordering, causing regulars to turn away and avoid the wait. In response, the company installed kiosks, and the check average went up by almost 20%! This has driven revenue growth while lowering labor costs and giving repeat customers a better experience… a truly winning formula.

    Related: Five Ways To Upsell Your Products And Services

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    Dan Rowe

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  • Why the Most Successful Entrepreneurs Don’t Do It Alone | Entrepreneur

    Why the Most Successful Entrepreneurs Don’t Do It Alone | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Over the last several months, I have been deeply immersed in the Goldman Sachs 10k Small Businesses (10KSB) accelerator program. In partnership with Babson College, Goldman Sachs developed an in-depth curriculum that requires small business owners, or “scholars,” as we are called during the program, to take a deep look at each aspect of our businesses and our leadership styles.

    Goldman Sachs developed this program with the belief that small businesses are the economic engine of the American economy and that the stronger those businesses are, the stronger and more resilient the American economy will be. This is particularly important today as we face tremendous economic uncertainty.

    The program curriculum was demanding and required a significant time commitment. The result was a 70-page, comprehensive business plan. The business plan was tangible evidence that my fellow scholars and I completed the program and dug into the guts of our business. We each identified a “Growth Opportunity” and created a detailed plan to capture that opportunity.

    Related: Going Alone in Business? 5 Reasons That’s a Really Bad Idea.

    But to be clear, the plan was not strictly the result of the program curriculum. It was also the result of the invaluable network of hundreds of small businesses from every state in the union in my Goldman Sachs cohort and the alumni of over 13,000 small business owners that now make up my community.

    As I sit at my computer today and pour through my company’s daily, weekly, and monthly financial reports, it is increasingly evident that I cannot do this alone. Like business leaders everywhere, I am concerned about the realities of the economy, the supply chain, access to capital and all the myriad factors that affect my business, which I have no control over. The one fact that is crystal clear to me is that, as small business owners, we need to join forces.

    There is power in numbers. Small businesses are successful when we work together and take advantage of each other’s strengths. Diverting focus from our core business to spend time on our own every internal business process is costly and wastes time. This point was stressed time and time again over the nine months I was in the program.

    If marketing isn’t your core business, find and hire a small business specializing in the marketing type you need to get the message out to your customers. Hire those services you need from another small business so that you can focus. If distribution isn’t your core business, find and hire a business that specializes in logistics. And the list goes on and on. If we are intentional about looking for other small businesses to provide the services we need so we can focus, we can find virtually anything.

    Related: Follow Your Entrepreneurship Path But Don’t Do It Alone

    Spending money is one of the most terrifying things for a small business owner. Like many of you, I look at the bank account and think I can’t afford to hire an outside service to do this. I will do it myself and save money. Here is the rub, how much time and effort am I wasting learning something new? What is my time worth? What if I could spend my time focused on what I do best, on my core business competency? Would that pay for the additional cost of a service?

    I have been forced to take a tough look at my business in a new way. It is not that I suddenly realized that I had better cash flow and could outsource things. I didn’t, and I can’t. But it costs money and lost opportunity when my key employees or I spend time on things that don’t fall within our immediate business and enhance our offerings.

    I will give you a perfect example. I have years of experience in marketing, but marketing is not my core business today. I lead an ecommerce platform for women-owned businesses. The last thing I thought I needed to spend money on was marketing. I have done it for years and know how to identify my target audience and what channels to use to reach them. I have actively resisted my team’s push to hire marketing services. What I didn’t factor in is how much time my co-founder and I spent on marketing execution rather than focusing on building our sales platform.

    Related: Entrepreneurs, You Can’t Handle Everything at Your Startup

    My core business is NOT marketing execution, so why do we have one of the most valuable members of the team spending hours a week focused on it? We need to find a small business whose specific business is marketing execution for direct-to-consumer companies like mine and hire them. I am confident that freeing my co-founder up to focus on building our core offering will enable us to pay for the cost of the outsourced marketing execution.

    The bottom line is that, as small business owners, we can’t do it alone. As the uncertainty in the economy continues, capital is harder to access, and consumers reduce spending, the best thing I can do is surround my business with experts focused on how to grow and invest back into our communities.

    Small businesses have long been the American economy’s growth engine; for this to continue, we need to fuel economic stability and growth by investing and supporting one another. I am fortunate to have been able to participate in an accelerator program that jump-started my network. But there are many places where small businesses can and should connect. Your local Chamber of Commerce is a great resource, as is the Small Business Administration and industry affinity groups with chapters nationwide.

    We can’t do it on our own! And the good news is we don’t have to. Find a hire a small business expert so you can focus on your core business and grow!

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    Kate Isler

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  • How My Kids Helped Me Launch a $100K Service | Entrepreneur

    How My Kids Helped Me Launch a $100K Service | Entrepreneur

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    My wife and I pay $4,200 per month for daycare. So, that’s roughly a lot. I get it, the daycare workers provide excellent care for my children and I appreciate them. But that’s still a lot of money. And the way I think about it, I’m pretty much paying, just so I can go to work.

    I’m not saying all this just so you can listen to me complain. I’m telling you this because I want to share how I found a solution to my problem, which was not wanting to pay $4,000 per month for daycare. Or at least find an easier way to do it.

    And if you follow along, you’ll learn how you can take control of your finances by creating revenue-generating services.

    So, here’s how I solved the problem. I started with a lofty goal. I wanted to create a new service that would consistently provide enough revenue to pay my kids’ daycare bill.

    And, that service had to meet the following criteria:

    • It has to be easy to sell based on the obvious value provided.
    • It must be a service that I can sell on an ongoing basis.
    • There must be a natural way to sell those clients additional services.

    And, honestly, this is how we should be thinking about all our services anyway, but this one felt more meaningful because it was designed to pay one specific expense. My $4,200 daycare bill.

    So now I’m going to walk you through how I created this new service based on the established criteria and how you can do the same.

    1. It has to be easy to sell based on the obvious value provided

    People often come to me for help with various aspects of their business. Maybe it’s getting more leads, raising their prices and building their Linkedin presence. All that good stuff. But they sometimes haven’t addressed the most critical part of their business model, having a good offer.

    And, I’ve talked about this before — which you can read here — so I’ll spare you the lengthy recap. In short, you need an offer so good your audience would feel silly saying no.

    I’ll give you an overly obvious example of this: “If you were drowning and I threw you a life vest, would you take it?” Suffice to say, most people wouldn’t turn down that offer.

    So here’s what I came up with for my offer; an accelerated program to help entrepreneurs create an irresistible offer so they can attract and convert high-paying clients. Ready for your first action item? Create an irresistible offer for your audience.

    If you’d like to see an example of this, just head to terryrice.co/convert.

    2. It must be a service that I can sell on an ongoing basis

    Once you have your irresistible offer, let’s talk about how you can sell this service on an ongoing basis. I could have just sold one person on that accelerator program and made enough money to pay my daycare bill.

    But, I wanted to make this offer more accessible to people who may not have as much money to invest in their business. That’s why I decided to create an exclusive workshop — it’s called the revenue accelerator, which is only available to eight members at a cost of $600 per person.

    Reason being, I could charge less per person and wouldn’t need a bunch of people to take me up on the offer. Quick math coming at you.

    8 X $600 is $4,800, so if I sold out, that would be more than enough to pay my daycare bill. I then decided to offer the workshop on a monthly basis. This approach works well for a few reasons.

    Since there are only eight spots available, it was more likely to sell out which builds anticipation for the next workshop. This scarcity encourages people to stop considering and start converting due to fear of missing out. And, ironically, I teach you how to do that in the workshop too.

    So, here’s your next action item. Think of a templated service or workshop that you can sell on a recurring basis with little to no customization needed.

    3. There must be a natural way to sell those clients additional services

    This part was a bit tricky. There isn’t an obvious next step everyone must take after the workshop. Some people may need help with branding, others may need help landing speaking gigs. But then I thought of something everyone needs, accountability. Here’s why.

