Tag Archives: entrepreneurs

How Businesses Can Survive Inflation and Recession | Inc.com

As we all gradually get over the massive economic and societal hurdles the Covid-19 pandemic brought about, the U.S. economy is sliding into more drama: inflation and recession.

Prices are rising, supply chains are still in turmoil, and customers and business owners alike are pinching every penny as their lives get more expensive. Economists agree that this high inflation could be long-lasting and play a major part in the oncoming recession. They see hard times ahead, particularly for small business owners and new entrepreneurs.

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The ultimate guide to pricing your services | Getentrepreneurial.com

If there is one thing that budding entrepreneurs struggle with the most, it is pricing their services. There are umpteen reasons behind this – all of which we will tackle through today’s article – but, ultimately, it can pose monumental, bottom-line problems. After all, if you’re not pricing yourself accurately, you’re faced with two situations. Firstly, you could bottom-out and not make sufficient profits. Or, if you go the other way, you won’t attract the clients. So, how do you start? Let’s dive into the best practices for pricing your products and services.

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Franchise Trends That Make 2022 the Year of Opportunity | Entrepreneur

The newly released 2022 Economic Outlook for Franchising shows franchise economic output in proportions unmatched by almost any other sector in the economy.

Last year saw one of the best comebacks the United States has ever seen. Across the country, people had more cash in their pockets, more investments in the stock market and more confidence in a continued recovery for their businesses than we have seen in years, perhaps decades.

With the latest surge of the Covid-19 pandemic waning, the economic recovery will almost certainly continue, and it’s being led by the franchise industry. With continued growth across every franchise sector, 2022 will be a year of new opportunities for aspiring entrepreneurs to reimagine their careers as owners and operators of highly successful, recognizable franchises.

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Overworked? | Getentrepreneurial.com

It’s well-known that entrepreneurs must dedicate a lot of their time to getting their businesses off the ground in order to be successful. It’s not uncommon to hear of a business owner working 60 or more hours a week in pursuit of that success. However, this amount of work can have a major negative impact on one’s mental and physical health.

Tips to Cut Down Working Hours

To address the issue, busy professionals need to find a way to work smarter and gradually reduce the number of hours spent running their businesses. That’s why we asked 12 entrepreneurs from Young Entrepreneur Council (YEC) the following:

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Overworked? | Getentrepreneurial.com

It’s well-known that entrepreneurs must dedicate a lot of their time to getting their businesses off the ground in order to be successful. It’s not uncommon to hear of a business owner working 60 or more hours a week in pursuit of that success. However, this amount of work can have a major negative impact on one’s mental and physical health.

Tips to Cut Down Working Hours

To address the issue, busy professionals need to find a way to work smarter and gradually reduce the number of hours spent running their businesses. That’s why we asked 12 entrepreneurs from Young Entrepreneur Council (YEC) the following:

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How To Grow Your Business Quickly | The Startup Magazine

Rapid business growth is a critical motivator for business owners. Bare Metrics mentions that businesses should be aiming for a value between 15% and 45% in year-over-year business growth. However, these numbers seem pretty unattainable when you’ve first started the business off. For the first few months, you’re probably going to be operating in the red. Profits might not even begin to roll in until well after the initial start.

In some cases, this never happens, and the business fails to get off the ground. It’s always better to aim for the sky when it comes to business. However, to do so requires the business owner to be dedicated, motivated, and determined to make growth happen. How does a business owner do that? Let’s explore some of the ways that entrepreneurs can help their businesses grow rapidly.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Turn Your Employees into Mad Scientist Entrepreneurs | Entrepreneur

What are you doing to offer your employees value while they are in your flock and preparing them for their next ascension in either corporate America, philanthropy, social giving or as an entrepreneur? I hear of the horror stories of business professionals seeking to try their hand at being a business owner but fear that their current job will be in jeopardy or their role as a provider is in limbo seeking to take the step. Employers unknowingly are often hiring future entrepreneurs that will either create a service or product that will make their current company obsolete or struggle for survival. These “silent” entrepreneurs endure the pain of holding their desires to venture out and try entrepreneurship. It seems that too often, we speak about the risk entrepreneurs take in leaving their jobs or careers to try being an entrepreneur and not focus on the risk taken by firms to not embrace them by helping them grow. Companies are taking a risk by foregoing identifying and embracing the skillsets for qualified personnel on their teams that show true foundational character traits of entrepreneurs that can be leveraged to build them up and assist them in reaching their goal.

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Getting in Your Zone: 5 Ways Entrepreneurs Prime Their Mind and Body for Optimal Productivity | Entrepreneur

As entrepreneurs, we don’t get to punch our time cards at 5:00 p.m. sharp. In reality, we are always on the clock thinking about our next pitch, marketing plan, or capital raise, sometimes during the most inopportune times. It’s time to start realizing the value that lies within taking care of ourselves, or dare I say – even taking a break. A break does not have to mean a long vacation. Small adjustments throughout our day can let us recalibrate and make sure that we take care of ourselves before trying to build the next great business. These vital self-care routines have been proven to help elevate the performance and mental health of all kinds of people from entrepreneurs to athletes.

1. Get some rest

Ironic, I know. How can more rest make me more productive? #TeamNoSleep! As we go through school, we get into some habits that don’t carry over into the real world. “All-nighters” during finals week seem to be a normal thing, as we stay up until the wee hours cramming those last few slides just in case it can grab us a few extra points. Entrepreneurship is a very different world. Our test questions come in the form of presentations, conversations, negotiations, and so much more. If your mental clarity is not where it needs to be, the opportunity is as good as gone. The Centers for Disease Control & Prevention (CDC) recommends that adults should get anywhere from 7-9 hours of sleep every night. That might sound crazy, but you will definitely feel the difference after a good night’s rest. Don’t be afraid to experiment with some products that may help you get that sound sleep faster, like chamomile tea, melatonin, or even CBD. Focus on your rest, re-energizing, and mental clarity — your body (and performance!) will thank you.

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5 Franchise Problems To Avoid | The Startup Magazine

The US Small Business Administration notes that fast-food franchises make up the most popular business type for new entrepreneurs. Franchises are an easy way to trade on the popularity of an established name. From medspa franchise opportunities to retail businesses, there’s no shortage of supply. However, getting into a franchise relies on understanding what the company expects back from you. There are significant hurdles for new entrepreneurs when negotiating contracts and establishing rules between them and the franchisor. Here, we examine a handful of franchise problems that entrepreneurs should try their best to avoid.

A Terrible Sales Process

Many new franchisees are eager to get people in the door, regardless of how successful those people are likely to be. When you’re selling a franchise, whether it’s fast food or retail, the operator needs to understand how to make it work. While established franchises have massive training programs, these smaller, newer franchises don’t. They’re a lot cheaper to buy into as a result, and the low cost attracts a short of new entrepreneurs. The downside is that these new business owners end up biting off more than they can chew. Restaurant Business Online underlines this problem in their case study of Quiznos’ collapse.

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Government Grants for Small Businesses | businessnewsdaily.com

A small business grant is essentially free money given to a small business owner to help them launch, develop or expand their organization. Grants, unlike a loan, do not have to be paid back, but they often come with restrictions on how the money can be spent.

Just because a grant is free money, doesn’t mean it is easy to get. It takes a lot of time and preparation to apply for a grant, and they are highly competitive, so small businesses should only apply for grants they are eligible for.

Entrepreneurs and small business owners can seek a variety of grants, like private grants from corporations and government grants from federal, state, and local governments. Grants are also available for specific industries and demographics; for example, if you are a minority business owner, there are several minority-owned business grants specifically geared toward you.

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