Will You Buy Your Next House On Your Smartphone?
We know that the mobile revolution is well underway and is becoming a major player in ecommerce. The Starbucks app, for example, has become very central to the coffee purveyor’s success. However, mobile ecommerce is beginning to impact far bigger and pricier purchases than a Venti Caramel Brulée Lattee. According to a Bankrate survey, almost half of everyone who surfs the mobile web has already made a “major financial commitment” like acquiring a car, insurance, stocks, or a mortgage on their mobile devices. If you watch live television and aren’t able to zip past all the commercials, you have probably noticed how heavily TrueCar is promoting itself. And if you check out the company’s website, you’ll see that they put a huge emphasis on their mobile app. The money trail Watching where ad dollars are going is one of the best ways to get a handle on trends and TrueCar is investing heavily right now. (By the way, when Amazon experimented with online car buying back in 2000, it didn’t work out for them.) Although about half of all mobile users say they have made at least one major purchase in this way, only 12 percent say they use their phones or tablets “always” or even “most of the time” for these big-ticket items. We can expect that number to go up dramatically as mobile device sales continue to outpace desktop and laptop sales. Further, in the 30-49 year age group, 58 percent reported making a major purchase via some kind of mobile device. On the other hand, more than 60 percent of those age 65 or above said they never bought a big-ticket item through a mobile device. We can also expect these numbers to increase when Millennials get north of 30 years old. Right now, many Millennials aren’t heading up households, so they are less inclined to be the persons who make these buying decisions. When they become homeowners, have families and start building up investment accounts, we can expect them to rely heavily on their mobile devices. The mobile app alternative Normally at this point, I’d put in a pitch for creating a mobile app for your business – and I do think that’s a good idea. However, we’re finding that mobile users spend 80 percent of their time on just five apps. In other words, many specialized apps are seldom used. They often end up living on deeply buried screens or deleted entirely. This highlights the importance of your mobile website. You may not be able to convince a mobile user to keep your app on his or her device, but if you have a great mobile website, you may be able to capture those eyeballs anyway. As you review and test your mobile website, put yourself in the position of a mobile user and make sure the site is useful, functional and friendly. Ask yourself this question: If a mobile user was about to buy a big-ticket item on a mobile device, does my website make that purchase easy?...
read moreThis Week in Small Business: Learn from the big guys, compete with the big guys
There are a number Big-Biz-Small-Biz David and Goliath themed stories this week, and let’s be sure that the Bible isn’t the only place where David reliably wins! Marketing We’re always talking about thinking “outside the box.” Here are three marketing campaigns that took major risks and actually worked. If you woke up this morning thinking that Google was the #1 producer of referral web traffic, you were wrong. Social Media referrals now have the top spot. Here are some great fundamentals of website design and implementation that convert prospects along with some examples. Spotify (good) : Macy’s (bad). How can you seize what is called “the mobile moment”? Mobile marketing is more than finding a developer to build an app for your business. Also, get up-to-speed on the variations in location-based mobile advertising. Are geo-conquesting ads in your future? The single most important element of any marketing plan is knowing who your targeted customer is. Here are four tips to getting it right. You also need to know how they behave. Finally, to personalize your marketing efforts, here are the sites, services and steps. If you have three and a half minutes to spare and need a good primer on how to create an email marketing campaign, this video from Constant Contact fits the bill. Then to build your list, several of these 10 tips will prove extremely helpful. Need inspiration to find the ideal place to shoot a marketing video? YupVideo offers some practical advice. Continuing on this subject, here are five things your video marketing strategy should include. Inspiration What good can come from bickering children? Her four imps inspired Laurie Canata to create a successful startup. Inspiration is where you find it. Successful people never fall into the traps of these 10 behaviors. Women in STEM professions have been lagging. However, one place where they are dominating is big data, i.e. statistical analysis. What can you learn about realizing the American Dream from the American Girl (dolls)? Here is a lesson in entrepreneurship. Provide a unique and incredible customer experience if you want your business to grow crazy fast. Jeremy Sandow takes us to Seattle for an example. Economy, government and politics Surveys are like the weather. If you don’t like what you have right now, just wait a few hours. Gallup says that optimism among owners of small businesses in the US is the highest it’s been since 2008. Then again, this NFIB January survey says optimism has ticked down a couple of points. (Choose one.) Writing for The Hill, Amit Narang says the Republicans are pushing a bill in the name of small business that is really merely a way to deregulate some big businesses. Stock market gains have fueled the recent appetite investors have had for startups. Will the trend continue? So far the plunge in oil prices hasn’t caused panic among small business owners in North Dakota; they see it as short term. And even though oil is down, Texas is still creating jobs in non-energy sectors. It’s not your parents’ “small business” anymore: The revolution in what it means to be a small business. There are major free trade agreements on the table. Get the big picture and see how your business might fit in. In the name of small business,...
