ReportWire

Tag: Starting a Business

  • What is Disruptive Marketing and Why is it Crucial for Success?

    What is Disruptive Marketing and Why is it Crucial for Success?

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    As marketers, we are always trying to stand out from the crowd. Enter: disruptive marketing.

    Think back to 20 years ago when Steve Jobs said that iPhones would replace computers. People didn’t believe him at the time, but I bet you are either reading this article on your phone or your phone is at least next to you. Steve Jobs’ claim is a perfect example of disruptive marketing.

    I’m not a fan of buzzwords, but I am a fan of disruptive marketing. So much so that I recently came on board a disruptive marketing agency, Overit, as the Senior Marketing Director. Part of my role involves being a disruptor in the marketing industry, and with this article, I aim to help you become a disruptor. As disruptors, we need to be cutting-edge and unafraid so let’s explore how to do just that.

    What exactly is disruptive marketing?

    While innovative, disruptive marketing is also strategic. It goes against the status quo of traditional marketing tactics and reaches your target audience in new and creative ways. Disruptive marketing resonates with your current customers and unlocks new audiences.

    FYI, this marketing strategy is only for risk-takers. However, it’s an excellent opportunity to grow your brand rather quickly. It is not just about being unique to get attention; disruptive marketing should be paired with data and strategy — just like any other marketing technique.

    To put it simply, disruptive marketing is the process of using new and original marketing strategies to reach your target consumers in a way that your competitors are not.

    This type of marketing allows for a lot of creativity and, like all marketing strategies, can continually be refined by the data you collect from your efforts. This data is important because disruptive marketing involves experimenting, and some tactics will work while others won’t.

    Disruptive marketing pushes boundaries and creates new norms. Strategies we have in our marketing toolboxes were once disruptive. Take influencer marketing for example, it once was a foreign way to get authentic brand recommendations, and now it’s a strategy that many brands implement.

    If you want to be a disruptor, you can’t be afraid to fail. However, this type of marketing has the chance of going viral. Are you a risk-taker like me?

    Why should my marketing be disruptive?

    The modern-day consumer is quite intelligent. They know when they’re being “marketed” and are sick of the traditional advertising norms. Disruptive marketing involves you doing something unique to allow you to stand out in an over-saturated industry.

    Consumers value innovation. In fact, they expect it. There is a sea of repetitive marketing trends out there, and your target audience craves something different. This type of marketing makes your products or services stay top-of-mind by being unique and memorable.

    The top 10 disruptive marketing tips

    Have I convinced you to be a disruptor yet? If so, I’ve streamlined the top 10 tips I use in my disruptive marketing efforts. Write them out on a sticky note and post them on your monitor so you can always remind yourself how to be disruptive.

    • Stay up to date with social media trends and success stories
    • A/B test different strategies
    • Capture data and implement the insights you glean from it
    • Consult your buyer personas to ensure you’re reaching your target audience
    • Challenge current marketing assumptions and do the opposite
    • Speak to consumer pain points
    • Embrace technology
    • Follow disruptive thought leaders for inspiration
    • Be unusual but not bizarre
    • Implement storytelling best practices

    Examples of disruptive marketing

    Uber appalled people when they announced that they came out with an app in which people essentially get into a stranger’s car. Today, there are competing apps, and “ubering” is part of our English language.

    Bitcoin is the world’s largest bank but has no actual cash. That didn’t stop them. They kept promoting their values and honed in on target consumers who don’t trust traditional banks, and now look at how far they’ve come.

    Dollar Shave Club came out with its first commercial in 2011 and flipped the entire razor industry on its head. They studied what consumers were looking for, addressed those pain points in a brand new way, and the rest is history.

    REI took a risk and set itself apart from other brands vying for consumers to spend money on Black Friday. In 2015, they started #OptOutside and discouraged consumers from shopping at their store on the biggest consumer spending day of the year. Many consumers actually respected this stance, which clearly didn’t hurt business because REI still encourages consumers to opt outside on Black Friday.

    In 2015, HBO released their HBO Go app. Instead of pushing typical pain points like watching HBO from anywhere, they released a commercial of a family watching awkward HBO shows together. They then showed how the family went to different rooms in the house to avoid awkward viewing. They thought outside the box, and it worked.

    Air Wick implemented disruptive marketing with their Scent Decorator quiz. They invite consumers to take quizzes to find the perfect home scents. Typically, people want actually to smell something before purchasing, but Air Wick found a way around that, and they did it successfully.

    A balance between traditional and disruptive

    Disruptive marketing creates quick impact and brand awareness. However, this strategy doesn’t mean you throw traditional marketing out the door.

    There is a balance between holding onto traditional marketing that works and using your tried and true strategies to power your disruptive efforts.

    Like traditional marketing, when implementing disruptive marketing, look at things like the consumer’s journey, pain points, value propositions, etc., when allocating your time and budget for 2023.

    Final thoughts: How to be disruptive with your content

    So much of modern-day marketing is content-driven. Naturally, some of your disruptive marketing efforts will be rooted in content. After all, 91% of brands use content marketing, bringing in 6 times as many leads as traditional marketing at 62% of the cost.

    A great place to start with disruptive marketing is through your content.

    User Generated Content is popular and effective. Consider challenging your audience to post content about your brand with a theme that gets people’s attention. You can then promote your UGC using marketing strategies that you already use.

    The beauty of content creation is that it allows you to experiment with disruptive marketing. Look at your competitors’ typical blog posts and publish the opposite. Be bold. Be experimental.

    Same with the content you put on social media. Do something risky and measure the results against your other social posts.

    You don’t have to re-work your entire marketing strategy, you just need to not be afraid to be different and think outside the box.

    [ad_2]

    Kristen Matthews

    Source link

  • How to Start a Company with Only $1,000

    How to Start a Company with Only $1,000

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    When you think about starting a company, the first two questions that come to mind are: “How much is this going to cost, and how am I going to get that kind of capital?”

    The dynamics of funding a business have dramatically changed over time. Where once you were resigned to bank loans and savings, there are now many options to choose from to help get your business off the ground.

    However, let’s take a step back. You should ask: “What is the minimal amount of capital I need to get this off the ground?” For those first few steps, $1,000 can get you moving quickly and far along. It is all about what I call “resource capital,” a mixture of your time, money and effort.

    Related: How to Start a Business Online

    The price does not always equal the value

    As a disclaimer: I am guilty of falling victim to thinking that I had to have the best of the best when starting our company. We always went for the most expensive external partners for operational needs. A hefty price tag could at least give us confidence that we’d be getting exactly what we paid for, right? We found that just because a company spends a lot of time and money on its reputation, it does not mean that it will deliver. We had to learn that going the less expensive route was not always bad.

    Related: 10 Ways to Fund Your Small Business

    Building your business

    Building a business is like building a house. You have to dream it up, create a blueprint and get all the necessary permits from the city. From there comes all the fun stuff, like designing, building and scaling.

    Starting off the same way, we have to think about our business and our $1,000 in very similar steps:

    The Permits

    – Business Filings: ($50 – $150 depending on location)

    Every state has a site or process for starting a business which can typically be found on the Secretary of State’s website. California, for example, allows you to choose your name, pay your fee, obtain your EIN, and then your business is official. Depending on the corporate structure, this can be more complex. Still, many people make the mistake of using online services to file businesses when, in reality, it is simpler than many are led to believe.

    The Blueprints

    – Your Website or Landing Page: (Free – $150/month)

    There are a variety of platforms you can choose for this. I recommend not spending a lot of time building out an entire site. Instead, build a simple landing page that provides an exciting outline of your business. Think of this as the digital billboard you can use when explaining what you are building to others.