    According to the American Society of Training and Development if you have a goal, and meet with an accountability partner just once per week, your chance of hitting that goal increases by 95%.

    So, no matter what goal you have I can help you achieve it, just by keeping you accountable. That’s why I created the Strategic Advisory & Accountability Program. And, it’s pretty simple. Every Monday program members fill out their weekly goal sheets.

    They can then meet with me during weekly office hours in order to get real-time support. And, there’s also a Circle community so you can learn from and support your peers. Every Friday members provide a status update, ask more questions, and get video feedback.

    For now, the cost is $500 per month, which I’ll eventually increase. And, I’m still capping membership — this time I’m opening up 10 spots.

    Again, let’s do some quick math: 10 spots times $500 is another $5,000 in monthly recurring revenue for this program. It only takes me a few hours a month to maintain it since my wife is handling community management.

    Tying everything together

    The Revenue Accelerator brings in $4,800 per month and the Strategic Advisory & Accountability Program will bring in $5,000 per month. So that’s close to $10,000 per month and I’m working about a day and a half to earn it. Of course, it takes time to market it, but you get the point.

    This idea stemmed from my frustration around paying a bill and now I’ve set up two revenue streams that bring in $120,000 per year. You can do the same thing, so here’s what I want you to do.

    Pick one bill that you’re sick of paying. That part shouldn’t be too hard. But, if you’re just getting started with your business, keep it small, maybe it’s your cell phone bill. Then, think of a service offering you could provide that will pay for this bill on a consistent basis. Maybe it’s selling an hour-long consulting session and you charge $100.

    That’s it. That’s all you have to do to get the process rolling.

    After the first month, think of another bill that’s a bit more expensive. Maybe it’s your car payment or something like that. Pay that bill and the other bill using the service you’re providing. You get the point, just keep going with the process.

    Try this out, it will work. And if you need help creating your offer, consider attending my next revenue accelerator workshop. You can learn more about it and register by visiting terryrice.co/convert.

    So if you’re ready to stop haggling over prices and want an irresistible offer that attracts high-paying clients, sign up.

    Either way, now is the perfect time to turn your frustration into the fuel you need to multiply your revenue. So get started today.

    Want more details and additional tips? Check out the latest episode of the Launch Your Business Podcast below.

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    Terry Rice

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  • Adopting Business Value Does Good & Makes You More Money | Entrepreneur

    Adopting Business Value Does Good & Makes You More Money | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In the past, society broadly — and entrepreneurs specifically — tended to embrace the capitalist rubric of “profit at all costs.” However, growing income inequality and increasing awareness of sustainability and employee well-being are fueling real change. Increasingly, altruism offers a better path for leaders to build resilient, future-proof enterprises.

    Here’s how.

    Words people first associate with for-profit structures likely don’t include altruism. On the contrary, the average person might offer diametrically opposed qualities, like greed and avarice. Unfortunately, this perception often perpetuates a dog-eat-dog culture, and the plain truth is that finding ways to embrace altruism as a core business value can fuel both broad societal good as well as revenue.

    A tale of shifting values

    People’s frustration with greed is growing, and they’re expressing it in various ways. As reported in a 2021 article in The Washington Post, employee loyalty is at an all-time low, reflective in part of the fact that the average worker typically receives little more than a paycheck in exchange for work. Largely gone are the days of fringe benefits, pension plans and generous vacation time allocations.

    Moreover, anxiety about growing economic inequality is increasing. Wealth disparities in countries like the U.S. are greater than ever, leading populations to face the possibility of their children winding up worse off than they are. In response, people are starting to think more broadly and deeply about how companies’ values reflect their own.

    One result of this is the growth of a new economic segment: the socially-conscious consumer. Among other qualities, these people think about the concept of wealth in wider terms than the simple accumulation of material things and are increasingly demanding that employers reflect this outlook. A remarkable 2022 Qualtrics survey found that 56% of respondents “…wouldn’t even consider a job at a company that has values they disagree with, while a 2020 CNBC/Momentive survey found that “40% of workers say they would likely quit their job if their organization took a stand on a political issue they do not agree with.”

    In other words, we’re witnessing the growth of altruism in the business world from the ground up.

    Related: 18 Business Leaders on Creating an Inclusive and Equitable Society

    Turning altruism into an advantage

    Entrepreneurs have much to gain from making a practice of disinterested and selfless concern. In doing so, they can generate tremendous value within companies, enhance employee loyalty and engender public trust, gaining significant advantages over firms still prioritizing the bottom line above all else.

    Here are a few ways to make it a core business practice:

    • Prioritize employee well-being: A business that puts staff members’ needs above its own is more likely to have loyal employees that demonstrate altruism themselves, according to a 2022 report by the Research Journal of Management Practice. This could be achieved by providing paid leave during significant life events — extending beyond maternity and paternity leave to cover unexpected lapses in childcare coverage, as well as caring for a sick family member or attending to the mental health of a loved one. Offering remote work options can also help gain employee trust.
    • Build value-based business connections: Entrepreneurs might be wise to consider a policy of only doing business with firms that share their values, extending this approach to the way they connect clients with trusted partners. This arrangement can be mutually beneficial, even if it means choosing a partner that costs a bit more. Building industry partnerships based on shared beliefs rather than rote costs can lead to more sustainable and meaningful connections.

    Embracing an altruistic future

    Our world is already changing, with consumers, employees and the general public demanding more from companies. Entrepreneurs can embrace this change and use it to build entities that stand the test of time. “Doing well by doing good” has the potential to not only produce financial success but also create a more fulfilling and meaningful entrepreneurial journey — with benefits that include increased employee loyalty and public trust, as well as a growing market of socially-conscious consumers.

    Here are some additional strategies for integrating this spirit into entrepreneurial ventures:

    • Embrace corporate social responsibility (CSR): CSR initiatives that address social, environmental and economic issues relevant to your industry and community not only actively contribute to the well-being of society and the environment, but also demonstrate a business’s commitment to altruism, and will foster goodwill among customers and stakeholders alike.

    Related: Corporate Social Responsibility Can Actually Be a Competitive Advantage, So Where’s Your CSR Program?

    • Encourage a culture of giving back: Promote volunteerism and philanthropy within your organization by offering employees, say, paid time off for volunteer work, or matching their charitable donations. Such a culture can enhance staff morale and strengthen a company’s reputation as a socially responsible enterprise.
    • Practice transparent communication: Be open and honest with employees, customers and stakeholders about business practices, goals and challenges. Transparency fosters trust and demonstrates a commitment to ethics. So, share your successes and setbacks in implementing forward-thinking policies, and use the resulting feedback to make improvements.
    • Create an ethical supply chain: Work with suppliers that share your commitment to altruism, ensuring that they adhere to ethical labor practices, maintain sustainable operations and minimize their environmental impact. This can create a positive ripple effect that benefits all parties involved. A Business of Sustainability Index by GreenPrint revealed that 68% of Americans are willing to pay more for sustainable goods and otherwise support eco-conscious companies.
    • Measure and report on your impact: Regularly assess and report on the social, environmental, and economic impact of your business practices. By quantifying progress and sharing results, you showcase a commitment to altruism and inspire others to follow suit.

    Related: 3 Keys to Developing a Sustainable Supply Chain

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    Chris Porteous

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  • Starting a Business? Here’s How to Find Your Transferable Skills | Entrepreneur

    Starting a Business? Here’s How to Find Your Transferable Skills | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    There is no one-size-fits-all path to start a business. That’s because all entrepreneurs generally come from many different lines of work, bring disparate skills and are taking a variety of routes to gain success.

