Millennials have been the target of more scrutiny than any other generation. Why? Because as a generation, they are larger than the Baby Boomer generation that clocked in at 77 million. Baby Boomers were a significant force in terms of purchasing power, political direction and now retirement as they have moved through their lives. Millennials, sometimes called Echo Boomers, are expected to have an equal or greater influence on society.
Representing 25% of the population, and 80 million strong, Millennials are generally agreed to have been born between 1980 – 2000. You will also hear them referred to as Generation Y. The youngest Millennials are 17 years of age while the oldest will be 37 in 2017. What has this intense scrutiny revealed about these consumers?
Posted in Lydia Mehit, Op-ED
Tagged 80 million strong, authentic goods, Echo Boomers, Gen Y, generation y, handmade goods, locally produced goods, Lydia Mehit, marketing, Millennials as a Target Customer, small business
Is your small business marketing working as well as it could be? Marketing even the smallest businesses has gotten both easier and more complicated in the digital age. Easier, because online marketing is so affordable; more complicated, because there are so many options to choose from.
To find out how small business owners are keeping up, Vistaprint recently surveyed “micro-businesses” (U.S. small business owners with fewer than 10 employees). Here’s what they found.
Despite their small size, micro-businesses in general have moved into the digital marketing age. More than two-thirds (68.8 percent) say they market their businesses both online and offline. Over half (52.7 percent) say their online presence is “very important” to their marketing efforts, while 30.4 percent say it’s “fairly important.”
You may think it is easier to just throw their old or lightly used items away instead of donating them. It often seems like the process of donating clothing items, electronics or even office furnishings to charity is too cumbersome or time consuming for individuals — or for your small business.
However, organizing and planning for a charitable donation drive isn’t as difficult as you might think with a bit of help, suggests GreenDrop, an East Coast company that collects lightly used clothing and other denotable items on behalf of charities.
In this newest episode of the Blinkist Podcast, our guest producer, Emily, talks with an old friend who’s brought her small business from twinkle of an idea to globally recognized, Beyoncé-worn recognition.
Emily and Laura Wass of WXYZ jewelry talk entrepreneurship, what it takes to bring a business from fledgling to flight, and the importance of ritual. I’m also in there making awkward jokes, as usual, and the Book Doctor makes another house call—this time, hitting closer to actual home.
If your small business regularly sells products via Google Shopping, a new reorganization of the company’s policies is on he way.
Though the company insists the new policies are mostly a simplification of the way merchants currently do business.
However, Google also insists those using the service do review the changes to make sure noting is missed when the new policy takes over.
Google’s Shopping Policy Center will be updated come February 2016.
When it comes to small business in the United States, more women are running the show.
On Wednesday, the National Women’s Business Council released an analysis of preliminary Census data which showed there were nearly 10 million women-owned small businesses in the U.S. in 2012, a 27.5% increase from 2007. (The Census defines a woman-owned business as one where a woman owns 51% or more of the business equity or stock).
While men still own more businesses than women, women-owned businesses grew at a rate of four times that of male-owned businesses. In 2012, men owned nearly 15 million businesses.
Overall, women-owned businesses earned a total of $1.6 trillion between 2007 and 2012 and the vast majority (89.4%) were run by sole proprietors, meaning the only employee was the owner.
The report, which pulled data from the Census’s Survey of Small Business Owners, also highlighted major increases in small business ownership among women of color, particularly black and Hispanic women.
Signing up with a credit card processor is a big step for small businesses. It allows small business owners to accept more forms of payment, which in turn drives revenue by making it easier and more appealing for customers to shop in the store. Before signing an agreement with a credit card merchant service processor, however, it is important to get all of your questions answered so that you know you are putting your business in the best position moving forward.
Start by inquiring about and understanding any contract requirements, as well as any processing rates as they relate to various types of cards. Get these rates for all cards, including corporate and rewards cards, in writing, so there are no surprise increases down the road. In addition, talk to your processor about American Express transactions, as well as the procedures for fee deductions from your account and if they offer next day funding. Finally, research a potential processor and consult other small businesses about their merchant solutions so you do not get stuck in a situation that does more harm than good.
A marketing plan may not be at the top of every new business owner’s to-do list, but it should be. While a business plan helps map the direction for your company, a marketing plan helps your company understand how to get there by detailing important steps on the road to creating customer relationships.
“The single most important thing for a small business to include in its marketing plan is a very clear understanding of its customers and its competitors,” said Robert Thomas, professor of marketing at the McDonough School of Business at Georgetown University.
Though a marketing plan can be formal or informal, at a minimum it describes who your customers are, where they get information, and how you are going to reach them. Thomas said the development of a marketing plan requires four specific tasks:
The past few years have seen an opportunistic and favorable business environment and it looks like thankfully it is poised to continue.
Here are the advantages of being a small business owner … now.
In no other time has technology made it easier for us to do business, communicate and grow on such an efficient and far reaching scale. The Web, email marketing, social media, plug-ins and apps allow us to organize and focus communication. and to help people in ways that save us time and energy and improve efficiency.
The cloud offers front end management of tasks, while many small service companies still juggle paper spreadsheets and calendars to stay organized.
We’ve seen, and run, plenty of stories about which cities are the best to start and build a business. But how about the employees? What are the best cities in which to work at a small business?
WalletHub recently crunched those numbers, using a combination of factors meant to represent the environment for small businesses as well as a region’s overall economic environment. Overall, the South and West seem to host more businesses that are hospitable to their employees, while cities in the Northeast generally don’t appear in the rankings until much further down. At number 10, Boston was the highest-ranked city in the Northeast, well below Austin, Omaha, and Raleigh. San Francisco came in 23rd; San Jose was number 34.
The metro areas that ranked the best for their small business economic environments were: