No matter how gifted or driven you are, starting a business is hard, taxing work. In 2021, I left my 21-year career in finance and became a success coach, leadership consultant and author. I'd heard the statistic that 90% of all small businesses fail, but I thought starting my business would somehow be miraculously easy — it wasn't. Here are four things I've since learned. 1. Self-discipline is harder than you think Owning a business means you're the boss. There are no assignments to turn in and no deadlines to meet. No one writes a performance review for you. However, this can be very difficult for some — and I had to learn this unexpected lesson the hard way. I've always been highly organized and structured. For the last decade of my professional career, everything I did was scheduled and calendared in advance. Things were different when I struck out on my own. Conference calls and meetings weren't on a recurring cadence, and that caused big gaps in my calendar. At first, it was hard to get in a rhythm. I began noticing I wasn't leveraging my time well. I was sleeping in. If I said I'd check email for 10 minutes, it often turned into an hour. I realized I was allowing myself to become distracted throughout the day because my day wasn't full of all the same hard stops that had previously existed. I begin setting a schedule for myself. The only way I was able to write two books in my first two years was by scheduling time to write. At the start of each week, I write down the week's most important priorities and set goals for myself. I list what actions I'll need to take to achieve those goals. I schedule them on my calendar. Then, I stick to it. This takes willpower, but if you don't do it, you'll find yourself wasting time. What gets measured gets done, so I also set goals and KPIs for myself. It's easy to lose motivation when you're not graded against a scoreboard — so I created my own. I set goals for how many hours, pages or words I'd write each week. I set goals for how many people I'd respond to and how many prospective calls I'd make. When my books hit the market, I tracked sales, revenue and income. On social media platforms, I set some KPIs for my engagement rates. Figuring out what metrics you're going to watch is critical for success. 2. Pick the right clients and partners Not everyone is going to be a fit for your services and products, and you're not going to be a fit for everyone else's needs, either. One mistake I made in my first year was taking on anyone who would have me as a client or a partner. I've since parted ways with my business coach, two vendors and two clients. People who suck your energy or drain your time with nonsense shouldn't be on your calendar. In the case of my "fired" clients, they resisted all my suggestions and were hesitant to take my advice. I eventually realized neither of us was getting much from the relationship. It feels good to hold space on my calendar for only those who are aligned in their thinking and want to achieve great things. Initially, because I was just starting out, I was afraid to let go of the income. If someone was willing to pay me, I was willing to take their money. That isn't the case anymore. Great businesses only work with great clients. When it comes to vendors, I now shop around. Early on, I hired the first coach, web designer and publishing team I found. Some of those decisions were mistakes. I've since decided to broaden my search process when hunting for the right vendor. I do my homework and ask for referrals. In other cases, I like to see examples of prior work. When vendors can't produce that (or seem annoyed that I'm even asking), I know I'm not dealing with the right partner. 3. It can get lonely sometimes; find ways to add human interaction into your day Before going solo, I was always part of a team. During most of my career, I interacted with a few hundred people at work. That all changed when I became a private coach and consultant — suddenly, it was just me. When you're an employee, you're often constantly involved in conversations with others. When I went independent, there were several hours a day I wasn't. Right away, I felt a twinge of loneliness. I didn't have an endless reserve of people with whom I could share ideas. I now make a point to schedule lunch with clients, prospective clients or colleagues a couple of times a week. I also have found great joy in sharing what I call "Transformation Tuesday" videos with my network and regularly engaging on a few social media platforms with like-minded people. When I'm sharing videos and articles on leadership or mindset, it puts me into conversations with others about things that are important to me. That helps me overcome these solitary feelings. If your job is primarily done solo and you're feeling a bit lonely, find ways to connect with others regularly. 4. Building a network of your peers is imperative Initially, I was hesitant to meet other authors and coaches. To some degree, I saw them as competition. I've since had a complete change of heart. Last year, I was introduced to another coach who does exactly what I do. When we met, we'd both published our first books. Since then, we've written the forewords for each other's second books! It's been an honor and a joy to support each other like that. For my third book, I want to work with a publisher. I recently joined a group of authors, agents and publishers and went to one of their events. I couldn't believe the camaraderie and value I found there. I met other authors who are facing (but overcoming) the same challenges I face. I also met a plethora of agents and publishers who might help me. There's power in numbers. We are stronger together. Networking with others who are doing exactly what you're doing (and doing it well) can only help you, not hinder you. I wish I'd known these four things on my first day as an entrepreneur, but I'm also grateful I know them now. Implementing them will only make you and your business stronger; I guarantee it. Source: https://www.entrepreneur.com/ Image Credit Sohag Hawlader from Pixabay
