68% of Entrepreneurs Not Looking for Gig Work

Here are the Latest Entrepreneur Statistics

In the fourth edition of the Megaphone of Main Street report from SCORE, 68% of entrepreneurs say they are looking for full-time self-employment, as opposed to gig work.

Even though gig workers are now classified as contractors by the Department of Labor, the fact they need to always look for the next gig doesn’t sit well with most people. As the report from SCORE points out, full-time self-employment is what entrepreneurs want.

The report is focusing on startups or small businesses in their first year of operation. According to Bridget Weston, Acting CEO of SCORE, this is, “… because the state of new businesses is generally considered a significant indicator of economic health and innovation.”

In the emailed press release Weston goes on to say, “Data shows that the number of new businesses started has been steadily recovering following the 2008 recession; but, the employment created by these new businesses has not seen comparable rates of recovery. Our research suggests that challenges in finding the right target market, finding financing and hiring the right team could explain this gap.”

The data for the report comes from both qualitative and quantitative data directly from around 1,000 startup small business owners across the U.S.

This is part one of a three-part report. The first part is Finding Your Way, Finding Customers, part 2 is Finding Financing, and part 3 is Finding the Right Team.

Entrepreneur Statistics

On average new business owners have 11.5 years of experience in their industry. This is to say, entrepreneurs don’t start a business on a whim. Likewise, when entrepreneurs begin a new business, they do it with passion and experience.

Why do Entrepreneurs Start a Business?

More than third or 40.2% say it is because they are passionate for the product/service they provide, while 16% want the flexibility of self-employment. Another 15.1% start because they see a gap in the marketplace they want to fill, 14.6% is because of unemployment or underemployment at their previous job, and 13.9% want to be their own boss.

Where do Entrepreneurs Get Support?

Whether you are a seasoned veteran or just starting out, you need support in order to make your enterprise work. In the report, entrepreneurs gave several answers as to what kept them motivated/inspired when they hit a rough patch.

Not surprisingly, 66.2% say it is family/friends. If the support you need is for encouragement and a shoulder to lean on, it is good and well. However, if it requires some sort of expertise make sure they are qualified. Even if they are experts, you should always look for an outside/third party who can be completely objective. Try to get more than one, two or even three opinions on the matter so you can make the most informed decision.

Other support systems entrepreneurs use are business plan (43.1%), mentor (42.9%), personal coach/counseling (30.3%), networking groups (29.5%), how-to training (24.9%), specific advisor in industry/field (19.6%), trade associations (9.8%), and co-working spaces (6.0%).

Once the business is up and running, marketing becomes a critically important part of a business. And it is the next question in the SCORE report.

Marketing Strategy

According to SCORE, tactics which directly engage with prospective customers are the most successful strategies.

In the report reaching out to personal/professional network has the highest success rate at 64.9%. This was followed by speaking at events (59.9%), formal networking groups (53.6%), social media (52.1%) and others.

You can read the report here and take a look at the SCORE infographic below.Here are the Latest Entrepreneur Statistics

Image: SCORE

Image: Depositphotos.com

This article, "68% of Entrepreneurs Not Looking for Gig Work" was first published on Small Business Trends



via Small Business Trends Business Feeds

68% of Entrepreneurs Not Looking for Gig Work

Here are the Latest Entrepreneur Statistics

In the fourth edition of the Megaphone of Main Street report from SCORE, 68% of entrepreneurs say they are looking for full-time self-employment, as opposed to gig work.

Even though gig workers are now classified as contractors by the Department of Labor, the fact they need to always look for the next gig doesn’t sit well with most people. As the report from SCORE points out, full-time self-employment is what entrepreneurs want.

The report is focusing on startups or small businesses in their first year of operation. According to Bridget Weston, Acting CEO of SCORE, this is, “… because the state of new businesses is generally considered a significant indicator of economic health and innovation.”

In the emailed press release Weston goes on to say, “Data shows that the number of new businesses started has been steadily recovering following the 2008 recession; but, the employment created by these new businesses has not seen comparable rates of recovery. Our research suggests that challenges in finding the right target market, finding financing and hiring the right team could explain this gap.”

The data for the report comes from both qualitative and quantitative data directly from around 1,000 startup small business owners across the U.S.

This is part one of a three-part report. The first part is Finding Your Way, Finding Customers, part 2 is Finding Financing, and part 3 is Finding the Right Team.

