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Tag: Starting a Business

  • How These Friends Started a Lucrative Charcuterie Side Hustle

    How These Friends Started a Lucrative Charcuterie Side Hustle

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    Starting a side hustle? It might pay to find yourself co-founders who have something you don’t.


    Courtesy of Platterful

    That’s what Ryan Culver, Caroline Elston and Lowell Bieber, the Indiana-based friends behind charcuterie subscription service Platterful, discovered when they teamed up to launch their venture last year — and made $40,000 in their first month.

    Culver and Bieber previously partnered on a health-and-wellness subscription box, which they successfully scaled and sold in September 2020.

    This time around, Culver’s logistics and shipping experience and Bieber’s operations expertise proved to be the perfect pairings with Elston’s background in digital marketing and burgeoning charcuterie business.

    Entrepreneur sat down with the trio to learn how they built their meat-and-cheese side hustle — and continue to fuel its growth.

    Related: Meats and Cheeses and Olives, Oh My! How this Veteran Launched a Successful Charcuterie Franchise

    “We really didn’t have any idea of how to pair things well together — certainly not how to create a board.”

    Culver and Bieber wanted to start another subscription service after the sale of their first, and recognizing the gap in charcuterie offerings, saw a prime opportunity.

    “We definitely wanted to repeat the subscription model,” Culver says. “We could’ve just created this brand [that had] standalone products that you could buy, which we do offer as well. But really the crux of the business is tied to that subscription model. We were both still highly interested in the recurring revenue that comes in each month. It’s almost like a guaranteed buffer to keep the baseline cost of the business covered.”

    The only problem?

    Culver and Bieber didn’t know anything about the business of meat and cheese.

    “We had no knowledge of charcuterie,” Bieber recalls. “We just knew it was a growing space and that we liked to eat meat and cheese. But we really didn’t have any idea of how to pair things well together — certainly not how to create a board.”

    Image credit: Courtesy of Platterful

    Related: How Subscription Services Are Changing Brand and Consumer Habits

    “Meeting Ryan and Lowell [who already had] all of that operational background on subscription boxes and fulfillment was like the perfect timing and the perfect marriage.”

    Culver and Bieber began looking for someone to help them get their venture off the ground. Their search led them to Elston, a marketing professional who also operated a grazing-table side hustle serving events like weddings, birthday parties, bridal showers and more.

    “I love meat and cheese as well — no surprise there,” Elston says. “I loved cheese boards and would get them at restaurants. They were starting to catch on two, three years ago, so whenever people would come to my house or there were family gatherings, I would always make a board.”

    Elston continued to get creative with her boards in 2020 for her college friends’ 30th birthday celebrations, and when people suggested she go into business for real, she decided to do just that. From there, it “caught fire;” Elston would craft 10-15 small boards every weekend in addition to five to six grazing tables for larger events. She was also about to become a parent.

    She knew it wasn’t sustainable.

    “Meeting Ryan and Lowell [who already had] all of that operational background on subscription boxes and fulfillment was like the perfect timing and the perfect marriage,” Elston explains, “because it was a way that I could continue this creative outlet that I found and fell in love with, but I didn’t have to run all over the city of Indianapolis to do so.”

    Image credit: Courtesy of Platterful

    Related: 12 High-Earning Side Hustles for Creative People

    “We took a month or so to build out our website, and that blew up in December, which was great to see.”

    Platterful planned a crowdfunding initiative on Kickstarter to gauge market interest but had to pull the campaign at the last minute when the co-founders learned their business was considered “reselling” — “even though it’s much more than that,” Elston says.

    But with a quick pivot to Indiegogo, Platterful was back on track.

    “The Indiegogo did well,” Bieber says. “And then we took a month or so to build out our website, and that blew up in December, so that was great to see.”

    Platterful did $40,000 in sales during its first month, and despite being a “very seasonal business” with spikes in popularity around major holidays, it’s been able to sustain that growth. This December, the business is poised to at least double last December’s earnings.

    Culver’s logistics company Lessgistics fulfills Platterful’s orders. “So I kind of see both sides of [the process], which is interesting,” he says. “It gives us full control over the shipping experience, which we like.”

    Image credit: Courtesy of Platterful

    Related: Here’s How You Can Grow in the Logistics Business

    “One of our big 2023 goals is just to ensure our packaging and presentation looks very nice when customers open it.”

    But Platterful’s journey hasn’t been without some challenges. Even though Culver and Bieber had subscription experience, the co-founders did have to contend with a new complication: cold shipping.

    “Some of the meats are shelf stable, but all of the cheeses need to be refrigerated,” Bieber says. “So we have to make sure that they’re arriving cold, and that [brings] a whole new set of challenges that are frankly kind of expensive. We had to figure out how to still offer good value to the customers at an affordable price.”

    That’s meant constantly refining Platterful’s packaging.

    “We’ve gone through six or seven iterations of packaging so far,” Culver says, “and we’re still working on that now, continually making that better. One of our big 2023 goals is just to ensure our packaging and presentation looks very nice when customers open it. So it’s always been kind of a work in progress.”

    Image credit: Courtesy of Platterful

    Related: 5 Creative Packaging Ideas to Delight Your Customers

    “[With co-founders] you have other people to lean on — if you’re having a tough day, maybe someone else is having a good day.”

    Of course, balancing full-time jobs with a fast-growing side hustle is no easy feat either. But having dependable partners to fill in the gaps makes all the difference.

    “We all have our core jobs, but there’s also still a lot of free time, pockets at night or in between lunches, breaks, whatever,” Culver explains. “So we stay in contact throughout the day, each day. Not Saturday and Sunday, that’d be a little too much. But Monday through Friday for sure.”

    Platterful also has two employees in the Philippines who handle significant portions of customer service and corporate outreach.

    “We’re all in and out all day long,” Elston continues, “and very stressed with a lot to balance. [But it’s] a blast and stuff I really want to do. So we all make time for it because it’s like our baby, and it’s going very, very well, and we’re all very committed to making it work.”

    Bieber agrees.

    “I feel like it would be really hard to do [these things] alone,” he says, “because you don’t have a support system. [With co-founders] you have other people to lean on — if you’re having a tough day, maybe someone else is having a good day. That balancing act of having three different people going in it together, plus the rest of the team, is what makes it sustainable.”

    So for those breaking into the subscription box industry? Find yourself a complementary set of business partners first.

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    Amanda Breen

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  • How to Fight Through the Holiday Slowdown

    How to Fight Through the Holiday Slowdown

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    Opinions expressed by Entrepreneur contributors are their own.

    Were you like me when you started on your journey as an entrepreneur? You’d get to around mid-November and find yourself frustrated because all momentum seemed to grind to a halt. Your suppliers take longer to deliver. Your clients don’t return your calls or emails for weeks, and there hangs in the air a feeling that nothing is going on (apart from present shopping, of course).

    The Christmas season slowdown has begun!

    This infuriated me as a young man trying to make his way into the business world. Why does everybody just down tools and give up for the year?!

    There’s a general sense that December is a write-off as people slow down and look to the new year. But what is that about? Why do we have this collective agreement, and what can we do about it as frustrated “go-getters”?

    The first thing to recognize is that this is a collective agreement — even Christmas is just that. We see it as the time of the year when we take a break during the cold. Ultimately though, the reason why we all engage in traditional behaviors around this time is purely that we’ve all agreed to.

    Related: 6 Ways to Keep Employees Engaged During the Holiday Season

    Collective agreements

    Everything is really a collective agreement in our society. Most of us agree to:

    • Work
    • Pay our taxes
    • The rule of law
    • Abide by the results of elections (mostly!)
    • Participate in traditions & the conventions of society

    There are clear reasons why we do agree to these things. We understand, for example, that there will be consequences to breaking the law, but it’s still just an agreement.

    We are all free agents within our realm. If you want to get home, strip off and cover yourself in hot sauce…you can. I wouldn’t advise it, but you can.

    But in that (admittedly ridiculous) example, by not doing so, you’re still abiding by the collective agreement that your family would probably deem you to be a danger to yourself and others and also that it would be physically unpleasant.

    Our business practices are the same way. We generally agree that there are specific ways of conducting oneself when onboarding a new client, for example, or when conducting meetings. Contractual obligations are another very literal agreement that we enter into with an understanding of the consequences should either party not fulfill their obligations.

    So why would the Christmas season slow down be any different?

    It does seem like something people assume to be a naturally occurring phenomenon. Like rock formations or aurora borealis. “Well, we’re all getting into the Christmas slowdown at work now. It’s just what happens, isn’t it?”

    But it’s not! It’s only a thing because we think it is.

    The truth is that you don’t have to abide by it if you don’t want to. It’s a relatively harmless agreement, after all. Instead of being frustrated like I used to be, though, think of ways that you can mitigate the impact on your business by shifting how you operate.

    Related: How to Create Trust and Keep Motivation High at Your Company

    Use December to take care of all those tasks that get put off during the rest of the year. Work on your preparedness for the upcoming year by reaching out to clients and asking them for feedback, for example. Or you could make those updates to the website you’ve been grumbling about since 2020.

    More than just housekeeping tasks, though, you could also use the time to work on yourself!

    If you’re finding the stress of running a business is getting to you, now is the time to interrogate that and find out what you can do about it. Start working mindfulness practices into your daily routine. Learn to listen to what your mind and body are telling you.

    Read More: 5 Text Messaging Tips for Businesses to Succeed in 2023

    If you’re at that precarious stage of business ownership, where you’re trying to focus on growth but also having to do the work, now is the time to sit down and determine how you will correct that. Get a roadmap together for next year that you can (and crucially: will) follow.

    It’s easy to see the Christmas holidays as a wind down to a final destination, but there is something on the other side! And it would be best if you prepared for it. Come out of the “new year’s gate” swinging, and you’ll steal a march on your competition. Moreover, your existing and prospective clients will see that energy and what a piece of it!

    The ultimate truth about the Christmas season slowing down is that you don’t have to participate. Others can sign up for that collective agreement if they want to, but you can use it to your advantage simply by reframing the situation.

    Happy holidays everyone.

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    Daniel Mangena

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  • 4 Holiday Side-Hustles for Extra Cash

    4 Holiday Side-Hustles for Extra Cash

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    Opinions expressed by Entrepreneur contributors are their own.

    The holiday season is such a busy time that you might not think of taking on a side hustling gig. It’s the perfect time to do so because you are not the only one whose time is stretched to the limit. Everyone is going in ten directions at once; now’s your chance to step in, lend a hand, and make some excellent side-hustle money. Maybe you’d like to earn for that weekend getaway during the cold winter months or pay off those smoking-hot credit cards after your busy shopping season. Let’s look at some tremendous seasonal side hustles that also let you enjoy the fun of the holidays.

    Related: The Holiday Season Means More People Take on Side Hustles — the Difference This Year? They Don’t Plan to Quit Anytime Soon.

    1. Take your e-business live at a show or festival

    The holiday season is bustling with craft fairs and shopping festivals. Here’s your chance to combine a side hustle with valuable business research. My company, Hollywood Sensation Jewelry, has been an online business from the start. This year, my ingenious husband Anthony Hood suggested we participate in the Sunset Market, a huge outdoor market in Oceanside.

    Quite economically, we rented a booth, set up a tent and spent four hours selling Hollywood Sensation merchandise in public. I admit I had doubts about whether this would work for us, and I was even nervous about the public interaction. But, if you’ll forgive the pun, the results were sensational! We sold more than enough to offset our expenses. More than that, however, we got live feedback from real customers with whom we could speak one-on-one.

