Entrepreneurs
5 Simple But Overlooked Ways to Stand Out From Your Competition
You’re an entrepreneur. You’re working on your side-hustle aspiring to be one soon. You’re a dream chaser who thrives on freedom. But what makes you different from the thousands of other entrepreneurs launching their businesses with a laptop and an internet connection?
While the title and the aspirations behind wanting to be an entrepreneur may be the same, no two entrepreneurs are equal. How do you separate yourself from the pack? How do you become a smart entrepreneur in today’s crowded marketplace?
Here are 5 ways to be a stand out entrepreneur:
1. Don’t be the hero of your story
You’re crazy about your product or service. It may be ‘one-of-a-kind’ and get your customer from A to Z in half the time. As fabulous as it is, stop tooting your own horn. Don’t play the hero who’s waiting to swoop in to rescue your customer.
Donald Miller, Founder of Story Brand says ,“Your brand is not the hero of the story, your customer is. When your brand stops playing the hero and starts playing the role of the guide in your customer’s story, you’ll see dramatic results.”
Articulate the value of your brand and products by keeping your customer or client at the center of it. Ask yourself the following questions:
- Why does the customer need your product? Reflect the customer’s challenges or desires back to him.
- How will it work? Describe the change the product will create. Every product or service has to create a change in your customer. E.g. From scared and intimidated to confident and in control. From overwhelmed and desperate to relaxed and stress-free
- What exactly does your product or service do? Finish with the facts. This is where you bring your customer full-circle and let them know about the benefits and features of your product.
This is a simple formula you can use for your product descriptions and sales and landing pages.
“Your brand is what other people say about you when you’re not in the room.” – Jeff Bezos
2. Be an entrepreneur who makes money in their sleep
Those were the words of Richard Branson. Because that’s the dream right? To live the laptop lifestyle. To post pictures from Krabi or Phuket. To work in your pyjamas and bunny slippers from home.
But in reality, most entrepreneurs are freelancers or one-person run companies. They think that working for themselves means being an entrepreneur. They trade time for money.
But this is a model that won’t sustain itself over the long run. If you cut down your hours, you cut down your revenue. If you have sick days, your work suffers.
Your business depends on you for its survival. There’s no denying that most entrepreneurs start off with this model. It’s a necessity when you’re still trying to find your footing.
But smart entrepreneurs don’t get stuck in the ‘time for money’ wheel of trade. They have a vision of how to break out of the cycle and make plans to scale. Their vision for their business is bigger than them.
3. Determine how much energy you have
We live in a society where asking for help is a sign of weakness and being busy and doing everything yourself is a status symbol. You’re no less of an entrepreneur by getting help. There is no shame in outsourcing elements of your business.
You don’t have to keep ‘crushing it’. Ask yourself:How much time and energy do you really have? And what do you want to do in those hours?
When you know the size of your energy basket and the size of your tasks, you find that it’s easier to choose what to do and what not to do. You become aware that saying yes to one task means saying no to something else.
Have a clear picture of tasks that grow your business and tasks that maintain your business. Once you get clear on these, determine what your major time drains are.
These are most likely business maintenance tasks like bookkeeping or website fixes. See if you can outsource these so that you have time to work on tasks that grow your business. Smart entrepreneurs are aware of their limits. They know when to step back and get help.
4. Focus on being different, not better than your competitors
Be different because you’ll never be better. Once you start to compete on ‘better’, you’ll have to add features and benefits to stay in the race. When everyone starts to compete on these, it boils down to who can offer the cheapest price.
The marketplace is flooded with similar products. Just have a look at the number of courses helping you build a profitable blog.
Start analyzing your competitors and gaps in the marketplace and try to find a way to be different. Smart entrepreneurs know how to position themselves in an already crowded marketplace.
“It takes nothing to join the crowd. It takes everything to stand alone.” – Hans Hansen
5. Sell promises
Your brand is not so much what you say it is, as what your customer says it is. What story do they tell themselves by consuming your products and services?
It’s the perception of your brand in their mind that makes them listen to you or buy from you.
People like to buy, but they don’t like to be sold to. And when they do buy, they buy because of the identity your brand gives them. The promise your brand offer gives.
Brand story strategist Bernadette Jiwa says “Because people don’t want to ‘do’ they want to ‘be’. They want to be less busy and more productive, less alone and more connected, less fearful and feel more safe.” Smart entrepreneurs sell promises rather than features and benefits.
Let these points guide you in your business. Align yourself with the true definition of who an entrepreneur is. Because once you do that, you’ll be unstoppable. You’ll be a stand-out entrepreneur.
What do you currently do to stand out from businesses in your industry? Please leave your thoughts in the comment section below!
Entrepreneurs
How Entrepreneurs Are Harnessing LLCs to Launch Successful Startups
LLCs have unique advantages for starting up and growing a successful business
In my entrepreneurial journey, I’ve learned that LLCs have unique advantages for starting up and growing a successful business. But, before delving into the advantages, it’s essential to grasp the fundamentals of what an LLC is and how it operates.
What is an LLC?
An LLC is a hybrid business entity that combines the liability protection of a corporation with the pass-through taxation of a partnership or sole proprietorship. This unique blend provides entrepreneurs with the best of both worlds: personal asset protection and simplified taxation.
One of the most significant advantages of an LLC is its limited liability feature. This means that as the owner, my personal assets are shielded from any liabilities or debts incurred by the business.
