Business.com |
- Recruitment Marketing? Tailor Your Job Postings to Attract the Best Candidates
- Google Launches New SMB Initiative
- Choosing a Video Conferencing Service: A Buyer's Guide
- How to Improve Word-of-Mouth Marketing for Your Small Business
- How to Open a Retail Store
- How to Run a Business in Illinois
- An Unexpected Benefit of a Digital Workplace
- 15 Things to Look for When Choosing Online Meeting Software
Recruitment Marketing? Tailor Your Job Postings to Attract the Best Candidates Posted: 28 Jun 2019 12:23 PM PDT
For anyone who's ever struggled to find a job, it may be surprising to learn that recruiters often struggle to find candidates. For small businesses trying to grow their ranks, however, this is readily apparent. Finding the right recruiting software and place to advertise is one thing. But when it comes to recruitment strategy, most small businesses simply don't take the right approach, according to Raj Sheth, co-founder of applicant tracking software Recruiterbox. Job seekers "are not often sold on a job description," said Sheth. "Just the same way you would market your product to potential customers, you have to communicate your company culture to prospective candidates." Part of this mindset is remembering that employment is a mutually beneficial transaction. Thus, job seekers are going to want to know what's in it for them before they go through the time-consuming application and interview process. It's the recruiter's job to come up with a compelling pitch. Luckily, many of the same strategies as those used in product marketing can be applied to recruitment marketing. For example, where a strong brand image can boost sales, effective employer branding can bring in more job applications. Unless your business is a household name, however, you've got one chance to get this across – and that's in the job posting itself. Be timely."The most effective job postings indicate a sense of urgency," said Ruth Leslie, director of recruiting at Nugreen Staffing, which specializes in the cannabis industry. Leslie suggested that recruiters specify a starting date. Not only is this helpful for the applicant, it may bring in more applications for the recruiter. One common problem for job seekers is that companies forget to take down the job listings they've already filled, turning many applications into a frustrating waste of time. Some may be more encouraged to apply, however, if they see a starting date indicating that the position is still open. Others, meanwhile, simply need a deadline. Without any sense of urgency, applications can easily be postponed and forgotten. Imply growth opportunities.For employers seeking candidates to become committed, long-term employees, a job description should be convincing in the role's long-term appeal. "Many candidates want to know what the culture of the company is like and how future-oriented the position is," said Alexandra Bohigian, who handles recruiting for Enola Labs Software. "Job listings that can speak to the growth of someone in this role, illustrate a career path within the company, and speak to the culture of working at your company will see greater responses and higher quality candidates," Bohigian said. Candidates attracted to such opportunities are more likely to stick around when hired. Eliminate the obvious.If a vacancy requires top talent, the employer should not have to define tasks and duties of the role. If a candidate has the experience the company wants, they'll know this stuff already. "One of the most common mistakes that organizations make is to provide a laundry list of day-to-day duties and responsibilities, as well as experience requirements," said Martyn Bassett, CEO and founder of recruitment firm Martyn Bassett Associates. "The thinking here is often that you'll prevent unqualified individuals from applying – unfortunately, every job posting will draw unqualified candidates, and sifting through those applications is inevitable." Bassett suggested gearing the language in the job description toward experienced talent. "Craft the ad to attract your ideal candidate, not to weed out unqualified or just OK candidates," Bassett said. Focus on outcome.Similarly, recruiters may try to filter out unqualified candidates by listing prerequisites, for example, "two-plus years in a client-facing role," or "familiarity with Adobe Photoshop." Unless your job requires specification certification, however, these can also be arbitrary barriers that prevent otherwise promising candidates from applying. Instead, recruiters can attract high-potential candidates by giving expectations for future output. "The best job postings are the ones that give what the desired outcome and expectations are for the role," said Adam Posner, founder of NHP Talent Group, a staffing agency that specializes in digital marketing. "We are looking for someone to grow sales by at least 30% via XYZ channels and innovate new ideas as well." If a candidate believes they can execute the desired outcome, they'll apply – so either they already hold all the prerequisites, or those prerequisites were never necessary in the first place. Get real.The most successful job postings tend to be written with a clear sense of employer branding. However, too strong of an attempt to sound fun-loving or genuine can easily swing the other way. "Job seekers are over the use of the words ninja, guru and rock star," Posner said. "They are not effective." Sure, your job description is meant to be promotional – but do you really want to attract the kind of candidate who falls for trendy buzzwords or sleazy marketing? Instead, Posner advises recruiters to "be clear on expectations, transparent on desired goals and concise in messaging." If a candidate is the right fit, this is all they'll need to be convinced enough to apply. |
Google Launches New SMB Initiative Posted: 28 Jun 2019 11:47 AM PDT
One of the largest corporations has released another tool to help small businesses grow, with Google officially launching its Google for Small Business initiative yesterday. Touted by officials as a way for the tech giant to help entrepreneurs and small business owners reach their goals, the effort is the latest in Google's recent series of SMB-related efforts. Unveiled at the Grow with Google Learning Center in New York City, officials called Google for Small Business a way to help fledgling businesses "grow and thrive" on the web. "I've had the opportunity to get to know many small business owners ... [and] most of them tell me that they need help saving time at work, or that they need easy tools to help them promote their business," said Kim Spalding, Google's global product director of small business ads. "The internet has created new opportunities for small businesses, but it can be hard to know where to start." Launching the initiative on International Small Business Day, Spalding said Google for Small Business is her team's contribution to help SMBs "find the right Google tools and services to reach your business goals." How Google for Small Business worksWhen starting a new business, most entrepreneurs focus on practical necessities like finding a space to rent or procuring products to sell; there's a long list of things to do. But one of the things they often neglect, according to Google, is their online presence. Since learning the ins and outs of digital marketing takes time – and often money – officials said Google's latest offering should help bridge the gap. Once on the site, business owners are asked for basic information about their business, including its name and web address, though neither are required to start. After that, the service asks what the business's primary goal is and where it serves its customers. Based on these responses, the website generates a personalized to-do list to bolster a small business's online presence. You can have the list emailed to you for future use. Business owners looking for in-person assistance with their online efforts can use Google for Small Business to find free, local Grow with Google workshops. Google's continued support of small businessesThis launch is the latest in a line of SMB-related moves by the tech giant. Last month, Google released CallJoy, its cloud-based, AI-driven phone system that handles incoming customer calls with a virtual customer service agent. At that time, it was available on an invite-only basis. The service has since begun accepting a broader base of users, even offering a 14-day free trial to anyone who wants to try it out. Earlier this year, the Mountain View, California-based company rolled out its free Google My Business service. With that tool, small business owners can create an online profile, allowing them to actively contribute to the information shown about their business across Google's products. Last year, Google launched Smart Campaigns as part of its effort to rebrand its AdWords property. Smart Campaigns uses machine learning to help small businesses optimize their online ad efforts to increase customer interaction. |