    If you have a product you’ve never taken out of the e-store, check your community calendar for upcoming festivals, conventions and fairs to get in on a new revenue stream and free market research. The cost of renting a booth will vary depending on the popularity and turnout of the event. I recommend starting small and scaling up if things go well. Be certain that you select an event that jibes with your brand. We might not want to take Hollywood Sensation Jewelry to a plumbing expo, but that sunset beach atmosphere was perfect for some glamor.

    Related: Unlike Many Things That Are a Lot of Work, Trade Shows Are Worth It

    2. Take your skills to the masses

    Do you have a knack for holiday décor? Fancy gift-wrapping? Event planning? Delectable baked goods? Well, not everybody does, and that’s why they need your services, especially at this time of year. Maybe you have a holiday cake or cookie recipe that gets rave reviews everywhere you go. Let folks at the office potluck and the church social know you’re available to bake one for them, too.

    Utilize social media to get your name out there as someone who can put up a beautiful Christmas tree (indoors or outdoors) and otherwise deck the halls. And don’t forget – while many people love to decorate for Christmas, almost no one loves taking it all back down again. Are you willing to do the untangling, repackaging and boxing of all that holly and mistletoe? Maybe you have a pickup truck and can haul away trees for responsible disposal.

    Sites like TaskRabbit.com let you create an account as a helping hand for a limitless variety of tasks and get customer reviews to build your reputation and bring in even more business. For example, TaskRabbit offers the following average costs for these services: “Party Clean Up” for $49-$80, “Toy Assembly” for $40-$99 and “Christmas Decorating” for $48-$86. You can even get paid to stand in line for someone else. I am not kidding!

    Related: 44 Profitable Ideas to Make Extra Money on the Side

    3. Reap the perks of a seasonal job

    Stores and delivery businesses always seek reliable help for the season. Showing yourself as an excellent seasonal employee means you can almost certainly be welcomed back the following year. And don’t forget – many stores offer their regular employee discounts to seasonal workers. If you’ve got your eye on an expensive purchase, you might get another 10% or more off the cost. My friend worked for five weeks at a home furnishings store and saved his family a bundle on new flooring and a refrigerator.

    Here’s another option: party companies are slammed this time of year, and they need people to prep, decorate, serve, check in guests, take coats, valet cars, conduct table games and clean up afterward. I have a friend who deals blackjack at holiday parties and enjoys it. She attends several fancy parties each year, hears the bands, meets fun people who are all having a great time and gets paid for doing it.

    Seasonal job salaries depend on your location, but here are some examples. On average, delivery companies pay about $16.00 per hour, warehouses about $13.80, and store gift wrappers earn around $12.00 an hour. When applying at retail stores with an eye on purchases, ask if their employee discount extends to seasonal help.

    Related: Start an Amazon Side Hustle and Earn Extra Money

    4. Be a sitter

    What do the holidays bring besides good cheer? Travelers! People have places to go and things to do, whether for an evening party, a busy shopping day away from the children or two weeks out of town. Ease their travel stress by being the person who holds down the fort. Reliable and friendly childcare, eldercare, housesitting and pet care take a load off everyone’s mind.

    It’s a relief to know someone is there to keep an eye on the house or check in on older relations to ensure all is safe. Once more, multiple gig websites let you register as a sitter (check out Rover.com or Care.com, for example). Or, get established in one neighborhood as a terrific house — or pet-sitter, and you’ll get more offers. Word gets around on the homeowners’ websites fast, and having multiple gigs in the same neighborhood adds to your convenience.

    Enjoy your holidays

    A holiday side hustle is more than just a way to supplement your income. Getting out into the holiday atmosphere is a great way to enjoy the season’s spirit, ease the stress for others and help create wonderful memories. Of course, giving is better than receiving, but if you can do both simultaneously with a holiday side hustle, that’s quite a reason to celebrate.

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    Mary Hood

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  • Metta World Peace: NBA All-Star-Turned-Web3 Investor Has This Advice for Entrepreneurs Launching a Startup

    Metta World Peace: NBA All-Star-Turned-Web3 Investor Has This Advice for Entrepreneurs Launching a Startup

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    Opinions expressed by Entrepreneur contributors are their own.

    If you’re reading this, then chances are you’ll agree: Starting a Web3 business feels daunting and confusing. At least, that’s how I felt when I first started funding my business with Web3 solutions for early-stage crowdfunding. The learning curve felt almost out of reach. My perspective changed, however, after sitting with my friend Metta World Peace — yes, the former Lakers legend who brought home an NBA Championship in 2010. He coached me on how his targeted $1 billion venture capital fund Tru evaluates his portfolio investments.

    “There are two types of founders,” Metta told me, the ones who “have the experience and education and then there are the founders that are the visionaries who know exactly where they want to be.” The founders he’s looking to invest in, he says, take calculated risks. “You want to take it step by step, make sure you’re building a good product, test it out before you spend too much money building the wrong tech architecture, and be careful not to blow through your investment money because I’ve seen so many people lose so much money so fast.”

    A calculated approach is more than necessary in today’s volatile market. Despite the recent bankruptcy filing by crypto exchange FTX, entrepreneurs are building and innovating in the sector — and why shouldn’t they? The global blockchain market is still expected to be valued at around $67 billion by 2026 according to recent Cornell University research. Even as Bitcoin falls, the total crypto market cap stands around $900 billion, and hundreds of Web3 projects have raised billions in funding. Despite the uncertain economic times, Metta still sees opportunity in this growing and emerging market and he’s investing in blockchain technology projects today as a result.

    Not everyone sees it that way though — venture capital investment money has plummeted in half. That’s why many entrepreneurs are turning to alternative funding options in addition to raising venture capital.

    1. Raising funds and finding investors

    Have you ever invested in a traditional startup or even a crypto startup? Investing in new cryptocurrency projects is highly accessible. Too easy, some might say, so you have to be really careful when using these products. There are many fraudulent new projects in this Industry, so make sure to do your own research before losing money in the attempt to make it.

    On the other hand, raising funds for yourself can be easier using crowdfunding tools versus in a traditional finance setting. “Using crowdfunding tools is a new way founders are going about raising money. That’s attractive to founders who don’t have connections to investors, angels or venture capitalists,” Metta explained. In Silicon Valley, for example, raising money from cold emails can be a challenge and often requires a relationship with an investor to get a foot in the door. When you consider the hurdles and obstacles you need to overcome to meet with investors without a preexisting network, in addition to the legal paperwork that goes into term sheets, it can be a lot of hassle to navigate the venture capital world. So many founders are looking to crowdfunding as an alternative to venture capital or in addition to it.

    Metta World Peace understands how important crowd-sourcing startups are to the future of Web2 as it enters Web3. Since his unofficial retirement in 2017, Metta has shifted his focus to the entrepreneurial and tech industries, where he is an investor as well as a spokesperson for several startups and small businesses.

    For example, Orbiiit Technology is a company in Metta’s investment portfolio where he was an early investor. The company launched a virtual competition called “The Pitch,” which officially launched in late October 2022 and wraps up on November 28, 2022. The competition sets out to find the next up-and-coming unicorn startup founder. Metta is participating in the competition as a startup judge.

    Think Shark Tank — but online. Startups compete to win capital and in-kind prizes to help them grow their businesses without losing any equity. Metta judges the contest alongside Orbiiit founder Nader Navabi. Together, they will evaluate the top 10 final contestants, who will be selected through a public online voting process. The first-place winner will receive $25,000 cash and a one-on-one Zoom mentoring session with Metta and the investment committee.

    Not everyone can raise funds, however, or compete in “The Pitch,” for that matter — which is why saving and investing could be the way to go.

    2. Saving and investing

    Many new entrepreneurs get their start after saving, investing and then getting started when their nest egg is ready to hatch. To get ahead, Metta says “you want to get a revenue stream as early on as possible.” Being strategic about the job or side hustle you choose can also set you off on the right path to achieving your entrepreneurial goals.

    “Let’s say you’re building a coffee company. Go work at Starbucks to learn their systems, so you can also make some money through a day job. If you want to start a FinTech app, get a job at a VC, start in the mail room. Do whatever you’ve got to do to learn something that can impact your own company in a meaningful way,” he said. “Do this while you’re also gradually saving money to self-finance your business because the more you bootstrap your company the more equity you can hold on to and improve your business,” he continued.

    To survive, Metta says, you always need additional money coming in. Selling digital goods is one way to earn passive income to fund your startup, let’s say, for example, you’re selling original IP or you profit on secondary sales by buying low and selling high. “You can also save on payroll by paying your employees in equity, tokens or even NFTs in addition to cash.” Finally, if you’re sitting on digital assets then you can put your money to work by locking them up in decentralized finance platforms to earn yield — but remember to be very careful with the platforms you chose because this option is very risky.

    3. Build connections

    “Building connections helps founders raise money,” says Metta. “If you don’t have connections it’s going to be hard for you to get the startup capital you need. Web3 gives the opportunity for platforms to decentralize the way the money is raised.”

    We live in a highly social world. With so much opportunity, it can be easy to make the right connections if you stay active and do your best to learn more. The most common way that founders go about raising money when they don’t have connections to investors is by bringing on seed investors and advisors who do. For example, in an insular community like Silicon Valley, it is less about how many people you know and more about who you know. You can know few people yet if you know the right people in venture capital those relationships can go a long way. Bringing on an advisor who can make vetted introductions is a common way to get pitch meetings scheduled. Give the advisor a small equity package and they will work hard and long hours to open up their network to help secure valuable pitch meetings.

    Even if the investor passes, you can always follow up to ask the investor if they mind making an introduction to another investor friend of theirs who they think might make a better fit. Always research the investor’s portfolio of startups to understand common themes, sectors, and stage of investment fit into that investor’s existing portfolio and what motivates them to invest. Also, remember to keep the dollar value range within their typical check size because if it’s outside their typical range then the chances are higher that they’ll pass.

    It’s still early. Good ideas rise to the top. If you have innovative concepts in mind but don’t know how to integrate them into the traditional market, it may be time to get started as an entrepreneur. Who knows, maybe Metta World Peace will invest in your company?

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    Sarah Austin

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  • How to Beat Your Number One Competitor (It’s Not Who You Think)

    How to Beat Your Number One Competitor (It’s Not Who You Think)

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    Opinions expressed by Entrepreneur contributors are their own.

    While studies such as CB Insight’s report on the top 13 reasons startups fail indicate that cash flow, no market need and internal dissent amongst founders are what leads to corporate closure, I argue that customer apathy is actually the root cause; those are simply the symptoms. Apathy is defined as a “lack of responsiveness to something that might normally excite interest or emotion.”

    In a fickle world stymied by a melee of advertising from deep-pocketed corporations and a plethora of products auditioning for our limited and desensitized attention span, it’s more than differentiation (that our business schools used to implore us to follow) that will unlock customers’ wallets. We need to be firing on all cylinders in order to build what our customers are begging for quietly and focus our attention solely on them more than our competition does.

    Related: 5 Ways to Dominate Your Competition

    Customer proximity is a competitive advantage

    Attentive, unbiased listening, feedback-driven product development and empathetic relationship-building are paramount in a transactionally driven, utilitarian and apathetic world.

    The crux of this design-thinking approach can credit its notoriety to the leading design and innovation firm, Ideo (Palo Alto, Calif.). Tim Brown, Executive Chair of Ideo, offers a simplified definition for us, “Design thinking is a human-centered approach to innovation that draws from the designer’s toolkit to integrate the needs of people, the possibilities of technology, and the requirements for business success.”