Entrepreneur Statistics

On average new business owners have 11.5 years of experience in their industry. This is to say, entrepreneurs don’t start a business on a whim. Likewise, when entrepreneurs begin a new business, they do it with passion and experience.

Why do Entrepreneurs Start a Business?

More than third or 40.2% say it is because they are passionate for the product/service they provide, while 16% want the flexibility of self-employment. Another 15.1% start because they see a gap in the marketplace they want to fill, 14.6% is because of unemployment or underemployment at their previous job, and 13.9% want to be their own boss.

Where do Entrepreneurs Get Support?

Whether you are a seasoned veteran or just starting out, you need support in order to make your enterprise work. In the report, entrepreneurs gave several answers as to what kept them motivated/inspired when they hit a rough patch.

Not surprisingly, 66.2% say it is family/friends. If the support you need is for encouragement and a shoulder to lean on, it is good and well. However, if it requires some sort of expertise make sure they are qualified. Even if they are experts, you should always look for an outside/third party who can be completely objective. Try to get more than one, two or even three opinions on the matter so you can make the most informed decision.

Other support systems entrepreneurs use are business plan (43.1%), mentor (42.9%), personal coach/counseling (30.3%), networking groups (29.5%), how-to training (24.9%), specific advisor in industry/field (19.6%), trade associations (9.8%), and co-working spaces (6.0%).

Once the business is up and running, marketing becomes a critically important part of a business. And it is the next question in the SCORE report.

Marketing Strategy

According to SCORE, tactics which directly engage with prospective customers are the most successful strategies.

In the report reaching out to personal/professional network has the highest success rate at 64.9%. This was followed by speaking at events (59.9%), formal networking groups (53.6%), social media (52.1%) and others.

You can read the report here and take a look at the SCORE infographic below.Here are the Latest Entrepreneur Statistics

Image: SCORE

Image: Depositphotos.com

This article, "68% of Entrepreneurs Not Looking for Gig Work" was first published on Small Business Trends



RSS Business Feeds

Vermont Small Businesses Lead the Nation for Revenue Growth

Small Business Revenue Statistics Show that Vermont is Leading the Way in Growth

How are U.S. small businesses doing in the midst of the trade and recession talk? According to the Kabbage Small Business Revenue Index, they are experiencing double-digit gains.

In fact, revenue for small businesses grew by 19.2% between January 2018 and January 2019. The number from Q2 2018 to Q2 2019 is an impressive 18.5%, and from Q1 2019 to Q2 2019 it is 7.6%. And when it comes to individual states, Vermont was on top with an increase in revenue growth of 118.2% since January 2017.

In addition to a solid economy, the use of technology is allowing small businesses to experience revenue growth. The Kabbage Small Business Revenue Index is using technology to provide businesses with insights about the segment.

According to Kabbage, this is a segment which didn’t enjoy live financial trends data in the past. In the press release, Kabbage Head of Analytics, David Snitkof, says it is one of a kind tool. The interactive index will have an ongoing pulse on the financial health of local American small businesses. This includes restaurants, hair salons, dentists, lawn care providers, boutique shops and more.

Snitkof added, “The Kabbage Small Business Revenue Index is unlike other tools or resources that supply small business growth trends as it analyzes the live data of companies instead of relying on static reports, survey responses or lagging research.”

Historically this information has been unavailable for public consumption and research.

The Index

The Kabbage Small Business Revenue Index draws from more than 200,000 small businesses and 2+ million live data connections. It reports on the ongoing revenue performance of these businesses across the U.S. in real-time as well as year-over-year (YoY).

You can search the index by industry and state to see how small businesses across the country are performing. This includes single industries and states or the data as a whole for all industries and states.

The index has a committee which reviews the analysis to make sure the calculations are sound and address any revolving biases. It also allows third-party experts to analyze and review the overall methodology and outputs of the Kabbage Index.

Small Business Revenue Statistics

Together with the above-mentioned small business revenue statistics, the index also reveals small businesses had the most significant YoY revenue growth in April and May 2019 (19.9 and 23.3 percent, respectively). This is compared to any other YoY observation in the Index.

When it comes to industries, transportation and warehousing generated the largest revenue growth (71.9%) since January 2017. The growth is just slightly higher than the construction industry at 71.8%.

Vermont vs. all States

Image: Kabbage

Why is This Index so important?

The best answer comes from, Jackson Mueller, Associate Director at the Center of Financial Markets, Milken Institute.

