PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Small Business ACCELERATOR

By at 26 August, 2018, 11:06 am

Tips, Trends and Business Intelligence for Entrepreneurs

Here’s the latest roundup of the best content, “how to” information, and tips from a variety of our favorite sources and experts. In addition: upcoming webinars and inspirational success stories.

Yours in entrepreneurship and small business success,

Karen Kerrigan, President & CEO

On Twitter: @KarenKerrigan

 

Resource of the Week: Women Business Centers

Thinking about starting or expanding a business? In celebration of Women’s Equality Day (August 26), the Small Business Administration (SBA) is highlighting the Women’s Business Centers (WBCs) which represent a national network of over 100 educational centers throughout the United States and its territories. WBCs seek to level the playing field for women entrepreneurs who still face unique obstacles in the business world.  Connect with a Women’s Business Center

Branding, Marketing and Sales

How the Anchoring Effect in Marketing Can Help Your Business Grow Faster or Fail, CrowdSpring. “The anchoring effect can work for you or against you. It’s one of the most important effects in cognitive psychology. When anchoring works for you, it becomes easier to market your company’s products or services. When anchoring works against you, it’s increasingly difficult to do so.”

Leveraging Linked In – How to Take Your Profile to Profit and Relationships to Revenue

SCORE Webinar – August 30, 2018  –  11:00 a.m. ET

Does your LinkedIn profile tell your prospects, referral partners and customers what you do, how to reach you, what others think of your product or service and what makes you different from your competitors?   If the answer is no, you will not want to miss this webinar.

Rhonda Sher, LinkedIn Trainer, Speaker and Coach, will explain:

● Why you need to be on LinkedIn if you are looking for new business or referral

● How to attract your ideal clients and customers

● How to use LinkedIn for lead generation

● How to create credibility and visibility on LinkedIn

● How to connect with people you do not know and get your LinkedIn connection requests accepted

● How to create a LinkedIn banner

●  The advantages of using the paid version of LinkedIn

Learn more or register here.

How to Market Better and Grow Your Small Business Faster Using the Psychology of Reciprocity, CrowdSpring. “Reciprocity, when used correctly, can be a powerful tool to inspire action. Marketers have used the principle of reciprocity in many different ways, and to significant effect.”

Want a Billion Dollar Brand? Invest in Quality Photography, Entrepreneur. “If you want to win on visual platforms and increase sales, invest in the experience of creating magazine-style editorial content that your audience would buy. The lifestyle market, filled with aspirational dreams and grandeur, is here to stay.”

Strategies and Resources for Growth

Small Business and the Global Marketplace

SBE Council-Forbes Books Radio podcast

Peter Cazamais, Associate Administrator, SBA Office of International Trade discusses the potential for growth for U.S. small businesses in the global marketplace.  More than 75% of the world’s purchasing power is outside of U.S. borders and there is significant and growing demand in the global marketplace for U.S. products. Learn more information and data from Cazamais, and how the SBA can help your small business go global. Listen to this excellent podcast here.

How to Keep Your Business Growing as Customers are Lured Away by Competitors, Inc. “Achieving continued growth has become far too critical for businesses to rely on initial solutions and marketing alone.”

7 Reasons to Reconsider a Planned IPO Strategy, Startup Professionals. “Before you forge ahead to an IPO, I recommend a thorough readiness assessment, to quantify the need, as well as to identify potential gaps within processes, areas needing internal controls, and positions requiring enhanced technical accounting skills to operate as a publicly-traded company. The costs of an aborted IPO are sizable, and may not be deferred to a later period or offering.”

These Three Email Templates Have Helped Entrepreneurs Raise Millions, Forbes. “Email is still one of the most effective tools for startup fundraising. The question most have is what to send? This series of email templates make it super easy to leverage this free method of communication to raise the money entrepreneurs need to launch and fuel new ventures.”

