Wednesday, October 31, 2018

5 Fast-Growing Businesses Reveal Their Shared Secret to Success

What’s the one thing that unites a company that grows crickets for food, one that solves an embarrassing health problem, and one that sells beverages that are helping to save the planet one bottle at a time? They’ve all been helped by a small business mentor.

While their stories are inspiring and instructive, the best part is you can steal their secret to success, and it won’t cost you a dime.

Cowboy Cricket Farms

When Kathy Rolin told her husband James that she wanted to become a cricket farmer, he thought she was nuts. But instead of nixing the idea, he ended up going all in, and now their business, Cowboy Cricket Farms, is the largest producer of Acheta domesticus (the common house cricket) in all of North America.

Cowboy Cricket Farms’ crickets are food-grade crickets, which are high in protein, and are grown for human consumption. The crickets are environmentally friendly, and compared to beef, for example, use 2,060 times less water, 14 times less feed, and a fraction of the land mass. Cricket powder is used in the company’s baked goods (like the popular Chocolate Chirp Cookies), chips, and energy bars; roasted, flavored crickets also have proven to be a popular healthy, high-protein snack.

The Rolins started their business in November 2016, and began breeding crickets in January 2017 with hopes that they would one day fill a 1500 square foot facility. It turns out, their idea took off quickly. “It’s hard to keep up with demand,” says Kathy. “The demand for our flavored crickets has been so high we have had to shut down orders on our website a few times to play catch up.” In response to the high demand, the entrepreneurs have created a network of “Partner Farmers,” and currently have six partner farms up and running, and another 12 in the onboarding stage.

The Rolins’ SCORE mentor, Rick Sanders, who volunteers with Bozeman SCORE, helped the couple develop their business plan. He encouraged them to apply for business grants, and despite their skepticism, they ended up receiving every grant they applied for. He also helped them with ideas for gaining valuable press coverage.

“Rick is an amazing mentor and has allowed us to really focus on what we do best,” says Kathy. “He holds back nothing and is super straightforward with us. We know that we can always depend on Rick as a confidential sounding board and a shoulder to lean on.”

Pip & Grow

When my daughter was an infant, I fashioned a portable sleeping space for her from an under-the-bed storage bin. I was a safety nut and felt it was pretty safe, but it was bulky and I worried at times, especially when carrying her from room to room while she dozed.

I would have been the perfect customer for Pip & Grow, which has created a portable bassinet box that contains a firm mattress and cotton sheet. Weighing just two pounds, the Smitten Sleep System has handles that make it easy for mom, dad, or other caregivers to keep baby safe and close.  

Pip & Grow was launched over a girls getaway weekend in 2015 by three friends: Amber Kroeker, Kate Compton Barr, and Lauren Hughey. Kroeker is an infant safety expert who had been concerned about preventable SIDS deaths. She had received a grant to develop an American version of the Finnish “baby box” that’s popular in Europe, but needed help getting her business started here.

Since that girls weekend, the three formed a company, obtained trademarks and a provisional patent, secured American manufacturers, and launched Pip & Grow in October 2016 at the ABC Kids Expo.

“We were so naive,” says Kroeker. “We just thought showing up was enough. We had retailers lined up asking us questions that we didn’t even know what half the words meant.” (They Googled answers from the back of their booth.) And they quickly discovered there were people who loved both the story and the concept. Several “big name” bloggers stopped by the booth—many after doing a double take—and they were in business.

“We are so excited to be profitable in our second year,” Kroeker marvels. “We always thought we were on a three-year trajectory for breaking even, so it feels pretty amazing to be experiencing that type of growth. It demonstrates there is a tremendous market demand for the simple, beautiful, and safe.”

The trio live in different parts of the country, so Hughey was the one to find a SCORE mentor, Jon Stuart, from Manasota SCORE. She’s been meeting with him for more than two years, at least once a month and sometimes more. Kroeker laughs that before she discovered who he was, she thought he was “stalking” them on social media. Finally, during a conversation with her business partners, Hughey explained he was their SCORE mentor.

“Jon has literally been our best cheerleader in everything we do,” Kroeker raves. “Our success is his success, and that is the best kind.”

Compton Barr adds that Stuart has worked with them “near and far” to grow the business. “We lean on Jon for business know-how and the encouragement to keep going when it’s not easy,” she says. “I wasn’t prepared for the hardest part of being a scrappy startup: Uncertainty!”

Blue Ridge Bucha

What started as a side gig selling kombucha from the trunk of their car in 2010 has now evolved to a business that sells its fermented tea-based beverage in more than 80 locations with no signs of slowing. Blue Ridge Bucha, founded by Ethan and Kate Zuckerman, stands out for its emphasis on both quality—it uses organic ingredients and pure Blue Ridge Mountain water—and sustainability. In many locations where it’s sold, customers can purchase a refillable bottle and then fill up at the “kombucha fountain.”

The Zuckermans were lucky in one sense: They were already selling their beverage when demand for kombucha took off. “We started out with huge growth year over year (1100% in year one), but have settled into a more sustainable pace,” explains Kate. “Next year, for example, we are projected to grow between 40 to 50%.” They are also convinced that their focus on providing a premium product has helped. “Making a delicious, handcrafted, certified organic beverage gives us a loyal following of customers,” Kate adds.

The couple is also quick to add they measure growth, not only in sales, but in bottles kept out of the trash or recycling system. To date, the company has saved more than 800,000 bottles.

“When you are a small business growing quickly, it’s important to have experienced business people you can turn to for advice and support,” notes Kate. “Steve Cooper, our SCORE mentor, has helped us navigate some of the cash flow, inventory, and distribution challenges we have faced over the past six years.” Cooper volunteers with Central Virginia SCORE.

