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Tag: Business Plans

  • 9 Steps to Put Your Business Idea into Action | Entrepreneur

    9 Steps to Put Your Business Idea into Action | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    You’ve just had a wonderful idea for a startup company. It’s been spinning around in your head for months now, and you just know that you have something special on your hands. Your thinking is, “If only I could make it work” or “If only someone would give me the money to get it off the ground!”

    Well, guess what? No one’s going to hand you a sack of cash. But the good news is that you don’t need anyone’s money if you can’t find anyone to help fund your business idea. Here are the steps you need to take to put your business idea into action:

    1. Validate your idea

    The best way to validate your business idea is by asking people for their thoughts on it. Don’t ask for money or investment. Ask them for specific feedback about certain aspects of your business. For example, if you’re opening a new restaurant, ask them what kind of food they like eating at restaurants and what restaurants they like going to most often.

    You’ll get better results if you focus on one specific part of your business at a time rather than asking them if they’d use your entire product or service — it allows them to give more in-depth answers without feeling overwhelmed by everything else in your pitch!

    Related: 5 Ways to Validate a Business Idea, Right Now

    2. Write a business plan and business model

    Writing down your ideas and plans not only helps you clarify what you want to do, but it also allows you to make sure there are no holes in your plan. Here’s what you should include:

    • A description of your business, including its mission statement and goals

    • A description of the target market for your product or service

    • A description of the competition in your industry

    • A description of how customers will find out about your product or service

    • How much funding is needed for startup costs and ongoing expenses

    3. Talk to your potential customers

    In order to put your business idea into action, you have to talk to your potential customers. That’s right — it all starts with a conversation.

    When creating a new product or service, you can’t assume that your customers’ needs will align with yours, because they might not. You need to speak directly to potential customers and ask them what they want and how much they’d be willing to pay for it.

    4. Develop a prototype

    If you have a great idea for a product or service but want to know if people will buy it before you invest time and money into making it, you need to create a prototype. A prototype is a working model of your idea that allows you to see if it works, what needs to be reworked and how you might improve it. This can take many forms — from an Excel sheet or Google Sheets document with all the features you want in your product to a fully-functional website that mimics the final product.

    5. Test it out and prove the concept

    It’s time to test.

    Test your business idea in a small way. For instance, if you want to be a freelance writer, write up a few sample articles and offer them free to some clients. If you plan on starting a food truck business, make one or two dishes and sell them at one or two events (or even in your kitchen). You can also use tools like Google Analytics or SurveyMonkey to see which ideas are most popular with customers before you launch your business.

    Related: How to Take Your Product From Idea to Reality

    6. Understanding the legal implications and registering your business

    A big part of creating a business is selecting one available business structure. In the United States, no single government agency is responsible for registering new businesses. Instead, many different types of entities can be formed for small businesses, including corporations, limited liability companies (LLCs), partnerships and sole proprietorships. Each type of entity has its pros and cons and is suited to different types of companies. Once you have determined which type of entity is right for your business, you will be able to register it with the appropriate state or federal agency.

    7. Financing and investors

    While not all startups fail, those that do usually make one of two mistakes. First, they run out of money before they have developed a market for their product or service; second, they fail to persuade investors to give them money in exchange for equity. The best way to avoid these mistakes is to demonstrate that people will want your product or service enough to pay for it.

    8. Build market awareness

    Before starting your business idea, building awareness and credibility with potential customers is essential. Start by creating a website, social media profiles and a mailing list. Reach out to people who can help you get feedback on your idea; find out what business would best suit your skillset and where there is enough demand for it in your area. There are plenty of ways to get started without spending lots of money on marketing materials or advertising campaigns; just go through Neil Patel Blogs to start.

    Related: 3 Strategies Entrepreneurs Can Incorporate to Build Brand Awareness

    9. Hire employees

    After you have completed the above steps to start a business, it’s time to begin hiring employees. You should hire people for customer service, sales, marketing and accounting roles. I have found that the best way to hire employees, in the beginning, is by word of mouth. If someone has had a positive experience working with you, they will tell others about their experience and recommend that they apply for a job at your company.

    If you have a brilliant business idea, you should work hard to put it into action — but here’s one last tip: Before you start up your own business, make sure to research what the competition is all about. Is there anything already in place? Is there a product or service similar to yours? If so, look into the advertising and marketing strategies, and study the areas they’ve succeeded and failed. Don’t steal their ideas, but rather be inspired by them, coming up with an idea of what works for you since every business is unique.

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    Chris Kille

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  • 3 Key Trends that Can Signal Change | Entrepreneur

    3 Key Trends that Can Signal Change | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Entrepreneurs and small and medium-sized business (SMB) owners are typically lauded for their abilities to operate agile companies that flex and grow with changing market conditions, resulting in sustained business success. Whether during times of prosperity or adversity, they are often the trailblazers who forge a path into unknown territory and develop innovative products, services and solutions to swiftly address opportunities or issues, which help pave the way for longevity in the marketplace.

    Savvy leaders understand that operating based on the status quo is not an option but rather adhere to the mantra that change is vital to their existence and success. Due to their size, SMBs have a significant advantage with regard to embracing change because leaders often recognize positive/negative trends within their client base sooner, which typically become indicative of the global marketplace in general. This knowledge enables them to act quickly by making informed business decisions/adjustments to meet the current state of business.

    As entrepreneurs and SMB leaders continue to remain relevant, they should be aware of three key events that can signal a change to business operations — shifts in the economy, deviations in the competitive landscape and fluctuations in the labor market.

    Related: How Agility and Resiliency Help Small and Medium-Sized Businesses Succeed

    1. Economic conditions

    Tracking economic conditions is central to business operations because inflation, interest rates, tax rates, supply/demand, consumer confidence and more dictate numerous aspects of business operations – from product pricing and employee wages to advertising/marketing and company growth – impacting a company’s bottom line.

    When leaders keep economic conditions top of mind, they are better equipped to make informed decisions about increasing profits and reducing losses. For example, during good economic times, expanding product/service offerings, increasing pricing and bumping advertising/marketing budgets can help boost revenues. During a poor economy, a greater focus on controlling expenses, streamlining processes and seizing missed opportunities can help companies weather the storm.

    In both scenarios, people-focused business leaders realize that economic conditions significantly impact employees from a professional and personal perspective, so taking care of their people — a company’s most valuable asset — is paramount, including financial assistance/perks, clear communication, mental health/wellness programs and unwavering support. When employees are treated as valued members of a team, engagement and performance increase resulting in a positive effect on the bottom line.

    2. Competitive landscape

    While business leaders should always be aware of the competitive landscape and make decisions accordingly, there are certain situations that may justify changes to business operations that can be a differentiating factor in the marketplace. Companies can explore opportunities to invest in new programs, such as introducing a new product/service, developing brand ambassadors, forming strategic alliances, boosting industry-related technology and increasing customer service initiatives.

    If there are budget constraints, there are still ways for SMBs to make changes to help them stand out in the crowd, such as positioning themselves as thought leaders for editorial opportunities, speaking engagements at tradeshows and panel discussions facilitated by trade associations. Companies can also become more active on social media platforms to increase their influence in the marketplace. Volunteering in local communities is another way to not only give back, but also increase brand awareness and a company’s reputation.

    Significant changes in the competitive landscape can impact employees who may want to jump ship for perceived better opportunities. SMBS must create and nurture a company culture that encourages employee retention through training and development programs, mentoring programs and defined career paths. They should point out ways that SMBs not only feel like family, but also how they offer greater access to executive leadership and faster advancement opportunities with more responsibilities.

    Related: The Tech Landscape Has Changed and It’s Time Tech Leadership Change With It.

    3. Labor market

    Even before the ramifications created by the Great Resignation and/or the Great Reshuffle, SMBs were no strangers to the challenges of the labor market. Historically, they have competed with larger companies for top talent, but the still-tight labor market continues to add another degree of difficulty to attracting and retaining employees. According to the most recent report by the U.S. Bureau of Labor Statistics, the number of quits was just under 4 million in March.

    Although SMB leaders are conditioned to the challenges, it should inspire many companies to change their recruitment strategies to attract top talent. For example, implementing employee referral programs; using social media to reach qualified candidates; improving the process to treat applicants with respect; and offering internships that lead to permanent employees are ways to fill open positions.

    Of course, one of the best ways to address the labor market is to have a great culture that employees want to be a part of, resulting in increased employee retention and a pipeline of job seekers. When employees are taken care of from an individual and professional standpoint with programs that address health/wellness; financial perks; reskilling/upskilling; career paths within the company; and flexible/hybrid scheduling, it brings out the best in them and leads to a loyal, long-term workforce.

