smallbusiness Archives - Resourceful Business

5 Reasons to Start Your Small Business Right Now

31 January 2015June 20, 2022Ann MillsLeave a comment

Starting your own business is the iconic American dream. If you have a passion, perhaps it’s time to pursue it in a more serious way and see if you can make a living doing it. The figures are daunting. Approximately 8 out of 10 start-ups fail within the first 18 months, and new entrepreneurs will invariably make mistakes, many of which will be costly. Often there is financial pain along with the uncertainty of how long to keep going if the concept isn’t working. At times, you will feel like you jumped off a cliff, but nevertheless, there are so many reasons to try.

Here are 5 reasons to start your small business right now:

1. Be Your Own Boss

Work Life Balance is the enviable state of successfully managing a career and life. A highly-regarded online medical resource, WebMD, even has a section on how to improve your work life balance, and the pursuit of it is one of the key drivers behind the exponential rise in the freelancing industry. Starting your own business will certainly throw your work life balance off for a while as you build, fund and grow a new venture. Ultimately, the rewards include the ability to manage your own time and be your own boss. You can decide how large to grow your business and who to hire. You can even work from home until such time as you choose to expand your company.

2. Pursuing a Creative Passion is Good for Your Health

Having a creative outlet is important to your mental well-being. For many people, it takes the form of a hobby that is enjoyed around a structured work week. But why not try to build your hobby into a business. In Six Tips for Turning Your Hobby Into Your Job, Jacquelyn Smith encourages people to figure out if there is an income stream in their hobby and pursue it. Do you like to crochet? Help others learn how to enjoy your hobby by teaching at a local community college or develop a series of classes from home. Doing so can be good for your health. A study in the Journal for Aging and Health found that creative people had lower levels of stress and healthier brains.

(Effective Loan Rate of SBA Loan Portion from Spedco.com)

3. Interest Rates are at Historic Lows

Whether it’s seed capital or money for day-to-day operations, many aspiring entrepreneurs need funding. One of the primary reasons for small business failure is lack of cash flow, and small businesses are perceived as risky, so they pay much higher interest rates on loans than large corporations. If you are looking to start a new business, the interest rate environment matters. In the United States, the Small Business Association (SBA) has a loan program that will guarantee up to $5 million dollars or 75% of the loan repayment called the 7(a) Loan Program. Typically, interest rates on SBA loans are benchmarked off prime rates and the Federal Funds rate. The Federal Funds rate is at historic lows.

4. Age Discrimination in the Workplace

As workers age, many find it nearly impossible to re-enter the workforce after any lapse in employment, particularly after the age of 50. Age discrimination is well-documented. Not surprisingly, many older Americans apply their skill set to starting their own business. With a lifetime of experience and a wealth of knowledge, olderpreneurs are on the rise. And because older business owners typically have more money than their younger peers, they borrow less and their ventures have a higher rate of survival.

5. Individual Health Insurance under the Affordable Care Act

The landmark healthcare legislation, the Affordable Care Act, made individual healthcare plans available to many Americans who previously did not qualify. One of the main reasons employees hesitated to leave a traditional workplace environment was the ensuing loss of health coverage, but solopreneurs can now purchase individual health plans on the Federal open marketplace. Small businesses can even set-up a defined contribution plan for employees and provide allowances to reimburse employees for their individual health insurance costs, and it is typically cheaper than a group healthcare option.

So, if starting a new business has been on your to-do list, there is no time like the present. From the practicalities of finding funding and getting health coverage to the benefits of achieving employment flexibility and work life balance, it’s a great time to consider pursuing your passion. If you choose to take the leap, contact Resourceful Business and we will create a digital marketing strategy to make your new business soar!

Why You Must Fix Your Company’s Social Media Imagery and How

25 October 2014May 4, 2017Ann MillsLeave a comment

When you look at your company Facebook page or Twitter banner, do you feel uninspired? As you scroll down the content, do you see images that convey a totally different feel than what you would like your company’s digital presence to be? Is your content full of free stock images or perhaps lacks images altogether? These problems are just a few signs that it is time to overhaul your company’s social media.

Pictures make a huge difference to the success of your social media strategy. They drive engagement and ultimately referrals back to your website. The problem is that setting up social media accounts is just plain time consuming; and some aspects of it, such as understanding image size requirements, licensing and file types are fairly technical. Social media without great imagery, however, is an opportunity missed. Regardless of the social networks you choose for your business, here’s why you must fix your company’s social media imagery and how.

Images are branding opportunities

Every social media network has different image options and layouts which allow you to customize your company profile page, and these present branding opportunities. There are places for logos, banners and backgrounds, all of which can showcase your brand and great imagery. Pictures can show your company’s products, conjure up thoughts that inspire a consumer to want your services or just be clever and eye-catching. Captivating imagery will reinforce your brand and keep viewers on your page where they can learn more about your company.

For a simple fix, first look up image size requirements for the social network you are using or use a guide such as Hubspot’s Cheat Sheet, and upload custom imagery for your cover photos. Make sure you include your logo in some creative way. If you are not proficient in tools like Photoshop, there are numerous free apps which have social media templates you can use. Hubspot offers a set of PowerPoint templates, so there is no expensive software required, and you can download your finished cover photo once complete.