    Don’t hire some expensive web designer to build it your first go around. There is a 100% chance it is going to change.

    – Website domain & Email: ($12 – $60)

    Always buy the domain if you can, or an offshoot of it (e.g., “.co” or “.io.” No one will take a business seriously if it does not have a proper domain name. This is simple to do at places like GoDaddy and Google Domains.

    Next, create your new email address with your new domain name — your first name and company name will do. If you want a more general support email, use “hello@” or “info@” instead. In many cases, website platforms have packages where the domain and the email are included. Take advantage of these cost savings out of the gate.

    The designs

    Your early branding is crucial in getting people to take you seriously. To successfully build a brand, your business has to look the part.

    Creative (Logo, Branding): ($100 – $350)

    If you are not creative and need help with things like logos and branding, there are resources such as 99Designs, Fiverr and even Etsy, where you can hire brand specialists to help you. Being consistent with how you present your brand out of the gate is incredibly important and helps align yourself with the brand and its mission, and it is an exciting and fun win you can celebrate right off the bat.

    Laying the foundation

    – SAAS Tools: (Free – $100)

    Now that you are ready to build your “house,” it is time to pick your tools. There are thousands of options for SAAS products, depending on what you are doing. The key thing to remember here is only to utilize what you need and always choose the free trial first. These companies are built to hook you for free and prepare you to pay as you scale. If you need to pay for their service, I recommend spending a maximum of $100 on these.

    Finding your contractor

    – Virtual Assistant: ($300-$500)

    If you are starting alone or even with a partner, you will be shocked to find out what $10 per day can get you. When it comes to virtual assistants, this cash can get you just about anything you need. The goal is to ensure you get someone of quality who understands your work style and brand. This will not only result in you learning to delegate and build a team but will offload a minimum of four hours each day of work.

    When starting a company, one of the most significant issues is the number of menial tasks that need to be done. Having someone to handle those is critical. If you need someone more project-based rather than part-time or full-time, I recommend looking to places like Fiverr instead of Upwork, which is typically meant for more seasoned, US-based contractors.

    Back to that key figure, $1,000 is more than enough cash to lay the basic foundations. It’s also enough money for your startup to at least appear like a legitimate company, which is half the battle.

    Related: 3 Alternatives to Venture Capital Funding for Startup

    [ad_2]

    Patrick Frank

    Source link

  • 3 Legal Mistakes Avoid When Starting an Online Business

    3 Legal Mistakes Avoid When Starting an Online Business

    [ad_1]

    If you’re thinking about starting a business, attorney Berkley Sweetapple wants to help you avoid making expensive legal mistakes. She sat down with Jessica Abo to discuss how she helps clients through her practice and legal template shop.

    Jessica Abo: Berkley, you are the founder of a legal template shop and of Berkley Sweetapple Law. Tell us a little bit about your business and your practice.

    Berkley Sweetapple:

    I have a legal template shop where I offer affordable, downloadable, fill-in-the-blank legal documents, like contracts and website policies, to creative entrepreneurs. I also have a law firm where I work one on one with online business owners. I mostly handle trademarks, contracts, copyright and website policies.

    All very important things. Did you always want to be a lawyer?

    When I was five, my dad, who was an attorney, told me that the only way I would be able to get the pot-belly pig that I wanted as a pet was to become a lawyer and fight the city that I lived in to change the local zoning ordinances.

    Did you get the pig?

    I did not get the pig, but I knew that I wanted to be a lawyer just like him so that one day I could grow up and fight for things like having pet pigs. I went to law school after college but never felt like the traditional law firm path was right for me. After I graduated from law school, I created a lifestyle blog as a side hobby and decided that I wanted to monetize the blog and create a business out of it. I joined online courses and ended up meeting other creative entrepreneurs who needed legal advice about the online business/blog space. I really enjoyed working with entrepreneurs who had online businesses and began to educate myself in that area of the law, while working full-time as a litigation attorney. Seven years after graduating from law school, I stopped practicing litigation to pursue my template shop and law firm full-time.

    Who are some of your clients and how do you help them?

    My clients are primarily coaches, online course creators, website designers, copywriters, graphic designers, and other online business owners. My favorite practice area is trademarks, which involves helping business owners secure the exclusive right to use their business name, slogan, or logo in their industry. Because trademark law is federal, I have clients with online businesses in all 50 states.

    You’ve been at this for a while. What would you say is the most expensive legal mistake you have seen someone make?

    The most common and expensive legal mistake I see business owners make is using a business name without first making sure it’s available first. If you’re starting a business, it’s important to make sure someone else hasn’t trademarked the name first, so that you don’t get a cease-and-desist letter from their attorney and are forced to rebrand. Changing a business name after you’ve launched, along with the branding, packaging, and web design that comes with the business name, can be frustrating and expensive. It’s also important to trademark as soon as possible so that no one does it before you. If you’ve been using the name and competitor trademarks first, litigation can get very expensive trying to enforce your rights.

    And that of course can be a total business nightmare. What are some of the legal boxes entrepreneurs should be checking?

    First, make sure your business name is available before you invest in any kind of branding or web design, or before you get too attached to the name. Hire an attorney to do a comprehensive trademark search. Make sure it’s available and trademark it. Second, have website policies. If you have any kind of website, like a blog or an e-commerce store, you need a couple of legal documents on your site. First, you should have terms of use, which is basically your contract with anyone who comes to your website or purchases from your website. A terms of use will contain necessary disclaimers, your refund policy, and intellectual property clauses. A privacy policy is legally required if you’re collecting any kind of consumer data. Finally, make sure you have contracts with your one-on-one clients as well as any independent contractors you hire.

    How do you make all of this less overwhelming for your clients?

    In my template shop, I try to make it as easy as possible. I’ve created contract templates tailored to different kinds of service providers, that can be downloaded and filled in within twenty minutes. For one-on-one work, I try to make the client experience as easy and efficient as possible. For example, for trademarking, I work on a flat fee model so that clients aren’t ever worried that costs will add up. I handle everything in the trademark process, from the application to Office Actions, so that clients don’t have to worry about the legal stuff and can focus on doing what they love.

    [ad_2]

    Jessica Abo

    Source link

  • Want To Build An Ecommerce Business? Start Here.

    Want To Build An Ecommerce Business? Start Here.

    [ad_1]

    The world of ecommerce is increasingly lucrative and is one of the best ways to be your own boss, pursue your passions and connect with others. However, it can be difficult to know where to start — or if you have started, how to scale.

    The Ultimate Guide To Shopify by Jason R. Rich from Entrepreneur Press provides all the tools, resources and step-by-step guidance needed to jumpstart and run your own ecommerce business that’s built to thrive. The book walks you through how to get started and shares proven marketing strategies to boost sales, exclusive interviews from industry experts and dozens of other resources to facilitate a successful online business.

    Related: Want To Grow Your Ecommerce Brand? Take Advice From This Industry Expert.

    The Ultimate Guide To Shopify breaks down the process every step of the way — from getting started to ultimately running the business successfully — so that no matter where you are in your entrepreneurial journey, you can excel with tools, strategies and insight from those who have cracked the code of utilizing Shopify to expand their brands.

    Read a free preview of the book here, and get your copy of The Ultimate Guide to Shopify from Entrepreneur Bookstore, Amazon, Barnes & Noble or Bookshop — it’s available now.