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Sharita Humphrey, speaker and coach

There’s nothing that Sharita Humphrey likes better than to see the light bulb go off in her clients’ heads when they realize they can get out of debt, improve their credit, or start a successful business. As a certified financial educator and coach, Humphrey teaches individuals and groups who are budding entrepreneurs, struggling with their credit scores, or trying to achieve other specific long-term financial goals. “During ongoing sessions or my Debt Management Mastermind Course, I teach my clients how to properly manage their business and personal finances to achieve multiple goals across a wide range of income brackets,” she explains.

Business growth these past few months has been “surreal,” she says, and in addition to growing her client base, she’s getting regular requests to share her knowledge as a speaker and guest on podcasts and vlogs (video blogs). “I had a vision for my business a year ago and wrote notes in a binder about how I wanted to start a business teaching the importance of financial education,” she says. One of the first things she did was schedule a meeting with SCORE Houston, and there she met her SCORE mentor, Raj Mashruwala.

“Raj has helped me establish marketing objectives, fine-tune my business model, measure my ROI, and set future goals that challenge me,” she notes. “I always leave our meetings feeling motivated and capable.”

Humphrey can’t recommend SCORE highly enough. “The education, advice, and support given by SCORE definitely helps any business achieve heightened levels of success,” she notes. “My mentor has lead me to truly believe that, with a good team, the sky’s the limit.”

Thompson Tee

Common business advice is to “find a problem and solve it.” Entrepreneurs Randy Choi and Billy Thompson have taken this to the next level, starting and growing Thompson Tee to more than $10 million in annual revenue. The problem they identified? Excessive sweating. Their solution? A patented technology that keeps clothing dry.

Thompson Tee produces t-shirts and undershirts for men and women that block underarm sweat. Both co-founders suffer from a medical condition called hyperhidrosis (or excessive sweating), and wanted a solution to help keep them dry and comfortable throughout the day.

Their business was not an overnight success by any means. It took them over 10 years to develop the product, and once they did, they tried the “spray and pray” approach to marketing, trying to sell through any avenue they could find, including infomercials, retailers, and more.

Working with several SCORE mentors in the SCORE Orange County office (primarily John Pietro and Larry Tucker) they received lots of valuable advice. The most important, they say, was to learn to focus their efforts and to develop a digital sales strategy, which means selling directly to customers online. “SCORE introduced us to our digital marketing partner, which has dramatically helped our business grow,” explains Thompson. “Around the same time, John Pietro recommended we focus solely on growing our online direct to consumer channel, which we did.”

It paid off. Thompson Tee has experienced 100% year-over-year growth for the past five years, and landed a spot on the popular TV show Shark Tank last year. The company has customers in more than 135 countries and it has created jobs for a diverse workforce in Southern California and now Nevada, after relocating this year.

Even with all that success, the founders still turn to SCORE for help. “We will always be grateful to SCORE for the advice, and recommend any business owner to tap into this amazing and free resource,” says Thompson. “We still rely on SCORE for business advice.”

Find your mentor

SCORE is a non-profit resource partner of the U.S. Small Business Administration. It’s one of a few organizations that provide free and low-cost consulting to small business owners. (Small Business Development Centers (SBDCs) are another.)

SCORE provides confidential advice through a network of more than 10,000 volunteers nationwide; there is never a fee for consulting. Whether your business is new, stuck in a rut, or taking off quickly, SCORE mentors are eager to help. You can find a SCORE mentor here.

RELATED: 14 Startup Tips From Small Business Pros

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Best NJHMFA Mortgage Lenders of 2018

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3 Common Payroll Mistakes and How to Avoid Them

When you’re a small business owner, it can seem like there are a million different things vying for your attention. And if you have employees, payroll is one of them.

As a business owner, I know how difficult it can be to know all the payroll and employment laws. There are so many that it’s easy to forget some of them. That’s probably why small business owners make payroll mistakes.

Here are three of the most common payroll mistakes that small business owners make when running payroll.

1. Not paying overtime wages

You must pay extra wages to nonexempt employees who work overtime. The federal Fair Labor Standards Act says nonexempt employees must receive one and a half times their regular rate of pay when they work more than 40 hours in a workweek.

Some states have stricter overtime laws. Depending on where you’re based, you might have to give overtime pay after an employee works eight or 12 hours in a workday, or you might have to pay double their regular rate of pay.

There are some employers who try to get out of paying overtime wages. They will misclassify their workers as exempt from overtime pay. And then some will illegally use comp time by letting employees take time off to make up for any overtime worked; other employers will seek out loopholes.

Don’t avoid overtime pay. Unless your employees meet all of the requirements for exempt employees, you must compensate them for overtime work. If you don’t give overtime wages to your nonexempt employees, your workers can sue you, or the government might investigate your business. You also might owe back wages, back taxes, interest, and penalties. It’s better to pay overtime wages correctly now instead of paying even more later.

2. Not withholding and paying taxes

I didn’t withhold payroll taxes for my first few employees. I didn’t have the knowledge to do it, nor did I have a system set up to do it for me. I would write checks, hand them out to my employees, and that was it. I was essentially paying my employees under the table.

That quickly changed when the father of one of my workers wanted to see his son’s pay stub. Well, there wasn’t a pay stub to show. I didn’t need to give employees a log of their pay and deductions because I wasn’t withholding payroll taxes.

When you pay employees, you must withhold, file, and remit taxes—it’s serious if you don’t. If you don’t pay payroll taxes, you may face IRS payroll tax penalties, criminal penalties, and imprisonment. The IRS can shut your business down.

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Since my early days as an employer, I have learned a lot about running payroll. I fixed my early mistakes and found a way to run payroll legally. My early days even inspired me to found Patriot Software, which provides payroll software for small businesses.

