Archives for 2018

No bars? There are a number of hacks to boost your cellular signal that don’t require you to change providers or even get on the phone with your phone company.

Related: 12 Surprising Office Wi-Fi Killers

For starters, get near a window. Walls are known for blocking cell signals and by standing near a window, you’ll position yourself in a clearer path towards your nearest cell tower. If a window isn’t an option, try going upstairs or increasing your elevation in some way. This too will help you get in closer contact with a cell tower. Not sure where your closest cell tower is? Try checking with an app such as OpenSignal.

Related: Slow Wi-Fi? 5 Easy Ways to Boost Your Signal Now.

While there are things you can do physically, there are also things you can do technologically, such as charging your device and closing any unused apps, which will give your phone more power to devote to finding cell signal. Still no luck? Another option is turning your phone on airplane mode and then switching it back after five seconds, which will reboot the signal.

To learn more, here are 10 free hacks to improve your cellular signal from SureCall. 

Imagine finding out your neighbor bought the exact same $40,000 car you own but paid $240,000 (or six times the price you paid). Such is the craziness of 401(k) plans. If you are a small business owner, or employed by one, it turns out that the fees you pay out of your hard-earned savings could be five to 10 times higher than your neighbor who happens to work for a Fortune 500 company.

Small business is as American as apple pie. It is undoubtedly the backbone of the economy.     Doctors, dentists, lawyers, the local car dealer, etc. … These companies typically have 401(k) plans with fewer than 100 employees. In fact, according to a study by the Investment Company Institute, nearly 90 percent of all 401(k) plans in America fit into this category. 

As a whole, the fees are substantially more for small business 401(k) plans, and in my estimation, for no good reason other than small businesses are typically dealing with several middlemen (i.e. the local broker who brings donuts and educational brochures) who intend to get paid handsomely. Owners, busy running the day-to-day operations, are painfully unaware of the fees that are quietly eroding their companies’ retirement savings.

Related: 13 Reasons Why Your 401(k) Is Your Riskiest Investment

Our firm comes in contact with thousands of small business owners annually, and we decided to produce a white paper on 401(k) fees to help the public understand what we see on a day-to-day basis when we evaluate existing 401(k) plans (the full white paper can be downloaded at www.401kstudy.com). First, we requested that small business owners provide us with a copy of their fee disclosure document (also known as a 408(b)(2), which can be accessed by calling the customer service number of your provider).

We then compiled data from nearly 250 plans and came up with the total average “asset-based” costs based on the sampling. Asset-based fees are simply the costs that are extracted from the account balances of the plan participants. Our study included 11 of the biggest-name providers that dominate the small business 401(k) plan marketplace. Below is the analysis showing our findings:

Related: Warning, Employers: Liability Lurks in Your 401(k) Plan and the New DOL Rule Won’t Protect You

To be fair, this is just a sample of plans where we were able to obtain the fee disclosures from the owners. We readily acknowledge that fees vary from plan to plan and the fees from other plans may be higher or lower than the averages we found. But the reality is that these numbers are pretty startling when contrasted to plans offered by large companies. The industry median for plans with 100 participants or more and $1 million or more in assets is just 0.93 percent annually, with the rate dropping sharply as assets exceed $10 million or more to as low as 0.27 percent of plan assets per year (Source: BrightScope-ICI Dec. 2017 report, page 50).

Now you might think these fees sound like small percentages. What’s one percent between friends, after all? Turns out it’s a lot! All things being equal in terms of market performance, a one percentage point reduction in fees could put hundreds of thousands, if not millions, back into the pockets of plan participants that would have otherwise gone to fees (watch this two-minute video which spells it out).

But the question is still begging to be asked:  Why are plans multiple times more expensive for small businesses?

It’s a combination of factors but here is my opinion: Big companies hire astute third-party consultants and make vendors compete for their business. They have major buying power and drive down costs. They eliminate expensive funds that aren’t performing well. They demand “institutionally” priced shares, which means that participants pay less than the normal retail price.

Contrast this with small businesses. The business owner usually engages a broker who seems like a likeable guy/gal. The broker typically wants to make as much as they can get away with. The broker selects a provider (often an insurance company or payroll company) and said provider typically makes money on “revenue-sharing,” which is a fancy way of saying that they get a cut of the mutual fund management fees. This means the funds in the plan are often expensive, and low-cost index funds, which don’t “pay to play,” are suspiciously missing from most plans (despite overwhelming evidence they outperform over time). Another common revenue source is the use of proprietary name-brand funds which often more profitable. And let’s not forget the local third-party administrator who can often get a cut of the action as well.