Choosing a Video Conferencing Service: A Buyer's Guide Posted: 28 Jun 2019 10:11 AM PDT Conferencing calls used to be the most popular way to conduct meetings with colleagues and customers in different locations. However, those phone calls are quickly being replaced by video conferences. Previously, the cost and complexity of video conference systems made them best suited for larger organizations. Today's systems, however, are simple to install, easy to use and relatively cheap, which has opened up their use to businesses of all sizes. Recent research shows that more than 98% of medium and large organizations are likely to purchase video conferencing solutions, with two-thirds of small businesses planning to do the same. An increase in remote work is driving the need for video conferencing solutions. The same research shows that more than 75% of employers want video conferencing software as a way to support meetings with remote employees, with another three-quarters saying they need this type of service because they have multiple offices. As it becomes more common for people to work remotely, video conferencing helps teams collaborate in ways that conference calls just can't match. For example, with a video conference you can see, physical gestures and facial expressions, plus you have the ability to share screens. New simplicity in video conferencing has also opened the door for increased use. Instead of mainly hosting large-group meetings, these systems can easily be used for a one-on-one video chats, as well. Choosing the right video conferencing service for your business is important, and asking the right questions matters. How many participants will regularly sit in on your calls? Do you need to integrate other applications, such as Google Docs, to share with other users? How often do you intend to schedule video conferences? You need to consider all of these factors before you decide. A platform with dozens of features could turn out to be a waste of money, but a free video conferencing service might not provide the features you require. If you're looking for video conferencing services in 2019, here's everything you need to know about what these solutions offer and how to choose one. Already know what you're looking for? Visit our best picks page to see which ones we recommend. Editor's Note: Looking for a video conferencing solution? Fill out the below questionnaire to be connected with vendors that can help. What Is a Video Conferencing Service?Video conferencing services allow you to meet and collaborate with others via a high-quality video feed. Unlike a phone call, video conferencing allows you to see those with whom you are meeting, just as if you were in the same room. Video conferencing services can be accessed from numerous places, including internet-connected computers and smartphones. Depending on your business's needs, you can also set up video conferencing in a specific location, like a conference room. With this option, cameras are set up to show the entire room and microphones amplify those who are speaking. These services give those hosting meetings total control. Video conferencing services give hosts total control of a meeting. Hosts decide who can talk, who can be on video, and who can share their screen. For example, if someone attending the meeting is giving a presentation, the host can allow them to share their screen in order for everyone on the call to see a PowerPoint presentation. For those unable to attend the meeting via video, these services give people the option to join the meeting by phone if needed. And while they won't be able to see what is going on, they will at least be able to hear what everyone is saying. Cost of Video Conference ServicesMany video conferencing services charge on a per-host basis. This means that if you want multiple employees to host their own meetings, they each need a user license. With multiple user licenses, multiple employees can also host video conference calls at the same time. With this cost structure, you are only paying for each host. There is no cost for others to join a meeting. Other services offer plans that limit the number of participants in each meeting. Pricing for service plans can also vary depending on how many video feeds can be used simultaneously or how many other features are available. Some services offer a completely free plan. These plans typically limit the number of participants to no more than a handful and often put a cap on how long video calls can last. For paid plans using a per-host model, costs can range anywhere from $5 per host, per month to north of $50 per host, per month. In addition, some plans require a minimum number of user licenses. Instead of charging per host, some focus more on the number of participants on a video conference. For example, you might pay $145 per month for the ability to host video conferences with up to 500 people. This type of cost structure is often used by services focused on the tools a company needs to host webinars. How to Choose the Right Video Conference ServiceAs with any other purchase, it's important to know what you need from your video conferencing system before you choose one. For example, a large company might need to loop in dozens of users at once, while a smaller company might only require one-on-one conferences. Here's what you should keep in mind when searching for a solution:
Many conferencing services offer free trials that last anywhere from a week to a month; some even offer free trials until a certain amount of data is used. There's no need to go in blind when companies offer so many test runs. Take advantage of the free trials, and make sure a service truly meets your needs and addresses your priorities satisfactorily before you buy. What Does the Future Hold?Video conferencing's effect on human communications is nearly comparable to the effect of the telephone more than a century and a half earlier. And emerging technologies will continue to enhance cloud-based video conferencing as we understand it, as it continues to become a more integral part of doing business in the digital age. Augmented reality and virtual reality open up the possibility of collaborating across vast geographical distances as if the participants were physically in the same room. Imagine standing in a virtual space with your business associates, discussing operations amid a sea of interactive charts, schematics and prototypes. That future is rapidly approaching as the technology evolves, and it will make for a more immersive, impactful experience. Artificial intelligence (AI) will likely also add to the video conferencing experience in the future. In an article he wrote for Yale Insights, Scott Wharton, vice president and general manager for the video collaboration group at Logitech, said they are developing technology that will benefit meeting rooms with multiple cameras. "We're working on some technology where computer vision and AI can automatically frame the shot," Wharton wrote. "Even if you have 20 people in a room, just like humans are smart enough to know where the action is, AI can figure out to choose the person who stands up and walks to the whiteboard." If you think a video conference service is right for you, check out our best picks page, which includes our top choices for various types of businesses, our reasoning for selecting each one, and a comprehensive list of reputable video conference services. Additional Reporting by Adam Uzialko. Ready to choose a video conference service? Here's a breakdown of our complete coverage:
Editor's Note: Looking for a video conferencing solution? Fill out the below questionnaire to be connected with vendors that can help. |
How to Improve Word-of-Mouth Marketing for Your Small Business Posted: 28 Jun 2019 08:00 AM PDT Just like it sounds, WOM marketing is when people spread the word about a company and its products, either encouraging or discouraging others from buying its products or services. It's a type of social proof that can either harm or help a business based on what people say. The better overall experience your brand provides customers, the more beneficial WOM marketing will be for your business. WOM marketing is the most popular means of sharing news between friends and family – Pew Research reports that 72% of consumers use this method to learn about the latest news, trends and current events, as well as what they thought about a particular product or service, which is why it's such an effective method to increase the visibility of your business. Why invest in a WOM marketing strategy?You might be wondering if WOM marketing is worth all the hype surrounding it. Consumers trust the opinions of friends and family more than anyone or anything else (borne out by the study cited above), so you can use this tactic to optimize your strategy. For one thing, WOM marketing builds brand loyalty and trust. It demonstrates that you're a legitimate business that provides quality products (or a quality service), and that message is one that people can stand behind. Most consumers don't have the luxury of throwing money at whatever they want, so proving your worth as a brand before a customer makes a purchase is of major importance. In this article, I explain how to improve your WOM marketing strategy, including how you can
Let's explore three different ways you can implement WOM marketing into your conversion strategy for overall better performance and happier customers. How to implement WOM marketing into your overall marketing plan (without spending any money)1. Offer excellent customer serviceToo many businesses place a greater emphasis on how to market their products rather than gaining the trust of the consumer. Without your customer base, your business is just another company trying to make a sale. You need to put the customer first if your brand stands any chance against the competition. It's important to consider where your customer service is lacking and what can be improved to enhance your overall WOM strategy. Your customers are what make your brand either a success or a failure, and the way you cater to their needs and interests will determine which direction your business goes in (upward or downward). Always center any business strategy around your target audience. Think about how you can address their pain points, solve their problems and help them with whatever issues they encounter. It's important to respond quickly to customers when they reach out to you, whether that's through your website, social media or email. The faster you respond, the better customer service experience you'll provide. You can also provide a heightened customer service experience by personalizing your strategy. Data and analytics provided by your website and email list provides users' names, email addresses, and other important information. You can greet users by name, send them product recommendations based on what they've purchased previously and then ask them to leave a review. Editor's note: Looking for an email marketing service for your business? Fill out the below questionnaire to have our vendor partners contact you with free information. Don't forget to use social media to monitor customer inquiries and respond to customer comments or complaints. If users see that you ignore your audience on social media, especially the negative comments, it makes it look like your brand has something to hide. Always respond back to see what you can do to make the customer happy and solve their problems. 2. Let customers easily leave reviewsWhen you want to check out a new restaurant or shop you've never been to, what's the first thing you do to gauge what type of experience it will be? Most people search out online reviews. Reviews prove extremely helpful in telling consumers what they can expect from that business and whether or not they'd enjoy that product (or service). According to BrightLocal, 86% of consumers read online reviews, so it's essential that they're part of your WOM marketing strategy. Make it easy for customers to leave a review. Even a negative review isn't necessarily a bad thing for your company. Even the most top-notch, well-known businesses receive negative feedback because it's impossible to please everybody. This shows you're legitimate as a brand. It's especially important for e-commerce businesses to display ratings on their website so users have instant access to legitimate information regarding their products and services. It also goes a long way with consumers if you respond to negative reviews. 3. Incorporate user-generated contentUser-generated content is anything – a selfie, a tweet, video – made by your audience that has to do with your brand. User-generated content gives others a glimpse about what other consumers are saying about your brand. There are several ways you can encourage user-generated content. One tip is to create a branded hashtag on popular platforms like Instagram and Twitter that are specific to your business. This allows your target market to associate anything under that hashtag with your brand. When they post something, you can simply visit the hashtag to see it. Another tip is to compile different graphics, videos, and other content and display it on your website to show new visitors that people love your brand so much they have created their own take on it. This also gives new consumers a chance to see how others use your products and what it has done for them. ConclusionIf you have yet to implement a WOM marketing strategy into your conversion strategy, it's time to get started. It's a great way to organically grab new visitors' attention while boosting your brand's credibility. Everyone looks to the opinions of friends, family, and other customers to see what's worth their coin and what isn't. WOM marketing is one of the most widely used methods to gain honest feedback about a brand or business and its products and services. If your business fails to provide this information to its audience, you can bet your customer base won't grow nearly as much as it potentially could. How will you improve your word of mouth marketing strategy? |
Posted: 28 Jun 2019 08:00 AM PDT In 2019, many consumers think about online shopping when they hear the term "retail." While smaller retailers are finding success online, there's still a market for brick-and-mortar retail stores. Most of these businesses also maintain a web presence, but there's something about the in-person shopping experience that can't be replicated online. Several studies suggest that in-store purchases aren't a thing of the past, and online and in-store retail can coexist. If you're interested in opening a retail business, it's important to plan for the event. We spoke with experts in the industry to learn more about how to open a retail store. Generate an idea and business planThe first step to opening a retail store is coming up with your idea and developing a business plan. You'll want to start by figuring out what type of store you want to open. You'll want to answer each of the following questions:
There are dozens of other questions that need to be answered, but opening a retail store is like opening any other business. It's critical that you determine what you want to sell and who makes up your target audience. It's important to create a retail store that satisfies a need of your customers. "Know your competition," said Juli Lassow, founder and principal of JHL Solutions, a retail business management consulting firm. "No ideas today are fully original. Understand what options your customers have to you and your offering. The option might be doing nothing at all. Once you understand your competition, build out your strategy to compete. Will it be on price? On quality? On service? On variety? Be specific on what your competitive advantage is. Know how you will communicate that to your customers through marketing and presentation." Like Lassow mentions, it's important to understand your competitive advantage and what makes your business unique. Retail is competitive, and you need to be clear on your plan to find success. Identifying how your business helps your target market is arguably the most important aspect of opening any business. Lassow said being lost in the crowd is a common risk associated with opening a retail location. "You risk not standing out in a crowded marketplace," she said. "Consumers have so many options today to learn about products. They have options in where to shop. They have options for how to buy. Your retail strategy of product and marketing must reach your consumer. It must resonate with them." Other basic factors to consider include business funding and marketing ideas. Will you need to use business loans? Will you take on investors? What types of marketing channels will you use? Does your team need people specifically for social media marketing? What online channels do your customers use? Marketing and business funding are both important considerations that should be addressed in your business plan. For funding, it's a good idea to research business loans and how to attract investors. For marketing, you should be familiar with online marketing channels. Consider all of your costs as well. Create a list of the fixed and variable costs that may affect your business. It's easy to brainstorm a potentially successful idea only to forget about hundreds of thousands of dollars in costs. You may find in your research that the cost of starting a brick-and-mortar store is too much for you to handle, and, instead, you should start an online business before eventually saving up and opening a small physical location. You may also generate new ideas upon learning about the costs of inventory and other business items. Thinking through how to create your retail business in detail will help you find success when it's time to open your store. For instance, you'll need a point-of-sale system and a way to process credit card transactions. And you'll want to invest in the right accounting software for your business. Choose a nameIn addition to the other basics that go with creating a business plan, take time to find a good business name. When contemplating how to create a good business name, you should consider a few factors.
It's also important to check that the name isn't already trademarked or taken. You can start with a quick Google search for the name before taking a deeper look at state databases of unavailable business names. The name doesn't determine the success of your business, so it shouldn't be the focus when opening a retail store, but you do want to at least put some thought into naming your business entity. Cover your legal basicsCovering your legal basics includes choosing a business structure, following any regulations and obtaining the right licenses and permits. "If you are opening a retail store for your business, you will need a few common business licenses and permits in order to stay in operation and remain in compliance," said Deborah Sweeney, CEO of MyCorporation." A few of the basics include:
When it comes to selecting a legal structure, you follow the same process as most businesses. For retailers, however, becoming a sole proprietor can be risky. Taking on a business structure that doesn't place liability solely on the individual owner is a good way to mitigate your risk, should the business fail. It's common for retailers to become limited liability corporations (LLCs) or corporations. Both of those options help limit personal liability. Find the right locationIf you're opening a brick-and-mortar retail business, you need to focus on finding the best retail space for your business. "First-time retailers need to be wary of trying to save money on rent if they are not a true 'destination retailer,'" said Bethany Babcock, founder of Foresite Commercial Real Estate. "Poor access or awkward positioning in the center can keep clients away. The retail real estate business is very psychological, and the price [of real estate] is usually one of the last considerations for most retailers." Picking out a prime retail space for your business needs to be a focal point. While it can be tempting to try to pick a cheap location and hope your business generates a steady flow of customers through its marketing efforts, sometimes, there's no substitute for being in a busy part of town. Picking a location downtown might be pricier than an option a few miles away from town, but the pricier option might bring in thousands more customers per year. When determining a location, find where your customers spend their time. If your customers live primarily outside of town, opening a downtown location might be more expensive and bring in fewer customers. Try to place your retail location in an area where your target audience spends its time. While that tip may seem simple, businesses often focus on finding a location they think is fantastic, rather than trying to narrow down where their target market resides. You may also have a location with additional space to store inventory. If you expect to have a lot of inventory, because you sell a lot of items at affordable prices, you may want additional space. Other stores may sell a few high-end items and don't need a large space to keep inventory. Keep inventory in mind when selecting a location. Create a personalized experienceFinding success in retail often comes from adding value that competitors are not. This frequently comes in the form of personalization. Many retail stores find success by allowing customers to try the products. Whether it's free samples at a food shop or dressing rooms at a clothing store, brick-and-mortar retailers can offer personalized experiences like that, while online retailers struggle to find the same level of personalization. [Are you interested in improving your customer relationship management system? Check out our best picks and reviews of software that can help.] With the convenience of online shopping, physical stores need to offer a reason for customers to visit. Personalization and a quality in-store experience are important ways to consistently attract customers. Marco Castelán, co-founder of The Navio Group, a retail business consulting firm, said, "I think the biggest question an entrepreneur needs to ask himself/herself is simple: Can I provide the customer a new experience? It doesn't matter that you are selling items that can be bought elsewhere – the biggest way to differentiate yourself is through creating a unique experience for the customer because, through that, you are creating value that cannot be replicated." Your focus when selecting a location and the size of your shop should always be your customer. Find a place where you can create a unique experience that fits the model of your business and your customers. In-store decision-making should place an emphasis on creating an experience for your customers. Build vendor relationshipsDeveloping relationships with vendors becomes critical when opening a retail location. Small business owners face challenges, and it's important to consistently please customers despite those challenges. Building strong relationships with vendors is a good way for business owners, especially retail shop owners, to prevent