Friday, November 30, 2018

Earn 5,000 Points for a Selfie With IHG

How to Plan an Unforgettable Island Getaway to Caye Caulker

Do These 5 Things by Dec. 31 to Cut Your Tax Bill

How to Use Travel Rewards to Afford First Class

American Airlines and China Southern Airlines Expand Partnership Again

Stock Market Outlook: The Year That’s Testing Investors

Starwood Data Breach Affects 500 Million Customers

Does Getting Denied for a Credit Card Hurt Your Score?

Avoid Overpaying by Reviewing Your Auto Loan Agreement

Radisson Rewards: The Complete Guide

Popular Direct Bank Review: Savings and CDs

Discover it Business Review: 1.5% on Everything, Matched in Year One

Get to Know Your 401(k) Plan

11 Ways to Get Free Stuff

Do You Need a College Degree to Start a Business?

Is a college degree necessary to start a business? Whether entrepreneurs need college degrees to succeed, or whether the time spent earning that diploma is better spent actually launching a business, has been an ongoing debate as long as I can remember. But with college costs and student debt skyrocketing, there’s a new consideration in the debate: Is student debt preventing would-be entrepreneurs from starting businesses?

Deep in debt

There’s more than a grain of truth to the idea. A person who graduates with $30,000 in student loans is 11% less likely to start a business than a person who graduates with no student debt, reports The Hidden Cost of Financing Education: Can Student Debt Hinder Entrepreneurship?, a study by Karthik Krishnan, an associate professor of finance at Northeastern University.

And $30,000 is a fairly average student debt load. As of 2018, 42 million student loan borrowers have student loan debt of $100,000 or less. Most of these (12.4 million) have debt between $10,000 and $25,000. But over 2 million student loan borrowers have student loan debt of over $100,000.

The 20s and 30s have long been considered the best time of life to start a business. In your 20s or early 30s, you probably don’t have a mortgage to pay, children to raise, or a spouse to fit into the equation. But today, you are likely to have looming student loan payments—unlike Generation Xers or baby boomers, who generally paid off any student debt they had in a few years.

With prospects for employment also dim, today’s young adults are between a rock and a hard place. Ironically, with more college-level entrepreneurship courses and entrepreneurship degrees than ever before, getting a college degree could seem even more helpful for starting a business.

Other Articles From AllBusiness.com:

Startup or school?

When deciding whether you really need a college degree to be your own boss, take these factors into account:

  • What kind of business do you have in mind? If you’ve got your heart set on a professional services business, you probably do need that degree. On the other hand, if you want to start a construction company, an apprenticeship program or work experience might teach you all you need to know.
  • How else can you get the business education you need? Business skills, like how to manage bookkeeping or the basics of marketing, will help you grow—but you can get those elsewhere than at a four-year college. Check out local community college or adult education classes, or courses and advice offered by SCORE and SBDCs. (Disclosure: Both organizations are clients of my business.)
  • What other advantages can you get from going to college? Yes, college connections can help your startup succeed (there’s a reason so many startup wizards went to Harvard).  Taking out student loans might be worth the cost if they’ll pay off in valuable contacts.
  • How much money do you have and what’s the best use for it? If you have capital for either college or a startup, add up the numbers. How much will launching a business cost? How much will college cost? And how will your parents react if you decide to start a business and skip college?
  • Is now the best time? Some businesses are best launched by a younger person; for others, you need a bit more life experience. Perhaps this is one reason entrepreneurs in their 20s are less likely than older business owners to build high-growth companies, according to a paper Age and High-Growth Entrepreneurship. Would waiting to start your business benefit it in the long run?

Whether to go to college or straight into business startup is a choice only you can make. Just be sure that you consider your options very carefully before you take the leap.

RELATED: Young Entrepreneurs: How to Prepare for Small Business Ownership While You’re Still in College

The post Do You Need a College Degree to Start a Business? appeared first on AllBusiness.com

The post Do You Need a College Degree to Start a Business? appeared first on AllBusiness.com. Click for more information about Rieva Lesonsky.



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Thursday, November 29, 2018

How to Get A Free Breakfast at These 8 Major Hotels

How I Ditched Debt: ‘We Have Choices Again’

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How to Evaluate 3 Different Types of Hotel Ratings

Hotel Deal: Get 25% Off With IHG During Cyber Week

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World of Hyatt Expands Loyalty Program to 50 Luxury Hotels

Why the Alaska Airlines Visa Signature Credit Card Is Great for Frugal West Coast Travelers

5 Guidelines for Happier Holiday Tipping

Dear Young Boys: Let’s Talk About Money

New Book Available Now – The Badass Startup: How to Start, Finance & Grow a Successful Business

AllBusiness.com has just released a comprehensive e-book on starting and growing a business, titled The Badass Startup: How to Start, Finance & Grow a Successful BusinessThis book offers expert advice on all the important business, legal, and financing issues you will encounter when starting your own company.

The book’s authors are a number of the startup experts from AllBusiness.com, one of the leading websites for entrepreneurs and growing businesses. AllBusiness.com has over one million pages of articles, expert advice, glossaries, forms, “how-to’s,” slideshows, videos, special reports, and more. AllBusiness.com articles have been featured in Forbes, Fortune, Yahoo, BusinessWeek, the Washington Post, Fox Business, MSN, and many other sites.

The book is organized into the following main chapters:

Chapter 1:  Starting a Business
Chapter 2:  Financing the Startup
Chapter 3:  HR Issues for Startups
Chapter 4:  Sales and Marketing for Startups
Chapter 5:  Legal Issues for Startups
Chapter 6:  Inspiration for Entrepreneurs and Startups

The book also has an appendix with a number of useful forms, agreements and checklists, as follows:

  • Small Business Legal Audit Checklist
  • Checklist for Formation of a Corporation
  • Checklist of Different Types of Insurance Available for a Small Business
  • Stock Ledger & Capitalization Summary
  • Offer Letter to Prospective Employee
  • Employment Application for Prospective Employee
  • Contract Checklist
  • Offer to Lease Office Space
  • Sample Press Release—New Product
  • Confidentiality Agreement with Third Party
  • Checklist for Choosing a Domain Name
  • Investor Pitch Deck for a Startup

And there are subchapters that are particularly helpful, including:

  • The Complete 34 Step Guide for Entrepreneurs Starting a Business
  • 12 Tips for Naming Your Startup Business
  • 25 Frequently Asked Questions on Starting a Business
  • Angel Investing: 20 Things Entrepreneurs Should Know
  • A Guide to Venture Capital Financings for Startups
  • 28 Mistakes Entrepreneurs Make When Pitching to Investors
  • How to Create a Great Investor Pitch Deck for Startups Seeking Financing
  • 10 Big Legal Mistakes Made by Startups
  • How Employee Stock Options Work in Startup Companies

The Badass Startup is available now at Amazon.

The post New Book Available Now – The Badass Startup: How to Start, Finance & Grow a Successful Business appeared first on AllBusiness.com

The post New Book Available Now – <em>The Badass Startup: How to Start, Finance & Grow a Successful Business</em> appeared first on AllBusiness.com. Click for more information about AllBusiness Editors.



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Wednesday, November 28, 2018

Should You Pay Off Student Loans or Buy a House?