    Related: How One Woman Turned Her Family Jewelry Business Into An Internet Sensation

    [ad_2]

    Entrepreneur Staff

    Source link

  • How This Former Investment Banker Tapped into 5,000-Year-Old Skincare Traditions to Start His Own Brand

    How This Former Investment Banker Tapped into 5,000-Year-Old Skincare Traditions to Start His Own Brand

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    I suffered from acne on and off for most of my adolescent life. It was painful not only physically but also emotionally. My peers regularly hurled names like “crater face” and “pizza face” at me. “Go wash your face” was another favorite phrase one of the boys in my class would shout. I was embarrassed. I felt ugly. I stopped looking in the mirror. My self esteem was in the toilet.


    Apres Pacific

    “So many of us go through having acne, and the impact on your self confidence can be devastating,” says Neel Patel, founder of Après Pacific. “I started Après Pacific to provide access to Indian skincare secrets and Ayurvedic remedies so we all can feel confident in clear, comfortable skin.”

    According to the American Academy of Dermatology Association, acne is the most common skin condition in the U.S. It usually starts during puberty, and it can occur at any life stage. It affects up to 50 million Americans annually. Acne can take a significant toll on our emotional health. Study after study shows the damage acne can have, including increased anxiety, depression and the feeling of being isolated and alone. And particularly for teenage girls, acne can cause severe stress, making them feel less attractive and causing low self-esteem. For me, once the acne cleared, the dark spots left behind served as a constant reminder of the pain acne continued to cause.

    Enter Après Pacific. Its hero product, the Pacific Glow Clay Mask, is supercharged with turmeric, alma berry, aloe vera and lemon peel extract. It only uses 100% natural, vegan ingredients that are safe even for sensitive skin. Not only does this amazing mask fight acne, but it also tackles the stubborn dark spots and hyperpigmentation that so many Brown and Black consumers suffer from.

    Image credit: Apres Pacific

    Patel picked the name Après Pacific as a nod to the Pacific regions of the world where Ayurvedic remedies have existed for more than 5,000 years. He wanted to develop a modern brand with a fun, fresh and calming vibe. “And most importantly, I wanted the brand to be inspired by and incorporate all of the Indian skincare remedies my mother made from scratch in our kitchen when I suffered from acne.”

    As Patel builds his skincare brand, here are three lessons he has learned along the way:

    Take the risk

    From as long as he can remember, Patel has always been willing to take the risk. When he was 9 years old, he and his mother left India to start a new life in Canada. Although he didn’t speak any English, he supported his mother in making the move for better opportunities. After settling down in their small Canadian town, his mom started her own Indian food catering service. “I knew my mother’s talents and what she was capable of,” he says “I pushed her to take the risk and start the service. It gave me first-hand insights into running a business.”

    After starting a career in investment banking, Patel risked it all and walked away. “People thought I was crazy walking away from this lucrative career,” Patel says. “But I wasn’t willing to put in 12-15 hour days for a big paycheck in exchange for my happiness. Doing research and moving company logos from one part of the deck to the other wasn’t how I wanted to live my life. I know many who have enjoyed being in the industry, and I wanted to build something of my own.”

    The idea of building Après Pacific came to him in September 2020. Inspired by his own battle with acne and what he saw adult friends experiencing with their skin, he started looking for manufacturers. He worked closely with a chemist to finalize the hero product and ultimately launched in April 2021. “Now some of my former colleagues who thought I was crazy for taking this risk see how the brand has quickly evolved and gained great traction,” Patel says. “They want to know how I did it.”

    Be open about your mistakes and adapt quickly

    Although Patel had a strong finance background, he had never started an e-commerce brand before. He did his best to talk to as many founders as possible to try to avoid their mistakes. “You can’t avoid mistakes, they will always happen,” says Patel. “The important thing is to be open about your mistakes, learn quickly and adapt.”

    Patel shares that one of his biggest mistakes was hiring an established, well-known marketing agency to help run paid ads for the brand. He discovered that the agency wasn’t devoting as much time as it should to his brand, because it didn’t earn as much commission from smaller brands that didn’t spend as much. “I learned that lesson the hard way after spending significant money with the agency and not seeing any results,” Patel says. “We finally parted ways with the agency and hired two media buyers who fully devoted their time to Après Pacific. As soon as we changed directions, we saw incredible results.”

    Remember that every dollar counts

    As a self-funded, bootstrapped founder, Patel is always focused on ensuring that every dollar counts. “We are figuring out unique ways to stand out and succeed in the marketplace, and at the same we have a limited budget,” he explains. “Every single dollar should have a return on investment. It can be scary and hurts when you make mistakes, and having limited funds keeps you on your toes.”

    With limited funds comes a strong sense of focus for Patel, and he is smart about where he’s investing. Although Après Pacific could be in a number of retailers and broaden distribution, he wants to focus on continuing to build brand awareness before spreading the brand too thin. As he looks to connect with investors and begin the fundraising journey, he is committed to building a skincare brand that continues to honor and embrace his South Asian roots.

    Recently, Patel has started to see brands pop up similar to Après Pacific’s vision. “They may have the money. But what’s more important is to have a community that loves your product and naturally becomes advocates of the brand — that’s not something you can easily replicate,” Patel says. “This isn’t a two-year plan for us; we are in this for the long haul. Slow and steady wins the race.”

    [ad_2]

    Mita Mallick

    Source link

  • How to Start a Dropshipping Side Hustle on Amazon

    How to Start a Dropshipping Side Hustle on Amazon

    [ad_1]

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

    If it seems like everybody has a second job these days, that’s because a whole lot of people do. The most recent numbers show that 44 percent of Americans have a side hustle, and with no shortage of ways to make extra money, it’s not all that surprising.


    StackCommerce

    Entrepreneur readers tend to be mostly focused on their main hustle, but if you’re looking for a way to drum up some more capital, starting a low-effort, high-yield side hustle like dropshipping might be up your alley. Fulfillment by Amazon (Amazon FBA) makes it easier than ever for anyone to sell items online and make a profit without having to house any inventory. However, it’s not exactly a secret, so it’s highly competitive and not easy to scale.

    In The 2022 Complete Amazon Dropshipping & Private Label Master Class Bundle, you’ll learn what you can do to launch this side hustle and grow it into your primary source of income.

    This bundle includes 11 courses from top-rated entrepreneurial instructors, including Ryan Ford (4.3/5-star instructor rating), Bryan Guerra (4.5/5-star rating), and Brock Johnson (4.1/5-star rating).

    In these courses, you’ll learn proven strategies to launch, sell, and grow private label products, leveraging Amazon FBA to handle all of the processing and distribution. You’ll discover ways to find profitable product ideas, learn how to validate your ideas, and know where to find the best manufacturers for your product.

    More importantly, you’ll learn how to properly build your Amazon listing pages so your product will rank at the top for your desired keywords and ship seamlessly to Amazon FBA warehouses. Eventually, you’ll get into the comprehensive marketing skills you’ll need to successfully brand and promote your product to attract customers from all over the globe.

    It’s time to start a side hustle. Grab this Amazon Dropshipping & Private Label Master Class Bundle on sale for just $34.99 now.

    Prices subject to change.

    [ad_2]

    Entrepreneur Store

    Source link

  • How Feeling Excluded as a Child Drove this Entrepreneur to Start Her Own Company

    How Feeling Excluded as a Child Drove this Entrepreneur to Start Her Own Company

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    I remember having classmates over for a playdate once in elementary school. My friend walked by my parents’ room and peeked in. “What are those funny looking dolls? Why are there flowers in front of them? Why is there smoke burning from that stick?”


    Itsy Bitsy Memories Photography

    I explained that it was my mother’s prayer area. As a Hindu, my mother prayed every evening after bathing, offering flowers and lighting incense. And those were not dolls; they were our Hindu gods.

