By James Pruitt, Senior Staff Writer

The most common types of small business are sole proprietorships. As discussed in previous blog posts, many small business owners ferret out their economic niche from a specific hobby, interest, or expertise which they can best accommodate from the privacy of their own home.

Independent business owners should consider their relationship with the organization when deciding whether to incorporate. Legally, a sole proprietor often can’t separate from their business. The obligations between the person and organization stay one and the same. 

As for the positives, some business owners benefit from the ability to take their organization in unique directions based on their own judgment. Often, the owner can’t effectively delegate their vision to a newcomer. Small businesses often start with specialized concepts. Sometimes, the only necessary staff within the company maybe you, the one business owner.

Various negatives may also rear their heads. For example, some may perceive the company as less established as, for example, an LLC (limited liability company) or a company that has undergone formal incorporation. 

Business partners may view the company with greater suspicion. Remember, legal liabilities for a sole business owner and the organization itself are one and the same. The possibility of a “fly-by-night” operation may loom larger in the eyes of potential contractors.

Given the integration of a sole proprietorship with the business owner, the proprietor bears all the burden when problems arise. Furthermore, these organizations often hold less organizational backing, so funding and investment revenue present greater challenges. Finally, an ultimate sale of the business may bring further logistical issues. Outsiders may show little interest in a company tailored to the ambitions of one individual.

Positives are manifold for the right business owner. Sole proprietors may control their own schedules. Also, the simplicity of a sole proprietorship can make the process of tax preparation more agreeable. Businesses’ expenses are deductible, and the process is done much easier in general. Furthermore, sole proprietorships are much less expensive and easier to start up without the process of establishing an LLC or incorporating.  

Incorporation separates much of the owner’s legal responsibility from that of the business. The incorporation process also may loosen the grip of the owner on the business itself. After all, the process of registering a business implies the presence of other stakeholders. When others share an indispensable role in the organization, the process becomes worthwhile. 

In the end, the business structure must fulfill the needs of the owner. Sole proprietorships suit certain owners’ needs more than others. Some business ideas are unique enough that the owner should exercise the types of control that sole proprietors offer. Also, sometimes the founder simply doesn’t need a large, complex organization. 

Hence, when starting a new business, always consider the benefits of non-incorporation, as well as different types of incorporation. Many new owners may in fact benefit from incorporation as an LLC or, more formally, as an S or C corporation. However, other proprietors can satisfy their obligations independently. Assuming other stakeholders don’t complicate operations or legal matters, the simplicity of sole proprietorship should remain a viable option.

VAMBOA, the Veterans and Military Business Owners Association hope that this article has not only been valuable but provided some unique perspective.  We work hard to bring you important, positive, helpful, and timely information and are the “go-to” online venue for Veteran and Military Business Owners.  VAMBOA is a non-profit trade association.   We do not charge members any dues or fees and members can also use our seal on their collateral and website.   If you are not yet a member, you can register here:  https://vamboa.org/member-registration/

We also invite you to check us out on social media too.

Facebook:  https://www.facebook.com/vamboa

Twitter:  https://twitter.com/VAMBOA

Do not forget that VAMBOA members receive significant discounts on technology needs.   Check them out here: https://vamboa.org/dell-technologies/ 

By James Pruitt, Senior Staff Writer

The holidays can present challenges and opportunities for Veteran Business Owners. The increased demand presents to labor and supply issues, while also significantly increasing profit margins. A seasonal workforce often must pick up the slack. Meanwhile, customer demands may skyrocket, and nerves may fray. 

Various strategies can slice a bigger piece of the pie for your business.

1) Get in the Holiday Spirit for all holidays!

During the winter months, traditionally we hunker up with the hard-earned rewards of the rest of the yearly cycle. Remember to share this warmth with your workforce! They’re working extra hard especially during holiday seasons.

2) Respect Your Employees and their Additional Workload.

Seasonal workers may not always feel much warmth from employers. For some, the holidays are the season for overwork. 

Respect your employees, no matter what the type of business. Mandatory “ugly Christmas sweaters” and elf costumes affront human dignity and have no place in the workplace. Furthermore, consider that the workforce may be working extra hard to meet the spikes in demand. Some workers may even work extra hard during various holiday seasons for money to last over the year.

Respect for your workforce conveys positive vibes. Remember that most customers have been employees as well.

3) Keep Holiday Décor Tasteful

Some people think many decorations including some for  Christmas are “tacky.” 