Swell Investing Review 2018

Borrower Beware: Freedom Debt Relief

How to Decide Between Direct and Nonstop Flights

Today Only: Earn a Free Travel Gift Card When You Buy a Google Fi Phone

Security Service Federal Credit Union Review: Checking, Savings and Certificates

Service Credit Union Review: Checking, Savings and Certificates

Credit Card Experts Aren’t Immune to Credit Card Debt

Anyone can end up with credit card debt. The important thing is what you do with it. NerdWallet’s Credit Cards content team talks about how they’ve dealt with their own credit card debt, the mistakes they’ve made in both running up and paying down debt, and what, if anything, they’d do differently.   NerdWallet’s Credit...



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When Is the CSS Profile Deadline?

3 Ways to Leverage Restaurant Coupons

Rewards Perk: American Express Has More Holiday Shopping Offers

Tuesday, November 27, 2018

Debt Diary: Paying Down $19K in Student Debt on a Nonprofit Salary

What to Buy (and Skip) in December

Should You Insure Your Cruise?

Delta Launches Communication Tool for Staffers to Make Flying More Efficient

Flight Deals: Cyber Monday Prices Last Until Wednesday With Alaska Airlines

Silicon Valley Legend David Henke Visits NerdWallet for a NerdTalk

This post was written by Sara Colvin, internal communications associate. On Nov. 5, 2018, Silicon Valley legend and NerdWallet advisory board member David Henke visited our office to give a NerdTalk. The presentation, titled “Every Day Is Monday in Operations,” mined David’s own experience in engineering and operations — from his 25 years as an...



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Centurion Lounge to Open at Charlotte Airport

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Is It Safer to Bank by Phone or Computer? We Ask 3 Experts

Monday, November 26, 2018

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A Government Program Gives Kids and Educators Free Entry to National Parks

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AmEx Gold vs. Platinum: Which Is Better for Your Business?

When issuers name payment cards after precious metals, platinum is usually better than gold. But card names alone don’t help you make the right choice for your business. You might choose the American Express® Business Gold Card if you travel but also want a workhorse rewards card for daily business spending. But the right choice...



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FNBO Direct Review: Checking, Savings and CDs

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Boost Your Chances of Getting That Personal Loan

How to Manage Your Business Cash Flow During the Slow Season

Sponsored by Simply Business

By Rieva Lesonsky

1st in a series of articles exploring how to make 2019 your business’s best year yet.

Getting your business in shape for a successful 2019 starts with cash flow. If your business is a seasonal one, such as a landscaping company, or a home remodeling or construction business in which work slows down during the winter months, year-end cash flow planning is especially important.

Without positive cash flow, you won’t have the working capital you need to finance your operations, pay your vendors, or meet payroll during the slow season.

Getting a grip on your cash flow

A cash flow statement tracks money coming into your business (customer payments, interest, etc.) and going out of your business (payroll, payables, materials, etc.). When you’ve got more money going out than coming in, your cash flow is negative—and that’s not a good thing. Your goal is to maintain positive cash flow throughout your slow season so you can meet your financial obligations.

Develop a cash flow forecast for the next 12 months. Review your financial statements from the prior year, as well as your sales forecasts for the next 12 months, to develop a projection of your cash flow going forward.

Using the cash flow forecast, look for potential problems. For instance, do you have a huge loan payment coming due the same month your business slows to a halt? Do you have a big construction job starting in April using materials that need to be ordered in February to arrive in time?

Figure out how to reduce expenses and accelerate your income so you’ll have a “cushion” for the slow season. Here are some ideas:

  • Start now to set aside cash for the slow season.
  • Go over your monthly expenses to see which can be cut or eliminated altogether. Are you paying for subscriptions or memberships you no longer use?
  • Ask if your suppliers are willing to extend better credit terms during your slow season.
  • Aggressively pursue outstanding invoices. Follow up as soon as payment is due.
  • Be persistent in reaching out to late-paying or non-paying customers. See if you can work out a payment plan or get partial payment.
  • Figure out ways to quickly generate cash from customers. For example, could you request partial payment or deposits upfront for future projects?
  • Expand your services or your customer base to bring in more income. Perhaps your lawn-care customers don’t need your services in the dead of winter, but they do need snowplow or driveway-clearing services. Can you offer those? If you normally do landscaping for commercial properties, how about providing and maintaining indoor plants for offices?
  • Offer off-season discounts. Generate cash flow by giving customers special deals on services such as pre-season inspections or end-of-season maintenance. If you own an HVAC company, offer a discount for customers who have their furnaces serviced before the cold weather hits.

Monitor your cash flow closely

If you use an online accounting software program such as QuickBooks, it’s easy to generate cash flow statements. Review your statements weekly (or even more frequently) as your slow season approaches. Compare your actual cash flow statement to your cash flow forecast, and adjust your plans accordingly. The sooner you spot a possible cash shortage, the sooner you can deal with it by tapping into your working capital sources.

Look at your cash flow forecast to pinpoint when additional working capital will be needed, and develop a backup plan for getting it. (Remember, the best time to apply for business financing is before you actually need it.)

You should always match the financing method to its purpose. In other words, if you need working capital to get you through a three-month slow season, don’t take out a long-term loan that you have to pay back over three years. Instead, look for short-term loans or alternative financing methods such as a business line of credit, invoice/accounts receivable financing, factoring, or business credit cards.

You may never need to use these financing options—but having them available will put you in a better position to weather the winter and deal with any financial ups and downs.

About the Author

rieva lesonskyRieva Lesonsky is CEO of GrowBiz Media, a media and custom content company focusing on small business and entrepreneurship. Email Rieva at rieva@smallbizdaily.com, follow her on Google+ and Twitter.com/Rieva, and visit her website, SmallBizDaily.com, to get the scoop on business trends and sign up for Rieva’s free TrendCast reports.

The post How to Manage Your Business Cash Flow During the Slow Season appeared first on AllBusiness.com

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Friday, November 23, 2018

Snag These Hotel Loyalty Perks, Even if You’re Disloyal

The State of African-American Entrepreneurs

How are African-American entrepreneurs doing? There are nearly 2.6 million African-American owned businesses in the U.S., employing nearly 1 million Americans, according to the Commerce Department’s Minority Business Development Agency. The same study reports minority-owned firms overall experienced significantly higher growth than the average business between 2007-2012—a period including the Great Recession.

Here’s a closer look at the average African-American entrepreneur, according to a recent Guidant Financial survey of current and aspiring small business owners. (Read what the study revealed about Hispanic business owners.)

African-American small business owner profile

Gender

  • 62% male
  • 38% female

Age

  • 18-29: 6%
  • 40-49: 28%
  • 50-59: 25%
  • 30-39: 22%
  • 60-plus: 19%

Education

African-American entrepreneurs have varying degrees of educational attainment. About one-third (32%) have a high school diploma/GED. Some 26% have a bachelor’s degree, 21% have an associate’s degree, and 22% have a master’s degree or higher.

Motivation

Why are most African-American entrepreneurs motivated to launch businesses? These entrepreneurs are more likely than the average business owner to say they were dissatisfied with corporate America (22%). However, the vast majority (62%) wanted to “pursue their passion,” 53% were “ready to be my own boss,” and 30% say that opportunity presented itself. Just 12% say being laid off or outsourced motivated their startup.

