Profit Minded
  • Artisanal entrepreneurs get their own industry magazine

    MAKEWAY Team

    With all things artisanal and “do-it-yourself” emerging as the zeitgeist of our day, it was just a matter of time before the anti-big-industry movement had its own industry magazine.

    Kyle Studstill is a founder and executive producer of Makeway, a new media company that aims to empower artisanal entrepreneurs through a content platform. He and cofounders Mitch Kapler and Caleb Kramer write that, on New York’s Lower East Side, “we’re witnesses to an exuberant class of entrepreneurs filling our community with diverse cuisine, fashion, art, and business. Despite the frightened media perception, creative business men and women are harnessing technology to deliver a meaningful brand and a superior product, with fewer resources.”

    As marketing consultants to Fortune 500 brands, Studstill says he and his colleagues “started to see small businesses able to compete and thrive on the level big brands were.” As they became fans of “the business owner who is driven by purpose and passion and premium

    Read More »from Artisanal entrepreneurs get their own industry magazine
  • As we reported last week, Google is going to start encrypting all search activity except for clicks on ads. This has huge (and very bad) implications for marketers, who will no longer get valuable keyword data from searches.

    Google says it is making the change to protect people’s privacy when they conduct web searches. Some speculate Google also may be trying to make it harder for the NSA to spy on people.

    But one leading marketing guru says it's something else altogether. Rand Fishkin, a leading SEO expert and founder of Seattle-based consultancy Moz (formerly SEOmoz), says Google is choking off keyword data in order to strong-arm marketers into buying ads through Google’s AdWords program, where keyword data will still be available.

    “If the true goal were to protect user privacy, Google would also remove keyword data from paid search referrals through their AdWords product,” Fishkin says. “However, this is not the case, nor is it planned. Hence, we know that Google must have other

    Read More »from SEO Guru: Google Is Abusing Its Monopoly Power
  • A Year After Sandy, Is Your Business Ready for Another Storm?

    After losing electricity—and the ability to run my home office—for a week after Hurricane Irene in 2011, I waited in a long line at Home Depot to buy a $500 generator. The next year, during Hurricane Sandy, the generator kept the lights, my computer, and the cell phone up and running during another weeklong blackout, but my Internet service was out. I have no way to file stories or get paid without the internet, so I spent three days accessing Wi-Fi from my laptop parked in my car outside the EMS office in my town. Now I have discovered how to convert my phone into a wireless modem with a mobile hotspot service.

    This month marked the peak of the 2013 Atlantic Hurricane Season, which lasts through November and, according to NOAA, is still on track to be “above-normal” with a 70 percent chance for 13-19 named storms.

    With my generator and Wi-Fi hotspot, I think my home office is ready for another storm. But according to FEMA, “Research on personal preparedness indicates that individuals

    Read More »from A Year After Sandy, Is Your Business Ready for Another Storm?
  • Announcing a live chat with Envy Labs Founder Gregg Pollack

    The next in our weekly series of live chats will be with Gregg Pollack, founder of Envy Labs at 3 p.m. ET (12 p.m. PT) Thursday, October 3rd. As part of the Young Entrepreneur Council’s #StartupLab initiative, a virtual mentorship program, Gregg will appear live via video chat broadcast.

    Gregg Pollack is the founder of Envy Labs, a consultancy that builds big web applications, and Code School, an online learning platform that teaches software developers new skills. Gregg also helps run Orlando's BarCamp, the Orlando Ruby Users Group, the EdTech Orlando Meetup, and the Orlando Tech Events newsletter. His newest project is Starter Studio, a business accelerator in Orlando.

    #StartupLab is a free virtual mentorship program created by The Young Entrepreneur Council (YEC), an invite-only organization comprised of hundreds of America’s most successful young entrepreneurs. #StartupLab takes YEC's mission to help more people start successful businesses to the next level by offering millions of

    Read More »from Announcing a live chat with Envy Labs Founder Gregg Pollack
  • Collecting Money

    If you’re a company who invoices clients for your products or services, then you know what’s it like to have receivables on your books. Managing receivables can be one the hardest, yet most crucial parts of running a business. This is money you are rightfully owed, and most importantly, you certainly need to keep your cash flow healthy and your business running seamlessly. Therefore, evaluating and continually improving your receivables performance management should be a top priority. Asking for money is never fun, but if you can work to make your receivables management process systematic and seamless, you’ll find getting paid becomes a breeze.