Even though payroll taxes can be difficult to understand, entrepreneurs must find a way to handle them and avoid common payroll problems. The consequences are too great to ignore the taxes.

3. Not running payroll on time

Your employees rely on the regular paychecks that you give them. They have bills and other expenses; some of them may even be on a tight budget.

There may be a time when you need to run payroll late because you don’t have enough money to run payroll. Or maybe you just forgot to run it. Whatever you do, avoid running payroll late. Running a late payroll can make employees mistrust you. And a late paycheck could put some employees into financial trouble.

Not running payroll on time can have consequences for your business, too. Many states have pay frequency requirements that dictate how often you must pay your employees. Running payroll late might put your business in legal trouble.

How to avoid payroll mistakes

Unless you are a trained payroll professional, I don’t recommend doing payroll by hand. Get help to avoid payroll mistakes. Use a professional or cloud payroll software. Find a system that will handle most things for you.

However, it certainly doesn’t hurt to brush up on payroll and employment law basics. Even if you let someone else handle the payroll calculations and taxes, it’s good to know the basics of how payroll works.

RELATED: Pay Attention to These 9 Essential Startup Tax Issues

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NerdWallet offers financial tools and advice to help you understand your options and make the best possible decisions. The guidance we offer and information we provide are deeply researched, objective and independent. We spent over 400 hours reviewing the top mortgage lenders before selecting the best for our readers. MassHousing, Massachusetts’ housing finance agency, maintains...



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Monday, October 29, 2018

2 Free Mobile Apps to Streamline Your Construction and Renovation Projects

When the real estate market was still recovering from the financial crisis back in 2014, I purchased my first investment property, a 1,200-square-foot single-family home in the Miami, Fla., area. It had been abandoned for years and it showed: the hardwood floors resembled Swiss cheese thanks to termite damage, the kitchen cabinets were rotting away, and the bathroom had a huge hole where once the bathtub had been.

Renovating a property can be stressful and take a lot of time and energy. In my mind, I knew exactly what I wanted that house to become; I knew the style I wanted it to have and the materials I would need to achieve that vision. But once I started the renovations, I realized what was sorely needed was a way to stay on top of all my contractors, and an effective system to keep everyone in the loop and working efficiently on the same to-do list.

My previous career in technology had taught me a lot about the value of mobile apps, including how to repurpose them to serve your unique needs. This knowledge came in handy now.

If you’re also managing projects with multiple contractors and an endless to-do list, keep reading because your project management toolbox is about to get a major upgrade with just two free mobile apps.

Almost all my contractors today have an Android smartphone, while all my devices run on Apple. This isn’t a problem, however, as the tools I’m about to share with you have versions for both operating systems.

Turn WhatsApp into your central communication station

When working on construction and renovation projects, communication between the different teams can be challenging, especially if they are working on multiple projects at the same time. A flood of text messages turns into a never-ending thread that is hard to search and keep track of. Simple misunderstandings can result in mistakes, unforeseen costs, delays, and frustration among team members.

My team and I made the switch to the messaging app WhatsApp a while ago, and it was the best decision we could have made. We use the group chat function to create one chat room per project, using the property address as a group name. For example, if you’re working on “123 Main Street Unit 3,” use this as the group name and invite all contractors who are currently involved with the project. You can add and remove people on the go (your drywall contractor does not need to stay in the loop after his job is done), and you can share important information with just one message. The read receipt function also allows you to confirm everyone has received it.

Pro tip:When we conclude a project, we take photos of the materials used in order to capture the important info (for examples, pictures of the paint buckets showing the paint name and product code) and we add all these photos to the project chat. Should we have to return to this property for more work, we already know what we’ll need.

If you also own or manage rental properties, WhatsApp is a great way to establish chat rooms with your tenants. Simply give your group chat the address of the property and invite your tenants to join the group. They’ll be able to use the app to confirm rent payments and ask for assistance with maintenance issues.

Manage everyone’s tasks with Wunderlist

While Whatsapp chat rooms are a great way to centralize your operation, Wunderlist is a useful tool to help you supercharge your project management efforts. This “to-do list” app allows you to add and check off tasks as you complete them.

We converted this simple solution into something that works specifically for us, creating one to-do list for each project by—you guessed it—giving it the name of the address of the project.  Simply add and remove tasks by typing them in the top bar or checking them off. Here too you can add your team members via email, and they will be sharing your to-do lists in real time.

Each task has a number of advanced features:

  • Assign a task to a specific team member
  • Give the task a due date (and set a reminder!)
  • Add notes, images, or pictures to each task
  • Add subtasks
  • Add comments, creating a conversation thread within a single task

Once a task is complete, anyone can check it off, and a timestamp and username log is created to take note of who completed the task, and when.

Wunderlist helps us streamline task lists, and often we don’t even need to communicate via email or phone at all. I have a separate rental maintenance list, which I share with our handyman. When a tenant needs help in their residence, I can simply add the task to the list, and the handyman will get a notification on his phone.

When managing projects that involve a number of people, having everyone on the same page is key. These two tools have helped us tremendously in simplifying and streamlining our many projects. We use Whatsapp and Wunderlist, but there are many other great apps out there—you just have to tweak them a little to fit your needs.

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10 Must-Read Email Newsletters for Small Business Owners

With the wealth of information the internet offers, there simply isn’t enough time to sort through all of it. Newsletters, however, can send you smart, targeted information and stories on the topics that are important to you, directly to your inbox.

When you’re running a small business, I know your time comes at a premium, and you can’t waste a moment searching for the best content—or by extension—the best newsletters. So here’s a list of 10 newsletters that are worth subscribing to—and maybe they’ll even inspire you to start sending out emails of your own.