    As entrepreneurs and SMB leaders position their companies for the second half of 2023, they should evaluate their business operations to identify areas where change can be leveraged to address fluctuating market conditions for optimal results, further demonstrating their agility and resilience in the economy.

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    Steve Arizpe

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  • Tips For Creating a Great A Personal Brand | Entrepreneur

    Tips For Creating a Great A Personal Brand | Entrepreneur

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    Q: Every founder seems to have a personal brand, but it doesn’t appeal to me. Do I really need to do this? — Eloise, San Diego

    Before I answer your question, consider the following scenario:

    Imagine comparing two people who work for you. One employee does everything that you ask of them. The other does that, too — but they also go above and beyond to identify opportunities outside of the job’s general requirements. Not everything the second employee does is a hit, but a few things are, and those uncharted opportunities add asymmetrical upside to your business. Which employee does more to help your company?

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    Adam Bornstein

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  • Try These 5 Things to Jumpstart Your New Business’s Success | Entrepreneur

    Try These 5 Things to Jumpstart Your New Business’s Success | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In late 2021, I left a 21-year career in financial services and started my own coaching and consulting business. I quickly realized I was somewhat clueless about how to scale.

    It only took a matter of weeks before I was inundated with messages from coaches, influencers and promoters all promising to find me speaking gigs and clients. I ignored these because I knew I wanted to grow organically. But, it wasn’t long before I wondered if I had made a mistake: I realized I was uncomfortable and didn’t quite know what to do since I’d never done it before. Here are the first five things I chose to do, which all worked wonders.

    Related: Starting a Business: How to Start a Business in 12 Steps

    1. Have a marketing strategy and don’t be afraid to hire help

    I knew I needed to develop marketing materials. But, I also know what I’m good at and not good at. Since I’m not classically trained in marketing, I hired people to do it for me. I stayed in my lane, but I also stayed involved in the process.

    I hired a former contact from a university alumni club that I felt I could trust to design my website; I hired a Fiverr designer to create a press kit; I hired another Fiverr designer to design my book cover; and I hired an executive coach who has done everything I want to do to give me feedback on it all. Once these things were all produced, I directly sent them to all my prospects and also shared them with the world.

    These marketing materials have repeatedly come in handy. When I meet with prospective clients, I now have several things I can send them. As part of my marketing strategy, I also asked my first 10 clients to write recommendations for me. I’ve been told by clients that seeing these testimonials on my website and media kit was very influential. Getting people to endorse your work as soon as possible can make a material difference in your business.

    2. Know what exactly you offer

    My second step was calling old contacts and colleagues from my network and telling them about what I was doing. While I absolutely recommend reaching out to your former connections and network, it’s important that when you do, you know what you offer and are prepared to voice that.

    When starting out, the second person I called was the COO of a major national bank. He immediately asked me what it was that I was really wanting to offer his organization: coaching or consulting. I honestly had no idea, and without a reason why, I said both. In a different call with a regional executive of another bank, I couldn’t quite articulate what I hoped to get out of the call.

    What I learned was this: Be clear with yourself (and others) about what it is you do and what you hope to gain from spending time with people. Successful people are busy — don’t waste their time. Have a clear and concise plan and know what it is you want them to buy from you and why. Then, don’t be afraid to ask for the business.

    Related: 5 Tips I Wish I Knew Before Starting My Business

    3. Produce content that keeps you in front of your audience

    For the 18 months that I’ve served as a coach, consultant and author, I’ve been producing content:

    • I produce a series of weekly videos on LinkedIn and YouTube called “Transformation Tuesdays.”
    • I created a free leadership assessment that’s available on my website.
    • I write articles regularly.
    • I wrote a book.

    Many clients have told me that watching my videos or reading my articles was a major factor in their decision to hire me. My shared content gives others a sense of who I am and what I stand for. No matter what business you’re in, find opportunities and ways to give people a little taste of you and whatever it is you do. When people like what they see, they’ll be more apt to engage with you.

    4. Do something to push forward every day

    So often, we look far into the future but forget about the present moment. We dream about where we want to be in five years or what it might be like when we’re rich and famous. This is great, but it doesn’t help us figure out the day-to-day.

    Throughout the last year, I’ve always focused on simply identifying the 1-2 next steps I should or can take to grow. Do something every single day, or at a minimum, every single week that gets you closer to your goals. Perhaps it’s reaching out to one new prospective client a day or a week. Perhaps it’s attending a conference or seminar where you might meet prospective clients. Perhaps it’s taking a class or certification so you can get stronger at your craft. Perhaps it’s bettering your product or service. Whatever you do, it’s important to stay in motion and always be taking additional action.

    Related: 5 Signs You’re Ready to Start Your Own Business

    5. Take good care of the customers you have

    When growing a business, it can be tempting to focus on what you don’t have yet (but want). Once you sign a client, it can be easy to mentally move on to the next five prospective clients you’d like to sign. Acquisition is important, but so is retention.

    If you’ve recently made a sale or done work with someone, make sure to treat those people like gold. If clients are leaving out your back door at the same rate clients are coming through your front door, you’re static. It’s vital that you’re constantly generating reasons why the people you’ve already got should stay with you, as well as tell their friends and family about you. A few of my clients have been great referral sources for me and I can’t express enough gratitude for that, but that’s not an accident. That only happens when people are treated well.

    These practices might seem simple — and they are. But, it’s the consistency in doing them that makes the difference. It’s easy to get discouraged when you start a business and don’t become an overnight success. However, when you invest in these things steadily, your success will come steadily as well.

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    Amy M Chambers

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  • These 20 Elements Define the Future of Startups | Entrepreneur

    These 20 Elements Define the Future of Startups | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

    20 Elements That Define the Future of Startups

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

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

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

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

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    Brad Klune

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

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

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

    Related: What Exactly Is Thought Leadership?

    Understanding thought leadership and its importance in business

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

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

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

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

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

    The power of whitepapers in establishing thought leadership

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

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

    Building thought leadership strategy with whitepapers

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

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

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

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

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

    The bottom line

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

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    Vikas Agrawal

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  • 3 Ways to Predictably Boost Revenue and Drive Profitability | Entrepreneur

    3 Ways to Predictably Boost Revenue and Drive Profitability | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    If you ask the majority of marketing teams what their main focus is, they will probably tell you it’s to “acquire customers.”

    Getting new people to visit your website and buy your products or services for the first time is definitely one of the most important things a business must focus on. But one mistake I see entrepreneurs make all the time is obsessing about acquiring customers at a profit.

    Here’s what I mean: They will endlessly tweak their ads and landing pages, split test commas in their headlines and keep fiddling with their pricing in the hope that they’ll be able to earn more with the first sale than it cost them to attract that new customer.

    But the truth is, this is a losing game. Very few companies are able to make a profit with their first sale. Instead, they will build their backend sales first, so they can keep advertising and acquiring new customers even at a loss.

    Backend sales — those products and services that are sold to existing customers — are the lifeblood of every business. They will help you increase revenue predictably without spending more on advertising, improve your margins, strengthen your relationship with your customer, build customer loyalty and ultimately give you an edge against your competitors.

    So, how exactly do you build a backend sales infrastructure that can help you grow your business? Here are three ideas that can help you increase your revenue in the next quarter at a higher profit:

    Related: 3 Ways To Boost Sales With Existing Customers

    1. Upselling and cross-selling

    This is one of the quickest ways to start building your backend sales. Upselling and cross-selling are two marketing practices that involve offering additional or complementary products or services to existing customers. The secret to making these effective is to deeply understand what your customers want and identify what can get them closer to their goals.

    For example, we have a range of done-for-you marketing products where my team builds assets like Facebook™ ads, press releases or high-ticket funnels for our customers. Many of those clients ended up liking our work so much that they naturally asked us if we had a more in-depth program where we could follow their growth over a longer period of time. This is how our Accelerator was born — an upsell that allows our existing clients to get 1-1 help from us and grow their business faster.

    As you build your upsells, think about ways you can get your existing customers to achieve their goals faster or more easily. This will give you a good foundation for building your first upsell product.

    2. Loyalty programs

    Think about your local supermarket. Why do you keep going back there? Sure, it might be placed conveniently and you might like its products. But many of them also offer you discounts, gifts and other incentives the more you buy from them.

    This is one of the most effective ways to get your customers to buy from you over and over, and so you increase revenue and profits at the same time.

    However, this comes with a word of warning — don’t overuse discounts and coupons, as that might make your customers start to expect them, making it harder to increase prices later on.

    Related: How Brands Can Turn Short-Term Rewards Into Long-Term Loyalty

    3. Exceptional customer support

    Finally, one of the least discussed ways to keep your customers buying from you is by providing exceptional customer support after the sale is made.