read moreDoes Your Valentine Work in the Next Cubicle? Trouble May Be Brewing
There’s a standard scene in many movies where a woman becomes involved with a man but wants to keep the budding relationship secret. Invariable, either at work or a social gathering, a close friend will say, “Something’s different about you. Are you seeing someone?” You’ve probably been in this situation, as either the primary subject or the astute observer, and with more women at all levels of business, it’s becoming increasingly common a work. Often the “tells” aren’t all that subtle: Co-workers who previously were casual friends start to avoid each other or exhibit awkwardness. A pair of co-workers start to log a lot of the same overtime hours as well as the same days off from work. New “inside” jokes start popping up. The couple seem to be enjoying their time at work when everyone else is in crisis management mode. If you’re any kind of student of human nature, I’m sure you can add several more clues to my little list and they’re fun to watch for when you aren’t the one involved in the new office romance. However, a far more important subject involves the reasons why we all need to be very cautious before we step into those treacherous waters. The Google canoodle One of the most devastating public cases that demonstrates some of the dangers was when Google co-founder Sergey Brin hooked up with an employee (who herself had been involved with another Google employee), breaking up his marriage to Anne Wojcicki. The couple have two children. Although Wojcicki wasn’t working at Google, her sister was senior vide president of advertising. By the way, Google had invested in his former wife’s company, which (conveniently) sells home DNA testing kits. I wonder how many lawyer salaries were funded for a year or more sorting out all of these legal entanglements. Work romance is widespread Surveys differ on the number but somewhere between 40 and 60 percent of all workers way they have dated a colleague. About a third of those say they married the person they met at work, Career Builder says. By the way, if you’re looking for a career and a spouse, according to the Career Builder survey, the five top industries for office romance are: Leisure and Hospitality Information Technology Financial Health Care Professional & Business Services But I digress. Despite those marriages, it is still far better to be extremely wary of office romance. Here are some of the reasons: A sexual harassment suit is never out of the question. Workplace gossip can undermine your authority, credibility and ability to advance. Arguments can spill over from your personal life to your business. It can be a major distraction for everyone at work. If a third of these romances ended in marriage, two thirds didn’t. It can get ugly at breakup time. Not only is it wise to be very cautious on the personal level, it’s smart to establish policies and train your employees on them. This is especially critical for any employees in supervisorial roles; the line between flirting and harassment can be very blurry and you don’t want it to suddenly come into sharp focus when an angry employee shows up in your office with an...
read moreThese Small Business Owners Are Making Their Own History
When we honor African American History Month each February, we typically look back at some men and women who influenced the course of history in mighty ways. But just as important are the smaller events that change the course of history in families and communities. There is no doubt that for many in the African American community, getting firmly planted on a path that leads to financial success is difficult and fraught with obstacles. Last summer we watched as many African American small business owners in Ferguson, Missouri were dealt severe blows. But despite the challenges and hardships, the entrepreneurial spirit among African Americans is strong and their success stories are many. In their own unique, yet powerful ways, they are defining an important stream of Black History in our country and the lessons they have to share will benefit all Americans who have the courage to pursue the American Dream. I went looking for some of these stories and asked for African American business owners and entrepreneurs to share their wisdom. Here’s a sample of the sage advice and encouragement I received. Alvin J. Woods owns The Media Model in New York City where he specializes in branding and public relations. He comes right to the point, “No one cares – work harder.” “As a business owner, you have to come to terms with comprehending that no one cares. It may sound a bit harsh, but no one truly cares enough about your business brand to help you through a financial downturn,” Woods explains, adding that this should motivate you to work hard so you’ll be prepared for the difficult times. “We all have the same 24-hours in a day, don’t waste your time looking for someone to save you or help when in need – just work harder,” he advises. Dr. Dominique’ N. Reese owns Reese Financial Services where she helps her clients create a foundation for wealth through money mastery. In some ways, she echoes Woods: “Practicing diligence in the midst of discouragement is a factor of success and has worked well for me. It’s very difficult to do, which is why most don’t do it, but when it is done, it does pay off.” “The secret to my success has been a relentless pursuit of my vision – my dream – and good relationship management skills. I have had some moments in building my business when I became deeply discouraged and almost gave up, but then I sought motivation or it came to me through some ‘right-place-right-time’ experience,” Reese explains. Kimberly Ramsawak is the founder of Tourism Exposed, an online community that helps students and career changers find their dream jobs in the travel, tourism and hospitality industry. Kimberly urges budding entrepreneurs not to “waste time getting ready – just start!” And once started she has two important “secrets to success as an African American entrepreneur”: Focus on what you can control and don’t ever underestimate the power of persistence. Are you noticing a theme here? This doesn’t surprise me; if there is one thing that entrepreneurs from the African American community understand, it’s the importance of being persistent. Many have experienced persistence that has stretched through several generations of family members. Dana Rankin, owner of Carter’s Coffee Corner and Not Just Hoopz Jewelry, is...