    Let’s look at how skills figure into successful entrepreneurship. Have you ever heard of a successful entrepreneur bringing zero business skills to a new venture? No, of course not. Some former careers bring obviously helpful skill sets like being an attorney or accountant. However, each career and every job that an entrepreneur has ever held holds some value. It’s not what you’ve done (or not done) in the past — it’s how you use the skills you’ve gained.

    Related: Listen to Successful Entrepreneurs Discuss Their First Attempts, Failures and Origin Stories

    Determining your transferable skills

    As a doctor, I’ve found that much of what comes naturally in my practice or at the hospital actually has had numerous applications in my start-up business which is in hospitality. To figure out what skills you bring from prior experiences, both in and out of the business world, there are two central questions to ask yourself:

    1. What can I do?

    All skills can actually be put to good use in business. Were you a college athlete? Then you know what goes into teamwork on the human resources side. Retail associate? You’re great at customer service. Stay-at home-parent? You can do anything (Think: budgets, transportation, food service, scheduling and many other task-driven accomplishments).

    For example, as a doctor, I’ve developed a range of skills that have proven valuable as an entrepreneur in the restaurant industry. Strong communication skills are useful in marketing my restaurant and interacting with customers. Working as a team with other physicians, nurses and hospital administrators helped me to manage employees at all levels and create a cohesive, functional work environment.

    Additionally, working in a fast-paced, high-pressure medical environment has made me more adept at managing a busy restaurant. I’ve also found that managing complex patient cases also translates well to managing disparate tasks related to forecasting, staffing and supply chain. Attention to detail, which is paramount in medicine, has also been invaluable in creating the ultimate dining experience for customers.

    While medicine may be applicable in many ways to hospitality, every industry offers lessons for entrepreneurship. Just be clear on what you know and how you intend to use it in the new business venture.

    2. Who do I know?

    Chances are that by the time you’re considering starting a new business, you’ve met many people at various stages of life. Many former associates, friends, neighbors, teachers and community leaders might not seem to have any relevance to what you intend to do as an entrepreneur. But consider this: Everyone you know can add something, from tips about locations and opinions about your offerings to legal or financial advice and possibly even providing a loan. The No. 1 thing is not to be afraid to ask!

    Related: How to Change Careers: A Step-by-Step Guide

    Prescriptions for success

    My background as a doctor has given me skills that I’ve discovered are very applicable to my restaurant business. Specifically, for starters, it allows me to understand the importance of the knowledge of health and safety regulations which can help ensure my restaurant is compliant with local and national regulations.

    Here are a few of my “prescriptions” for success:

    1. Be a sponge and soak up information. Running your own business is totally different from being an executive — or in my case, a doctor — and there will be a lot to learn. Keep your ears open for advice from those in your line of business and make it a daily practice to keep up with all of the relevant trade publications, blogs and podcasts. A simple internet search of news + “your business sector” will go a long way. An article in the Harvard Business News concurs, “If you’re exploring entrepreneurship or in the early stages of launching a venture, it’s important to learn from others to avoid common pitfalls and discover which decisions impacted a company’s survival.”
    2. Try before you buy. See if there is an existing business that aligns with what you’re looking to accomplish in the marketplace, such as a franchise. The Small Business Association (SBA) offers the same advice, “Starting a business from scratch can be challenging. Franchising or buying an existing business can simplify the initial planning process.” Still want to start your business from the ground up? Consider taking a part-time job in your target industry. I took a bit of a hybrid route. As a doctor who co-launched a successful restaurant franchise, starting the business with a food truck was an invaluable way to gauge both my skills and my interest.
    3. Know your pain points. A study reported in the Journal of Business Research noted key personality traits for entrepreneurs: initiative, being an open-minded person, creativity, risk-taking and efficiency. If this doesn’t sound like you or the skills you want to learn, you may not be quite ready for entrepreneurship.

    As with everything in life, timing is everything. Jumping into entrepreneurship at the right time in your career — in the best place for your business — is a combination of knowledge and skills with a big dose of luck. Using what you already know to drive success is the first step.

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    Mohammad Farraj

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  • How AI is Helping Society Break Free From The 9-to-5 Mold | Entrepreneur

    How AI is Helping Society Break Free From The 9-to-5 Mold | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As someone who is a huge tech enthusiast, I have been privileged to witness the continuous evolution of technology throughout my career. From groundbreaking innovations like the iPhone to cutting-edge advancements like 5G, the pace at which our world changes never ceases to amaze me. However, amidst this ever-changing landscape, one particular technology has captured my attention and sparked my curiosity: generative artificial intelligence (AI).

    Generative AI, at its core, is a remarkable fusion of human ingenuity and machine learning. Its capacity to go beyond our preconceived limits and generate, imagine and produce is truly awe-inspiring. As someone who has always been captivated by the transformative potential of AI in various industries, encountering generative AI took my fascination to an entirely new level.

    When I first witnessed the capabilities of generative AI, I was left in awe. It’s almost as if the AI possesses its own inherent creative instincts, blurring the boundaries between the realms of human imagination and machine intelligence. While the notion of machines creating art, music, or writing that can rival human creativity might appear daunting to some, with fears of the automation apocalypse rampant, I think otherwise.

    In the 2023 edition of its annual Future of Jobs Report, the World Economic Forum reports that out of the 803 businesses that it surveyed from around the world, 25% believe that the integration of AI tech will lead to job losses, while 50% believe that it will create job growth. AI can only replace humans if you think it will and stop progressing and upskilling alongside it.

    The potential for AI to push the boundaries of what we thought was possible is truly inspiring, and that can be illustrated in the way that it can reimagine the 9-to-5 workday.

    Related: Why Are So Many Companies Afraid of Generative AI?

    Reimagining the 9-to-5 workday

    The traditional 9-to-5 work schedule has long been the standard in the corporate world, but with the rapid advancements in artificial intelligence (AI), the concept of “clocking in” and “clocking out” is undergoing a profound transformation. AI technologies are revolutionizing work, allowing flexibility, personalized schedules and reimagining the traditional workday.

    Every position within every organization holds the potential for reinvention. Accenture conducted a manual assessment of 200 language-related tasks to gauge the impact of generative AI. The aim was to identify which tasks were more likely to be automated or augmented through AI. The results showed that generative AI is projected to influence approximately 40% of individuals’ working hours.

    In this article, we will explore how AI is reshaping the 9-to-5 paradigm and empowering individuals to “flex out” of rigid work schedules

    Related: How ChatGPT and Generative AI Can Transform the Way You Run Your Business

    Embracing flexibility

    Within any given role, generative AI will help automate certain tasks while others will be assisted, freeing up individuals to focus on more meaningful endeavors. Rather than being bound by inflexible schedules, workers now have the chance to embrace flexible work setups that cater to their personal preferences and productivity patterns. Companies can optimize workflows, automate repetitive tasks and streamline processes, increasing employee flexibility.

    Additionally, there will be tasks that remain unaffected by the technology. The advent of generative AI will also usher in many new responsibilities for human workers, such as ensuring the responsible and accurate utilization of new AI-powered systems. This contributes to creating new job roles like AI system managers, AI ethics experts and prompt engineers.

    The rise of remote work

    AI has also played a crucial role in facilitating the surge of remote work, granting individuals the freedom to work from any corner of the globe. The advancements in communication and collaboration technologies, combined with AI-driven virtual meeting platforms, have simplified the process of remote collaboration for professionals.

    The flexibility offered by AI-powered remote work helps eliminate the need for lengthy commutes, reduces overhead costs for companies, and expands opportunities for individuals in remote locations. Moreover, AI-enabled remote work allows organizations to tap into a global talent pool, accessing a diverse range of skill sets and perspectives that can fuel innovation and foster growth.

    Related: How The AI Revolution Is Liberating Workers from the Office

    Redefining work-life balance

    The conventional 9-to-5 work model frequently falls short when it comes to striking a healthy work-life balance. AI is helping reshape this paradigm, granting individuals the liberty to manage their time in a manner that aligns with their personal obligations and outside responsibilities. Nobel Prize-winning economist Christopher Pissarides believes that AI can enable humans to work just four days a week.

