People start small businesses for many different reasons, but for almost every one of them getting rich is probably one of the top reasons.
So, how do you get rich? In this week’s roundup, an article from Small Business Trends CEO Anita Campbell answers this very question. And not surprisingly, the advice Anita provides includes some long-standing principles, “Be disciplined, make smart money moves and manage your finances well.”
The article goes on to list 10 steps to help guide you in your quest to get rich with real-world advice and not pie in the sky dreams.
One of the ten steps is to have the courage to take risks, which goes hand in hand with another article in the roundup. Contributor Larry Alton tells us more about when to pivot — change direction in your business — and some alternatives to consider. Being able to identify when you need to pivot is critically important because you might just go out of business if you don’t.
Some of the other stories in the roundup include tax advice for home office deduction, customizable AI for small businesses, cloud services for hospitability and retail business and much more.
Take a look at the rest of this week’s offering as well as what is available on the site.
Finance
How to Get Rich (In a Small Business)
A reader wants to know how to get rich in a small business. “I want to start a small business and hope to become wealthy. Do I need to start a certain type of business? Do I have to give up my personal life? What does it take to get rich?” – Marcus from Coeur d’Alene, Idaho Rich people come from all types of industries.
Small Business Operations
4 Alternatives to a Business Pivot
If your business struggles, you might see it as a sign you should pivot. Jack Dorsey wisely pivoted his podcast platform Odeo. Dorsey’s startup became Twitter — after suffocating in the shadow of iTunes as just another podcast platform. But pivots don’t provide a surefire route to success. Before you tap the brakes and change direction, remember to count the costs.
Taxes
Last-Minute Tax Advice for Home Office Deduction
Do you work from home? If so, others share your situation. The U.S. Small Business Administration says 60.1% of all firms without paid employees are home-based. The same ca be said for 23.3% of small employer firms, and 0.3% of large employer firms.
Simplified Way to Expense Computers, Phones and Other Items
There’s an easy way to write off the cost of computers, phones, and other modestly-priced capital equipment. Usually, when you buy an item, you have to capitalize the cost, which means adding it to your balance sheet, and then taking depreciation (an annual allowance) over a number of years. This is so regardless of the cost of an item.
Management
How to Change Company Culture
Building a good company culture takes work. It becomes one of the keys to small business success. But suppose something’s not right?Does your company culture leave something to be desired? You could find yourself in danger of losing valuable talent and customers. How to Change Company Culture Check these five tips on how to change company culture. 1. R.E.S.P.E.C.
Marketing Tips
Go the Extra Mile to Help Your Business Stand Out with These Expert Tips
There are so many different ways you can market your business, from blog posts to search marketing. But if you just do what every other business does, you’re not going to stand out. Creating a noteworthy and memorable experience for customers requires going the extra mile in some areas. Learn how to do that with these tips from members of the online small business community.
Small Business News
CallJoy Announces Customizable AI Features for Small Businesses
Now small business owners can tweak a virtual agent’s voice and choose what it says to customers who call. Cloud based CallJoy recently announced a CallJoy phone agent update that promises more scalability and automation to make these upgrades possible. Small Business Trends contacted Bob Summers, CallJoy’s general manager, to learn more.
HP Launches New Cloud Services for Hospitality and Retail Businesses
Are you having a retail or hospitality business? Are you searching for ways to boost your productivity? If yes, then the latest cloud solutions from HP Inc. can help you. HP Cloud Services for Retail and Hospitality Businesses HP recently announced cloud services (HP Engage Console and HP Engage Catalog) for retailers and hospitality operators.
Closed Sales of Small Businesses Drop, But Values Up, Report Says
In 2019, closed sales among small businesses decreased by 5.5% from 10,312 deals in 2018 to 9,746. The median sale price of a business sold in 2019 increased by $1,000 to $250,000 compared to 2018.
Small Businesses Less Likely to Expand Sales Across Borders
Research says 87% of merchants believe that expanding online sales into new markets is their biggest opportunity for growth. By contrast, small businesses are significantly less inclined to implement cross border commerce strategies. Only 40% of small businesses engage in cross-border trade. Compare this to 71% of medium businesses and 92% of large businesses. The research comes from Visa.
1 in 5 Employers Have Denied Someone a Job Due to Their Social Media Profile
Social media has blurred the lines between the personal and work lives of employees. And as more businesses look into the profiles of their potential hires and also employees, what are the implications. A new survey from WhoIsHostingThis? reveals more than 1 in 5 or 22% of people in a hiring position have denied someone a job due to their online content.
Here’s Where Uber Drivers Are Making Serious Cash – And Where They Aren’t
If there is one company that symbolizes the gig economy, it is Uber. The issues the company has with its drivers and how much they make highlights the growing pains of the gig economy. Speaking of how much they make, a new report from Zippia looks at where in the U.S. Uber drivers make the most and least money.
Demand for Small Business Advisory Services Growing, Reports MyBoard
MyBoard Advisors is a small business advisory service that provides assistance to small and mid-sized businesses helping with a number of regular management activities. The company was started in 2018. Founders Kip Marlow and Jerry C. Cirino, both successful businessmen, believed private businesses could benefit from the help these boards could supply.
Just 6% of Companies Offer Childcare Benefits to Employees
A new survey and report from Clutch reveal just 6% of companies offer childcare benefits to their employees. When you take into account, 70% of families in the U.S. spend more than 10% of their income on childcare, the scope of the problem becomes clear.
Startup
Check Out These Non-Obvious Megatrends
We’ve reached that time of year. I make my predictions for small business. I experienced a good run for about 5 years. But this changed the last few years. So this week, I called in an expert. 2020 Megatrends Rohit Bhargava founded the Non-Obvious Company. And for the last 10 years, he published quite accurately the trends for the next year.
Technology Trends
Women in Cloud Summit Prepares Female Entrepreneurs for $4.5 Trillion Opportunity
The International Data Corporation projects demand in cloud services to reach $4.5 trillion by 2025. As a result, even though most of that demand comes from big enterprises, it creates a huge opportunity for small businesses that provide those services too. Women In Cloud Summit 2020 seeks to prepare women technology entrepreneurs for these opportunities.
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