New York SBDC Research Network

By Wayne Rivers For the Family Business Institute [Here are] five mandatory things you have to have if you're going to attempt to sell the family business. And this is important because all of us dream one day of exiting the business, and we'd like to do it with a few nickels in our pocket and we'd like to do it while we still have enough health to travel and enjoy life a bit. And we know there are only four ways to dispose of a family business. You can close the doors and walk away from it; well, we're not going to do that. You can give it to your kids, that's a whole lot less common than it once was. Or you can sell it, and you could sell it in two ways. You could sell it to insiders, you could sell it outsiders. We all dream of selling the business for big dollars to some outsider... Every one of those businesses was dependent on one or two or a tiny handful of people for everything. If they were going to buy those businesses, they were actually buying th

By Marco Carbajo From the Small Business Administration As a small business owner, it is important to have an understanding of business credit terms. Similar to personal credit, business credit determines whether your company can be trusted by the way it manages money. Like personal credit, business credit is a reflection of how well your company manages money. Why is business credit important? The Nav American Dream Gap Survey, 2015 revealed of small business owners surveyed, 45% did not know they have a business credit score, 72% did not know where to find information on their business credit score and 82% didn’t know how to interpret their score. The good news is that you don’t have to be a financial expert to negotiate the world of business credit. By knowing some key terms and definitions surrounding business credit, you can earn lenders’ trust and make your way to successful funding. Here are the top ten business credit terms you should know: 1. Accounts Receivable

By Jann Chambers From UK Web Host Review With so many different opportunities to choose from it is easy to suffer from “shiny object syndrome” and fleet from one idea to the next. I’m sure you have a ton of amazing business ideas. However, it is important to stick to one area and be consistent before expanding into other areas... The main thing about your blog is being consistent in creating content. This doesn’t necessarily mean that you need to get organized (wink-wink) you can easily schedule both your blog posts and social media posts to advertise your articles. So if you’re like me and like to get everything done in one go – you can... An eCommerce business is basically the same as starting any shop/ store, the only key difference is that people don’t normally visit your warehouse in person. When you ship the products you’ll need to ensure that this is handled professionally and the chosen company are competent and cost-effective. Additionally, the postage and packaging, ta

By Marco Carbajo From the US Small Business Administration Many businesses start on a shoestring budget so it can be challenging to build the business credit you need to expand your business. But every business has to start somewhere and building your business credit can be done with the right action plan to guide you. In this article we’ll cover how to build business credit without cash flow coming into your business. The first place to start is with your existing operating expenses. Did you know the payments you already make on a monthly basis for expenses such as your business phone line, internet and utility accounts, can be reported to a business credit reporting agency? Unfortunately, many of these service providers do not report your company’s monthly payments to the business credit reporting agencies, so you don’t get the benefit of paying these bills on time. s The good news is there are data reporting services that allow small business owners to link their eligible a

From MarketingProfs As an online retailer, you have many options for fulfilling orders from customers, so it's important to figure out which business model is best for your goals. In this article, we'll cover the difference between dropshipping and other order-fulfillment options. We'll also detail the pros and cons of each order-fulfillment method so you can decide which option is right for your business and needs.

From MarketingProfs In a world where consumers are more likely to shell out for concert tickets than buy their favorite band's merchandise, there's no doubting the power of experiences. Consumers today want a brand they patronize to enrich their lives, not just fill their closets or decorate their walls. That's why brands were predicted to increase their spending for experiential marketing 11% in 2017—nearly double from just two years ago. That said, to deliver truly transformative experiences, brands must challenge the traditional take on events and tradeshow exhibits. We're entering a new generation of experiential marketing that considers cultural context, program timing, content development, and positioning within a brand's long-term business objectives. Using better insights to expand your experiential efforts, you can go beyond the places your brand normally advertises and activates.

