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Tag: Growth Strategies

  • 5 SEO Techniques to Help Your SaaS Business Rank in 2024 | Entrepreneur

    5 SEO Techniques to Help Your SaaS Business Rank in 2024 | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Software as a service (SaaS) is a booming industry full of potential and innovation. However, many SaaS businesses rely heavily on paid advertising for lead generation and customer acquisition, often overlooking the incredible power of organic traffic. This leads to high customer acquisition costs, which slows down business growth.

    Search engine optimization (SEO) is the practice of optimizing your website to rank higher in search engine results pages. Investing in SEO can drive sustainable organic traffic, reduce acquisition costs and attract highly qualified buyers ready to book demos.

    In this article, I discuss five essential SaaS SEO techniques to help you rank higher, increase the number of organic website visitors and drive more conversions in 2024.

    Related: 3 Powerful SEO Techniques That Will Boost Your Website’s Search Engine Ranking

    1. Do in-depth keyword research

    In-depth keyword research helps you identify the specific terms your potential customers use to find software solutions like yours. For SaaS businesses, the main focus of keyword research should be on your target audience’s needs and more specifically, long-tail keywords.

    For example, if you offer time management software, your first instinct would be to target keywords like “time management software.” However, websites that rank well for this keyword are well-established and have great authority, so climbing to the first spot on Google would take forever.

    Instead, you should focus on more specific, long-tail keywords. In this case:

    • “Time management software for freelancers”

    • “Affordable time management software for startups”

    • “Time management apps with project tracking”

    • “Best time tracking tools for remote teams”

    Long-tail keywords typically have higher buyer intent because they are specific, indicating that the person has a clearer idea of what they are looking for. Targeting keywords with clearer user intent and less competition makes it easier to rank, as well as to attract and convert leads looking for specific features or benefits that align with your SaaS offering.

    2. Maintain high content velocity

    Publishing one blog post per week is not enough to remain relevant in the SaaS industry. To stay ahead of the competition, you should increase your content velocity and publish as much high-quality content as possible.

    Producing more relevant and informative content in your niche signals to search engines that your website is a credible source of information. This boosts your topical authority and user trust, which is especially crucial for small business SEO.

    Increasing your content velocity also provides more opportunities to include various keywords, which boosts your chances of ranking high for more search terms.

    To effectively increase your content velocity and stay competitive in the SaaS industry, consider creating a variety of content types that cater to different aspects of your audience’s needs and interests. That includes:

    3. Create product-led SEO pages

    Product-led SEO pages focus specifically on your products, which is highly effective for attracting qualified leads who are more likely to convert into customers.

    The most common examples of product-led SEO pages are:

    • Comparison pages: Create detailed comparison pages like [Competitor product] vs. [Your product] to highlight your product’s unique features, benefits and advantages over the competition.

    • Competitor comparisons: Generate pages that compare multiple competitors, such as [Competitor product] vs. [Competitor product]. This positions your brand as a knowledgeable authority in the space and can help potential customers understand what the industry has to offer.

    • Best-of lists: Create lists like “X Best [Your Niche] Tools in 2024” and include your product to establish it as a top option.

    • Niche-specific landing pages: Optimize landing pages for specific keywords, such as “time management software for freelancers.” These pages should be rich with information about your product, including features, benefits, testimonials and calls to action.

    Related: 6 Ecommerce SEO Tips to Help You Rank on Google

    4. Build high-quality backlinks

    There are more than 9,000 SaaS companies in the U.S. with around 15 billion active users across the world. The SaaS industry is more competitive than ever, and most businesses use SEO to attract more customers.

    Building high-quality backlinks to your product pages and blog posts is an SEO technique that helps improve your search engine rankings and domain authority to get an edge over the competition.

    Some of the ways you can build backlinks include:

    • Guest posting on relevant industry blogs

    • Claiming unlinked brand mentions

    • Producing high-quality content like infographics and whitepapers to attract backlinks

    • Collaborating with other companies and influencers to create mutually beneficial content that includes backlinks

    If you want your link building to work, though, you need to also focus on quality and relevance. The best approach is to acquire backlinks from established websites in your industry because they contribute more to your SEO results. Backlinks from reputable websites signal to Google that your content is trustworthy and authoritative.

    For a SaaS company, you want backlinks from technology blogs, industry publications and authoritative websites in the software niche.

    5. Develop strong internal linking

    Internal links are hyperlinks that point to other pages on your website. They help Google understand the structure of your site, the hierarchy of your pages and the importance of specific content.

    Strong internal linking can improve your website’s SEO by making it easier for search engines to crawl and index your pages, which in turn can boost your rankings.

    Include as many relevant internal links as possible with every article you write. To find all relevant pages, go to Google and type: “site:yourwebsite.com [relevant keyword].”

    The best SEO tip is to use descriptive anchor text to provide context about the linked page’s content. For example, if you’re writing an article about “time management software for freelancers” and want to link to another article talking about best tools for remote workers, you can use the anchor text “best time tracking tools for remote teams.”

    Lastly, you should regularly update older posts with new internal links to keep the SEO content fresh and improve relevance.

    Focusing on the right SEO strategies can help you reduce customer acquisition costs and attract more organic traffic to your SaaS website.

    The best approach is to:

    • Conduct in-depth keyword research

    • Maintain high content velocity

    • Create quality product-led SEO pages

    • Build high-quality backlinks

    • Develop strong internal linking

    Try these techniques to improve your rankings, drive more qualified leads, boost conversions and get better SEO results this year.

    Related: 5 Common SEO Mistakes That Are Hurting Your Rankings

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    Nick Zviadadze

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  • Take This Radical Approach to Customer Retention to Boost Employee Morale — And Your Profit | Entrepreneur

    Take This Radical Approach to Customer Retention to Boost Employee Morale — And Your Profit | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    There are few guarantees in business, but this one is certain: If you don’t keep customers, you won’t have a business for long. Yet, at a time when most companies are desperately trying to maintain customer loyalty (retention is more profitable than acquisition, after all), there’s often a missing link in their efforts: Understanding the powerful connection between customer satisfaction and employee engagement — and how to unlock it.

    As a Chief People Officer currently overseeing my company’s customer organization, I’ve seen first-hand how connected they truly are. At its most basic, losing customers can have a direct impact on employee morale and even lead to regrettable talent turnover. But there’s more nuance to this connection: nearly everything employees do has the potential to deeply impact customers. In turn, customer feedback and outcomes can have a powerful effect on an employee’s sense of purpose, achievement and satisfaction.

    Related: 7 Surefire Ways to Turn Your Low Customer Retention Rates Around

    I’ve witnessed how establishing a customer-centric approach across the entire organization can lead to growth opportunities that benefit both employees and customers. But to get there, businesses need to leverage that connection by making customer success the forefront of every employee’s experience. Here’s how.

    Make customer success everyone’s responsibility

    Most companies take a siloed approach to customer success, relegating it to a single department, while others remain largely insulated from customer interaction. But I’ve come to realize that the more we empower all of our cross-functional teams to contribute to customer success, the more purposeful, impactful and engaging their roles become, and the more they can drive customer loyalty and retention.

    For a more holistic approach, I am a fan of the bowtie model. In contrast to the traditional marketing funnel, which ends when a customer converts, the bowtie provides a more end-to-end representation of the customer journey. It’s a better way to ensure everyone in the company is maximizing engagement with the customer over the long term — whether through strategic ongoing communication and marketing efforts or more integrated processes and practices designed to deepen this relationship.

    One way we do this at my company is by encouraging every department to evaluate every task — and every ask — from the perspective of how it benefits the customer. Whether it’s marketing, sales, product or engineering, this filter is applied to all decision-making. Of course, we also look to metrics like Customer Satisfaction Score, customer retention, and revenue expansion with existing customers to ensure our efforts translate into results.

    Supercharge customer touchpoints

    I recently traveled overseas to meet with a customer, and as I was leaving, their CFO turned to me and said something I’ll never forget: “Don’t get me fired.” It’s a powerful reminder that our view on customer success must be broader than just ensuring product integration or stability. Everything we do has a ripple effect on their company’s success, which can impact their personal reputation, too.

    The concept of radical empathy isn’t new in customer service. Cultivating a deeper understanding of customer needs is crucial for effective product development, marketing and sales, but it can easily get lost once a customer is onboarded. Building more proactive touchpoints with customers —and even baking them into the early stages of product development — can help overcome this oversight.

    For us, that means attending industry events and building out strategic channels and information-sharing communities to better understand their sticking points. We’ve also established customer segments and verticals to identify and interact with the unique needs of different types of customers to deliver a personalized service approach. When we understand how customers are using our product — and particularly their pain points — we can better target everything from our marketing and sales campaigns to all product-focused initiatives

    Everyone in our organization knows customer retention is a team sport. Reaching out to customers to help solve product issues or when launching something new is not only possible but preferable. That’s precisely why we launched a customer retention program that treats flight risks as a pipeline and leverages tightly coordinated collaboration across departments to deliver impact to those customers.

    Most importantly, these frequent and proactive touchpoints also allow us to learn what is working for our customers, which we’ve seen be a powerful motivator for our team.

    Related: 3 Ways Founders Can Connect With Their Customers to Drive Sales

    Don’t overlook the link between employee experience and customer experience

    Being on the receiving end of an exceptional customer experience can radically shift the way we perceive a business. It turns out that when an employee has a hand in making that happen, it can be just as impactful for them.

    This shouldn’t come as a surprise: today’s employees are looking for purpose in their work. Who doesn’t want to make a difference in the lives of others? Connecting this desire to customer success initiatives only makes sense — it improves the ability to deliver on customer promises and makes the workplace more satisfying for all.

    And I believe organizations can take this connection a step further: pouring the same energy into employee experience that they do in fulfilling customers. In one of my previous roles, we would actively measure customer retention against employee retention and found a strong correlation between the two. These results were interesting but not shocking: prioritizing employee experience leads to more engaged employees, who, in turn, are motivated to create better customer experiences. Simply put, boosting satisfaction in one camp can effectively raise retention and productivity levels for both.

    Of course, this balance isn’t always easy to get right. But in my experience, incremental improvements are what add up over time. Starting small is better than not at all. At the end of the day, the more your employees know, understand and care about your customers, the better they’ll serve them (and the more they’ll enjoy the results) — regardless of the role they are in. And that’s a true win-win for the bottom line.