Location

The most popular states for African-American small business owners are

  1. Texas
  2. Georgia
  3. California
  4. Florida
  5. North Carolina

Industry

The most common industries in which African-American small business owners start businesses are:

  • Business services—13%
  • Health/beauty/fitness—9%
  • Food/restaurant—9%
  • General retail—7%
  • Other—28%

Other Articles From AllBusiness.com:

How are African-American entrepreneurs doing?

Despite the rapid growth of African-American-owned firms in general, there are still many challenges for these entrepreneurs. For example, just 57% of those Guidant surveyed say their business is profitable—lower than the average for all survey residents (68%).

African-American business owners are also less likely than the average business owner to have employees: 46% are solo entrepreneurs, 41% have two to five employees; 7% have between six and 10 employees; and 6% have 11 or more workers.

Particularly concerning, the average annual receipts for African-American businesses is just $58,119. That’s compared to an average of $173,552 for minority-owned firms in general and $552,079 for non-minority firms.

What’s behind these issues? One problem is financial. A whopping 80% of African-American entrepreneurs in the Guidant poll say lack of capital is their biggest business challenge. This is 10% higher than the average small business owner in the survey. The next biggest challenges, marketing/advertising (31%) and time management (23%), are mentioned far less often than capital.

If they did get additional capital, half of African-American entrepreneurs would use the money for expansion; 61% would use it for equipment, 54% would use it for marketing/advertising, 36% would use it for staff, and 30% would spend the windfall on technology.

The challenges African-American business owners face are reflected in their lower confidence in the political climate for small business. Their confidence level is seven out of 10, compared to eight out of 10 for business owners as a whole.

RELATED: Minority Business Loan Programs

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Corner Office: Gregg Renfrew of Beautycounter on Toxic Chemicals and Getting Fired by Messenger

Before starting the all-natural personal care business, the New York native worked for Martha Stewart and Susie Hilfiger.

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Wednesday, November 21, 2018

Brex: A Business Card That Doesn’t Require a Personal Guarantee

Finding a business credit card that doesn’t require an entrepreneur to personally guarantee the debt is like finding a parking spot at the mall on a rainy Saturday: There are options, but they’re either unappealing or not a fit. But a company called Brex has created a corporate card for startup companies that rejects traditional underwriting...



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Credit Union Checking Account Fees Rival Big Banks’

NerdWallet Receives Consumer Action Award for Editorial Coverage

This post was written by Kimberly Palmer, personal finance expert and credit card writer at NerdWallet We were excited recently to receive Consumer Action’s Consumer Excellence Award for our editorial coverage of personal finance issues. Consumer Action, a nonprofit focused on financial education and advocacy for underrepresented consumers, selected NerdWallet as one of its 2018...



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How to Take Out Student Loans Without Your Parents

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Corner Office: Gregg Renfrew of Beautycounter on Toxic Chemicals and Getting Fired by Messenger

Before starting the all-natural personal care business, the New York native worked for Martha Stewart and Susie Hilfiger.

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Corner Office: Gregg Renfrew of Beautycounter on Toxic Chemicals and Getting Fired by Messenger

Before starting the all-natural personal care business, the New York native worked for Martha Stewart and Susie Hilfiger.

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Tuesday, November 20, 2018

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5 Ways to Protect Your Marriage When Starting a Business With Your Spouse

By Rachael Pace

Running a business with your spouse can be very exciting. After all, who else would you want to build a company with than the person you vowed to spend forever? Working hand in hand with your spouse can teach you a lot—how to communicate, play to each other’s strengths, and resolve conflict, which can make you better partners in business and in marriage.

That isn’t to say couples in business are smiles and rainbows all the time. Financial issues, disagreements, and not being able to draw the line between work and home life can mean disaster for entrepreneurial partnerships. To make sure your dream partnership doesn’t turn into a nightmare, here’s are some tips on how to keep your business from harming your marriage:

1. Make your partner your number one

Couples need to make each other their number one client if they are running a business together, and one way to do this is by spending quality time together, focusing on the physical connection. The release of the oxytocin hormone released during physical intimacy and other forms of touch can have a positive impact on a marriage, such as improving trust, increasing marital satisfaction, and boosting monogamy—just to name a few.

Maintaining an emotional connection to your spouse is essential if you’re going to run a business together. Studies show the longer a couple is together, the more likely they are to emphasize the importance of emotional intimacy.

Furthermore, in a study about what makes a lasting marriage, social issues lecturer and writer Francine Klagsbrun reported eight characteristics of long-married couples that account for their success. Of these characteristics, being able to change and adapt to new circumstances, trusting each other, and enjoying one another’s company all rated high on the list. Couples who spend quality time together building their emotional and physical connection are more likely to view one another as friends as well as lovers.

2. Practice the art of communication

If you don’t communicate openly and honestly with your spouse, neither of you will ever have any idea what’s going on in the relationship. Running a business with your spouse can bring up many emotional and financial issues, which makes it even more important to be open and honest when you communicate.

Couples must learn to resolve conflicts fairly. This involves a multistep process of identifying a problem, listening carefully to a partner’s needs and opinions, and discussing how to solve the issue. Arguments should never take place while at work, nor be an excuse for couples to berate one another.

Open communication is a two-way street. Both partners must be willing to talk about any molehills before they become mountains.

3. Be professional

When you work alongside your spouse, the line between business partner and “snuggle buddy” can become more than a little blurred, so for the sake of the company and your marriage, it’s important to keep things professional.

There are things we might say to our spouse that we would never say to a colleague. This can come in handy when you’re in business with your husband or wife. For example, you’ll be able to express yourself more openly with your partner than you would with an employee, which can make accomplishing tasks much more efficient.

However, such familiarity can work against couples. They may forgo manners, argue in public, talk over one another, take personal calls during meetings, or use casual or inappropriate language in a work setting. Letting personal disagreements interfere with work can occur, so while working together doesn’t mean you should be cold or distant with each other, you should be mindful of how you are behaving in a work setting. Your staff also will appreciate your professional behavior in the workplace.

Other Articles From AllBusiness.com:

4. Talk about your finances regularly

Studies show that couples are more likely to have repeated arguments about financial issues than any other issue. This is no surprise, as starting a business can be a costly endeavor, and with both partners working at the same job, it can be easy for money to be tight.

It almost goes without saying that money worries can cause stress, anxiety, and depression. And these are three circumstances that can have a devastating effect on one’s mental health and marital happiness.

Couples should sit down together and properly discuss a business budget and a home budget. This conversation should include how to handle debts and bills, taking home a paycheck, and how to sustain the household during the business startup period.

Setting small financial goals is a great way for couples to get on the same page about money. Married partners should check in regularly regarding their financial situation to see how well they are doing.

5. Don’t talk about work at home

The flexible schedule of an entrepreneur means that oftentimes a couple may end up taking work home with them. It’s natural for partners to want to talk about their workday together, and even more so when they work for the same company. However, it is important that discussions of work do not dominate the conversation.

Couples should agree to not talk about work for more than a set number of minutes after they are “off the clock.” This will allow them more time to reconnect on a romantic level and spend quality time together as a couple—not as business partners.

Dream team?