    [ad_2]

    Mita Mallick

    Source link

  • How to Develop a Company Vision and Values

    How to Develop a Company Vision and Values

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    I’m sure you’ve read about the importance of having company values and a mission or vision statement. But why is it important and how do you establish them? When I first started my business with one client and a couple of employees, I didn’t have the structure in place. But as we grew and added more clients and staff, I realized the importance of having a roadmap so that everyone was on the same page. I might have had a vision in my mind about where I thought we were going, but I needed to share that vision and get input from my team on where they wanted to go as well.

    Brainstorm what you want and what you don’t

    After I made some key leadership hires, we met together as a group and did a lot of brainstorming. We thought about everything we wanted to be and what we didn’t want to be. We looked at our staff and our clients, people we admired and looked up to and tried to reverse-engineer their characteristics (can you tell I’m passionate about reverse-engineering?) We agreed that we wanted to be more like “this,” and we wanted to work with clients that are more like “that.” We used these to create our values. Why didn’t we like working with certain people? Because they were jerks — that’s where one of our four core values of “Make it Fun, Don’t Be a Jerk” came from.

    Once we came up with our mission and core values, we put a system in place to make sure those values became part of our workplace culture. We created a Slack channel to recognize people who live up to those values. Anyone can publicly recognize anyone else by giving them a shoutout for something they’ve done. Then at our biweekly company-wide meetings, we select a few people who were nominated and give them a financial award. I used to think mission, values and vision were just things they taught business school, but it’s real and I’ve seen the positive impact it’s had on our company.

    Related: Five Top Tips for Crafting Mission and Vision Statements with Meaning

    I was an SEO expert but didn’t have a lot of experience as a CEO of a fast-growing company. At this point, I decided to work with a coach who recommended that I develop a “vivid vision,” something that outlines where I see myself and the company three years into the future. He recommended that I go to a place that inspires me and just sit there and try to put the vision that I had in my head on paper. I chose to go to a nice hotel in Beverly Hills.

    I spent the afternoon sitting in a nice coffee shop where they had a piano player, beautiful paintings on the wall, people coming in and out and nice cars pulling up. It inspired me, and I came up with three pages of bullet notes. I used adjectives that described the specific details of what each part of the vision looked like. Creating a vivid vision doesn’t need to be a whole book — just write a few bullet points of your dreams and goals. Describe in detail what the office looks like, how many people you employ, your revenue and perhaps even the awards you have received. The point is to create a visual for the rest of your employees so that they can envision the future in the same way you do. This way everyone is aligned and clear on where you are going as a company.

    Related: The Key to Finding Your Company’s Mission? It’s in Your ‘Also.’

    Making the dream a reality

    After my time at the coffee shop, I got on a call with our director of communications to discuss what I had come up with, and then she wrote it into our vivid vision story. The mission and values were created with the leadership team. The vision was something that I needed to develop myself, as the CEO. It’s written in the present tense, three years from now, as if it is already accomplished. We decided on a three-year vision as 5-10 years seemed too far in the future to be realistic. From here, it went to our creative team to make it come to life with visuals and images. Once it came to life visually, our engineering team then took it and turned it into a web page that is live on our website for anyone to see. That includes our employees, our clients, our bankers and our competitors. We’re radically transparent, and we’re very clear about where we’re going,

    Related: How to Engage Employees Through Your Company Vision Statement

    We just created our vivid vision last year, and there are already aspects of the vision that are coming to fruition. I think there’s a lot to be said for being intentional about direction and then just watching the manifestation happen. As everyone starts to understand where we’re going, it starts happening. As the CEO, I couldn’t possibly do it all on my own, but I can instill the vision into the team and with them to make that vision a reality.

    We have our vision for the next three years. We won’t change it or lower our expectations if we miss a target. We have set our sights high and will work towards achieving or surpassing those goals. We also review our vision once a quarter. We like to do this at our leadership retreat, where we get high-level reports on how things are going.

    If you haven’t put together a mission or vision for your company, perhaps it’s time to take action. If you think it’s only something for large corporations or only something they talk about in business school, I hope my experience can help change that perception. Having a clear vision and a specific mission helps define the purpose of the organization. It makes sure you are working towards the right goals and helps you direct resources to the appropriate place. When everyone is working towards the same goal, it increases productivity. It gives employees a sense of unity. When employees understand the vision, it motivates them to work hard to achieve the goals that have been laid out. It takes some time to put together, but the results are more than worth it. I don’t think I’ve ever worked in another company that has a better culture because of the way we initially structured our vision and mission.

    Related: 4 Essentials for Making Your Company Mission Thrive

    [ad_2]

    Jason Hennessey

    Source link

  • Why Start a Business When You Can Buy One? Here’s What You Need to Know.

    Why Start a Business When You Can Buy One? Here’s What You Need to Know.

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    The process of starting a business from scratch can be very daunting and time-consuming. There are many things to consider, such as business structure, marketing, R&D/product development (if you’re creating something), raising capital, finance, legal matters, etc. One of the first things you need to look at when starting a business is simply the amount of money it’ll take to get the business off the ground. For many people, it can be difficult to come up with or raise the initial investment needed to start a business from scratch.

    Let me be clear here, I’m not advocating against anyone starting a business or anyone building a new company at all. I’ve conceptualized at least 15 or so different business ideas and was able to bring a handful of them to life, although many didn’t get off the ground or even go to market for that matter.

    I think all entrepreneurs, at some point in time, should get their hands dirty in creating something from scratch. I think most will probably conceptualize an idea or two that they want to take to market because it may be the next greatest “thing,” in their specific target marketplace, and they’ll have an awesome learning experience doing so — and some will inevitably achieve the success that they imagined they would.

    Related: 5 Reasons to Buy a Successful Business Instead of Starting a New One From Scratch

    The many benefits of buying a business

    With that being said, though, I think that the notion of buying an existing business may be a much better option both from a fiscal responsibility standpoint (and pragmatically, for that matter). When you buy a business, you’re acquiring a customer base, established systems and processes, potential assets (physical and digital) and much, much more!

    Another reason buying a business makes sense is that you can usually get it at a discount. This is because businesses often sell for less than their actual value, since the owner(s) may be motivated to sell quickly due to personal or financial reasons. And lastly, an existing business comes with an established reputation and goodwill, which can save you a lot of time and money in marketing and advertising costs.

    These factors alone can give you a significant advantage over businesses that are starting from scratch. But the key to success in purchasing a business is finding “the right business” to purchase. It’s subjective, I know, but there are some general frameworks that you can use to guide you and aid in your journey to evaluating and eventually closing on your first business acquisition.

    There are more businesses for sale today than there are buyers

    As you may or may not know, businesses for sale have grown exponentially in the last decade. There are many reasons for this, including the current state of the economy, retirement and quite a few others.

    Business owners are facing financial difficulties in some instances and are unable to continue operating their businesses. While it may not seem like a good thing, in a down economy, there is an opportunity for those looking to purchase a business. I’m not suggesting that it’s a time to take advantage of someone, but I am saying that you can acquire businesses for fair prices, in some cases, well under market value.

    There’s a significant cohort of business owners who are about to enter or seeking to enter retirement. They may not have family members or children to pass their business on to, so in some cases, businesses simply go out of business or cease to exist. Herein lies an opportunity, for you, as someone seeking to become a business owner.

    Related: 10 Questions You Must Ask Before Buying a Business

    It’s easier for existing businesses to generate cash flow

    Simply put, cash flow is the lifeblood of any business, big or small. It’s the money coming in and going out, and it needs to be managed carefully to ensure the business is healthy and profitable.