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Entrepreneurship burnout is real. A recent study from Small Biz Silver Lining confirms that 75% of small business owners are concerned about their mental health. The thrill of being your own boss and having complete control over decision-making can often wind up being the very thing that causes the stress. For entrepreneurs who have scaled their business to include a substantial operating budget, clients and staff, the decision to step down or sell a business outright can feel overwhelming. While selling might seem like the most straightforward option, it's not always the best fit for every situation. Fortunately, there are several alternatives to consider that provide flexible solutions tailored to your specific needs and goals. In this article, we'll explore five alternatives to help entrepreneurs alleviate some of the stressors of business ownership. 1. Succession planning Rather than selling your business to an external buyer, you might consider passing the torch to a successor from within your organization. Succession planning involves identifying and grooming a capable individual, whether a family member, a trusted employee or a partner, to take over the reins of your business. This approach allows for a smoother transition of ownership, as the successor is likely already familiar with the company's operations, culture and clientele. This route provides an opportunity to preserve your legacy and ensure continuity for employees and stakeholders. However, succession planning requires careful preparation, open communication and a commitment to mentorship and training to set the successor up for success. 2. Exploring partnerships and joint ventures Another alternative to selling your business outright is to explore partnerships or joint ventures with other businesses or investors. Collaborating with strategic partners can offer access to additional resources, expertise and market opportunities while retaining a stake in the business. Whether it's a joint marketing initiative, a co-branded product line or a shared distribution network, partnerships can help drive growth and diversification without relinquishing full ownership. However, it's essential to enter into partnerships with clear agreements and shared goals to ensure alignment and mitigate potential conflicts down the line. 3. Franchising your business model Franchising presents a viable alternative for entrepreneurs looking to expand their business without shouldering the full weight of ownership. Of course, this will not apply to all businesses; restaurants, gyms, travel, automotive and home repair businesses are well suited for franchising. By franchising your business model, you can grant individuals or groups the right to operate under your brand name and business model in exchange for franchise fees and royalties. Franchising offers scalability and rapid expansion potential while leveraging the efforts and investments of franchisees. It also allows you to maintain control over brand standards and quality assurance while tapping into new markets and territories. However, franchising requires careful planning, legal compliance, and ongoing support to ensure consistency and success across multiple locations. One of our clients is the CEO of a major gym across the United States. He has used franchising as a way to 10x the business. In fact, while the Bureau of Labor Statistics reports that 20% of independent businesses close after two years, FranNet found that 92% of franchisees were still going strong after two years. 4. Transitioning to employee ownership Transitioning ownership to your employees through an Employee Stock Ownership Plan (ESOP) is another alternative worth considering. ESOPs enable employees to acquire ownership shares in the company, typically through a trust, providing them with a vested interest in the business's success. This approach fosters a sense of ownership, loyalty and alignment of interests among employees while providing a viable exit strategy for the owner. ESOPs offer tax advantages for both the business and its employees and can be structured to facilitate gradual ownership transition over time. According to NCEO, the median job tenure of employee-owners is 5.1 years, 46% more than for those without an ESOP. However, implementing an ESOP requires a lot of planning and the company needs a consistent cash flow. Not a lot of companies go this route yet, with the right company, it has tremendous benefits. 5. Diversifying revenue streams Diversifying your revenue streams and building passive income streams can provide ongoing financial stability and flexibility. This could involve expanding into complementary markets or industries, developing new products or services or investing in income-generating assets such as real estate or stocks. Building passive income streams can provide additional financial security while allowing you to retain ownership and control of your business. One of our clients had the opportunity to buy a building next to theirs. He got it at a reasonable price, converted it to a storage facility and provided an excellent alternative cash flow to the company. Founders today have many options to alleviate the stress of entrepreneurship. Exploring alternatives such as succession planning, partnerships, franchising, employee ownership and passive income can provide viable alternatives tailored to your unique circumstances and objectives. Each alternative comes with its own benefits, challenges and considerations, so it's essential to weigh your options carefully and seek professional advice when necessary. By considering these alternatives, you can make an informed decision that aligns with your long-term goals and aspirations for yourself and your business. Source: https://www.entrepreneur.com Image Credit: Amina Filkins