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    Christine Park

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  • Get a Lifetime of Raspberry Pi & Arduino Lessons for $70 | Entrepreneur

    Get a Lifetime of Raspberry Pi & Arduino Lessons for $70 | 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.

    Entrepreneurs leading all varieties of businesses interact with developers and projects that require expertise and command of languages and concepts like Raspberry Pi, Arduino, Linux, and more. Whether you want to save yourself costs by becoming more hands-on, or you want to better oversee contractors and developers who you work with, a strong educational foundation is a must.

    The All-In-One Raspberry Pi & Arduino Developer Bundle is on sale for only $69.99 (reg. $423) while this deal lasts. This fantastic resource features nine courses and over 60 hours of material on the concepts and languages mentioned above.

    For example, in Raspberry Pi for Beginners: Complete Course, instructor Eduoard Renard leads 98 lessons on how to master your Raspberry Pi. He shows you how to build a surveillance and alarm project, how to use Raspberry Pi’s GPIOs to control hardware components, and how to create a web server. The course unsurprisingly has an average rating of 4.6/5 stars among students.

    Renard is an entrepreneur and software engineer with an average instructor rating of 4.6/5 stars.

    The bundle also features Arduino for Beginners; Complete Course, which has 148 lessons that will guide you through your first Arduino project, show you how to create an Arduino circuit, and more. The bundle includes more content on Raspberry Pi and Arduino as well as courses on C++, Linux, and others.

    Don’t miss your chance to invest in a greater understanding of tech and business with The All-In-One Raspberry Pi & Arduino Developer Bundle, which is on sale for only $69.99 (reg. $423) while this deal lasts.

    StackSocial prices subject to change.

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    Entrepreneur Store

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  • How Keeping Things Simple Helps Your Company Innovate and Grow | Entrepreneur

    How Keeping Things Simple Helps Your Company Innovate and Grow | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    According to Steve Jobs, “Simple can be harder than complex: You have to work hard to get your thinking clean to make it simple.” It seems obvious that keeping things simple will help your business succeed. And yet, it’s surprisingly difficult to do it.

    If simplicity is this challenging, you need to be intentional to make it happen. That’s why many successful companies actively prioritize it as a value. Ikea’s focus on simplicity comes across in its designs, catalog, store experience and more. One of Nike’s 11 management maxims is “simplify and go,” focusing teams on moving fast to adapt to new technologies and fashions.

    I believe that simplicity is a driver for genius innovation. In fact, my journey as an entrepreneur began with an idea to simplify a complex and bureaucratic process. Today, the success of that idea has created new challenges. We serve millions of customers across over 100 countries, with many different needs — to meet them all, we’d need a ton of different features. So, we have to find the simplest ideas that will improve the experience for the largest number of users.

    Related: Here’s Why You Should Embrace Simplicity as a Strategy (and 3 Ways to Do It)

    Simplifying innovation is a recipe for success

    Some people think that to be an entrepreneur, you have to bring groundbreaking technological innovation to the world. But actually, there’s a lot of room to innovate on top of new technologies, simplifying them and packaging them for specific use cases.

    If you think of two of the technology giants of our times, Google and Apple, neither of them invented their core technologies. Apple wasn’t the first company to create a home computer or cellphone, Google wasn’t the first company to develop a search engine. They made existing innovations simpler and more user-friendly, and it was a recipe for success.

    This is particularly relevant right now in the middle of a revolution fueled by generative AI. There are definitely huge opportunities in creating new AI-driven technologies, but there are even more opportunities in finding ways to package these technologies into user-friendly software for specific use cases.

    To do this, first master the tech, and then put yourself in the shoes of your potential user. Try to understand what is really useful about the innovation and what barriers people might face when trying to use it.

    The key is to find a way to simplify the technology, making it easier for your target users to understand and adopt it. Do this, and you’re onto a winner.

    Work smarter by simplifying communication

    Another part of any business where simplification is super important is communications and processes. As companies grow, it becomes harder to get people on the same page or ensure continuity between departments. Poor communication creates misunderstandings, which can lead to mistakes. The more people involved in a project, the more likely it is that workflows will become complicated. This all slows things down, wastes time and restricts your ability to make an impact on the business.

    Let’s start with communication. Using a single, simple language across the company is crucial for people to be able to understand each other. For example, try to use less jargon and fewer three-letter acronyms, or make sure to explain them if you do. By creating organized archives of historical documents and plans, you help onboard new people and anyone can find important information fast when they need it.

    Create a culture of transparency where different departments share their plans with each other. Create frameworks to facilitate this, like quarterly reviews or roadmap deployments. It’s not possible for employees to be actively involved in everything going on in the company, but by helping everyone take part passively, you’re making sure they’re on the same page and can facilitate ideas and collaborations across teams.

    When you do have to communicate, encourage your teams to do it in the most straightforward way possible. By simplifying communication and making it easy to understand, discussions are more focused and decisions are made faster.

    Related: The Key to Effectively Communicating Important Messages Is All About Simplicity

    Put simplicity at the heart of your product

    A simplification mindset can also be applied to product development. By making small incremental changes, sometimes with test groups of users, you can use the inspect and adapt methodology to understand their adoption, as well as any issues, and innovate further accordingly. Every so often, you can combine all these small changes into a large product update that you roll out for everyone.

    For example: A company added a lot of extra value to its product with new features and releases. In theory, this was great for the users, but some found the UI overwhelming and new pricing options confusing. To use a metaphor, some people are happy to be given ingredients to make their own meal, but most would prefer the chef do the cooking so they can enjoy the final result.

    Having understood this through their feedback, the company introduced a change to its UI that helped users get the end result they wanted, without having to work hard to achieve it themselves. By simplifying, the company maximized the impact of the value of all the new additions to the product.

    Related: Keep It Simple: Why Simplicity Is Key To Making Your Brand Win

    Richard Branson once said: “Any fool can make something complicated. It is hard to keep things simple.” Simplicity won’t come about by accident — you need to be intentional. You have to call it out and make it a focus for the whole company. You need to put it at the heart of everything. And when you succeed, the impact will be huge.

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    Itzik Elbaz

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  • How the Peak Travel Season Will Impact Payment Fraud | Entrepreneur

    How the Peak Travel Season Will Impact Payment Fraud | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Summer is just around the corner, and with it comes an influx of vacationers ready to explore new destinations. As the summer travel season begins, businesses operating within travel and hospitality must adopt robust strategies to manage the anticipated increase in transaction volumes and fraud risks. These strategies must also effectively manage disputes and chargebacks during a peak travel period that’s expected to break records.

    Americans are still choosing to prioritize their vacations despite challenges like international unrest and rising prices. Projections from the Transportation Security Administration (TSA) suggest we’ll see a record-breaking summer travel season in 2024, with officials anticipating the busiest travel season ever.

    52% of consumers say they plan to travel as much in 2024 as last year, with another 40% saying they expect to travel even more. These prospective travelers already have significant budgets set aside for these trips.

    Millennials and Gen Z are the driving forces behind this trend. People in this cohort tend to prioritize experiences over material goods and seek a healthy work-life balance to explore new places and cultures. They’re also heavily influenced by social media, where many influencers showcase travel as part of an aspirational lifestyle.

    This surge in travel drives global business at every level of the economy, but it also creates a heightened sense of risk. For businesses, effectively managing fraud and chargeback risk year-round is crucial to navigating the travel space.

    Let’s explore the best strategies and tactics for managing these threats, whether in-house, hybrid or outsourced, and why asking for help might be the most effective course of action this year.

    Related: How a Bad Billing Descriptor Can Cost You

    The challenges ahead

    While a travel boom is fantastic for businesses and local economies, it poses significant challenges that underscore the necessity of comprehensive fraud and chargeback management. An exceptionally busy travel season can aggravate existing chargeback triggers already intrinsic to the travel space. We may see:

    1. Increased Transaction Volume. The sheer volume of transactions during peak travel seasons makes managing and monitoring every transaction closely difficult. This increased volume can overwhelm internal systems, leading to errors and delays in handling disputes, contributing to more chargebacks.
    2. Fraudulent Activities. Fraudsters take advantage of the busy season, knowing that the high transaction volumes can mask their activities. From fake travel deals to phishing emails, the types of fraud targeting travelers are diverse and sophisticated, increasing the likelihood of chargebacks from unauthorized transactions.
    3. Overbooked Flights and Hotel Shortages. High demand can lead to overbooked flights and sold-out hotels. When travelers are bumped from flights or denied rooms, dissatisfaction spikes. So, too, does the number of chargebacks as customers dispute charges for services they didn’t receive.
    4. Poor Customer Service. Understaffing is common during peak periods, resulting in longer wait times, unresolved complaints and poor service. Frustrated customers often turn to chargebacks to resolve their grievances when they feel neglected or mistreated.
    5. Operational Strain. Handling a surge in transactions requires a well-prepared operational setup. Without it, companies might fail to process payments and refunds promptly, further aggravating customers and leading to more disputes and chargebacks.
    6. Financial and Reputational Impact. Chargebacks result in financial losses due to refunds and fees. However, they also damage a company’s reputation with customers and hurt their relationships with financial institutions. High chargeback rates can result in higher processing fees and, in severe cases, the loss of merchant processing privileges.

    Considering what’s at stake, you can see why it’s incredibly urgent to prioritize effective chargeback management. Aside from saving time and money, it can also help boost customer trust during the peak travel season.

    Managing chargebacks: In-house, hybrid or outsourced?

    Travel operators can adopt one of three chargeback management strategies to handle the increased demand and the potential challenges outlined above.

    First, they can manage everything in-house. This involves maintaining a dedicated team to manage disputes, enhance customer support and refine fraud detection systems. While this approach offers direct control, it can be resource-intensive and requires constant updates and training to stay updated on new fraud tactics and regulatory changes.

    A second option is to outsource everything. This allows travel companies to benefit from specialized expertise and advanced technologies without the burden of maintaining an in-house team. Third-party providers can offer scalable solutions, real-time fraud detection and comprehensive chargeback prevention strategies. However, it can also mean that merchants lack insight.

    As a third option, merchants can try taking a more hybrid approach. Combining internal efforts with external support lets businesses leverage advanced technologies and knowledge from third-party providers while retaining some control over the process. This approach provides a balance between direct oversight and external expertise.

    Related: How to Fight Fraud and Chargebacks Should Regulation Fail

    Industry collaboration

    As we gear up for a record-setting summer, it’s clear that improved industry collaboration could be the key to addressing fraud and chargebacks.