In the event of lawsuits or financial obligations, only the assets of the LLC are at risk, offering me peace of mind and protecting my personal wealth.
Advantages of Forming an LLC
Flexibility in Management and Structure
Another aspect of the LLC that appealed to me was its flexibility in management and structure. Unlike corporations, which have rigid hierarchies and formalities, LLCs allow for a more relaxed approach to governance. As the founder, I have the freedom to structure the company in a way that suits the needs and goals of my startup.
For instance, LLCs can choose to be managed by their members (owners) or appoint a manager to oversee operations. This flexibility enables me to maintain full control of the business or delegate management responsibilities to trusted individuals while retaining ownership.
Additionally, LLCs are not bound by strict meeting requirements or extensive record-keeping obligations, reducing administrative burdens and allowing me to focus on building and growing the business.
Pass-Through Taxation and Financial Efficiency
One of the most attractive features of an LLC, particularly for startups, is its pass-through taxation. Unlike corporations, which are subject to double taxation (taxation at both the corporate and individual levels), LLCs pass profits and losses directly to their members’ personal tax returns.
This tax efficiency not only simplifies the filing process but also allows for greater flexibility in managing cash flow and reinvesting profits back into the business. As an entrepreneur, minimizing tax liabilities and maximizing financial efficiency are critical components of long-term success, and the pass-through taxation feature of an LLC aligns perfectly with these objectives.
Enhanced Credibility and Professionalism
Establishing an LLC can also enhance the credibility and professionalism of a startup. Unlike sole proprietorships or general partnerships, which may be perceived as informal or less legitimate, an LLC provides a formal business structure that instills confidence in customers, investors, and partners.
By operating under the umbrella of an LLC, I can present my startup as a reputable and established entity, which can open doors to opportunities such as securing financing, attracting top talent, and forging strategic partnerships.
This enhanced credibility can be a significant advantage, particularly in competitive industries or when seeking to differentiate my startup in the market.
Protection of Intellectual Property and Brand Assets
For startups built around innovative ideas or unique intellectual property, protecting these assets is paramount. An LLC offers an additional layer of protection for intellectual property and brand assets, safeguarding them from infringement or unauthorized use.
By registering trademarks, copyrights, or patents under the name of the LLC, I can establish legal ownership and enforce my rights more effectively in the event of disputes or infringement claims. This protection not only preserves the value of my intellectual property but also enhances the overall stability and longevity of the startup.
Steps to Form an LLC
Let us now look at the general steps to form an LLC for your business:
Step 1: Choose a Name for Your LLC
Selecting a unique and distinguishable name is the first step in forming an LLC. Ensure that the name you choose complies with the rules set by your state’s LLC division. Typically, the name must end with “Limited Liability Company,” “LLC,” or an abbreviation of these terms.
Additionally, the name should not infringe on the trademarks of existing businesses.
Step 2: Designate a Registered Agent
A registered agent is an individual or entity appointed to receive legal documents, such as lawsuits or subpoenas, on behalf of the LLC. The registered agent must have a physical address within the state where the LLC is formed.
For instance, if you are forming an LLC in Texas, ensure that your registered agent has a physical address in Texas.
This role is crucial for ensuring that the LLC remains compliant with legal requirements and maintains good standing.
Step 3: File Articles of Organization
The Articles of Organization, also known as a Certificate of Formation or Certificate of Organization in some states, is a document that formally establishes the LLC. You’ll need to submit this document to the appropriate state agency, usually the Secretary of State or Division of Corporations.
The articles typically include basic information such as the LLC’s name, address, registered agent details, and the purpose of the business.
Step 4: Create an Operating Agreement
While not always a legal requirement, drafting an operating agreement is highly recommended for LLCs. This document outlines the ownership structure, management roles, voting rights, profit-sharing arrangements, and other important aspects of the LLC’s operations.
Even if you’re the sole owner of the LLC, having an operating agreement in place can help clarify expectations and prevent disputes in the future.
Step 5: Obtain an Employer Identification Number (EIN)
An Employer Identification Number (EIN), also known as a Federal Tax Identification Number, is a unique nine-digit number assigned by the Internal Revenue Service (IRS) to identify your LLC for tax purposes.
Even if your LLC doesn’t have employees, obtaining an EIN is necessary for opening a business bank account, filing taxes, and conducting other financial transactions.
Step 6: Obtain Necessary Permits and Licenses
Depending on the nature of your business and its location, you may need to obtain various permits, licenses, or certifications to operate legally. These requirements can vary widely from one industry and jurisdiction to another. Common examples include business licenses, zoning permits, health permits, and professional licenses.
In my entrepreneurial journey, the decision to establish my startups as LLCs has been instrumental in mitigating risks, optimizing financial performance, and positioning my ventures for long-term success.
By harnessing the advantages of the LLC structure, I’ve been able to navigate the complexities of entrepreneurship with confidence and resilience, laying the groundwork for a bright and prosperous future.
Entrepreneurs
Build a Strong IT Team with These Smart Hiring Tips
Without dedicated IT staff, your company may not be able to function as efficiently or effectively
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Entrepreneurs
5 Important Legal Tips Every Entrepreneur Should Know
With a firm commitment to legal knowledge, you pave the way to grow your business sustainably
While creativity, drive, and strategic vision are paramount, integrating legal insight into your entrepreneurial toolkit can be a game-changer.
This comprehensive guide delves deeper into the five critical steps that can empower you to navigate the intricate legal landscape and propel your venture toward prosperity. (more…)
Entrepreneurs
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