There's no shortage of examples of successful solopreneurs who have forged their own path to grow ground-breaking businesses. They're often held up as people who value autonomy and control and who approach business building like it's a hero's journey. But I believe our culture has blown the "solo" part of solopreneurship out of proportion, leading many would-be entrepreneurs and creators to feel like they have to go it alone. And while solopreneurs are solely responsible for making decisions about their businesses, it doesn't mean they have toil away independently on every aspect of it. Doing so can actually be detrimental. Many successful entrepreneurs find ways to involve others for support and guidance and to create a shared journey. Through my work with creators, many of whom are solopreneurs, I've seen how this approach can be transformational. For example, for many years, my company has hosted an event in which women of color within the creator economy have shared their experiences. We found that creating space for these solopreneurs led to record-breaking attendance. It's all part of a larger movement that has seen solopreneurs come together in real life and on virtual platforms to leverage the power of community and collaboration. As a solopreneur, you are part of something bigger The growing number of solopreneurs has effectively changed the face of our economy. Today more than 80% of American small business owners operate without any staff. For some, this works well. But I've noticed that many creators, for example, go into their journey with the mistaken belief that if they can't figure it out on their own, they're not cut out for entrepreneurship. The reality is that stoically resisting help or not seeking out support or community can lead to loneliness, burnout and even depression. Working with others is powerful, and many brands are tapping into this movement and finding ways to facilitate inspiration and connection by bringing their communities together – whether it's around e-commerce, crowdfunding, fitness or other aspects of life and business. The cliche really is true: we may go faster alone, but we often go farther together. Embracing a community-based approach can lead to tangible benefits. The power of finding your people (and places) Broadening your definition of solopreneurship isn't just about finding people to work with though. It can also be about uncovering solutions you didn't know existed, getting access to information or guidance from people who have been there, or even just having a place to go when you need a break from your home office. Here are a few of the ways I've seen individuals take a collaborative approach to solopreneurship – and reap the benefits: Choosing tech platforms that offer community We've all experienced the rise of online communities – public and private – but consider the unifying force of tech tools that support people in achieving specific goals. Whether it's launching a course or implementing a payment system, you'll find people rallied around platforms offering concrete solutions. Choose your platforms wisely, and you'll end up with more than just tools; you may find new colleagues, collaborators and a wealth of shared expertise. Working from a coworking space Anyone who's ever worked from home – or launched a business from their basement – understands the value of a good coworking space. Beyond situating you among peers, they offer rich gathering spaces for solopreneurs who want to network, learn, and enjoy the creative energy of others. Research has shown that people thrive in coworking spaces thanks to the collective boost in productivity and creativity – and that they can also be a great antidote to burnout. Attending in-person conferences and events Ever since Covid put a pause on live events, it's been tough for many of us to get back into the swing of it. But there are benefits to immersing yourself in a room full of strangers – particularly the opportunity to forge deeper connections. Sharing new experiences with other people in person can lead to the kinds of bonds you just don't get over Zoom (and making that in-person investment can open up other ways to maximize your returns there, too.) Teaming up with a partner Collabs are still having their moment, but they can be more than just a trendy way to build an audience. I get genuinely excited when I see solopreneurs I follow come together because I've seen how great collaborations can effectively fill business gaps. Plus, good partnerships can also uncover new opportunities, boost revenue and even fuel innovation. Sure, there can be risks to collaborations too, but as long as you stay true to your goals and your brand, you stand to benefit. Finding a mentor Much like peers, mentors offer business advice based on their lived experience, but they also bring the wisdom of seniority. But if the intimidation factor of approaching a mentor is holding you back, you can always start more informally. Many solopreneurs give back to their communities by sharing their learnings through courses or live events. Start by following people you admire and see what it can lead to. However you choose to expand your definition of solopreneurship, keep in mind that inviting others into your journey doesn't negate your success; at the end of the day, the buck still stops with you. By piecing together a new narrative about the realities of solopreneurship, we can start to normalize the idea that creators and entrepreneurs don't need to walk this road alone. And sometimes, just knowing that help – and a shoulder to lean on – is out there can go a long way toward boosting resilience, capacity, and the determination to keep going. Source: https://www.entrepreneur.com Image Credit: Darlene Alderson