    A key piece of the design-thinking model includes empathy — which, by definition, requires the designer (entrepreneur) to get as close to the user as possible to fully understand (empathize) their problems, identify their shared goals and design viable solutions that hit the mark (all within the limits of the business’ predefined constraints).

    Ideo’s design-thinking framework unpacks the technique further, “Thinking like a designer can transform the way organizations develop products, services, processes, and strategy. This approach, which is known as design thinking, brings together what is desirable from a human point of view with what is technologically feasible and economically viable. It also allows people who aren’t trained as designers to use creative tools to address a vast range of challenges.”

    Related: How Design Thinking Can Help You Ask the Right Questions (And Get the Right Answers)

    Knowing your customer’s fears, goals and challenges helps you design experiences that delight and spark joy

    The small restaurant owner that spends considerable time sitting down with clients to revise the menu and optimize for specific personas (groups of customers that hold shared beliefs — e.g., vegan, plant-based options, Kosher items, etc.) makes a lasting impression that builds transactional empathy which counters de facto market apathy. The coffee shop owner that launches a valued customer punch card that rewards patrons with a free cup of coffee every ten cups instills reciprocal goodwill that spurs future repeat business. The ecommerce shop that overnights that gift just in time for the party and waves the fee gets an A+ in the shopper’s mind and fills up their hearts with lasting, intangible goodwill.

    Related: 3 Super Simple Ways to Understand What Your Customer Wants

    Design thinking uncovers which emotions founders must build products and services around

    Great products and services connect on a deep, emotional level with their users. By focusing on your customer more than your competition does, you can win faster and far easier — and spend less time staring at your competition. This may sound trite, but I have seen it over and over in my consulting with small business owners and founders, whereby they spend the first few months focusing on understanding the market needs and then (post-launch) pivot completely away from a user-driven (design thinking) model and later shift into a market-driven model where they focus on beating the competition. This often leads to service mimicry, discounting (which erodes gross margins) and eventually downsizing or dissolution.

    While understanding where your competition is currently playing on a market matrix is helpful, it’s actually quite distracting for most entrepreneurs and pulls them further away from serving their customer base. In my opinion, the primary goal isn’t to beat the competition on market share — it’s to win customer loyalty, and you can only do that by paying more attention to them than your competition is willing to do. Market share is a byproduct of winning hearts and minds first.

    For the next 30 days, instead of worrying about what your competition is up to, try focusing intently on your own market leveraging a design thinking approach. Innovation, customer service and customer retention get supremely easier once you begin to listen more and design from your customer’s point of view.

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    Reagan Pollack

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

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

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    Opinions expressed by Entrepreneur contributors are their own.

    Recruiting and retaining exceptional talent is challenging and takes a lot of time, especially when companies in the tech space demand experienced developers and engineers.

    Moreover, filling in the gaps due to a lack of resources or specialists can be challenging and time-consuming at the same time, especially for high-tech roles like iOS developers or machine learning engineers, for which the demands have been escalating since the great resignation.

    This is where the model of staff augmentation comes into play! In this article, we will discuss the concept of staff augmentation, its increasing demand and why enterprises need to focus on in-house team expansion for quick hiring.

    Related: 10 Strategies for Hiring and Retaining New Employees

    Staff augmentation

    Staff augmentation is a type of cooperation model where businesses, from startups to corporate enterprises, source talent via staffing agencies to work with them temporarily to fill the talent gaps promptly.

    Today, staff augmentation has turned mainstream, with nearly $500 billion annual spending on global IT staffing services alone.

    Businesses now prefer partnering with staff augmentation service providers to boost the competency of their internal teams and accelerate the development process rather than spending weeks prospecting ideal candidates, conducting interviews and shortlisting candidates to fill an immediate talent gap.

    Related: 6 Ways to Effectively Navigate Market Turbulence in the IT World

    Why is staff augmentation surging in popularity?

    The staff augmentation model has been successful over recent years due to the following three reasons:

    1. It is suited for a hybrid work environment

    People willing to switch to low-paying remote jobs rather than continuing on-prem work in their previous settings indicate that the future of work is remote. Remote work is the new normal, especially in the technology and digital transformation sectors.

    Staff augmentation services are suited to cater to the needs of a remote-first global economy that still needs to prepare to let go of all the advantages of on-prem work. With this setting, businesses can extend support to their internal teams by partnering with staff augmentation service providers to cater to bridge talent gaps and meet deadlines faster.

    2. It is low risk compared to other outsourcing models

    The staff augmentation model triumphs over all the outsourcing models regarding flexibility, affordability and quality. Compared to other outsourcing models, the risks involved with staff augmentation services are zero to none due to constant collaboration with the internal teams.

    The augmented team or resource operates either as mere extensions of the internal teams or under the supervision of the in-house managers. Uninterrupted collaboration and seamless integrations of both teams eliminate any possibility of errors.

    Thus, the risk involved in this model is considerably lower than the other project outsourcing models like offshoring or managed services.

    3. Staff augmentation is flexible to scale without compromising sustainability

    As the global recession started knocking on the doors, the results of aggressive hiring and fierce spending started becoming more evident. Consequently, most businesses either stopped or at least cut-down spending on scaling by considerable margins.

    This phenomenon has kept thousands of global entrepreneurs from putting all the stakes in and investing aggressively in scaling their businesses. However, things have started to take quite an exciting turn as IT staffing, and resource augmentation services became mainstream.

    With IT staff augmentation, businesses no longer remain prone to compromising sustainability, as they can end contracts with external teams if things start going south.

    This model enables entrepreneurs to fuel their desires to achieve exponential growth and scalability without worrying about laying off permanent employees or (in the worst case scenario) signing up for bankruptcy.

    Related: 6 Ways to Effectively Navigate Market Turbulence in the IT World

    Why you need to start implementing the staff augmentation model

    The following facts and figures are clear evidence that the staff augmentation model is here to stay:

    1. The great resignation and the wake-up call

    The quiet quitting culture has been disturbing the workflow of organizations since the epidemic. Even amidst the global recession session, where companies like Meta and Amazon are forced to lay off a considerable part of their workforce, the culture of quiet quitting has not stopped.

    People silently leave their well-paying jobs due to a lack of serenity, toxic work environments, pay disparity or other reasons. As an entrepreneur, you should be prepared to deal with such cases within your organization.

    Although you must prioritize fostering a culture of collaboration and encouragement, you should also be prepared to fill in talent gaps in case a team member resigns on short notice rather than compromising on the resource quality to fill the gaps.

    2. Going above and beyond to fill talent gaps

    The onshore, offshore and nearshore markets could provide more diversity in IT skills and expertise your company needs, depending on your location. With staff augmentation services, you can access a broader universal talent pool, including from regions acknowledged for having the finest IT talents, such as Europe and Asia.

    Building external teams to bridge the talent gap using staff augmentation services can also help you save the time and cost of setting up dedicated workspaces and recruiting highly-skilled teams.

    3. Increasing cyber attacks

    As businesses switch to fully remote and hybrid working models, they become prone to cyber-attacks and data breaches. According to Statista, the data breaches in the third quarter of 2022 were at the all-time highest, with businesses reporting approximately 15 million data breaches.

    Although businesses are now setting up dedicated networking teams to safeguard confidential information from hackers and intruders, not all of them can afford it. Thus, they eventually recruit network engineers via an augmented staffing model to stay protected from potential cyber threats and data breaches.

    Related: 4 Best Practices When Choosing a Staffing Agency

    Final thoughts

    Using staff augmentation to address the talent gaps instead of outsourcing or managed services models let business owners keep the charge of the project. As a business owner, you get to choose the talent you deem fit for the role and maintain authority over the project to get things done your way.

    With staffing services, you not only eliminate the recruitment time and cost but also access a global talent of highly-skilled developers and engineers to work alongside your in-house teams to optimize overall competencies and boost productivity.

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    Asim Rais Siddiqui

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  • 6 Effective Real Estate Investment Strategies

    6 Effective Real Estate Investment Strategies

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    Opinions expressed by Entrepreneur contributors are their own.

    As a real estate investor, you might encounter varying advice about investing on the internet, social media and from other investors. Some of these sources may claim they know best, but there are many effective strategies for investing in real estate. There isn’t a single strategy that is the best approach for every landlord. In fact, your real estate investing strategy should reflect your personal long-term goals, available resources and current circumstances.

    Plus, your investing strategy can — and should — change as your needs change. The success of your rentals isn’t tied to one investing strategy, but rather the skills you’ve built, the tactics you’ve learned and your ability to shift between different strategies when needed.

    Below are six great real estate investing strategies you may use at various points in your investing career:

    Related: Master These 6 Skills to Succeed as a Real Estate Investor

    1. House hacking

    House hacking is a popular investing strategy wherein you buy a property, live in half and rent the other half out. The rental income you receive helps reduce your monthly mortgage payments on the property.

    This strategy works well with duplexes and other multiplexes because you can maintain a clear division between your and your tenant’s spaces. However, some investors also rent out a basement or bedroom from their single-family home (SFH).

    House hacking is a trendy and widely used investing strategy for several reasons. For one, it’s an excellent way to transition to real estate investing for new landlords. This is especially true if you learn to manage your rented unit or bedroom with property management software. Software helps you carefully track your income and expenses while you establish your business. Another benefit of house hacking is that it allows you to get a residential mortgage because you’ll be living on the property as well.

    In the long run, this strategy’s aim is to make it possible for you to move out and transition the property into a full-blown rental.

    2. BRRRR deal

    BRRRR investing is another effective strategy made popular by Brandon Turner on Bigger Pockets. BRRRR stands for buy, rehab, rent, refinance and repeat:

    • Buy: Buy a property at below-market value.

    • Rehab: Renovate and improve the property by adding value.

    • Rent: Rent out the property to cover the mortgage.

    • Refinance: Get the property reappraised, then use cash-out refinancing to secure an advantageous mortgage.

    • Repeat: Use the capital you recovered from the deal to invest in more properties.

    With BRRRR, the idea is to capitalize on a property others may have overlooked due to its low face value or apparent lack of potential.

    To use the BRRRR strategy, target properties that are sound investments despite needing some work. Focus on improvements that increase value: installing hardwood flooring, adding extra bedrooms or remodeling kitchens and bathrooms. The value added from these improvements will improve your property appraisal and help you secure more funds to invest elsewhere.

    Related: 5 Tips for New Investors Who Want to Make Money With Real Estate

    3. Wholesaling/driving for dollars

    Wholesaling is a strategy many investors use to capitalize on great deals. In this strategy, you find a property that will make a good deal, facilitate a sale between a buyer and seller, and then collect the difference between the seller’s price and the amount the buyer pays.

    To succeed with this strategy, you need to be informed about which properties are currently on the market. You can use popular listing sites, the Multiple Listing Service (MLS) or a strategy known as “driving for dollars.” This involves manually searching neighborhoods for properties that look promising.

    One downside of wholesaling is that you need strong marketing and sales skills. If you don’t have this skill set and don’t want to work to acquire it, wholesaling might not be for you.

    4. Flipping properties

    Flipping properties is like BRRRR in that you buy, renovate and improve a property. However, with house flipping, the end goal is to sell the property, not rent it out.

    House flipping works best when you renovate and flip as quickly as possible. The longer you wait to sell, the more mortgage payments you must make. Like BRRRR, house flipping works best with properties listed at below-market value or those that are easy to improve at low costs. This way, improvements can significantly increase the property’s value and lead to quick turnovers.