    According to HubSpot, 93% of customers are more likely to be repeat customers at companies with excellent customer service.

    Supporting your existing customers isn’t just a matter of replying to their complaints in time or refunding them when they didn’t like your product or service. It’s going above and beyond to make sure they are satisfied with what they purchased.

    This can be done by sending them additional guides that help them get the best out of your product, providing them with extra coaching to make sure they succeed in your programs and sharing any resource that can help them have an outstanding experience with you.

    Backend sales are a fundamental part of every business’ success. Building one might sometimes feel hard, as you don’t know what exactly you should be offering to your clients. Hopefully, this short guide gave you some ideas on how to keep selling to your existing customers so you can predictably increase revenue, get higher profit margins and put some distance between your business and your competitors.

    Related: 3 Strategies to Improve Your Customer Service Experience

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    Rudy Mawer

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  • The Entrepreneur’s Comprehensive Guide to Navigating Legal Changes | Entrepreneur

    The Entrepreneur’s Comprehensive Guide to Navigating Legal Changes | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In an ever-changing landscape of regulations, staying ahead of legal and regulatory changes is critical to safeguarding your business’s success. It can be daunting to navigate the legal complexities, so read along for essential advice to help you stay on top of legal and regulatory changes, avoid potential pitfalls and ensure your business stays on the path to success.

    Why keep track of changing laws?

    Entrepreneurs benefit greatly from keeping track of changing laws as it is critical for the success and sustainability of their businesses. Regulations and laws affect every aspect of business operations, from hiring and firing employees to product development and marketing.

    Staying informed about these changes is vital for businesses to avoid potential legal pitfalls and penalties for non-compliance. Failure to comply with new regulations could result in costly fines, damage to reputation, legal disputes and even a loss of business. Being aware of new laws and regulations enables businesses to effectively adapt and adjust their operations accordingly, which can help them to gain a competitive advantage and grow their businesses.

    Here is how entrepreneurs can navigate legal and regulatory changes:

    1. Stay informed

    Keeping up to date with regulatory changes is crucial in ensuring that you are operating your business well within the guidelines. Regularly reviewing government websites, consulting with legal experts, subscribing to industry newsletters and attending conferences and seminars relevant to your industry are some of the tried-and-true ways to stay on top of changing regulations.

    You can also consider joining a professional association or networking group for your industry to stay informed on regulatory changes. Monitoring the websites and social media sites of government agencies is one of the best ways to stay informed about the most current changes that may occur. Going directly to the source of changing information is more reliable than solely relying on the media and news outlets.

    Related: What Business and Government Should Do When Innovation Outpaces Regulation

    2. Monitor your business practices

    Consistently monitor your business practices to ensure your business is compliant with regulatory changes. Regular internal audits can help businesses identify areas of non-compliance and take corrective actions. Entrepreneurs can develop an audit checklist to review their operations regularly and ensure that their business practices and processes are current with current regulations. Documenting compliance with the regulations can also help you avoid costly errors. Maintain accurate records to track compliance with regulatory requirements and ensure that all relevant employees understand and follow the new regulations.

    3. Embrace technology solutions

    Leveraging technology solutions can help streamline regulatory compliance. Software solutions can help automate and track compliance requirements by providing the necessary insight to manage your compliance obligations. Some technology solutions can automatically monitor legal and regulatory updates and even provide insights into changes that could potentially impact your business. Tools like Visualping.io, Social Mention, Evernote, RSS Feed Reader and Feedly are each excellent examples of technology solutions that can help entrepreneurs streamline the monitoring process.

    Related: Never Underestimate How Easy It Is to Screw Up When Deploying New Technology

    4. Seek professional advice

    In the case that you are uncertain about compliance updates and how they will impact your business, consult with legal and regulatory experts. They will provide insights into the implications of the changes for your business and advise you on how to comply with the new regulations. Seeking professional advice from lawyers, accountants and regulatory experts can provide peace of mind and reduce overhead costs. By partnering with an experienced legal team, businesses of any size can access the legal expertise they need to ensure they are in compliance with regulations.

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

    5. Stay compliant!

    Navigating legal and regulatory changes can be challenging, but it’s fundamental for entrepreneurs to ensure that their businesses are compliant. Remember, compliance is not optional – it’s essential to the success of your business.

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    Ken Wisnefski

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  • How a 20-Year-Old Airbnb Host Made $375,000 In Revenue in 2022 | Entrepreneur

    How a 20-Year-Old Airbnb Host Made $375,000 In Revenue in 2022 | Entrepreneur

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    This article originally appeared on Business Insider.

    Since I was a kid, I’ve had an entrepreneurial spirit. I used to sell lemonade at my dad’s barber shop every summer growing up, and in high school, I offered beauty treatments like eyelash extensions and eyebrow waxings out of my house. I’ve always worked odd jobs, too.

    My brother died when I was 16, and it was a huge wakeup call — it solidified for me that life is short, and I didn’t want to spend mine working a 9-to-5 every day. I’d rather work for myself so that I have more time to spend with the people I love.

    I graduated high school and decided against college: I wanted to try out other ventures instead, like trading stock options and drop-shipping. But once my partner and I decided to give Airbnb a shot in May 2021, there was no going back. We’ve made more than $375,000 this year in revenue, and our best month yet was this past May, when we made $58,120 in revenue.

    You don’t have to own any homes to start on Airbnb

    One of McMillan’s listings, “The Sunrise Penthouse master bedroom” in Downtown St. Louis Inayah McMillan

    I think there’s a major misconception that you must have the capacity to buy property in order to become an Airbnb host: While you should definitely have solid savings (I recommend at least $8,000 to $15,000) or a good credit score, you don’t have to own any properties.

    By using rental arbitrage, we rent all of our listings and then list them on Airbnb. As a disclaimer, you need to make sure rental arbitrage is legal in your area by checking your state’s government website, and you have to get approval from your landlord first.

    Startup costs vary depending on where you’re located and the size of the home, but I normally allot $8,000 to $15,000 to set up each new listing, which covers the first and last months’ rent, the security deposit, furnishing, and supplies. Going into this, we had most of that money saved, but I also used some personal credit. Now that we’ve switched our business to an LLC, we use business credit when needed.

    Our regular monthly expenses consist of rent, utilities, cleaning services, and automation tools. Our less expensive listings, like our one-bed, one-bath properties, usually cost about $1,500 in monthly expenses and bring in anywhere from $2,500 to $3,000 a month — netting up to $1,500 a month.

    Our largest listing, which has four beds and two baths, costs about $3,500 a month to run and brings in around $7,500 to $10,000, which means we can make up to $6,500 in monthly profit.

    To decide what to charge a night, I recommend using dynamic pricing automation (we use PriceLabs), which sets pricing based on the price of similar listings, the time of year, overall demand, etc.

    I highly recommend getting an LLC

    When we rented our first unit in May 2021, we signed the lease in our own names, and a few months later we created an LLC — this was the key to scaling my Airbnb business.

    One of McMillan’s listings, “Beaming Carriage Home” in Central West End, St. Louis. Inayah McMillan

    After that, we signed a lease on another property that November. And in 2022, our portfolio really expanded; we signed two in January, another two in March, another two in May, and our two most recent properties were signed this past June. That makes for 11 listings total — 5 homes and 6 apartment unites — with a few that are signed but not up and running yet as Airbnbs.

    Once you have an LLC, you can utilize corporate leases. They’re essentially the same as personal leases, but renting under our company name allowed us to sign 4 properties at once — which landlords usually wouldn’t allow you to do otherwise. If I could go back, I would have registered my Airbnb business as an LLC from the very start.

    Having an LLC also provides tax benefits (we can write off business expenses like rent, utilities, transportation, supplies, etc.), and it makes a big difference when it comes to rental arbitrage — it allows you to pitch yourself to landlords as a company rather than an individual, which looks much more professional.

    The process wasn’t difficult or very costly. I used InkFile, an LLC-building website that doesn’t charge anything except your state fee, which varies. Even though my listings are in Missouri, I live in Nevada, so it came out to around $500.

    Automation software is key to scaling

    “Beaming Carriage Home” in Central West End, St. Louis

    Another thing that sets me apart is having a private booking website. When I reach out to landlords, I usually send them an email asking if they’re accepting corporate leases and direct them to my site. It gives them a professional online pitch showing what my business offers, who we are as a company, and how we can help them as a short-term rental company. Most of the time, I get more nos than yeses, but it’s a numbers game, so I reach out to as many as possible.