    With the aid of AI, flexible work schedules empower individuals to allocate dedicated time to personal endeavors like quality family moments, pursuing hobbies, or prioritizing self-care activities. By nurturing a more harmonious work-life balance, AI isn’t just bolstering employee satisfaction and well-being but also improving productivity and overall job performance.

    A flexible and personalized approach to the 9-to-5 workday

    With the continuous advancement of AI, the inflexible 9-to-5 work model is gradually being replaced by a more adaptable and personalized approach. Professionals now have the chance to break free from the confines of the traditional workday structure.

    Embracing this transformation facilitated by AI can result in heightened productivity, increased job satisfaction, and a more balanced and fulfilling work-life equilibrium. As we progress, it becomes crucial for individuals and organizations to harness the potential of AI to reshape work hours and unlock the full capabilities of the modern workforce.

    Related: It’s Time to Prepare for the Algorithmic Workforce

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    Asim Rais Siddiqui

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  • Ask Marc | Free Business Advice Session with the Co-Founder of Netflix | Entrepreneur

    Ask Marc | Free Business Advice Session with the Co-Founder of Netflix | Entrepreneur

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    The co-founder and first CEO of Netflix, Marc Randolph, has a personal mission to help entrepreneurs around the world achieve their dreams. He has mentored hundreds of early-stage entrepreneurs and helped seed dozens of successful tech ventures, and now he wants to help you.

    In our livestream series Ask Marc, you have the opportunity to ask Marc Randolph any of your most pressing business questions, from big-picture problems to in-the-weeds details, including:

    • How do you start a business on a small budget?
    • What’s the best way to raise funds?
    • What are the top actions a business should take to grow revenue?
    • What is the best way to find and hire the right talent?

    This is a remarkable opportunity to ask one of the most successful and innovative business leaders anything you want! Submit your questions now then join us on June 21st at 3 p.m. EST to hear your answers live.

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    Entrepreneur Staff

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  • Turning Side Hustles Into Million-Dollar Brands with The Skinny Confidential | Entrepreneur

    Turning Side Hustles Into Million-Dollar Brands with The Skinny Confidential | Entrepreneur

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    As an Entrepreneur+ subscriber, you have exclusive access to select live events, like our Subscribers-Only Calls, where you can get tips and insights from real entrepreneurs that will help you grow your business or personal brand.

    We are excited to announce that side hustle experts Lauryn and Michael Bosstick, creators of the massively-successful podcast and product line The Skinny Confidential, are joining us on June 8 at 2 p.m. ET. The link is available down below!

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    Entrepreneur Staff

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  • Entrepreneur+ Subscribers-Only Call | June 8: Discover How These 2 Founders Turned Their Side Hustle into a Million-Dollar Lifestyle Brand | Entrepreneur

    Entrepreneur+ Subscribers-Only Call | June 8: Discover How These 2 Founders Turned Their Side Hustle into a Million-Dollar Lifestyle Brand | Entrepreneur

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    If you are looking to make more money or upgrade your side hustle, then join our next Entrepreneur+ Subscribers-Only Call on Thursday, June 8 at 2 PM ET with side hustle experts Michael and Lauryn Bosstick, creators of the massively-successful podcast and product line The Skinny Confidential.

    Learn how they fostered a community of millions through authentic brand building. In addition, gain insights on working with your partner, embracing their strengths, and encouraging clear communication.

    They will cover the following:

    • Their pillars for growing a personal brand into a full-fledged business
    • Tips on how authentic brand building can foster a community of millions
    • How to leverage and nurture your organic community
    • Best practices for working with your partner
    • Strategies for creating content and building products to keep your audience engaged
    • And anything else you want to ask!

    This event is only for Entrepreneur+ subscribers, but you can become a subscriber for FREE. Use code 1FREE at checkout for one month of all access to Entrepreneur.com, including our premium content and the ability to participate in our Subscribers-Only Call.

    What is a Subscribers-Only Call?

    It’s an exclusive, live Q&A for Entrepreneur+ members with some of the biggest and best names in business. On this interactive call, Entrepreneur+ members have the opportunity to talk to real entrepreneurs and get tips and insights that will help you grow your business or personal brand. If you can’t make this one, stay tuned — we hold these calls monthly.

    How to access as a subscriber:

    There are two ways to make sure you don’t miss out on this event. Follow this link for easy setup on your Entrepreneur+ homepage. Or, check your inbox for a [Entrepreneur+ Exclusive] email that contains the private link to the event. We will also notify your email right before the event to make sure you don’t miss out.

    Having issues signing up for the call? Email us at subscribe@entrepreneur.com.

    About the speakers:

    Lauryn Evarts Bosstick is a multi-hyphenate entrepreneur, podcaster, investor, best-selling author, and creator behind lifestyle brand The Skinny Confidential. In 2011, Lauryn launched her brand with a blog that features uncensored advice spanning everything from entrepreneurship, skincare, relationships, wellness and more.

    Under The Skinny Confidential umbrella, Lauryn also hosts the top-rated podcast, “The “Skinny Confidential Him & Her” with her husband Michael, which boasts over 200M downloads and dives deep into the mindset of constantly leveling up. Guests include Ellie Goulding, Barbara Corcoran, Dr. Andrew Huberman and Scarlett Johansson. In 2021, Lauryn released her first products, The Hot Mess Ice Roller and Ice Queen Face Oil, and has continued to disrupt the preventative beauty industry with a line of on-the-pulse tools driven by her community that have repeatedly sold out.

    Lauryn is also the author of two books, The Skinny Confidential: A Babe’s Sexy, Sassy Fitness and Lifestyle Guide, and national best-seller, Get The Fuck Out of The Sun, an in-your-face preventative skincare bible with routines, products, tips and insider secrets from 100+ of the world’s best skincare gurus.

    She currently resides in Austin, TX with her husband and business partner, Michael Bosstick, their daughter Zaza, son Townes and two pups.

    Michael Bosstick is the CEO and Co-Founder of the Dear Media podcast network. Previously, Michael built digital brands and direct-to-consumer businesses. In 2016, Michael and his wife launched The Skinny Confidential Him & Her podcast, which has become one of the top podcasts in the world, hitting over 150 million downloads. Dear Media came after Michael and Lauryn bootstrapped, self-produced, hosted & monetized their popular podcast. This led Michael to believe in the future of podcasts as a platform to launch brands and media properties. After joining a prominent network, it became clear there was a gap in marrying audio to digital channels while capturing new revenue and growth opportunities. The couple went back to self-producing and paved the way for Dear Media’s business model. After analyzing the space, they realized there was little female representation in podcasting. Aiming to change this, Michael partnered with Raina Penchansky and created Dear Media.

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    Entrepreneur Staff

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  • Why Holding Groups Won’t Work for New Marketing and Media Giants | Entrepreneur

    Why Holding Groups Won’t Work for New Marketing and Media Giants | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Change comes. It may be glacial, or it may come at the speed of a raging forest fire. But it is inevitable.

    And it could be that such an accelerated upheaval is headed for big marketing and media organizations that service global clients — what we commonly call the holding groups.

    While I’d never label the existing “big six” holding groups as out-of-touch dinosaurs as there’s much they do very well and admittedly much we can learn from them, whether they’re a template for the future is up for grabs.

    And the question is certainly one for now, given that there’s a hungry new cohort of expanding marketing and media companies on the horizon. These “underdogs” are busy building up their talent, resources and focus. Oh, and they’re also landing impressive clients and fees.

    A changing of the guard may very well be underway

    The huge amount of M&A activity in the past few years reflects this potential “changing of the guard.” While M&A activity in marketing and media has slowed somewhat this year thanks to uncertainty caused by inflation and the war in Europe, among other things, in the first quarter of 2022, M&A transaction volume rose 19% quarter-over-quarter. It reached a peak in value over the past five quarters.