    We could consider the transformative potential of open data and artificial intelligence (AI) within the tourism industry. Combining an open data strategy with AI can enhance decision-making processes, helping to personalize customer experiences and optimize operations.

    By harnessing open data, businesses can gain valuable insights into traveler preferences and behaviors. This insight can be refined using AI to forecast trends and tailor services.

    Related: Think You Can’t Win Against Chargebacks? Think Again.

    Open data and AI will have a much more symbiotic relationship in the future. The kind of collective effort that open data demands will create a more secure environment for our customers and protect our businesses from the financial strain of chargebacks. These technologies promise to boost efficiency and innovation in tourism, help manage threats and enhance the overall travel experience.

    Ultimately, travel operators need to be proactive. By adopting the right strategies and fostering collaboration across the industry, operators can thrive during this busy travel season and create a better experience for all travelers.

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    Monica Eaton

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  • How I Hit $100 Million in Annual Revenue By Being More Transparent | Entrepreneur

    How I Hit $100 Million in Annual Revenue By Being More Transparent | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s a common nightmare — you’re walking through a busy hallway or giving a presentation only to look down and find yourself completely naked.

    We’re inherently fearful of revealing too much about ourselves, and as an entrepreneur, this likely extends to your business as well.

    But based on growing my own business from nothing to over $100 million in annual revenue, I can tell you less is not more when it comes to business transparency — more is more. Being open builds trust, and trust fosters customers and relationships in droves. The only exception is not giving away your trade secrets to competitors.

    Here are three effective ways to build trust with clients and prospects by being more transparent (without leaving you feeling nightmarishly over-exposed).

    Related: How Transparency In Business Leads to Customer Growth and Loyalty

    1. Increase sales by 18% or more by increasing your Google reviews

    Nearly everyone reads reviews before purchasing. One study found a whopping 93% of people read reviews before making a purchase, and on average, reviews produce an 18% uplift in sales. In today’s online landscape, people put almost as much weight on a Google review as they do on a personal recommendation.

    The best way to increase your reviews is to simply ask! According to research, 70% of consumers will leave a review for a business when asked.

    About four years ago, we had 486 reviews after servicing more than 90,000 clients. We started using Podium to send out texts or emails — based on customer preference — asking to leave a review on Google, the Better Business Bureau and Trustpilot.

    By May 2024, we’d accumulated 2,312 five-star reviews, an increase of 375%. Keep in mind that our account managers have been very diligent about sending review requests to clients and only ask the clients most likely to give positive responses.

    Another good way to increase reviews is to automate postcards at the close of an order thanking someone for their business and encouraging them to leave a review. A physical mailer is likely more effective than an email — one study that surveyed 1,200 consumers found that 76% trusted direct mail the most as opposed to online methods.

    You might be wondering, “What about the negative reviews?” You’re always going to have a handful of bad reviews, but people look at the ratio of good vs. bad. If you have far more five-star reviews than one-star reviews, they’ll disregard the negative ones and assume it’s not the norm.

    2. Improve lead generation by 105% by sharing your clients’ success stories

    Sharing real marketing results has always been a priority for my business, PostcardMania. We currently have 944 marketing case studies and 139 video case studies that document real people sharing campaign specifics that led to more leads, revenue and new customers for their businesses.

    We share these case studies far and wide with prospects via email and postcards in the mail to increase trust. But more recently, we began incorporating these stories into video social media ads. During a recent earnings call by Meta, CEO Mark Zuckerberg said 50% of all people’s time on Facebook and Instagram is spent watching videos, so naturally, we went that direction to gain more eyes on our services.

    We put our 139 video case studies — real business owners talking about their successful campaigns — to work for us on Facebook and Instagram.

    As a result, our social media leads doubled. In 2022, our average number of social media leads per week was 174, and then in 2023, the average lead count increased to 356 a week! That’s a 105% increase.

    Of course, our use of social media in this case is part of a larger multi-channel marketing strategy that ties direct mail and digital ads together, so I suggest a similar approach if you want to see the same results (we’ve actually packaged our successful approach into a single affordable marketing bundle called Everywhere Small Business due to high demand from our clients to replicate this method). Campaigns that uniquely combine print and digital advertising using hyper-targeted mailing lists and lookalike audiences have been proven to work time and time again, so I highly recommend them.

    It doesn’t matter what industry you are in, your customers’ success stories can be compiled and incorporated into your marketing plan to grow your customer base.

    Related: How Problem-Solving Case Studies Help You Market Your Business

    3. Convert prospects faster by dropping the velvet rope and inviting them in

    Being transparent online will help build a positive image of your brand and bring in more customers — but you can also take this one step further and let prospects visit your business and interact with your products or services in person. One report revealed that 79% of customers want brands to go above and beyond what they are required to reveal and give more information, with two-thirds of them saying they would switch brands for more in-depth data.

    At PostcardMania, we welcome clients to visit us and take a tour of our in-house printing facility. We also have a marketing conference twice a year where clients can meet their marketing consultants face-to-face and learn more about our business behind the scenes. These clients often end up being some of our best and longest-lasting relationships! You can do the same by hosting an event and opening your doors to the public. It doesn’t have to be a conference — you can start small with something as simple as a night of snacks and entertainment.

    Related: 3 Ways to Personalize Your Marketing for Higher Engagement

    Free samples are also a great way to show customers exactly what they are getting before they make a commitment. This doesn’t always apply to every business, but you can try to find a way to allow prospects to interact with your product or service on a deeper, more physical level.

    Incorporate any of these tactics, and you’ll show prospects the most authentic side of you and your business. Believe me when I say trading in your fears about being super transparent for bold authenticity will reap real rewards in long-term growth and customer loyalty.

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    Joy Gendusa

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  • 3 Non-Financial Factors That Could Impact Your Business’ Value | Entrepreneur

    3 Non-Financial Factors That Could Impact Your Business’ Value | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Determining a business’ value is not all about adding up revenue and subtracting expenses. While an important piece, these hard numbers are only half the equation for computing what a company is worth. To come up with the true value, we also look at factors like the level of owner involvement, company goals and growth opportunities. When we use the complete equation, we get a comprehensive picture of a business and can better understand the story of its past, present and future.

    Calculations may vary depending on the company, but in a healthy one, there is about a 50/50 split between the quantitative (financial) and qualitative (non-financial) sides of performance. If the business isn’t profitable, it’s more important to focus on the quantitative side and fix the numbers first. Many owners don’t want to hear that, but if they’re not hitting their numbers, it may mean the business is not working. They must fix the quantitative issues before moving to the qualitative side.

    Related: What Is a Balance Sheet and Why Does Your Business Need One?

    For healthy companies that want to maximize their value, the qualitative indicators can be bundled into three main categories.

    Evaluating quality

    1. The owner’s goals

    We’ve found significant research showing that if an owner has defined goals and plans for the future that are in line with market expectations for their company’s value, they’re going to have a much stronger exit. What is the owner’s defined goal for exiting the business — to get the most money, to take care of their employees and to ensure a legacy? You must then get to the “why” behind the goals and devise a plan of action. It almost doesn’t matter what the answers to the questions are; having achievable goals and a strategy for reaching them can increase the company’s value because it keeps the owner focused on improving the other areas of the business.

    2. The owner’s role

    The extent of the owner’s involvement is a critical indicator, but perhaps not for the reason you think. The more involved the owner is in day-to-day operations, the more central they are to the business, the less the business will be worth down the road. If the owner is the linchpin that holds everything together, what will happen to the company when they leave? Evaluating operations is more about the system and the structure of the team. Look at the organizational chart and who’s on it – are they good employees or bad employees? Examine the company’s processes and procedures and how new team members are trained and onboarded. The owner sets the vision, but it’s the team that increases company value by carrying out the vision.

    3. Growth opportunities

    Nobody wants to buy a business and keep it exactly as it is. They want to see potential for growth in the future, especially the potential for return on their investment as a buyer. Whether it’s a simple price increase or new locations, whoever buys the business is going to ask about growth opportunities. Indicators like product or service diversification in both the company and the industry it’s in give a good sense of whether the company is moving forward or standing still (and at risk of going backward). The more potential you can show, the more upside there will be for the next owner — adding up to greater value.

    Related: 8 Factors That Determine the Financial Health of a Business

    Cycle of success

    When the qualitative side of the equation is working, it all ties together. The owner knows the goals, which are aligned with where the company is going, and is leading the organization but working themselves out of the day-to-day operations; the business grows and creates more growth opportunities for the next owner. Paired with profitable numbers, it’s a cycle that builds a high-quality business.

    For the best owners, it takes a minimum of three to five years to get that cycle working for you and have reliable indicators of your value. Making it part of a 10-year strategy is even better.

    At Exit Factor, we have 62 different qualitative indicators that we use for determining company worth. We don’t use them all, or even close to that, for every business; it’s usually a matter of tweaking three to five of the 62 indicators. Figure out which of those 62 are essential for your company, and you’ll have a truly forward-looking strategy for profitable growth.

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    Jessica Fialkovich

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  • These Website Mistakes Could Be Costing You Thousands. Here’s How to Maximize Your Return and Drive More Sales. | Entrepreneur

    These Website Mistakes Could Be Costing You Thousands. Here’s How to Maximize Your Return and Drive More Sales. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    You’re losing thousands of dollars on your website and might not even know it. You have a site and a marketing team, and traffic is flowing in. But your site — and business — may fail because you’re losing customers and conversions.

    How?

    Leads fail to convert because of poor user interface, slow speeds and bad design practices. If your site isn’t optimized for SEO, it gets even worse: leads will never land on the site in the first place.

    How much does a website cost?

    Small websites cost $500 to $5,000. Your costs will vary depending on whether you use a template, hire a developer and the complexity of the site. Sites with hundreds of pages, expert optimization and design can cost $10,000 to $20,000. Your initial investment can’t be recuperated if your site isn’t optimized properly or set up to convert leads into sales.

    Site visitors have higher expectations, and there is a growing list of requirements that sites must meet. You need a snappy site, and it must be accessible. However, you also need to capture the right data from your forms, continually optimize your site and fill in the leaks that are causing you to lose money.

    Related: 3 Powerful SEO Techniques That Will Boost Your Website’s Search Engine Ranking

    Is your website investment worth it?

    Small business owners lose customers, even with a well-functioning website, because they don’t know how to utilize the data available to them. So, after all, is your website investment worth it, and if yes, how can you make sure you get an ROI?

