Why I Linked Out on LinkedIn |  |
- Why I Linked Out on LinkedIn
- Hiscox Names New Head of U.S. Small Business Marketing
- Franchises For Preppers
- Xero Introduces New Payroll Service
- Should You Raise Equity Through Crowd Funding?
- IRS Announces Standard Mileage Rates for 2014
| Posted: 09 Dec 2013 04:00 PM PST
Yesterday, I disconnected from two people who had recently asked me to connect on LinkedIn. And this will be my policy moving forward. There seems to be a misunderstanding of how to best use LinkedIn to grow your business. These people are great examples of that misunderstanding. Linked Out on LinkedIn: Here's What Transpired. . .I receive LinkedIn connection requests all the time from people I don't know. And that's okay with me. I figure they want to start a dialogue to see if a business relationship makes sense. And usually, that is the case. Recently, two different people asked to connect. I accepted their connections only to then receive LinkedIn emails from each of them pitching to me. Really? I don't even know these people and worse, they don't know me. They have no idea if I have a need for their product/service. It seemed they made assumptions based on what they could see in my profile. This is the worst kind of cold calling. It's like dialing for dollars. What it seems these people did was search LinkedIn for people who meet certain criteria. Once found, they requested connections. And then, once connected, they sent their most salesy LinkedIn email to those people. You know the kind. It goes like this:
Ugh! So, what exactly did that have to do with me as a prospect and what I might need? Nothing. It was all about what they wanted and needed. The Result. . .I disconnected. It's like getting those solicitor calls or spam emails – only worse. It's worse because I have access to much more information about them. I can see them, so to speak. They aren't anonymous. I have the opportunity to build a belief about them – a belief that does not instill trust. If I want to, I could even investigate their profile. I could see who they are connected to and build a belief system around those people as well. When we understand that sales is about building relationships and trust, we can see how this policy is full of problems. You can't go from introduction to marriage. You can't go from connection to a sale. There is work that must be done in between to build a relationship, learn about the prospect, and identify whether they are qualified. Do they need what you have to sell? Can you help them solve a problem? Once you know the answers to these questions and have developed a trusting relationship with the prospect you can do business with them – and not until then. LinkedIn is a wonderful platform for building relationships and sharing your expertise. And there is a way to effectively prospect on LinkedIn. When you are looking for an introduction into a company or to an individual, you can see how you are connected to them by using the advanced search function on LinkedIn. When you see a shared connection you can then ask that connection to introduce you. The key to the success of this tactic is to have really good relationships with the people you are linked to. When you already have their trust, they will be happy to introduce you to others. It is my opinion that this is the only way you should be using LinkedIn to prospect. It is not a cold calling platform. Take an inventory of how you are using LinkedIn and how others are interacting with you. Make very clear and purposeful decisions about how you are going to build relationships with your contacts. This is how you will realize the true benefit of the business development opportunities of LinkedIn – and won't run the risk of being disconnected. Disconnected Photo via Shutterstock The post Why I Linked Out on LinkedIn appeared first on Small Business Trends. |
| Hiscox Names New Head of U.S. Small Business Marketing Posted: 09 Dec 2013 01:30 PM PST
Hiscox, an international insurance provider for small business, has named former Verizon executive Brian Price as its new head of U.S. small business marketing. The company offers a menu of professional liability, errors and omissions and commercial general liability insurance. Its products are customized online or through its call center for a variety of industries. The company specializes in providing insurance solutions for small businesses in the IT, consulting, marketing, photography, real estate and beauty and health fields. Price’s past experience includes time spent as Vice President of Consumer Marketing at Frontier Communications. He later served as Executive Director of Digital Marketing and eCommerce at Verizon Communications. The company is hoping his experience in digital marketing and acquisition in particular will help drive sales via its direct online small-business platform. Russell Findlay, Head of Marketing for Hiscox USA, said in an email to Small Business Trends:
Hiscox says it currently has more than 40,000 active policies with U.S. small businesses. The company launched its U.S. small business platform online in October 2010. Hiscox says it has over 200,000 customers worldwide. The company also supplies professional liability, property and specialty insurance to U.S. businesses through U.S.-based brokers. The post Hiscox Names New Head of U.S. Small Business Marketing appeared first on Small Business Trends. |