    It is generally easier for an existing business to generate cash flow than for a startup business or brand-new company. This is because an existing business typically has revenue streams from customers and other sources, while a startup or new company may not yet have any of those things. An existing business should be generating income through existing channels or specific sources that it currently employs.

    Increasing cash flow is just as important as reducing expenses when it comes to boosting profitability. A business can only grow if it has enough cash on hand to invest in new opportunities. Remember: Increasing cash flow is essential for long-term success in any business.

    You’re purchasing a proven model

    When you’re starting a business, one of the inevitable questions that you’ll be asking yourself is “How am I (or how are we) going to make money?” Fortunately, this isn’t necessarily one that you’re going to have to answer if you’re buying an existing business. Existing companies typically have proven revenue models. This means that they’ve successfully sold and continue to sell its products or services. The repeatability of this model is what you’re looking for when you’re purchasing a company.

    A startup business, on the other hand, may not have a proven revenue model because it has not yet sold its products or services. This can be due to a variety of reasons, such as the company being new and therefore having no track record, or because the products or services are not yet ready for market. Either way, a lack of a proven revenue model can be a major obstacle for a startup business.

    Related: No Big Startup Idea? No Problem. Here’s How to Buy a Business.

    There are many reasons to buy an existing business instead of starting one from scratch. Perhaps (as I’ve mentioned), the most compelling reason is that you’re buying a proven business model. The riskiest part of starting a new business is figuring out whether your business model will actually work and be profitable. With an existing business, you know that the business model works and that the business can be profitable.

    Hopefully, I’ve inspired you to jump-start your journey toward acquiring your first existing business! Remember, you need to completely educate yourself in business before you start trying to acquire them. There are inherent, built-in risks associated with business ownership that so many fail to recognize or understand. This isn’t meant to discourage you, it’s simply to let you know that the details really do matter in business, so don’t overlook them!

    [ad_2]

    David N. Peterson

    Source link

  • Go Beyond Number Crunching and Use Intuition Instead

    Go Beyond Number Crunching and Use Intuition Instead

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    We all have intuition, but few know how to use it effectively. Intuition is your ability to understand something without thinking about it logically. It’s a knowing that comes from the heart rather than the head.

    Unfortunately, many ignore their intuition in favor of more rational thinking. You may not even be aware that you have this inner guidance system. But when you learn to trust your intuition, you can tap into a powerful source of wisdom and insight.

    Intuition can be a valuable tool in your decision-making process. By learning to trust and follow it, you can access a deeper level of wisdom and insight. It’s essential to listen to your intuition, but not necessarily all of the time. Intuition should be used as a supplement to logic and reason, not as a replacement. There will be times when intuition conflicts with rational thought; in these cases, it’s essential to use your discernment to determine which is more accurate.

    Related: Is There Room for Intuition in Business?

    How can intuition help you with decision-making?

    When you trust your intuition, you’re more likely to take risks and follow your dreams. Intuition can help you:

    • See beyond the facts and figures to make choices based on our deepest values and desires.
    • Make better decisions by providing information that logic and reasoning may not be able to access.
    • Trust your gut feelings even when it goes against what you think you should do.
    • Connect with your higher self and receive guidance from the beyond
    • Tap into your creative side and develop new ideas.
    • Sense things that have not yet materialized. Things might make sense today, but intuition gives you the window to see if an opportunity is right for you in the long run.

    Related: The Scientific Reason You Should Trust Your Gut

    How to sharpen your intuition

    Although we all have access to intuition, not all of us can access it readily. Therefore, you must regularly sharpen your intuition to know how to access it when you need it. Here are some of the things you can start practicing to sharpen your intuition:

    • Spend time in nature: Connecting with nature can help you to clear your mind and connect with your intuition.
    • Spend time in silence and allow yourself to be.
    • Listen to your body: Our bodies can be powerful guides. If you feel called to do something but are unsure why… trust your gut and go for it.
    • Follow your heart: When you’re in touch with your heart, you’re more likely to have intuition. So follow your heart and let it lead you to your truth.
    • Pay attention to your dreams: Dreams can be a powerful source of intuition. So keep a dream journal and pay attention to any messages that come through.
    • Trust your intuition: This is the most crucial step. Once you’ve connected with your intuition, it’s important to trust what it’s telling you. Go with your gut, and don’t second-guess yourself.
    • Tapping into intuition requires stilling the mind — spending time in nature, meditating, praying, or journaling can create space for intuition to flow.

    When you’re tuned to your intuition, you may notice synchronicities and “gut feelings.” Many people express their encounter with intuition as “I just got lucky” or “I was at the right place at the right time.” These are all signs that your intuition is trying to communicate with you.

    How to use intuition in decision-making

    When making a decision, using intuition as a guide can be helpful. Here are some tips for using intuition in decision-making:

    1. Get clear on what you want. The first step is to get clear on what you want. What is your goal? What are your values? When you know what you want, it’s easier to trust your intuition.
    2. Listen to your heart. Follow your heart, and intuition will lead you to your truth.
    3. Go with your gut. Our gut feelings are often based on intuition. So if you have a strong sense about something, it’s worth listening to.
    4. Take Risks. Intuition lives in the unknown, not the known. This is why it can be a potent tool in addition to your logic and analytical brain. Intuition nudges you towards growth so you can reach your highest potential. And that means you will have to do things you are not usually accustomed to.
    5. Follow your dreams. Dreams can be a powerful source of intuition. If you’re struggling to make a decision, pay attention to your dreams and see if they offer any guidance.
    6. Be open to guidance. Intuition often comes in the form of guidance from others. So if you’re seeking advice, be open to what people tell you.
    7. Trust yourself. The most crucial step is to trust yourself. You are intimately connected to your intuition. Your intuition is not outside of you. It is a part of you. It would help if you learned to trust yourself, which means you can’t engage in negative self-talk, constantly criticize yourself, or have self-doubt. You must learn to love yourself to start accessing this powerful tool in decision-making that can make or break your life or business.

    Intuition is a powerful tool that can help us to make better decisions. By getting clear on what we want and listening to our intuition, we can tap into a deeper level of wisdom and guidance. Follow these tips to start using intuition in your decision-making process.

    Related: 7 Tips for Making Quality Business Decisions

    [ad_2]

    Gurpreet Kaur

    Source link

  • The 4 Biggest Difficulties Every Entrepreneur Faces

    The 4 Biggest Difficulties Every Entrepreneur Faces

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    The path to success as an entrepreneur can take many different forms, and no matter what path you choose, difficulties will always exist. It’s easy to become a bit of a skeptic when it comes to doing business. The truth is, it’s not easy — and it’s not for everyone. It takes hard work and determination to succeed, no matter how cliché it sounds.

    You also have to recognize challenges as bottlenecks — not as signs of failure, but as obstacles to be overcome. To prepare yourself for any difficulties you might encounter along your entrepreneurial journey, here are some of the most common challenges you should expect to face, along with tips on how to overcome them:

    Related: Entrepreneurship Is All About Overcoming Obstacles

    1. Cash may run out, but it’s not the end of the world

    Cash is one of the most challenging elements of running a business. You have to ensure enough cash is coming in to keep everything and everyone up and running. Companies often go through periods of low cash flow, during which they may have to delay or cancel projects, hire less staff or even shut down entirely.

    Why do entrepreneurs end up low on cash? Well, most of the time, it is a result of a slowing economy, but it can also occur due to a client going bankrupt or because marketing efforts aren’t working as well as initially anticipated. It could also be that they might not have predicted the amount of money they would need for various aspects of their business.

    When you find yourself in any of these scenarios, managing your cash flow should be your top priority. You can always get a line of credit from another bank or finance company that charges very low-interest rates. Managing your credit, however, is a different topic we’ll get into later.