potential issues. If you're able to quickly develop relationships with vendors, it will set your business up for success. This can prove difficult if you're using overseas vendors. "The global supply chain is changing rapidly," said Lassow. "Current trade uncertainty makes it difficult to build global relationships that will provide you with the goods and services you need. If you plan to fully or partially source your products from outside of the U.S., get support. Be sure that part of your operations planning includes partnering with experts in sourcing, logistics, customs and tax." Explore marketing opportunitiesMarketing is an important part of building a successful retail store. If you already own an online retail business and you're looking to expand to a physical store, you may want to first experiment with pop-up shops. These shops open in temporary locations for a short amount of time. For example, your clothing store may open a pop-up shop at a downtown event just for the duration of the one-day event. Pop-up shops give your business a chance to move around or offer a physical location to attract new customers. Opening pop-up shops can be a good way to test if your online retail shop will translate to a brick-and-mortar location. Even if you don't already own an online retailer, pop-up shops can still be a good idea. If you open your brick-and-mortar location, you may open a pop-up shop once every few months to expand your customer base to new locations. Opening a shop every few months in a town 20 to 30 minutes from yours may pique the interest of customers in that new town. If they love your products, they may start driving 20 to 30 minutes to visit you, or they may decide to buy from you online. Creating a pop-up shop is a good way to generate buzz around your business for a few days or weeks. Other marketing opportunities may come from social media or in-store discounts. Sales can be a good way to draw customers into your store. For example, offering 30% off select items during a holiday weekend may increase foot traffic in your store. You can get creative with the different marketing opportunities as well. You could decide to sell your products at a 10% discount from Dec. 20 to 24 in hopes of attracting more last-minute holiday shoppers. On the flipside, you could sell holiday items at a discount from Dec. 26 to early January to cash in on customers looking to purchase items well in advance of the next holiday season. Regardless of the marketing and sales tactics you employ, it's important to be creative. Find ways to reach your customers through creative marketing ideas. Running a retail business is a year-long endeavor, and finding success requires quality marketing campaigns. [Are you interested in using direct mail to market your store? Check out our small business guide to direct mail.] Plan for a grand openingIf you're opening a retail store, go big for the grand opening. This doesn't necessarily mean you need to spend excessively on your grand opening, but you do want to make it an event. Reach out to local media outlets and share when your store is opening, as media coverage is a good way to get the word out about your business for free. Share a pitch with journalists as to why your store matters and how it fits into the local community. Be sure to follow proper etiquette when pitching journalists. In addition to securing media coverage, plug your business's grand opening through social media and other marketing channels weeks in advance. Don't wait until a few days before your business opens to get people excited. You want to start off strong and have a good first few days to get your business into people's minds. That requires a successful grand opening event. It doesn't need to be over the top, but your grand opening should be an event you take seriously when trying to win over the local community. Consider timing as well. Opening a store on a Tuesday at 2 p.m. probably doesn't make much sense, but opening on a Saturday morning of a busy retail day could be a perfect plan. The grand opening doesn't make or break your business, but you want your business opening to excite customers. The bottom lineTo open a retail store, you should first narrow down your target audience. Once you decide who you're selling to and what you're selling to them, start looking for a location and checking off legal requirements. Upon finding a location and fulfilling legal and financial obligations, look at different marketing channels that might work best for your business. Plan a grand opening, and your retail operation will be open for business. |
How to Run a Business in Illinois Posted: 28 Jun 2019 07:00 AM PDT
There are more than 1.2 million small businesses operating in the state of Illinois. These businesses employ 2.5 million people, which is 45.1% of the state's workforce and nearly 20% of the entire population. Small businesses account for 99.6% of the state's private enterprise, making them a vital part of Illinois's economy. Illinois' government has had some fiscal trouble, which has not gone unnoticed by the business community. There are some other challenges facing the state as well. The Illinois economy grew at a slow rate of 2.1% in 2018, significantly lower than the national growth rate of 3.4%. Moreover, the state's population has declined by roughly 150,000 people since the 2015 Census. However, there are bright spots for Illinois as well: Per-capita personal income has returned to pre-recession levels of $53,712, which is 6% higher than the national average; the unemployment rate is 4.3%, which is low enough to be healthy but higher than the national average, making for a less competitive labor market; and access to capital remains strong. Despite the very real challenges facing Illinois, small business owners continue to experience growth and remain optimistic for the future. To find out more about the realities of running a small business in the Prairie State, Business News Daily connected with some entrepreneurs who live and work in Illinois. Fiscal turmoil in the state capitalNationwide, Illinois is well known as a state with financial troubles. The state is facing a deficit of more than $3 billion and has been forced to shed much-needed services and programs. For two years, lawmakers were unable to adequately address the issue; as a result, the state's credit rating was eviscerated. The uncertainty in Springfield has left a bad taste in many entrepreneurs' mouths. "The state of Illinois faces a gargantuan pension liability of more than $200 billion," said Jim Collins, co-founder and president of Datamation. "This lack of fiscal management breeds concern among small business, and it is likely that the state will need to cut key functions and services." Fortunately, things might be looking up in the state's capital. It has a new governor, J.B. Pritzker, and gridlock appears to be lifting. While that offers little immediate relief, optimism that the state will somehow rectify its fiscal issues is in the air. The state has moved recently to legalize gambling and cannabis, two industries that it hopes will help shore up the hole in the budget by contributing revenue, creating jobs, and attracting people. "We're still in a good place economically," said Spencer Hadelman, CEO of Advantage Marketing. "As gambling and cannabis evolve, there will be even more opportunities, just as we've seen in states like California and Colorado. The bringing in of new jobs will only help the state's economy." High business taxesIllinois is known for high business taxes, with a top corporate income tax rate of 9.5%. That makes it the 14th most expensive state in corporate income taxes. In addition, its state sales tax stands at 6.25%, which is on the high end of average. However, with the addition of local sales taxes in some areas, especially near Chicago, the overall sales tax burden could be high. In Illinois, Tax Freedom Day comes on April 24, meaning it takes Illinois taxpayers longer than 44 other states to earn enough money to pay off their full tax bill. "The