By Debbie Gregory.

Acts of kindness are therapeutic and will make you feel good and empower you.   Your acts of kindness will also inspire others to be kind.   We are learning that what we do impacts others and we are all in this together.  Kindness has an amazing domino effect that is so positive and will impact our small business.   VAMBOA, the Veterans and Military Business Owners Association h is providing a list of kind acts for small businesses to consider.

Some wonderful Acts of Kindness:

• Donating to Food Banks- donate some of the extra non-perishable foods in your pantry. If you are able make a monetary donation to fund meals.
• Donating meals to essential workers.
• Donating meals to students especially with schools being closed, it has been impacting many needy families that receive meals at schools for their children.
• Deliver meals – organizations that are preparing meals need help to deliver them to needy families.
• Donating Face Masks to hospitals and organizations
• Write notes and cards to elderly and shut ins to brighten their days.
• Donating Care, Food and Goodie Packages: Put together these packages for those in need in your community, elderly shut-ins, first responders, essential workers and military and veterans.
• Buy a bushel of apples, cases of water or drinks, boxes of packaged snacks, candies, gum, etc. and take them to your local fire or police station.
• Books and magazines are meant to be passed on and shared. Go through read magazines and books and donate them to homes for elderly with shut-ins to help them pass the time.
• Make handmade items that come from the heart. These can be knitted handmade items, greeting cards, paracord bracelets and special notes.
• Purchasing needed items such as sanitizer and cleaning items. These might be nice to send to your remote workers and those in need.
• Gift cards for those who are having hard times to markets and stores.
• Providing Free Advice to Impacted Businesses: Many small businesses are affected and hurting from the pandemic.  They need help and often do not know where to find it.  Volunteer to provide advice in areas of your expertise.   You may find that those with expertise you need will help you.   You might join forces with others and form a task force of sorts to offer free advice and consulting.
• Hosting Virtual Classes: Perhaps the expertise you possess is needed and can can best be presented and utilized in a virtual class.
• Create COVID Survival Guides for Small Businesses and to share and play forward what you have learned so others can benefit with Real time, actionable. advice and present it in zoom sessions.
• Teaching and/or tutoring others. With so many children and young people having to learn virtually, someone to help is a blessing.  Many parents are doing triple duty, parenting, teaching, and working so this can be a huge relief.
• Small Businesses “lending” staff to other small businesses providing a win/win for all.
• Patronizing local restaurants – ordering meals to go to help them stay in business.
• Tipping generously at restaurants or to the barista who prepares your latte to go.
• When you go to market or store, ask neighbors what you can get for them, especially your elderly neighbors and friends.
• Organize zooms or Facetime to spend time with those friends, family and neighbors who feel isolated and are able to simply click on a link.

These are such challenging times for all of us including small business owners.  Helping others can come back to you and is a wonderful way to feel like you are making a difference and to be positive.  We all need to work together for everyone.

By James Pruitt, Senior Staff Writer

1. Emergence of Generation Z

These days, when we speak about young people, we increasingly refer to “Generation Z” rather than “Millennials.” Most news sources place “Generation Z” as born before “1995 – 2012.” Millennials are generally categorized as between 1981 and 1994. Generation Z has never known a world without the internet. They also grew up with smartphones and touchscreens.

Marketing to Generation Z is a work in progress, but businesses should emphasize social issues. This generation saw paradigm shifts in the way Americans relate politically, socially, and morally. The emergence of social media lurks deeper in younger peoples’ consciousness, although people in this age group certainly value face-to-face interaction. Politics changed, social life changed, and morality changed. Much went on-line. Mindfulness of these shifting trends is key to determining relations with this emerging group of people and how market to them.

2. Wellness Issues

No one expected the events of 2020. The coronavirus epidemic has redefined the importance of self-care. Definitions of “social distancing” during the coronavirus epidemic develop rapidly. Considerations such as masks and social distancing have proven serious. A pandemic-era business must think long and hard about coronavirus-related issues.  Businesses have had to re-invent themselves within this new normal and many are embracing working remotely too.

However, emphasis on health and well-being in the workplace had been increasing for years before the current pandemic. Employers have increasingly prioritized self-care not just for the past year, but also for the past few decades. Relevant and sometimes tricky issues can involve increased awareness of mental health issues and their role when determining sick leave and relations with management. Also, technological advances such as cochlear implants continue to increase opportunities for people with audial, visual, physical, and other disabilities.