Note: Some of these newsletters are daily, some are weekly or monthly—so you won’t be overloading your inbox every morning with the same headlines.

Morning Brew

Every weekday morning, Morning Brew arrives absolutely packed with content, including market updates, world news (with “Zoom out” analysis to give you a sense of what it all means), a news quiz, puzzles, TV and podcast recommendations, and more. If your brain isn’t buzzing after reading this, you might need more coffee.

Money Stuff

Money Stuff is written and delivered each weekday by Matt Levine, a Bloomberg Opinion columnist who covers finance. Levine writes on four to five topics in-depth, ranging from the latest happenings in finance to tech entrepreneurship, and his articles never get bogged down in jargon. He covers serious happenings in the business world with an eye for personalities and details, weaving in wry humor and commentary along the way.

SBA newsletter

The SBA is more than an advocate for small businesses and source of federally backed loans—it also puts out a diverse array of content via its newsletter. Typical missives include webinar offers, links to informative videos or blogs, access to extra courses, invitations for social media chats, and more. Each month has a different entrepreneurial theme that resonates with what’s happening in the business world.  

The Hustle

The Hustle is delivered to your inbox each morning and covers the day’s top business, tech, and culture news stories. The Hustle does a good job of not only introducing stories but explaining what the takeaways are and how topics fit into the larger business story lines of the moment. Links to their blog include stories on side hustles, new apps, and hidden gems on the internet.

The Feifer Five

The Feifer Five, a monthly newsletter by Jason Feifer, the editor-in-chief of Entrepreneur magazine, delivers five tips on entrepreneurship, ranging from somewhat vague pearls of wisdom (“It’s OK to have the right idea at the wrong time”) to discussions of actionable advice, like where to find new business opportunities. Perhaps most importantly, the newsletter is imbued with gentle but clear encouragement—which every small business owner needs from time to time.

HBR’s Management Tip of the Day

The Harvard Business Review is one of the most respected names in business and management news and analysis, and HBR’s Management Tip Of The Day is exactly what it sounds like: One quick tip—a piece of actionable advice with suggestions of how to put it into practice—that will make you a better and more assured leader.

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CB Insights

CB Insights is a research firm that tracks data points on venture capital, private companies, investments, and acquisitions, with the goal of predicting future opportunities. The CB Insights newsletter is a highly readable mix of quick insights into the latest news, a roundup of the week in data, and spotlights on amazing new initiatives that might inspire you to do something great.

Seth’s Blog

Those who want insight into how to market their business, and themselves, should turn to Seth Godin, a marketing guru, teacher, and author who runs a lauded self-titled blog—Seth’s Blog—covering marketing, writing, business development, entrepreneurship, and musings on the state of the internet and the world. Godin’s newsletter is simply a copy of the week’s most popular post, but his simple, poised, smart writing should be on every SMB owner’s reading list.  

GrowthLab

Ramit Sethi is a personal finance advisor and entrepreneur who has made it his mission to make his readers successful. His website GrowthLab is all about starting and scaling online businesses, and the GrowthLab newsletter is unique in a few ways. For one, the GrowthLab team often shows readers not just how to put together the perfect project or sales pitch, but they show their work, demonstrating how they did it for themselves, and they engage with their readers, asking for responses to questions and prompts. (Sethi says he reads every single one.)

Brain Food

Farnam Street might be the ultimate blog for entrepreneurs, especially those just finding their way. It’s a fount of wisdom on how to make better decisions and be a better person, through mental models, reading, and learning. Farnam Street’s Brain Food is a Sunday roundup of the blog’s best work, as well as recommendations on what to read (and why), which are heavy on thought-provoking books and articles that may change the way you see things.

———

Your newsletter choices these days are nearly limitless—publishers send out dozens of targeted missives a day, and everyone from bloggers to brands have their own newsletter updates. Start with these and expand to find options that speak to your needs, interests, and industry.

AllBusiness.com Weekly Newsletter: Real Business Owners, Real Business Advice!
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HR Trends to Watch Out for Next Year

For years, companies of all sizes have employed a department dedicated to managing the people who work there. Human resources is one of the most fundamental departments in a business, and in 2019, it’s getting a face-lift.

The way people work is changing, and with it, so is how people are managed. Here’s what you can expect for HR as we usher in the New Year.

HR will play a bigger role in business strategies

For years, HR has not been considered a strategic part of an organization. That perception has started to shift recently, and in 2019, the pendulum will continue to swing in that direction. Going forward, HR will continue to play a bigger part in a business’s overall strategy.

Those businesses that do not view HR as strategic believe so because the department is viewed as having an administrative role with no control or oversight of other departments. Pundits also say that HR employees are unable to participate in important conversations about organizational structure, so they do not have a voice in company decisions.

In 2019, perceptions will start to shift, giving HR a more significant role in business transformation initiatives because of its role in directly impacting culture and processes. The C-Suite will hold HR to the same standard as other departments. For example, HR will have its own set of KPIs to hit and be tasked with forward-thinking responsibilities that innovate on traditional practices.

Healthy employee engagement will become more of a priority

Gone are the days of employees clocking in and out, and then calling it a day. Today’s workforce is connected to technology which tethers them to the office. As daunting as that is, this technology empowers teams to stay engaged, regardless of place or time. For employers, that might seem like a blessing, but for employees, it could feel like a nightmare. As employee happiness and engagement becomes more of a priority, so will balance.

In 2019, employers will establish clearer rules of engagement and expectations for when and how employees should be in communication. New platforms will be adopted to empower teams to find balance away from work, while still keeping employers in the know about scheduling, benefits, and other HR needs.

The goal of introducing these new platforms and developing healthy engagement policies will be to achieve better balance in today’s world where nearly everyone has a smartphone glued to their palm. HR will be pivotal in crafting and introducing these new standards.

