‘Small’ business was once a stigma, but is now a growing point of pride - The American Genius

‘Small’ business was once a stigma, but is now a growing point of pride - The American Genius


‘Small’ business was once a stigma, but is now a growing point of pride - The American Genius

Posted: 02 Jun 2020 08:56 AM PDT

When you think of finding a side hustle, you might picture yourself finding an obscure job as a bike courier three nights a week or maybe even walking your neighborhood dogs. Both of these positions can be fun and pay extremely well depending on who you work for.

There are endless opportunities for part-time, enjoyable, profitable side hustles. However, if you take on any of the following side gigs, you could end up with a new career.

1. Day trading

Day trading is the purchase and sale of a stock, bond, or security all within the same day. Many entrepreneurs are drawn to day trading because it's fast-paced and risky, but with the right skills, day trading presents a potential for serious profit.

If you're curious about day trading, RJO Futures published a guide on how day trading works. RJO's article explains that whether you trade from a large firm or on your own, you'll need three tools:

  • Access to a trade desk. This will give you instant order actions the moment your trades are placed.
  • Analytical software. Analytical software will help you identify key indicators to inform your next move.
  • Access to news outlets. Day trading – specifically day trading futures – is volatile. Prices move by the second and having access to news outlets will give you a heads up if your market might be affected.

Be aware that if you enjoy day trading and get good, you might want to go full-time. It's possible to turn day trading into a career, but the learning curve is steep.

2. Investing in real estate

Real estate is a lucrative industry, but it's not for everyone. Popular among entrepreneurs, investing in real estate requires long hours of study, extensive research, and getting your hands dirty.

Usually, real estate investors have side hustles to supplement their income. However, many people get into real estate as a side hustle and end up turning it into a career.

If you want to get started in real estate, don't jump to investing right away. Take the expert advice from the folks at Bigger Pockets and start by learning about the industry. Get a part-time job as an assistant property manager to pick up industry knowledge and learn your local landlord-tenant laws. If you're going to invest in real estate to rent out, you'll be a landlord at least for a short period of time until you hire a property management company.

If you know someone who can help you make your first investment, you don't need to wait. However, to be successful you have to think outside the box to gain a full spectrum of industry experience.

3. Content writing

Every business needs content writers and many are willing to settle for any level of proficiency. If you have any writing skills, you can easily pick up some content writing gigs on job listing sites.

If you love writing, you might start out writing one blog per week and decide you want to pursue writing full-time. If it's truly your passion, stick with it and you'll find the right clients who will pay you generously for your work.

4. Coaching

Whatever people are struggling with, there's a coach to save the day. Life coaching and business coaching are the most popular, but you can coach people on anything you're passionate about.

Being a coach isn't easy. Even people who intentionally start a career as a coach struggle. What most people don't realize about coaching is that passion does not equal profit. Coaching is a hard sell, but life coaching is especially difficult. Running a coaching business requires more than business skills – you need to be proficient at helping people solve their problems.

If you're good at helping people solve their problems, there's a chance you might get addicted to being a coach. There's nothing more satisfying than helping people grow and transform their lives.

5. Thrifting

It's not hard to find sellable items at your local thrift stores. However, you need an eye for what people want to buy. If you've got that eye, you could end up with a new career.

For example, Natalie Gomez, a former merchandise planner at Macy's, took on thrifting as a side job and wound up making thousands of dollars. Gomez was interviewing for a new job when she realized she was already making a good living selling clothes.

Enjoy your side hustles

Even if you don't turn your side gigs into a career, take on gigs you enjoy. Money is necessary, but it's never worth sacrificing your happiness.

Event Marketing Tips For Small Businesses - Business 2 Community

Posted: 02 Jun 2020 08:43 AM PDT

Event marketing isn't only for large brands with even larger budgets. It's something small businesses, consultancies, and service businesses can do quite cheaply.

Talk about event marketing, and it conjures up visions of conferences, trade shows, and hiring expensive venues decked out exquisitely. It's often called "experiential marketing," and well, that just sounds expensively fancy.

But when it comes to small business marketing and events, well, it turns out misconceptions abound. I was reminded of this by my wife. She's a knitter and often goes to yarn stores for small events. They have cute names like stitch and bitch, or knit night. And yes, the store makes sales of yarn and patterns, builds clientele and all for the cost of staying open a few hours later.

Event Marketing And COVID-19

Writing this article just as businesses are opening-up, testing the waters as COVID-19 cases diminish feels strange. And yet people are excited about more human contact, and to support their local economies. Even though it might mean smaller gatherings, as I point out below, an event doesn't need to be big.

Event Marketing Works

It's not merely gathering a group of ten knitters and sitting around to gossip. The yarn stores set up themes, they work with the same yarn, which is sold by the store, and from the same pattern. Also sold at the store. Sometimes, guest teachers or designers will come in, and there's a fee to attend. Plus, the store also upsells on things like needles and other paraphernalia.

And that's event marketing. Or if you prefer, experiential marketing. To learn more, I spoke to small businesses and event planners about how small businesses can take advantage of event marketing.

Lucy Kelly is the owner at Bel Monili, a jewelry, and accessories company. She's been doing event marketing since 2016. She says, "I gathered 6 of my fellow small business owner friends and put together a 'Virtual Boutique Stroll' event that grossed just over $19k for the group in 2 days at the end of March."

But you can't just wing it. Krystal Covington, a marketing consultant and founder of Go Lead, LLC, says, "The best results come when you have a plan. It's easy to rent a room, buy some appetizers and throw out an invite, but real strategy means knowing the end goal and being prepared with a plan to lead your target customers down a path to that goal action you need them to take."

