PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Business Intelligence: Tips, Trends & Resources

By at 1 August, 2022, 10:13 am

By Karen Kerrigan –

Consumer Behavior: How Your Small Business Can Influence Purchasing Decisions

CrowdSpring

“By studying how consumers think, feel, and act about your product or service, you can better determine what messaging will resonate and how to position your offering in the marketplace. This is a guide to help you navigate through factors, theories, and actionable steps in leveraging consumer behavior analysis to achieve the unlikely: creating brand loyalty out of indifference.”

“If you’re trying to grow an established business, the insights we share in this article can help you accelerate the growth of your business. And if you’re starting a new business, you can gain a competitive advantage by leveraging these important consumer behavior principles from day one.”

Access the guide here.

 

Your Marketing Roadmap: Content, Publicity and Personal Branding

SCORE Webinar

August 2 – 1:00 p.m. ET

Join SCORE and small business expert and entrepreneur Ramon Ray for part 3 of a 4-part marketing series. Ramon will take you through the ultimate marketing essentials you will need for your business to be a success.

Workshop 3: Content, Publicity and Personal Branding

Ramon will show you how to integrate content marketing, publicity and personal branding to grow your business. You’ll see how you can leverage these three pillars in your marketing tool book.

In this webinar you will learn how to:

Use content to build trust with your audience.

Enhance the credibility of your brand using publicity.

Start and build a personal brand.

Identify why a community of fans is often more important than a sale

To register or for additional information, click here.

 

Back to Bizness: How Restaurants Can Attract Gen Z Customers

Small Business Currents

“If you own a restaurant, you should be aware of some demographic shifts affecting your industry. The oldest Generation Zers (ages 18 to 24 in this report) are changing their restaurant dining habits, according to Winning Gen Z Consumers, a recently released report from The NPD Group.

“Historically, that’s the age demographic that often visits restaurants. For example, 20 years ago, when Gen Xers were that age, NPD says they averaged 284 restaurant visits per person annually. When millennials were that age, the Great Recession was roaring, reducing their average restaurant visits to 244 a year.

“But, primarily due to the COVID-19 pandemic, from February 2021 to February 2022, Gen Zers only went to restaurants an average of 218 times. NPD says the decline is not only the result of the pandemic—Gen Z apparently has “more interests vying for their dollars,” including apparel, footwear, beauty, and tech products.”

Read more here on how to attract GenZ on “another level.”

 

5 Key Steps for Launching a Successful Startup Today

Startup Professionals, Martin Zwilling

“Based on my own mentoring and investing experience, the best entrepreneurs are pragmatic problem solvers. They have an uncanny ability to find elegant, easy, and fast solutions to pain points in the marketplace, as well as their own challenges.

“The real question is whether problem solving is a skill you have to be born with, or is there any hope for the rest of us to become successful entrepreneurs. After some review of available resources, I’m convinced that problem solving is a learnable trait, rather than just a birthright.”

Here are 5 steps for learning problem solving techniques to help entrepreneurs solve problems in the marketplace.

 

3 Tips for Making a Passive Income So You Can Quit Your Job, From Entrepreneurs Making $8,000/month or More

CNBC

“…as social media and platforms like YouTube grow in popularity, many content creators are learning they can reap the benefits of passive income themselves. Some make money by selling prerecorded classes online, for example, others make ad revenue on their podcasts and YouTube videos, and others make money through affiliates of their blogs or TikTok.

“At times, the passive income these creators build is big enough to quit their day-jobs altogether.

“If you’re keen to start making some passive income yourself and one day maybe even leave your job, here are three tips from entrepreneurs making thousands ― or even tens of thousands of dollars ― in passive income per month.”

Check out the tips here.

 

How to Survive Inflation as a Small Business Owner

GO Banking Rates

“Prices are rising, supply chains are still rocky and customers are closely guarding every dollar as their lives get more expensive. So what can small business owners do to weather the highest rate of inflation in 40 years?  If you’re an entrepreneur on the ropes, let the following tips be the basis of your survival plan.”

Read the tips here.

 

5 Reasons to Become a C Corporation

Big Ideas for Small Business®

“Almost all small businesses in the U.S. are pass-through entities – sole proprietorships, partnerships, limited liability companies, and S corporations. When it comes to small businesses, of those with no employees (other than owners), 98.5% are pass-throughs and of those with employees, 77.5% are pass-throughs. These entities have been touted as a way to avoid double taxation. C corporations are taxed, but dividends paid to shareholders are not deductible by the corporation although taxed…again…at the shareholder level. But in today’s tax and economic environment are pass-throughs the best entities to use for conducting business? Should pass-throughs consider switching to C corporation status?”

Check out the 5 compelling reasons for why you may consider changing to a C-corp here.

 

12 Accounting Mistakes Small Business Owners Often Make

Small Business Trends

“A new business won’t survive long if it doesn’t have solid cash flow and a good accounting system in place. Unfortunately, some of the most common financial problems stem from simple mistakes new entrepreneurs may make the first time they’re tasked with keeping the books.

Luckily, there are ways to avoid or fix most of these common mistakes and save your business’s bottom line. To that end, a panel of Young Entrepreneur Council (YEC) members answered the following question:

“What’s one accounting mistake that new business owners might tend to make, and why? How can they fix it?”

Read on for their insights.

 

I Spent Five Years Interviewing 224 Millionaires. Here are the 4 Types of Rich People and Their Top Habits

CNBC

In 2004, I set out to conduct a five-year “Rich Habits” study to explore how the world’s wealthiest people think about their money. Each of the 225 millionaires I interviewed fell into one of four categories:

1.) Saver-Investors: No matter what their day job is, they make saving and investing part of their daily routine. They are constantly thinking about smart ways to grow their wealth.

2.) Company Climbers: Climbers work for a large company and devote all of their time and energy to climbing the corporate ladder until they land a senior executive position — with an extremely high salary.

3.) Virtuosos: They are among the best at what they do, and they’re paid a high premium for their knowledge and expertise. Formal education, such as advanced degrees (e.g., in law or medicine), is usually a requirement.

4.) Dreamers: The individuals in this group are all in pursuit of a dream, such starting their own business, becoming a successful actor, musician or best-selling author. Dreamers love what they do for a living, and their passion shows up in their bank accounts.”

Read more here on the strategies of each.

Karen Kerrigan is president & CEO of the Small Business & Entrepreneurship Council.

 

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