Well, maybe they are. As alternatives for your business, tasteful alternatives abound. For example, the “snowy” look might appeal to more discerning customers. “Traditional” holiday decorations strategically placed provide the right vibe while maintaining a professional look for the establishment. Just remember the work for the cleanup crews at the end of any holiday season.

Cornucopias and colorful artificial fruits can last from November until early January. Furthermore, consider the final cleanup for the sake of both employees and employers.

2) Remember, some people celebrate a different holidays such as Channukah or Kwanzaa

Channukah ends in early December, while Kwanzaa lasts until January. Depictions of the season’s bounty convey importance to the Kwanzaa festivities as well as Thanksgiving and the Holiday period in general. 

Christmas colors are traditionally green and red. For Chanukkah, blue and white, and Kwanzaa colors are red, black, and green. The holiday season integrates diverse traditions. Winter decorations can integrate any medley of holiday baubles, so long as creative decorating brings that warm holiday cheer to your entire clientele. 

3) Make Things Local

Many holiday celebrations provide chances for local communities to come together. Participation in local events might win goodwill that could liven up your business. Maybe Santa can visit. Maybe a Christmas tree needs decorating.   Perhaps the Easter Bunny can help decorate eggs, etc. Regardless, presence at a local fair or festival can provide rich opportunities.

4) Holiday Promotions

Local festivities may even provide opportunities for coupon distributions and free samples. For example, raffles and contests may offer bundles of coupons as rewards. Sponsorships for entertainers and appearances may also bring attention to your business.

Online events can offer the same opportunities. Don’t forget your digital marketing skills while concentrating on the local state fair. Assuming the resources for the increased demand, remember the opportunities that each holiday season brings. When carefully planned, the increased demand can bring the opportunity to relax a little during the months afterward. Your online presence may even convey seasonal products. 

5) Finally, we wish joyful holidays for you and your families and staff from VAMBOA, the Veterans and Military Business Owners Association!

Holidays provide the opportunity to have fun while doing work. Remember to extend this holiday cheer to your employees as well as friends and family while directing this positive energy in safe directions. Don’t forget to take care of yourself during this busy season, and never grow out of the Holiday Spirit!

VAMBOA, the Veterans and Military Business Owners Association hope that this article has not only been valuable but provided some unique perspective.  We work hard to bring you important, positive, helpful, and timely information and are the “go-to” online venue for Veteran and Military Business Owners.  VAMBOA is a non-profit trade association.   We do not charge members any dues or fees and members can also use our seal on their collateral and website.   If you are not yet a member, you can register here:  https://vamboa.org/member-registration/

We also invite you to check us out on social media too.

Facebook:  https://www.facebook.com/vamboa

Twitter:  https://twitter.com/VAMBOA

Do not forget that VAMBOA members receive significant discounts on technology needs.   Check them out here: https://vamboa.org/dell-technologies/ 

By James Pruitt, Senior Staff Writer

Strategic use of discounts and coupons provides crucial growth opportunities for small Veteran Owned Businesses. Opportunities for promotional campaigns may include the following: First, in some cases product needs to move fast. Second, new companies can use these deals to turn a trickle of curious browsers into a crowd of loyal buyers. Third, deals with customers may increase brand loyalty, assuming a quality product. 

In some cases, excessive use of discounts and coupons may disadvantage a small business. First, “extreme couponers” are in fact a thing, and savvy customers may find clever strategies to turn promotions disproportionately in their favor. Many customers freely take advantage of such campaigns, and rightly so. Profit margins may decline. Second, counterfeiting of coupons is nothing new.  Just in September 2021, the feds broke up a counterfeit coupon operation in Virginia that cost retailers upwards of $31 million.  A Virginia couple was sentenced in this $31 million fake coupon scheme (usatoday.com)

Wise business owners understand supply and demand. Perhaps a new company does need new customers. In previous blog posts, we discussed the use of free samples for new products. 

(1) Loyalty Programs

Companies often grant regular customers special deals and discounts. Some companies employ a point system. Specialized grocery store cards sometimes offer another system for rewarding loyal customers. Similar programs may benefit smaller businesses. Perhaps a paper card can provide checkmarks for each visit until the customer receives a special deal. Whatever the system, encouraging loyalty should reap benefits for both the business and the clientele. 

(2) Newsletter Signup Offers

We’ve all seen company newsletters outside local establishments. True enthusiasts can sign up for online updates. The resulting email list can provide a database of devoted customers who might appreciate specially channeled deals. This strategy could also help build a devoted following that might strengthen your online presence, especially on social media.