    Nobody tells you that web forms can cost you a lot of money

    Forms are boring input fields to failing site owners and a goldmine to successful ones. What are leads doing when they enter data into the form? Are errors causing potential customers or clients to leave the site? According to WP Forms, more than 67% of site visitors will abandon your form forever if they encounter any complications; only 20% will follow up with the company in some way. Analyzing how users interact with forms is especially critical for small businesses, which may not have as many opportunities as larger corporations. They can identify common issues such as broken forms, confusing fields or errors. This insight allows small businesses to simplify and optimize the form-filling process, improving the overall user experience and significantly increasing the chances of conversion. Thankfully, you can use a form tracking system that will help to pinpoint problems with data entry and missed opportunities, ensuring that small businesses are not carelessly losing leads.

    Testing your forms and sales funnel regularly can save you a lot of money if you fix issues that are found in the test phase.

    Data is the king of website optimization

    Analytic data is king of website optimization, but you need to know what to look for and how to make changes. For example, if you have a high bounce rate, your site may look like it was designed in 1999, or it takes 15 seconds to load.

    Bounce rate means users are leaving the site on the page of entry, and you have multiple areas of potential improvement.

    Review your site speed and follow PageSpeed Insights’ recommendations to optimize your site. Try to bring loading time down to two to three seconds at most. Complex navigation and poor-quality landing pages can also cost you sales. Work with a copywriter to optimize your sales funnel copy.

    Data will help businesses to pinpoint exactly where users engage most frequently and where they face obstacles. With careful analysis of this data, companies can optimize every aspect of their website, from navigation to content.

    Important aspects of a high-converting website

    High-converting websites have a lot in common:

    Content

    Expertly written content, with the help of a copywriter, will allow you to hit on the pain points of leads and close more sales. Hooks and storytelling from an experienced copywriter can help you turn a low-performing sales funnel into one that exceeds sales forecasts.

    Design

    Poor design practices cause sites to fail. Yahoo! is a prime example. The site was once Google’s biggest competitor, but with the bland and outdated design, the bounce rate was high, and people flocked to Google.

    Work with a design team to create a functional, feature-rich site that appeals to your target demographic.

    Lead capture forms

    High-converting sites use lead capture forms to collect basic information about visitors, such as their email or phone number.

    In exchange for providing information, leads receive something valuable in return, such as a discount or free eBook.

    Once a user provides their email address or phone number, you can start nurturing them and eventually convert them into a customer. It’s important to note again that receiving instant notifications about broken forms and issues is a solution to avoid losing potential customers.

    Related: 9 SEO Tips to Help You Rank No. 1 on Google in 2024

    Call-to-action: More than just a button

    Call-to-actions (CTAs) tell visitors what to do next, such as signing up for a newsletter, making a purchase or scheduling a consultation. They play a crucial role in improving your site’s conversion rates.

    Without them, visitors would leave your site without taking action, resulting in lost opportunities to convert leads.

    To increase conversions, CTAs must be clear and concise and use action-oriented language, like “Buy now” or “Contact us.” Tell your visitors exactly what to do next so there’s no confusion and they feel confident taking the next step.

    CTAs are highly effective at improving conversion rates, but visitor behavior can change over time. Testing and optimizing your site’s CTAs can help maximize your conversion rate and adapt and change as user behavior changes.

    Make sure that you’re engaging in A/B testing to determine which CTA works best for your audience.

    You must respond to leads right away

    Research shows that 78% of customers purchase from the first responder. Surveys also show that the highest-ranking companies in lead response audit reports respond to leads in 30 minutes or less. The quicker you respond, the better. Conversion rates can be as much as eight times higher if you respond in the first five minutes.

    Every minute that passes increases the chance that the lead will move on to a competitor.

    How can you improve your lead response time? Start by automating your lead qualification process to identify and prioritize high-quality leads. Track the lead from start to finish and pinpoint the issues that leads are facing. Set response time goals, train your reps, and streamline your lead management processes to reach out to leads as quickly as possible.

    Conclusion

    You spend thousands of dollars on a website. To maximize your return, you must ensure that your site has all the right elements to increase conversion rates. Once you have these elements in place, you must respond to leads immediately to seal the deal.

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    Ludwig Makhyan

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  • 5 Types of Content That Will Attract Ready-to-Buy Prospects | Entrepreneur

    5 Types of Content That Will Attract Ready-to-Buy Prospects | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    They say that content is king — but not all digital content is created equal. While most digital content can help increase awareness for your brand, the most valuable content is designed to draw in warm prospects who are ready to make a purchase from you.

    Of course, even the best content isn’t likely to result in a purchase on the first exposure. The marketing rule of seven indicates that consumers must be exposed to your messaging at least seven times on average before they decide to make a purchase. While this may often be the case, strong digital content will go a long way in lowering this total.

    Related: 5 Digital Content Types Prospective Buyers Love to Engage With Online

    1. Email campaigns

    Email marketing remains one of the most effective methods for communicating with warm leads and staying in touch with existing customers to ensure they will buy from you again. Not only are emails far more likely to be read than other types of content, but their average return on investment towers over other options.

    According to the HubSpot Blog, most marketers see an average open rate of 46-50% and a clickthrough rate of 2.6-3% — numbers that far outpace the engagement levels of social media and other popular forms of content.

    Even if they are mostly comprised of previous customers, email lists are an essential marketing tool because they are made up of people who agreed to receive additional messaging from you. This fact alone already makes them far more qualified leads than someone who randomly stumbles across your blog.

    2. Personal engagement on social media

    While the overall engagement and reach of many social media platforms have declined, there is still much to be said for the potential these platforms offer for fostering one-on-one engagements with your warmest leads.

    When marketers comment strategically on other people’s posts, actively participate in relevant groups and conversations, and respond to the comments and messages they receive, it helps create a meaningful dialogue with their target audience.

    By pairing this personalized engagement with relevant, authoritative content (including videos, polls and more), you can leverage social media to nurture warm leads.

    3. Cost calculators

    Most companies have at least some kind of on-site content marketing strategy, which usually revolves around blogging. A blog can be undeniably beneficial for building SEO and domain authority, but depending on the type of content you create, it isn’t always going to create warm leads.

    However, if your website content focuses on the customers who are ready to buy now, you can greatly increase your own sales potential — and one of the best ways to do this is with a cost calculator.

    From calculating the cost of shipping a car across the country to determining how much it would cost to build your own website, these tools are inherently targeted at warm leads who are ready to make a buying decision. In this case, providing useful budgeting and planning information directly influences the user’s purchasing decision, providing a powerful way of reaching warm leads.

    Related: 4 Steps to Writing Content That Converts

    4. Webinars

    Webinars have become an increasingly popular digital content option, and for good reason. When webinars are promoted to the right audience, they can become far more engaging and attractive to warm leads than a blog post covering the same topic would be.

    The simple fact of displaying content in an audiovisual format helps make the webinar feel like an event in its own right. With an engaging topic and professional presenters, you can build a large audience. And when the topic of the webinar itself ties into your offerings, you can create a natural segue into how you can help viewers solve their most pressing problems.

    Webinars can be even more effective when paired with other content, such as an e-book or follow-up video lessons. When done right, webinars can be an excellent resource for collecting email addresses and other information from warm leads who are most likely to be interested in your services.

    5. Software demos

    Admittedly, this digital content option doesn’t apply to every industry. However, there is a wide range of companies that offer software services, addressing everything from tracking logistics and customer relationships to managing the back end of a website.

    A software demo gives warm leads the opportunity to try the service before they commit to a purchase. Firsthand interaction and experience with the software is ultimately far more convincing than a series of sales calls could ever be, as this helps buyers clearly determine whether or not a particular product works for them.

    It should be no surprise, then, that opt-out free trials see an incredible 48.8% conversion rate. It’s worth noting, too, that companies that don’t sell software can use similar “trial” options, such as a two-week trial for their services. Trials and demos appeal to the warmest buyers, who often use them to finalize their purchase decision.

    Related: 5 Steps for Creating a Content Marketing Strategy That Drives Business Results

    While regularly updating a blog or social media profile can be useful as part of your content marketing strategy, it is essential that brands in every niche focus on the types of content that are poised to deliver the greatest return.

    By focusing on the types of content that are most likely to capture warm prospects in the first place, you can turn more leads into sales and maximize the success of your content strategy.

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    Andres Tovar

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  • 5 Tips on Building Strategic Alliances for Business Growth | Entrepreneur

    5 Tips on Building Strategic Alliances for Business Growth | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    As an entrepreneur, it’s you against the world. Or, at least that’s how it often feels being a small business owner, especially a solopreneur. Here’s the reality: Success is rarely achieved in isolation. The most successful business people understand that the power of connecting with others is the key to unlocking new opportunities and growth.

    Surrounding yourself with professionals, business owners and industry leaders can provide a myriad of opportunities to access resources, gain knowledge and build strategic partnerships. Let’s look at some best practices to build an effective network to support the growth of your business.

    Related: 4 Reasons Why Networking Is a Must for All Successful Entrepreneurs

    1. Lead with value first

    The most successful networks work because both parties have the opportunity to benefit from one another. Establishing a strong, reciprocal relationship from the outset is crucial. Instead of focusing solely on what you can gain, prioritize what you can offer to others.

    Providing value can take many forms, such as making introductions within your network, sharing industry insights or offering assistance with specific challenges where you have expertise. By consistently offering value, you can build trust and goodwill, which in turn makes others more inclined to support and help you.

    2. Connect with complementary partners

    When building networks, it’s important to carefully consider what types of relationships would bring the most value to your business. In many cases, the right people are the ones that offer different, but complementary services. For example, a tax accountant might want to build a relationship with an estate attorney.

    There are a few benefits to this approach. One, both individuals get the benefit of being able to access expanded knowledge related to their business. This relationship can also be an excellent source of referrals from the other’s client base. This is important for business growth since B2B referrals statistically have a 71% higher conversion rate.

    Related: Effective Networking Requires Mastering These 5 Skills

    3. Be selective about who you let into your circle

    Fostering relationships takes a lot of time and effort, so it’s essential to be selective about who you include in your network. Studies have shown that half of all people struggle to maintain long-term contact with their professional networks. By limiting the number of people in your circle, you can dedicate more time to building strong, meaningful relationships with each individual.