To make a business partnership with a spouse work, each partner should make their relationship a priority and communicate regularly. Also, taking some well-deserved time for themselves, discussing finances, and leaving work at the door are all essential steps for maintaining a healthy marriage and business partnership.

RELATED: 10 Tips on Starting a Home-Based Business With Your Spouse

About the Author

Post by: Rachael Pace

Rachael Pace is a relationship expert with years of experience training and helping couples. Rachael has helped countless individuals and organizations around the world, offering effective and efficient solutions for healthy and successful relationships. She is a featured writer for Marriage.com, a reliable resource to support healthy, happy marriages.

Company: marriage.com
Website: www.Marriage.com
Connect with me on Facebook, Twitter and LinkedIn.

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Monday, November 19, 2018

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The State of Hispanic-Owned Businesses

Hispanic-owned businesses are on a roll. Since 2011, the five-year average growth rate in the number of Hispanic-owned businesses has been double or triple the national average for all businesses, according to the Stanford Latino Entrepreneurship Initiative. All told, Hispanic-owned businesses contribute $700 billion annually to the U.S. economy, according to the U.S. Hispanic Chamber of Commerce.

Here’s a closer look at the average Hispanic small business owner, as seen by several recent studies.

Small business owner profile

Guidant Financial’s survey of current and aspiring small business owners reports Hispanic entrepreneurs are:

Gender

  • 76% male
  • 23% female

Age

  • 18-29: 8%
  • 30-39: 21%
  • 40-49: 33%
  • 50-59: 28%
  • 60-plus: 10%

Education

Hispanic business owners prove that you don’t need a college degree to be a success in business. 43% of those in the survey have a high school diploma or GED. About one-fourth have a bachelor’s degree, 19% have an Associate’s degree, and 14% have a Master’s degree or higher.

Motivation

What motivates Hispanic entrepreneurs to start their own businesses? Compared to the average business owner, Hispanics are much less likely to say they started their business as a result of being laid off/job outsourcing (7%) or due to dissatisfaction with corporate America (12%). Slightly more than half (51%) say they were “ready to be my own boss,” while 47% “wanted to pursue my passion.” In addition, about one-third (32%) saw an opportunity and jumped on it.

Location

The most popular states for Hispanic small business owners are

  1. California
  2. Florida
  3. Texas
  4. Arizona
  5. New York

In a separate study, WalletHub reports that nine of the top 20 cities for Hispanic entrepreneurs are in Texas.

Industry

The most common industries for Hispanic small business owners are:

  • Business services—11%
  • Food/restaurant—11%
  • Automotive—9%
  • Home services—7%
  • Other—33%

How are Hispanic entrepreneurs doing?

Hispanic entrepreneurs are doing better than the average entrepreneur when it comes to growing their businesses. Some 81% of Hispanic entrepreneurs say their business is profitable, compared to 68% of all survey respondents. More than half (51%) of Hispanic business owners have between two and five employees and 14% have six to 10 employees; 26% are solo entrepreneurs.

Expressing their confidence, the majority of Hispanic small business owners said if they had additional capital, they would spend it on expansion (57%) or equipment (53%).

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One factor helping Hispanic businesses thrive is their attention to hiring and retaining employees. A whopping 81% of Hispanic entrepreneurs in the 2018 Bank of America Hispanic Business Owner Spotlight say being able to attract and retain quality employees directly affects their growth. That’s why 87% of Hispanic entrepreneurs make it a point to reward and motivate their employees, compared to 54% of non-Hispanic entrepreneurs in the same study.

Hispanic small business owners are also passionate adopters of social media marketing. They’re 20% more likely to use digital tools than non-Hispanic entrepreneurs, according to the Bank of America study. Some 78% of Hispanic entrepreneurs use social media for marketing their businesses (compared to 49 percent of non-Hispanics), 76% use it for networking (compared to 46% of non-Hispanics), and 74% use it to communicate with customers (compared to 39% of non-Hispanics).

Challenges for Hispanic owned businesses

Guidant found the number-one challenge for Hispanic business owners is lack of capital/cash flow, cited by 63% of survey respondents. Marketing/advertising and administrative work tied for the 2nd/3rd biggest challenges.

Although the Hispanic business owners Guidant surveyed are less likely than the average entrepreneur to feel that capital is a problem for them, a survey by Biz2Credit reports that although things are improving, credit scores continue to be a problem for many Hispanic business owners. Their average credit scores are below 600, which is often the minimum score that banks and other lenders will accept when deciding whether or not to extend a loan.

Despite these challenges, the average annual revenues of Hispanic-owned businesses grew from $258,702 in 2016-2017 to $327,189 in 2017-2018, an increase of 26.5%, according to Biz2Credit.

Clearly, there’s a lot to celebrate about Hispanic business owners’ success and their many contributions to our nation’s economy.

RELATED: Minority Business Loan Programs

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Sunday, November 18, 2018

Arrival Plus Hikes Sign-up Bonus to 70K Miles for a Limited Time

5 Ways to Protect Your Marriage When Starting a Business With Your Spouse

By Rachael Pace

Running a business with your spouse can be very exciting. After all, who else would you want to build a company with than the person you vowed to spend forever? Working hand in hand with your spouse can teach you a lot—how to communicate, play to each other’s strengths, and resolve conflict, which can make you better partners in business and in marriage.

That isn’t to say couples in business are smiles and rainbows all the time. Financial issues, disagreements, and not being able to draw the line between work and home life can mean disaster for entrepreneurial partnerships. To make sure your dream partnership doesn’t turn into a nightmare, here’s are some tips on how to keep your business from harming your marriage:

1. Make your partner your number one

Couples need to make each other their number one client if they are running a business together, and one way to do this is by spending quality time together, focusing on the physical connection. The release of the oxytocin hormone released during physical intimacy and other forms of touch can have a positive impact on a marriage, such as improving trust, increasing marital satisfaction, and boosting monogamy—just to name a few.

Maintaining an emotional connection to your spouse is essential if you’re going to run a business together. Studies show the longer a couple is together, the more likely they are to emphasize the importance of emotional intimacy.

Furthermore, in a study about what makes a lasting marriage, social issues lecturer and writer Francine Klagsbrun reported eight characteristics of long-married couples that account for their success. Of these characteristics, being able to change and adapt to new circumstances, trusting each other, and enjoying one another’s company all rated high on the list. Couples who spend quality time together building their emotional and physical connection are more likely to view one another as friends as well as lovers.

2. Practice the art of communication

If you don’t communicate openly and honestly with your spouse, neither of you will ever have any idea what’s going on in the relationship. Running a business with your spouse can bring up many emotional and financial issues, which makes it even more important to be open and honest when you communicate.

Couples must learn to resolve conflicts fairly. This involves a multistep process of identifying a problem, listening carefully to a partner’s needs and opinions, and discussing how to solve the issue. Arguments should never take place while at work, nor be an excuse for couples to berate one another.

Open communication is a two-way street. Both partners must be willing to talk about any molehills before they become mountains.

3. Be professional

When you work alongside your spouse, the line between business partner and “snuggle buddy” can become more than a little blurred, so for the sake of the company and your marriage, it’s important to keep things professional.

