Category Archives: Business Basics

Create an emotionally engaging customer experience.

It seems somewhat contradictory, but the more technologically savvy buyers become (and the less time they spend visiting stores or talking to services providers on the phone) the more they want a personal, emotionally gratifying experience with businesses.

Entrepreneurs must find ways to not only appeal to customers’ desire for quality products or services, but also to their hearts.

In a Harvard Business Review article by consumer intelligence experts Alan Zorfass and Daniel Leemon, “Our research across hundreds of brands in dozens of categories shows that the most effective way to maximize customer value is to move beyond mere customer satisfaction and connect with customers at an emotional level.”

What does this mean for you? Instead of just transactions, your business must make memorable interactions. To gain a competitive edge and win customer loyalty, you must make an emotional connection with buyers. Continue reading

What resources help women entrepreneurs succeed?

According to the 2017 State Of Women-owned Businesses Report commissioned by American Express, women-owned businesses now account for nearly 40 percent of all companies in the United States. With the increase in the number of women-owned firms a whopping 114 percent (compared to the 44 percent increase among all businesses) from 1997 to 2017, it’s evident women entrepreneurs are a powerful force within the U.S. economy.   Continue reading

The End of Credit Card Signatures

What Does It Mean for Your Small Business?

By Andrey Bobrovskiy, smallbizdaily.com

Have you noticed something different about your in-store transactions recently? If so, that’s likely because the end of the signature requirement announced by Visa, Mastercard, American Express and Discover is finally coming into effect. Although it affects just one step in the payment process, it means a lot more for your small business in the long run.

It Makes Checkouts More Convenient

The payment card industry has been moving toward simplicity and convenience for years. Customers want seamless and secure methods of paying for goods and services, while merchants seek reliable and flexible ways to process these payments across a variety of channels. This paved the way to innovative forms of payments, including those using near-field communication and virtual reality.

However, convenience isn’t always about adding new features. Oftentimes less is more, and this happens to be the case with credit card signatures. By now, they’ve simply outlived their usefulness, a fact supported by Mastercard’s revelation that it already didn’t require signatures for 80 percent of its transactions even before the changes went into effect. Continue reading

What is the SCORE Business Learning Center?

The SCORE Business Learning Center (SBLC) provides aspiring and existing small business owners the business strategies and tactics needed to make sound decisions and achieve greater levels of success.

The SBLC supplements the business resources available on score.org. It fills the gap between the high-level content on our website and the personalized expertise obtained from a mentor.

At the end of a course, users will feel they have a better understanding of their chosen topic and the resources available for continuous learning. They will also have a mentor they can work with to apply the learning to their business.

You will find it here… https://www.score.org/biz-learning-center

Ready to start an online store?

With all the news about people making a ton of money online, many aspiring entrepreneurs are excited at the prospect of starting an ecommerce store. However, many people don’t think through all the things that they need to consider before they even start the process of building an ecommerce site.

Here are eight things to consider before starting an online store.

1. What Products Are You Going to Sell?

One of the most important decisions is determining which products you will sell on your online store. Your best bet is to start small – with a few select products that are based around a specific niche, i.e. breastfeeding products, scuba diving gear, hiking products, travel gadgets, hemp products, etc. Start with a handful of products in that niche – you can always add more products to your store as you grow. Check out your competition and see who you’re up against.

Be sure to pick a niche that you’re personally interested in. If you’re not interested in what you’re selling, you will quickly lose your passion.

Also, look for unique products that can’t be bought at Target, Walmart or other big brand stores — you will never be able to compete with them on price or promotion.

For instance, when I had an ecommerce site, I searched for mom- or parent-invented products that weren’t available through mass market stores. Plus, these types of product manufacturers are typically more willing to work with you on terms and drop shipping (which we will talk about in a little bit.) You can also look for innovative products to sell on crowdfunding sources like Indiegogo or Kickstarter.

When you determine which niche products you’re going to sell, see if there are industry associations, trade websites or magazines. If so, join, follow and subscribe. Also, if there are product tradeshows around your product niche, attend these trade shows to discover new products, speak with the manufacturer reps directly and learn more about the industry in general. Often at the tradeshows you will be able to negotiate better pricing or drop shipping arrangements – especially if the manufacturer is launching a new product and they’re looking for new distributors.  Continue reading

The #1 reason small businesses fail… and how to avoid it.

Cash flow.

Mention those two little words to almost any small business owner, and you’ll see them flinch.

Very few business terms get as cool a response. And sadly, those two little words (both of them four-letter words, interestingly enough), are the #1 reason small businesses fail. They take out more small businesses than any other factor.

In fact, 82% of small businesses fail due to cash flow problemsContinue reading