Related: Going Solo Doesn’t Mean Going Without a 401(k)

I know this all sounds like a bummer, but there is a silver lining. Any time there are high costs or unnecessary middlemen, capitalism finds the path to disruption. In the same way that Uber has transformed the taxi cab industry, next-generation 401(k) solutions are putting the traditional 401(k) providers on notice. Many of these solutions can have “asset-based” fees of just 0.65 percent annually, a 50 percent-or-more reduction from today’s averages.

Not only are fees coming down; how we interact with our 401(k) plans is also changing. Gone are the days of cafeteria-style meetings where employees have to listen to canned presentations. People want to interact with their plan provider in their car on their phone while waiting to pick up their daughter at soccer practice. Mobile devices have put the power back into the hands of participants who would rather have an on-demand experience.

In order for a true sea change to begin, business owners need to step up and rescue their 401(k) plans from high costs and unnecessary middlemen. The first step is to uncover all of the fees which are often buried deep in lengthy fee disclosures. Once this financial archeology is done, the answer to whether or not a company should switch plan providers will become abundantly clear.

YouTube has become a commercial advertising powerhouse in recent years, with short-form commercials before the start of almost every video you watch on the site.

We’ve all seen or heard countless minute-long or even 30-second commercials that come with traditional media, like television and radio. Those ads are too long; your interest usually dissolves within the first 10 seconds.

Related: How to Start a YouTube Channel

YouTube advertisers, unlike traditional advertisers, are able to consistently engage viewers within a short span, making their video marketing more efficient and effective. You should be taking advantage of short-form videos, too.

Shorter content and attention spans

The average human attention span is getting shorter as social media dominates the world with visual experiences. Short-form videos give you more freedom to produce hard-hitting, relatable videos that get to the point, without the overhead of creating more in-depth content. People buy on emotion for logical reasons, so appealing to their emotions in a short period of time admittedly becomes more of a difficult proposition.

Content-focused strategies have dominated the way companies, individuals and newer brands market themselves. Short-form video can come in a variety of different ways: livestreams, Snaps, sizzles, teasers, branded content, etc. Regardless the forum, you need to stimulate the interest of your audience. Be aligned emotionally (remember, buy on emotion for logical reasons).Then, as a marketer, transition the interest you stimulate in your brand or services.

Related: Video Is a Massively Powerful Marketing Tool. Here’s How to Optimize It.

Stage theory strategy

There is a strategy that I call the “stage theory” that allows us to amplify and repurpose any content we create.

Content. Content. Content. Capture everything. Your audience wants to see behind the scenes, the day-to-day, the success, and the failures. Treat everything you do as a stage. Every action, every thought, every intention. Treat every experience, activity, or every event as a stage.

Social media as a stage

Many people tease teenagers, saying that if something wasn’t posted on social media, it never happened. Nowadays, this perception is true, which is why we should treat everything as a stage. The more you document what is relevant to your brand or your philosophy, the more connections you will gain. The more connections you have, the more relationships you will build.

Related: 5 Low-Cost Ways to Get Started With Video Marketing

Leveraging your appearances

For example, you booked your big interview on TV and can’t wait for everyone to tune in — chances are that very few of the people you wanted to see it actually saw it. 

Naturally, you’re going to share this interview on Facebook, Instagram, Twitter or an e-mail to everyone, sending out the video of your appearance makes you look like a self-promoter, so utilize that appearance as the stage instead. Instead, Make it a vlog, sharing with everyone your process and success. Capture the beginning, middle and end of the interview, the green room, the pre-interview and the cab ride home to extend your appearance in the form of a short, emotionally engaging video.

Benefits of brevity

Why should we go to short-form?

Easier to distribute: Now, you can easily share the shorts on eight- to 10-second sizzles, since they are small in file size.

Easier to remember: This is a huge factor, which aligns directly with the short attention span that we have. Think about it from the audience’s point of view. Do we remember Martin Luther King’s entire speech or just the one line, “I have a dream”? The same thing applies to short video. Keep it concise. Capture the important shots, images, overlays and the emotion that is created at every stage.

Easier to repurpose: Since our attention span is shorter and timelines are more stuffed, so content changes quickly. Once you capture it, you have the green light to repurpose your content and put it into perpetuity.

Related: How Many of These Video Marketing Mistakes Are You Making?

Avoiding TL;DR

Short-form videos and branded content are two of the most powerful to make the most of this stage. Take advantage to share your value with the world and the 3.2 billion people on the internet. 

Learn to capture, repurpose, and perpetuate content, in order to amplify your message. Show the world your stage. Don’t forget, people buy on emotion for logical reasons and short-form video is the best way to tap into those emotions today.

So, you have a great new idea or invention, and you are ready to open your startup business. But, you’ve been scared by the well-publicized statistic about startup failure — more than 50 percent of small businesses fail in the first four years.