Focus Is The Key Event Marketing Strategy For Small Businesses

Focus on a single theme for the event. For the yarn store, it's usually a type of yarn that the store owner wants to market to their customer base. For a lawyer, it might be an evening discussing the labor laws around independent contractors. An IT company could discuss security protocols.

The ideas are endless, but it's critical to keep the event's message simple. The event needs a theme and the product to sell that fits the theme. So the lawyer could set up consultations around labor law; the IT company could sell a security audit package etc.

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But with a theme and a product or service to sell, it's time to think about attendance.

Market Your Event To Both Existing And Potential Customers

An event without attendees is like a hot dog without a bun – not much fun at all. So once you've decided on your theme, it's time to get people through the door. The first place to start, of course, is your existing customers. Reach out to them any way you can, including fliers, invitations, and email marketing.

Begin marketing the event at least a month in advance. But keep the marketing going all the way up to the day of the event. For smaller events, I've seen business owners pick up the phone to personally invite their top customers. It sounds intensive, but it's worth it.

For new customers, Facebook and Instagram are budget-friendly ways to get the word out. Since the event is in-person and local, it makes targeting pretty easy. But also, your local media will likely be willing to publish the event news too. Local news stations, radio stations, local newspapers, and area bloggers are often open to sharing the word about local happenings.

Partnerships Can Share Costs And Customers

Another way to bolster attendance is to partner with other businesses that share the same customer profile without being a direct competitor. A law firm might partner with an accounting firm.

I spoke to Dan Bailey, President of WikiLawn, a lawn-care marketplace. He explained, "We've done events in partnership with clients. One local landscaper agreed to do a live broadcast showing people the best way to edge their lawn for maximum curb appeal and other helpful tips. It was a small presentation, but we're hoping to build on that in the future."

Turn Customers Into Influencers

When potential customers are in the room with your happiest customers, you're creating an exceptionally potent conversion-machine. The potential customer can talk to satisfied customers, ask questions, and feel like they're getting trustworthy answers because it's not the business but a customer.

Another way of turning your attendees into influencers is by setting up an Instagram-worthy backdrop. This way, attendees will share your business with their followers. When building a name for yourself, this is an effective way of creating some local buzz.

Consider Your Customer

For many small businesses, you can keep things low-cost and casual. But you might want to rent a venue, hire an event planner, and invest in decor if your brand calls for it. High-end businesses might need to invest in creating an experience, and if you do go that route, don't go it alone.

An event planner will save you time and money overall, and help you execute an exceptional event. But even so, don't go big until you're sure you can fill the venue. Even with high-end products, you can start with a small exclusive, even in your own place of business.

Event Marketing Is Within Reach

Getting together with customers and potential customers is the experience in and of itself. So don't be afraid to try event marketing.

Want to learn more about how small businesses can use event marketing to grow? Download the ebook, The Massive Guide To Event Marketing For Small Businesses.


Finding the Right Business Insurance Can Be Hard, but This Tech Startup Makes It Easy - Entrepreneur

Posted: 02 Jun 2020 07:04 AM PDT

Get a free quote from CoverWallet and find the right business insurance at the right price.

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If you run a business, it is absolutely essential that you protect yourself and your assets with business insurance. However, figuring out exactly what kind of coverage you need and finding the best possible price is no easy task. That's why a group of tech entrepreneurs got together and created CoverWallet, an online commercial insurance marketplace and concierge service specifically designed to help small- to medium-size businesses understand, buy, manage, and save money on insurance.

Why finding the right business insurance can be difficult.

Business Insurance

Image by Austin Distel via Unsplash

When you start a business, you assume legal responsibility for the physical and financial well-being of anyone affected by your business's activities, including clients, customers, employees, or even people who just happen to be passing by. Business insurance protects you in the event that something goes wrong. It can also protect your commercial property and assets—physical, financial, or intellectual—from unforeseen events. The trick is figuring out exactly what kind of insurance coverage your business needs. 

Because there are so many different types of businesses, there are literally dozens of different types of business insurance. These include general liability, workers compensation, professional liability, umbrella, employment practices and liability, cyber liability, business interruption, equipment breakdown—the list goes on and on. In many cases, businesses will need to mix and match different types of coverage to make sure they are fully protected. Figuring out exactly what you need, then finding the best possible rates, can be stressful and time consuming. On the one hand, you don't want to skimp on insurance, because if you don't have the right coverage, one little misstep could wipe out your assets. On the other hand, you also don't want to pay for coverage that you don't need. 

In the past, the best way to find commercial insurance was to talk to people in your industry and ask if they could recommend a broker who specializes in your field. But that's obviously not an efficient way of doing things. Luckily, CoverWallet is changing the game.

Get a free quote from CoverWallet.

CoverWallet

Image via CoverWallet

CoverWallet was founded by people with extensive experience in software startups. Frustrated with how difficult it was to navigate the commercial insurance landscape, they decided to build a solution specifically tailored for small-to-medium sized businesses. The result is an easy-to-use online platform offering state-of-the-art technology to find the best price on personalized coverage

With CoverWallet, the most competitive quotes from top-rated insurance companies are just a few clicks away, no matter what kind of business you run. They use an award winning "intelligent assessment system" powered by deep analytics AI to tell you the types of policies and features your business needs. However, if you still have questions about your options, CoverWallet also has a team of highly skilled advisors available via phone, chat, or email. And CoverWallet doesn't just help you buy insurance. You also use their platform to manage your policies and certificates of insurance online, 24/7. 

If you're tired of feeling confused and overwhelmed by the commercial insurance industry, or you're worried you don't have the right coverage or best rates, make your life easier and get a free quote from CoverWallet today. It's the easy, affordable way to protect your business.

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