taxation situation in our state is extremely disappointing," said Justin Carrol, president of Perfect Home Services. "Statistics show that people are fleeing from Illinois, and I believe taxation is a large contributor to that. We're one of the highest-taxed states in the country and our state is still broke. I pray that someone will come in and get this state turned around soon." Still, Illinois' personal taxes are significantly lower than those of many other states, standing at a flat rate of 4.95%. For pass-through entities, such as LLCs, taxes are calculated as personal income rather than by the state's corporate tax rate. However, the state is currently considering a measure that would create a graduated-rate personal income tax. That measure would have to be approved by voters, as it requires a change to the state's constitution. Proximity to large marketsRunning a business is always much easier where there are a lot of people, especially when those people live near one another. Being near a major city offers a boost to businesses because cities attract a great deal of economic activity, meaning money and people flow in and out regularly. Illinois, of course, is home to Chicago, a city of nearly 3 million people and the third largest metropolitan area in the U.S. The surrounding suburbs bring the total population up to about 10 million people, providing easy access to business owners. "I have operated businesses in Illinois, Indiana and Florida," said Bill Davy, owner of Fred Astaire Dance Studios. "Illinois, specifically Chicagoland, has the largest and most diverse population of the three." Large markets like Chicago offer big advantages to businesses, both in terms of the customer base and a labor pool from which to hire top talent. Illinois is unique not only because it is home to a major metropolitan area, but it is also geographically close and well connected to virtually every major urban center across the country. The minimum wage in Illinois is $8.25 per hour, but in 2020 that will raise to $9.25, with the goal of hitting $15 per hour by 2025. Chicago alone has increased its minimum wage to $12, and Cook County is now $11. The federal minimum wage is $7.25. In an attempt to ease the burden on employers, Illinois passed a law to create a tax credit for businesses with 50 or fewer employees, allowing those companies to claim a 25% credit in 2020. "If you're going to do business anywhere in the Midwest, Illinois is a great bet, because it's a national transportation hub for flying, rail or even shipping," said Mazyar Hedayat, owner of the law firm M. Hedayat & Associates. Whether you need to travel frequently, bring clients in for a visit or order supplies, Illinois is centrally situated and well connected to the nation's infrastructure. Entrepreneurs frequently cited that location factor as a major benefit of doing business in Illinois. "Being centrally located by a national transportation hub makes Illinois an ideal place for quickly shipping products anywhere in the 48 states," said Jacob Aune, artisan and co-founder of Altare Design. "I can obtain just about any supplies needed to manufacture wood products locally, then tap into markets across the country." Skilled labor in a relatively flexible marketIllinois enjoys the benefits of a diverse and skilled labor market, largely due to Chicago's dense population, high-caliber universities and other opportunities for workers to develop their skills. According to the Bureau of Labor Statistics, there are more than 6.5 million in the state's workforce, giving employers a large pool to choose from. "We have access to hiring tremendously skilled talent in key areas," said Ross Kimbarovsky, co-founder of crowdsourced design company Crowdspring. "These people have cut their teeth at significant and successful companies in the area. That's one huge advantage." The state's unemployment rate currently stands at 4.3%, which is relatively low but remains higher than the national average. While the low unemployment rate means it is still an employee's labor market, Illinois businesses don't face the same stringent competition as those in states where that unemployment rate is often a full point lower. At the same time, Illinois' per-capita personal income is also 6% higher than the national average, meaning employees will expect more attractive compensation packages than those in states where personal income is lower. Frequently asked questionsStarting a business anywhere can be a difficult process. Navigating regulations and obtaining the right licenses can seem confusing and overwhelming. Luckily, Business News Daily is here to help. If you're looking to start a business in Illinois, check out these frequently asked questions, or take a look at some of other resources to help you launch your company.
How do you start your own business in Illinois?To start a business in Illinois, you must first select which type of business entity under which you would like to incorporate. These include sole proprietorships, general partnerships, limited partnerships and C corporations. Once you determine your entity type, you must register your business with the Illinois Department of Revenue as well as the federal Internal Revenue Service (IRS). In addition to registering your new entity, if you have employed any workers for 20 calendar weeks or more, you are required to contribute unemployment insurance to the Illinois Department of Employment Security. You are also required to obtain workers' compensation insurance to cover accidental injuries, deaths or occupational diseases. What type of Illinois business entity should you choose?The type of entity you should select when incorporating a business in Illinois depends on your industry, business size and type of operation. Sole proprietorships include LLCs, which are considered pass-through entities under tax law and hold the owner personally liable for the company and all its debts. Corporations, such as C and S corporations, are separate legal entities that shield owners from legal liability for the business. In corporations, shareholders own stock in the company, elect a board of directors and include officers such as presidents to run the company. How many business licenses do you need in Illinois?The number and type of licenses and permits you require depend on your business's operations. In Illinois, there is no state requirement for a basic business license, but most businesses must register with the Department of Revenue. In addition, your business might be subject to licensing rules specific to the state and municipality in which it is located. To learn more about which business licenses and permits you require, visit the Illinois Department of Commerce & Economic Opportunity's website. How much does a business license cost in Illinois?The cost of a business license or permit varies by the type of licensure your business requires and where it is geographically located within the state. Typically, business licenses in Illinois cost between $20 and $100. Does your business name need to be reserved?Yes. To reserve your business's name in Illinois, you must check to see if your desired name is available with the secretary of state. If the name you'd like is available, you can submit an application. Typically, these applications will be processed within one to three business weeks. If accepted, the business name will be reserved for a period of 90 days. Once that period is up, the business name must be renewed. What if another business has the same name?If another business already has your desired name, it is unavailable for reservation. You will have to incorporate your business under a different name. However, if you'd like to do business under a variation of your desired name, you can file for a "doing business as" or "fictitious name" registration. A DBA allows you to operate under a name that is different from the name you incorporated under. What is Illinois corporate dissolution?Corporate dissolution in Illinois is the process by which a corporation officially ends its