    One downside to this strategy is that you’ll have higher capital gains taxes because you sold the property so quickly. You’ll also need help to successfully pull off house flipping — specifically, you’ll need a team of builders and renovators and access to high-quality materials at a relatively low cost.

    5. Syndications

    Syndication is often considered a more passive real estate investing strategy. However, with careful decision-making and an active eye on the process, syndication can lead to great gains. The main idea with the syndication strategy is to pool your funds with other accredited investors to buy real estate.

    Here’s how it works: You pay syndicators to locate and manage most deals, then benefit from the profit. Syndication can be public or private. Public syndication is usually operationalized through a syndication marketplace, while private syndication is managed manually by investors.

    Crowdfunding is a specific type of syndication investing that involves accredited and non-accredited investors alike who contribute and profit from deals. If you choose the crowdfunding path, you’ll work with a broader range of investors. You also won’t be expected to contribute as much entry capital as you would with traditional syndication (typically only around $50-$1,000 is required).

    If you choose the syndication route, be picky about who you work with. You want to ensure your investments are in good hands, even if you didn’t contribute as much initially.

    Related: 7 Common Mistakes Made By New Real Estate Investors

    6. Live-in-then-rent

    The live-in-then-rent strategy is a modified house-flipping scenario. Essentially, your property is a SFH (usually) that you live in initially and then turn into a rental after you move out. The main difference between live-in-then-rent and house hacking is that you don’t live in the property and rent it at the same time. Instead, these are two separate phases.

    Live-in-then-rent is a great strategy for people who don’t want to live closely with their renters but still want to participate in real estate investing on their budget.

    With so many ways to invest in real estate, it may seem challenging to devise a strategy that meets all your needs. However, by catering your investing strategy to your particular goals, you can successfully cultivate your real estate business.

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    Dave Spooner

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  • 7 Common Mistakes Made By New Real Estate Investors

    7 Common Mistakes Made By New Real Estate Investors

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    Opinions expressed by Entrepreneur contributors are their own.

    Real estate is one of the safest ways to create lasting wealth, and it is attracting more and more people each year. Investing in real estate is an exciting and lucrative adventure, provided that you don’t fall into the pitfalls of the sector. The lack of experience of beginner investors can cause them to fall for many tricks. So, here are seven common mistakes to avoid at all costs if you’re a beginner who wants to succeed in the real estate industry:

    1. Thinking that you will get rich quickly

    One of the major mistakes beginner real estate investors make is that they often think that the results will be tangible quickly. That is the outcome of the internet phenomenon: The public wants everything right away and without making any effort. Many industry gurus focus their communication in this direction, and they do not show that in order to succeed, it is necessary to have a spirit of self-sacrifice and also to work hard. In reality, patience and perseverance are required in this type of investment. Just searching for a profitable property can take several months if you don’t have a keen eye. Moreover, rushing into an investment without checking the property in question is often a bad omen.

    Related: A Beginner’s Guide to the 5 Easiest Ways to Become a Real Estate Investor

    2. Not having a strategy

    Some real estate investors prefer to take projects one day at a time, without having a precise plan of action. In this case, the risk is to end up with several properties which do not correspond to their profile. These investors embark on all sorts of projects without measuring the consequences, and they often find themselves ruined because of their poor investment choices. Having a well-defined strategy allows you to go in a precise direction. Following a strategy means ensuring that you don’t venture out in all directions and that you move in the right direction.

    3. Focusing your research on a specific city

    Another major mistake often made by beginner investors is focusing on a specific city — often close to their home or in a particular city because they have been told that its profitability is good. In reality, this way of searching drastically reduces the opportunities since these investors will feel obliged to buy a property in that city, even if the profitability is not there. On the contrary, it is necessary to expand the search in order to not miss any opportunities. It is easy to optimize the profitability of a property that is already profitable beforehand. On the other hand, a property that is not profitable will harm your project, even if you set up some optimization strategies.

    4. Omitting the negotiation stage

    In real estate, negotiation is a key step that takes place at different levels. In particular, it intervenes at the time of purchase of the property. Many real estate investors forget that a good deal is made at the time of purchase. If they buy at a too high price, that will impact the profitability of their project, whether it is a rental or a resale project. The purchase price constitutes an important variable in a real estate investment project. Keep in mind that if you don’t get a good deal at the time of the purchase, it is very likely that you won’t get a good deal on the resale.

    Related: How to Avoid the Common Pitfalls of Real Estate Investing

    5. Underestimating the cost and the scope of the work

    It is important to seek the help of professionals when you are tackling work related to real estate because costs can quickly become overwhelming. Often, beginner investors have no idea of the scope of the work to be done, and therefore they underestimate their costs. They only have a global or a partial vision of what they want to achieve, and they do not realize that the work can be much more consequent.

    6. Not checking the condition of the property

    Even if virtual visits are at the present time facilitated by technology, seeing the condition of a property in person allows you to check if it corresponds to your expectations. There is no point that can be neglected at this stage. It is particularly necessary to check the state of the common parts as well as the state of the roof, for example, with the help of a drone in order to be more precise. While visiting a property, it is also important to check the condition of the neighborhood. All this is done in order to avoid very high costs of work.

    7. Thinking that you can handle everything yourself

    In the real estate field, beginner investors tend to think that they can handle everything, either to make a bigger profit or simply because they find it difficult to delegate some of their work. This is a common mistake, as the time spent in the management of a property is valuable time that they can allocate to tasks that are more within their reach, such as searching for other properties or finding some solutions to optimize the profitability of a property they possess. In some cases, delegating this responsibility to professionals is a better solution. But be careful, delegating does not mean not controlling. It is necessary to think of always monitoring the state of the work.

    Related: Master These 6 Skills to Succeed as a Real Estate Investor

    If you’re just getting started in real estate investing, use these tips to avoid common mistakes. Remember this: It takes time to see results, don’t go in without a strategy, don’t limit your search, don’t skip the negotiation stage, don’t underestimate the cost or the work, thoroughly check the condition of the property, and don’t hesitate to delegate the work.

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    Xavier PRETERIT

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  • 5-Minute Mentor: How Do I Get My Products In Front of Customers Online?

    5-Minute Mentor: How Do I Get My Products In Front of Customers Online?

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    “Success leaves clues.” Terry Rice, a business development consultant and writer for Entrepreneur magazine, is not channeling Sherlock Holmes — he’s offering a surefire method for newbies in the business game to unlock success. “Jot down the names of competitors and similar companies and see how they are making it happen. Look how they use social media, find out who they are partnering with. Then put your own spin on those methods that are proven to work.”

    In this week’s episode of 5-Minute Mentor, Terry talks with Julia Cuthbertson, co-founder of Las Chingonas Imports, a Brooklyn-based company that imports high-end Mezcal from Mexico. Julia and her co-founder Tiffany Collings launched their company with two products a year and a half ago, and are looking for ways to expand not just in New York City shops, but online as well. Terry breaks down strategies and tactics for the team to reach a wider customer base while keeping things manageable within their time and resource constraints.

    Watch the above conversation and in just five minutes get actionable tips for:

    • Moving from brick-and-mortar to online sales
    • Getting your product on relevant delivery platforms
    • Developing a customer relationship management system
    • Taking your first steps in fundraising

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    Terry Rice

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  • Start an Amazon Side Hustle and Earn Extra Money

    Start an Amazon Side Hustle and Earn Extra Money

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    Opinions expressed by Entrepreneur contributors are their own.

    It’s the holiday season and everybody’s feeling a bit of a budget crunch. One of the best ways to earn a little extra money is by starting a side hustle. But who has the time to add an extra hustle on top of their primary one? Finding the time and energy to run a side hustle is challenging, but it’s certainly possible. With tools like Fulfillment by Amazon (Amazon FBA), it’s easier than ever to earn passive income without expending extraordinary effort.


    StackCommerce

    If you want to learn how to launch a profitable side hustle on Amazon, check out The 2022 Complete Amazon Dropshipping & Private Label Master Class Bundle while it’s on sale for a limited time.

    This bundle includes 11 courses from some of the web’s top entrepreneurial instructors, including Ryan Ford (4.3/5-star instructor rating), Brock Johnson (4.1/5-star rating), and Bryan Guerra (4.1/5-star rating). Designed for absolute beginners to dropshipping and Amazon FBA, the bundle will teach you proven strategies for launching, selling, and growing private label products on Amazon FBA. You’ll learn how to perform productive product research, source the best products from the best manufacturers, develop branding, and learn how to rank your products at the top of the Amazon search for your desired keywords.

    In addition to the practical steps of ideating and executing a private label brand, you’ll learn essential skills like how to identify your target customer, avoid Amazon account suspension, and more. There are also courses on leveraging Google Trends and Amazon PPC marketing to broaden your reach and increase your bottom line. Before you know it, you’ll have a private label brand up and running.

    Earn some extra money this holiday season. Right now, you can get The 2022 Complete Amazon Dropshipping & Private Label Master Class Bundle on sale for just $34.99.

    Prices subject to change.

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    Entrepreneur Store

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  • Worried About Raising Capital in a Recession? Give Your Company The Edge.

    Worried About Raising Capital in a Recession? Give Your Company The Edge.

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    Opinions expressed by Entrepreneur contributors are their own.

    Entrepreneurs and founders need to generate capital investment to grow and succeed, yet attracting such investment is daunting in this market. Amidst heavy competition and negative market forces, one frequently underutilized resource provides many companies an edge: effective PR or public relations.

    By generating positive media coverage, PR can create interest in a startup and make it more attractive to potential investors. Emphasize the R in PR to build relationships with key influencers and industry experts who can promote a startup to a broader audience. By using PR effectively, startups can overcome the challenge of declining investment and improve their odds in the current market.

    Start using PR as a strategy to attract investment

    One of the most important — and often overlooked — aspects of PR for startups is its role in attracting investment. A well-executed PR strategy can help raise awareness of your company and generate interest among potential investors. Here are some of the most effective ways to use PR to attract investment:

    1. Highlight your company’s unique selling points

    Beyond the problem you are solving and the solutions you offer, you need to promote what makes your company unique. Star by answering these questions: Why should investors put their money into your business? Why are you succeeding when perhaps others are failing? Make sure these points are clear in your PR.

    Any company, large or small, must clearly understand its unique selling points (USPs). These aspects of your business make you stand out from the competition and attract customers and investors. PR is essential for promoting your USPs and ensuring they are communicated effectively to your target audience. Without PR, your USPs may be lost in the marketplace noise, and you could miss out on vital growth opportunities.

    PR can help you clarify your USPs, identify the most effective channels for reaching your target audience, and craft messages that resonate with them. By promoting your unique selling points, PR can help you to win new customers, partners, and investors.

    Related: How PR Can Attract Investors and Add Value to Your Startup

    2. Use social media wisely

    Social media is an excellent way for startups to connect with potential investors and get their companies noticed. However, it’s essential to be strategic in your use of social media, ensuring that the content is received by different audiences continuously. Use social media to share news about your company’s progress, announcements about new products or services, or articles that showcase your company’s thought leadership. By sharing interesting and valuable content, you can attract the attention of potential investors and get your startup noticed. Always mix things up and keep new audiences engaged by consistently sharing various types of content.