    When we first started, we managed most operations manually. But in order to scale, automation tools are crucial. These apps have allowed me to put considerably less time into my business each week:

    • PriceLabs: sets pricing based on the price of similar listings, the time of year, overall demand, and other factors
    • Yale August smart locks: automates our check-in process to allow guests and cleaners to have their own unique codes
    • NoiseAware: monitors noise level to make sure guests aren’t being too loud and disrupting neighbors
    • Hospitable: automates all messages to guests and cleaning staff
    • Nest doorbells: ensures our guests have checked in safely

    Now, my business is almost entirely passive, so I only work about an hour or two a week and dedicate that time to responding to guests who have a specific request that can’t be handled with an automated message or checking up on a specific property.

    When I’m looking to rent a new property, I do extensive research first using AirDNA and Airbnb. AirDNA shows you estimates for the average rates, occupancy levels, and annual revenue of a given location, as well as top-performing zip codes or cities. We also look at other Airbnbs in the area of comparable size and see what their nightly price is.

    After I run the numbers and predict my expected costs and profits, I consider the ratios and decide if it’s worth moving forward. When it comes to scaling, running the actual Airbnb is easy — it really depends on how much time and capital we have to set it up.

    The market hasn’t slowed down my business

    While there’s a lot of uncertainty in the market right now, I haven’t felt any out-of-the-ordinary dip in business. November through February is usually our slower season, so our revenue has decreased a bit, but for the most part we’ve stayed pretty consistently booked.

    It’s incredibly important to choose properties with your customer base in mind. Ours is corporate business travelers — we have a healthy mix of one-bedroom apartments and larger accommodations, and we’ve chosen locations that are near universities and hospitals. Generally, that target group will still be traveling year-round, even during a recession.

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    Dorothy Cucci

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  • The Pros and Cons of Downsizing Your Home | Entrepreneur

    The Pros and Cons of Downsizing Your Home | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Are you feeling like a hamster running on a wheel in your large home? Are you constantly chasing your tail, trying to keep up with the never-ending maintenance and expenses? Well, it might be time to downsize to a smaller home.

    But don’t worry; downsizing doesn’t mean giving up on your dreams. It’s all about living smarter, not harder. In this article, we’ll give you the lowdown on the pros and cons of living in a smaller home. So, put on your thinking cap and get ready to explore a new world of tiny living. Who knows, you might even end up saving enough money to afford that fancy new toaster you’ve been eyeing!

    Related: 3 Ways Entrepreneurs Can Save on Real-Estate Costs

    Pros of downsizing to a smaller home

    1. Cost-effective living

    Downsizing to a smaller home can bring numerous advantages, with cost savings being one of the most significant ones. Typically, smaller homes are more affordable, with a lower price tag and reduced property taxes. Moreover, owning a smaller home can result in lower utility bills as it requires less energy to heat and cool. With less space to fill, you can also save money on furniture and home decor, making it an ideal choice for those looking to cut costs.

    By living in a smaller home, you’ll save money and reduce your environmental impact. With fewer rooms to maintain and furnish, you’ll consume fewer resources and produce less waste. You can also consider purchasing energy-efficient appliances and using sustainable materials to reduce your carbon footprint further. Downsizing to a smaller home can offer financial and environmental benefits, making it a practical choice for those looking to simplify their lives.

    2. Simpler lifestyle

    A smaller home means less stuff, leading to a simpler, less stressful lifestyle. With fewer possessions, you’ll have less to clean, organize and maintain. This can free up more time and energy to focus on hobbies, travel or spending time with loved ones.

    3. Environmental benefits

    A smaller home has a smaller environmental footprint. By using fewer resources to build and maintain, smaller homes are more eco-friendly than their larger counterparts. Additionally, with less square footage to heat and cool, you’ll consume less energy and contribute to a smaller carbon footprint.

    Related: 8 Tips to Squeeze More Savings from Your Home Office

    Optimizing your small living space

    Living in a smaller home can seem daunting, but it doesn’t have to be. With a little creativity and smart design choices, you can optimize your small living space to make it feel more spacious and inviting. Here are a few tips to get you started:

    • Use multi-functional furniture: Opt for furniture pieces that serve more than one purpose. For example, a sofa bed can be used as both a seating area and a guest bed, while a storage ottoman can double as a coffee table and a place to store blankets and pillows.
    • Create zones: Use area rugs, curtains or furniture placement to create defined zones within your living space. This can help make the space feel larger and more functional.
    • Embrace vertical space: Use your walls by installing shelving, hanging baskets or wall-mounted storage. This can free up valuable floor space and create a more open feel.
    • Get creative with storage: Look for storage solutions that can be tucked away or hidden, such as

    Cons of downsizing to a smaller home

    1. Less space

    Downsizing to a smaller home can be challenging as it often entails sacrificing some of the luxuries you previously enjoyed in your larger home. You may need to give up your home office, a large outdoor space or extra storage space. However, with a little creativity, you can optimize your smaller living space. You can explore innovative storage solutions, consider multi-functional furniture and create a space that is both functional and comfortable. With these simple adjustments, you can still enjoy a comfortable and inviting home, despite the reduced living space.

    2. Limited entertaining options

    If you enjoy hosting large dinner parties or family gatherings, downsizing to a smaller home may present some space constraints. Nonetheless, with some thoughtful planning, it’s still possible to entertain in a smaller home. Instead of hosting large groups, consider organizing smaller, more intimate gatherings or utilizing outdoor areas such as a patio or deck.

    Outdoor spaces provide a great alternative to indoor gatherings; with the right setup, they can be just as enjoyable as indoor events. Whether you’re planning a barbecue or an al fresco dinner party, a well-decorated patio or deck can be a great space to host intimate gatherings. Additionally, hosting smaller groups can create a more relaxed and cozy atmosphere, allowing you to socialize and spend quality time with your guests.

    3. Less privacy

    With less space, you may have less privacy in a smaller home. If you’re accustomed to having your own space, downsizing to a smaller home may take some getting used to. However, with good communication and clear boundaries, you can still maintain your privacy in a smaller home.

    Related: 8 Ways to Finance Your Real Estate Career

    Conclusion

    Downsizing to a smaller home can offer significant benefits, including cost savings, a simpler lifestyle and environmental benefits. However, it’s important to weigh the potential drawbacks, such as less space and limited entertaining options, before deciding to downsize. Ultimately, the decision to downsize to a smaller home should be based on your personal priorities and lifestyle goals.

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    Chris D. Bentley

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  • 4 Signs That Your Small Business Needs Funding | Entrepreneur

    4 Signs That Your Small Business Needs Funding | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Every small business can agree that securing funding is vital for a small business to grow. Whether you are a fledgling start-up business launching a new product or service, or an established small business striving to maintain profitability, cash is king when it comes to driving the progress of operations.

    Every day, small businesses face unforeseen challenges, with shrinking margins and economic competition making it crucial to allocate sufficient cash flow for a business’s financial health. According to a study by U.S. Bank, 82% of all failed businesses are due to poor cash flow management or a lack of a grasp of cash flow and its importance to its business.

    As a business owner, how do you avoid these catastrophes? With a staggering 90% of all start-ups failing, how can you proactively identify the signs that indicate the need for funding and stay ahead of these warning signals? Here are four signs indicating that it’s time your small business needs funding.

    Related: 10 Expert Tips on Managing Cash Flow as a New Business

    Experiencing gaps in cash flow

    A cash flow gap clearly indicates that your small business requires a funding boost, which occurs when a business pays out cash for expenses but does not receive the expected inflow of money within a reasonable timeframe.

    A prime example of a cash flow gap is a business that needs to purchase supplies to create its products to generate an inventory. After spending the cash on supplies, there is a delay in receiving payment from customers, creating a gap between the outflow and inflow of cash. For instance, if customers pay for the inventory after 30 days (or even worst late payments), the period between the purchase of supplies and the receipt of payment creates the cash flow gap. Consistent widening cash flow gaps can leave your business strapped financially, potentially putting it in a dangerous position if not addressed.

    Related: 80% of Businesses Fail Due To a Lack of Cash. Here are 4 Reasons Why Cash Flow Forecasting Is So Important

    Seasonal downturns in the business

    Seasonal fluctuations pose significant cashflow challenges for many businesses. A typical example is a restaurant operating on a beach in Cape Cod, Massachusetts. During the summer peak months from Memorial Day through Labor Day in September, the restaurant can encounter an endless stream of customers fleeing to the restaurant. Despite an influx of cash coming in, your business could face cash flow challenges between a surge in profits during peak seasons but struggle to maintain financial stability during off-seasons.

    With seasonal downturns and limited cash flow, the challenges of paying overhead costs with employees, rent, utility costs, etc., can create financial instability. Without proper cash flow forecasting, how can your business maintain operations and overcome these financial challenges during the off-season?