The ADA (Americans with Disabilities Act) forbids discrimination based on disability or perceived disability unless that disability relates to the job.

3. Continuing Digitalization of the Economy

Managing your company’s internal cyber-affairs has certainly assumed new importance since the Information Age started. Employers can now carefully monitor the actions of their employees. For example, employers can monitor their employees’ activities and plan meetings or other activities accordingly.

On a related note, cybersecurity as a field has exploded since the first days of the internet. No shortage of scammers, hackers, and other imposters may haunt your computer systems despite the best firewall.

4. Mobile Devices are Increasingly Relevant in Business

Mobile devices are a relatively new yet versatile addition to the business scene. Bosses may contact on-call workers far more efficiently than in previous decades.

Another use for mobile devices is “geo-tracking,” which permits advertisers to target customers geographically close to their business. Another solution is to develop an app that shares promotions with interested customers.

5. Monetary Transactions Become Increasingly Electronic

The trend continues. We are in fact moving toward an increasingly cashless society. The pandemic will likely greatly increase this trend. Small businesses should consider a wide variety of options for customer payment. However, it is notable that cash-free businesses remain controversial. For example, New York City passed a bill in January to make such businesses illegal

VAMBOA, the Veterans and Military Business Owners Association is pleased to announce that James Pruitt will be contributing articles to our blog as a Senior Staff Writer.  James Pruitt is an independent copywriter and editor specializing in legal and health-related issues. He received his master’s from the University of Chicago and his bachelor’s from UC Berkeley. He currently resides in Thousand Oaks, where he pursues his passions in gardening, cooking, and spoiling his mixed Maine Coon cat, Russell.

By:  James Pruitt, Senior Staff Writer

Types of Incorporation

Small businesses may incorporate as corporations or LLCs as well as partnerships. The first two formats shield owners personally from various liabilities. Hence, in case of debts or lawsuits, the owner’s personal assets remain behind the “corporate veil,” generally not reachable by creditors.

Limited liability companies (LLCs) offer the tax advantages and flexibility available to partnerships. Corporations differ from LLCs in the issuance of stock. Also, corporations issue by-laws that govern their management and govern the interactions of shareholders, directors, and officers.

Relationships with their home state govern corporations. Contract (and agency) law governs partnerships. Choosing between these methods of small business formation is the first step in availing yourself of the benefits of formal recognition.

Reasons to Incorporate

Benefits of small business incorporation include (1) name protection; (2) tax flexibility; (3) perpetual existence; (4) personal asset protection; (5) deductible expenses; (6) nationwide availability; (7) and not least importantly, additional credibility.

First, as for name protection, incorporation provides exclusive access to your business name. Second, tax flexibility grants the legal advantages of the most fitting taxation scheme. Third, the small business will exist perpetually and assume an identity independent from the owners. Fourth, the assets of the business will belong to the business itself rather than the owners. Fifth, incorporation allows a process for deducting business expenses before allocating income to the owners of the business. Sixth, the business will go on the records nationwide in all jurisdictions under the relevant name. Seventh, the plain fact of credibility offers opportunities for expansion.

Where to Incorporate

Incorporated businesses must file annual reports in any state where they register or do business.

Owners usually incorporate in their home state. While large corporations sometimes avail themselves of outside states (most commonly Delaware), for a small business, incorporating locally saves time and effort.

Taxation

Different corporate tax entities can include C corporations and S corporations, in addition to LLCs and partnerships. ”C corporations” file the IRS form 1120. “S corporations” qualify for “pass through” taxation, which taxes the owners themselves for the profits of the corporation without involving corporate income tax. In other words, “S corporations” escape the double tax liability typical of “C corporations.”  “S corporations” cannot have more than 100 shareholders. An accountant or lawyer can advise the best options.

LLCs, or limited liability companies, are also subject to the same type of “pass-through” taxation. The distinction between the three types of tax entities lies in the nature of the ownership of the company, with “C corporations” generally issuing shares to large numbers of owners.

How to Incorporate

Next, choose a business structure. Options include C-class corporations, S-class corporations, or LLCs. The best option really depends on the size and ownership of the organization. Smaller organizations with limited ownership may better fit with an S-type or LLC structure. Partnerships depend on contract law, hence agreements between business owners rather than with the state.

