0% Intro APR on Purchases
Purchases: 0% Intro APR on Purchases, 12 months
Balance Transfers: N/A
18.49% - 24.49% Variable
On Chase's Secure Website.
0% Intro APR on Purchases
Purchases: 0% Intro APR on Purchases, 12 months
Balance Transfers: N/A
18.49% - 24.49% Variable
Whatever type of online business you choose, you will need a website. It will be the face of your online business, so choose a domain name that is easy to remember and reflects your brand. In fact, if the URL can be the name of your business, all the better. Note: While a .com site is still preferable, almost any suffix will do today.
Once you have your domain, you can use website builders like WordPress, Wix, Shopify, or Squarespace to create a professional-looking site.
Pro tip: Ensure your website is mobile-friendly, as more than half of all web traffic comes from mobile devices now.
Social media should be one of your main ways to market your business, engage with customers, and get your name out. Indeed, Forbes says that 77% of small businesses use social media to connect with customers.
You will need social channels and handles that reflect your business name and URL. They don't have to be exactly the same, but they do need to be close.
Example : My site is called PlanetSmallBusiness.com. My social handles are all @PlanetSmallBiz.
The point is to make money, right? So you will need a way to accept payments online. Popular point-of-sale options include PayPal, Stripe, and Square.
Once your website is live, it's time to attract customers, but no one yet knows you're out there. You will need to market the heck out of your new online venture.
Use social media, email marketing, and search engine optimization (SEO) to drive traffic to your site. Consider also starting a blog or a YouTube or TikTok channel to build authority in your niche.
Before formally launching, test every aspect of your website and social channels, including the checkout process. Make sure everything runs smoothly. You might even consider a soft launch to get feedback from friends or a small group of customers.
One of the best parts of e-commerce and online businesses is that stats arrive in real time and pivoting is easy. Once your business is up and running, regularly review your metrics. Use tools like Google Analytics to track your traffic and conversion rates. Adapt as necessary.
Here's the thing to remember: Starting an online business is a journey, not a race. Stay patient, stay focused, and don't be afraid to make adjustments. With persistence and the right approach, you can turn your big idea into a thriving online success.
Steve Strauss is the president of a boutique content company, The Strauss Group, and is a bestselling small business author and columnist. He can be reached at www.MrAllBiz.com, or at [email protected] .
Share this page
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Related Articles
By: Cole Tretheway | Published on June 7, 2024
By: Lyle Daly | Published on June 5, 2024
By: Christy Bieber | Published on June 5, 2024
By: Lyle Daly | Published on June 4, 2024
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
Copyright © 2018 - 2024 The Ascent. All rights reserved.
Copyright © 2024 Entrepreneur Media, LLC All rights reserved. Entrepreneur® and its related marks are registered trademarks of Entrepreneur Media LLC
By Bidhan Baruah Edited by Micah Zimmerman Sep 6, 2024
Opinions expressed by Entrepreneur contributors are their own.
Finding the perfect hire for a senior executive position can take months of searching and interviewing — but that's only half the battle.
Without an effective onboarding strategy , you may end up repeating your search in 12-18 months. Whether you let them go for failing to hit their target or they leave out of frustration, the result is the same.
When that happens, you've not only wasted time and effort, but you've also lost a substantial chunk of your budget. Gallup research shows that it costs one-half to two times an employee's salary to replace them — and a senior executive's salary is substantial.
Their departure also leaves a hole in your leadership structure that can impact team morale and productivity.
Therefore, hiring and retaining senior executives requires a flexible onboarding process that strategically integrates them into their new roles and the company as a whole.
Related: How to Create a Strategic Hiring Plan
Expecting new hires to "hit the ground running" doesn't make much sense. Why would you want them running before they know where the goal line is? They may end up heading in the wrong direction.
It's much more effective to give them a map of the territory and let them get their feet under them. Prepare all the information they'll need and have it ready before they walk in the door for the first time: key stakeholder names, organizational charts , a background on their department and team, etc.
That's not to say you should dump it all on the new executive all at once. To avoid overwhelming them, gradually provide the information over their first two or three weeks.
You can also start adding essential activities to their calendar before day one. Meaningful engagements might include meetings with board members, executive teams, and subordinates. Team or one-on-one lunches are a great way for them to get to know their direct reports and other leadership team members — and all the local lunch spots.
Related: How to Breathe New Life into Your Formal Onboarding Process
When onboarding a senior executive, carefully assess their experience and determine which strategies align with your company culture. They may be eager to bring what they know to your table but respectfully decline it upfront if they propose an approach that isn't a good fit.
Likewise, develop a 30-, 60-, or 90-day plan with the new executive to establish realistic goals and create a definition of success. This gives them a target to shoot for and allows you to determine where they may need extra coaching.
Be careful not to make this plan seem punitive. Be clear that the goal is to align them with the leadership team's long-term vision. They should understand that it's a way to ensure success, not punish failure.
Related: 5 Ways to Keep Your Vision and Mission Intact as Your Team Grows
Success thrives in supportive environments, but what does a "supportive environment" look like for a newly hired senior executive? There's no magic formula, but some elements could be assigning them a mentor or coach, creating opportunities for feedback and open communication , and scheduling regular sync-ups with the leadership team.
Mentors fulfill a different role for executive-level hires than they do for entry-level employees. At the entry-level, mentors help hires adapt to the general corporate culture, learn new skills, teach them how to network, etc. Senior executives do not need that level of coaching but may value help assimilating into the company's unique culture, methodologies, and processes.
