Small Business Thoughts While Having a Pedicure |  |
- Small Business Thoughts While Having a Pedicure
- Financing Your Startup: Are Government Grants an Option?
- What Google+ Local Pages Means to Your Business
- Small Business Borrowing Slows: How Are You Funding Growth?
| Small Business Thoughts While Having a Pedicure Posted: 05 Jun 2012 11:00 AM PDT I did something a week ago that all males should do often – got a pedicure. As I relaxed my legs in warm water, I wondered why the nails/manicure/pedicure industry does not lure more male customers.
According to a research company, IBISWorld's Hair & Nail Salons Market Research Report, this industry had a revenue of 42 billion, employs around 1.5 million people in over 1.06 million businesses. That is a huge number and if men do not frequently get pedicures, then this industry may be losing out on half of the potential customers. I must admit, I was shy when I entered the nail care place. I had the same feeling when, decades ago, I went to a Parikmakerskaya (Barber Shop) in Moscow staffed predominantly by women. Until then, growing up in India, I had only seen male barbers and that is why the experience was new. Fast forward to my current experience. The pedicure experience was good, no stares from patrons for being the only male there, and I was comforted that there was no silence but a constant stream of conversation around me. I looked to see if there was any marketing or promotional material that I could use to persuade other men to have a pedicure too. I began to think between the foot scrubs I was getting that this may be a lost opportunity for this industry. The U.S. population is almost half male and entrepreneurs like the Grooming Lounge in Washington, D.C. have done a good job catering to this market. Some tips for small business owners in the pedicure industry:
These are some basic thoughts and readers may have other ways this industry can promote itself to new customers. Your thoughts? Pedicure Photo via Shutterstock From Small Business Trends |
| Financing Your Startup: Are Government Grants an Option? Posted: 05 Jun 2012 08:00 AM PDT "Can I get a government grant to finance my business?"
This is one of the most commonly asked questions posted by entrepreneurs and owners of young businesses in the SBA Community. And, in most cases, the answer is "no." However, some small businesses, particularly those engaged in "high-tech" innovation or scientific research and development, can benefit from government grants. Here are some facts about government grants for small businesses, including who is eligible and how you can go about finding them: Can I Get a Government Grant to Start a Business? No doubt you've seen ads purporting to offer access to "free money" to start your business. While it's not unreasonable to expect that the government may provide grants to small businesses, it's wise to take most of these claims with a grain of salt. Why? The fact is, government grants are funded by tax dollars, and, as such, there are very stringent rules about how that money is spent. In short, despite what you may have heard in obscure ads or late night TV infomercials, federal and state governments don't provide grants for any of the following:
That being said, there are certain types of grants available. However, these are limited to specific industries and causes, such as scientific and medical research and (more on this below). Your state government is another source of potential grants, often known as "discretionary incentive grants." Again, these are closely tied to government objectives and tend to be restricted to larger employers or have strict eligibility requirements that often exclude small businesses. Small Businesses May Qualify for Research and Development (R&D) Grants One business venture that does attract government grant funding is scientific research and development. Federal initiatives, like the Small Business Innovation Research (SBIR) program, award grants to hi-tech small businesses or startups to carry out R&D and bring innovative technological products to market. Companies like Symantec, Qualcomm and ViaSat all got a step up thanks to the SBIR program. How to Find Grants If you think you might be eligible for a government grant or aren't sure about the validity of some of the claims you hear in the media, check out Grants.gov. This is a searchable directory of more than 1,000 federal grant programs. Use the Advanced Search tool to search for a grant by eligibility (e.g., for-profits or small business), by issuing agency, or category (e.g., environment or science and technology). The Bottom Line
The truth is that for most entrepreneurs, starting a business needn't break the bank. The latest data from the SBA Office of Advocacy shows that up to 40 percent of startups get established with very little financing, often less than $5,000, while up to 25 percent don't use any startup financing at all. So before you get pulled down the rabbit hole of "free money", assess your funding needs. This includes your capital assets like a laptop, printer, web hosting costs, office space or inventory stock – as well as the amount of cash flow you need to keep you afloat until your business is meeting your revenue goals and you are making a profit. If you think you'll need financing at some point, be sure to fully develop and test your product or offering so that it's as complete and ready-for-market as it can be before marketing it or seeking financing.
From Small Business Trends |
| What Google+ Local Pages Means to Your Business Posted: 05 Jun 2012 05:00 AM PDT If you're a small business owner who prides themselves on keeping up with all the local search blogs, you may now be overwhelmed with all the news regarding Google+ Local pages and the effect it will have on how you market your business online. If you're not big on reading blogs, than you may not even know that your business' online landscape totally changed last week and you could be left out in the cold. Either way, fear not! Just keep reading to understand all the essentials regarding the new Google+ Local pages; we'll break it down together.
First off, What are Google Local+ Pages? In case you missed it, last week Google announced a new way to help people discover and share local businesses with Google+. The new way comes in the form of new Google Local+ pages. These are new business profile listings which will replace your Google Place page and integrate with Google's new social network, Google+. Users can access these pages through Search, Maps, or through the new Local tab within Google+.
If you check out any of these new format pages, you’ll notice they are considerably more user-friendly, dynamic, and easier to interact with than pre-existing Google Place pages. I've heard many experts describe Local+ pages as more attractive and easier-to-use Facebook brand pages and I wouldn't completely disagree. There are certainly similarities. Regardless of how you look at them, your Local+ page is your new Google business profile for your company, housing all important business information. They pages also make use of Google's acquisition of Zagat from last year, replacing star ratings with more complete 30-point Zagat scores and recommendations to give users a better way to evaluate and select local businesses. You're also able to see who in your Google+ Circles has been to the restaurant so that you can find reviews and ratings directly from them.