    2. You can’t please everyone, but you can always learn from naysayers

    Try to be on the right side of your own decisions. If you are doing something that you’re passionate about, then it’s easy to convince yourself that people will want what you have to offer. You need to make sure that every decision you make is made with confidence and conviction.

    It’s also important to understand that it’s normal for people to be indifferent toward a certain idea or person. Perhaps they have a preexisting opinion about you or your business that prevents them from considering it fully.

    Besides preconceived notions, consider that naysayers’ lack of interest might also be caused by familiarity, ignorance and fear. You must uncover what causes them and provide a solution.

    Having doubters doesn’t mean your idea or business isn’t good — it could mean that it just needs more work! DOUBTS ARE GOOD! They mean that something is missing from what would be perfect.

    Related: How to Maintain Motivation When Surrounded by Naysayers

    3. Clients are not here to stay — so give them more reasons to

    In the world of entrepreneurship, there are many ways clients can influence your business. They can be a great source of knowledge, especially if they’re interested in what you’re doing and how you do it. In this way, clients can be valuable resources for your company.

    However, it’s important to remember that they are also customers who will want things from you. So, while they may share information and provide valuable feedback, they may also expect different things from you than they did before.

    The difficulty here is that it’s up to you as an entrepreneur to make sure that their expectations are met and that they feel satisfied with their experience with your business. As an entrepreneur, having strong relationships with your clients is the key to remaining competitive while growing your business.

    4. Credit is tough to manage until you’re left with no choice

    Entrepreneurship is a risky endeavor, and credit can be a big problem. But it won’t be a big problem if you know what you’re doing.

    The credit system is a lot like a double-edged sword. On one side, it can help entrepreneurs get the resources they need to start and grow their businesses. On the other side, it can be a hindrance when it comes to keeping your business afloat.

    For example, if you have a loan or line of credit with a bank, your business will have to pay interest on that loan every month. This means that if you don’t pay your bills on time, the bank will take more money out of your account than they’re supposed to — and then charge you more in interest for the money they took out of your account. This can lead to serious financial problems for you and your business.

    To overcome problems with credit and keep your business running smoothly, you’ll need to have an understanding of all the options available to you and then make sure you take advantage of them.

    Related: 3 Tips for Young Entrepreneurs on the Power of Credit

    Important takeaways

    • Having a lot of cash on hand might seem like a good sign, but you must also strike a balance between having an excessive amount out of precaution and not having enough. When you have too much cash, you may be missing out on investment opportunities that could increase your profits.

    • Instead of letting naysayers scare you away from making progress, focus on finding out where the holes are and filling them in before moving forward.

    • Give your clients a sense of ownership, and acknowledge the importance of the role they play in your company’s success.

    • Be smart when it comes to credit, and be aware of all the options available to you.

    [ad_2]

    Roy Dekel

    Source link

  • 6 Tips for Building a Successful, Scalable Software Company

    6 Tips for Building a Successful, Scalable Software Company

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    The company I founded as a startup ten years ago has over the years evolved into an international software company that receives orders starting at $100,000. Now our offices are located in six different countries, and the number of my employees has gone beyond one hundred. How did I accomplish this? I’ll share the six tips I learned along the way and I will leave it up to you to use or ignore them.

    1. Start with a well-thought-out plan

    Before creating a software company, I did thorough research on the industry and target market and earnestly evaluated my financial abilities. And while “learning-by-doing” supporters call for improvisation and change, my past entrepreneurial experience persuaded me that nothing would come out of it without a concrete, accurate and prudent business plan. Therefore, I thought over the strategy and rigorously calculated the income, turnover and expected profit for several years to come.

    Related: 4 Things Every Entrepreneur Must Consider Before Starting a Software Startup

    2. Delegate authority

    As the company expanded, we came to the realization that it was high time we started to scale up. The “everyone can do anything” approach is reasonable, especially when starting a software company. I believe multitasking is relevant and works well for startups, but it significantly reduces the productivity of medium and large companies.

    I came to the conclusion that there was no need to make this supreme effort to control everything; what I actually needed was to make sure that the workload was competently delegated. Now, my company exceeds hundred people, and every one of them does an incredible job.

    3. Overcome the urge to quit

    Have you ever heard the expression “survival of the fittest”? This also applies to building a software business. It is morally difficult to withstand the most tricky period — the birth and evolution of a business, and it can easily lead to burnout. At some point, I also had to fight the urge to quit. How did I manage to deal with it? I tried to sleep for at least eight hours, had small vacations with my family and read a lot. I strongly believe that productivity is driven by small things that make us genuinely happy.

    4. Constantly develop your team’s skills and techniques

    One of my main goals was to create a work environment that supports high individual and team productivity. So in my opinion, talent is to be valued more than skills. You can easily teach to be competent, but it’s impossible to make someone talented.

    That’s why I’m always searching for talented people. However, relying only on talent is definitely not enough to form a team of qualified specialists. The main value is the constant updating of skills and methods. The focus of technology changes every year, and we have to adapt quickly to these changes. As a result, we are proud to be a company that provides innovative products to our customers.

    Related: All Entrepreneurs Face Failure But the Successful Ones Didn’t Quit

    5. Trust is more important than money

    Creating a software business is not only about making money. This is a long game, which makes it clear that financial profit cannot be the only measure of a company’s value. The trust between employees, customers and the community also holds a lot of importance in a successful software business. So, I do my best to be open, honest and consistent in all aspects of my business, from products and corporate culture to partnerships.

    6. Invest in business growth

    Additional investment, in my opinion, should be an essential step for business growth. What do I mean by that, you ask? I began to invest more in projects and departments in the business that were producing great results. However, this did not mean neglecting other units. In the long run, this method turned out to keep my company from getting into trouble in the future. Keep balance, but tilt the board if needed.

    Related: 6 Tips to Drive Sustainable Business Growth

    Although the possibilities are almost endless, creating a software company requires a lot of effort. But if you develop a sound business strategy, attract the right people and build a responsive corporate culture, you are deemed to succeed.

    Looking back, I realize that I did everything right by following the tips listed above. As a result of my decisions and choices, we managed not to lose momentum during the pandemic and were able to withstand the severe test with dignity.

    I’m not sure I have sage advice for other entrepreneurs, but from my experience, I’ve learned one important truth: You don’t have to be an Ivy League alumni or have deep pockets. You just need to believe in yourself against all reasonable logic, no matter how trite it may sound. And never give up, even if there are seemingly insurmountable obstacles in the way. We all face them, but those who believe in themselves stay at the top.

    [ad_2]

    Oleksandr Andrieiev

    Source link

  • 5 Key Tips to Successfully Ride the Rollercoaster of Being an Entrepreneur

    5 Key Tips to Successfully Ride the Rollercoaster of Being an Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    The life of an entrepreneur can be a rollercoaster. After closing my first 7-figure business during the 2007–2008 Global Financial Crisis, I made sure that my future businesses were resilient. As much as this “crash” was a crisis, it was also the opportunity to create the life I really wanted. I had let my business take over for my needs. I am thankful for the lessons learned, and I use that experience not only in my own businesses but also as a business mentor when I am helping clients create resilient businesses that support their needs and desires.

    To be successful, you need grit, passion and faith in the value of what you are doing. People think that going into business will give them the freedom to do whatever they want, but if you’re not careful, the business can take over your life. There is always a lot of testing and measuring, and not everything turns to gold straight away. Consistent and persistent action to keep going, even when things haven’t gone to plan, is needed.