    3. Stay focused and consistent

    Throughout this process, it’s crucial to maintain a high level of consistency and relevancy. Keep your communications clear and concise, and stay focused on continuously putting your startup’s message out. This can be a challenge, especially in the early stages when you’re still trying to figure out what your brand is all about. But it’s crucial to maintain a high level of consistency and relevancy. PR is all about building relationships with the media and the public, so they can become familiar with your startup and what it has to offer. If you’re not consistent, you will have difficulty building those relationships.

    Stay consistent, clearly grasp your brand’s story, and consistently push that story out. To start, narrow the focus to existing relationships and lean on your team, existing investors, and others involved in the startup. Go for faster wins, even if it means blogs and freelance writers first. Reinforce your message with social media content. From there, go for media coverage.

    4. Get media coverage

    Good press can be a powerful tool for attracting investment. High-quality media coverage can help to build trust and credibility with potential investors. This goes beyond just a few press releases, as quality media coverage includes getting articles, videos, and other extended content on your business. PR can be time-consuming and costly, but it is often worth the investment. High-quality media coverage can help to build trust and credibility with potential investors, making them more likely to invest in your business.

    High quality does not always mean an article is published in the largest media outlet. For example, a great story or article can run in a local television affiliate and spread from there. Many founders assume that PR means getting the brand’s story published in an internationally known publication. Sometimes the best way to start using PR is to get noticed locally and build a PR campaign.

    Related: Why You Need A PR Agency and How to Choose One Wisely

    5. Find a dedicated expert PR team to ensure your message is heard

    An experienced PR team can be invaluable in helping you to craft a story that will resonate with investors. They can also use their connections to help get your story in front of the right people. But most importantly, a good PR team can provide honest feedback and constructive criticism. They can help you identify potential weaknesses in your investment pitch and suggest ways to address them.

    Not all PR agencies are created equal. When choosing a PR agency to help with your investment round, look for these essential qualities:

    1. When choosing a PR agency, it’s crucial to find one with significant experience working with startups, preferably with a record of success with investment rounds for other startups. You’ll also want to look for an agency that is calm under pressure and able to adapt quickly to changes. And, of course, it’s essential to find an agency with which you can build a good rapport — after all, you’ll be working closely together.
    2. Second, they should deeply understand the investment process and what matters to investors. Ask for case studies of other startups they ran PR for during an investment round. A PR firm with a deep understanding of the investment process can help you craft a winning message highlighting your company’s strengths and ability to return investment quickly.
    3. Third, they should have a creative and unique approach to generating attention for your company. Yes, press releases are essential and often underutilized. However, a resourceful PR team will find ways to get articles published detailing and validating the purpose of your startup, why it matters, and why it is the right investment opportunity.

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    Adam Horlock

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  • This Ex-Navy Drone Operator Is Now Working with Lizzo

    This Ex-Navy Drone Operator Is Now Working with Lizzo

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    Back in 2018, Taylor Character, aka HoneyLuv, was operating drones for the Navy at a base in Malibu, California.

    “Being in the military made me a lot more organized,” the Cleveland native told Billboard. “I would also say being more diligent, not allowing myself to slack, and to be on top of everything — a self-starter and motivator.”

    She used her newfound discipline to teach herself how to DJ, a skill that would pay off big time. In just two short years, HoneyLuv has toured at EDM festivals around the country and produced remixes for such artists as Diplo and Lizzo.

    “Don’t let anyone tell you it isn’t possible. Anything in this world is attainable,” HoneyLuv said.

    Related: DJ Khaled Just Rented Out His Sneaker Closet on Airbnb for $11

    From drones to dancefloors

    After leaving the military, HoneyLuv made her first debut by spinning Hip Hop and R&B music on Dash Radio as a Guest DJ for celebrity trainer Corey Calliet’s “Issa Lifestyle” radio show. She also began regularly spinning at Flamingo Deck, a club in San Diego.

    Her sets caught the ear of a former talent agent who booked her at The Day Trip Festival in Los Angeles. Her career began to take off from there.

    HoneyLuv hired a business manager, which she said is one of the wisest moves she’s ever made.

    “To have someone there to help guide you business-wise makes it so much easier,” she told Billboard.

    Her manager booked HoneyLuv huge tours, such as Desert Hearts and the Electric Daisy Carnival in Las Vegas, where she was the only Black artist in the entire lineup.

    In July, HoneyLuv dropped an impossibly-titled tech house single called “Thr33 6ix 5ive.” The song has been streamed on Spotify more than 5 million times.

    This month, HoneyLuv will release a remix of Lizzo’s song, “Everybody’s Gay.”

    “I’m a huge Lizzo fan. Just what she stands for,” HoneyLuv said in a profile in The New York Times.

    She hopes her success will inspire more Black female DJs to join the party.

    “It’s up to us to continue the legacy in hopes we can inspire more and more people to join this community and enjoy the music.”

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    Jonathan Small

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  • This Tech is Disrupting Real Estate. Don’t Miss Out

    This Tech is Disrupting Real Estate. Don’t Miss Out

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    Opinions expressed by Entrepreneur contributors are their own.

    Real estate development and construction have changed since the 1960s: Contractors typically built the container and let the homeowner fill in the rest. However, smart home technology is disrupting the industry, presenting a major market opportunity for designers, builders, entrepreneurs and investors. Recent research from Mordor Intelligence predicts that the smart home market, valued at $79.13 billion in 2020, is expected to grow to $313.95 billion by 2027.

    As a result, I expect to see an increase in the term “smart home automation” — referring to Internet-connected devices that monitor and control essential household functions such as lights, cameras, locks and climate. As the industry transforms, it presents a prime opportunity for entrepreneurs, corporations and investors.

    Touchless interactions and whole-home automation that drive efficiency and save energy are among the concepts driving consumer interest. Automated heating and cooling will see high demand, with new government efficiency regulations requiring replacing or retrofitting existing systems. In January 2023, all residential central air-source heat pump systems sold in the U.S. must meet new minimum energy efficiency standards.

    This trend is about improving the home experience — from programming devices that always behave the same to automating devices that anticipate and understand the homeowner’s needs. As evidence, Grandview Research predicts that smart kitchens will see an impressive compound annual growth rate of 30.5% from 2021 to 2030. Grandview also predicts that security and surveillance technology installations will increase by 31%.

    Related: 3 Aspects of the Real Estate Industry That Can Benefit Immensely from the Metaverse

    Think keyless door locks that use a PIN or connected doorbells that always know when a guest (or delivery) has arrived. For multi-family developments, AI-powered, public space video cameras that track what’s happening around the community and automated exterior lighting will be in demand.

    I see a significant market opportunity because the smart home market has matured over the past five years, poised to move from “do it yourself” to “do it for me.” Buyers will likely look increasingly for pre-built homes with curated technology. According to a Coldwell Banker Real Estate survey, 71% of buyers want a tech-enabled “move-in ready” house, while 61% of millennials favor smart-tech homes; so do 59% of parents with children living in the house.

    Making this a reality is new artificial intelligence (AI) technology that learns its residents’ patterns and preferences, then intuitively sets ambiance routines to match. Energy-saving thermal windows add to a home’s efficiency. Every smart device in each home is choreographed to work in concert with each other, connecting to a centralized home management app that is very manageable and simple to use. Such systems are updated regularly via the cloud, and all hardware is housed indiscriminately in a central hub in the home. Technology fully integrates into the structure and blends into the minimalist interior design.

    Second-generation, AI-powered smart home technology self-learns, adapting to the routines and preferences; with most software solutions offered via the cloud, it continues to improve over time. In the ideal smart home setup, all devices are synchronized and orchestrated, made accessible through a smartphone or a computer. Call it a smart home with a genius IQ.

    Related: 5 Ways AI Technology is Making Our Buildings Smarter

    Urban density

    Growing urban density and awareness of environmental sustainability require designers and builders to think about domestic space in a new way. The new urban home is comfortable and welcoming while using space with greater efficiency, flexibility, and responsiveness compared to houses of the past. Not to be underestimated is the impact of the COVID-19 pandemic, which underscored long-held beliefs that the home can and should contribute to the health and wellness of its inhabitants.

    This kind of home — purpose-built to become the foundation of holistic well-being for its residents — must include a versatile modern design, multi-functional use of space and curated, pre-configured technology built-in before the resident occupies the space.

    A great example of this trend is in Portland, Oregon. The Portland market is attractive for builders and investors: The city is a rapidly growing urban center that needs high-density housing solutions that move beyond the traditional detached single-family home. Urban residents are progressive, seek balanced lifestyles and welcome innovation that challenges the status quo.

    Real estate trends in urban areas

    Real estate trends are pointing toward modern designed, open floor plans that offer adaptability. Large windows and courtyard views help residents connect with nature inside the home. A skylight in the stairwell adds natural light. Built-in storage under the staircase for storing shoes and other things keeps clutter minimum; an outside storage area next to the second-floor patio keeps large or seasonal items out of the living space. A community bike storage room within the building is convenient and frees up additional space within the home. There is the efficient placement of lights and sensors. An unassuming, out-of-sight cabinet holds all the technology hardware.

    Residents in growing urban centers like Portland typically value a close connection to nature and regularly participate in outdoor activities. Developments such as this one take advantage of materials with an organic feel that creates a sense of connection to nature. Carefully selected oak flooring, Corian kitchen countertops, and cedar fencing bolster the environment. Landscaping with bamboo and trees creates shade and further mitigates sound to maintain quiet inside the homes.

    Real estate will see more focus on balancing resident privacy with creating connectedness between members of the community. Smart technology, combined with well-designed common spaces, makes this happen. Modern developments often have courtyards with a balance of quiet space and gathering space for community members.

    As the real estate industry evolves, holistic and adaptive urban living will drive the industry. Savvy builders will combine modern design, architecture, and technology into homes that provide are combined into one product — the home — that has been built to provide beauty, comfort and wellness. Startup founders, corporate executives and investors should keep an eye on these trends and be ready to capitalize on opportunities they will create.

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    Anis Uzzaman

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  • How to Spot Winning Business Ideas at Your Day Job

    How to Spot Winning Business Ideas at Your Day Job

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    Opinions expressed by Entrepreneur contributors are their own.

    Curiosity is the spark behind every leading innovation. Without it, we never would have harnessed electricity, rocketed to the moon or developed a Covid-19 vaccine in record time. But while it’s easy enough to come up with a good idea — they’re everywhere — the ones that revolutionize entire industries and professions require us to keep our eyes open to the challenges right in front of us in our daily lives and then ask, “How can I change that? How can I make things better? How can I use my curiosity for good?”

    That’s precisely what I discovered as I made the move from full-time professor in the Department of Medicine at McMaster University to entrepreneur, co-founding Acuity Insights, formerly Altus Assessments, a Toronto-based company that now employs 150 people. It all started with an assessment that challenged the concept that being book smart was all it took to be a good doctor, nurse, teacher or business person. The test measures social intelligence and professionalism that is used alongside measures of knowledge — and we’ve found that the more holistically we can assess someone, the more we are able to understand and support them.

    I saw a problem and realized there was a potential for a game-changing innovation. We have now broadened to a full scope of products for higher education programs that connect key data across the learner journey from application to graduation, providing key data points to inform decisions. Acuity is partnered with over 530 higher education programs worldwide.

    And my experience shows that almost anyone can spot an opportunity in their day job and turn it into a viable business. Here are five things you can do when opportunity knocks so you can knock that new venture out of the park:

    Related: How to Know When That Business Idea Is Good Enough to Pursue

    1. Watch out for workarounds

    You know how when we leave a pile of books on the floor, the longer they remain there, it becomes easier to walk around them? As time goes on, we forget they’re even there because we’ve become so accustomed to finding an alternate route.