There are things we might say to our spouse that we would never say to a colleague. This can come in handy when you’re in business with your husband or wife. For example, you’ll be able to express yourself more openly with your partner than you would with an employee, which can make accomplishing tasks much more efficient.

However, such familiarity can work against couples. They may forgo manners, argue in public, talk over one another, take personal calls during meetings, or use casual or inappropriate language in a work setting. Letting personal disagreements interfere with work can occur, so while working together doesn’t mean you should be cold or distant with each other, you should be mindful of how you are behaving in a work setting. Your staff also will appreciate your professional behavior in the workplace.

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4. Talk about your finances regularly

Studies show that couples are more likely to have repeated arguments about financial issues than any other issue. This is no surprise, as starting a business can be a costly endeavor, and with both partners working at the same job, it can be easy for money to be tight.

It almost goes without saying that money worries can cause stress, anxiety, and depression. And these are three circumstances that can have a devastating effect on one’s mental health and marital happiness.

Couples should sit down together and properly discuss a business budget and a home budget. This conversation should include how to handle debts and bills, taking home a paycheck, and how to sustain the household during the business startup period.

Setting small financial goals is a great way for couples to get on the same page about money. Married partners should check in regularly regarding their financial situation to see how well they are doing.

5. Don’t talk about work at home

The flexible schedule of an entrepreneur means that oftentimes a couple may end up taking work home with them. It’s natural for partners to want to talk about their workday together, and even more so when they work for the same company. However, it is important that discussions of work do not dominate the conversation.

Couples should agree to not talk about work for more than a set number of minutes after they are “off the clock.” This will allow them more time to reconnect on a romantic level and spend quality time together as a couple—not as business partners.

Dream team?

To make a business partnership with a spouse work, each partner should make their relationship a priority and communicate regularly. Also, taking some well-deserved time for themselves, discussing finances, and leaving work at the door are all essential steps for maintaining a healthy marriage and business partnership.

RELATED: 10 Tips on Starting a Home-Based Business With Your Spouse

About the Author

Post by: Rachael Pace

Rachael Pace is a relationship expert with years of experience training and helping couples. Rachael has helped countless individuals and organizations around the world, offering effective and efficient solutions for healthy and successful relationships. She is a featured writer for Marriage.com, a reliable resource to support healthy, happy marriages.

Company: marriage.com
Website: www.Marriage.com
Connect with me on Facebook, Twitter and LinkedIn.

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Saturday, November 17, 2018

Noted: A Juul Case for $5,000?

Smokers are customizing their trendy vape pens with purple glitter, fake designer labels and even 18-karat gold.

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Friday, November 16, 2018

Don’t Waste Your Time on This Stupid Selling Tactic

At some point during your sales career, you may have heard some weird ideas about what you need to do to sell more. Over the years I certainly have heard a few.

Here I’m going to share one sales idea that seems stupid to me and what I would do instead.

Stupid sales idea

A real estate agent announced she was participating in a new seven-week program. In an effort to be “bold,” she was calling 20 people a day. And then during one week, she planned to be even bolder and call 100 people. She had been told taking the time to get in front of 20 people by telephone was a good idea to grow her business and sell more homes

Why it’s stupid

1. The objective: I first thought about the real estate agent’s objective. In her business, she wants to represent either home buyers or sellers. However, buying or selling your home isn’t the type of decision that you wake up one morning and make randomly. Can you imagine a husband sitting at the breakfast table with his wife. He has his morning cup of coffee in one hand and he’s scanning the newspaper headlines with the other. He turns to his wife and says, “Well, honey, it’s going to be a gorgeous day today. Let’s put our home on the market. If a realtor calls today, let’s say yes to selling our home.” That sounds ridiculous, doesn’t it?

Of course it does. What’s the real estate agent’s objective for calling people on the phone? To catch them in the nick of time before they list their home to sell with another agent? Or is to be talking to them at the moment they realize they want to move and put their home on the market?

Both objectives would be better achieved with different strategies, and not by wasting time calling 20 or 100 people a day.

2. The content: But what if the strategy were a good one? Let’s say there is value in calling 20 or 100 people a day. What do you think she’s telling people in order to shorten her sales cycle or increase her sales? I would guess she’s trying to become “top of mind” for when people actually start thinking about selling their homes. The idea is to make phone calls now so people will remember later who she is.

And what could she possibly say? I’ll bet if her call is to a former customer, she says, “I’m calling to touch base and see how you’re doing”—and that’s clearly a waste of time. Or perhaps she asks for names of friends, coworkers, or family members who might be moving. But how would a random person know if someone is thinking about moving? Even families don’t always share that information with other family members. What are the odds that this person on the phone would be able to give the names of people who are at that moment thinking about hiring a real estate agent to sell their home? Not very high.

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What to do instead

1. Focus on reaching out to the right people: Instead of focusing on a certain number of people, I would focus on the types of people I want to reach out to. If I were a realtor, I’d think about conditions or life events that cause people to want to move (e.g., divorce or death). And then I would ask myself, who would know prospects that are having these experiences? I then would be building my network with divorce lawyers and probate attorneys. They likely have clients who want to move or need to move in the near future. I might even introduce myself to estate planners to let them know about the services I can offer their clients who are planning to downsize and move after retirement.

I also might network with wedding planners and other professionals who interact with people who may be buying homes. Since not all prospects are necessarily ready to buy at that moment, I would ask for names that I can contact in the future.

2. Say the right thing: For existing clients, you could say, “I always contact my customers a month after they move in, as that’s when they most need my resources for home care and design. Are you thinking about making changes to your home or looking for landscapers or other services?” Offer them the resources they need. And for clients who have been in their homes for four years, 10 years, and more, have a plan of what you’re going to say.

3. Make it easier to get a referral: It can be difficult getting referrals because people don’t necessarily know the types of referrals you’re looking for. You then need to come up with situations where your services will be needed by customers. For example, a home remodeler should seek referrals to people who have recently moved into new homes, since new homeowners often need home improvement services within six months of a home buying purchase.

Also, think about the companies where people you know work. If you’re a realtor, find out if a company has a relocation department, and ask for an introduction to the person managing that department so you can get a referral to the next out-of-town hire.

I’m not against using the telephone to sell; I am against wasting time. That’s stupid. So how can you be smart with the phone? Be more strategic, so you don’t waste your time. And who knows, you just might end up selling more.

RELATED: How to Become More Charming as a Salesperson—And Boost Your Sales

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9 Ways to Become a More Powerful Public Speaker

By Ashish Arora

Whether you’re standing on a stage in front of hundreds of people, in a boardroom pitching your business idea to investors, or on the phone trying to sell your product to warm leads, how you present yourself can be the difference whether you close a sale or bring in investment money.

Powerful speakers hold everyone’s attention; weak speakers put people to sleep. In a way, you could say weak speakers are powerful sleep aids.

If you don’t think you are a very good speaker, do not feel bad. Most speakers, when they first start out, are shy and nervous. They get in front of others, and suddenly they start to stutter and their voices shake. Here is something to keep in mind: Powerful speakers are not born—they are made. If you want to become a powerful speaker, practice the following tips:

1. Know your audience inside and out

Speakers will come across as powerful if they address the needs, fears, and concerns of their listeners. To do this, you’ve got to know who is sitting in those seats. Why have they come to listen to you? How can your company solve their problem and add value to their lives?