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Automation will shift job descriptions

Artificial intelligence has been on the minds of employees for years. As it becomes increasingly prolific in our business and personal lives, HR will need to shift job descriptions to account for where there’s a human need and for when the jobs machines can take over.

Although this might sound futuristic, many employees and employers alike are excited for what’s ahead. HR used to be a department where many jobs were administrative and tedious in nature, preventing team members from playing a bigger role in strategic work. Now, with more time freed up thanks to automated processes, HR team members can shift their focus to becoming more strategic, empowering them to make a bigger impact on market trends.

Diversity will continue to play a major role

Amazon recently announced that the algorithm it was testing to help automate recruitment was scrapped because the machine was proving to be sexist and learned sexist practices. The importance of diversity has come to light in recent years, and now HR departments are seeing their flaws more clearly than ever before. Having these flaws exposed will cause employers to take a closer look at what they can do differently to push past implicit biases and move toward a more diverse workforce.

RELATED: Is Your HR Department ‘Agile’? Here’s What That Means—And Why It Matters to Your Company Growth

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Get Found Online With These 3 SEO Tactics

If you want to get found online (and get customers to buy from you), then you’ve got to pay attention to search engine optimization. SEO is more important than ever for getting found online—and getting customers to buy from your business.

And that’s because online search has become the top way people find local businesses. A whopping 87% of people used a search engine to find a local product or service in the past month, the Local Search Association reports.

SEO used to be a specialized skill that required hiring a professional to drive traffic to your website. Today, while SEO is still somewhat of an art form, there are tons of tools and tips you can use to undertake the project all by yourself—with excellent results.

Here are three important steps to improve your SEO and get found online:

1. Do your keyword research and use the right keywords

Keywords are the words people use when searching online for what you sell. There are tons of apps and programs out there to help you choose the right keywords to use in your website, online ads, and other online content.

An easy place to start is with the Google Keyword Planner tool—the best-known and most popular keyword tool. Although it’s intended for planning online ads, you can also use it to find keywords to use on your website. Type in keywords related to your business, and Google shows you how commonly they’re searched and how much competition there is to rank for them.

You can also get ideas for keywords by using Google Trends, which shows the most popular search terms on Google currently. For instance, if you own a website that sells cosmetics, you can type in “cosmetics” or “makeup” to see what search terms are most popular in the past week, year, day or other length of time. You can also sort results by location and whether users searched the web in general or were specifically shopping.

Using our “makeup” example, a couple of popular terms are “Halloween makeup ideas” and “makeup revolution concealer.” Knowing this, you could use these keywords to create content about Halloween makeup ideas, or spotlight Makeup Revolution Concealer (if you carry this product) on your website.

It’s important to make keywords part of useful content. Don’t just cram keywords into your website, or Google will penalize you. Focus on putting relevant keywords in your website headlines, title and image tags, and meta descriptions.

If your business targets local customers, include location-related keywords throughout your website, too. For example, if you own a pizza parlor, you can improve your SEO by listing the names of cities and neighborhoods where you deliver on your website.

2. Go local

Speaking of local, a presence in local search directories is vital to get found online if your business relies on a local customer base. Plus, every place you’re listed online helps contribute to your SEO efforts so you rank higher in search engine results pages.

Get listed in as many local search directories as you can (basic listings are usually free). Here are a few important directories to get listed in:

When you’re filling out your listings, be sure to include any information that a potential customer would need to decide if they want to do business with you—and that means a description of your business that includes your keywords. Also include your hours of operation, address, phone number, photos of your location, map and/or directions, and your website URL. Basically, the more details you provide, the better! Remember to use location-related keywords in your description, too.

Pro tip: If you want to improve your SEO, your business name, address, and phone number information (NAP for short) needs to be completely consistent across all of your local search directory listings. If your address is written out this way on one website:

 4747 Wilson St., Suite 10

and this way on another:

 4747 Wilson Street, Ste. 10

the search engines will read these as two different addresses—and two separate businesses—so your website won’t get the SEO “juice” you would otherwise get from the listings.

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3. Make it mobile-first

Mobile devices now account for more than half (56%) of all visits to search engines. In other words, if customers are searching for what you sell, there’s a good chance they’re searching on their smartphones rather than their computers.

What’s more, Google now factors a website’s mobile-friendliness into its search engine rankings, so if your site isn’t mobile-friendly, your rank will suffer.

The takeaway: To get found online, it’s no longer enough for your website to be mobile-friendly. Instead, it should be designed primarily with mobile use in mind. A mobile-first website design can translate easily into desktop format, so there’s no downside to this approach.

Stay on top of SEO

SEO is always changing, so it’s important to keep learning. Do your research and find out what other people are doing right. Talk to other business owners and find out what they did to increase SEO. Search Engine Journal, Search Engine Watch and the Moz Blog are good resources where you can find news, how-to information, and tools to help with your SEO.

RELATED: From Ph.D. Candidate to SEO Guru: Brian Dean of Backlinko Reveals How He Achieved SEO Success

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Thursday, October 25, 2018

5 Obstacles Women Face in Business

It’s been about a year since the start of the #metoo movement, and unless you’ve been asleep in a cave, you’ve probably been aware that things are changing quite dramatically all around us. Patterns of bad behavior that have been tolerated for years are finally being loudly challenged. Women are speaking out in all corners of society, from the entertainment industry to the business world and everywhere in between, setting new limits on what is acceptable treatment, and sparking a sometimes contentious conversation about consent.