    Related: 3 Cash Flow Mistakes to Avoid at All Costs

    The business needs to change

    Every business needs to evolve and adapt to new challenges, as they cannot continue to operate with the same employees and equipment indefinitely. At some point, you need to invest back into the business to promote growth and development.

    For instance, a landscaping company has an initial upfront cost of purchasing equipment before it can hit the ground running. As the company progresses, the equipment may deteriorate and require upgrading to continue serving existing customers or expanding into new areas. Hiring skilled employees or investing in new equipment upgrades will be needed to help expand your capacities. In order for your business to meet these needs, It’s essential to reserve sufficient funds to meet these necessary investments.

    Opportunities happen

    Expecting the unexpected and be ready no matter what is the heartstring of all business owners. It’s unclear what the next card in the deck will reveal, especially when exciting opportunities arise. Hence the need for agility despite the size of your businesses. Small business owners must be particularly vigilant about having enough capital to invest in new opportunities that arise.

    In this constantly changing landscape, your business needs to be in a strong financial position to take advantage of opportunities as they arise. Whether it’s purchasing another business, opening a new location, launching a new product or the immediate need for available capital investment, the ability to act quickly can make all the difference. Without sufficient cash, your businesses can struggle to capitalize on these exciting opportunities, resulting in missed opportunities or financial losses.

    Related: How This New Accounting Feature Can Save Businesses From Fraud and Financial Mishap

    A loan is not the only answer

    The immediate response of a business owner is to reach for a loan application to obtain an injection of cash. However, a business loan isn’t always the best or only solution. One approach to improving your business’s financial situation and reducing the reliance on loans is to implement effective cash flow management tools.

    Cash flow tools can help small business owners track their cash flow, identify high-risk indicators and accurately forecast future financial health. These tools can determine precisely how much capital is needed and how an influx of cash would impact the overall health of your business. By maintaining a healthy cash reserve and minimizing unnecessary expenses, small business owners can make smarter financial decisions, reduce their reliance on loans and improve your business’s financial stability.

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    Nick Chandi

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  • Boost Revenue Per Employee With This Effective Strategy | Entrepreneur

    Boost Revenue Per Employee With This Effective Strategy | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

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

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

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

    RPE in Big Tech

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

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

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

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

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

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

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

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

    How nearshore IT staff augmentation can boost RPE

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

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

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

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

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

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

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

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

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

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

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    Lonnie McRorey

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  • 5 Unexpected Life Changes You Might Experience When Starting a Business | Entrepreneur

    5 Unexpected Life Changes You Might Experience When Starting a Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Starting a business is a goal many people pursue at some point in their lives. Once we see the potential in us and grow to believe in our expertise, we begin considering what would it be for us to start fresh and become our own boss. As intriguing and exciting as it may sound, sometimes business ownership arrives with unexpected life changes we haven’t seen coming.

    Oftentimes I’ve spoken about what we need to be prepared for business-wise — things like saving up for initial investments, finding the perfect business niche and learning how to spot great employees are just the tip of the iceberg when it comes to fully submerging ourselves in the world of entrepreneurship. With time, we usually learn how to adapt and overcome obstacles along the way that are strictly work-related, but what about the certain amount of change we’d be witnessing during our outside-of-office hours?

    Truth be told, it would be rather naïve on our part to believe that such a huge event like starting a business won’t affect our personal and social life in any way. That’s why I’ve decided to shed some light on five unexpected life changes you might witness once becoming a business owner. It’s better to be prepared and informed instead of being taken off guard.

    Related: Starting a Business Isn’t What You Think. Here’s What to Expect Instead.

    1. Your professional and personal lives will inevitably mix

    Right at the beginning of my CEO journey, I assumed the biggest hardships I’m about to witness would revolve around the establishment of my company. Details like building a portfolio, finding the best employees and getting our work out there took a considerable amount of my time, and yet I knew quite well this is what the road ahead is supposed to look like. As busy as it got, I was somewhat prepared — after all, the majority of aspiring entrepreneurs have a good understanding of how their professional life is about to change once they step into the world of business ownership.

    But here’s the thing — our professional and personal lives are so intertwined that is almost impossible for one not to affect the other.

    Feeling constantly overwhelmed, the long working hours, the overall work-related pressure and stress and monitoring how’s your business going on weekends are simply a small part of all business-related consequences that might affect our outside-of-office hours. Naturally, we’d feel pressured by time and deadlines and this could cause disruptions in the way we choose/can to spend our free time. What’s more, all those predispositions may lead to somewhat unexpected changes in our lives that we couldn’t see coming and may bring discomfort and struggle in the area.

    2. You may notice your social circle shrinking

    As disturbing as it may sound, many entrepreneurs (especially right at the beginning of their career journey) share that their friends appear to be drifting away from them once they launched their gigs.

    There could be numerous reasons for this: For instance, people from your social circle might feel neglected or as if you’ve chosen work over spending quality time with them. Another possible, yet bitter option, is that they might start witnessing their lack of development as now you’re skyrocketing your own business.

    Whatever the reason is, your social circle shrinking is a plausible outcome of your entrepreneurial goals — and it’s better for you to be prepared, just in case. Honest and open conversations about how each person feels usually help get rid of the issues and misunderstandings and you can all salvage the relationship.

    Related: How to Prevent Your Business From Ruining Your Personal Life

    3. New people may come into your life and stay for good

    Usually, when people opt for business establishments, they need to communicate with fellow entrepreneurs, clients, prospective investors, etc. The more you put yourself out there and attend networking events, the higher the chance is for you to widen your social circle and let newcomers appear. More often than not, relationships built on mutual business interests tend to last for long as people share experience and expertise, while also providing support and guidance.

    4. You might find it extra hard to keep a balance between work and personal life

    When we are employed, we usually treasure our time off from work and look forward to it, but things change when we lead our own business. You might find it hard to juggle between opening your laptop and checking that minor detail on a Sunday afternoon even though it could wait until Monday, especially at the beginning.

    In the long-term, this lack of balance and fruitful relaxation time could have a tremendous effect on your mental health as you’d find yourself always being at work subconsciously. So it’s important to set certain standards for yourself when it comes to taking some time off and enjoying life outside of the office.

    5. You might experience a change of heart when it comes to your career

    Some people find out business ownership is not as enjoyable as they thought it was and prefer getting back to being employed. Others might enjoy running an enterprise in general, but realize their desired niche is not the one they primarily chose. All those instances, even though troublesome at first, are a good thing — it’s the ultimate path toward self-discovery and paving one’s way to a successful career that aligns with who they are.

    Related: 10 Ways to Improve the Quality of Your Business Life

    Of course, all those are assumptions — as often as they may appear, some entrepreneurs never face obstacles and difficulties of this sort. It doesn’t hurt to be prepared though — owning a business isn’t merely about running some numbers and never expecting anything to be different. At the end of the day, change helps us grow.

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    Ivan Popov

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  • When Is the Right Time to Seek Investor Funding? | Entrepreneur

    When Is the Right Time to Seek Investor Funding? | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Bootstrapping is difficult. Investor funding, if done incorrectly, can become a time bomb. So, what direction is best?

    Often, businesses start off with the founders funding them completely. Only a handful of startups are funded in the idea stage. Things can get tough along the way, and often, you’d need to choose whether to continue scratching to stay afloat or seek external funding.

    It’s a tough decision to make. On one hand, founders want to maintain substantial control of their projects. They also don’t want the pressure that comes with handling investors’ money. On the other hand, startups need money to survive and grow to their potential. This is what Harvard professor Noam Wasserman termed “The Founder’s Dilemma.”

    As a founder, you need to know when the time is right to seek and collect investors’ money. This article answers that question.

    Related: 8 Things to Consider to Find the Right Funding Option for Your Startup

    1. Figure out a working model first

    It might fascinate you to know that investors are always ready to sign checks whether the idea looks viable or not. However, investors can put you on a very short leash when they know that your idea isn’t practical enough. They do this by requesting ridiculously high equity.

    As an alternative, you need to perform all your preliminary experiments and find the exact business model that works for you before speaking with investors. It’s no news to founders, though, that finding a working model is not a walk in the park and that experiments often require some capital.

    In the earliest stages, you need to self-fund your idea as you take it through refinement. With inadequate capital, you should consider reaching out to family and friends for support. They are bound to believe in you more than total strangers with fat checks. Nearly 40% of founders follow this route.

    2. Create an MVP

    It’s rare for founders to focus completely on one aspect of a startup. Often, they have to oversee business development, product development, finance and every piece of the project simultaneously.