From Bplans : 75 percent of buying decisions are based on emotion. The right brand captures the right emotions—and is one of the powerful tools for building a rock-solid business. A professional brand does so many things for your business. It sets you apart from competitors. It builds trust with existing customers—and future ones. It extends your reach—online, on the street, in referral conversations. It brings the whole team together and gets your employees excited about coming to work. In short, branding is one of the best business investments you can make! TOOL: Discover Your Brand in 12 Easy Steps! PROJECT: Brand Yourself in 5 Days BRANDING CHECKLIST: 10 Essentials Before Launch RESOURCE: Tools to Help You Name Your Business

Obtained From:   MarketingProfs Want to know a secret? A lot of business success can be attributed to the unwitting storytellers among us: leaders who passionately narrate their visions to inspire change; account reps who conceptualize products or services through real-life examples; trainers who design engaging, scenario-based learning... A simple example of the power of story: I was recently cruising along an empty Texas road, singing along to the song on the radio, when the song ended and an announcer said, "Buying a house is exciting, and by 'exciting' I mean 'terrifying.'" Anyone who's traveled the road to home ownership could instantly  feel  those words—because it  is  a little terrifying to buy a house. The announcer's narration evoking the buyer's perspective had me tuned in and wanting more. That's the secret to storytelling success: the ability to convey personalized nuggets up front to gain someone's attention, followed by a w

From Nav : Perhaps you’ve got a hot idea for a new business and decided it’s time to turn a dream into reality. Or you’ve given up on finding your dream job and decided to create your own. No matter what your motivation for launching your own business, the journey ahead is no doubt both exciting and scary. Where do you start? The first thing you’ll want to do is lay a solid foundation for your venture. Here’s a step-by-step list to get you started. While laying the groundwork for your business isn’t the most glamorous or fun part of getting started, it can significantly boost your chances of being successful.

From MarketingProfs : Remember those mobile phone carrier commercials that used colored balls to represent the four big carriers? It was red for Verizon, blue for AT&T, yellow for Sprint, and pink for T-Mobile. Consumers didn't need explanations about which color represented which brand, because we made the associations automatically. That goes to show the power of color when defining your brand. Vistaprint worked with Dr. Sally Augustin of Design With Science to analyze color popularity among the print company's customers, define the feelings those colors elicit, and explore which colors are popular in which industries. That information was summarized into a graphic. Should you choose a color that your competitors use, or should your brand stand out? That's a decision you'll need to make, and the tips in the graphic might help you out.

From Businesss Wire : More businesses are realizing the importance of mobile apps, but are discovering deploying and managing apps in their business is not as easy as they had thought. To gauge the state of apps in the enterprise, Kony, Inc., the leading enterprise mobility and digital applications company, partnered with Wakefield Research. The global survey of more than 1,000 line-of-business executives revealed the majority of respondents are still unsatisfied with the apps they have due to challenges around user experience, cost, and ongoing maintenance. In addition, trust in IT is dismal with fewer than 1 in 5 of respondents saying they would work with their in-house IT department. “Enterprises recognize the importance of apps for their business,” said Carlos Carvajal, chief marketing officer at Kony, Inc. “Unfortunately, as this survey reveals, hurdles around app user experience, cost, and management are stifling innovation. The challenge is organizations that fail to innovate

From Bplans : So, you know by now that having a presence on social media is important for your business. Not only that, you’re interested in the potential benefits of social media marketing, and you’re getting a sense of what marketing on the various social media platforms entails. Maybe.. marketing your small business on Facebook, Twitter, Instagram, Pinterest, LinkedIn, and YouTube... The trouble is, you can’t do it all. Unless you are planning on creating a position within your business for someone to take charge of your social media accounts, focusing on any social media marketing is going to come out of your time. As a small business owner, that time is precious, so it’s important to put it to good use. Ultimately, you’ll have to choose which social platforms to focus on—you won’t be able to do it all. While you may intuitively know right away that some are a good bet and that there are others you’d rather avoid, I’ll go over a few questions to ask yourself before you pick.

From SampleTemplates : Commerce Introduction Letter serves as an introductory piece for getting into the business world. The main aim behinds its writing is conveying all the essential details related to any firm or product/service to the potential clients. It ensures the correct understanding of clients about the company’s businesses. It helps in seeking client’s attention and being noticed. You can even customize such letter in your own way so as to meet certain requirements or needs as well. See also, from Template Lab, 40+ Letter of Introduction Templates & Examples

From the Small Business Administration : Many of you are familiar with etiquette when it comes to dining. However, did you know that there was a thing such as business etiquette? Similar to dining etiquette, these unwritten rules of behavior can help you not only close the deal, but also leave a great impression on potential partners/customers. From web communication to interpersonal communication, being aware of unwritten rules can help you represent yourself as professionally as possible. So in honor of National Business Etiquette Week (June 4th – 10th), we would like to highlight 6 unwritten rules that will help you excel in all business settings as a small business leader.