    Additionally, it’s important to avoid associating yourself or your business with individuals who have a negative reputation, as their actions could harm your own reputation, despite any access or benefits they might offer. This approach isn’t about being pretentious, but rather about valuing your time and ensuring that your network is built on trust and mutual respect.

    4. Look within your industry

    While finding complementary members to add to your network is helpful, many entrepreneurs tend to lack focus. It’s natural to want to avoid others in your industry, as there may be some conflict of interest. However, it’s important to build relationships with individuals who totally understand your business, and that will be people who have similar businesses. Look to those in the same industry, but with a slightly different business focus, a different target customer or a different geography.

    5. Participate in a business advisory board

    Participating in a business (or peer) advisory board is a valuable way to learn new skills and share the burdens that come with operating a small business. These boards provide a platform for entrepreneurs and business leaders to share their concerns and frustrations and also receive feedback or advice based on others’ past experiences. This collaborative environment fosters learning and problem-solving, helping you navigate challenges more effectively in a safe environment.

    Related: Want to Succeed as an Entrepreneur? Discover the Key to Building Long-Lasting Connections

    Networking is more than just a passive activity. It’s a strategic investment in the future of your business. At the end of the day, the amount of effort you decide to put into building and nurturing strategic relationships can yield substantial returns for your business.

    Building the right network isn’t always easy, especially as entrepreneurs and small business owners struggle to keep their heads above water on a daily basis. Having a professional business coach can be an invaluable asset in your networking journey. Coaches can help provide guidance as you navigate the complexities of networking and also provide introductions to influential contacts within their networks.

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    Nicholas Leighton

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  • How a $10,000 Investment in AI Transformed My Career and Business Strategy | Entrepreneur

    How a $10,000 Investment in AI Transformed My Career and Business Strategy | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In 2023, I took a gamble that paid off beyond expectations: a $10,000 investment in AI education, a decision that reshaped my career and business strategy. Despite my background in accounting and business, diving into AI and machine learning was uncharted territory. But before we dive into the impact of this decision, here’s a little background about me and some of what I did in 2023.

    One thing that I want to stress for those reading this article is that you don’t need to go to school for artificial intelligence, machine learning or data science to be truly great at leveraging it. Sure, having a formal background will never hurt, but it should not deter people who are interested in this field from exploring it. I can attest to my statement because I went to school for a B.S. in accounting and a master’s in business administration, obtained a CPA license in New York State, and then pivoted my career through self-learning business intelligence and AI/ML data science consulting–building a business securing over 135 clients in less than a three year period from scratch — some of which include clients like Microsoft, Tory Burch, U.S. Army, Danaher, etc.

    Why am I saying all of this?

    Well, on November 30, 2022, I met ChatGPT3 for the first time, but I was just another end user. I wasn’t this AI subject matter expert or guru who could break concepts down for people and develop business strategies for AI implementations yet. I was simply present for the initial debut of the large language model technology era and cared enough to want to know more because it was at this point that I knew this technology would change the world forever.

    My mind began to contemplate how generative AI would disrupt many career paths, but it would also create an abundance of opportunities for individuals and companies that know how to use it effectively. Immediately, I started searching online for courses that I could learn about generative AI, and unfortunately, at the time, there were none available, but I didn’t let that stop me. I just started with understanding the basics of AI/ML, even without the deep learning or generative component and signed up for two certificate programs at Massachusetts Institute of Technology, where one focused on building data science solutions leveraging machine learning and AI. The other one focused on building AI products and services and deploying them into production.

    Additionally, I took a few courses on Udemy that focused on how to use the OpenAI APIs and learned important prompt engineering techniques, such as the COSTAR framework. Lastly, I invested in some subscriptions to AI tools such as Midjourney via Discord and others, which enabled me to join a network of other creatives who want to use this technology. I joined plenty of networking groups online across various platforms, which enabled me to soak up information and updates at a rate that was far faster than any media outlet could provide. In total, all of this education bundled to nearly $10,000, but it was an investment that was 100% worth it. Here are three key reasons why:

    1. Network expansion

    During my education reinvestment phase, I identified my go-to AI networks for updates and idea exchanges. This serves as a tremendous resource, especially as the pool of individuals within these networks is so diverse, representing companies, products and services across various industries. This network has led to additional referrals and opportunities to expand business and collaborate with others on projects in an informal setting. As a result of this network, I built an active community on Discord and LinkedIn group of IT AI/ML professionals across various industries of over 400 professionals and have partnered with a couple of them on some innovative AI projects.

    2. New service lines

    After I truly began to understand and see how generative AI worked and what skills people and businesses lacked to effectively deploy solutions and strategies of this nature, I was able to build a team within my business that understands the market need for companies who are looking to adopt generative AI solutions. This decision enabled me to open additional service lines within my business, bringing additional value to our existing client base and referral partnerships and winning new work in the marketplace that previously did not exist. For example, I started offering playbooks for enterprises on Copilot deployment strategy, as well as training and education for SMBs on prompt engineering, doing company-specific webinars tailored to their business needs.

    Related: I Tested AI Tools So You Don’t Have To. Here’s What Worked — and What Didn’t.

    3) Now an official paid speaker in AI

    Some say it would be their dream to get paid to speak. It’s an amazing thing for me to be able to say that I am a paid speaker for foundations, SMB organizations, women entrepreneur groups and other networks at a rate of $5,000 a gig. It was because of my reinvested education, along with client experience in this space, that I could parlay my understanding and knowledge over every genAI project I worked on or a concept I firmly understood into a brand new revenue stream I had not yet considered before. I remember my first paid event — it was a webinar for over 70 SMB owners, and I had the pleasure of broadly sharing the impacts of AI across businesses and industries, giving them lots of ways to consider the impacts of the technology and how it may relate to their day-to-day lives. My goal was to provide them with as much value as possible, and based on the responses and feedback, that goal was achieved.

    This journey taught me the value of continuous learning and adaptation in the fast-evolving world of AI, and for those who are reading this, your next game-changing business strategy could be just one learning experience away.

    My motto has and will always be simple: If you’re going to do something that you believe in, why not go all in?

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    Jacqueline Ann DeStefano-Tangorra, CPA, CFE, MBA

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  • Here’s What Every Business Needs To Know About Global Logistics In 2024 | Entrepreneur

    Here’s What Every Business Needs To Know About Global Logistics In 2024 | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    The pandemic made global supply chain issues a common dinner table conversation. Now, with escalating geopolitical tensions and competing manufacturing hubs in China, India and Mexico, it can be hard for businesses to understand what the best strategy is for moving goods internationally.

    Yet, despite the complexities affecting our global supply chains, the opportunity for businesses to engage in international trade has never been better. Advances in technology continue to make it easier to automate logistics. In fact, according to Acumen Research and Consulting, the global logistics automation market is predicted to reach $133 billion USD by 2030.

    Not only is technology making supply chain logistics easier for businesses to manage, but in a down market, there can be opportunities to negotiate better deals with overseas suppliers, find new customers and create business models that adapt to future market conditions.

    Regardless of your motivation, if you’re a business looking to expand abroad, here are three tips that can give you a competitive edge:

    1. Understand regulatory requirements in advance

    Paperwork may seem tedious, but in the world of global logistics, an incorrect or incomplete form can determine whether or not your shipment gets across the border. As the leader of a customs brokerage and freight forwarding business, I can tell you brokers spend a disproportionate amount of time following up with clients to complete the appropriate paperwork to clear customs.

    Understanding simple but important details like what determines your product’s country of origin is instrumental for budgeting and planning. For example, if a business purchases materials from China and further develops them in the U.S. before resale, many leaders assume they qualify for reduced duty through North America’s free trade agreement (now known as the Canada, U.S., Mexico Agreement) — but this isn’t always the case. Products must meet a specific set of criteria to leverage the lower duty rates. Missed details like this can cost businesses a significant amount of money unexpectedly.

    It’s also important to understand how exchange rates are calculated. Many businesses are surprised when they have to pay more for duty on a shipment when it arrives than they originally estimated. That’s because duty is calculated based on the exchange rate at the time the goods arrive at their destination. Exchange rates fluctuate, so it’s important for businesses to bear this in mind when creating budgets.

    Related: Your Customers Don’t Care Where Your Ecommerce Business Is Based, So Be Ready to Ship Anywhere in the World

    Factor In geopolitical tensions and changing market conditions

    From China’s recently passed “retaliation tariff” to attacks on merchant ships in the Red Sea, growing geopolitical tensions are causing businesses to rethink their trade routes.

    How a business navigates geopolitical disruptions largely depends on whether it is looking for a short-term or long-term strategy. If a company is looking for a short-term strategy, for example, it can likely adapt more swiftly to trade route disruptions. Businesses focused on long-term logistical planning, however, need to factor in the big-picture implications of geopolitical stability.

    Take, for example, the current tensions between the U.S. and China, which have caused more manufacturers to set up operations in Mexico. If the U.S. decides to permanently shift its purchasing from China to Mexico, this change would have significant implications on the trade route’s pricing and capacity in the long term.

    Businesses entering into international markets should factor in what parts of the supply chain are likely to be disrupted within the time frame they are targeting and consider whether or not they are well positioned to pivot, as necessary.

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

    Build strong relationships with international partners

    One of the most overlooked factors in navigating global logistics is the importance of building strong relationships with partners abroad. Businesses seeking strong international partnerships must learn and adapt to the customs and cultures of the regions they operate within.

    In my work, I do business with partners in multiple countries. Every year, when I attend their annual conferences, I notice the difference between leaders who respect the local customs and those who operate as though they were on home soil. Often, this attitudinal difference determines who establishes long-lasting, cooperative partnerships that lead to better pricing and referrals and who loses business altogether.

    According to the International Labour Union, a staggering 70% of international ventures collapse due to cultural disparities. Every culture has its own etiquette. Doing a little research on the communication rules and accepted behaviors in the countries you’re operating in can go a long way toward establishing a cooperative partnership.

    As a seasoned leader in international logistics, I’ve seen firsthand the transformative power of adapting to global market dynamics. For businesses venturing into international terrain, understanding regulatory landscapes, geopolitical shifts and cultural nuances not only mitigates the risk of expansion but can help maximize the opportunity.

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    Mike Chisholm

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  • How to Attract Freelancers Back to Traditional Roles | Entrepreneur

    How to Attract Freelancers Back to Traditional Roles | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In recent years, the labor market has witnessed a profound transformation, called the “Great Resignation,” where record numbers of employees left their jobs in search of something more fulfilling. Many individuals now choose the path of freelancing and independent work over traditional employment. This shift is largely fueled by a quest for flexibility, autonomy and the pursuit of work that resonates on a personal level.