(3) Discounts for In-Store Purchases

Discount codes for on-site purchases can bring customers on-site and bring the kind of face-to-face interaction only brick-and-mortar establishments can provide. The goodwill from these face-to-face interactions can be priceless.

(4) Influencer Deals

“Tell them John or Tanya sent you.” Relationships with third parties can multiply your fan base. When John or Tanya’s Instagram advertises a special deal, you, the business owner, get the benefit of not only your own client base but those of the two influencers as well.

Influencers can share special referral coupons on their blogs or other sites, multiplying your client base in the process.

(5) Exit intent discounts

“I’m just browsing.” Providing coupons to consumers just as they leave the website or physical store can expand that initial curiosity into an ongoing relationship. Good marketers know how to casually make their mark on curious looky-loos.

(6) Weekly or Monthly Deals

Periodic deals can keep new customers engaged and waiting for their next fix. These kinds of arrangements can make customers feel “in-the-know,” and even bring in friends and family as their engagement brings your company deeper into their lives. 

Overall, the best marketers know how to use special deals to wedge themselves into the memories of new shoppers. Coupons and discounts play a special role in moving the customer through the sales funnel. 

Some customers may see these deals as games to maximize their own rewards. For others, discounts may imbue your brand name into their memory, and lure them into a second visit when the right time comes. In any case, discounts should be a two-way street. Their strategic use can turn a trickle of casual visitors into a crowd of devoted brand followers. 

VAMBOA, the Veterans and Military Business Owners Association hope that this article has not only been valuable but provided some unique perspective.  We work hard to bring you important, positive, helpful, and timely information and are the “go-to” online venue for Veteran and Military Business Owners.  VAMBOA is a non-profit trade association.   We do not charge members any dues or fees and members can also use our seal on their collateral and website.   If you are not yet a member, you can register here:  https://vamboa.org/member-registration/

We also invite you to check us out on social media too.

Facebook:  https://www.facebook.com/vamboa

Twitter:  https://twitter.com/VAMBOA

Do not forget that VAMBOA members receive significant discounts on technology needs.   Check them out here: https://vamboa.org/dell-technologies/ 

By James Pruitt, Senior Staff Writer

As discussed previously, brick and mortar stores will always play a crucial role in our retail economy. Various strategies can optimize marketing efforts for such establishments well into the digital age.

First, consider your team. Brick-and-mortar establishments require in-person staff. An effective team requires careful selection and training. Owners should consider the importance of well-prepared employees who can deal tactfully with a diverse public.

A labor shortage confronts us, which complicates the selection process. However, a well-developed, individualized training process can prevent complaints and in-store meltdowns, as well maximize customer satisfaction. A well-developed staff can strengthen the business from the foundations upward.

Second, think about the store layout, especially at the checkout stand. “Impulse buys” can garnish a business owner’s bottom line. Furthermore, convenience and professional décor can improve the customer experience overall.

Consider space for events. Perhaps Santa can visit for Christmas, or the business can sponsor a local festival. Such promotions can even provide photo-ops that memorialize the business’s engagement with the local community. 

Third, replace print signage with digital screens. These screens can facilitate updates as well as display several messages together.

We are past the days of constantly refreshing on-site advertisements by manufacturing physical signage. These advertisements waste money, time, and are bad for the environment. Digital screens can perform the same tasks in a way that is not only more economical but more engaging as well. 

Fourth, as we have discussed, entrepreneurs should not forget their digital marketing skills just because a physical building houses the core of the establishment. 

Within the store itself, Wifi marketing may provide a digital strategy to build a loyal following. Wifi marketing entails free Wifi in exchange for, perhaps, an email address. Starbucks users may be familiar with this marketing strategy. The business owner controls the homepage and may also collect email addresses for further advertising.

Providing free Wifi inside the store can facilitate the compilation of an email list and expand social media presence. However, beware of the ethical implications of data collection. Each year, respect for the privacy of consumers has assumed greater prominence.

Perhaps your customers do want to stay in the loop. Through social media, applications such as Eventbrite or Facebook Events can keep your clientele up to date about current events involving your company. The same efforts can keep your business at the forefront in the minds of your customers so that in times of need they will think of you rather than your competition.

Finally, remember the value of search engine optimization. Make sure to optimize your online presence so that you show up first in local searches. 

Careful website design is one such strategy. Other strategies may include plugging your business elsewhere on the Internet that may attract consumers interested in your product.

Consider the use of video in your Google my Business listing. This innovation adds continually refreshed video content right to the listing that comes with a Google search. 