    The spark for my business started with the realization that an ineffective workaround — depending on letters of reference and personal statements when assessing students’ applications — just wasn’t cutting it. They were inherently biased. Medical schools, my own included, needed to do better when accepting students. Being an excellent doctor is more than academic scores, high grades or knowledge. It’s about how you apply that knowledge to serve your patient using communication skills, empathy, collaboration, professionalism and ethics.

    So, we did our due diligence: We spent over five years collecting data and refining the assessment tool to make sure we were measuring what mattered. Then other programs and institutions started to become interested in what we were doing, too. But we wondered: Can we give them access to our innovative software? Should we monetize it? Soon after, I realized our groundbreaking business idea locked in the ivory tower was ready for the real world.

    2. Listen to yourself

    Sometimes it’s difficult to figure out what we’re most passionate about, particularly if we’re juggling a lot of priorities. To zero in on the one idea that might hold your interest and enthusiasm long-term, you need to listen to yourself. If, years ago, I’d recorded myself talking about the need to revolutionize medical school assessments, I’m sure I would have realized that it was a true passion.

    So, talk to a friend or someone in your network about your project. Do you light up? Become more animated? Feel free? These clues could be the launch pad for turning a side hustle into a new career and maybe even revolutionizing your industry in the process.

    Related: How This Entrepreneur Kept His Day Job While Starting a Business

    3. Notice where you’re spending your extra time

    How are you spending your extra time even when you don’t have time to give? Do you feel passionate about a side project and can’t stop tinkering with it? Do you tend to lean in at certain meetings or ask more questions about specific topics? Pay attention to what drives you.

    The leap from a highly respected career in academia to the wild unknown of startups wasn’t easy, though. For years, I put in long hours at the university as a professor before working even longer hours at night and on weekends on the business. I was at a tipping point and realized if I wanted to make a difference, I had to swap my priorities. I eventually traded in a secure career in academia for the full-throttle existence as an entrepreneur when I was seven months pregnant, building Acuity Insights with my co-founder, Harold Reiter, a radiation oncologist with an equally demanding job. Because I was able to follow my curiosity, I never gave up, even when it was hard.

    4. Prepare for pushback

    When I first decided to leave my full-time university career for the corporate world, I sent an email out to colleagues to tell them — and some of them accidentally cc’d me on their responses to others about my decision. That was an eye-opener; but I understand that many of them may not have considered a profession outside of academia. But later at conferences, I was able to share with them why I was so passionate and excited. I could tell them my “why.” I had realized my “why” wasn’t tied to my profession — it was about how I could make the largest impact.

    If you experience pushback about a change in your career, reach out to people who have made the same leap or are working in an area you want to move toward to learn about the barriers and opportunities you might face. And don’t forget to take some time and dig into your own “why.” Knowing what truly drives you will keep you working toward your goals.

    Related: 10 Things You Must Do Before Quitting Your Job to Start Your Company

    5. Get unstuck

    If you had told me a decade ago that I would become a VP and co-founder of a business, I wouldn’t have believed you. I thought I didn’t have the right skill set. Sometimes we assume we can only do the role we’re currently in and have a very set idea about what’s possible for us. But as someone entrenched in an industry, you probably bring a valuable perspective and expertise to a broader problem. There are a lot of people with sales, marketing and accounting degrees who can be hired. But innovators bring vision. Understand that, and get out of your own way. And with time, your vision, curiosity and passion will spark innovation in those around you, too.

    Pay attention to what’s going on around you at work — and what fires you up — to uncover the next industry-changing business idea. Because when it comes to forging a new professional path, passion and curiosity rule.

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    Kelly Dore

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  • How to Book Yourself on a Podcast

    How to Book Yourself on a Podcast

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    Opinions expressed by Entrepreneur contributors are their own.

    By 2023, it is predicted that there will be 465 million active podcast listeners across the globe. That is a lot of attention for business owners of all shapes and entrepreneurs to tap into. With more and more people busy and on the go, it’s no surprise that people are opting for audio-only listening — whether in the car, on a walk, on a plane or while cooking dinner. Podcasts are here to stay, and they’re only just getting started.

    When it comes to business, one of the most critical factors in your growth is the number of people you know, like and trust. Podcasts will help you tick all three of those boxes. If you’re not leveraging them as a part of your marketing, let today be the day that changes.

    You will get more reach and exposure as a direct result of the podcasts, and you can leverage the video content from the episode across your social media channels. One recorded podcast episode can produce a month worth of short-form video content for you. Boost Media Agency specializes in PR and podcast bookings, and here I share the exact strategy that we use to book our clients on podcasts and how you can do the same to get yourself on at least one podcast per week.

    Related: Podcasting is the New College

    1. Build a list

    When it comes to getting booked on podcasts, the best place to start is getting clear on the types of shows where you feel you can first reach the right people and, secondly, add the most value. Ensuring each podcast is aligned with your work will simplify the process. It goes without saying, but if you’re in the hair and beauty space, a finance podcast isn’t going to interview you.

    If you’ve never done podcasts before, start small. Trying to get onto Joe Rogan or Tony Robbins podcast if you’re just starting might dampen your spirits. Try to find podcasts that have between 500-5000 listeners per episode, as these will be your best shot, and build a list of at least 20 podcasts.

    Related: Listen up! 4 Reasons Why Podcasts are One of the Best Life Hacks

    2. Connect with the host directly

    It goes without saying, but podcast hosts get pitched — a lot. If you want to skyrocket the chances of a host booking you, the best place to start is to connect with them on social media. Doing so starts the relationship by giving, which is far more likely to end with the host reciprocating.

    So, take the time to listen to an episode, drop them a friend request or follow, and send them a message telling them that you love their show and that a particular message resonated with you.

    3. Create your pitch

    Crafting a pitch can seem like a daunting task. The best place to start is your talking points. What are 2-3 things that, from your experience, you know better than anyone else? Try to get a little more creative than”Scaling to 6-figures,” — as you’ll sound like everyone else. Lean into your uniqueness and story here, as that will sell the host on having you on their show. Remember to keep your pitch short. Here is a basic framework: Compliment, Story, Value and Call To Action.

    Compliment: Who doesn’t love a compliment? Start with this to ensure the host knows it’s personalized and not a mass pitch. E.g., “Loved your episode with John Smith. The message about growing from within really resonated with me.“

    Story: Your story is what will sell them. Share the unique parts of you and your story in 1-3 sentences.

    Value: Podcast hosts want to hear the value you have to provide. Share your 2-3 unique talking points with them in bullet format.

    Call to action (CTA): You’ll never know if you don’t ask. Ask them if they’d like to have you as a guest. For example: “I’d love to share these insights with your audience. If you think this would be valuable for them, would you be open to scheduling a time?”

    Related: Betting Big and Crafting a Winning Elevator Pitch

    4. Press send and automate the follow-up

    So you’ve got your list, your pitch, so here comes the exciting part. Pressing send! Whether pitching the media, or a podcast, in this case, sending emails can be time-consuming, particularly the follow-up. That being said, there are some great email tools that you can leverage, such as Lemlist or Omni.us, where you can create custom email campaigns with automated follow-up sequences.

    We all know that not every email gets replied to, and often the host won’t reply until the second or third email — and trust me, persistence pays off. Make sure to keep the follow-ups around 3-4 days apart, as no one likes to be bombarded daily. We all get enough emails as it is.

    There’s no doubt that podcasts are a great way to build authority, reach new audiences, and ultimately, grow your brand and bottom line. This 4-step process is all you need to book yourself onto great podcasts regularly.

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    Lewis Schenk

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  • This Incredible Robot ‘Moves the Way People Move’

    This Incredible Robot ‘Moves the Way People Move’

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    In this ongoing series, we are sharing advice, tips and insights from real entrepreneurs who are out there doing business battle on a daily basis. (Answers have been edited and condensed for clarity.)


    Piaggio Fast Forward

    Who are you and what’s your business?

    Hi, I am Greg Lynn, CEO of Piaggio Fast Forward, Inc. We’re a Boston-based robotics company with the mission to build technology products that move the way people move. We build robots for real-world pedestrian environments where our machines navigate with and around people safely and intelligently with what we call “pedestrian etiquette”. We developed two robots with different sizes and payloads, Gitamini and Gitaplus, for the consumer market.

    Our robots are designed to follow individuals and families in communities throughout the United States. Common to almost all our customers are neighborhoods where daily errands related to shopping, education, sports, entertainment, and leisure are all within walking distance on modern sidewalks, but instead of by foot, these trips are being taken by private car or ride-hailing. Our technology replaces the need for car and truck trips with robots that detect, predict and follow people outdoors and indoors for a more efficient and healthier lifestyle. Our robots even detect and navigate through doors that people open and hold for them and then automatically reconnect and continue to follow as you walk through the door after them.

    Related: It’s Never Too Late to Launch Your Dream, Say These Skincare Entrepreneurs

    Recently we have moved into business uses and sales with a focus on hospitality, retail, and building construction markets where goods are being moved frequently. Our technology augments workers, allowing them to be more efficient, safer and healthier by making fewer trips, carrying less, and staying focused on the work to be done rather than pushing and pulling materials around the job.

    What inspired you to create this business?

    Our “ah ha” moment came from decisions of what we would not do: we would not design a driverless scooter and we would not design an autonomous delivery robot. Understanding the attributes that we didn’t want in our design allowed us the freedom to create a product that aligned perfectly with our objective: human autonomy with the help of robots.

    We looked at navigation and self-driving and tried to identify the core knowledge we would need for robots that carry things where people work and live. We determined that people do not occupy places with the regulation and simplicity of roadways, warehouses or factories. Driving from point-to-point avoiding obstacles was not our first initiative. Instead, we started with building a library of algorithms of human movement and operating our robots by understanding how to detect and interact with people and also how to map and classify the built environment without the need for the creation and maintenance of detailed maps like those used in factories and roadways for self-driving cars.

    What has been your biggest challenge and how did you pivot to overcome it?

    Our biggest challenge is producing an intuitive easy-to-use device that doesn’t require any previous knowledge of robots or training. We build very sophisticated technology that operates behind the scenes but want its user interaction to be simple to operate and intuitive to understand both by users and by bystanders

    We ship our machines to consumers and businesses and our robots can operate out of the box within 20 minutes using a one-page quick start guide. We do not need expensive or complicated integration efforts and we do not have remote control operators in N.O.C. centers.

    Related: You Don’t Have to Be a Business Owner to Think Like an Entrepreneur

    What advice would you give entrepreneurs about pitching?

    Explain how your product and technology can bring value immediately and how it will impact the quality of work being done or of consumer lifestyle. We combine a strategy on ROI combined with a broad view of a qualitative improvement of work and lifestyle through technology. We do not focus on replacing workers 100% whether it is replacing delivery drivers from the store to a home or the housekeeping worker in a hotel. Instead, we augment people to make an enjoyable outdoor trip to the farmer’s market and we preposition carts for the hotel cleaning team and follow them when needed so they can focus on what they are good at without worrying about pushing goods around. Whenever we are talking to a customer we are listening to their needs and finding ways to improve efficiency and quality of work. We are very focused on the human experience and making sure technology is improving rather than diminishing or eliminating the value of humanity. We are looking at robots’ potential benefits rather than their potential for disruption.

    What does the word “entrepreneur” mean to you?