| Posted: 09 Dec 2013 10:00 AM PST
Until now, I’ve never written an article for Small Business Trends while sitting in my basement. Usually, my words come alive in my well-equipped office. But, I couldn’t write about prepper-related franchises without putting myself in the prepper’s shoes (or combat boots) for a few hours. I have to tell you, hanging around in my somewhat musty basement for a few hours is as far as I'm willing to go. It's only been 15 minutes, and I'm already thinking of scampering upstairs to finish this article. All kidding aside, today I want to take a serious look at a cultural phenomenon — and the franchise opportunities around it. I am not advocating that anyone run out and jump into these franchises. I never advocate jumping into ANY franchise without investigation. Buying a franchise involves spending serious money. There are pros and cons to buying a franchise. You should always do your due diligence. But as part of my work, I make it my business to know about franchises that are available. As prepping has drifted more into the public’s eye, there are more products marketed to preppers. And there are some prepper franchise opportunities with crossover appeal. We’ll get to that point in a moment. What Are Preppers?If you're not a regular viewer on the Reality Television circuit, you may not know about the television show that's on the National Geographic Channel called Doomsday Preppers. In its third season, Doomsday Preppers is a television show about preppers and survivalists. Here's how the show is described on the National Geographic website:
The National Geographic channel sounds a bit melodramatic, doesn’t it? Drama aside, being prepared is a way of life for a growing number of people. Some Americans simply want to be prepared for the aftermath of a natural disaster like Hurricane Sandy or Katrina. Those events disrupted lives and businesses for weeks, months, in some cases years. Did you know that there are meetings taking place for preppers all over the United States? Most are likely kept within close circles of family and friends, but some meetings are public. On the Meetup.com website I found many Meetups on topics such as preparedness, prepping, disaster, survival and similar terms. Go ahead and try searching. You may be surprised. There are literally hundreds if not thousands of websites, blogs, podcasts and YouTube channels on the topic of prepping and survival. Some have large audiences. Prepper Franchise Opportunities with Mainstream AppealLet’s look at franchise opportunities that may take advantage of the prepping trend, yet also have crossover appeal to a mainstream market. There's also quite a bit of overlap in products when it comes to hikers, campers and hunters. Keep that in mind as part of the potential target market. I emphasize the crossover appeal when it comes to a prepper franchise, because the potential market will be larger. Also, unless you are living the prepper lifestyle yourself, you may find it hard to break into a niche market like preppers. Metal SupermarketsThe Anderson shelter was a popular mini-bomb shelter that was distributed to citizens in the UK during WW2. It's a well-known fact that The Anderson shelters performed well under blast and ground shock. That's because they were made with curved and straight galvanized corrugated steel panels – 14 of them actually. Those wanting to reinforce a basement or building with galvanized corrugated steel panels might turn to a place like the local Metal Supermarkets franchise that makes it easy to buy reinforcing materials. Batteries PlusIn the event of a natural disaster or something more, it's a safe bet that electricity will be disrupted, too. It's a good thing batteries were invented. Long-lasting batteries will be crucial to our comfort, even to our survival. Mike Burzminski, the local franchise owner of Batteries Plus, stocks all sorts of batteries. Like:
Battery stores specialize in unusual batteries (beyond the AA battery in your favorite gadget) and chargers, and emphasize staff who are knowledgeable. Just-A-BuckI was able to stock up on lots of items at my local Just-A-Buck store. Everything in the store costs a dollar. I purchased toothbrushes, toothpaste, soap, razors, candles, lighters, flashlights, and hand-warmers. I also bought dozens of non-perishable food items like crackers, soup, nuts and candy bars, to name just a few. Just search Google and you will find many articles and YouTube videos on the topic of prepping at a dollar store, such as this one at Apartment Prepper. Dollar stores are great places to get lots of supplies for not a lot of money. It's really about volume when one is focused on preparing for a time when stores may no longer be stocked. It has to be. Gro-OYou're going to have to grow some of your own food. Did you know that there's a franchise that specializes in designing and setting up organic fruit and vegetable raised planter gardens? Gro-O is the name of the franchise, and they're big on education. You can attend a garden party at one of their locations where you learn how to set up your organic garden. Once you're done learning how to grow your own food in an organic garden, you can go to the Gro-O website and purchase a few GroEasy Redwood Planters. These raised planter boxes are portable and easy to assemble. Bonus: No hardware or tools are needed. The Beef Jerky OutletBeef jerky is one of those food items that has been around since before refrigeration. And it is a food of choice for many preppers and survivalists, as well as campers, hikers and others who spend time outdoors. From YummyJerky.com:
That's why I paid a visit to The Beef Jerky Outlet, a young franchisor that specializes in tasty, high-quality beef jerky. Whether your local area could sustain a retail outlet specializing mainly in one niche product like beef jerky (and related items) is something to investigate. These are a handful of the more mainstream franchises available that have overlap with the prepper market. Non-franchise OpportunitiesIn my research I came across a number of direct selling and multi-level marketing arrangements. Thrive Life is one such opportunity. This company sells kits for consultants to hold home parties for stocking up on food and supplies. It's important to remember that those are "business opportunities." Business opportunities differ from franchises. While there are fewer rules and a lower up-front cost to participate in a business opportunity, you also get less support and training than with a franchise. There are legitimate business opportunities out there but there are also scams. Be careful, and do your due diligence. Some products popular with preppers, such as Berkey water filtering systems, are sold through distributor arrangements. As a distributor, you have whatever rights you get under the distribution agreement you sign. Here again it is not a franchise. You'll get less training and systems support than with a franchise. As a distributor you are expected to already know how to sell product. Finally, you can find many online affiliate arrangements in the prepper world. Food Insurance is one of many companies marketing to the prepper world that offers an affiliate program. To take advantage of an affiliate program, a website puts up affiliate ads and earns a commission from every sale made via the ad.
I’m not saying that a non-franchise opportunity is either right or wrong, better or worse. Just understand the differences from a franchise. Prepper kit Photo via Shutterstock The post Franchises For Preppers appeared first on Small Business Trends. |
| Xero Introduces New Payroll Service Posted: 09 Dec 2013 07:00 AM PST
For businesses already using online accounting services, it’s not hard to imagine the benefits of adding online payroll to the mix. Xero, a New Zealand-based international company now offering its cloud-based accounting services in the U.S., has just announced adding a payroll feature to its own software. Payroll in Xero, as the new service is called, won’t be a separate feature. In fact, Jamie Sutherland, President, Xero U.S. says the new service is built as a part of the existing software. “It’s connected. It was designed to work seamlessly together,” Sutherland says. Payroll in Xero FeaturesThough payroll services are nothing new in accounting software. some distinguishing features set Xero’s new payroll software apart, according to the company. They include:
Xero Stresses Ease of OperationThe new payroll service will be included on all but a single introductory package of Xero’s software. A simple payroll tab will launch the payroll feature. “That’s one hallmark of Xero. We want to make everything simple,” Sutherland explained. In the U.S., the software is immediately available in California, Florida, New Jersey, New York, Utah and Virginia and will gradually come online in other states. The company will hold introductory sessions for bookkeepers and accountants to get them acclimated to the new software. As of September, Xero had 85,500 customers in New Zealand, 79,100 customers in Australia and 30,100 customers in the U.K. The company opened for business in the U.S. just two years ago and currently has about 100 domestic employees. About 16,600 additional customers are located mostly in the U.S. Images: Xero The post Xero Introduces New Payroll Service appeared first on Small Business Trends. |
| Should You Raise Equity Through Crowd Funding? Posted: 09 Dec 2013 05:00 AM PST
Last month, the Securities and Exchange Commission (SEC) issued the rules that make equity crowd funding possible. Now that you can, you may be wondering if you should sell shares to the crowd of unaccredited investors. The answer depends on how well equity crowd funding fits your business opportunity. First, you need to assess whether raising debt or equity is a better way to finance your business. Getting a loan – whether obtained through an online source like Prosper.com or from a bricks-and-mortar bank – makes more sense than selling shares if your business isn't likely to generate a huge return on investment. Investors buying equity demand greater returns than those lending money to compensate them for the greater risks involved in owning shares. Borrowing money also makes more sense if you want to keep all of the future profits of your business because equity investors have a claim on future profits, while lenders don't. If you want to maintain tight control over your business, you should borrow money, not sell shares. Buyers of equity have the right to participate in your company's decisions. At a minimum, you will have to discuss future plans with investors before