Overall, remember the importance of the digital age even when setting up marketing practices for a brick-and-mortar store. At the same time, a wise store layout and skilled use of events and promotions can keep your establishment relevant in the twenty-first century. Brick-and-mortar will never die, and nothing can beat the face-to-face experience that comes with integration into the surrounding community, digital or otherwise.

VAMBOA, the Veterans and Military Business Owners Association hope that this article has not only been valuable but provided some unique perspective.  We work hard to bring you important, positive, helpful, and timely information and are the “go-to” online venue for Veteran and Military Business Owners.  VAMBOA is a non-profit trade association.   We do not charge members any dues or fees and members can also use our seal on their collateral and website.   If you are not yet a member, you can register here:  

https://vamboa.org/member-registration/

We also invite you to check us out on social media too.

Facebook:  https://www.facebook.com/vamboa

Twitter:  https://twitter.com/VAMBOA

Do not forget that VAMBOA members receive significant discounts on technology needs.   Check them out here:

https://vamboa.org/dell-technologies/ 

By James Pruitt, Senior Staff Writer

The social media age has brought attention to the various Instagram, Twitter, YouTube, and TikTok accounts of countless well-known influencers. Such influencers can range from celebrities to smaller-scale social media personalities. 

Some of these influencers have great recipes, some design beautiful clothes, and some developed a following through their own inertia. Endorsements from these personalities can bring huge profits. However, many ask for high prices in return. Smaller business owners can find their own niche partnering with users with their own localized networks in their own industries.    Below are a few suggestions:

(1) Consider your strengths, interests, and motives for becoming a small business owner:

Most small businesses start with special expertise, interest, or hobby. These days, fellow travelers are often online. Joining a community is the best strategy. Within your interest group, you may find communities. Within one of these communities, someone may happily promote your product on their YouTube channel, Facebook community, or other localized sites. The trick? Find people with a genuine understanding and interest in what you have to offer.

(2) Always respect micro-influencers, especially those who operate within your own niche:

Kim Kardashian charges a fortune to promote a product on her Instagram and other social media sites. Small business owners need not look for endorsements from a Kim Kardashian or a Paris Hilton. Small businesses tend to work through their own specialized niches. Obviously, paying Kim Kardashian or Paris Hilton a fortune to advertise your brand-new transmission generator would increase sales short term. 

However, a more cost-effective strategy would zero in on the local industry, as well as local hobbyists and business people who might have used it for such a contraption. These localized groups may even have distribution networks that can place your new product or service in front of the right interested parties.

(3) Remember the power of free stuff:

After zeroing in on the right community, business owners with a new concept may benefit from distributing samples of a new product itself. Free samples have long promoted new recipes, inventions, and contraptions. Innovations like YouTube can spread the word throughout your interest group or industry. 

As a first step, a business owner should find the right group of people. Luckily for our generation, the Internet can help to foster that process. Next, an independent businessperson can share their innovations with the relevant community. Next, hopefully, a satisfied well-wisher may provide an online demonstration! 

(4) Try to develop a long-term plan:

Baby steps can grow your concept further. Business owners with a new idea can slowly reach their tendrils outward by reaching out to fellow travelers. Depending on your goals, profits should come first, and profits come from you and your partners doing what you best. Perhaps your plans entail only a small business that can keep you personally fulfilled while keeping you comfortable economically. Perhaps you have wider ambitions. Either way, never underestimate the strategic use of social media micro-influencers. 

Remember, though, practicality is key. Extravagant use of widely visible personalities can only waste time and misdirect efforts towards people who will roll their eyes at a promotion of the product that neither they nor the influencer has any genuine interest in. However, in the age of the Internet, plenty of lucrative micro-influencers may give you a foothold right in the industry where you mean to take root.

VAMBOA, the Veterans and Military Business Owners Association hope that this article has not only been valuable but provided some unique perspective.  We work hard to bring you important, positive, helpful, and timely information and are the “go-to” online venue for Veteran and Military Business Owners.  VAMBOA is a non-profit trade association.   We do not charge members any dues or fees and members can also use our seal on their collateral and website.   If you are not yet a member, you can register here:  

https://vamboa.org/member-registration/

We also invite you to check us out on social media too.

Facebook:  https://www.facebook.com/vamboa

Twitter:  https://twitter.com/VAMBOA

Do not forget that VAMBOA members receive significant discounts on technology needs.   Check them out here: https://vamboa.org/dell-technologies/