When a user looks up your business on Google, this page is what they will find. The pages are designed to give business owners a much more social way to interact with consumers, in a way that Place pages simply did not allow. So my Place Page is gone? Yes. You should notice that your Google Place page has already been converted to a Local+ page. Google says that to date, 80 million Google Places pages worldwide have already been merged to this new platform. If your page has not been merged yet, it's coming. So prepare yourself. Worth noting: According to Google, you will still continue to manage your information (basic information, make updates, respond to reviews, etc) in Google Places for Business. That is still your main console. What does this mean for my Google+ Business Page? I had one of those, too! For the time being, you now have two Google+ pages that you'll need to manage and worry about. However, the time when you'll be able to merge your Google+ Business page with your Google Local+ page is coming. In fact, to give you a sense of what it will look like, you can view the listings for select companies below. These are folks Google has worked with to upgrade their listings early so that we could all see what it would look like: So while you may have two pages today, Google is working to give business owners the options to merge. Once this happens, you’ll have a one-stop Google portal for your business on the Web. This is arguably what many SMBs have been waiting for – one place to manage information, posts, reviews, etc. Speaking of reviews…will they be moved to my new Local+ page? Sort of. Google will be moving over the reviews on your Place page to your Local+ page, however, unless the user who left the review goes through Google's verification process, all of your reviews will now show up as being from "A Google User". Not the best true cue. However, if the user does go through the quick verification process (which Google will prompt them to do), than the reviews will be tied to their Google+ account. Going forward, in order for anyone to leave a review of your business, they must do so from their Google+ account. What are the SEO implications? Okay, so you may not have been wondering about that, but you should. Because this change will impact your visibility on the Web. Unlike the older Google Place Pages, your Local+ business profile WILL be indexed and show up in the search results. That means you will have to think about how you're going to optimize your Local+ page for search to gain higher visibility. The merger of Google+ with Google Place Pages signifies a major change in the handling of local search and how small business owners will have to adjust their attention and marketing efforts. For other accounts of what these Local+ pages mean to your business, you may want to check out insight from these experts:
And, as always, when things change again (which they will), we’ll update you. Google+ Photo via Shutterstock From Small Business Trends |
| Small Business Borrowing Slows: How Are You Funding Growth? Posted: 05 Jun 2012 02:30 AM PDT Fewer U.S. small businesses are borrowing money for expansion according to a national index. This may reflect caution on the part of small business owners unwilling to take on additional debt in an uncertain economy, but as we will see in the roundup below, other options exist for obtaining funding. Businesses can also find ways of stretching existing resources to grow. Borrowing OutlookSmall business lending down in April. Small business lending is down for the fourth straight month, according to the Thomson Reuters/PayNet Small Business Lending Index. The index measures the volume of US small business lending and showed a drop from 96.0 in March to 94.1 in April, indicating businesses are playing it safe instead of borrowing for future expansion. Reuters Funding from SBA is now here if you want it. Small businesses were desperate for enough funding to stay alive back in the early days of the Great Recession, but now they have access to an unprecedented $30 billion in SBA guaranteed loans for buying more equipment and hiring more staff, says SBA Administrator Karen Mills. It appears, at least here in the US, that availability of funds is not a problem. The Huffington Post Tighter lending requirements hurt Australian small business. Availability of funding hasn’t been the case everywhere. Small businesses in Australia have had it tougher than their big corporate counterparts when it comes to financing, thanks to tighter lending restrictions instituted after the 2008 global downturn. The Reserve Bank of Australia revealed the findings at the nation’s first small business finance round table held to gain a better understanding of how Australian small businesses are funded. The Sydney Morning Herald Other Funding SourcesOther sources of small business funding. Lending is far from the only source of financing for business expansion. A number of other funding sources exists today, ranging from former employers and alumni to family and friends. Don’t forget to seek these lesser discussed options as an alternative or supplement to traditional funding channels. Growth University In the U.S., crowdsourcing will soon become another option. A new law will soon allow companies to sell stocks on the Internet, but the U.S. Securities and Exchange Commission must first hammer out the details. In fact, lobbying groups have already been created to advocate for the new funding approach. Bloomberg Businessweek Getting your money from clients and customers. One alternative to borrowing for small business expansion is to get better at collecting from customers and clients. The trouble is that with each passing month your chances of recovering money owed from a delinquent account decreases, says Jacqueline Taylor, associate region director of the University of Houston Small Business Development Center. Here she offers some advice. The Houston Chronicle Improve your odds with investors. A number of issues will have investors passing over your business in favor of others competing for their attention. Some of these problems include an inadequate business plan, an inexperienced team, or an opportunity that is not large enough or growing, says startup expert Martin Zwilling. If these problems exist in your business, you are likely to have more problems attracting needed funds. Startup Professionals Musings Healthcare tax credit won’t help much. Created by Congress in 2010, the tax credit was part of the healthcare system overhaul leading to the new reform package and was intended as an incentive to encourage an estimated 83 percent of U.S. small businesses that currently provide no healthcare coverage for employees to do so. The trouble is that many businesses either don’t qualify or will barely see enough of a credit to cover their costs. Bloomberg Businessweek Stretching Your ResourcesMake use of online resources. Google is introducing a new “Business Builder” for small business marketers to include Google+ local pages, AdWords Express, additional Google offers, and other new features. Taking advantage of full service online resources can offer a low cost option for marketing and managing a small business from the first day of operation. Search Engine Land Invest wisely in your marketing. Spending the right amount on your marketing campaign can be the best way to stretch your business’s resources without needing to look for additional funding. Careful investment in your marketing involves figuring out a reasonable budget, determining the most efficient way to spend it, and then carefully tracking results to determine return on investment. SBA.gov From Small Business Trends |
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