    Stunning numbers, yes. But this also means that the acquisition groundwork has been done for independent agencies, particularly within digital and performance, to prepare to springboard into the big leagues… as long as they called the right shots, of course. I’d number S4Capital, Stagwell Group and PMG among the frontrunners, and I, for one, am excited to see what 2023 brings for each of them.

    But if the new breed is going to come to the fore (and coming soon), how will they structure and organize themselves in a way which works best for clients, as opposed to what might work best for their own objectives? Because it’s most assuredly the client-centric agencies that will win the work and the applause, as time and experience have shown.

    Related: How to Find International Customers and Partners as Your Expand Your Market

    For starters, clients don’t want to deal with complexity

    Yes, clients will always want sophisticated solutions to address the multiple challenges of a complex world, but they want to be able to access agency thinking, tools and talent quickly. These wishes won’t be served by navigating numerous agency brands within a holding group and figuring out what each one “stands for” and its area of expertise. There’s a saying about moving an oil tanker instead of a speed boat… nimble and light wins the speed race.

    Clients will want one-stop shops that can quickly organize specialist teams to work on their specific solutions without any politics or internal siloes creating an obstruction.

    To be fair, the holding groups have recognized this new reality. Consolidation has been a trend within the big groups, including WPP, Publicis and Omnicom, while S4Capital wasted no time folding all its acquisitions under the Media.Monks name in 2021.

    But in the short term, these mergers — as absolutely no one likes to call them — disrupt operations as senior directors vie for top jobs, people look to their earn-outs, offices are relocated and maybe most importantly, different cultures try to align. All this distracts from servicing the client — no ifs, ands or buts about it.

    Furthermore, the established networks also have the challenge of wrestling with departments set up to service legacy media, with teams and individuals often managing steady decline. Newer media businesses, on the other hand, can focus solely on digital solutions or build robust omnichannel teams from the start.

    Read More: AI Is Considered the “Wild West” — Here’s How Marketers Can Rein It In and Ensure Ethical Use

    Herald the super-adaptoid

    The future looks increasingly like one super-adaptive, agile agency that can operate at scale and is simultaneously equipped with best-in-breed tech stacks, an agency that can dial resources up and down as needed with flexibility woven into its fabric. The new generation will also wield the power of complementary AI and Machine Learning tools that remove a lot of the repetitive “grunt work” from operational implementation.

    Certainly, size, as measured by staff numbers or by “buying power,” is no barrier to winning the biggest client accounts. Just look at how independent media agency PMG outpaced holding company agency brands to carry off Nike’s North American prize, ultimately being named integrated media agency of record and global digital capabilities partner. Big news. Big shoes (to fill).

    Automation will give us the ability to increase particular efficiencies. Still, it’s important to remember that we’re service- and people- companies rather than tech businesses (perhaps the ones that adopt a tech mindset will flourish). All agencies contain valuable talent — it’s just a question of how best to deploy that talent. Perhaps it’s a matter of pulling talent from across departments and even locations to answer a brief or allowing talent — the freedom, even — to jump in and out of projects. Making the best use of employee expertise will be a challenge for all agencies, but as an industry, we’re always finding new ways to stretch and excite our teams.

    Undoubtedly, we’ll continue to witness disruption in the agency landscape over the next few years, and there is a race to see whether the agency holding groups can evolve quicker before the underdogs can muscle up enough to grab more of their lunch.

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    Kristopher Tait

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  • 3 Lead-Generating Strategies To Implement In Your Sales Process | Entrepreneur

    3 Lead-Generating Strategies To Implement In Your Sales Process | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As one of my first mentors said: “In business, sales solves all.” This reigns true in the majority of cases. When you make a sale, you can re-invest that into a new employee, advertising campaign, software, marketing, etc. You get the point. The problem with lead generation and sales for most SMEs, however, is that they depend solely on one channel — which, more often than not, is inbound leads or referrals.

    While these are arguably the best forms of lead generation, as the prospect is “warm” & they already know, like and trust you, these methods are the least scalable. Why? Because you’re putting your fate in other people’s hands and not taking a proactive approach to growth.

    Now more than ever, it is essential to diversify your approach to lead generation, leveraging different strategies that work best for your business and target market. In this article, I’ll break down three automated outbound lead generation strategies we use with great success and how you can use them to drum up more business and, more importantly, epic client case studies.

    Related: 5 Ways Businesses Can Get Traffic and Generate Leads

    1. Cold email

    With advertising costs on the rise, companies are looking for more cost-effective ways to generate attention and leads. Now, before you think, “Cold emails are for spammers and scammers,“ — please read this with an open mind. A cold email has become one of the hottest topics in the B2B marketing space, with many new tech and SaaS startups emerging in the cold email automation space to fill these needs.

    All seasoned cold emailers understand that it provides unparalleled scalability for the cost. That said, don’t expect to start emailing today and drumming up new business immediately. It takes time to tweak, refine and improve upon your process. It took us four months of trial and error before we found an email that really hit the mark.

    And just a word of warning — no matter what, you will get people that dislike your email and will respond with criticism. Understanding that this is part of the game will help you persevere and succeed. The best resources I’ve come across and used to learn the A-Z of cold email are Alex Berman’s YouTube channel. Some baseline metrics to aim for in your B2B cold email campaigns are a 75% open rate, 10% reply rate and 2.5% meeting book rate. Review your cold emails every week to ensure you’re constantly improving and hitting these baseline numbers.

    2. LinkedIn outbound

    To be completely honest, I slept on LinkedIn for a long time. While it isn’t my preferred place to consume content, it has been tremendous for us in terms of lead generation. It also has some incredible automation abilities and will produce epic results when done right.

    Where I see most people go wrong on LinkedIn is primarily a basic lack of understanding of people. Who in their right mind will respond to a 7-paragraph, 800-word introductory message? Don’t worry, at some stage, pretty much everyone has been there (myself included).

    Why I believe LinkedIn is far superior to other social networks for B2B lead generation is 3-fold.

    Firstly, it’s a business platform. People expect to be doing business there. Secondly, it has a sales navigator tool. A way to get directly into people’s inboxes without even connecting. Thirdly, it has a lot of automation capability — we use a Walaaxy for this.

    This allows you to import a list of your ideal customers automatically and then automatically connect with them, sending them an invitation message and even a follow-up message sequence, which you can use to explore potential meetings or synergies. Again, the messaging sequence here needs to be short and sweet — as I mentioned, there’s nothing worse than an unsolicited four paragraphs from a stranger trying to get you onto their “free webinar.”

    Related: How to Get High Quality Leads From LinkedIn At No Cost

    3. Twitter outbound

    Twitter has quickly become my favorite social media platform — it is a no-BS place, and people don’t have time for fluff. With that in mind, that’s why it’s such a fun platform to try and crack the challenge of outbound. It’s not uncommon for people to screenshot a bad DM they receive and shamelessly post it to their thousands of followers, causing public embarrassment to the person who sent the DM.

    That’s why it’s so challenging. You need a unique approach. The approach that we have used, which works incredibly well, is a purely value-based message. We essentially offer our services for free — no strings attached. Doing so builds a relationship, an audience and a network of influential people. Believe me, when I say you will be shocked at the kind of connections and relationships you can build. I was even shocked at how I immediately received referrals and people wanting to do more business with us.

    Final thoughts

    If I haven’t convinced you yet to implement these strategies, the fact that it costs me five times less to acquire a customer with these strategies compared to paid advertising says everything you need to know.

    Forget manually sending 100 emails, DM’s, and messages per day. Leverage automation to do the heavy lifting for you, then take over to complete the process. Remember always to constantly tweak and optimize your processes to make micro-improvements throughout all stages of your sales process.

    If you implement all these strategies effectively, watch your pipeline and sales skyrocket this year.