2. Stop using filler words

It is common for most of us to use words like “uh” and “um” when we are trying to think of what we want to say or how we want to say it. When you listen to great speakers, you’ll notice they all have one thing in common: They do not use these types of filler words. They use more powerful words in these moments.

The next time you are speaking, try using more powerful “filler” words such as “now,” “you see,” “however,” etc. These words sound intentional, not like you have no idea what information you are trying to convey.

3. Leverage the power of silence

Have you ever listened to a speaker, and they suddenly stop speaking for a few seconds, as if to make a point? The entire room or auditorium is suddenly very quiet and you can hear a proverbial pin drop. That’s an incredibly powerful moment of silence.

Don’t be afraid of silence. It can offer a lasting impact on your listeners. In fact, instead of using any filler words, you may want to take a moment of silence to gather your thoughts before moving on to your next point.

4. Keep things simple

Those speakers who fill their presentations with a bunch of industry jargon and insider adjectives are most likely trying too hard. Instead of sharing their knowledge and experience, they are bluffing and sharing only theories and concepts.

No matter to whom you’re speaking, keep things simple. Avoid the use of jargon and trendy buzzwords that seem almost desperate. Instead, share your knowledge and passion in a way that everyone can understand.

Remember, if you use language that confuses your listeners, you are not impressing them. You are simply annoying and frustrating them. Keep it simple.

5. Bring your passion

Selling yourself or your company is not about presenting a fake sales pitch. It’s about sharing your passion and genuine enthusiasm for your work, for why you started your company in the first place. Always remember your passion is powerful and is the best sales tool you have.

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6. Make it about the other person

Powerful people do not have huge egos—they don’t need them. They attract attention and command respect because they have a knack for making other people feel important and valued.

Whether you’re speaking to 100 people or one person, make the presentation about them. Don’t flaunt your expertise or show off how awesome you and your products are. Instead, ask questions. How can you help them?

7. Tell stories

Human beings seem to be hardwired for storytelling. Before there was the written word, stories were how our ancestors learned and passed on important information to the next generation: “Stay away from bears and don’t eat those little red mushrooms.”

Many presentations come across as boring because the presenter is merely sharing facts and data—that’ll put anyone to sleep. A good story can NEVER be dull or put anyone to sleep.

If you want to be the kind of speaker that makes people sit up straight in their chairs, stop sharing information and tell a story instead. You can use a personal anecdote or a story about how your company helped someone reach their potential; it doesn’t matter. Just get creative and start telling more stories.

8. Pay attention to your body language

If you were to ask little kids to pose like a superhero, many would probably stand with their legs shoulder-width apart, putting their fists on their hips, and sticking their chest out—like Superman. This is called the power stance.

When you’re speaking in front of people, your body language speaks as loudly as your words. So be sure your body makes you look powerful. Do not stare down at your feet, but make eye contact with the audience. Also, stand up straight while gesturing freely with your arms and hands. These are all ways you can come across as super confident—and nothing’s more powerful than that.

9. Tackle those nerves

Speaking of Superman . . . One of the things that made him so powerful was the fact he was using his skills to help people. That’s what you’re doing. You’re sharing your knowledge and expertise in order to bring value to people’s lives and offer real solutions.

Though you may feel nervous before stepping on that stage (that’s perfectly normal), remind yourself that you are there to help every single person sitting in those seats. And that makes you as powerful as any superhero.

Remember, powerful speakers are not born, they are made. All you need to do is want to become a powerful speaker, follow these tips, keep practicing, and never give up.

RELATED: Overcoming the Fear of the Podium: 9 Ways for Entrepreneurs to Practice Public Speaking

About the Author

Post by: Ashish Arora

Ashish Arora is the co-founder of SketchBubble.com, a leading provider of results-driven, professionally-built presentation templates. When he is not working, he enjoys traveling around the world.

Company: SketchBubble
Website: www.sketchbubble.com
Connect with me on Facebook, Twitter, and LinkedIn.

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What to Do (and Not Do) When Booking Black Friday Travel Deals

Jerry Ohlinger, Colorful Dealer in Film Memorabilia, Dies at 75

Mr. Ohlinger’s Movie Material Store in Manhattan was famous for its whimsical clutter and its vast collection of posters and stills.

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How to Achieve Financial Independence

What to Do (And Not Do) When Booking Black Friday Travel Deals

What to do (and not do) when booking Black Friday travel deals

Jerry Ohlinger, Colorful Dealer in Film Memorabilia, Dies at 75

Mr. Ohlinger’s Movie Material Store in Manhattan was famous for its whimsical clutter and its vast collection of posters and stills.

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AmEx Blue Cash Preferred: Department Store Rewards Remain, but They’re Hidden

Representatives of American Express have confirmed to NerdWallet that the Blue Cash Preferred® Card from American Express will continue to offer 3% cash back at select U.S. department stores — even though references to that benefit have been all but erased from the issuer’s homepage for the card. On Nov. 15, 2018, American Express’s marketing materials for...



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New American Airlines Discount Mileage Tickets Are Available

Use Chase Pay 5 Times, Earn 1,500 Ultimate Rewards Points

Jerry Ohlinger, Colorful Dealer in Film Memorabilia, Dies at 75

Mr. Ohlinger’s Movie Material Store in Manhattan was famous for its whimsical clutter and its vast collection of posters and stills.

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How to Pay Off $100,000+ in Student Loans

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Select AmEx Members Get $30 Off $60 in Amazon Purchases

American Express Membership Rewards members should keep an eye out for an invitation from Amazon. It could be worth $30. The companies are offering a special incentive to Membership Rewards members who make a qualifying purchase of $60 or more from Amazon using Membership Rewards points as payment. The deal is available only to members...



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Estimate Your Mortgage Payment

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Noted: A Juul Case for $5,000?

Smokers are customizing their trendy vape pens with purple glitter, fake designer labels and even 18-karat gold.

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The State of Hispanic-Owned Businesses

Hispanic-owned businesses are on a roll. Since 2011, the five-year average growth rate in the number of Hispanic-owned businesses has been double or triple the national average for all businesses, according to the Stanford Latino Entrepreneurship Initiative. All told, Hispanic-owned businesses contribute $700 billion annually to the U.S. economy, according to the U.S. Hispanic Chamber of Commerce.

Here’s a closer look at the average Hispanic small business owner, as seen by several recent studies.

Small business owner profile

Guidant Financial’s survey of current and aspiring small business owners reports Hispanic entrepreneurs are:

Gender

  • 76% male
  • 23% female

Age

  • 18-29: 8%
  • 30-39: 21%
  • 40-49: 33%
  • 50-59: 28%
  • 60-plus: 10%

Education

Hispanic business owners prove that you don’t need a college degree to be a success in business. 43% of those in the survey have a high school diploma or GED. About one-fourth have a bachelor’s degree, 19% have an Associate’s degree, and 14% have a Master’s degree or higher.

Motivation

What motivates Hispanic entrepreneurs to start their own businesses? Compared to the average business owner, Hispanics are much less likely to say they started their business as a result of being laid off/job outsourcing (7%) or due to dissatisfaction with corporate America (12%). Slightly more than half (51%) say they were “ready to be my own boss,” while 47% “wanted to pursue my passion.” In addition, about one-third (32%) saw an opportunity and jumped on it.