In the release, Mueller says, “The impact small businesses have on the economy is significant. Too often small businesses can be over-generalized in local and national political debates and the Kabbage Index provides an empirical analysis which can be a foundation to frame policy discussions aimed to support local business across states and industries.”

Even though the impact of small businesses on the U.S. economy is well understood, this data can be used to further support their efforts of business owners.

You can access all of the information from the interactive index here

Image: Depositphotos.com

This article, "Vermont Small Businesses Lead the Nation for Revenue Growth" was first published on Small Business Trends



via Small Business Trends Business Feeds

Vermont Small Businesses Lead the Nation for Revenue Growth

Small Business Revenue Statistics Show that Vermont is Leading the Way in Growth

How are U.S. small businesses doing in the midst of the trade and recession talk? According to the Kabbage Small Business Revenue Index, they are experiencing double-digit gains.

In fact, revenue for small businesses grew by 19.2% between January 2018 and January 2019. The number from Q2 2018 to Q2 2019 is an impressive 18.5%, and from Q1 2019 to Q2 2019 it is 7.6%. And when it comes to individual states, Vermont was on top with an increase in revenue growth of 118.2% since January 2017.

In addition to a solid economy, the use of technology is allowing small businesses to experience revenue growth. The Kabbage Small Business Revenue Index is using technology to provide businesses with insights about the segment.

According to Kabbage, this is a segment which didn’t enjoy live financial trends data in the past. In the press release, Kabbage Head of Analytics, David Snitkof, says it is one of a kind tool. The interactive index will have an ongoing pulse on the financial health of local American small businesses. This includes restaurants, hair salons, dentists, lawn care providers, boutique shops and more.

Snitkof added, “The Kabbage Small Business Revenue Index is unlike other tools or resources that supply small business growth trends as it analyzes the live data of companies instead of relying on static reports, survey responses or lagging research.”

Historically this information has been unavailable for public consumption and research.

The Index

The Kabbage Small Business Revenue Index draws from more than 200,000 small businesses and 2+ million live data connections. It reports on the ongoing revenue performance of these businesses across the U.S. in real-time as well as year-over-year (YoY).

You can search the index by industry and state to see how small businesses across the country are performing. This includes single industries and states or the data as a whole for all industries and states.

The index has a committee which reviews the analysis to make sure the calculations are sound and address any revolving biases. It also allows third-party experts to analyze and review the overall methodology and outputs of the Kabbage Index.

Small Business Revenue Statistics

Together with the above-mentioned small business revenue statistics, the index also reveals small businesses had the most significant YoY revenue growth in April and May 2019 (19.9 and 23.3 percent, respectively). This is compared to any other YoY observation in the Index.

When it comes to industries, transportation and warehousing generated the largest revenue growth (71.9%) since January 2017. The growth is just slightly higher than the construction industry at 71.8%.

Vermont vs. all States

Image: Kabbage

Why is This Index so important?

The best answer comes from, Jackson Mueller, Associate Director at the Center of Financial Markets, Milken Institute.

In the release, Mueller says, “The impact small businesses have on the economy is significant. Too often small businesses can be over-generalized in local and national political debates and the Kabbage Index provides an empirical analysis which can be a foundation to frame policy discussions aimed to support local business across states and industries.”

Even though the impact of small businesses on the U.S. economy is well understood, this data can be used to further support their efforts of business owners.

You can access all of the information from the interactive index here

Image: Depositphotos.com

This article, "Vermont Small Businesses Lead the Nation for Revenue Growth" was first published on Small Business Trends



RSS Business Feeds

How Email Marketing for Business can Help You Make Your Dreams Come True

Any business with involves an online presence needs email marketing to grow. Email marketing is crucial because it improves your revenue, increases your communication, and reach significantly, is measurable, flexible, and scalable.

Email marketing campaign tactics

Email marketing can do much more. Here is how email marketing for business can help you achieve your dreams.

1. People use email a lot

People everywhere in the world use email in one way or another. This mass usage of email makes email marketing a great channel to sell your products and services. Chances are your target audience, and anyone you come across uses an email.

Email is different from other marketing channels such as broadcasting and print in that it offers direct communication with the target audience.…

The post How Email Marketing for Business can Help You Make Your Dreams Come True appeared first on SMALL BUSINESS CEO.



RSS Business Feeds

The Simple Way to Get Everything You Want

I want to tell you a story about two women. One is my hairdresser and the other is my massage...