Images lead to higher engagement

According to The Social Media Examiner, photos have an 87% engagement rate on Facebook, far more than text posts of any length. Similarly, in What Fuels a Tweet’s Engagement, Media Blog shows that retweets are boosted by 35% when there is a photo attached. Tweets with images take up more visual real estate and are more likely to grab someone’s attention. As the old adage goes, “Pictures are worth a thousand words,” and if your posts lack images, your social media engagement will be lacking too.

Images provoke the imagination

Powerful marketing utilizes imagery for a reason. Pictures can tease the imagination and make us dream of going somewhere exotic on vacation, winning the lottery or even looking younger. Imagery is far more likely than text to capture someone’s attention and inspire them to click-through to learn more.

As well, colors can affect the decisions we make. For example, blue is often associated with trust, green with wealth and pink with romance. Colors are emotive, and therefore, another powerful tool that can be used with imagery to spark the imagination.

Images drive sales

Not surprisingly, fantastic product pictures can lead to product sales. According to Jeff Bullas, a prominent social media strategist, “In an ecommerce site, 67% of consumers say that the quality of a product image is ‘very important’ in selecting and purchasing a product.” Social media is a perfect platform to post high quality product images and link them directly back to your ecommerce store.

If you are concerned that a product photo shoot is beyond your budget, purchase a portable box kit which includes photo diffusion panels, color backdrops, a camera mount and lights. They are available for around $50 and will give your pictures a professional look.

Images can tell a story

People love a good story. Pictures and videos can tell your product, service or company story far more effectively than written content. If you are able to convey a compelling story with images, consumers will want to be a part of it. Plus, pictures are more easily consumed and they are universal, so a critical tool for large global brands.

Not surprisingly, short videos have much higher user engagement than longer ones. In “The optimal length for video marketing content? As short as possible,” Yoav Hornung explains that the shorter the video, the more likely that someone will hit PLAY. With a number of free editing apps for smartphones and tablets available, it is easy to create and add some product or service videos to your social media.

Free Image Sources

If you’re sold on the leverage that images bring to social media, but not quite sure how to begin, start by bookmarking a few free image websites. Here are three of my favorites: Unsplash, Jay Mantri and Picography. Another option, Google Images, allows you to specify usage restrictions, so you can search for images on the internet that are free to use or share and in the public domain. Also, keep your smartphone with you, and if you see a photo opportunity, take it! Build your own library of images. Then create social media posts with pictures and begin to monitor what types of photos engage your audience best. To customize the pictures, use a simple photo editing app like Canva.

Spending the time and energy adding pictures to your social media will boost engagement and convey your message in a compelling way. If you still need some assistance getting started, the Resourceful Business can help energize your social media with images and guide your social strategy. Contact us.

Hiring a SEO company can be expensive. Imagine doing the basics yourself. Here’s how.

22 October 2014February 11, 2018Ann MillsLeave a comment

You are a passionate baker and have finally decided to launch a business. For the last year, you have tinkered in your kitchen and people have even started to pay you to make a few baked goods for them. You choose a do-it-yourself (DIY) website builder to save money, get a website up and running and the site even includes a basic e-commerce store. Several months later, while you are still selling baked goods to family and friends, the website has virtually no sales. Sound familiar?

Imagine what it would be like to start driving traffic to your website e-commerce store.

Do you know this small business, or does it remind you of your own? Imagine what it would be like to start driving traffic to your website e-commerce store. Your instinct tells you that you need a marketing campaign, but the core problem is most probably that the essential search engine optimization (SEO) work has not been done. With a start-up budget, you know that hiring a SEO company can be expensive. Have you considered doing basic SEO yourself? Here’s how.

1. Create a sitemap

Sitemaps list the pages and nesting structure of your website. By creating a sitemap, the robots or spiders that crawl your site for content will understand the organization of the website and all of the pages.

2. Upload the sitemap to Google

To have your website properly indexed by Google, set up a Google Webmaster Tools account so that you are verified as the owner of the website. Then upload your sitemap to Google and have it crawled with the Fetch as Google tool.

3. Follow Title Tag and meta description best practice

Stick to the character count specified in the search engine results page (SERP) guidelines and in the Title Tag, put key search terms first, followed by your brand. If your brand is well-known and may be searched in its own right, then put the brand first. Ensure every page of your website has a unique Title Tag and meta description for Google snippets brought up in search.

4. Optimize Keyword Density

Keyword density refers to the percentage of times a keyword or phrase appears on a website page relative to the total word count. Ensure that you identify the relevant keywords for each website page and improve optimization by having a keyword density of 2 to 4 percent.

5. Submit your URL to dmoz.org

The Open Directory Project is a database that seeks to catalog all websites. Website submissions are reviewed by volunteer editors, and it may take years to get a website listed due to the labor-intensive nature of the editorial process, but it is worth the effort and you can resubmit every few months or so.

These SEO steps may seem straightforward, but you would be amazed at how often they are not done. If you take the time to do them, your website will be indexed for search with optimized Title Tags and meta descriptions. When your clients can find the website, your new business may just get off the ground.

Still looking for SEO guidance or don’t want to consider doing basic SEO yourself? Contact us.