Management and Operations

6 Steps to Ensure Your Small Business is GDPR Compliant, Manta. “General Data Protection Regulation (jokingly referred to as Gosh Darn Privacy Rules) is a complex territory to navigate, and as a small business owner, you might not be sure if it applies to you. But in a data-driven world, it’s important to make sure you’re handling customer information according to the GDPR requirements.”

Funding for Worker-Owned Businesses Get Real, Locavesting. “…new sources of funding and assistance are arising to help traditional businesses convert to structures such as worker-owned cooperatives and Employee Stock Ownership Plans (ESOPs) that share ownership, wealth and governance more broadly.”

Startups and Entrepreneurship

It’s Startup Week!, SBE Council/Small Business Insider. In a Small Business Insider blog post, SBE Council president & CEO Karen Kerrigan gives an update on legislative activity to improve capital access for entrepreneurs, as well as great resources that will help you start a business in promising (growing!) sectors of the economy.

6 Steps to High Performance – Start Your Own Business, Startup Professionals. “The key is separating the factors that you can control (goals, behaviors, networks, and role) from those that you can’t (intelligence, socioeconomic background, etc.). Starting your own business is a great way to make this happen.”

How to Figure Out What Your Side Hustle Should Be, Harvard Business School. “Entrepreneurship, even in the form of part-time work to complement a traditional day job, can provide a useful hedge against economic uncertainty and a way to develop new skills. But the sticking point for many is figuring out what your side venture should be. This is especially true if you have a variety of interests or consider yourself a generalist. How do you know what to focus on? How do you assess your expertise? And what are the first steps you should take once you think you’ve found the right idea? Here are five strategies to keep in mind.”

8 Steps to Starting a New Venture with Limited Funds, Startup Professionals. “With these steps, you really don’t need a rich uncle or a benefactor in Silicon Valley these days to start your own business, and keep ahead of the crowd. The resources online are tremendous, if used correctly, and even small startups can have the same global reach as the big guys. The challenge is to do it right the first time, since time is of the essence in these time of rapid change.”

The Simple Guide to Evaluating Franchise Opportunity Economics, Forbes. “For every business, there are three critical components of generating cash flow (money you can put in the bank): revenue, costs, and capital outlays. All of these are critical to understanding any franchise you are evaluating.”

49% Say Independent Contracting is Safer Than Full-Time Work, Survey Shows, Small Business Trends. “Technology in general and the Internet specifically has amped up the trend. King says the digital tools available now have increased people’s confidence in their ability to create even more streams of income. He says this technology has allowed a lot of people to branch out and have various vehicles to make money from one central idea.”

New Research Finds Women are Starting 1,821 New Businesses a Day, But There’s a Catch, Inc. “The stats are part of the latest annual State of Women-Owned Businesses report, commissioned by American Express, which also found that women own 12.3 million businesses in 2018, or 40 percent overall. The report also estimates that women are starting about 1,821 new U.S. businesses per day, a significant uptick from an average of 952 between 2012 and 2017.”

Over 400 Startups are Trying to Become the Next Warby Parker. Inside the Wild Race to Overthrow Every Consumer Category, Inc. “By connect­­ing directly with consumers online, you can also better control your messages to them and, in turn, gather data about their purchase behavior, thereby enabling you to build a smarter product engine. If you do this while developing an “authentic” brand–one that stands for something more than selling stuff–you can effectively steal the future out from under giant legacy corporations. There are now an estimated 400-plus DTC startups that have collectively raised some $3 billion in venture capital since 2012.”

Success and Inspiration

Here’s Why Your Attitude is More Important than Your Intelligence, World Economic Forum. “People with a growth mindset believe that they can improve with effort. They outperform those with a fixed mindset, even when they have a lower IQ, because they embrace challenges, treating them as opportunities to learn something new.”

This Philosophy Professor Turned the Answer to One of Life’s Big Questions Into a $169 Million Dollar Business, Inc. “The unlikely creation of a word-of-mouth hit: PopSockets, those back-of-the-phone buttons you see everywhere.”

How to Submit Nominations for the 2019 Small Business Week Awards (click image above.)

 

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