Opening and operating a successful startup requires some luck hard-work and thoughtful planning — as well as the ability to adapt that plan. Having been involved as a consultant to numerous startups over the past decade, I have seen some fail, some achieve a modicum of success, and some make it big. Here are a few do’s and don’ts that will help guide your startup to the promised land:

Business plan

• Don’t think that a great idea or a great product is enough. The startup graveyard is littered with amazing ideas and products that have failed.
• Do have a business plan that includes every aspect of how you will run your operation and how it will be successful. It should include all anticipated costs, marketing, manufacturing, the technology required and staffing. A business plan should also include how you will market and sell your product.

Related: How to Start a Business With (Almost) No Money

Research

• Don’t think your idea or product is original and because you and your friends think it’s amazing, means that it is and there’s a market for it.
• Do lots of research before you spend your money. As a consultant, I have on three separate occasions been asked to help with a business plan for a startup, where I discovered almost exactly what they are doing has been tried before and failed. In two of those instances, the previous failures indicated that the idea wasn’t good. In the third instance, we were able to learn from the previous mistakes and actually make a successful run at it. The number one reason startups fail is that there is no market for their offering.

Funding

• Don’t assume you will get financing other than the money you start with from yourself, family and friends. Only a very small percentage of startups get Venture Capital (VC) funding and in fact, the funding bubble has burst. And that means early-stage startups are getting little or no love from outside equity firms.
• Do assume the initial funding you have will be all you get, so the goal is to have the lowest burn rate possible. Therefore, your initial business plan should have a route to profitability and sustainability before the money runs out. The number two reason startups fail is that they run out of money.

Related: The Complete, 12-Step Guide to Starting a Business

Investor deck

• Don’t think that your expert knowledge of your business, a well-developed business plan and proficiency in PowerPoint are enough to craft an investor deck that will get a private equity firm’s attention.
• Do hire an expert consultant who has done this before. VCs can smell an embellished or amateurish deck 100 miles away. You typically only get one look by a potential investor, so make sure your investor deck is the absolute best it can be.

Tech

• Don’t assume that technology will be easy or come as scheduled. In almost every startup I have been involved with, where the need for technology advancement was crucial to success, there were unanticipated issues and delays.
• Do assume that there will be delays in technological deliveries and therefore you need to leave a buffer for that in your business plan. Do have a competent development team and if they are not performing, replace them as soon as possible.

Team

• Don’t think that you can go at this alone or that it will be easy to assemble a winning team.
• Do select your team members carefully, trying to add as much diversity as possible. The most successful startups that I have seen have mixed experience and newbies as well as the more traditional kind of diversity. The number three reason startups fail is that they have the wrong team.

Related: Need a Business Idea? Here are 55

Ego

• Don’t think customers are just waiting for your offering and investors will be lining up to give you money simply because your idea is amazing — even if you have been a successful serial entrepreneur in the past.
• Do be humble and realistic about everyone you meet. Relationships are a key to success, and like with personal relationships, if you want to be successful, be sure you see yourself as others see you. I have witnessed a lack of self-awareness and a big ego from owner’s doom potentially successful startups.

Old-Fashioned values

• Don’t think you are leaving a nine-to-five job for the easy and flexible life of being your own boss. A startup is a seven-day-a-week occupation and now it’s your money and reputation that are solely on the line.
• Do plan to work harder than you ever have with little return on your efforts for an extended period. Do be honest with everyone you interact with, as your reputation will ultimately be a key to your success.

To have big success as a startup, you’ll have to master all the do’s and don’ts above, and that’s a daunting task. So, before you begin, the question you must ask yourself is: “How badly do you want it?!”

Related video

Pro athletes aren’t waiting for retirement — they are taking their competitive fire from the field and court and bringing it to the boardroom, building innovative companies and investing in big ideas right now.

To celebrate the biggest names in sports and their involvement in entrepreneurship, Entrepreneur and VaynerSports teamed up to host an unforgettable event at Super Bowl LII: the first annual Champions Circle.

Presenters Gary Vaynerchuk and Dave Meltzer lit up the room with inspiring tributes to our first class of Champions. Be sure to check out the complete list of winners here.

Fear needs to be recognized and managed properly, or it becomes an anchor. We can become indecisive, have self-doubt and simply fail to act. But, fear can be turned into fuel, and in this video, Entrepreneur Network partner Brian Tracy breaks down four strategies you can use to turn your fear into fuel.

Tracy says you need to start by recognizing how negative thoughts can feed your fears and create a cycle that prevents you from believing in yourself and your potential. Then, he says you need to be proactive and mindful about managing those mindful thoughts. That way, you’ll be more willing to take risks and open yourself up to success.

Click play to learn more.

Related: How to Self-Publish Your Ebook in Less Than 24 Hours

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