The post The Simple Way to Get Everything You Want appeared first on Copyblogger.



RSS Business Feeds

7 Secrets to a Successful Pop-up Shop

7 Pop-Up Shop Tips for a Successful Pop-up Shop

Pop-up shops are a great way to test a new retail idea, expand your retail store or just increase your seasonal sales. But what does it take to make your pop-up store successful? Here are seven secrets to making your pop-up a smash hit.

Pop-Up Shop Tips

Have a Specific Goal

Pop-up shops can accomplish a variety of goals. You can use them to get rid of last season’s products, test-market a new product line, or test a new neighborhood or shopping center before opening a permanent space. They can be brand-building exercises to attract new customers and raise awareness of your business.

Your goal for your pop-up shop will guide your other decisions, so start by setting a specific, measurable target. For instance, if you’re testing the feasibility of a certain neighborhood, identify what benchmarks you’ll use to decide if the location will work long-term.

Select the Right Location

Just as with any retail business, “location, location, location” is key to pop-up success. Based on the goals you’ve set, your next step is selecting the perfect space. There are lots of options. You may be able to rent pop-up space in a shopping center or find unused retail space in your neighborhood. There are also websites where you can search for local pop-up space. Check out Storefront, AppearHere or PopupInsider.

But when it comes to pop-ups, you can (and should) think outside the box, too. Do a mobile pop-up shop in a converted bus, van or mobile home. Partner with a complementary business to hold a pop-up inside their retail space. You can even do a pop-up in a shipping container.

Look for a location that attracts lots of foot traffic in your target market, since passersby are key to the success of a pop-up shop. Don’t make it too hard to find — while passionate sneakerheads might go out of their way to visit a hard-to-find pop-up shop in a sketchy neighborhood, many customers won’t. Finally, make sure it’s easy to access and park. The last thing you want is for customers to give up and head home.

Do the Paperwork

Your pop-up is booming—then suddenly the fire marshal shuts you down. Don’t let this happen. Check with your landlord and read your pop-up lease to make sure you know what’s allowed and what’s not. If you’re doing a mobile pop-up or other pop-up without a landlord, check with local authorities and get the required permits before you open for business. And check with your business insurance agent to see if you need any special coverage.

Provide Good WiFi

Social media is the lifeblood of a pop-up, so having reliable, fast Wi-Fi access for your customers is essential. How else will they take selfies and share their status to let friends know about your pop-up? Set up a guest Wi-Fi network separate from the network you use for accepting payments. Prominently share the Wi-Fi password on signage and on your social platforms so people can quickly get online.

Create an Experience

For you, the retailer, pop-ups are about selling product. But for customers, they’re all about the experience. Make your pop-up an unforgettable, unique experience that customers will get excited about, go out of their way to find, and tell their friends about. Think of it as planning a social event rather than a retail display spot. You could have live music, photo opportunities, refreshments or contests.

Don’t forget about signage and design—vital elements in attracting attention for your pop-up shop. Plan how you’ll get passersby to stop, stare and come into the store. Check out these 25 eye-popping pop-up shops for inspiration.

Build Buzz in Advance

What if you gave a pop-up shop and nobody came? That could happen if you don’t do some pre-pop-up marketing. Start by letting your best customers know about your upcoming pop-up. Then contact local members of the media as well as social media influencers in your market. You want your pop-up to go viral, so focus on spreading the word via social media. Begin marketing a month or so in advance using hashtags specific to the event.

People love feeling special, and exclusivity is part of a pop-up’s appeal—not everyone will get to go. Offer influencers and customers an incentive to attend, like a free gift or first peek at a new product you’re launching. Share “teasers” about what customers can expect via social media, email newsletters and other advertising.

Connecting with Customers

During the pop-up, focus not just on selling product, but also on making connections with customers. Ideally, your pop-up will attract lots of first-time visitors. Get them to sign up to receive marketing messages from you or ask them to follow you on social media. The goal is to create relationships you can build on.

To foster such engagement, have plenty of staff on hand to interact with customers and collect their information. Don’t forget about your “virtual” audience. Share videos of the day’s events and livestream the fun on social media to get customers to “come on down.” Make it like a party that no one wants to miss.

Image: Shutterstock

This article, "7 Secrets to a Successful Pop-up Shop" was first published on Small Business Trends



via Small Business Trends Business Feeds