    Being persistent is different from just working hard. Take time to get clear, get in alignment and follow the path from a place of clarity. When things don’t go to plan, you need to be agile and open to change to suit the current operating environment. Celebrate the highs, and enjoy the journey — that is the sweet spot, even more than the end goal. In all my businesses, I align to follow the joy. When you enjoy what you do every day and are bringing value to others, that is when you are living the dream! Here are five key tips to successfully ride the rollercoaster of being an entrepreneur:

    Related: What I’ve Learned in 20 Years of Being an Entrepreneur

    1. Good foundations

    This is systems and structures, but more importantly, this includes knowing how to support yourself, building a good support team around you and utilizing them by asking for help when you need it.

    This was a big lesson for me in my first business. The African proverb, “If you want to go fast, go alone. If you want to go far, go together” comes to mind. You might be able to do all of the things in your business, but if you want to scale, you need to bring in team members. In order to bring in a team, you need systems and procedures. I remember returning from a business trip when I was about 6 months pregnant, and I was chatting with the person sitting next to me on the flight. We were talking about my travel business and how I would manage once I had the baby. She encouraged me to read The E-Myth by Michael E. Gerber, which emphasizes that if you want a successful business, rather than just creating a job, you need the business to work without you. If you want to grow and scale, just like any building, you need strong foundations.

    2. Emotional intelligence

    Emotional intelligence is being able to be an observer of your emotions and understand why you might be experiencing them, and use them to guide you to what you need to do next. Knowing how to support your own emotional needs is one of the keys to a happy life.

    People think that “business” and “personal’ are separate aspects of our career paths, and yes, sometimes they are — but a “light-bulb” moment for me was realizing that this is never entirely true. Everything is personal because we are human beings. It was a big shake-up during my business closure (I was also going through a divorce at the time). I realized that there is strength within vulnerability. It’s okay to admit that you are not okay, and it’s okay to ask for help. It’s also okay to say “I need time away” or to say “no” to things that drain your energy. The realization was that I needed to trust myself and let go of fears around emotions, make decisions with an open heart, be guided by my intuition and prioritize my own needs.

    Related: Entrepreneurship Is All About Overcoming Obstacles

    3. Empathy

    Empathy is being able to consider someone else’s perspective, how they are feeling and why they may be acting a certain way. Understanding this will be a great tool for you in resolving issues and in any negotiations.

    Developing a greater understanding of the role empathy plays in your working life will help with managing teams and growing your business. As a negotiating tool, I always look for what’s in it for the other side as well as how and why they may have formed their point of view. It will help you determine what their expectations are and help you curate an offer that will be acceptable. It helps to establish long-term mutually beneficial relationships. It’s not always about an immediate win or two opposing sides. It can be how you work through challenges and support each other in a common goal.

    Here’s an example from one of my own businesses, The Bubbles Review, which publishes articles and creates events and tours on champagne and sparkling wine. When we went into lockdown for the pandemic, the events and sparkling wine industries were severely affected. Restaurants were closed, and wineries needed to close their cellar doors. I had to postpone our series of The Bubbles Festivals indefinitely. Understanding how difficult this was, I wanted to do something to help.

    We host a section on our website where we feature reviews on Sparkling Cellar Doors, so I decided to create a Virtual Sparkling Cellar Doors listing to feature wineries and wine importers who had suddenly lost their usual distribution channels. I made it free for them to participate because it was more about giving back and helping. We promoted it to our database and social media, and I showcased virtual tastings, interviewed some of the winemakers and shared them on our Facebook page. The relationships that were formed during this time have been long-lasting. When it was time to invite wineries and wine importers to be exhibitors for our events in 2021, it was an easy “yes” for them to sign up, as we had already negotiated to a point of trust in our shared goal of promoting these lovely sparkling wines to our audience.

    4. Manage your energy

    One of the most important resources is your own energy. Knowing how to read your own energy, and that of others is crucial. Failure to do so will lead to burnout. If you are experiencing resistance, reset and restore your energy until you can move forward from a place of inspiration.

    I didn’t always get this right, and once I had reached burnout, it was very hard to restore my energy from there. In some cases, it can take years. I now protect my energy daily. I listen to my body. I schedule regular wellness activities and take time out when I need to. I choose what and who I spend time with based on what brings me joy. I don’t take on projects or clients that do not align with who I am or what I want to do.

    Related: Welcome to the Entrepreneur Roller Coaster. Here’s How to Ride It Forever

    5. Know your value

    This can be achieved by aligning to your value set and operating from there. When you operate from a place of value, you eliminate self-doubt and align with your sense of purpose — and you’re less likely to be affected by any negativity.

    Aligning with your values is also a useful way to restore energy. In my first business, it was a big transition from simply managing myself to needing to motivate my entire team. This topic is now one of the most popular workshops that I deliver for small and large organizations, as it allows you to create a company culture that all of your staff will engage with. You will find all of your team on the same page instead of top-down instructing, and you will have all of your staff working as a team to achieve your shared goals.

    Customers will align with businesses that have similar values to them. For you, personally, when you are working on things and working with people who align with your values, this is when it feels like you are following your joy. Our businesses should work for us, not the other way around. My biggest takeaway is to not put off living your dream life and wait for something to happen in the future. It really is about enjoying each of the steps along the way. When the business becomes stressful, remind yourself that business and life are supposed to be fun.

    [ad_2]

    Natalie Pickett

    Source link

  • 5 Unspoken Rules You Need to Know to Start a Media Agency

    5 Unspoken Rules You Need to Know to Start a Media Agency

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    It’s no secret that the ad market is booming. Global ad spending is forecasted to increase by $58 billion in 2022, rising to $781 billion from $723 billion in 2021, and businesses of all kinds are vying for attention in the online marketplace.

    But what about aspects of the industry that are secret? For instance, what are the unspoken rules that your fledgling agency needs to be aware of when you are starting out?

    Related: How This Agency Is Using Creativity to Inspire Greatness in Others

    1. Think small

    How many times have you been told to “think big,” “dream big,” or “look at the bigger picture?” In the case of a media agency, it may be better to go against this advice and, instead, to think small.

    By “thinking small” we mean identifying a corner of the market you can really make the most of. Consider your own background. Which industries do you have direct experience in? Which marketing techniques have you mastered — is it traditional media, pay-per-click or SEO? What do your previous clients, colleagues or employers believe to be your greatest strengths?

    Put yourself in your customers’ shoes. Which do you think they prefer: a jack-of-all-trades agency that claims to do it all, or an honest and upfront operation geared towards specific fields and goals? In today’s highly competitive, highly granular landscape, it’s likely to be the latter time and time again.

    From my own experience, my first agency was singularly focused on traditional media at the outset, and then grew to add digital and social capabilities. After developing a solid client base, our agency found that the best way to expand was to develop a strong relationship with our clients first, and then provide more services related to their needs.

    Related: 10 Secrets to Building a Successful Digital Marketing Agency

    2. Demonstrate your capability

    The best advertisement for your business is your business itself, especially in the digital space. Basically, you need to lead by example, demonstrating exactly what you can do and why you are the best option for your clients.

    Don’t just tell your prospects what you can do for them — show them. Agencies who can talk the talk but can’t walk the walk will struggle to gain traction in the market.

    I have found client testimonials and case studies on our agency’s best work to be great selling tools when converting prospects into fully-fledged clients. Of course, these testimonials need to come from somewhere — in my early days, I offered free trials with the agreement to publish testimonials and studies, giving me a solid basis that I could use to hook new clients. This method of “showing” rather than “telling” is our highest source of conversion, and it also showcases our expertise beautifully.

    3. Be selective, at least at the beginning

    By thinking small, you are developing a real area of expertise — a market niche you can corner and make your own. Unfortunately, this means your fledgling media agency is not going to be for everyone. You’re not going to please all of your prospective clients, and you’re going to stretch yourself too thinly if you try to do so.