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    Lewis Schenk

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  • How to Profit from Acquiring Distressed Businesses | Entrepreneur

    How to Profit from Acquiring Distressed Businesses | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Since the start of 2023, leading companies, including Vice Media, Virgin Orbit, David’s Bridal, Bed Bath and Beyond and Jenny Craig, have filed for bankruptcy. More broadly, underlying economic conditions have resulted in a flurry of business failures, with a 77% increase in commercial Chapter 11 bankruptcy filings for the first quarter of 2023. Business failures across all industries have created uncertainty for investors but great opportunities for competitors and buyers.

    Far from causing concern, entrepreneurs should look at this as an opportunity and follow self-made billionaire Warren Buffet’s advice to “buy when there’s blood in the streets.” Distressed companies can be acquired at a fraction of the multiples that healthy companies trade at and therefore offer entrepreneurs a unique and cost-efficient way to grow their businesses.

    As CEO of a Nasdaq company, I grew by acquiring great distressed companies. The valuations were phenomenal – and each came with its unique challenges and opportunities. With a backdrop of more than 20 acquisitions, here are some lessons I learned during the journey to grow my business.

    Before pursuing a distressed company, a few basic questions must be answered to ensure that the transaction makes sense.

    First, is the valuation low enough and the potential upside high enough to compensate you for the risk that comes with acquiring a distressed company? The most attractive element of buying distressed companies is their price, and without a low enough valuation, the business shouldn’t be considered for purchase.

    Related: How to Value a Business: 9 Ways to Calculate a Business’s Worth

    Second, does this business fall within your area of expertise? Buyers who don’t understand the business fundamentals of a market sector should be very cautious. Consider that the leadership of the distressed business presumably had more than a cursory understanding of their industry and opportunities but still failed to succeed.

    Finally, what do you bring to the table that will enable you to succeed in turning around the business? You will need resources the owner didn’t have or a plan they never created or couldn’t execute to turn the business around and increase profits. Generally, the ability to turn a business around will rest less upon identifying great ideas you could bring to a company and more upon addressing the problems that caused the company’s current state of distress. You must act like a doctor and identify the cause of your patient’s symptoms before administering the cure. Generally speaking, the quality of your post-transaction team will drive your success, your ability to use technology and automation, and your ability to stabilize your customer base and exceed their expectations going forward.

    Related: Purchasing a Business Doesn’t Have to Be Difficult. Here’s Your Comprehensive Guide.

    Finding a business in financial distress that matches your area of expertise usually occurs through a broker specializing in distressed company transactions. However, finding failing companies through word of mouth, searching business information sites, or poring through online bankruptcy court filings in your area is also possible.

    After deciding to pursue the distressed business, it makes sense to ensure you have a team that can succeed. You should consider the benefit of hiring a lawyer specializing in distressed business transactions. If the business is pursuing bankruptcy protection, you can start with a clean slate once the company is purchased and the deal finalized, but to get there, you’ll need to navigate a complex transaction with many moving parts successfully. Creditors’ concerns will need to be addressed, bankruptcy and auction time frames must be followed, and the judge overseeing the case will need to hear and approve your proposal.

    Regardless of how you acquire a distressed business — through bankruptcy or a non-bankruptcy ‘firesale’ — performing thorough due diligence is critical. This will include talking with the company’s employees (so far as is legally allowed) to gain a better sense of the internal state of the company. It isn’t uncommon for employees within financially strained companies to begin looking for work elsewhere as they become anxious about the company’s future. However, you’ll need to find a way to retain the very best workers and align their interests with yours.

    Related: Four Survival Principles For Start-Up Entrepreneurs Amid Crisis

    If the business is service-based, then speaking with customers (as permitted) and understanding their perspectives and intentions will be especially important. Customers generally can’t terminate contracts with companies during a bankruptcy proceeding, and the problems this can create for your potential customers as they wait throughout the bankruptcy process can destroy the business’s credibility with them. Customers who lose their goodwill toward the business may decide against the continued use of your service once the company resumes business under your leadership.

    Acquiring distressed complementary companies can be a cost-efficient way to grow your customer base and revenues. However, buying distressed businesses comes with unique risks and rewards, so it’s important that you carefully assess the opportunities and assemble the right team to ensure success.

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    Stephen Snyder

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  • 5 Ways Real Estate Investors Can Thrive in the Current Economy | Entrepreneur

    5 Ways Real Estate Investors Can Thrive in the Current Economy | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In only six months, the average interest rate on a 30-year fixed mortgage has surged significantly, climbing from 2.65% to 3.17%. This substantial increase of 0.52% has undoubtedly caused concern for real estate investors. However, amidst the changing landscape, it is important to remain optimistic as there are still viable opportunities within the market waiting to be explored.

    The sudden spike in interest rates has undoubtedly created a challenging environment for those involved in real estate investment. Nevertheless, it is crucial not to succumb to worry as the market presents avenues for potential gains. Despite the rising borrowing costs, strategic and astute investors can adapt to these changes and uncover untapped prospects that align with their investment goals.

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

    1. Keep your eye on the long-term prize

    The rising interest rates may make it more difficult to purchase property in the short term, but remember the long game. Real estate is an investment that can appreciate over time, and the key is to make smart purchases that will hold their value.

    Instead of buying a fixer-upper that may require expensive repairs, consider investing in a property already in good condition and with growth potential.

    2. Consider alternative financing options

    With the rise in interest rates, traditional mortgages seem less appealing to some. However, it is worthwhile to consider alternative financing options. One such option is hard money loans, short-term loans secured by the purchased property. While these loans usually have higher interest rates, they offer greater flexibility and are often easier to obtain.

    Hard money loans can benefit those looking to make a quick purchase or who need help meeting traditional lending requirements. By using the property as collateral, the lender takes on less risk, making the loan easier to obtain. Additionally, hard money loans can allow for more flexibility in purchasing, making them a valuable tool for real estate investors looking to act quickly on a good opportunity. Though they come with a higher price tag, hard money loans can be an attractive financing option in certain situations.

    Related: How Does Inflation Affect Real Estate? Here’s What You Need to Know.

    3. Focus on up-and-coming neighborhoods

    The adage “location, location, location” still holds regarding real estate. Although some parts might be unaffordable due to increasing interest rates, several good neighborhoods still need to be explored. As a prospective homebuyer, focusing on areas experiencing renovation projects with excellent educational institutions conveniently located near public transportation is crucial.

    When searching for a neighborhood, keep in mind that revitalization efforts can have a significant impact on property values. These areas often attract new businesses, increased foot traffic and community events. Furthermore, families with children should prioritize areas with reputable schools, as education quality can affect property prices. Lastly, being close to public transportation is ideal for those who rely on it for work or leisure activities. This not only saves time and money but can also increase the accessibility of the area to potential buyers.

    4. Diversify your portfolio

    Diversification is a vital aspect of achieving success in real estate investing. Although investing in a single property can be alluring, spreading investments across various properties and neighborhoods can help reduce the risk of loss. It’s crucial to explore different types of real estate investments, such as commercial or multifamily properties, and not limit oneself to only one variety.

    Investors should be bold in taking risks in exploring alternative types of real estate investments. Rather than relying on a single property, investors should consider diversifying their portfolio to include a range of assets. Commercial or multifamily properties, for instance, are excellent options for those looking to diversify their investments.

    Related: The Real-Estate Game Is Changing Fast. Are You Ready to Win?

    5. Take advantage of low inventory

    Rising interest rates can affect confident prospective homebuyers, leading to a decline in the number of available properties. However, this situation can present an advantage for real estate investors. With decreased market competition, investors may uncover valuable opportunities to acquire previously acquired properties beyond their financial reach. The reduced buyer demand creates a favorable environment for investors to find lucrative deals and expand their portfolios.