    1. Set Expectations Early - If you want customers to pay on time, you need to relay that very early on. Understandably, it seems that this is obvious, but the more diligent you are in explaining your payment terms to customers in the beginning, the better they will be about following them down the line. It’s important to have you customer sign a

    Read More »from 6 Tricks to Enhance Your Receivables Performance Management
  • Reputation Management


    Love them or hate them, online customer reviews increasingly influence purchasing behavior and business success. 85% of consumers read online reviews about local businesses, up from 76% in 2012 (source: BrightLocal). What’s more, online reviews directly affect buying decisions: 90% of people are influenced by positive online reviews, and 86% are influenced by negative online reviews (source: Dimensional Research). 1 star difference in review rating can impact business revenue by 5-9% (source: Harvard Business Review).

    In this social buying age, online reviews have become a major influencer to business success. And with Internet freedom alive and thriving, consumers are in the driver’s seat, leaving business owners with seemingly little control over what people say about their business.

    Further fueling business owners’ frustrations is the difficulty in keeping track of online reviews. The proliferation of third-party review sites and social media have multiplied the number of

    Read More »from Business Reputation Management Is Now Critical to SMB Success
  • A Branding Guru Shares Wisdom with Women Entrepreneurs

    Rather Be In ChargeIf there’s anyone who knows how to package a brand for success it’s Charlotte Beers, former CEO of advertising giant Ogilvy & Mather. During her lengthy career, which included a post as Undersecretary of State to Colin Powell, Beers was widely considered one of the most powerful women in American.

    Author of last year’s “I’d Rather Be In Charge,” a guide to achieving “pride, power, and joy at work,” Beers now offers 5-day “X-Factor” seminars across the U.S. and Europe to give women tools she says they need to “take charge, find pride and power at work, and learn to never miss a moment to lead.” Beers says she’s on a mission to help women find the power they have within and to exercise it, and that her book can help anyone become a masterful communicator.

    At the OPEN for Women: CEO BootCamp at the American Express World Headquarters in New York recently Beers shared some of her wisdom in an hour-long session called “Authentic Leadership Breeds Confidence.” At 78, the supremely poised and

    Read More »from A Branding Guru Shares Wisdom with Women Entrepreneurs
  • Highlights of our #GoSMB Twitter Chat with @UPS

    We held a live Twitter chat with @UPS on Thursday Sept. 26th. Participating was Melanie Alavi, UPS Retail Marketing Manager. Here are some of the highlights from that event.

    The chat took a basic Q&A format.

    Read More »from Highlights of our #GoSMB Twitter Chat with @UPS
  • AmEx BootCamp teaches women entrepreneurs “three pillars of success”

    Melinda Emerson the SmallBizLady“We know we run better businesses than men, we just need the revenue to prove it.” Those words of encouragement, delivered in good humor by Melinda Emerson, better known to her 236,000 Twitter followers as @SmallBizLady, were among many that drew applause from an audience of nearly 300 women business owners at the American Express global headquarters in New York on Friday.

    The diverse group of female entrepreneurs had gathered for “OPEN for Women: CEO BootCamp,” an all day-summit that kicked off a national series of live and online events hosted by American Express OPEN, the financial services company’s small business division, that promises to teach women entrepreneurs “the fundamental pillars for successful ventures: confidence, competence, and connections.”

    OPEN executives say they shaped the program based on needs identified in a recent “mindset survey” of 300 female owners of companies with fewer than 100 employees. The data reveal that, while most women surveyed ranked themselves

    Read More »from AmEx BootCamp teaches women entrepreneurs “three pillars of success”
  • Paypal Launches Breakthrough Small Business Loan Program – Working Capital

    PayPal Working Capital

    Paypal today announced a new loan program for small businesses that provides simpler and quicker access to capital as well as fixed and predictable costs and repayment schedule that is not tied to a fixed date. The program, while limited at first, is a radical approach to small business financing and one that could shake up the market for small business lending.

    Currently most very small businesses (3 or fewer employees) actually get most of their financing either in the form of self-financing or from friends and family or via a line of credit that is tied to their personal credit. Business loans from banks and cash lenders make up a much smaller percentage. You can get some idea of the small business lending landscape in this infographic.

    In addition, small business lending has been on a downturn since the economic crash and only this year has shown any signs of reviving. This is particularly true for online businesses where there are no physical assets against which to secure a loan.

    Read More »from Paypal Launches Breakthrough Small Business Loan Program – Working Capital

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ABOUT PROFIT MINDED

Profit Minded is the Yahoo! Small Business Advisor blog that looks at ideas, trends, commerce, and noteworthy developments that can help small business owners develop and grow their organizations.

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Owen Linderholm

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