Articles of Incorporation

C or S type corporations should have Articles of Incorporation, filed with the local Department of State. These articles determine the scope of the company and the structure of the ownership. Such a company could have a Board of Directors. Such corporations may issue public or private stock to foster growth.

Small business owners who choose the C or S corporation route should not confuse articles of incorporation with bylaws, which are rules governing the day-to-day running of the company. Both articles of incorporation and bylaws are generally filed with the relevant office of the Secretary of State.

Should a small business owner choose to incorporate as a partnership, they need not file documents with the state. An LLC, on the other hand, should file “articles of organization.”

After Incorporation

Employers generally apply separately for an employer identification number, for employee entitlements such as unemployment. Next, one should obtain any necessary business licenses and permits. Finally, after the actual incorporation, the owners of a new business should draft bylaws and operating agreements to govern the day-to-day functioning and scope of business operations,

Incorporation v. Partnership

Legally, state governments control the status of corporations. Contract law between business owners governs partnerships. A limited liability corporation (LLC) may opt to file the paperwork for treatment as a separate entity from the owners. Hence, the owners may protect their assets in debt collection. In conclusion, the best choice between a C or S corporation, partnership, or LLC depends on a variety of factors, including the number of owners, their status, the relationships of each owner, and plans for the future and scope of the company.

VAMBOA, the Veterans and Military Business Owners Association is pleased to announce that James Pruitt will be contributing articles to our blog as a Senior Staff Writer.  James Pruitt is an independent copywriter and editor specializing in legal and health-related issues. He received his master’s from the University of Chicago and his bachelor’s from UC Berkeley. He currently resides in Thousand Oaks, where he pursues his passions in gardening, cooking, and spoiling his mixed Maine Coon cat, Russell.

By Debbie Gregory.

If you need to raise money for your small business, there are several viable options available that are not your traditional bank loans.  One good one is Crowdfunding.    Crowdfunding easily allows a diverse set of people to invest in your business, idea, or project.

The Internet has many Crowdfunding sites and it can be confusing and challenging to find the right one to fit your needs.  VAMBOA staff has researched some of the best crowdfunding sites in 2020 and they are below in alphabetical order:

Chuffed 

This platform is exclusively for non-profit or cause-based organizations and is focused at funding projects that help animals, the environment, or your community. This platform has funded approximately 8,000 campaigns which have collectively raised over $18 million dollars.

Crowd Supply 

This platform’s mission is to “bring original, useful, respectful hardware to life.” So far over 70% of all projects on their site have been successfully funded and twice more than Kickstarter. Regardless of what business you are in, or what project you wish to bring to life, from a simple family recipe to a complicated electronic device, Crowd Supply can assist you in making your dream into a reality.

Crowdfunder 

This platform offers equity crowdfunding that translates into selling shares of your company to accredited investors. Currently they boast a community of over 200,000 entrepreneurs and investors.   They have raised over $150 million dollars in capital to help any business from startups to Pre-Seed to Series A companies.

Experiment 

This platform’s goal is funding scientific discoveries that “push the boundaries of knowledge.” The main focus is to help scientists move away from university grants that have a high overhead cost of as much as 50 percent to 60 percent.

Fundable 

This platform offers two different programs. One option is for consumer businesses helps them raise capital for products, pre-orders, or selling merchandise. There is a $50,000 capital limit. The other is an equity program for products, services, or B2B business. This option allows the company to raise a huge range of from $50,000 to $10 million dollars.

Fundly 

This platform allows you to “raise money for anything” with zero raise requirements and zero startup fees involved. They will fund any project from personal health needs, to politics, and even vacations.

GoFundMe

This platform is for raising money for a cause including a person, a group, or nonprofit.

Kickstarter 

This platform is perhaps one of the most widely known crowdfunding sites today.  You can raise money for anything you wish. The only stipulation is that you must meet your funding goal within the allotted timeframe. Otherwise the project is not funded, and the backers receive their funds back.  To date, they have helped well over 15 million people raise over $3.7 billion to successfully fund more than 143,000 projects.

Indiegogo 

This platform offers both live crowdfunding campaigns and a full marketplace for innovative products. They are the sister platform to the popular GoFundMe platform. With Indiegogo, you can also choose whether your backers receive equity, securities, revenue sharing, or even cryptocurrency. To date, they have helped entrepreneurs raise over $1 billion dollars to fund more than 650,000 projects.