Communication is the foundation of a supportive environment. It helps build trust and rapport. Unfortunately, many businesses struggle with maintaining open lines of communication, especially at scale. They turn to bots and software automation to help bridge the gap, but this can come off as faceless and impersonal.
Nothing replaces regular meetings and informal gatherings for allowing new executives to engage in candid discussions about roles, expectations, and team dynamics. Maintaining continuous communication and regular sync-ups with the leadership team go hand-in-hand.
One-on-one meetings create opportunities for open dialogue, allowing new executives to discuss their progress, challenges, and ideas. These check-ins help the flow of communication and strengthen team relationships, and they also provide opportunities for course corrections, if needed.
Onboarding programs aren't "one size fits all." Everyone adapts at their own pace, and some need a little more runway than others. Some fit into their new role in a few months, while others can take up to a year. It doesn't mean the latter is wrong for the role; there could be any number of reasons why it takes them a little longer.
For example, if they've relocated for the role, they're not just adapting to a new job and company culture. They're also adapting to a new city, a new house, new schools for their kids, new healthcare providers, etc. They have a lot eating up their mental bandwidth and energy. Given time to sort all that out, however, they might become one of the strongest leaders in the company.
As part of your onboarding runway, make ongoing leadership development programs available. Even senior executives look for opportunities for personal and professional growth within the company. On the flip side, they may be able to draw from the well of their experience to add to your leadership training efforts.
Entrepreneur Leadership Network® Contributor
Co-founder and COO of Taazaa Inc.
Want to be an Entrepreneur Leadership Network contributor? Apply now to join.
One $40 payment can get you lifetime access to microsoft office professional 2021.
Why pay more? Get the Office tools you need forever with one affordable investment.
Here are 10 U.S. cities that stand out for entrepreneurship, according to a new report.
Get the essential tools to supercharge your productivity without the subscription fees—one-time payment, lifetime access.
We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2024.
These five marketing tactics have delivered remarkable returns for my business.
TALEA Beer Co. co-founders LeAnn Darland and Tara Hankinson wanted to replicate the experiential appeal of a winery with their own brewery.
Successfully copied link
IMAGES
VIDEO
COMMENTS
Write your business plan - SBA
How To Write A Business Plan (2024 Guide)
How to Write a Business Plan: Guide + Examples
How To Make A Business Plan: Step By Step Guide
7 Business Plan Examples to Inspire Your Own ...
Learn about the best business plan software. 1. Write an executive summary. This is your elevator pitch. It should include a mission statement, a brief description of the products or services your ...
Build a strategy. 4. Crafts a roadmap to achieve important milestones. A business plan is like a roadmap for your business. It helps you set, track and reach business milestones. For your plan to function in this way, your business plan should first outline your company's short- and long-term goals.
What is a Business Plan? Definition, Tips, and Templates
Business Plan: What It Is, What's Included, and How to ...
How To Write a Business Plan in 9 Steps (2024)
This will limit the level of detail you can include. The audience is important too. You could write a five-page summary if the business plan is just for you. If it's for raising investment or applying for a loan, it's going to require more detail and might be 15 to 20 pages long.
Why A Thoughtful Business Plan Is Essential For Success. getty. Starting a business is an exciting journey, full of opportunities and challenges. For women entrepreneurs, particularly those ...
4. Organization and Management: Spell out the details of ownership, including investors and show your organizational chart. Specify whether your business is a sole proprietorship, partnership or ...
Now let's dive into the key pieces that come together to create a winning business plan. Step 1 - Craft a Compelling Executive Summary. The Executive Summary is one of the most critical pieces of a strategic business plan, appearing right up front before any other section.
Business plans typically include detailed information that can help improve your business's chances of success, like:. A market analysis: gathering information about factors and conditions that affect your industry ; Competitive analysis: evaluating the strengths and weaknesses of your competitors; Customer segmentation: divide your customers into different groups based on specific ...
Here are some of the components of an effective business plan. 1. Executive Summary. One of the key elements of a business plan is the executive summary. Write the executive summary as part of the concluding topics in the business plan. Creating an executive summary with all the facts and information available is easier.
Our fill in the blank business plan delineates the 10 key sections you must include in your plan, but they are listed below too for your reference:. I. Executive Summary: in your business plan's executive summary, provide an overview of your business, list your success factors (that is, what makes you uniquely qualified to succeed), and provide an overview of your financial plan (what are ...
The Entrepreneur's Guide to Building a Successful Business
Research: Writing a Business Plan Makes Your Startup More Likely to Succeed. Summary. When asked about an opponent's plan for their impending fight, former world heavyweight champion Mike Tyson ...
Business Plans: The Ultimate Guide To Building A Good Plan
The responses showed that those who completed business plans were nearly twice as likely to successfully grow their businesses or obtain capital as those who didn't write a plan. Tim gave this breakdown of the numbers: 2,877 people completed the survey. Of those, 995 had completed a plan. 1,556 of the 2,877 had not yet completed their plan.
How to Measure Your Business Strategy's Success - HBS Online
10 Important Components of an Effective Business Plan
Crafting a strategic 10-year plan is essential for setting your business on a path toward long-term success. By defining a clear and ambitious 10-year goal, breaking it down into manageable steps, and regularly revisiting your progress, you can align your team, stay focused on your vision, and navigate the challenges that come your way.
Success is about understanding when to move forward, when to hang back and when to dodge. A strategic plan for your company is one of the best ways to ensure that every move you make gets you ...
Starting an online business can seem overwhelming. Read on for a clear, approachable checklist to help turn your big idea into a thriving online success.
Likewise, develop a 30-, 60-, or 90-day plan with the new executive to establish realistic goals and create a definition of success. This gives them a target to shoot for and allows you to ...