The main advantage of ecommerce is convenience. You can browse merchandise from the comfort of your home, compare offerings without running from store to store and get what you want delivered where you want it. However, to keep enjoying this convenience, we must make it more sustainable. The importance of sustainability has long been recognized across industries. Yet, many obstacles delay transitioning to more sustainable practices. Advanced data collection and analysis technologies bring hope that green ecommerce is achievable and can even boost business profitability. Sustainability — honest goal or greenwashing? Most growing businesses profess their commitment to sustainability. It shows awareness of the general consumer behavior trends. For example, the internet search for sustainable goods has grown by 71% over the past five years. However, does this mean an actual change in how products are produced and delivered? Greenwashing — presenting a business practice or product as more environmentally friendly than it is, has been around for decades. Jay Westerveld, who coined the term in 1986, warned of evolved greenwashing practices as the Earth Day marketing campaigns of 2024 were approaching. According to him, understanding these new forms of greenwashing is especially important now as AI's power of disseminating information is growing fast. While AI does present a new set of challenges, today's consumers, especially the digitally native generation, are definitely capable of digging deeper. The growing number of sustainability-related online searches shows consumers are willing to investigate products rather than rush into buying decisions. Thus, even putting aside ethical and environmental concerns, businesses need to honestly reach for the advertised sustainability goals to keep attracting customers. How to make ecommerce sustainable Instead of utilizing AI to disseminate half-truths, brands can use such solutions to gather hard facts that help make sustainable ecommerce profitable. A few focus areas are critical for online vendors meaningfully committed to this goal. Minimizing overproduction with demand forecasting: Consistently producing much more than selling usually means bad business. Even when overproduction works financially, like for the big players in the fashion industry, production data is kept secret, knowing the reputational damage the disclosure of large-scale wastefulness would bring. Thus, the most prudent ecommerce strategy is optimizing the supply chain to minimize overproduction. Advanced demand forecasting, especially utilizing ML-based tools, is the most promising way to achieve this. Many global and local factors affect demand volatility along the supply chain, from promotion and shifting market trends to political events and weather. Many data points covering these and other variables are publicly available online. The key to successful forecasting in ecommerce lies in the ability to extract location-specific public data from diverse sources. Competitive edge in promoting sustainable products: Sustainable products might evoke different customer impressions. Some will think of sustainability as a bonus, while others will suspect that some quality features were sacrificed for it. Online vendors need to keep this in mind when choosing how to promote their sustainable offerings in the face of fierce competition. The competitive edge comes from the very nature of ecommerce, which allows the monitoring of all competitor activity automatically and in real-time. Tracking price changes helps vendors analyze the market for sustainably made products and identify opportunities for offering the best deal. Meanwhile, gathering intelligence on how competitors promote their sustainable offerings will give insight into which customer segments they are targeting. Implementing reusable packaging: Packaging choices have a decisive impact on the possibility of sustainable ecommerce. Despite continuous efforts to move towards reusable packaging, economic challenges and uncertainties often curtail its implementation. As noted by McKinsey's experts, successfully scaling reusable packaging will require complex research on the economic, environmental and societal factors at play. Projecting necessary infrastructure costs, ensuring that CO₂ emissions and water consumption of the reusability system do not negate its benefits and identifying ways to incite consumer cooperation needs careful planning informed by multifaceted data. The collected consumer sentiment and market data should represent the different geographic locations the ecommerce vendor covers. Localized research will improve scheduling decisions when scaling the shift to reusable packaging and allow local sustainability concerns to be addressed when promoting it. Sustainability of data collection In the case of facilitating sustainable ecommerce with data, the elephant in the room is that large-scale data collection itself requires an energy-intensive infrastructure based on millions of constantly running servers. The optimization of resources and processes made possible by such infrastructures most likely outweigh their negatives. However, industry leaders should take it upon themselves to address the remaining challenges. In the web intelligence gathering industry, several factors are key to advancing sustainability goals.
In an ideal world, which may lie in the future, companies collecting web intelligence and data holders could agree to a free flow of data, foregoing the anti-scraping measures. While these measures lead to a resource-heavy cat-and-mouse of creating and bypassing obstacles to scraping, the best we can do is make sure that our own practices of data collection are as sustainable as possible. Shifting to sustainable products and practices in ecommerce is the only long-term option. However, projects that would advance this transition often fail despite honest intentions. Vendors need time-sensitive and location-specific data to optimize the supply chain and make sustainability financially viable. While gathering data on a large scale can be resource-intensive, organizations need reliable information to avoid wasteful decisions. Finding ways to make data collection infrastructure more effective and sustainable will be decisive for the future of ecommerce. Source: https://www.entrepreneur.com Image Credit: Karolina Grabowska
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