Female business founders are no strangers to the often uphill battles we face as a relative minority in what is still largely a man’s world. But we gladly confront the challenges because, like it or not, we are as ambitious and passionate about our work as men are. In the spirit of a new level of awareness in our current climate, and to help us maintain some focus as we move through these tumultuous times, here are five sexist misconceptions about female business founders that really need to be discarded:

1. Women are going to have children, and that will negatively impact their ability to lead

OK, let’s examine this. First of all, not all women want to have children, in the same way that not all men want to be fathers. The fact is, parenthood does not necessarily fall completely on women the way it has in the past. Couples of all configurations co-parent children all the time.

Once a woman does have a child, childcare is just as available to her as it is to a man. It’s a bit sexist to assume that a baby will automatically be more of a distraction to a woman than it will be to a man. Moreover, although raising a child takes a lot of work and no doubt has an impact on a person’s time and energy, parenting also brings lots of new perspective and can sharpen priorities. In my case, my desire to spend more time with my kids drove my inspiration to create a time-saving app to help maximize my CrossFit training, which led to the creation of my company, Garnysh.

2. Women who have successful husbands don’t need careers of their own

When I first started my company, some people wondered why I even needed to create my own business. At the time, my husband worked at Google, and I think the reaction of many in the community was, “Oh, isn’t that cute, she wants to create a little company.” The fact is, marital status doesn’t make a woman’s business aspirations disappear. If anything, having a successful husband means that you have a built-in sounding board—a trusted colleague to offer feedback and suggestions and support your own success.

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3. Women are too emotional

It’s hard to believe this one is still around, but the idea persists that we aren’t logical and rational enough to do well in business. First of all, everyone is emotional, it’s just that we are socialized to believe that it’s more acceptable for women to show their emotions. Both men and women experience a variety of feelings on a daily basis related to stress, hormones, whether or not they have gotten enough sleep, and so on. Understanding and being aware of one another’s emotions is a critical skill when it comes to running a business. And since we women have been defending ourselves for so long against the notion that we are over-emotional, we actually have plenty of practice at managing our own emotions and being sensitive to those of our colleagues.

4. She’s too pretty to run a company

It’s unfortunate, but in our society, women are still judged more by our looks than men are, and it’s a double-edged sword. While being considered attractive can certainly open doors, people tend to make a lot of unfair assumptions about a woman based on her appearance. For one thing, they might not give you credit for your skills and abilities that have nothing to do with looks. They might also target you for inappropriate behavior, based on the way you are dressed or how you might fit some image they have in their minds. It’s hard to get past the lens of objectification, as popular images of women are photoshopped into idealized, unrealistic versions of themselves. Fortunately, regardless of how we look, our talents will speak for themselves once we get to work.

5. In this new #MeToo era, women will overreact and misinterpret things that men say

While it’s true that many men may have this concern, and it’s possible that some women may be overly sensitive right now, the truth is, most women can tell the difference between neutral language and inappropriate behavior. As long as everyone does their best to be as clear as possible with one another and to communicate their questions and concerns with good intention, everything should be fine. The bottom line is, both men and women need to act professionally in a business setting, and companies can no longer tolerate condescending or derogatory treatment of female employees.

In the larger scheme of things, there is a real concern that with an increasing number of #metoo stories coming out, this may intensify a negative climate around hiring women and putting them into leadership positions. As the scrutiny on men’s behavior towards women in the workplace sharpens, some men may not want to take the risk of bringing women on to their teams for fear of complications. Perhaps this kind of blowback is to be expected during what is undoubtedly a time of deep cultural upheaval. Hopefully, this will be balanced out by the potential for positive change.

When we look broadly at business culture, we recognize that both men and women can have preconceived ideas about women in the workplace, whether they are conscious of them or not. As a woman in business myself, I have to keep these things in mind as I work to build a diverse team. It’s up to me to set the tone through my words as well as my actions, to help shape the kind of company culture I wish to create. I like to think that as a female founder, I set a good example of how women can operate successfully in the business world. Despite whatever changes and challenges we are currently facing, these are very exciting times to be a woman business leader.

RELATED: 15 Great Websites for Women Business Owners

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How to Become a Professional Speaker: Tips on Getting Started

By Adam Witty

Speaking in front of a targeted audience of peers and potential customers is one of the most powerful tactics in creating and building your authority, establishing your brand, and securing your place in the market.

But as successful as you are in your business, unless you’re on the speaking circuit A-list, you can’t sit back and wait for event planners to call and offer you a spot at their next event. Booking a speaking engagement in front of the right audience requires a certain amount of work.

How often have you gone to a conference and thought you knew more than the speaker? Why weren’t you the one up there speaking to the room full of business influencers and future clients? There are a lot of successful business people who are puzzled as to why they’re not getting more opportunities to speak.

As somebody who has spent more than a decade advising people how to forge their authority through a variety of tactics, including speaking, I’ve come to some conclusions.

A major factor is most people are not well-marketed as speakers. Google an entrepreneur’s name and you’ll land on their company website. Dig a little deeper and you’ll find their bio under the “Management” heading or on the “Founders” page. If organizers are looking for someone to speak from that specific organization, then that might be good enough. But generally organizers are looking for a stand-alone personality, an experienced expert in their field and a proven speaker.

This is why I encourage people to distinguish themselves as an authority with a personal website—a distinct place where they can be featured as a dynamic thought leader and speaker. Having a personal website connotes a whole different brand than being part of a corporate website.

Setting up a personal website

Here are the three key assets you should have on your website:

A speaker’s kit. This is a two- to four-page PDF attachment that can be downloaded or sent to those requesting more information about you as a speaker. This includes your bio, three to five popular keynote topics you can speak to, logos from past events and media appearances, and quotes from people who have heard you speak. If you have any media, include that in there. Show them that you’re a big deal!

A promotional speaker’s reel. This is a highlight video that establishes you as an entertaining and thoughtful speaker. Such a video is typically two to four minutes long and provides highlights from several different speeches. Think of it as a “Best Of” reel.