LendingClub 

This platform will connect a borrower with an investor for a personal loan of up to $40,000 dollars or business loans up $300,000 dollars. This one is really recommended for large, one-time expenses. The investor purchases a note that corresponds to a fraction of the loan in exchange for a solid return.

Patreon  (not to be mistaken with my favorite tequila, Patron)

This platform helps artists, musicians, writers, and other creative types obtain funds by running a membership business for their fans. The revenue comes from the fans paying a subscription fee in exchange for exclusive experiences and behind the scenes content.

WeFunder 

This platform focused on any small business, from a small restaurant to tech startups. They currently have over 150,000 investors and campaigns can raise anywhere from $50,000 to $50 million dollars.

SeedInvest 

This platform is focused on high-growth, professional and early-stage companies to raise either preferred equity or convertible note funding.

Keep in mind that each of these platforms has a different pricing structure and different fees.   VAMBOA is not endorsing any of these Crowdfunding sites but providing information.  We encourage our audience to refer to please each platform’s site for more information on what they charge to raise capital for your business or idea.

If you are not already a VAMBOA member, please consider joining.  There are not any fees or dues.    We will also provide you our seal to feature on your web site and collateral.  Here is a link to join:   https://vamboa.org/contact-us/

By Debbie Gregory.

Good customer reviews can truly improve your revenues and small Veteran Owned Business.   When we are evaluating a new product, service, or website to make a purchase, most of us look over reviews to learn more before hitting the purchase button.  Every type of business needs good reviews.   Did you know that they can also improve your Search Engine Optimization known as SEO?   Good reviews and Search Engine Optimization or SEO work together to provide your business maximum benefits.

Search Engine Optimization or SEO is the process of maximizing the number of visitors to a particular website by ensuring that the site appears high on the list of results returned by a search engine.  In simple terms, search engine optimization is anything done to improve the ranking of a website on search engine page results.   The better your rankings, the more people and users will be able to find your Small Veteran Owned Business.   The web provides you a huge base of potential customers. The key to obtaining greater traffic and bringing potential customers to your website and business is integrating content with search engine optimization.  Revies, especially good ones are excellent content.

You might compare a customer review to a report card or grade.  It can tell potential customers all about your products, services, and business.   A good review can encourage more business and a poor review can make potential customers turn away.   If you have good reviews with four and five stars, then potential clients will also be willing to pay more and order greater quantities for your products.

Buying decisions are driven by customer reviews.   Did you know that over 90 percent of shoppers read reviews online before making any type of purchase?  Over 70 percent will not take any action until they read a review on your business.   Your reviews are tied to your success.  Your online reputation is very important and even more so now during this pandemic when so many consumers are purchasing products and services online.   It does not matter what your business markets, your online reviews will make the difference on whether a potential client makes a purchase with your company.  It will directly drive your success or failure.

More and more consumers are relying on search engines such as Google and expecting the highest-rated products or services to come up in their results from the best companies.  Google and other search engines need customer reviews to determine if a particular business is deserving of the highest search results.  This is how customer reviews and Search Engine Optimization, or SEO go hand in hand.   It is also important for you to reply to customer reviews.   We highly recommend that you create a Google My Business Profile.

It is important to ask your customers to review you on Google, especially happy and satisfied customers.  Perhaps you are shy and find it a little difficult or uncomfortable to ask for a customer reviews on Google.  Get over it!  More than likely your customer is happy to do so and if they decline, another customer will.

The best time to ask a customer for a review is when your customers or clients are very happy with the services or products that you provide.   You should ask all happy customers to write a review because the more positive reviews you have on Google, Yelp, or other search engines, the more you will be indexed and gain new clientele.    Maybe even offer happy customers a discount on their next purchase to show your appreciation.  It is always important to thank customers for good reviews too.

The best way to collect review is to set up a custom branded review landing page.   There is review management software.    The ten best we were able to find are:

• Podium
• myPracticeReputation
• Rize Reviews
• Swell,
• Birdeye
• Reviewinc
• Yext
• Get More Reviews
• Doctible
• MyReviewDashboard

Each offers specialized services such as its own personalized landing page with a dedicated URL to help you grow your customer reviews.

VAMBOA, the Veterans and Military Business Owners Association hopes you enjoyed this article and found it valuable to your business.  We encourage you to join VAMBOA.  There are not any membership fees or dues.   Here is a link for you to join:  https://vamboa.org/member-registration/