    While figuring out what variation of the business model works best, founders need to also ensure the product development works out successfully. Until then, it’s best to stay away from outside investors.

    However, some products are capital-intensive and will need big checks to fund them. In such cases, it’s advisable for a founder to create a prototype or a highly specific graphical rendering of the product.

    This provides a crystal clear description of how the product works and conveys some level of confidence to outside investors. With a prototype, your chances of landing an outside investor under favorable terms increase significantly.

    Related: Mistakes To Avoid When Seeking Funding

    3. Ensure it’s time to scale your idea

    You may have an MVP and a model that works on paper, but all those don’t matter until you’ve acquired a few real customers that are willing to pay for your product. By “real customers,” I’m not referring to family relatives and friends.

    If you have a few complete strangers paying to use your product, then you most likely have a practical model and valuable product. At this stage, you need to ensure that your business process is well-documented and can be recreated without smack-dab supervision.

    With all that in place, you can seek outside investor funding to hire more hands to recreate the process en masse.

    I often advise founders to look beyond securing investor funds. Founding a startup is one stage of your career, and the way you approach outside investments can have a significant impact on your reputation in the long run.

    Investors prefer to put their money on founders who have proven records of good investor relations and business success. So, if you’re looking to secure your first-ever funding round, be sure to do it at the right time to avoid jeopardizing your entrepreneurial career.

    Related: How to Know If You Need Funding (and How to Get It)

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    Judah Longgrear

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  • Boost Your Solopreneur Business with These 3 Proven Tips | Entrepreneur

    Boost Your Solopreneur Business with These 3 Proven Tips | Entrepreneur

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    It can take up to 18 months for an entrepreneur to finally feel like they have a working business model — if ever. And while there are no hacks, there are shortcuts to success that can save you time and accelerate your revenue growth.

    These shortcuts are centered around the main obstacles any new entrepreneur will face:

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    Terry Rice

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  • How to Keep Pace and Grow Your Company During a Recession | Entrepreneur

    How to Keep Pace and Grow Your Company During a Recession | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Market cycles often present opportunities for leaders from all fields of work — whether it’s real estate, tech, finance, healthcare or a number of other industries — to scale and pivot their businesses, prioritize talent and retake market share. In times of a market downturn, entrepreneurs may need to adjust their approach to see their teams and clients to the other side. Surviving a recession is a challenge for businesses at any stage, but it is achievable.

    Throughout my career, I’ve navigated economic uncertainty while working in real estate and have weathered storms and come out more competitive than ever. Here are a few tips to help you keep pace and grow your business even during times of uncertainty:

    Related: 3 Ways to Adapt and Grow During a Recession

    Take calculated risks

    An important trend to consider as part of your business plan is understanding how your industry reacts during a down market and anticipating that. For example, with real estate starting to soften across the country, capitalization rates, or expected rate of return on an investment property, start to grow. Our current strategy is to gather as much real estate nationwide as possible — including in Georgia, Oklahoma, Texas and Utah — and take advantage of the softening market and recession, in which other investors are more hesitant and less into taking risks.

    But we believe we can safeguard our risks by being prudent and doing our research into these burgeoning markets. What areas of weakness can you take advantage of in your industry? Is decreased demand causing lower prices for parts? Does increased demand allow you to raise prices for your goods or services? Audit the landscape, and see where you can find those calculated risks.

    Pivot if needed

    I have been in the real estate business for more than two decades and witnessed the 2008 Great Recession. At the time, my previous firm was invested in industrial real estate, which quickly dropped in value as the market collapsed. Instead of closing up shop after selling at a loss, we decided we could stay in business by pivoting into senior housing, assisted living and memory-care facilities.

    We learned that these were more stable investments, so my team and I took a leap of faith and successfully changed course. Evolving as a business is critical to keep momentum; if you’re not growing, you’re dying. Thinking ahead, innovating and staying a step ahead of the game are important to keeping momentum during turbulent times.

    Related: 5 Ways to Sustain Company Growth During a Recession

    Lead with vision

    As a business owner, regardless of your industry, understanding how to lead during a time of chaos, such as a recession, is critical to the survival of your company. Although the path forward isn’t always crystal-clear, staying connected with your guiding principles can help you navigate any uncertainty you might face as a business owner.

    If you’re unsure of what those principles are, tune into your “inner voice,” and make sure that the decisions you make align with your values, as well as the values of your business. Make sure your team members are clear on your company’s mission statement and vision as well, to maximize alignment companywide.

    Grow your team

    Something to consider is continuing to grow and invest in your team so you’re ready for when the market cycle swings back up and business returns. Your people are the engine of your business. With continued layoffs across industries, there may be a growing pool of talent to choose from. During this cooldown period, as you’re innovating your business and expanding your company’s capabilities, make sure you have the right talent in place. I offer tips on how to attract the right team members in a previous Entrepreneur article.

    Keep in mind, fortifying your business from a talent standpoint doesn’t have to mean hiring. It can instead mean reminding current employees of your company’s values, as well as sharing with them your business model and vision for the future.

    Related: Don’t Let a Recession Ruin You. Here’s How Your Business Can Thrive During Hard Times

    Remember, market cycles are temporary

    A recession doesn’t necessarily have to be viewed as a bad thing; to me, it’s an opportunity for entrepreneurs to build and adjust, carrying themselves and their teams to the other side and to a better, future market cycle. All market cycles are temporary, so this, too, shall pass. Issues like softening real estate, higher interest rates, economic uncertainty and market volatility are cyclical.

    Regardless of which industry you’re in, you can learn and grow from something negative like a recession by growing your business, pivoting it as needed, investing in the right people and quite simply weathering the storm in hopes of a clearer, brighter future.

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    Edward Fernandez

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  • How a Business Coach Could Improve Your Performance By 70% | Entrepreneur

    How a Business Coach Could Improve Your Performance By 70% | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As an entrepreneur, we often face a wide range of challenges while building and scaling our businesses. From managing finances and operations to navigating through market uncertainties, the list of responsibilities can be overwhelming, especially for those of us just starting out or doing everything alone. That’s where business coaches come in.

    Hiring a business coach can be a gamechanger for entrepreneurs. A coach can provide guidance, support and accountability, helping you to navigate through challenges and achieve your goals. In fact, according to a study by the International Coach Federation, 80% of people who received coaching reported increased self-confidence and over 70% saw improvements in work performance, relationships and communication skills.

    When it comes to choosing a business coach, you need to find someone who has been in your shoes. You are looking for a coach who has had experience and success in building and scaling their own business or businesses, that way they can offer you invaluable insights and perspectives that truly help you to overcome any obstacles you may be facing, so you can achieve the levels of success you are looking for. Ultimately, less “trial and error” for you. I wanted to share a few different areas in which you can expect a business coach to help you.

    Related: How a Business Coach Can Help You Lean Into Your Strengths and Become Successful

    1. Creating sales strategies

    A business coach can help entrepreneurs create a solid sales strategy that aligns with their goals and target audience. This includes identifying their unique selling proposition (USP) and positioning it to resonate with their target market. Coaches can also help entrepreneurs optimize their pricing, create effective marketing campaigns, and improve their sales processes and closing techniques.

    2. Brand development

    Your personal brand is so much more than just your logos and slogans. Your brand is who you are and who others think you are and it’s what sets you apart from your competitors. Brand development is a crucial stage in the branding process, where you will determine your brand’s core elements and how you want your business to be perceived. It’s important to note that brand development is not the same as branding, which refers to how you communicate your brand to your target audience. Instead, it’s the foundational stage of creating a brand. Think of it as building the “back end” of your brand.

    This can be a daunting task, especially if you are just starting out in your business journey. However, a business coach can provide guidance on developing a strong personal brand that reflects your values, strengths and expertise. This includes creating a consistent message and visual identity across all communication channels, such as social media, your website, reputation and other marketing materials.

    3. Social media strategy

    Social media can be a powerful tool for entrepreneurs to connect with their audience and grow their businesses. However, it can also be very overwhelming and time-consuming to learn how to create and maintain a social media strategy.

    A business coach can help entrepreneurs develop a social media strategy that aligns with their goals and target audience. This includes content creation, engagement, community building and strategies for measuring success and optimizing results. Think about it: No one asks for your business card anymore. They ask, “What’s your Instagram?”

    Related: If You Haven’t Hired a Business Coach, You’re Holding Yourself Back

    4. Social media verification

    The little blue check mark has become a symbol of prestige and authority. Those with it are given instant credibility, a favored algorithm and an enhanced reputation in their space. It sets you apart from your competitors by giving you an automatically trustworthy appearing brand and increasing your audience.