A raw 10 to 20 minute unedited video of you on stage giving a keynote speech. This is being requested more and more frequently by event planners. Are you engaging? Informed? Relatable? How does your audience respond? Event planners want to see that.

You’ve probably picked up on the Catch-22 conundrum here. You need video of yourself speaking in order to secure a speaking gig, but you need a speaking gig in order to create the video.

Booking your first speaking gig

So let’s break this down. How do you make this happen? Where do you speak? How much do you charge? Let’s start with that last question.

Nothing is the answer. Start speaking for free. This allows you to gain experience and develop those visual assets we just discussed: the video and pictures. Once you have established authority, you can slowly start charging a speaking fee.

Now let’s tackle the other question: Where?

If you perceive your first speaking engagements not as income-producing, but as investments in your future—an opportunity to gather the assets necessary to have a viable, impressive speaker sales kit—then the “where” in the equation becomes broader. Here are some ideas:

  • Universities—Contact the dean of the appropriate department at a local university and offer to be a guest lecturer. In lieu of payment, ask if the school can video the presentation. Universities usually are equipped to do such things.
  • Chambers of commerce and Rotary Clubs—Most chambers and Rotary Clubs organize recurring events for their members, such as monthly luncheons, quarterly breakfasts, or other networking programs. They are always looking for engaging speakers.
  • Local businesses—Approach the HR departments of some of the larger local companies and offer to share your knowledge with their employees. It could maybe be a brown bag, lunchtime session.
  • Libraries and community centers—If you can share information on a topic that’s relevant to its members, you’ll be welcome as a speaker.
  • Networking events—Is there an organization like 1 Million Cups, the entrepreneurial education and engagement program, in your community? If not, maybe there’s something similar.
  • Your clients—Don’t forget to go right to the source. Ask your clients what groups they belong to and whether they accept outside speakers.
  • Other speakers—Reach out to other professionals who have spoken at appropriate industry events. They can tell you where to look and hook you up with connections that should come in handy.

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Thinking before you speak

And finally, here are some useful tips:

  • Do the research—Before you approach an organization to speak, make sure what you’re offering is specifically relevant to the organization and its members.
  • Be aware of timing—If you’re in an industry where your expertise is particularly timely, coordinate and focus your outreach around that calendar. For example, tax lawyers and accountants would be of particular interest around tax time. Financial planners would be relevant at the beginning of a new year, when corporate and personal budgets are being designed. Health and wellness professionals? Tap into the “new year, new you” feeling at the start of the start of the year.
  • Present a complete package—Many of the places you’ll be reaching out to are not-for-profits with limited staff and resources. The more complete and well-thought-out your presentation is when you offer it, the more attractive you’ll be. If you present an attractive package on a silver platter, a group can’t say no. Another option: Consider teaming up with two or three of your peers to create a panel in your particular field.
  • Differentiate yourself—Yes, I know you’re special and you know you’re special, but to event organizers, you’re another email in their inbox. Focus on what you can offer that distinguishes you from all the other professionals who are vying for the same speaking slot.
  • Video every speaking opportunity, however small—If you can’t use it for your reel, you can study and learn how to better your presentation.

Ralph Waldo Emerson said, “Speech is power: speech is to persuade, to convert, to compel.” Without a doubt, speaking is the most effective way for people to see how awesome you are and for you to grow your business. Take the time to create a smart campaign. It’ll be worth it.

RELATED: Lessons on Public Speaking from 12 Superstar Entrepreneurs

About the Author

Post by: Adam Witty

Adam Witty is the founder and CEO of Advantage | ForbesBooks, the authority marketing specialists. Working with business entrepreneurs and professionals to elevate their brands and grow their businesses through publishing, he has built the company into one of the largest business book publishers in America, serving over 1,000 members in 40 U.S. states and 13 countries. Adam is also a sought-after speaker, teacher, and consultant on marketing and business growth techniques for entrepreneurs and authors.

Company: Advantage | ForbesBooks
Website: www.forbesbooks.com
Connect with me on Facebook, Twitter, and LinkedIn.

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Monday, October 22, 2018

How to Assess a Resume: 12 Ways to Identify an Outstanding Employee Candidate

Companies receive a lot of resumes, and a good number of them are discarded fairly early on in the hiring process. So, what element makes a resume stand out, allowing the applicant to move on to the next round of the hiring process?

To find out, we asked 12 entrepreneurs from Young Entrepreneur Council (YEC) the following question:

Q. Is there a key item a resume must have in order for a job candidate to advance to the interview stage of the hiring process?

1. Specific results

Resumes should follow the old copywriting rule of claim, proof, and benefit. When a resume makes a claim and backs it up with proof, then this will have the strongest impact on whether the person can move ahead to the interview stage. When providing proof, a resume should offer specific results, and then explain the benefits of those results. —Mauricio Cardenal, Roofing Marketing Pros

2. Relevance

Hiring managers primarily look for one thing on resumes: relevance. This includes experience that is relevant to the job description and special skills that are relevant to the preferred qualifications. A candidate whose resume is clear, concise, and draws these direct parallels will always make the short list and be invited to interview. —Jackie Ducci, Ducci & Associates

3. Length of employment

Our businesses have been around for over a decade, and we plan to be around for many more decades to come. I need long-term team members who can learn about our company and help push growth forward while moving up in the company. I do not even read resumes of people with less than five years at their last company unless they are just out of college or experienced a major life event. —Brandon Stapper, Nonstop Signs

4. Customization

I see a lot of resumes from people who have made no effort to customize their resume for the position. They include irrelevant details, they don’t respond to requirements that are in the job post, and they show no evidence of research. Generic “tech” resumes that the applicant has sent to dozens of businesses don’t impress. I want to see tight, concise resumes that show an understanding of what the role entails. —Vik Patel, Future Hosting