read moreDon’t Depend On Homeowner’s Insurance for Your Home-Based Business
Here’s a scenario for anyone running a home-based business: The UPS guy makes a business delivery to your house, but slips, falls and sues. Are you covered by your homeowner’s or renter’s insurance? You’re probably not, and that’s just one example of why owners of home-based businesses need to seriously consider their insurance needs. Business equipment and inventory losses beyond $2,500 will not be covered by the typical homeowner’s policy should you suffer a loss. In the same way, if you see clients at home and they suffer an injury like our UPS guy did in the opening paragraph of this article, you’ll need some kind of business coverage to protect you. Three levels of policy coverage Coverage options vary somewhat by state, but generally speaking you have three “upgrades” to select from, depending on your business and your exposure to risks. At the “bare bones” level, you may be eligible to get a rider on your homeowner’s policy to cover equipment and inventory beyond $2,500 or whatever amount is included in your standard homeowner’s policy. The Insurance Information Institute says that in some cases you can bump that $2,500 up to $5,000 for as little as $25 per year. Overall, coverage can be increased to $10,000. In the same way, you can add a liability endorsement to your homeowner’s policy that would cover our UPS guy and a few other business visitors. However, adding the endorsement is limited to home-based businesses that receive very few visitors at home, like freelance writers. You need to check in your state to see how far you can push this before you need to go to the next step in this insurance progression. When adding riders and endorsements to your homeowner’s policy won’t cover the amount of equipment or inventory you keep in your home, or you need better liability coverage, there are in-home business policies available. Additional areas covered by these kinds of policies would include, off-site property, loss of important documents, accounts receivable, and perhaps some loss of income if you suffer a disaster or fire that shuts you down. Further, these policies may cover a few employees that you might have working at your home. They also give you broader liability coverage. Standard business owner’s policy The top level of coverage is a standard business owner policy. This is really the same coverage a brick-and-mortar business would carry and delivers broader coverage than a policy written specifically for a home-based business. Along with everything you need to consider in order to purchase sufficient coverage for your home-based business, you also need to check your automobile insurance to see if you’re covered while you’re out driving for your business. Further, if you have employees, none of the policies mentioned here cover workers compensation, health or disability...
read moreGood 2014 Economic Figures? Check Your Math
Sometimes there are troubling phrases that creep into our language so slowly that few people stop to consider the consequences. “The new normal,” is one of these. When real GDP growth for 2014 was announced last month, it came in at 2.4 percent. Politicians crowed about how the economy grew throughout the year, pointing to the GDP numbers as well as falling unemployment figures. However, since 1950, our economy has averaged a real GDP growth rate of 3.2 percent. Without any historical perspective all the happy talk about the 2.4 figure would make a casual observer think that we did quite well in 2014. Keep this up for a while and our leadership will have established a “new normal.” And hey, if it manages to tick up to 2.8 percent, many of our citizens will think we’re experiencing an economic boom. Grading the economy However, if you do the simple math of comparing our Post WWII historic average of 3.2 percent to last year’s 2.4 percent, you’ll see that it’s fully 25 percent below average. If we were school teachers and we gave an “A” to a growth rate of 3.2 percent, we’d have to give last year’s 2.4 percent at best a “C” grade. And frankly, my little comparison is being very kind; last year’s growth didn’t get close to our nation’s long-term average growth rate. If your child scored 25 percent lower than his school’s solid “C” students, there would be some uneasy moments at home on report card day. Consumer spending was a bright spot and really helped out in the fourth quarter. This is good for many small business owners. The oil shale boom fueled the economy as well. In 2014, North Dakota and Texas ranked one and two in their job growth rate at 5.4 and 4 percent respectively. Further over the last decade, we owe a lot to the Lone Star State. According to a report published by the Federal Reserve Bank of Dallas, between 2000 and 2013, Texas employment grew by nearly 25 percent while the rest of the US expanded by less than 5 percent. Warning: With oil and gas prices falling so dramatically, this boom may be over for a while. Also, a strengthening dollar will hurt exports, which were already lackluster. Get a job Jim Clifton, chairman and CEO at Gallup, put the unemployment picture in its proper perspective recently. He noted how the media, White House and Wall Street were celebrating a 5.6 percent unemployment rate. He then went on to list all the categories of workers that are excluded when the U.S. Department of Labor starts counting up unemployed folks: Anyone who has stopped looking for a job over the last four weeks, Anyone who works a minimum of one hour and pockets $20 in a week, and Part time workers who need and want fulltime employment. As bad as that is, Clifton cited a figure that is even more tragic. Right now our economy only has full-time jobs available for 44 percent of the adult population. That figure needs to be at least 50 percent, which would require the creation of 10 million new jobs. If there are not substantial improvements in our economy over the next few years, we will certainly be stuck with a...
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