    So, be selective. At the beginning of your agency’s development journey, find the clients who represent the best fit for your organization and for your skill set. I’ve personally found that targeting small- to medium-sized bricks and mortar retail businesses were highly effective. This is due to their always-on marketing approach, and their consistent promotional efforts and budgets.

    Don’t be afraid to say no to clients who you feel you might not be able to assist properly or to avoid clients with goals you’re not sure you can achieve. By overstretching, you are only going to garner negative reviews that will harm your business. It’s also crucial to check the credit history of the prospective client — I learned early on that a good client is one who spends regularly and pays their bills on time.

    Of course, this is easier said than done. It’s exciting when you discover a new prospect, especially a warm lead, and you may feel reluctant to pass up on this business. Just remember that growth needs to be steady and sustainable. You don’t want to be hiring staff for a specific project, only to find you don’t need these staff later on.

    Related: The 7 Steps to Managing Your Ad Agency

    4. Identify specific hiring needs with a focus on business identity

    In order to grow your business, you need to hire. However, as we’ve already touched on, you need to hire sustainably. Start by handling as much as you can with your current in-house team, or just by yourself. Once you begin to understand your capabilities, you can identify where you need specific help and assistance.

    Your company culture always needs to come first. Foster a strong business identity within the nucleus of your team, and then make sure all hires are ready and willing to engage with this. Your culture needs to resonate with your prospects, which means it needs to resonate with your personnel too.

    The Covid-19 pandemic hit recruitment hard, and it has been extremely difficult to find and retain skilled staff. With this in mind, don’t be afraid to hire remote-based staff, but remember to actively manage these hires rather than leaving them to their own devices.

    5. Be good at new business

    It doesn’t matter whether you’re starting a digital agency or a more traditional agency — finding new business opportunities and converting these is going to be crucial. Some agency owners may bemoan their “bad luck” when it comes to finding the leads and prospects they need to grow. While luck may play a part, I’ve always found that the harder you work, the more fortunate you become.

    Target improvements in your acquisitions process. One way to do this is to create excellent relationships with your existing clients so that these clients act as a beacon for future prospects. However, you will still have to reach out and find these prospects in the market, so hone your direct, outbound marketing skills as you grow your agency.

    Related: How to Start a Successful Marketing Agency from Scratch

    Become the go-to in your field

    Getting your agency off the ground can be tricky. However, by narrowing your parameters to focus on your strengths, being selective as you build your client roster, maintaining a strong business culture and by supporting both existing and prospective clients, you can begin to build a strong presence in the market. Becoming the go-to agency in your niche is the key to success as you build your presence in the market. This is your aim.

    [ad_2]

    Matthew Nunn

    Source link

  • What New Entrepreneurs Should Know Amid Rising Inflation

    What New Entrepreneurs Should Know Amid Rising Inflation

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Setting up a new enterprise can be both exciting and daunting. You’ll have a lot to think about, but one thing you may not have considered is the impact of inflation on your new enterprise. Open up any newspaper or watch any news report. The higher inflation rates are likely to be a talking point.

    How should new entrepreneurs navigate their new business amid rising interest rates? Here are eight things you need to know:

    1. Increased Prices

    The first way inflation can impact new entrepreneurs is the increased prices in the marketplace. If you are a producer, you may need to budget for the higher cost of raw materials. You need to consider what you need to buy to make your items and look at the price of each component. With higher inflation rates, you could be paying 5% to 8% more for your raw materials, which you will need to factor into your pricing and business plan.

    Even if you are not producing a physical product and instead offer services, your enterprise is not immune to the increased prices. You’ll need to consider the additional cost of heating, lighting, gas, and all the other essentials for your workplace.

    Related: 3 Strategies To Protect Your Business From Inflation

    2. Labor costs

    Higher inflation will also impact wages. With the cost of living increasing, workers are more likely to demand higher wages to compensate for the disparity. If your enterprise employs a team or outsourcing any aspect of your business, you will need to look at your labor costs. If you cannot pay higher wages, you will need to anticipate staff attrition or pilfering, as found this study, which will impact your bottom line.

    Another aspect of labor costs is the risk of a drop in employee productivity. If you’ve already agreed on rates for your team or freelancers, there is a chance that they will feel less motivated if you cannot increase their wages. This means that even if you keep your labor costs to the same level as your original business plan, you could suffer efficiency issues and produce fewer products, reducing your income/expenditure balance.

    3. Currency fluctuations

    Even if your enterprise is not a massive importer or exporter, it could still be hit by currency fluctuations. If you purchase raw materials or goods overseas or have overseas freelancers paid in local currency, you will likely find that your dollars don’t stretch as far. While you may have agreed on a rate with a weaker currency, you’ll be paying more. You will need to account for these increases in your enterprise cost analysis.

    Related: Inflation Is a Different Beast for Entrepreneurs. Here’s How to Protect Yourself.

    4. Borrowing limitations

    Borrowing is also subject to the whims of inflation. Many lenders are aware of the increased risks within the market and will increase their rates. Additionally, the Federal Reserve uses interest rates to curb rising inflation. The Fed typically increases the base interest rate to address higher inflation rates and return them to optimal levels. Unfortunately, this rate increase is passed on to personal and business customers.

    If you need to borrow funds for your enterprise, you may find that loans are cost prohibitive. Additionally, lenders may be more hesitant to offer loans to new businesses, so you may struggle to qualify with a limited financial track record.

    If you already have a business loan for your enterprise and it is not on a fixed-rate deal, you will need to factor the higher interest costs into your expenses. Variable rate loans are subject to rate changes, so you are likely to have your lender contact you to let you know your new rate and when it will apply. This makes it very difficult to budget for your typical monthly expenses as your loan repayments could be higher from one month to the next.

    5. Tips to lessen the impact of inflation on your enterprise

    Fortunately, there are some things that you can do to lessen the impact of inflation on your new enterprise:

    6. Reallocate your business capital

    While having cash on hand is a good thing to address any issues that arise with your enterprise, when inflation rates are high, having lots of cash sitting around is not a good idea. The buying power of the dollar is reduced when inflation is high. Let’s say you had $10,000 last year that could buy X number of products. The following year, the same $10,000 would only cover the cost of fewer items.

    This means you’ll need to think carefully about what to do with your business cash. If you don’t want to tie up your funds, as you may need access to them, consider a high-yield savings account or short-term bond. While this may not be as inflation-proof as the stock market or real estate, you won’t sacrifice liquidity.

    7. Negotiate in the dollar

    If you are outsourcing to freelancers or workers outside of the U.S., make sure that you negotiate rates in the dollar. Regardless of currency fluctuations, you will still be paying the same amount. This will eliminate some of the uncertainty, and it will allow you to budget for your costs.

    8. Evaluate your expenses

    Finally, evaluating your enterprise expenses is one of the most effective strategies to lessen the impact of higher inflation. Have a serious look at all your costs and operating expenses. There may be areas where you can make savings, so you can create a buffer to compensate for any increased costs.

    It may be worth reassessing where and how you source raw materials. It may be able to find a better deal or set up a fixed-rate contract to protect against increased costs soon.

    Related: 6 Ways to Protect Your Small Business From Inflation Pressure

    While higher inflation is daunting, being prepared is the best possible defense against the potential rising costs. With a proactive approach, you can address the potential implications of higher inflation. This will allow you to continue your enterprise with minimal disruption and allow you to weather possible financial storms to succeed with your operation.

    [ad_2]

    Baruch Mann (Silvermann)

    Source link