5. Alignment of core values

A candidate with strong potential will study our website and incorporate our core values somewhere in their resume or cover letter. Even if a potential employee doesn’t directly address the values, we look for words and indications that show an alignment to our values, such as proactiveness or positivity. —Beck Bamberger, BAM Communications

6. Quality references

If a job candidate is willing to put high-level references down, that tells me they worked hard at their previous job and are proud to have others speak on their behalf. If what I see is a collection of references from 10 years ago, red flags go up. —Colbey PfundLFNT Distribution

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7. Proper grammar and spelling

As the most important document to represent yourself and your career path, your resume needs to be perfect. Nothing detracts quicker from your resume’s first impression than poor grammar and spelling. Not only does it not reflect well on you, but it also may be an indicator that you are unwilling to ask for help from friends and family, which could reflect future behaviors in the team environment. —Eric MathewsStart Co.

8. Decent formatting

Even if a candidate has relevant experience, there are a blinding myriad of CVs to review. The keywords we look for are sometimes hidden in resume formats that do not help highlight experience. We’re looking for relevance or a quality in the candidate that convinces us they can complete the work. —Codie Sanchez, www.CodieSanchez.com

9. Quantifiable success

Our hiring team can quickly assess a candidate’s ability to succeed in our company by analyzing their use of data in their resume. We look for individuals who can quantify their accomplishments. This helps us get a sense of the tangible impact they have had on other organizations, giving us insight into how much real value they may be able to bring to our business. —Firas Kittaneh, Amerisleep

10. Ability to follow directions

The only real information I get from a resume is an overview of how well an applicant reads a listing and follows the instructions therein. I’ll ask for something specific, just to gauge the applicant’s responsiveness, but then I immediately move on to their portfolio. I rarely feel like I get a real sense of a person from a one page list of skills. —Thursday Bram, The Responsible Communication Style Guide

11. Growth

When evaluating resumes, I look for growth. Has this candidate grown from job to job? Has their position escalated in each job location? If not, then they were seemingly treading water, which is not what I want. I want people who are hungry. —Adrien Schmidt, Bouquet.ai

 

12. What makes you memorable

The resumes that stand out do something different. They don’t just focus on education and experience—they give an idea of who the person really is. Completed a marathon? It shows a level of commitment; you worked full-time while earning your degree? Powerful—it shows that you have a strong work ethic. Share what you normally wouldn’t put on a resume. That way you’ll be memorable. —Antonio Neves, THINQACTION Inc.

RELATED: From Biscuits to the Boardroom: A Recipe for Hiring Success

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What Is a Balance Sheet and How Can It Help Your Business?

As a small business owner, you know how important it is to make the most of every tool that’s available to run a better business. That’s why every entrepreneur should be taking advantage of the balance sheet. What is a balance sheet and why should you care?

A balance sheet is one of the three financial statements that, taken together, give you a picture of the overall financial health of your business. (The other two financial statements are the cash flow statement and the profit and loss statement, sometimes called the income statement.)

Why is a balance sheet important?

It may help to think of your business’s balance sheet as a scorecard or report card that shows the status of your business’s finances at a given moment in time. The balance sheet records your business’s assets, its liabilities, and the owners’ equity (also called shareholders’ equity) in the business.

What is a balance sheet’s purpose? It can do several valuable things for a small business owner.

  • A balance sheet shows you the big picture. When you’re running a business today, it’s easy to get focused on whether cash is coming in or not, whether you can pay your bills, and if you’re making payroll. A balance sheets goes beyond this short-term view to show your business’s progress over time.
  • A balance sheet helps you measure the value of your business. You may not be planning to sell your business anytime soon, but having an idea of its value (that is, the owners’ equity) can give you insight into your options for its future.
  • A balance sheet can serve as an early warning system. Between the beginning and the end of the year, is your owners’ equity growing or shrinking? A well-run business should produce growing equity. If your business isn’t doing this, looking at the specific assets and liabilities on your balance sheet can help you find out why. For example, if most of your assets are inventory, that’s risky. Inventory that doesn’t sell quickly becomes a liability.

Components of the balance sheet

A balance sheet has three sections: assets (what the business owns), liabilities (what the business owes, both now and in the future), and owners’ equity (assets + liabilities). Let’s take a closer look at each.

1. Assets

Assets include current assets, fixed assets and other assets. Current assets include:

  • Cash
  • Accounts Receivable
  • Inventory
  • Assets that can quickly be converted to cash such as certificates of deposit

Fixed assets are long-term assets that your business will have for more than 12 months. They include:

  • Equipment
  • Buildings
  • Land
  • Vehicles

You may also have intangible assets, such as trademarks or patents.

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2. Liabilities

Current liabilities are those that need to be paid within the next 12 months, such as:

  • Accounts payable
  • Taxes
  • Payroll
  • Debt service
  • Credit card payments

Long-term liabilities will not be paid within the next 12 months. These include:

  • Outstanding loans (minus the current portion of these debts)
  • Mortgages

3. Owners’ or shareholders’ equity

Add together assets and liabilities to arrive at your owners’ equity or shareholders’ equity. Ideally, this should be a positive figure, but if things aren’t going well, it could be a negative number.

If your owners’ equity remains negative, it will affect not only your profitability, but also your ability to get capital from lenders or investors. Financing sources want to see that a business is doing well enough financially to service its debt or make a profit for investors before they will put any money into your business.

So, what is a balance sheet?

While it may sound like overkill if you are a one-person company or a very small business, a balance sheet is actually a valuable tool for businesses of all sizes to monitor their progress and see how they’re doing.

RELATED: 5 Financial Mistakes to Avoid in Your Small Business

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