    We are an entrepreneurial company because we are inventing technology that we are applying in the real world today. Our innovation is focused on market readiness in a world that doesn’t have to change for us to deploy. An entrepreneur needs to identity opportunities, often created by technological innovation, and bring them to market in the real world as fast as possible. We are currently all alone without any competitors when it comes to creating technology that interacts with people on human terms and not inside a cage. There are other sidewalk and warehouse robots, but they treat people as obstacles, very special obstacles, but obstacles nonetheless. We have observed, analyzed and defined how people move, how two people go through a door together, how people cross paths, when a person indicates they will turn a corner, even how people form and lead a convoy of things single file through obstacle. We are developing algorithms for pedestrian etiquette, so machines are acceptable and performing successfully in dense pedestrian environments. Nobody else is learning and designing what we are doing. We have signs of some competition from companies that are trying to optimize productivity in warehouses and are beginning to understand how important it is to interact with people and the dynamism of human environments but nothing that can accompany a person for 20 miles in the real world right out of the box.

    Related: Top Books All Entrepreneurs Should Read

    Is there a particular quote or saying that you use as personal motivation?

    We founded the company with a market focus on sidewalk mobility at a time when scooter sharing and food delivery were growing. We operated for almost two years without a mission statement. We assembled the entire team including our Advisors and Directors and worked to define our core competency and our mission. With very little conflict or effort, there were more than 60 people all agreeing that we were together to invent a new kind of robot, one that moves the way people move. This clarified so much. We were not building a miniature self-driving truck for the sidewalks. We were not building electric vehicles for passengers to drive. We were building robots that moved the way people moved so we can augment their activities in real-world everyday environments. It is our mission statement that is my personal motivation and it inspires me every day.

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    Entrepreneur Staff

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  • How to Avoid the Mistakes That Cause Startups to Fail

    How to Avoid the Mistakes That Cause Startups to Fail

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    Opinions expressed by Entrepreneur contributors are their own.

    It has been estimated that as many as 90% of startups fail within the first five years globally. Yet, every year, both new and seasoned entrepreneurs put their heart and soul into starting a new business venture. As a serial entrepreneur and investor, I have built multiple businesses in the last few years. While some failed, a couple of them succeeded and went on to become multi-million-dollar companies with offices on a global scale.

    Being an entrepreneur is often seen through rose-tinted glasses, but the reality is that it requires hard work, perseverance and grit. You can expect to work a lot of hours, and work-life balance can be challenging. You are going to need to focus on designing the product, acquiring new customers, doing the marketing and taking care of finances. In fact, it can feel overwhelming just how many hats you will need to wear. What’s more — there is no guarantee of success.

    So, why do so many startups fail? While lots of different factors can lead to startups failing, here are just a few of the top reasons:

    Related: 5 Reasons Startups Fail (and Why Each One Is Preventable)

    5 key reasons why startups fail

    Cash problems:

    One of the top reasons startups fail is they run out of cash or they fail to raise the capital they need. There can be many factors that contribute to this. They may struggle to attract investors and get them on board with their idea, or perhaps they struggle to get the customers and clients they need to bring in cash.

    Startups often do not go as planned with hitches along the way, which can cost money. So, unless you have the cash flow, you are going to struggle to get the work done so that the product can be moved to production and you can start making money. Furthermore, managing costs poorly can often make the difference between success and failure.

    No market need:

    Perhaps you feel that your idea is fantastic and solves a really important problem, but if it does not serve a market need, you are going to struggle to get interested buyers. This can mean that your product or service does not fill a gap in the market, or there isn’t a market for the gap you are trying to fill.

    Sometimes people try to get around this by marketing a product to everyone, but this is often too broad, and you risk not being able to create an audience around the product or service. Even if you have a great business idea and it has a market need, it can still be a case of bad timing. If you are too early, the market may not be ready for your business — and if you are too late, the market may be saturated, or the hype may be over.

    Ousted by competition:

    Awareness of competition and the overall market is essential if you are to come out as a leader since the competition can be fierce when it comes to business. However, many entrepreneurs do not put the necessary time and effort into assessing and learning from the competition or do not take the time to develop a unique value proposition to help their brand stand out from the rest. Around 20% of startups fail due to being out-competed.

    Having a flawed business model:

    Business models are crucial to the success of a startup, enabling you to scale and become profitable. It can help give a startup a competitive advantage and help them understand their own operations better. It can also lead to an established finance plan to increase cash flow and profitability. Yet, one of the top reasons startups fail is because entrepreneurs have a flawed business model, and as such, cannot scale or sustain the business.

    Lack of passion or burnout:

    Starting a new business can throw your work-life balance out of whack. You may be working long hours or weekends just to stay on top of things, yet you run the risk of being burnt out. Unfortunately, we live in a world where working to extremes gets you a badge of honor, yet it can have a negative impact on your health, home life and your work. Many entrepreneurs lack the tools to manage the pressure of running a startup and can quickly find themselves descending into burnout if they are not careful.

    Related: 5 Tips to Prevent a Startup Failure

    How can entrepreneurs set themselves up for success?

    As an entrepreneur myself, I know how challenging it can be to get a new business up and running and make a profit. That is why we at VentureRock, a digital venture capital platform and ecosystem of founders, backers and builders building the next generation of global tech companies, set up a 72-step program to help accelerate startups and reduce the startup failure rate.

    While there isn’t a miracle formula for success, there are some key points you can focus on to set yourself on the right track.

    Remembering the “why:”

    This tip seems so simple, but it is crucial — and that is remembering the “why.” This could be why you are doing this or why you feel your business is important. It can be your anchor in maintaining a clear vision of what you want to achieve and what problem you are working to solve in the market. It also reminds you of your passion and provides a starting point for setting a solid foundation for your business and establishing core values.

    If you focus solely on selling products and making money, the chances of you succeeding in the long term are small, and most will give up. This is where my company’s approach plays an important role, working with ventures from seed to scale and guiding founders toward long-term success.

    Playing to your strengths:

    Playing to your strengths can be critical in early-stage startups, but they can often be your secret sauce and what makes your business yours. We all have unique qualities and strengths, and they can help set your company apart from others. Look for ways to leverage your strengths, and put them to the best use possible. It is important to stay true to yourself and make sure that what you are doing is in alignment with your sense of happiness, purpose and meaning.

    Getting support and building up a network:

    As an entrepreneur myself, I am passionate about helping entrepreneurs succeed and to use my experience to help decrease the failure rate for startups. Getting the support you need early on can be key, whether that is joining groups or joining masterclasses with like-minded people to build up a network. I strongly believe in working closely with people who are already where you want to be, so it can be incredibly useful to work with a mentor.

    Related: 3 Ways to Avoid the Agony of Startup Failure

    Being an entrepreneur often means you need to take a risk, but it is better to go for it than to regret not trying later on in life. You never know the outcome of your efforts until you do it, and while there may be obstacles along the way, belief in yourself can get you a long way.

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    Danny Cortenraede

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  • 5 Major Leasing Deal Points to Know Before Signing a Lease

    5 Major Leasing Deal Points to Know Before Signing a Lease

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    Opinions expressed by Entrepreneur contributors are their own.

    Are you thinking about leasing a space in a retail center? If so, there are many items a tenant needs to be aware of. Here’s a list of five major deal points to be mindful of.

    Related: Running a Business – How to Lease Space

    1. Guarantees

    Many landlords will not lease to a tenant without the tenant personally guaranteeing the lease. Keep in mind that there are techniques a tenant can endeavor to lessen the guarantee. These include offering a limited or rolling guarantee. The limited guarantee will not last for the entire lease term but for the number of years agreed on by the landlord and tenant. The rolling guarantee means that the total exposure the tenant is liable for is the number of months agreed to, regardless of the months remaining in the lease (unless the remaining months are less than the rolling months).

    If you decide to give any personal guarantee, I highly recommend you consult your real estate attorney to understand the guarantee’s implications fully.

    Related: 5 Keys in Negotiating an Office Lease

    2. Use

    When leasing space, it’s essential to be very clear on your use of the premises. Your use in your lease is the only one you have permission to use the premises for. If you decide to expand your business beyond that use, you would need authorization from the landlord for that other use. Also, if you do not have an exclusive in your lease, nothing stops the landlord from leasing to another tenant in your same center, with the same use.

    3. HVAC (heating, ventilation, and air conditioning)

    Not only is it imperative to know specific to the existing HVAC regarding capacity and age, but it is also significant to understand your lease if the HVAC breaks.

    Let’s start first with capacity and age. You need to know if the current HVAC needs to have the capacity you need to operate your business. Capacity is typically not an issue if the space has been leased to another tenant prior and you are opening a retail location where you are selling soft goods. Still, there are other uses where the capacity of HVAC plays a significant role. For example, if you are opening a restaurant, you must know what size HVAC you need to run your business successfully.

    Once you have identified if the existing HVAC will work for your use, you need to know the age. If the unit is older, you need to be aware of the age of the unit during your negotiations. Just so you know, it is the tenant’s responsibility to do their due diligence and find out this type of information as soon as possible when considering a space to lease.

    If you find out the unit is older, I recommend you negotiate with the landlord to have it be the landlord’s responsibility to replace the unit before your business opens. If the landlord is unwilling to replace the HVAC, you should negotiate a warranty lasting for a period that you are comfortable with. You also need to determine who is responsible for fixing the HVAC if it breaks during the lease and who’s responsible for replacing the unit if it is not salvageable. This information regarding who is responsible should be in your lease, and you must know and be comfortable with it before you sign your lease.

    Related: How Small Shops Economize by Sharing Space

    4. Options

    A lease option gives the tenant a choice to renew their lease. A tenant needs to recognize that if they do not have any options to renew their lease, then when their original term expires, the landlord is not obligated to renew their lease. Since options benefit tenants, landlords are not eager to give them. Although it is not required of the landlord, it is retail common industry practice for landlords to provide an option to match the initial term of the lease. For example, if a lease is five years for the initial term, considering the industry practice, the landlord would give one five-year option.

    In addition to knowing if you have options and what the term is, it is also important to discern your rent during your options. The rent for your options will probably be higher than the current term, and you must make sure your business plan can support the rent during your options.

    5. Additional charges

    Additional charges — known as NNN or triple net — are the extra charges that a tenant pays in a NNN lease on top of the base rent.

    There are different types of leases. In addition to NNN leases, other types you will hear about include modified gross leases and full-service gross leases. The majority of shopping center leases are triple net leases.

    There are three items that the NNN is composed of, which include the landlord’s property taxes and insurance and the CAM (common area maintenance). CAM typically includes parking lot maintenance, outside lighting and common landscaping. If each space in the building is not separately metered for water, your water will typically be included in the CAM. As a tenant, you should note that the NNN charges are estimated and could change. If the NNN charges adjust, then your rent will also alter.

    My experience reveals that with all negotiations, there is usually a compromise to be made on most deal points. It is critical that all tenants thoroughly read and understand their lease agreement and have a commercial real estate attorney advise before the tenant signs the lease. I also recommend using a commercial real estate broker specializing in retail to represent you during your offer negotiation process.

    Related: Save Money by Renegotiating Your Lease

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    Roxanne Klein

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  • 4 Crucial Indicators When Raising Venture Capital Funding

    4 Crucial Indicators When Raising Venture Capital Funding

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    Opinions expressed by Entrepreneur contributors are their own.

    In this day and age of shrinking VC funding for startups, you might think your business is the exception. You might think your business model is so ripe for growth with a little cash infusion that VCs should compete to see who can be your primary investor.