    Technology has played a pivotal role in this transition, making it easier than ever for individuals to find freelance work, manage projects and communicate with clients from anywhere in the world. This digital revolution, combined with a growing cultural emphasis on work-life balance and meaningful employment, has made the freelance lifestyle more attractive and feasible.

    However, the allure of independence doesn’t just hinge on being one’s own boss or setting one’s hours. Many are drawn to freelance work because of the severe mismatches they perceive in traditional job environments, which often lack flexibility, fail to offer compelling career paths or neglect to align with modern values like sustainability and inclusivity.

    Related: From the Great Resignation to Quiet Quitting, Here’s Why Good People are Really Leaving and How to Keep Them.

    Strategies to attract independent talent back to traditional work

    As the landscape of work undergoes its most significant transformation in decades, traditional businesses must innovate not just to survive but to thrive. Here are several strategies that can help re-attract independent workers:

    1. Flexibility and autonomy: One of the most cherished aspects of freelance life is the ability to control one’s schedule and work environment. Traditional companies can appeal to this need by offering flexible working arrangements. This might include options for remote work, flexible hours and results-oriented performance metrics instead of strict clocking in and out. For example, a tech company could implement a “results-only work environment” (ROWE) where employees are judged solely on their output and not when or where they complete their work.

    2. Project-based roles: Many freelancers enjoy the diversity of working on different projects, which keeps their daily routines dynamic and engaging. Companies can capture this interest by creating project-based roles or temporary positions that allow workers to contribute to specific initiatives with a clear end date. This approach not only satisfies the worker’s need for variety but also gives companies the flexibility to scale labor up or down based on current needs.

    3. Cultural alignment and values: Modern workers, particularly millennials and Gen Z, are increasingly drawn to companies that reflect their personal values. Businesses that prioritize sustainability, diversity, equity and inclusion are more likely to attract independent talent who are looking for more than just a paycheck. Publicizing initiatives and real impacts in these areas can make a traditional employment setting more appealing. For instance, a company might highlight its commitment to reducing carbon emissions or its active role in supporting local communities.

    4. Professional development and career growth: Freelancers often invest in their own skill development to stay competitive. Companies that offer robust training programs, regular workshops and opportunities for career advancement can draw independents back into the fold. Highlighting a commitment to employee growth can assure potential hires that they will not stagnate but continue to develop professionally. An organization might, for example, offer an annual stipend for employees to attend conferences or take courses relevant to their jobs.

    Related: “No One Wants To Work Anymore” Is a Phrase Old as Dirt. Here’s How to Really Attract and Retain Employees in the New Age of Work

    Benefits to companies and workers

    The integration of independent talent back into traditional companies offers substantial benefits to both parties:

    Increased innovation and creativity: Independent workers often bring fresh perspectives and innovative ideas gained from diverse project experiences. By incorporating these freelancers into their workforce, companies can foster a more creative environment, driving innovation. For instance, Google has leveraged independent contractors for various projects to inject new ideas and approaches, which has often led to breakthroughs in technology and user experience.

    Flexibility and scalability: The ability to scale workforce capabilities up or down depending on project demands is a significant advantage for companies facing fluctuating market conditions. Freelancers provide a flexible labor pool that can be tapped into as needed, reducing the overhead associated with permanent staff while still meeting business goals.

    Diversity of thought and skills: Freelancers typically work across a range of industries and disciplines, bringing a wealth of diverse skills and viewpoints that can enhance problem-solving and decision-making within traditional firms. This diversity can lead to better outcomes and a more resilient business model.

    Enhanced employee satisfaction and retention: By adopting flexible work policies and valuing professional growth, companies can improve overall job satisfaction among all employees, not just freelancers. This can lead to higher retention rates and a more engaged workforce.

    As the fabric of the workforce evolves into a mosaic of traditional employment, freelancing and independent contracting, businesses stand at a pivotal crossroads. The phenomenon known as the “Great Resignation” signifies a deeper, underlying shift — a redefinition of what it means to work and to be fulfilled by one’s labor. This is not just a trend but a transformation in the ethos of work itself, driven by a generation that seeks purpose, autonomy and flexibility.

    Related: The Best Employees Want More Than Just Money. Here Are 6 Ways to Attract Them.

    Adapting to this new reality requires more than superficial changes; it demands a fundamental rethink of how businesses structure work, engage with employees and define their corporate culture. Strategies like enhancing workplace flexibility, embracing project-based roles, aligning organizational values with those of a changing workforce and fostering continuous professional development are vital. Yet, they are merely the starting point of a broader dialogue about work in the 21st century.

    As business leaders, it is imperative to challenge the status quo and critically assess whether your current practices meet the needs of a diverse and evolving workforce. Engage in conversations with both your teams and independent professionals to understand their perspectives and needs. Implementing the discussed strategies should not be seen as a checklist to complete but as part of a larger, ongoing process of organizational transformation.

    Explore collaborative models that benefit both your company and the independent talent. Such models should not only attract but also sustain a relationship that nurtures mutual growth, innovation and respect. The future of work isn’t about choosing between traditional and independent paths but about creating an ecosystem where both can thrive together.

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    Tyler King

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  • How to Turn Your Hobby Into a Business | Entrepreneur

    How to Turn Your Hobby Into a Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    A few years ago, my friend Sabah turned her passion for cooking into a chef-on-demand business. She started off serving her local Cleveland area, quickly grew to cover other major Ohio cities and plans to expand even further. She is just one of the many people I know who have turned their passion project into a successful business.

    We all have our passion projects. We do them because they’re fun, or we like the challenge, or they’re our way of doing some good in the world. From time to time, though, our niche interests and hobbies lead us to marketable ideas. For many, that’s as far as it goes; they don’t know how to take the next step.

    Sabah had a shortcut — she’s married to my friend and business partner, who knew not only the next step to take but all the steps after that. If you’re not lucky enough to have a spouse or friend who can help, here’s how to turn your passion project into a successful business.

    Related: Ten Tips To Turn Your Passion Project Into A Business

    Hobbies that make great side hustles

    So you have a niche hobby, and you’re wondering: How can I make some money from this? It’s important to remember that not all hobbies are created equal, financially speaking. And a niche interest that might have driven profits 20 years ago (collecting Beanie Babies, say) could be a financial sinkhole today.

    By keeping a pulse on the zeitgeist, you can anticipate trends and hobbies gaining public interest — and capitalize on those trends. Some, like the following, are side hustle ideas you could start at any time.

    Photography

    Senior portraits, weddings, special events, professional headshots — quality and affordable photography never lacks in demand. With a website highlighting your work, you can book clients and start earning money from your passion.

    Coding

    From bug bounty programs to website design, freelance coding offers major earning opportunities. A background in HTML, Python, Java, C++ or a myriad of other coding languages can be a financial boon.

    Home design

    If you designed your home to belong in an issue of Architectural Digest, others will take notice. Consult on color palettes, furniture selections, room layouts and lighting — and bring your curated aesthetic to the masses with a home design business.

    Video and audio production

    Whether promoting a brand on social media or starting a podcast, freelance producers can bring a marketing campaign to life. Sell yourself with past work, and mention your experience with programs in the Adobe Creative Suite or Pro Tools.

    Gardening

    Your green thumb could put some green in your pocket. The landscaping and gardening industry was valued at more than $250 billion in 2024, according to Mordor Intelligence, and if your own garden is thriving, you can fill a niche in your own (proverbial) backyard.

    Writing

    Can you construct clear and concise copy for a variety of clients? If so, the opportunities are as vast as your vocabulary. Wordsmiths can serve as speechwriters, copywriters, technical writers and ghostwriters, as well as assist with any editing needs.

    Baking

    Your beautiful cakes, cookies and baked goods could be more than delicious treats; they could be a source of income. Many entrepreneurs found success with home baking during the pandemic, and with proper planning and consistent clients, you can join them.

    Vetting if your hobby could be a business

    Before you make any hard commitments or major financial decisions, consider if your niche hobby can earn consistent money. Who is the target client? How much are current practitioners charging? How much money do you have saved? How much do you expect to make?

    It’s crucial to be clear-eyed about expectations before investing your own money into your venture. The following steps can help you assess whether or not to turn your passion project into a side hustle — or even a career.

    Run it by friends

    When we have that eureka moment, it sometimes blinds us to flaws in our logic. To get a quick check, run your idea by a few trusted friends. They might be able to point out roadblocks you didn’t think of or know a way to bring your idea to life. For Sabah, that meant asking other chefs for input. Avoid relying solely on one or two peoples’ opinions, but do gauge your friends’ enthusiasm. After all, close confidantes have your best interests in mind.

    Analyze the market

    Chances are, others have had your idea. Sabah wasn’t the first to think of a chef-on-demand service, but when she analyzed the market, she realized her idea could still work. Market analysis requires thoroughly researching consumer trends and expectations, market size and the demand for your offering.

    To truly excel, you must conduct a thorough analysis of your rivals. Although they might offer a comparable product, your goal is to surpass them. Analyze their customer feedback to identify gaps. When you look hard at similar businesses, you might find opportunities to fill the gaps they’re leaving.

    Network

    Networking with others who have launched their business or product can be invaluable. They’re ahead of you on the journey and can help you avoid costly missteps. If you’re lucky, you might find someone with similar experience and a willingness to mentor you. A good mentor can help you find the path forward when you hit a roadblock. Keep the lines of communication with your network and your mentor open. They know the twists and turns and can save you headaches and expenses.

    Devise a business plan

    Don’t invest significant money into a project before creating a detailed business plan. Prior steps, such as analyzing the market, will help you write this document, and you’ll want to come away with clear financial expectations. Do the math — calculate your startup and overhead costs, insurance, marketing budget, earnings expectations and taxes. This will give you some base-level expectations and a roadmap to funding, if necessary.

    Getting your side business off the ground

    You’ve done your research. You’ve talked to friends and other entrepreneurs. You’ve analyzed the market and built a business plan. Now it’s time to take the first big step: getting your side business off the ground.

    Turning passion into profit takes work. Don’t be discouraged. There may be moments of doubt and anxiety as your business slowly ramps up. Lean on mentors, and consult your business plan. Like Sabah, if you’ve done the proper pre-launch work, you can keep your head down and follow the roadmap. The following steps can position you for success when turning your niche hobby into a business.