Location

The most popular states for Hispanic small business owners are

  1. California
  2. Florida
  3. Texas
  4. Arizona
  5. New York

In a separate study, WalletHub reports that nine of the top 20 cities for Hispanic entrepreneurs are in Texas.

Industry

The most common industries for Hispanic small business owners are:

  • Business services—11%
  • Food/restaurant—11%
  • Automotive—9%
  • Home services—7%
  • Other—33%

How are Hispanic entrepreneurs doing?

Hispanic entrepreneurs are doing better than the average entrepreneur when it comes to growing their businesses. Some 81% of Hispanic entrepreneurs say their business is profitable, compared to 68% of all survey respondents. More than half (51%) of Hispanic business owners have between two and five employees and 14% have six to 10 employees; 26% are solo entrepreneurs.

Expressing their confidence, the majority of Hispanic small business owners said if they had additional capital, they would spend it on expansion (57%) or equipment (53%).

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One factor helping Hispanic businesses thrive is their attention to hiring and retaining employees. A whopping 81% of Hispanic entrepreneurs in the 2018 Bank of America Hispanic Business Owner Spotlight say being able to attract and retain quality employees directly affects their growth. That’s why 87% of Hispanic entrepreneurs make it a point to reward and motivate their employees, compared to 54% of non-Hispanic entrepreneurs in the same study.

Hispanic small business owners are also passionate adopters of social media marketing. They’re 20% more likely to use digital tools than non-Hispanic entrepreneurs, according to the Bank of America study. Some 78% of Hispanic entrepreneurs use social media for marketing their businesses (compared to 49 percent of non-Hispanics), 76% use it for networking (compared to 46% of non-Hispanics), and 74% use it to communicate with customers (compared to 39% of non-Hispanics).

Challenges for Hispanic owned businesses

Guidant found the number-one challenge for Hispanic business owners is lack of capital/cash flow, cited by 63% of survey respondents. Marketing/advertising and administrative work tied for the 2nd/3rd biggest challenges.

Although the Hispanic business owners Guidant surveyed are less likely than the average entrepreneur to feel that capital is a problem for them, a survey by Biz2Credit reports that although things are improving, credit scores continue to be a problem for many Hispanic business owners. Their average credit scores are below 600, which is often the minimum score that banks and other lenders will accept when deciding whether or not to extend a loan.

Despite these challenges, the average annual revenues of Hispanic-owned businesses grew from $258,702 in 2016-2017 to $327,189 in 2017-2018, an increase of 26.5%, according to Biz2Credit.

Clearly, there’s a lot to celebrate about Hispanic business owners’ success and their many contributions to our nation’s economy.

RELATED: Minority Business Loan Programs

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‘Chase Offers’ Ready for Rollout to Cardholders

Thursday, November 15, 2018

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6 Ways to Leverage Email to Increase Sales

By Sujan Patel

Email can be one of the most powerful tools in a salesperson’s arsenal, but only if it’s wielded appropriately.

If you’ve tried cold sales email campaigns before but had lackluster results, don’t assume that your emails themselves were to blame. It could be that you haven’t yet hit on the correct combination of variables to effectively leverage email as part of your sales process.

Whether you’re in this position, or you’d simply like to improve the performance of the emails you’re currently sending, read on for six tips to help improve your sales email results.

1. Make video a part of your emails

Normally when you think of email, you think of text (and perhaps a bit of HTML). But did you know that using video in email can boost your click-through rates by 200-300%?

Video content has been on the rise in recent years, and now this trend has reached sales email as well. Including videos that explain or highlight your products, give insight into your brand, or show off your company’s unique personality helps spark interest in viewers.

But video has another hidden power: using video content can lead directly to sales. According to one study, 81% of people surveyed said they’d bought a product or service after watching a video promoting it.

2. Be more than a brand name

Your company’s brand name is how people recognize you. But is it really something they can connect with?

It’s extremely difficult to make people feel that promotional emails are anything more than simple autoresponders sent without any human connection. Obviously, this won’t help you increase sales.

That’s why many brands have started sending emails from a real person. For example, the sender appears in the recipient’s inbox as “‘Bob from Emails Inc.”’ instead of just “‘Emails Inc.”’ Sending out emails as if they’re coming from a specific person inside your company helps readers connect emotionally, making them more likely to convert into customers.

3. Tailor email campaigns for separate groups

Targeting your emails to different interest groups helps you achieve more sales.

Imagine your company sells musical instruments. Most likely, your email subscribers are only interested in one or two of the instruments that you sell. So, if you have 1,000 subscribers and only 100 are interested in ukuleles, you’ll have a much better success rate by sending emails about ukuleles to just those 100 people.

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Perhaps unsurprisingly, one study found that segmented campaigns resulted in a 100% boost in click-through rates, while campaigns separated by audience interest saw a 25% drop in unsubscribes.

Start segmenting as early as your opt-in, so that when people subscribe to your email list, you can allow them to choose what kind of content they want to see from you.

4. Send cold emails that sound like real conversations

Nobody likes a pushy salesperson. Don’t be that guy in your emails.

When you’re writing a cold email, start by making sure you’re sending to the right person. Email finder tools such as Voila Norbert that let you search for and verify email addresses can be invaluable here.

Then, imagine how you’d start the conversation if you were speaking to that person in real life. Start with a short introduction (if you need to), but after that say as little as possible about yourself. Don’t forget to follow up with the recipient. More often than not, it takes one or two follow-up emails to make a connection. Remember, this email is about your prospect, not you.

5. Get inside the reader’s head

Doing your homework online helps you figure out what your prospects will really respond to, setting you up for a better response rate.

When cold emailing professionals, one of the best places to start is their LinkedIn profile. Take notice of the way they describe their job and responsibilities, as this will help you craft an email that shows exactly how you and your company can help them do their job better or more efficiently.

Personalizing your cold emails in this way has the potential to double your response rate, while automating the process with a tool like Mailshake increases your efficiency by allowing you to leverage pre-made templates and automated workflows. You’ll save time while also boosting sales.

6. Spend more time on your subject line than your message

Obviously, the first thing people see in their inbox is your subject line. That’s why creating an enticing subject line is arguably more important that the text inside your email. Just as there’s an art and science to writing an initial email, there’s a separate art and science to writing an effective follow-up email.

This is where A/B testing comes in. Whether you’re working with a mailing list or sending out scores of cold emails, testing the response to different subject lines will help you build one that appeals most to readers.

How can you tell when you’ve hit the jackpot? Well, while achieving a higher open rate is important, remember that sales can only happen when people click through from your email to your website. Aim for a balance between your open rate and CTR by including content that fulfills the promises of your subject line. Don’t stoop to clickbait subject lines that will only leave readers disappointed.

Are you ready to boost sales with email?

Creating enticing emails may seem daunting, but it doesn’t have to be. Allowing people to connect with your business, including multimedia content in your emails, and segmenting your list into different groups will help you increase sales.

And by doing your research ahead of time, you’ll be able to craft cold emails that sound like real conversations with subject lines that give you the right balance between open rate and CTR. Using these tips, you’ll be well on your way to creating valuable emails that both appeal to your audience and increase your sales.