    But attaining this badge as a public figure is no small feat; you are going to need someone to help you as it’s not something you can just pay for, despite the rumors you may have heard. Top business coaches can help you with achieving this goal.

    Yes, it’s true, Meta is testing a paid verification as part of their new service called Meta Verified. It is a subscription that offers enhanced verification and proactive account protection, but it will not mean you are a public figure. Becoming a public figure is possible, but only with the proper guidance from someone who has actually done it themself.

    5. Securing high authority press

    Securing high authority press can help entrepreneurs establish themselves as thought leaders in their industry, increase visibility, and attract new customers. A business coach can help entrepreneurs develop a PR strategy that aligns with their goals and target audience.

    This may include identifying relevant journalists and publications, crafting compelling pitches and press releases and building relationships with key media contacts. Whether you want to learn how to properly execute DIY public relations or are looking to outsource this task, a good business coach can help you with this.

    Related: Does Business Coaching Matter? Or Is It All About Talent?

    6. Getting organized and taking action

    As an entrepreneur, you tend to have a lot on your mind and a lot on your plate. You always have great new innovative ideas on different projects to start and directions to take your business. It’s what makes you a successful entrepreneur, but sometimes it can derail the process. Having a good business coach on your team can help you define your goals and organize a solid action plan for you to follow while also having the foresight to see potential derailers in your projects.

    Business coaches are also great at pointing out what is going well. When entrepreneurs are in the growth phase, we tend to consistently look at what is not working because we want to fix it and make it more profitable, but it’s equally important to take a step back and feel satisfaction in where you are right now.

    Entrepreneurs at every stage often face a variety of challenges when building and scaling their businesses. But business coaches can help by providing guidance, support and accountability. Coaches can assist with sales strategies, personal brand development, social media strategy, securing high authority press, reputation management and getting organized.

    Hiring a business coach who has had experience and success in building and scaling their own business is crucial. Coaches can offer valuable insights and perspectives that help entrepreneurs achieve their goals, resulting in increased self-confidence and improved work performance, relationships and communication skills.

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    Heidi Cortez

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  • How to Crowdfund $1 Million For Your Web3 Startup | Entrepreneur

    How to Crowdfund $1 Million For Your Web3 Startup | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    When you think of startup funding, you may envision contests with almost no chance of winning or solid venture capitalists who will not be surprised by your concept. “Those who raise millions for their ideas’ implementation are just lucky ones,” you may think. It sounds surprising, but a strong community can help you achieve success much faster and easier.

    The explanation is simple: The less a person has to contribute or “risk,” the more likely you are to receive a contribution. In this article, I’d like to share some tips from my own experience that may help you pique the interest of your audience in your solution and turn them into its backers. Each worthwhile idea will find supporters. Believe me.

    Related: Who Needs Venture Capitalists When You Can Crowdfund?

    1. Make sure your idea is providing a solution

    In today’s world, no idea can be completely original, but it’s better if you can come up with a unique solution or significantly improve on something that’s already been made. How did we manage it? We saw the benefits and drawbacks of working in the music industry for a long time and wanted to develop something that would truly bring innovation to the space we know.

    We carried out market research prior to building the platform. We researched whether similar initiatives already exist, what they do and the errors they made. Along with estimating the lifetime value of the product, we contrasted our idea with the needs of our target audience. It’s critical to understand whether our project has a solid foundation for the long term.

    In our case, we saw the lack of including the fans on the journey and how the number of independent artists skyrocketed, but the way of getting funding for your projects was still limited to signing a label deal. Artists can invite their fans to be part of the journey while giving back to the community of people who have supported them along the way.

    2. Show the audience a clear strategy

    Be ready to tell the truth. Explain in detail how your platform works, say at least a few words about any possible risks, and show how the money you raise through the power of the community will be used to improve the project and make it more useful for this audience. It’s very important to give people a strong reason to support you.

    Why am I emphasizing it so strongly? People are always reluctant to part with money when there is no obvious use for it. Once it is made clear to participants how their money will be used, what features they will have access to and what the ultimate goal is, a significant part of them will be ready to help you crowdfund.

    Keeping in touch with your audience is not only about keeping them interested but also about showing how much you value their continuous support.

    3. Make it easy to support you

    The more clicks required, the less likely people are to join you. So, make the funding mechanism user-friendly. It determines the stability and success of your monetization. Prepare a brief registration instruction, and ensure that the website navigation is simple to understand. People in 2023 value their time and expect everything they use to be convenient.

    There are numerous crowdfunding platforms available that are tailored specifically for startups or projects in the Web3 niche. Patreon, SeedInvest Technology, GoFundMe and other similar sites are examples. I will not recommend any particular platform, but I will share some criteria that will assist you in selecting the most convenient instrument.

    First, look for a solution that can be directly integrated into your platform in the form of a button or direct link on the main page. Again, convenience is one of the top priorities for successful and predictable funding. Second, choose the one with the most payment methods integrated. Even the most ardent supporters of your idea may abandon you if they have to make multiple transactions to pay you. Third, because there are so many fake website versions out there, don’t forget to educate your users on how to spot a fraudulent link or platform page.

    Related: 9 Steps to Launching a Successful Crowdfunding Campaign

    4. Don’t forget to spread the word

    When choosing the best way to share your initiative, think about which social media networks or media outlets your target audience uses to get ideas. Participate in networking and exhibitions. Making connections with thought leaders and others in the field of the industry you’re looking to enter multiplies your chances of success tenfold.

    We played more than one instrument at once. We worked hard to improve our social media, pitched our idea to top journalists and went to events where we could meet potential investors on a regular basis.

    The specific marketing plan you use will depend on the market you are trying to reach, your target audience and the services you plan to offer, but the following tools will come in handy 99% of the time:

    Develop your media relations: Promotion through news releases in global and specialized media is beneficial at both the project’s infancy and maturity stage. They will create “hype” in the first instance and enhance your expertise in the second. Create articles for publications, comment on current events, participate in interviews, and share announcements in the media and on the project website.

    Utilize advertising services: Set up targeted ads on social networks trusted by your primary audience, use retargeting, and connect with influencers. Brand ambassadors who are thought leaders in your chosen niche will lend credibility to your project.

    Educational content: Blockchain, Web3 and other complex topics require user education. This task can be easily completed with high-quality content: a site blog, FAQ, research, whitepaper, videos (both long and short, like TikToks), podcasts, AMAs and case studies. In this case, the user interaction path with your product might look like this: reading a blog post, visiting a landing page, and finally, requesting a demo of your product or leaving a request.

    Effective social media marketing: Over time, it contributes to the formation of a community of devoted brand fans. Share news, solicit feedback, introduce the team, post behind-the-scenes content, employ various forms of storytelling, use memes or niche-related jokes and so on. A funnel could look like this: clicking on ads, subscribing to a channel, visiting the site and requesting a demo.

    Affiliate marketing: Startup founders frequently do not have enough time to promote their businesses, which is understandable given their other responsibilities. That is why it can be a great option to outsource promotion or launch affiliate programs. The latter allows you to get a predictable result at a predictable price, which is especially important in the early stages when resources are scarce.

    Related: 12 Key Strategies to a Successful Crowdfunding Campaign

    As you can see, an idea lays the groundwork for a project but does not guarantee its success. Even ideas that aren’t very original can sometimes work because the people who came up with them did a good job of assessing their resources, chose the best ways to market them, and perhaps most importantly, didn’t give up.

    My goal was to show you that angel and venture capital investors are not the only sources of multimillion-dollar funding. Millions can be earned through creativity and consistency. You can design your own strategy that will ultimately produce excellent results using the resources I provided from personal experience.

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    Mattias Tengblad

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  • 3 Reasons Online Marketplaces Benefit Entrepreneurs — and Should Be Protected | Entrepreneur

    3 Reasons Online Marketplaces Benefit Entrepreneurs — and Should Be Protected | Entrepreneur

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

    With a year that has thus far been defined by interest rate hikes, layoffs and skyrocketing prices, the word “recession” continues to plaster media headlines. Amidst so much economic uncertainty, it is more important than ever for entrepreneurs to leverage business models that provide stability and support, and for government to protect their right to do so.

    If you are looking to grow your access to a stable customer base, look no further than online marketplaces, which many entrepreneurs have found to be fertile ground for innovation, access, and an expanded economy that helps businesses affordably reach a global audience. These sales channels account for the largest share of ecommerce retail purchases worldwide, contributing to the United States economy with annual sales of $792 billion.

    Here are a few reasons you should consider expanding your business from a storefront or a standalone website to an online marketplace.