    The increase in interest rates has the potential to deter potential homebuyers, resulting in a limited supply of homes for sale. Nonetheless, this circumstance can benefit those involved in real estate investment. The decreased market competition opens avenues for investors to secure properties at favorable prices, which were previously unattainable. As buyers become scarce, investors

    In conclusion, while rising interest rates may pose challenges for real estate investors, there are still opportunities in the market. You can adapt and thrive in a changing market by keeping a long-term perspective, exploring alternative financing options, focusing on up-and-coming neighborhoods, diversifying your portfolio, taking advantage of low inventory and maintaining a sense of humor. Remember, real estate investing is a journey, and with the right strategies and mindset, you can navigate the challenges and continue to find success. So stay proactive, stay informed and keep investing with confidence.

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    Chris D. Bentley

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  • Make 6 Figures Right Out Of College With This Job | Entrepreneur

    Make 6 Figures Right Out Of College With This Job | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Congratulations! You have graduated from college… Now what? This is a question asked by many new graduates every year, with many struggling to reach that ideal 6 figure pay for years! Don’t get stuck in the system and break out using this method. I will teach you how to make over $100,000 per year by practicing and finding a fully remote job for “appointment setting.”

    Appointment setting

    All you need to do for this job is bring potential clients and a dedicated salesperson together. An appointment setter plays a crucial role in the sales process and acts as the first impression for the brand. You will be in charge of generating leads for the sales team to follow up with.

    With this job, you can make large amounts of money from commissions without having to have the experience and skill of the actual salesperson. This job serves as a great introduction to a career in selling, with a massive potential for growth in career and salary wise.

    Related: The Appointment Economy: Customer Engagement

    Learn the skills

    To find success in appointment setting, you need to have the skills. Fortunately, these skills require no degree or certification and can be mastered quickly. Use free resources like Youtube and Google to learn about the job and how to sell.

    This alone is good enough to find a 6-figure job right out of college, but if you want to learn more about the intricacies of selling and how to win, read these books on sales that shaped me into the salesman I am today: 100M Offer by Alex Hormozi, The Challenger Sale by Matt Dixon and How to Win Friends and Influence People by Dale Carnegie. Sharpen your skills by practicing selling to your friends, family and eventually to ideal clients of your desired field; more on that later.

    Related: 7 Tips for College Graduates Looking to Jump Into the Small Business World

    Find the right company

    When getting into sales, many rookies make the mistake of working for companies that pay high commission percentages but for a relatively inexpensive product. This is why choosing a company that sells a “high-ticket” product or service is essential.

    These high-ticket products are usually in the range of thousands to tens of thousands in price, including automobiles, software, medical procedures and consulting services. This is where the real money is and where just a small appointment-setting position can yield significant amounts of commission and soar to 6 figures.

    But why stop there? With the advancement of technology and the changing office environments post-2020, finding a remote job is easier now than ever before. You can reach that 100k salary working from your home.

    Get hired on the spot with this trick

    To the anxious new grad, this all may seem too good to be true. Though finding a 6 figure remote job in appointment setting is relatively easy, you need to be good at sales to be hired. So here you have two options: One, you could grind at a low-paying sales job until you have enough experience on your resume for years, or you could use this trick to give the company you are applying for an offer they CAN’T refuse! The trick is to show up to your interview with three potential clients under your belt who are ready to schedule a demo with the sales team.

    Not only will you prove you can sell their product, but you will also have made them some business before they even hired you. To accomplish this, research your company closely and find ideal clients for their product through Google and social media.

    Once you find these clients, cold call or message them asking if they would be interested in a demonstration with the sales team. This could take some work, but remember you don’t have to sell the product to these potential clients, just a meeting with the sales team. Reach out to as many people as possible, and once you have three interested people, schedule your interview with the company. With this trick, you have an extremely high chance of being hired on the spot right out of college.

    Related: 3 Books That Made Me 6 Figures That Aren’t About Business At All

    In closing

    Start making six figures this year by becoming a fully remote appointment setter and nailing that first interview with three clients ready to go. The best part is it doesn’t have to stop there — mastering selling will benefit other aspects of your life and career. Once you reach that 6 figure goal, you can spend the time you saved where you would have been grinding with a low wage for years to enhance your skills further and reach your next goal faster!

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    Sean Boyle

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  • 3 Ways Dairy Farming Made Me a Better Entrepreneur | Entrepreneur

    3 Ways Dairy Farming Made Me a Better Entrepreneur | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    For more than 60 years, my family has owned and operated a mid-sized dairy farm in Junction City, Wisconsin. I spent many of my formative years at the barn working alongside my grandparents, parents, uncles, aunts and cousins milking, “sweeping in” and making hay. And while I’m sure I caused them more work and stress from having to fix my daily mistakes, the experience working on that farm influenced how I’ve approached entrepreneurship and made me a better technology company founder.

    It’s well known that farm life is insanely hard work, both physically and mentally (which is why I got a marketing degree). However, beyond grit and determination, there were several less obvious lessons I learned from my family during my childhood about what it takes to own and operate a successful venture.

    These are a few of the lessons I learned and how working on a dairy farm made me a better tech entrepreneur.

    Related: The 8 Lessons Entrepreneurs Could Learn From Farmers

    Make hay while the sun shines

    There is no way (yet) to control the weather. Meteorologists can predict it, and we can plan for it, but we can’t dictate when and how much it rains. Farmers never receive “perfect circumstances,” especially in the unpredictable weather conditions of the Midwest. Farmers often have a very narrow window in which they can plant and harvest crops throughout the summer months, without any real control over what the weather will bring them. The expression, “You need to make hay when the sun shines,” still holds true to this day and is equally relevant to building a software company.

    As a tech entrepreneur, I’ve come to accept that you’ll never own or control all of the market conditions. Oftentimes, you’ll need to adapt or adjust to the macro-environment to make your business work. The benefit of doing this with software, of course, is that you don’t have the machinery or livestock that you need to pivot with (although aligning teams around a new strategic direction, particularly the larger you are, can feel like herding cattle).

    At my last company, Disco, we had a great product that solved a problem for customers; However, for almost three years, the market viewed it as a “nice-to-have.” The dynamics of the market needed to change and mature in order for the narrative around Disco to become necessary for business operations.

    There were two “hay-making” windows for Disco. First, when platforms like Slack and Microsoft Teams began building out their ecosystems, we were able to launch our app alongside that momentum to accelerate our initial growth, signal market interest and raise capital. Second, when Covid and remote work became mandatory, our value proposition around building culture across a distributed workforce was table stakes. We were able to double our revenues in a 6-month stretch, secure a Series A term sheet and have a great outcome in selling the company to Culture Amp.

    Although the conditions might not always be ideal for your venture, if you have a good product that solves a customer problem, a committed team and the revenues to sustain your business and support, be patient and know that the weather can change at any point. And when it does, make hay.

    Related: What the American Farm Can Teach Business Leaders About ‘Sowing’ Success

    Operate on the horizons

    AI and automation are improving efficiencies across every industry, farming included. We’ve seen the evolution of automated milking machines, and more recently, the introduction of autonomous farming equipment and IoT devices to monitor crop and animal health to optimize yield with data. These innovations are exciting, but the reality is that farmers need to be selective with these investments to ensure they can sustain their daily operations and keep the cream flowing.

    What I observed was how our family tested new concepts, all while minimizing capital outlay and disrupting daily operations. They approached innovation through creative and strategic financing to pilot hardware and new workflows, and they isolated tests to smaller portions of the farming operation before investing more capital. Additionally, they’d occasionally hire less expensive help (like a pudgy kid with a bad bowl cut, ahem, yours truly) to do the jobs that could be put on auto-pilot. This was my first exposure to the practice of Horizon Planning, where projects were resourced and staged according to experience and skill and during times that would minimize disruption to our cash cows.

    While building my last company, we were faced with similar opportunities and questions around how, where and when to innovate. We were often forced to evaluate the tradeoffs of paying down technical debt or building a boring but crucial HR systems integration versus developing a feature like rewards that we knew would delight our customers.