    Build an MVP

    In the software development world, a minimum viable product (MVP) is a way to test your idea with a small group of early adopters. It’s essentially an early product version with just a few core features. For Sabah, the MVP was a limited menu with a select set of chefs — and she was one of them. Once she proved her idea would work, she hired more chefs and added more meals to the menu based on the feedback she got from her customers. Early and genuine feedback is the goal of an MVP. After all, it’s easier and less expensive to make changes at the beginning of the development cycle than in the middle of it.

    Related: 5 Tips for Solidifying MVP, and Why It’s the Most Important Aspect of Building a Startup

    Set achievable goals

    Be realistic about your first-year financial expectations. In fact, it’s common for new businesses to lose money in their first year of business as they pay back initial investments and build consistent customer bases. Sabah set goals — both financial and personal — that she could reasonably achieve. But don’t mistake this for easy goals. You should be ambitious but practical when planning to achieve your goals.

    Get help

    Sabah didn’t build her business alone. She knew she needed help building the web applications her fledgling company needed and outsourced that work. Trying to do everything leads to stress, burnout and costly mistakes. It also takes you longer to get to market and could mean competitors beat you to the finish line. Engage freelance help or outsource product development to a team with the knowledge and bandwidth to quickly build a high-quality product.

    Knowing when to get help involves recognizing your strengths and weaknesses. Maybe you can build the product but need help with market analysis. Or maybe you need help with building a brand identity and marketing the product. Outsourcing some of the work frees you up to focus on what you’re good at and can take stress off your shoulders.

    Related: Asking For Help Is Good For You and Your Business

    Keep your finger on the pulse

    Markets and trends can shift rapidly, so it’s essential to keep tabs on competitors and monitor your customers’ needs. The last thing you want is a product that’s outdated by the time it launches or a business plan built around last year’s “it” thing. By staying up-to-date on market and cultural trends, you can be ready to shift priorities when the time is right.

    It’s been a joy to watch my friend’s business grow. She’s met challenges with grace and never lets setbacks slow her down. And that, too, is key to turning your passion project into a successful business: believing in your vision enough to stick with it, no matter what.

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    Bidhan Baruah

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  • 5 Ways Solopreneurs Can Scale Their Business Through Collaboration | Entrepreneur

    5 Ways Solopreneurs Can Scale Their Business Through Collaboration | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    There’s no shortage of examples of successful solopreneurs who have forged their own path to grow ground-breaking businesses. They’re often held up as people who value autonomy and control and who approach business building like it’s a hero’s journey.

    But I believe our culture has blown the “solo” part of solopreneurship out of proportion, leading many would-be entrepreneurs and creators to feel like they have to go it alone. And while solopreneurs are solely responsible for making decisions about their businesses, it doesn’t mean they have toil away independently on every aspect of it. Doing so can actually be detrimental.

    Many successful entrepreneurs find ways to involve others for support and guidance and to create a shared journey. Through my work with creators, many of whom are solopreneurs, I’ve seen how this approach can be transformational. For example, for many years, my company has hosted an event in which women of color within the creator economy have shared their experiences. We found that creating space for these solopreneurs led to record-breaking attendance. It’s all part of a larger movement that has seen solopreneurs come together in real life and on virtual platforms to leverage the power of community and collaboration.

    Related: 5 Ways for Solopreneurs to Sustain Momentum and Thrive

    As a solopreneur, you are part of something bigger

    The growing number of solopreneurs has effectively changed the face of our economy. Today more than 80% of American small business owners operate without any staff. For some, this works well.

    But I’ve noticed that many creators, for example, go into their journey with the mistaken belief that if they can’t figure it out on their own, they’re not cut out for entrepreneurship. The reality is that stoically resisting help or not seeking out support or community can lead to loneliness, burnout and even depression.

    Working with others is powerful, and many brands are tapping into this movement and finding ways to facilitate inspiration and connection by bringing their communities together – whether it’s around e-commerce, crowdfunding, fitness or other aspects of life and business. The cliche really is true: we may go faster alone, but we often go farther together. Embracing a community-based approach can lead to tangible benefits.

    The power of finding your people (and places)

    Broadening your definition of solopreneurship isn’t just about finding people to work with though. It can also be about uncovering solutions you didn’t know existed, getting access to information or guidance from people who have been there, or even just having a place to go when you need a break from your home office. Here are a few of the ways I’ve seen individuals take a collaborative approach to solopreneurship – and reap the benefits:

    Choosing tech platforms that offer community

    We’ve all experienced the rise of online communities – public and private – but consider the unifying force of tech tools that support people in achieving specific goals. Whether it’s launching a course or implementing a payment system, you’ll find people rallied around platforms offering concrete solutions. Choose your platforms wisely, and you’ll end up with more than just tools; you may find new colleagues, collaborators and a wealth of shared expertise.

    Working from a coworking space

    Anyone who’s ever worked from home – or launched a business from their basement – understands the value of a good coworking space. Beyond situating you among peers, they offer rich gathering spaces for solopreneurs who want to network, learn, and enjoy the creative energy of others. Research has shown that people thrive in coworking spaces thanks to the collective boost in productivity and creativity – and that they can also be a great antidote to burnout.

    Attending in-person conferences and events

    Ever since Covid put a pause on live events, it’s been tough for many of us to get back into the swing of it. But there are benefits to immersing yourself in a room full of strangers – particularly the opportunity to forge deeper connections. Sharing new experiences with other people in person can lead to the kinds of bonds you just don’t get over Zoom (and making that in-person investment can open up other ways to maximize your returns there, too.)

    Teaming up with a partner

    Collabs are still having their moment, but they can be more than just a trendy way to build an audience. I get genuinely excited when I see solopreneurs I follow come together because I’ve seen how great collaborations can effectively fill business gaps. Plus, good partnerships can also uncover new opportunities, boost revenue and even fuel innovation. Sure, there can be risks to collaborations too, but as long as you stay true to your goals and your brand, you stand to benefit.

    Related: Solopreneurs are Changing the Face of the Economy

    Finding a mentor

    Much like peers, mentors offer business advice based on their lived experience, but they also bring the wisdom of seniority. But if the intimidation factor of approaching a mentor is holding you back, you can always start more informally. Many solopreneurs give back to their communities by sharing their learnings through courses or live events. Start by following people you admire and see what it can lead to.

    However you choose to expand your definition of solopreneurship, keep in mind that inviting others into your journey doesn’t negate your success; at the end of the day, the buck still stops with you. By piecing together a new narrative about the realities of solopreneurship, we can start to normalize the idea that creators and entrepreneurs don’t need to walk this road alone. And sometimes, just knowing that help – and a shoulder to lean on – is out there can go a long way toward boosting resilience, capacity, and the determination to keep going.

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    Christie Horsman

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  • My Startup Couldn’t Raise VC Funding, So We Became Profitable. Here’s How We Did It — And How You Can Too. | Entrepreneur

    My Startup Couldn’t Raise VC Funding, So We Became Profitable. Here’s How We Did It — And How You Can Too. | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s no secret that the startup world is hardcore. Half of startups fail before year five, and only one in ten survive in the long run. Recent economic trends aren’t too encouraging either. Last year saw a 38% drop in global startup investment and a 30% decrease in the U.S., specifically. Moreover, of the available funds, a significant amount was gobbled up by trendy artificial intelligence startups. So, if you’re not in AI, the picture may appear even more grim.

    Today’s founders have to come to terms with the fact that the VC funding round they’ve been working toward might not materialize. Though this has always been the case, the bar is now so high that a plan B is essential — how will your business survive if it doesn’t receive funding?

    Alternative startup funding is one increasingly popular option, e.g., taking out a loan with a traditional credit institution. But this isn’t for everyone and definitely not for pre-revenue startups because the bank needs to see how you will repay the loan. Plus, collateral — or the lack thereof — may disqualify any software or other startups up front, as, unlike VCs, banks don’t operate on faith.

    So, if nobody’s giving you funds and you don’t have the runway to hold out until the ecosystem picks up again, there’s only one way your startup can grow — become profitable.

    Related: The Entrepreneur’s Guide to Building a Successful Business

    Why profitability needs to be top-of-mind even if you’re doing well

    I have been actively fundraising for my on-demand Consumer Packaged Goods (CPG) startup since its inception three years ago. First, we raised $1.9 million in pre-seed capital for building out our business core, which we did — securing the necessary partnerships, putting together a base of operations, developing our software and growing the team.

    With a solid foundation and proven business model, it was time to scale, and we sought VC partners to help us ramp up our operations. What I expected to be three to six months of active fundraising turned into a year that bled into the next and, to this day, is ongoing.

    Despite demonstrably positive business results and a slew of warm contacts and cold pitches, investor response was tepid. Interest came with conditions and homework — “Let’s reconnect when you achieve these figures.” But when we did, the goalposts shifted. Fundraising started to feel like a goose chase, and the increasingly turbulent economic environment didn’t do us any favors either.

    Right now, competition is intense and startups that investors would swarm just a few years ago might not get a second look today. With that in mind, founders should avoid placing all their eggs in one basket and hedge their bets by approaching growth in a profit-oriented direction.

    Because if you don’t, you have two equally unappealing options: going bust or getting chained to an opportunist investor who will pay pennies on the dollar.

    Three things a founder must do to be profitable

    Four months ago, my startup reached profitability for the first time. It came after more than a year of active work and planning, and here’s what it took.

    1. Change your mindset

    The main job of a startup founder is to raise funds — this is something that gets drilled in at incubators, accelerators and other mentorship programs. Accordingly, a founder’s focus often lies in beautifying their startup for investors, i.e. finding ways to boost KPIs even if it’s unsustainable, focusing on design over functionality, and spending big in marketing to demonstrate growth.

    When pursuing profitability, this must be unlearned. Growth cannot be cosmetic, and for many, that demands a change in mindset. Goals and priorities must be redefined. Forget maximizing sign-ups; focus on paying customers; forget vanity metrics; focus on conversions; forget your personal wants; focus on business needs.

    Note that this doesn’t mean you should stop fundraising, but you probably will have to revise your pitch deck.

    Related: How to Fund Your Business With Venture Capital

    2. Optimize your business

    A changed mindset is not enough—you need to get in the trenches and optimize, optimize, optimize. For a regular business, your runway is limited, and if you don’t bring your balance sheet into the green, then it’s game over.