    Related: How Online Marketplaces Are Changing the Face of Entrepreneurship

    Low barriers to entry

    Rather than paying for a physical store or building and managing your own website, online marketplaces offer a relatively inexpensive way to “set up shop” and keep your virtual doors open. The built-in infrastructure online marketplaces provide also makes it easy for brands to scale by providing search, shipping, return and customer support features in-house that allow entrepreneurs to focus on their business.

    With this in mind, it’s no wonder that the online marketplace model is particularly fruitful for smaller and newer businesses — fostering opportunities for entrepreneurs to start, grow and reinvest. All of these digital economies and platforms are basically giant entrepreneur creation machines. If you are a digital entrepreneur, there’s never been a better setting or a better time to start a business.

    Larger customer pipeline

    Perhaps the most appealing aspect of online marketplaces is that sellers not only introduce their brands to new audiences, spanning all corners of the virtual globe, but that online marketplaces inherently enhance their promotion through SEO and high web traffic. Amazon alone receives 2 billion visits a month from U.S. consumers.

    This is one reason why recent data shows that, despite looming recession fears, online marketplaces are actually growing. In 2022, U.S. consumers conducted 46% of their online shopping through marketplaces, a 10% year-over-year increase from 2021. Globally, more than 75% of consumers believe marketplaces are the most convenient way to shop online.

    Related: Marketplaces Are Taking Over Ecommerce. Here’s What Retailers Can Gain by Joining the Movement Now.

    Better customer experience

    Not only are online marketplaces beneficial for small business growth, but they have also become stalwarts of consumer experience and safety. The Organisation for Economic Co-operation and Development found that about 50% of participating marketplaces have signed up to a public commitment to enhance consumer protection beyond their legal obligations. For instance, Mercari reported that “it offered training/education sessions for school students” on how to shop safely and avoid selling scams.

    The government has also done work to further strengthen the safety of these marketplaces. Last year, Congress passed the Integrity, Notification and Fairness in Online Retail Marketplaces for Consumers (INFORM Consumers) Act, which was an important step in furthering the work online marketplaces already do to keep retailers and consumers safe. However, there were also harmful bills introduced in Congress that could have wreaked havoc on independent online sellers if enacted.

    This year, it will be important for legislators to keep the best interests of small online businesses and consumers in mind. Any future policy proposal should ensure that entrepreneurs can continue to enjoy the existing benefits and support of online marketplaces, including by protecting our unfettered access to customers worldwide without bogging us down in red tape, unwarranted litigation or unworkable compliance standards.

    Related: The Dominance of the Online Marketplaces in the Retail Industry

    No matter what products you sell or which customer segments you court, online marketplaces can and should be an important part of your growth strategy. They’re important to entrepreneurs as individuals and our economy as a whole — and they deserve to be protected.

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    Krystal Popov

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  • Why CEOs Need ‘Love’ In Order for Organizations to Survive | Entrepreneur

    Why CEOs Need ‘Love’ In Order for Organizations to Survive | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    I saw Cirque du Soleil’s “Love” in Las Vegas recently — a show that combines the troupe’s famed dance and performance athleticism with reinventions of various Beatles hits — and two messages came through that I thought leaders needed to remember.

    First is the song title, “All You Need Is Love,” and the second is a famed Lennon lyric from “Strawberry Fields Forever,” which goes, “Living is easy with eyes closed.”

    Why bring these up?

    My job is to strategize with leaders so that they can adapt to necessary organizational, environmental and societal shifts toward the UN’s 2030 “Countdown” environmental agenda. Now, you may have already switched to “living with your eyes closed” just reading that, considered moving on to a topic less confronting instead, yet the takeaway messages remain: Love, denial and avoidance.

    Put simply: To survive, we need to start anew

    Many people are struggling with work. Polycrises, seemingly never-ending stop-start change, return-to-office fears, injustice, new market forces, impending layoffs and reliably depressing climate reports have resulted in too many of us living in a “survival mode,” and that’s not good for business. But, in truth, love is all we need if we want to thrive in the world of work. When we fall “in love” with a tangible, aligned company that’s mission is connected to our reality, we all come together — and the result feels a lot like, well… love. We commit, we grow, fight for what’s right, and generate a feeling that we can accomplish anything, whatever the weather. Add an organizational environment of psychological safety, and you have geometrically enhanced the ability to collaborate and innovate in their very best forms.

    Related: 10 Billionaires Stepping Up to Fight Climate Change

    How eyes are opened

    My job is to help leaders move from “eyes closed” to “invigorated.” Executive coaches like myself (with a career of navigating economic shifts since the ’90s) naturally turn to a tactic of providing leadership “stem cells” (aka a renewed sense of energy) to organizations ready to reinvent themselves.

    To help in that effort, companies like McKinsey, PWC and EY provide data about new economic realities for organizations to adapt and move forward. And at least one aspect of our future is clear: The era of hypergrowth during Covid-19 has passed. We are now in an environment in which it’s vital to create a business that can sustain itself through new and harder times.

    A simple, scalable model: the OGSM

    I’m currently working with Francois (not his real name) — a senior leader in a major global energy company who is driving innovation amid significant post-pandemic global forces and through a disruptive reorganization. As I learned during my MIT program in 2022, energy is everything, so I knew only too well that his work is important to every person on the planet. In our discussions, Francois described a former boss as narcissistic and gaslighting — seemingly caught in a loop of creating disharmony in his team and organization. Critically speaking, this boss’s narcissistic behavior loop actually set the world back.

    Then along came a restructuring, including more internal staff mobility. Francois is now with a new team that uses the OGSM (for “objective, goals, strategies and measures”) framework to make critical strategic moves so that the re-formed organization can deliver across various horizontal sectors.

    With this new role, Francois feels like he belongs. He is feeling “love,” is happy to contribute and is in a psychologically safe environment that fosters competition-busting and market-leading plans. It now feels completely authentic for him to be in a “quadruple-espresso mode” of future-proofing — both for his global organization and its customers. Being free to communicate with “radical candor” and strategic rigor enables him to do what he always wanted: make a difference.

    Related: Is ‘Green Hydrogen’ the Future? This Minnesota Gas Utility Thinks So.

    How the model works

    The OGSM model is simple and scalable and in essence, is a reminder for a whole organization to rally behind the CEO. Important components include:

    • Objectives from the CEO

    • Goals from the executive leadership team

    • Strategies from that same executive leadership team, alongside directors and managers

    It’s vital to keep in mind that OGSM actions need to be interconnected, each piece feeding into the other, so an organization can move forward as one. The “O” (objective) also needs to be announced by the CEO so that every C-leader is accountable for driving this mandate. This “O” runs right through every goal, strategy and measurable outcome.

    How can leaders reboot their style?

    Leaders make a leadership style choice every day, and their behaviors indicate their style. The narcissistic leader defends legacy processes, systems, products and methodologies to stay gainfully employed, and their teams often feel disrespected and confused about the direction of the company. Authoritative, servant, transactional and empathetic leaders, meanwhile, prefer to grow and identify key objectives to be successful, while socializing it at pace and revolutionizing their organization for the environment it’s functioning in. The problem is, with so many conflicting objectives in an era of perma-crises, it’s time leaders got back to basics — and this is not a task to be scoffed at.

    Ever since my career at Sony’s PlayStation division in the ’90s, I found the most successful leaders have a sense of urgency in adapting to a new environment. They provide evidence that their goals will be correct in the coming years, and demonstrate that they are aligned with the primary objective of the CEO. Such a person drives change and will relate with every business group to evangelize and socialize — ensuring people understand both tasks and focus.

    Related: Smart Tips for Setting and Actually Achieving Your Business Goals

    The OGSM cycle is a delightfully simple yet exquisitely effective approach, the result of which is everyone being in synch to move an organization along the right trajectory.

    Key facets:

    • Understanding the prime objective of the CEO

    • Creating strategies that are aligned with (or go beyond) that objective to achieve competitive advantage and long-term sustainability

    • Being highly transparent about goals and how to measure them every quarter

    • Reviewing them with a coach and C-leader every 30 days to see if they need to be adjusted

    • Reporting market forces that will impact an organization’s “big O”

    • Repeating the above steps after the introduction of every important new idea and/or piece of data

    • Supporting other colleagues in understanding the prime objective, and a willingness to debate fearlessly to avoid defensive and derailing thoughts and behaviors (watch out for people defending old beliefs that are no longer relevant to the CEO’s objective)

    Now, get your mission, get back to loving your work and do it with eyes wide open!

    Be advised that common OGSM side-effects may include: an engaged, motivated and loyal workforce; an uptick in customer sentiment; a renewed sense of purpose; a sense of happiness (even love); and saving the planet.

    Related: 7 Tips for Loving Your Career and Working With Passion

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    Caroline Stokes

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