RELATED: 6 Email Marketing Tips to Help Your Business Grow

About the Author

sujan patelPost by Sujan Patel

Sujan is a leading expert in digital marketing. He is a hardworking, high-energy individual fueled by his passion to help people and solve problems. He is the co-founder of Web Profits, a growth marketing agency, and a partner in a handful of software companies including Mailshake, Narrow.io, VoilaNorbert, and Linktexting.com. Between his consulting practice and his software companies, Sujan’s goal is to help entrepreneurs and marketers scale their businesses.

Company: Web Profits
Website: sujanpatel.com
Connect with me on Twitter and LinkedIn.

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Millennial Expectations Are Fundamentally Changing the Healthcare Landscape

By Kevin Fleming and Michael Evans

When it comes to healthcare, members of the millennial generation are turning the traditional delivery model on its head. Born between 1981 and 1996, this tech-savvy generation of 75 million is about to overtake baby boomers as America’s largest age demographic. Millennials have grown up in a technology-powered consumer environment where transparency, rapid delivery, and convenience are the norm. They’re now transferring these expectations to the healthcare industry, which has profound implications for healthcare providers and care outcomes. But, while millennials’ expectations of efficiency and service may be a positive catalyst for a slow-to-change industry, their cost-consciousness in regards to healthcare may have significant negative personal health consequences.

Millennial behavior also reflects general consumers’ growing tendency to avoid or delay care because of concerns about the growing cost of healthcare insurance and high patient deductibles. According to the results of a West Health survey published earlier this year, 44% of patients skipped necessary medical care because of costs. Other studies such as CarePayment 20-20 study reported by Becker’s Healthcare show care avoidance to be much higher—a staggering 64%. Potential outcomes of these converging trends are higher healthcare costs for all and poorer healthcare outcomes for millennials.

Millennials are abandoning the old office-based primary care model. Becker’s Healthcare highlighted a recent patient survey by the Kaiser Family Foundation that found “there was a pronounced difference among age groups: 45% of 18- to 29-year olds had no primary-care provider, compared with 28% of those 30 to 49, 18% of those 50-64, and 12% for people aged 65 and older.”

This shift is creating a dilemma for traditional health systems and hospitals: how to retain valuable patient relationships (and revenue) while maintaining the quality and continuity of care that differentiates their model from other, more consumer-friendly models such as urgent care and retail providers.

Today, some traditional healthcare providers are hiring additional physicians to speed care delivery in an attempt to bridge the gap between the traditionally opaque price and delivery model in practice at most health systems and hospitals and the patient. They’re also employing technology, with patient portals and other digital tools that enable people to communicate with their doctors and make appointments via their smartphones and other devices. Some are exploring doctor visits via videoconference. These efforts, while laudable, may not be comprehensive enough to meet the new reality.

This is a phenomenon that can’t be ignored because the competition for patients has never been more intense. According to a Washington Post story on the Kaiser survey results, “Many young adults are turning to a fast-growing constellation of alternatives: retail clinics carved out of drugstores or big box retail outlets; free-standing urgent care centers that tout evening and weekend hours; and online telemedicine sites that offer virtual visits without having to leave home. Unlike doctors’ offices, where charges are often opaque and disclosed only after services are rendered, many clinics and telemedicine sites post their prices.”

A recent example of coming potential alternatives to the traditional care model is the merger of health insurer Aetna with drugstore network CVS. One can imagine low-cost, drop-in healthcare clinics located in CVS drug stores, delivering affordable medical services versus the traditional doctor’s office or hospital.

In addition to CVS, the gap between patient expectations and the traditional primary care delivery model is attracting a wide variety of new participants. Earlier this year, Walgreen’s introduced a new digital marketplace featuring 17 leading healthcare providers. This is just one example of many where the formerly siloed world of healthcare is breaking down, allowing innovators to seize the enormous economic opportunity that exists for healthcare providers who meet consumer demand for great care, convenience, and a fair price that patients can live with.

Other, more noteworthy ventures like the nascent collaboration between Amazon, JP Morgan, and Berkshire Hathaway are adding fuel—and considerable anxiety—to the fire.

How will traditional providers be impacted?

The traditional primary-care delivery model, however, offers patients something that can’t be achieved using this new fragmented approach to seeking care. This shift in consumer behavior has a downside, as the Washington Post notes: “A recent report in JAMA Internal Medicine found that nearly half of patients who sought treatment at an urgent care clinic for a cold, the flu, or a similar viral respiratory ailment left with an unnecessary and potentially harmful prescription for antibiotics, compared with 17% of those seen in a doctor’s office. Antibiotics are useless against viruses and may expose patients to severe side effects with just a single dose.”

In other words, care that’s delivered on a per-event basis by an array of unrelated providers can’t match the continuity of care that is achievable when a patient receives holistic care within the context of a longer-term physician relationship. This represents a clear and compelling differentiator for traditional providers seeking to attract and retain patients. The question is, will these providers make the necessary modifications to their business models to meet consumer demand for convenience and transparency while at the same time delivering superior care, characterized by a big-picture approach to wellness?

By embracing these principles and practices, traditional providers will not only attract and retain patients who are seeking care; they’ll have the opportunity to seize a sizeable share of the population that is avoiding care today. If they invest in the technology and processes to deliver financial engagement that includes pricing transparency, payment plans, easy-to-use self-service functionality, and personalized experiences, providers can and will capture many of the patients who see cost as an obstacle to care.

Adapting to the new reality requires a strategic approach centered around patients, whose loyalty now constitutes a provider’s most valuable asset. By tackling the challenge methodically, health systems and hospitals can leverage their competitive advantage and meet patients where they want to be. This method includes healthcare delivery models that are:

  • Patient-centered. Younger patients’ expectations of their care providers were formed in a consumer environment exemplified by companies like Amazon, Apple, and Nordstrom. That’s where millennials’ demand for transparency, service, and convenience were nurtured. Providers must look outside the industry to see who’s winning consumer trust (and dollars) and how.
  • Financially efficient. It pays as much attention to the financial experience as it does the clinical experience. Depending on the research you trust, somewhere between 44% and 64% of Americans are avoiding care because of concerns about their ability to afford out-of-pocket cost.
  • Personal. It may seem ironic, but mass retailers use customer demographic, behavior, and sentiment data to deliver personal, almost intimate experiences that mimic the best kinds of human interactions. Hospitals can do the same thing, leveraging data to inform everything from treatment to payment plans to communication strategies that honor each patient’s unique circumstances.
  • Smart. It’s essential that hospital caregivers and leaders learn how to leverage technology solutions to gain visibility into the patient experience.

These are uncertain times for healthcare providers. Growing numbers of patients are seeking care in nontraditional settings, abandoning the primary physician model. New competitors with innovative, low-cost delivery models are proliferating. And patients’ financial burden for care is, as long promised, driving whether and where people get their care.

But, by leveraging technology to put patients back at the center of their care delivery model and improve operating efficiencies, providers can thrive. By leveraging superior, holistic care and innovating to embrace emerging technologies to deliver greater convenience and transparency, health systems and hospitals will earn the patient loyalty to ensure their long- term growth.

About the authors

Kevin Fleming is the CEO of Loyale Healthcare. Michael Evans is the Managing Director of the Newport Board Group.

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