    Here’s one specific area to pay attention to: startups often hyperfocus on client acquisition and neglect user retention. They’ll pay through their nose to get a signup but invest little in ensuring clients stick around, leading to a profitability-killer combo of high CPA (cost per acquisition) and a high churn rate.

    As my co-founder always tells our clients: “All you need is 100 loyal customers for a successful full-time business.” We adopted the same mentality, going for quality over quantity.

    Tackling this was a cornerstone of our journey to profitability. We went to great lengths to understand specifically when and where our clients churn and put all our effort into answering their pain points to ensure people keep using our services. This way, you’ll get more bang for every buck you’ve invested in acquisition.

    3. Expand your offering

    Unless you’ve been striving for profitability since day one, chances are it’s going to take you a very long time to reach it. In fact, it may be impossible to reorient your business quickly enough. For this reason, it’s wise to look into additional revenue streams that can support your business while it turns over a new leaf. This can be anything from additional services to new products. For example, my CPG startup allows anyone to start a side hustle or full-blown business selling on-demand supplements, cosmetics, and packaged foods. However, to start selling, our customers need to set up an online store where they can direct their customers.

    While our customers found our platform easy to use, they struggled to set up a store – so we began offering assistance with this as a separate service. Essentially, we leveraged our existing expertise to offer ecommerce development services, which was critical in extending our runway.

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    Martins Lasmanis

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  • Clinton Sparks Podcast: From Hit Records to Humanitarian Powerhouse, Akon Shares His Entrepreneurial Journey | Entrepreneur

    Clinton Sparks Podcast: From Hit Records to Humanitarian Powerhouse, Akon Shares His Entrepreneurial Journey | Entrepreneur

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    Clinton is a renowned entertainment mogul, author, speaker, entrepreneur, visionary brand builder, creative executive, and leading-edge innovator when it comes to integrating culture, collaboration, and cross-platform marketing with an outstanding track record of success, and background managing multiple products from ideation to market launch.

    He is also a Grammy-nominated, multi-platinum music producer, songwriter and DJ responsible for over 75 million records sold.

    Clinton is a VIP writer for Entrepreneur+. Become a member today and see his latest articles and insights. 

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    Clinton Sparks

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

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

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    Marc Randolph, the co-founder of Netflix, joins us for another episode of Ask Marc, a live Q&A series about starting and growing your business. The event will begin on Thursday, May 9th at 2:00 PM ET, streaming on our YouTube, LinkedIn, Facebook and X (formerly known as Twitter) channels.

    Where can I watch Ask Marc?

    Watch and stream: YouTube, LinkedIn, Facebook & X (formerly known as Twitter)

    You can watch on your phone, tablet or computer. Ask Marc will be shown in its entirety on YouTube, LinkedIn, Facebook and X (formerly known as Twitter).

    What time does Ask Marc start?

    Date: May 9th
    Time: 2:00 PM ET

    The episode kicks off at 2:00pm ET.

    Why should I watch Ask Marc?

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

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

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    Entrepreneur Staff

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  • Feed Your Company Spirit with This $200 Restaurant.com eGift Card That’s Only $35 | Entrepreneur

    Feed Your Company Spirit with This $200 Restaurant.com eGift Card That’s Only $35 | 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.

    As an employer, you might forget what it’s like to be on the team instead of leading it. Employee motivation is complex, and sometimes, it’s the little signs that you care that can boost team spirit. In fact, something as simple as providing meals for your employees occasionally could give your team a huge boost. One Edenred report even found that companies that provide food services saw a 25% increase in employee satisfaction.

    Now, that doesn’t mean you have to hire a food truck to come around every day. A low-cost alternative is to invest in a service that gives you more food for less capital. Restaurant.com is home to thousands of deals for eateries across the United States, and you can get a $200 Restaurant.com eGift Card for just $35, but this deal may not last long.

    Save on meals for you or your employees.

    If you want to search for low-cost dining options all over the country, here’s how the process works:

    1. Buy your Restaurant.com eGift Card right here.
    2. Redeem them on Restaurant.com for credits.
    3. Use your zip code to search for qualifying eateries.
    4. Spend your credits on gift certificates for restaurants around the U.S.

    You don’t have to use all your credits at once. That means you could help take the team out for a celebratory dinner or treat yourself a few times while traveling. Suddenly, there’s another reason to have business partners around the country.

    Plus, you can use your eGift Card for dine-in, delivery, or takeout, but check the fine print for every restaurant. Some meals, drinks, or days might not be covered by your gift card. It’s also a good idea to search restaurants in your area (or where you’re likely to travel) before purchasing.

    Raise office morale with meals.

    Maybe the missing ingredient in your employee retention plan was a good meal.

    For a limited time, get a $200 Restaurant.com eGift Card for $35.

    StackSocial prices subject to change.

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    Entrepreneur Store

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  • 6 Guiding Principles Behind Every Successful Company | Entrepreneur

    6 Guiding Principles Behind Every Successful Company | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    A search for “formula for company success” on Amazon yields almost a thousand results, primarily consisting of self-help books. While I don’t claim that I have discovered the elusive formula, I believe certain characteristics can aid in achieving success, which I identified after analyzing the top companies currently active in the market.

    I’m the founder of a deep tech company that is trying to push the limits of what is possible in the field of computers. For me, following these principles is crucial to achieving this ambitious goal. Yet, I’m sure these principles are not exclusive to any one field or industry and can be applied to any business willing to prioritize and use them as tools for development.

    Related: 5 Key Leadership Principles for Driving Growth

    Elegance

    Elegance goes beyond mere aesthetics; it is the embodiment of beauty in every facet of a company. What does beauty consist of? Honestly, everything. If the founder wants to ensure the elegance of their product, they should pay attention to the structure that should be observed in every process of interaction with their company. Those may range from the way your employees present themselves at networking events or in-store to the speed with which your support team assists customers. Not only will this provide your brand with consistency, but it will also become more appealing because, after all, humans are aesthetic creatures.

    When you think of elegant products or packaging, I’m sure one of the brand names that comes to mind is Apple. From the logo to the in-store decor, elegance is evident in every aspect of the brand’s efforts. In your business, the aspects of elegance are definitely different from theirs, but their role is the same.

    Focus on goals and values

    Focusing on the result is especially important for tech companies, particularly those developing new tech, as it allows them to deliver on their promises to both themselves and their customers. Most importantly, it allows them to focus on only those aspects that are truly important and relevant to their ultimate goal. To achieve this, detailed planning is required, where the most optimal path is selected from thousands of possible options. Moreover, prior to any action taken, it should involve thousands of hours of research, hypothesis testing, and more, but it all must contribute to the company’s goals.

    According to Gartner’s 2019 Product Manager Survey, only 55% of new products are launched on time, and the other 45% are delayed by at least a month. This underscores the importance of the founders not only setting realistic goals but also communicating them clearly both to your customers and employees. Additionally, the company should not stray from its original purpose and should always keep its eye on the end goal. In order to stay on track, some things should be prioritized, such as good time management, both in your life and in your business, or for example, preparing contingency plans in advance. You can use these tools to ensure proactive and adaptive responses to unforeseen obstacles to ensure a smooth, or at least stable, ride to success.

    Initiating and igniting

    While it is important to keep up with the market and its latest developments, it is crucial to use this information to create new trends instead of simply following the existing ones. To follow this approach, business owners should create and keep in mind a clear picture of how their businesses differentiate themselves from their competitors, allowing them to have a shot at becoming industry leaders. The problem with utilizing trends as a foundation for a company is that the trend cycle inevitably leads to obsolescence.

    Netflix is a prime example of this. It originated as a DVD-by-mail service in 1998, just one year after DVD players were introduced in the U.S. before they became an essential part of every household. The company not only competed against Blockbuster, the largest rental chain at the time, but also revolutionized the rental process by introducing a new way for consumers to interact with their services, introducing a subscription model in 1999. Netflix entered the year 2000 with only 300,000 subscribers, now this number is up to 247.2 million. Why? Because they were able to come up with an idea for a truly unique service.

    Pursuit of excellence

    One of the greatest enemies of any entrepreneur’s long-term success is these three words: “That will do.” This phrase not only affects you as an entrepreneur, undermining your abilities and limiting your potential success, but it also affects every single facet of your business. The pursuit of excellence doesn’t entail that you shouldn’t attempt to release anything until everything is perfect, but it does suggest that whatever you can do should be done to the best quality possible.

    The strive for perfection, or rather the lack of it, is the reason the above-mentioned DVD rental chain now has only one store left in the U.S. When the market began expanding and Netflix entered the game, Blockbuster had the opportunity to acquire it, but passed on it arguing that Netflix was a too-niche business. Blockbuster’s opposition to online streaming and the fact that it was stagnant and content with the unchanged while an entirely new industry was evolving prevented it from innovating.

    Related: 5 Key Leadership Principles for Driving Growth

    Embracing challenges

    Given that technology has advanced more in the past two centuries than at any other time in human history, the possibilities for further development and creation are endless. It is not uncommon to encounter a myriad of problems when creating something new, especially in the beginning. However, a business owner shouldn’t avoid working on a unique product or service simply because of the issues it may present and to search for innovative solutions.

    As obvious as it may seem, the easiest way to approach a challenge is through hypothesis testing. Whenever you are faced with seemingly impossible problems, it is of utmost importance not to be intimidated by them, as this can lead to stagnation or the inability to deliver the promised product or service. By using hypothesis testing, one can generate and test dozens of possible solutions to avoid stagnation and initiate progress. Not only does this expand the range of feasible solutions, but it also allows the company to create a truly great product or service because you will be able to accomplish something no one has ever done.

    Positive impact

    In the 21st century, it is essential to prioritize more than just profit, especially at a time when we are experiencing such a rapid escalation of climate change and other worrying events. We are at the pinnacle of technological development, and it would be irresponsible not to use it to improve the world around us or at least try to preserve it for future generations.

    As a founder of a tech company, I often pay attention to this detail and believe that a positive impact is essential when it comes to running such a company and that those who have a genuine urge to make the world a better and safer place have a real chance of creating a thriving business. Of course, this principle is not exclusive to one industry only; for example, food delivery and ride-hailing services have a better chance of succeeding if they are inclusive and convenient to all. Remember, if you have an opportunity to impact the world with your business, there are hundreds if not thousands of options available, especially today.

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    Roman Axelrod

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