    Besides the fact that startup founders are rarely objective about their business prospects, it’s always good to get outside perspectives before heading down the potentially long, winding and soul-bruising road of VC pitches.

    Do you know who you might want to check with as a first step before you sink a bunch of time and energy into your pitch deck? Your marketing agency. (If you don’t have an agency, make a friend with an agency exec pronto.)

    If an agency isn’t your first choice as a sounding board — hear me out. I’ve worked with dozens and dozens of intelligent, ambitious startups since founding Playbook Media. Throughout those relationships, I’ve recognized a few significant indicators of whether your business is positioned to sprout unicorn wings with some extra resources — or whether you have some fundamental issues to address before you take your pitch to your version of Sand Hill Road.

    Related: The 10 Most Reliable Ways to Fund a Startup

    1. Burn threshold

    Also known as “burn multiple,” this metric takes a broad view of your business to calculate how much revenue you bring in for every dollar you spend. Divide your net burn by net new revenue for a given period, and you’ve got your number. (Anything over 2 these days, and you’ll have difficulty getting funding because your operational efficiency needs work.)

    Your agency partners won’t have all that data on hand to calculate your burn threshold, but there are plenty of ways they can help you improve it. They can reduce costs by lowering your average CAC (the cost of acquiring a customer). They can improve your customers’ average LTV (lifetime value) using lifecycle marketing, referral programs, upsell campaigns, etc. They can also run frequent forecasting models to ensure your strategic decisions are informed by current data and market conditions — which have been evolving rapidly.

    An agency can be beneficial in understanding your entire marketing picture and assessing where you can cut spending and suffer minimal revenue effects. Agencies proficient at MMM (media mix modeling, which I’ll touch on more in a bit) will be great partners in that endeavor.

    2. K Factor

    Your K Factor is your natural growth rate if you aren’t doing any marketing. It usually boils down to product-led growth and virality stemming from your existing customer base, site users, media outlets picking up on your momentum, etc. This isn’t specific to products, by the way; if you have a software service or platform, you can build tons of product-driven growth.

    Agencies can help you determine your K Factor if they’re proficient at understanding the impact of each of your advertising channels. Ideally, your agency is using media mix modeling to determine the incremental impact of each channel; when they analyze all of your channels and touchpoints and compare it to your overall growth, they’ll be able to isolate a baseline level of growth that isn’t explained by those channels. That’s your K Factor.

    The key to optimizing your K Factor is growth loops. Reforge defines growth loops as “closed systems where the inputs through some process generates more of an output that can be reinvested in the input.” This can go beyond organic loops, too — although K Factors are defined in the absence of ads, you can apply a little advertising budget to great effect if you’re working with growth loops. An example is taking a popular TikTok post from either your company’s or a relevant creator’s page and doing a Spark ad, which boosts the post and prompts more engagement that feeds the post’s organic momentum.

    Related: You Can’t Get VC Funding for Your Startup. Now, What?

    3. Channel reliance

    Despite recent setbacks (check out the last couple of quarterly earnings reports), Google and Facebook still dominate their competitors in gobbling advertising budgets, as we see time and time again with new clients coming to us to jump-start their growth.

    I think brands should almost never spend more than 50% of their budget on Google and Facebook (combined), which is easier said than done. There are several reasons for this, but the two most important are that Google and Facebook are getting increasingly expensive and that all companies should protect themselves against over-reliance on one channel that could get hit by, say, algorithm updates or outside influences like the iOS14 release.

    Beyond those reasons, there are clear warning signs that you should diversify your marketing channels ASAP:

    • Diminishing returns (CPAs keep climbing no matter what you try)
    • A lack of new users
    • Demographic trends shifting away from your core platforms (e.g., younger generations are now using TikTok instead of Google for their search engine of choice)
    • Business goals evolving out of alignment with your core channels

    If any of these sounds familiar, start carving out ideas and resources to reallocate the budget into new channels.

    Related: 9 Extremely Clever Startup Funding Stories

    4. Market penetration

    There are a few market-penetration scenarios that potential investors will hone in on right away (for better or for worse):

    • The market is small, and you’re dominating but might have a hard growth ceiling (example: Wild Earth)
    • The market is large but ripe for disruption, and you have one or more differentiators that will help you carve out market share (example: Dollar Shave Club)
    • The market is new, and you have the plan to build awareness for the market’s need and your solution (example: Fitbit, back in the early 2010s)

    Agencies can analyze and tell you what segment you might be in. For Wild Earth, an agency would help define the target market by segmenting data into silos (e.g., vegans, dog owners, owners who only feed their dogs dry food, owners who order online, and owners who will pay a premium for food and shipping). Cross-reference that relatively small audience that lives in the intersection of those segments with data like rising CACs and relatively high impression share. That company looks like a poor choice for investor funds unless you can leverage what you’re already doing well into other product categories.

    If things like search volume and available impression volume are curiously low, you may have a tremendous opportunity to build awareness for your product or service as the leader of a new market (or market segment). “Video rentals” probably had a ton of search volume when Netflix was in its early stages, but “online video rentals” or “video rentals by mail” were exponentially less popular queries that, when combined with the rising trends of online shopping and engagement, evidenced a market ripe for introduction. Brands like Peleton (spinning classes at home vs. spinning classes) and Rent the Runway (luxury fashion for rent vs. luxury fashion) represent similar scenarios that, when the story is told well, represent catnip for intelligent investors.

    The takeaway

    With startup funding relatively hard to come by, you should recognize that poor indicators in any of these areas put you out of position to leave a VC pitch with millions of dollars. But there’s hope yet. First, most issues in these areas are fixable. Second, fixing them now will mean you’ll be extraordinarily well-positioned to take full advantage of future VC investments when you have a better story.

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    Bryan Karas

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  • 7 Secrets of Truly Successful Personal Brands

    7 Secrets of Truly Successful Personal Brands

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    Opinions expressed by Entrepreneur contributors are their own.

    The choice to launch your brand is noticeable. But creating a solid brand is essential. Authenticity, consistency, initiative, confidence, courage, and time are required to complete everything.

    Personal branding is not a thing to do because social media says so. Today it’s an essential element in your communication strategy, used by not only famous and influential people and big businesses but also every individual that wants to be seen, heard and ultimately valued.

    Globally, everyday people are already creating their own brands. The corporate branding machine enslavement is too much, so many professionals are leaving employment. It is crucial to build your brand authority because other than leading to commercial and reputational opportunities, it’s also positive for your self-expression.

    Better clientele, industry recognition and financial gains result from it. Due to declining trust in our institutions, customers trust individuals more than businesses; therefore, you should concentrate on establishing your personal (and business) brand as part of your elevation strategy.

    Check out these seven personal branding success secrets:

    1. Find and curate your “A-Team”

    A new brand’s path can be pretty tricky and resemble an endless race of overcoming technical, emotional and personal obstacles. A key component of overcoming these obstacles is finding and building a solid team that shares your vision and mission.

    Co-founders, workers, advisers, consultants, mentors, coaches and even dependable family members may be a part of your team — link your team selection to your values and ideals and favor compatibility above competence.

    Related: I’ve Interviewed and Hired Thousands of People. Here’s What to Keep in Mind Before Offering the Job.

    2. Tap into future trends and needs

    Adapting based on future trends and customer needs is pivotal because the world is evolving daily. For example, if Jeff Bezos tried setting up an online bookstore today, he would most possibly fail miserably. However, his foresight to know what customers need drove Amazon to a global ecommerce store today. Timing is everything!

    Likewise, knowing the market’s future can help your brand make the right moves and become successful. But it doesn’t imply it’s impossible to foresee how the corporate world will develop. What matters most is how analytically sound you are and how well-equipped you are to anticipate future events.

    Even though it won’t always be exact to a tee, this will give you a solid idea of where things are going. Making assumptions about future trends carries some calculated risk, but staying safe will never help you or your brand grow.

    Related: Looking for a New Business Idea? Here’s How to Identify What People Really Need

    3. Unlearn outdated trends to make way for the new

    For a brand to flourish, it is vital to unlearn in business. We can only build something fresh and distinctive if we let go of our outdated attitudes and practices—discovering a new project or closing a transaction with unexpected customers results from curiosity.

    Unlearning is a systematic strategy to advance and overcome barriers one at a time.

    Entrepreneurship success is composed of 20% learning and 80% unlearning. Remove the restrictive presumptions to make room for helpful information.

    4. Think fast for solutions and act fast

    One of the secrets to a great brand is having the capacity to think and respond quickly. Since environmental issues are worsening, the brand must move soon, seek eco-alternatives and sustainable solutions that reduce their adverse effects, and convey the concept of conscious living to the next generation as quickly as possible.

    Simply acting quickly and moving quickly to find answers can give you a competitive edge. If you are not in a technology-dominant business-like distribution, manufacturing, or something not typically controlled by technology firms, your rivals are probably advancing slowly. We must make many daily decisions, but some are more crucial than others.

    For example, eating is essential, but whether you choose a salad, chicken or a Big Mac is less important at the moment. You can think more rapidly if you can swiftly pick what to eat. Even if your choice weren’t the best, the effects would be minimal in the short term.

    5. Be adaptable and flexible

    Being an entrepreneur entails weighing possibilities and dangers equally. This will help you create a distinct brand and ensure its long-term survival and competitiveness. Many new brands tend to concentrate on a single item or service.

    Meanwhile, they frequently need to see the value of brand creation right away. Startup brands often think that the benefits of their products are evident and that the brand can speak for itself. You can only place that much faith in some potential consumers.

    You must include the development of your brand skills in your content strategy and make sure that the visuals reflect this.

    You must evaluate new items in light of your company values as you grow. Check to see if your objectives are compatible, and if not, make any necessary modifications.

    6. Become an autodidact

    After college, education for most people typically comes to an end. However, your reputation will continue to rise if you develop a passion for studying and being an autodidact.

    However, in this day and age of information overload and many online distractions, being an effective autodidact can be taxing. Therefore, staying focused on your mission is more crucial than ever.

    Some people contend that the age of the autodidact, or self-directed learning, is currently upon us. After all, the internet is brimming with tools for self-learning that you can utilize to build your brand. However, beware that some may lack substance and are merely shiny bells and whistles.

    Related: 6 Little-Known Characteristics of Successful Entrepreneurs

    7. Be street smart

    Being “street smart,” or able to foresee and handle unexpected everyday business issues, is generally seen as a crucial ability for brand owners and entrepreneurs.

    Most investors claim to be able to spot this capacity when they see it, but the experience is necessary to describe it. To be a street-smart person, you need to comprehend your brand’s surroundings or condition well.

    You are consciously aware of your surroundings. Moreover, you can see what’s happening around you even when you can’t see it. You can form opinions about the situation based on lived experience, the environment and the people in it, giving you the confidence to put your faith in these opinions.

    Related: Are You ‘Intelligent’ Enough to Be an Entrepreneur?

    Conclusion

    To succeed at personal branding, you must be a brand new, evolving you. In a world full of imitators, be genuine and authentic to yourself.

    Authentic personal branding is more than simply self-promotion and marketing commonly seen online. It focuses more on making a courageous difference in people’s lives and inspiring them to live better lives. It can also be about inspiring humanity to do good. After 33 years in this game, I believe and practice that “doing good” is all possible.

    You must invest time and effort to be the “go-to” authority in your chosen area. All things worth doing must be done well; therefore, it’s better to make the most of that time and effort!

    Applying the seven tips above will help you create an authentic personal brand that is true to you and enjoy the success that will inevitably follow.

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    Jon Michail

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