you make them, and you might need their agreement if they own enough of your company. In fact, if the investors disagree with you, and they own a majority of the company, they can replace you as the chief executive. If you raise equity, you probably need an exit plan. Most equity investors cash out of their investments in start-ups when the business goes public or gets acquired by another business. If you aren't planning one of those outcomes, equity crowd funding probably isn't right for your business. If equity is more appropriate for your business than debt, then you need to evaluate whether tapping the crowd makes more sense than raising money from business angels or venture capitalists. If you need to raise a lot of money, equity crowd funding probably isn't the right way to go. Crowd funding provides a way to tap the pool of unaccredited investors, but limits those financiers to no more than $5,000 per year invested in any new business. Because you will need more investors to raise more money, and managing large groups of investors can be difficult, the equity crowd funding model probably won't work well if you need millions of dollars. Crowd funding also makes more sense if your business needs to raise money just once rather than through multiple investment rounds. Multiple rounds will dilute your investors’ stakes if you don't give first round investors "pro rata" rights to invest in a new round and make sure your investment rounds occur no more than once per year. If you plan to tap venture capitalists at some point, beginning with equity crowd funding might not be wise. Venture capitalists might shy away from businesses that have raised a lot of money from unaccredited investors because of the potential legal complications that such situations create. If you need mentoring from people experienced in building companies or connections to suppliers, customers or management talent, then going the crowd funding route also makes less sense. Unlike venture capitalists or successful business angels, the crowd isn't likely to offer much in the way of mentoring or connections. Equity crowd-funding shouldn't be like the latest iPhone – something people pursue because everyone else they know has it. Rather, entrepreneurs should take a look at their business opportunities and figure out whether raising equity from the crowd is right for what they are doing. Money Photo via Shutterstock The post Should You Raise Equity Through Crowd Funding? appeared first on Small Business Trends. |
| IRS Announces Standard Mileage Rates for 2014 Posted: 09 Dec 2013 02:30 AM PST
The IRS just announced its standard mileage rates for 2014. The new rates will be a slight decrease — a half cent — from the 2013 rates for business, medical and moving expenses. Effective January 1, 2014, the standard mileage rates for the use of a vehicle such as a car, van, SUV or pickup will be:
Small business owners, employees, self-employed individuals and other taxpayers can use the standard mileage rate to calculate their tax-deductible costs for using a vehicle for business, charitable, medical or moving purposes. The IRS points out that these standard mileage rates are “optional.” That means you have the option of using the IRS-designated standard mileage rate for 2014. Or, in the alternative, you may keep track of your actual expenses of operating the vehicle and claim actual expenses instead. There are some rules limiting when you can use the standard business mileage rates: (1) You can claim the standard mileage rate for a maximum of four vehicles used simultaneously. (2) You cannot use the standard mileage rate if you’ve already claimed a Section 179 deduction for that vehicle. (3) And you cannot use the standard business mileage rate for a vehicle after using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS). What if Your Employees Use Their Personal Vehicles for Business?A frequent question that comes up is “If my employees use their personal vehicles to run business errands or do work for the business, do I have to reimburse the employee at the standard mileage rate?” In most states you do not have to reimburse expenses to employees — but most employers do so, using the standard mileage rate. The business can then deduct as a business expense the amount reimbursed to the employee, up to the standard mileage rate. Of course, any reimbursement to the employee should not be treated as taxable income to the employee. The idea is that you simply are making the employee whole by reimbursing him or her for using a personal vehicle. If you do not reimburse your employee for business use of a personal vehicle, then the employee may be able to deduct the unreimbursed expense on his or her 1040, Schedule A. In that case, you as the employer do not get to claim the deduction. For More On Standard Mileage Rate 2014For the 2013 tax year, see our article on 2013 mileage rates. For more detail on 2014 mileage rates, see the IRS site. Contact your accountant for specific advice in your situation. The post IRS Announces Standard Mileage Rates for 2014 appeared first on Small Business Trends. |
| You are subscribed to email updates from Small Business Trends To stop receiving these emails, you may unsubscribe now. | Email delivery powered by Google |
| Google Inc., 20 West Kinzie, Chicago IL USA 60610 | |
No comments:
Post a Comment