existence within the state. If you are registered to do business in Illinois, dissolving your corporation ends its liabilities to creditors. Under the state's Business Corporation Act, corporate dissolution requires unanimous and written consent of all shareholders who are entitled to a vote under the company's organization. It requires the drafting and filing of articles of dissolution. Following the vote to dissolve the corporation, you will still have to collect all of the business's assets, dispose of corporate properties that will not be distributed amongst shareholders, discharge corporate liabilities and distribute any remaining properties accordingly. How often do you have to file sales tax returns in Illinois?In Illinois, sales tax returns are due on the 20th of the month following each reporting period. Sales tax returns are filed using the state's Form ST-1. When is a company required to file as a foreign corporation in Illinois?If your company is registered in another state, you must register it as a foreign entity in Illinois before you can begin conducting any business there. To begin the process, you must file an Application for Authority with Illinois' secretary of state. Resources for small businesses in IllinoisIf you're a small business owner in Illinois looking for resources to help you move forward, here are a few organizations you might want to learn more about. Illinois small business development centersIllinois is home to 17 small business development centers. Each is dedicated to supporting the development and retention of small business, and helps entrepreneurs with tasks like crafting business plans and navigating the state's tax code. You can find your region's small business development center via the link below: Illinois SCORESCORE offers volunteer business professionals and expert "mentors" to help give counseling and guidance to entrepreneurs looking to start or expand their businesses. The group's services are free and volunteer-driven. Here is a comprehensive list of SCORE locations in Illinois: Illinois Department of Commerce & Economic OpportunityThe primary focus of the Illinois DCEO is to promote the retention and creation of jobs and to perpetuate economic growth. To this end, the department has access to resources and information that can benefit entrepreneurs. To find out more, visit the department's website at the link below: Illinois University Incubator NetworkThis website watches and reports on incubators and accelerators throughout the state. It is a treasure trove of information for startups looking to apply to such programs, which can give you exposure, capital and the knowledge to take your entrepreneurial endeavor to a higher level. Follow the link below to learn more: Gies College of Business – University of IllinoisHosting one of the state's small business development centers as well as the iVenture Accelerator, the Gies College of Business at the University of Illinois is cited by several small business owners as a prime resource. Find out more about how to connect with the university at the school's website: College of Business – University of Illinois Some source interviews were conducted for a previous version of this article. |
An Unexpected Benefit of a Digital Workplace Posted: 28 Jun 2019 06:00 AM PDT What seems like just an improvement in one area can have dramatic effects on how we look at work as a whole. Email changes communicationTake email for example. Companies first started using email primarily to eliminate the slowness of interoffice memos and quickly connect people who were in offices far away. But email changed the entire approach to work. It became the new way of sharing documents ("Email that to me"), organizing tasks, and the entire definition of being on task. Many people spend up to a third or more of their day logged into their email client and consider it "working". Google Docs changes collaborationWhen Google Docs came on the scene, it was meant to solve the problem of fixing versioning of documents. Instead of suffixing files with NEW_Updated(2), team members could know they were always working on the latest version. But Google Docs also brought a paradigm shift in how we think of collaboration. A document or spreadsheet can now serve as a launch pad for bringing together people to work on the same idea at the same time. When someone has a new idea, they can draft it, invite others to comment, and invite others to the conversation through tagging. Google Docs introduces the idea that collaboration should be instant and limitless. The new horizon for toolsThe next breed of tools that will change how we work has arrived. They are called digital workplaces. A digital workplace is a combination of technologies on a single platform that offers your employees an end-to-end experience of completing everything related to work in one place. Many of the technologies of a digital workplace have existed for years, but they existed as separate applications that required you to jump back and forth between tabs depending on what part of work you were working on. Our company has recently embraced a digital workplace. For us, this means using a platform of interconnected tools that allow us to do three main things. First, we use it to collaborate–posting ideas, having discussions, and updating teams on what is going on. Second, we use it to coordinate human-led projects or cases such as updating a new website or restructuring our sales process. Third, we use it to provide control and automation to system-led processes that are central to our core business. What we expected, and what we didn'tWe knew that this digital workplace would allow us to have more control over our work and keep us organized. We knew that we would be more organized and have better conversations about work by keeping all the moving pieces on the same platform. But we started to realize that in some ways our culture was changing as well. For example, before our digital workplace, if there was an inefficiency, most people just dealt with the delay or at worse assigned blame to someone else. After implementing the digital workplace, team members now realize they have the power to correct inefficiencies and share data on their own without waiting for someone else. But the most surprising effect we've seen from using a digital workplace is that we do more work in public. Working in publicWhen email forms the bulk of your digital experience at work, the only thing you are aware of is what is in your inbox, or what others have included you in. Most of these are private conversations or with small groups. The same is true if you use process or project management software. You may have a slightly broader view of what is going on with other people, but you are mostly only able to see what is assigned to you. Modern messaging tools like Slack can help some with additional channels, but it can get so noisy that it is hard to be aware of what is going on. With our digital workplace, we've embraced the idea of working in public by asking teams to share all non-sensitive work in the digital workplace for everyone to see. This means that discussions, projects, and processes are fully viewable to the entire company. We don't require everyone to be aware of all the work going on, but it is publicly available. Here are the specific benefits we've seen as a result of doing more work in public: We know what other teams are working on. If the sales team has a big push, or if the customer success team just completed onboarding a large customer, everyone knows about it. Before the digital workplace, we might have sent out a mass email, but those were usually ignored because there was no context for what the other team had been doing all along. We celebrate each other more. When our engineering team completed an important sprint recently, the whole company was eager to shower them with praise and appreciation. It was not only because we all understood how important this new release was for every team, but also because we had seen the progress move along and knew the extra work they had put in. We share knowledge more. The marketing team needed to have a series of detailed conversations about how we were going to change our positioning. Nothing we were talking about was sensitive to the company, but it didn't make sense to invite the entire marketing team to the meeting. Instead of asking those attending to keep their teams informed of what was discussed, we recorded the conversation and posted it along with some written notes. This allowed the entire team to follow along with the conversation and also add questions. Later, when we realized we needed to transfer the same conversations to the sales team, it was easy for them to quickly come up to speed and our discussion didn't have to start at zero. Working in public is one of those unexpected benefits that come from adopting new technology. For us, a digital workplace has not only served the purpose of keeping us more organized and informed but has gone beyond that to change the culture of how we work. As you start to embrace new technologies, pay attention to not only how they directly solve your existing issues, but also how they bring to light new solutions you didn't know you needed. |