Study Conducted by America's SBDC Reveals Insights into the Entrepreneurial Mindsets of Different Generations of Americans America's SBDC partnered with the Center for Generational Kinetics to better understand how different generations view and approach entrepreneurship. The findings reinforced previously held beliefs such as a strong entrepreneurial inclination among millennials, while challenging preconceived notions about their motivations for starting a business. Generational Perceptions Small Businesses play a huge role in the lives of Americans. One-third of Americans (34 percent), have worked in a small business in the past and nearly a quarter (24 percent) of both Millennials and Gen X own or have owned a small business. The study found that the entrepreneurial spirit is alive and well with 41 percent of Americans saying they would quit their job and start a business in the next 6 months if they had the tools and resources they needed. This number is higher fo

From:  The Balance Becoming a successful  entrepreneur  is as much of a mental game, as it is one of finesse and expertise. You can be the most intelligent, talented, and respected person within your industry, but if you don't believe in yourself and continue to be brutally honest as you move through the extremely difficult stages of growing a business, your failure is all but inevitable. Everything from the way you feel about getting up to head into the office each morning, to the quality of relationships with your business partners, and the words you use on a daily basis, will have a long-term effect on whether or not you'll become successful. Whether you intend to or not, if you allow yourself to use  words and phrases that convey doubt , insecurity, and a lack of true belief in what you're saying, you'll eventually lose faith. Not only does this effect your own mental well-being, but the people you're communicating with will read into your word choice and pic

From The Outline Google’s Featured Snippets are not only often wrong, they’re also damaging to small businesses that depend on search traffic. CelebrityNetWorth.com launched in 2008 because Brian Warner, a former finance major working at a digital media company, wondered what Larry David was worth. "Honestly, I wanted to know how much money Larry David had," Warner said. "I think Curb Your Enthusiasm had just come back, and I was like, 'God, he must have made so much money from Seinfeld.' I Googled something like 'Larry David net worth' and the results were garbage." According to CelebrityNetWorth.com, Larry David is now worth $400 million. Warner acknowledges that it’s an inexact science, but he and his employees don’t simply conjure their numbers. They look at real estate transactions, news reports of large purchases and salaries, and sometimes even correspond with the celebrity or their reps. Floyd Mayweather, whose net worth Warner estima

From the Federal Trade Commission : Think consumers are the only ones harmed by phishing scams? It’s not just a problem for computer users but also for the businesses that the scammers are impersonating. And people who have been scammed may look to the business that was impersonated for help. The Federal Trade Commission has long provided  advice  to consumers about steps they can take to avoid phishing scams. The FTC has  released tips and a video  for businesses on how to respond if they are impersonated as part of a phishing scam. Among the steps businesses should take include notifying customers as soon as possible through social media, email or letters; contacting law enforcement; providing resources for affected consumers; and reviewing the company’s security practices. The Federal Trade Commission works to  promote competition  and  protect and educate consumers . You can  learn more about consumer topics  and file a  consumer complaint online  or by calling 1-877-FTC-HELP (38

From BPlans As an entrepreneur, you know that not every part of the job is glamorous. Buying insurance can feel like a hassle, but if you invest in finding the right policies now, you’ll save yourself from potential legal headaches and unexpected costs down the road. You probably have a lot of questions surrounding what specific risks different types of coverage actually protect against, and whether or not they apply to your business. When it comes to insuring your business, factors like your location, industry, and the number of employees can all affect what coverages are applicable. To ensure your new business is protected in any scenario, here’s a list of common business insurance policies that may apply, and how they actually work for you.

To streamline the process of starting a business in New York State, the state is pleased to offer citizens and businesses access to a comprehensive resource for starting, running, and growing a business in New York. Using a redesigned platform with new functions, NY Business Express helps a user to quickly learn about and access what they need in one central location. New York Business Express is open to all citizens, along with current and prospective business owners, without a login. Here are some of the key innovative features offered through this website: • To get started, visit the Business Wizard , which leads users through a series of questions to create a Custom Business Checklist that helps determine which New York State, as well as federal and local, requirements apply to their business. • New and returning users are encouraged to utilize the Incentive Guide to find out what New York State incentives and support programs they may be eligible for. • Those who know