    By splitting our team and product priorities into horizons, as well as separating a smaller group to focus on “delighter features,” we could keep our operation going, pay down our technical debt and more cost-effectively deploy resources and capital on tasks that required less mindshare from our more senior engineers.

    Related: I’ve Been a Tech Entrepreneur for Over 20 Years — Here Are 5 Key Lessons I’ve Learned Along the Way

    Math and margins matter

    Imagine Leonardo DiCaprio from The Wolf of Wall Street walking into his office with Dickies pants and boots. Farmers are basically day traders with less cocaine and hair gel. The financial models involved in understanding agricultural derivatives are no joke. Not only do farmers need to endure the physical aspects of their job, but in most cases, they’re playing the role of part-time stockbroker.

    I observed my family actively monitor the market rates for milk to understand their margin and calculate COGS based on the inputs from feed prices, as well as improved operational efficiencies from investments in technologies that could help the farm scale. It taught me to look at a balance sheet and the importance of cash burn. I also learned how critical it was to stay informed of market conditions and how they impacted commodities, and more specifically, how to use tax, subsidies and legislation to help your company survive.

    At Disco, these observations and lessons helped us run an incredibly lean operation while making the company profitable. This is rare for a young, growing software business, and it’s ultimately the reason it was able to survive dry periods when growth stalled.

    There are many other reasons I’m grateful for the farming experience — dealing with ambiguity (animals are predictably unpredictable), overcoming a fear of heights and the joy of working toward creating a product that does a body good.

    While these baby-soft hands have softened over time, I’m grateful for how much dairy farming prepared me to be a technology entrepreneur. But more than anything, it taught me how fortunate I was to have that time and those lessons with my family. And for the record, I’m confident the cows are happier in California than in Wisconsin. Just ask them in January.

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    Justin Vandehey

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  • Ask Co-Founder of Netflix Marc Randolph Anything: How to Watch | Entrepreneur

    Ask Co-Founder of Netflix Marc Randolph Anything: How to Watch | Entrepreneur

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    Marc Randolph, the co-founder of Netflix, joins us for another episode of Ask Marc, a live Q&A series about starting and growing your business. The event will begin on Tuesday, May 23rd at 3:00 PM ET, streaming on our YouTube, LinkedIn and Twitter channels.

    Where can I watch Ask Marc?

    Watch and stream: YouTube, LinkedIn & Twitter

    You can watch on your phone, tablet or computer. Ask Marc will be shown in its entirety on YouTube, LinkedIn and Twitter

    What time does Ask Marc start?

    Date: May 23rd

    Time: 3:00 PM ET

    The episode kicks off at 3:00pm ET.

    Why should I watch Ask Marc?

    Get free business advice directly from the co-founder of Netflix, Marc Randolph. Marc loves helping founders and small business owners, and this your free opportunity to ask him any of your questions about topics like:

    • Starting a business
    • Growing a business
    • Raising money
    • Building marketing campaigns
    • Best practices
    • Anything you want to know!

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    Entrepreneur Staff

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  • Ecommerce And Tech Companies Have Much to Learn From Each Other | Entrepreneur

    Ecommerce And Tech Companies Have Much to Learn From Each Other | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    There are lessons to learn every day in the business world. Often, we find ourselves looking to companies in our industry or vertical for winning examples and strategies. This is a great habit, but sometimes you have to look beyond the familiar to find new unique approaches to growth that you can adopt.

    As someone who wears many hats and has been part of all different types of online startups — from SaaS healthcare platforms to an ecommerce brand that makes wild pool floats, consumer real estate market places and even card games — I have come to realize that everything and everyone has something to learn from each other.

    Nowhere is this truer than in the sometimes disparate worlds of SaaS (software as a service), technology companies, and direct-to-consumer ecommerce companies. Besides the key differences between software and physical products, the way these companies operate can be opposites. Sometimes you need a foot in both worlds to realize how much two industries must learn from one another.

    Building brand loyalty

    Ecommerce has traditionally been hyper-focused on building brand loyalty as a means to grow. This should always be a priority, with a reported 72% of global customers saying they feel loyalty toward at least one brand or company. These businesses build loyalty with referral programs, freebies, rewards, stellar customer service and all-around great engagement. While each of these perks can apply to tech companies, too, building brand loyalty within SaaS tends to happen more organically through product innovation and efficiencies.

    The first lesson tech can learn from ecommerce is that intentionally building a brand to earn loyal SaaS subscribers is critical for retention. That means innovating specifically with user feedback in mind, which can be even more effective when customers and clients are closely involved in the personalization of a platform. That way, these customers graduate from passive users to being completely dependent on what you have built for them.

    In SaaS, there has been a movement to open development, which allows users to determine the next best features that should be created. This builds a brand and loyalty, as they feel part of what you are building and stick around to see their ideas come to life. Put a cherry on top, and don’t be afraid to throw the odd piece of free merch for great product feedback. On the flip side, ecommerce can learn from its tech counterpart to branch out from the brand loyalty route and adapt its core products to meet market needs.

    Related: How This New Style of E-Commerce Transforms Online Business

    Scaling up

    When we hear about tech companies rapidly scaling, it’s often due to Moore’s law of network effects — which refers to when more usage lends itself to a better overall experience and greater value for all users. In other words, the more players, the more winners. This allows tech companies to receive free, organic advertising when active customers bring more users to the platform.

    In contrast, when you look at ecommerce companies, they have historically scaled through advertising campaigns. That’s where the next lesson comes in: ecommerce companies need to learn how to better leverage outside resources. This includes partnerships with influencers, ambassador deals, capitalizing on positive word-of-mouth chatter, and prioritizing organic sales through referrals.

    It’s easy to get stuck in a digital bubble with ecommerce, where blasting out digital ads and social media promotions en masse into the ether feels like the ceiling. But ecommerce companies thrive when the digital world meets the real, and they can learn a lot from the time and attention tech companies give to their users.

    Related: 5 Dos and Don’ts of Scaling Your Tech Startup on a Budget

    Efficiency

    Every business strives for efficiency, but ecommerce can teach tech companies to be especially lean rather than overly focused on headcount and headlines. For example, ecommerce brands use various tools to outsource human needs to help their companies scale faster. Examples include software platforms for inventory management, data entry, automation, virtual assistants, analytics add-ons, remote website developers, AI customer service and much more.

    Ecommerce companies don’t run day-to-day operations the same way your typical brick-and-mortar store would, meaning efficiency isn’t a preference but a necessity. Tech companies should learn to leverage their own internal tech stack of partners — your software and technologies needed to run your platform — which can also turn into a referral network.

    SaaS has been affected by the recent shift in the market demanding massive cost-cutting, leading to recent layoffs with companies getting more capital-efficient and profit-focused rather than growth at all costs. Ecommerce tends to stick to the basics and is naturally required to be profitable to operate. This is crucial now that the market has shifted, and all eyes are on tech companies’ financials, not just their growth.

    Related: Hack Your SaaS Growth With These 3 Easy Strategies

    Synergistic teams

    Ultimately, it still comes down to the people when we put aside the tech logistics and business jargon. Yes, we may be reading headlines of AI and automation getting better and more intelligent by the day, but there are no signs of it replacing the core roles just yet. Both ecommerce and technology companies need to leverage the strength of a synergistic and aligned team that can move fast, efficiently, and innovate. The founder’s role should always be to steer the ship in the right direction, keep it on course, promote the company, and gain notability.

    If there’s one thing I’ve learned, scaling up doesn’t happen when you stick too close to the book. Think outside the box, operate like every dollar spent comes from your life savings, and it will push you to get scrappy and force innovation. Some of our most valuable lessons can be right in front of us, primed and ready to be applied in a whole new business setting waiting for lift-off.

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    Patrick Frank

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