15 Things to Look for When Choosing Online Meeting Software Posted: 28 Jun 2019 06:00 AM PDT When narrowing down what will work best for your specific company, you need to decide what features are most important to you and your employees. If you have lots of remote employees, for instance, your needs will be different than a company that is just looking to sync up a few rooms in different buildings. And what about specific features? Is it more important for your company that you can share your screens, or is it more important that the software is easy to use? To help you decide what makes the most sense for your setup, members of the Young Entrepreneur Council (YEC) share what online meeting software features they find most important. 1. Security and encryptionBecause my speaking gigs occasionally include collaboration with celebrities and high-visibility CEOs, security and encryption are incredibly important. Jami is a great option for video conferencing (the quality is amazing) and because communications are secure, encrypted and distributed, there's never any worry about part of the conversation leaking or being accessed on a centralized server. - Brittany Hodak, keynote speaker 2. Recording optionsI find it helpful to have the option to record meetings as they are happening. This feature works well because it allows us to take a look back at what was said, how the meeting went and can give additional insight as to how we can improve our process. It's always a good idea to record large meetings so you can look for ways to deliver the maximum amount of data in a reasonable time span. - Syed Balkhi, WPBeginner 3. Text chatI like using meeting software that allows users to type into a chat box while the meeting is taking place. There are many times where I've been in a meeting and wanted to speak up, but someone else was talking at the time. A chat box allows you to jot down the idea so that the speaker can see and address the concern without anyone disrupting the flow of the meeting. - David Henzel, LTVPlus 4. Mobile appFor me, it's important that online meeting software has a mobile app. A mobile app allows you to join in on the meeting from wherever you are. So, if I have a meeting planned that day, I don't have to cancel my plans or make sure I'm near a computer to participate. It also gives you a backup in case you run into issues with your computer or internet connection. - Stephanie Wells, Formidable Forms 5. Integrated calendarThe biggest problem with online meetings is finding the time that will work for everybody. Sometimes scheduling the meeting takes longer than the meeting itself. Calendar integration is a massive time saver in this regard. I especially like the software that automatically generates free windows and lets people pick the time for an event, and then adds it to the calendar. - Solomon Thimothy, OneIMS 6. Video chatVoice-only online meetings leave a lot to be desired. It's important that the chat software we use features video chat so the employees and business owners can see each other. We miss out on so many visual nuances when chatting via text or voice. If you want to build a strong relationship with your employees, opt for a program with video chat. - Blair Williams, MemberPress 7. Technical supportHow often do you come across technical difficulties when conducting online meetings? Unfortunately, when you do things through an internet connection, things can go south pretty quickly. However, if your meeting software has technical support, it'll be much easier to resolve the problem and re-establish that connection so your business runs smoothly. - Jared Atchison, WPForms 8. Video qualityI highly prioritize video quality of the software because I know that while having a conversation, a pixelated video can be a distracting feature and might become a hindrance to the overall quality of the conversation. This can translate into misinterpretations due to blurry visual cues, something that is necessary for effective communication. - Abeer Raza, TekRevol 9. Screen sharingThe screen sharing feature is one of the most valuable in online meeting software, especially for remote companies like ours. In a remote company, you very rarely have a chance to sit down together and look over a document or a project. But, with screen sharing for online meeting software, we can easily go over important documents together. - John Turner, SeedProd LLC 10. Dial-in optionsMany tech-adverse users of conferencing or meeting systems will struggle to make sure their computer's audio and video systems are set up and working correctly. For this reason, we only use meeting software like Google Hangouts Meet, which sends a "call in number" with each scheduled meeting. That way, if the user has trouble connecting, they can always dial a phone number and connect the old way. - Keith Shields, Designli 11. No auto-launchI hate the apps that auto-launch the camera. It can really catch you off guard if you're not ready for the live video streaming. For instance, I'll sometimes take early morning calls from bed right after waking up. Other times I might take late after-hours calls outside of a restaurant. I only prefer people to see live video of me if I'm in a professional setting. - Andy Karuza, FenSens 12. Audio qualityGood audio quality is a must. We've had way too many experiences when remote people call into a meeting and have grave issues hearing one another. This impedes everyone's experience, including their ability to participate and take away important parts from the meeting. - Andrew Kucheriavy, Intechnic 13. Web-based applicationIn a world with countless virtual meeting desktop applications, it's a breath of fresh air when I can join an online meeting by simply clicking a link without having to download software. Web-based applications are becoming more robust to provide the majority of features needed in 90 percent of online meetings. I'd highly recommend looking into these easy-to-use solutions. Google Meet is my favorite. - Colton Gardner, Neighbor 14. Flexible and user-friendlyWith online meetings, participants may be using any type of device or operating system. It's important to use software that's flexible enough to work well with everything: phones, tablets, computers, Windows, Mac, etc. What you don't want is to have problems because someone can't access the meeting because the software isn't compatible. - Kalin Kassabov, ProTexting 15. SimplicityOne of the most important aspects of online meeting software for us is simplicity. There are a ton of online conferencing, collaboration and meeting platforms out there, and it can get a little overwhelming trying to compare them. Some are great and come jam-packed with features and functionality, but they can also have a steep learning curve. - Jaime Manteiga, Venkon.us |
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