Local Business Archives

September 26, 2016 by Mathea

Types of Fraud That Target Business Owners – And How To Avoid Getting Caught In Their Trap

Phishing is at an all-time high. This is where scammers try to get any type of sensitive information in many different ways to use to steal from a business or a person. They will use means such as breaking into email by stealing passwords in hopes to find information in the email, or to use the email for more phishing scams by pretending to be you when they’re not. You can protect yourself if you understand the various types of fraud that is targeting your business. As an owner, you will be a great target for these scammers and you need to be on the lookout for the ways that they try to steal from you.

* Overpayment Trick – This scam requires that the scammer buy expensive items and overpay by check. When the business gets the overpayment, they are then asked to just send the overpayment back to them via wire transfer. Of course, the first check is cancelled, no order is made and now the business is out the money they transferred to the thief. Plus all the fees and charges for the bounced check.

* Phishing Scams – Usually these are messages that look to be sent by a real company but aren’t. They will download a virus onto your computer that will get the details of your bank and other private information that you don’t want them to have. Then they will steal your information and money and leave you with nothing. Keep a virus scanning program on your computer and have it alert you to infections. I use AVG.com (free) and malwarebytes.com (free). Each one covers different types of malware.

* Award Scams – Someone informs you that your business has won an award. But of course you have to pay a membership fee to get the award and you’ll be charged this membership fee, usually every single year. There is no real organization and it’s just a way to get your money. Be careful of this oneas it will also lead to other theft.

* False Orders – This happens to a lot of online businesses, whether they sell information products or physical products. Someone uses someone else’s credit card to buy a lot of merchandise which they then either return or sell to someone else. Make sure you are using a merchant account that detects fraud. You can be protected if the orders turn out to be from a stolen card.

* False Bills – Often scammers send business owners fake bills to trick them into thinking they owe the money. This happens with domain renewals and other issues that look real when you get them but aren’t real. I receive a “domain renewal” notice yearly that acts like it will renew my domains, but I actually do that through another company so I know it’s fake. Make sure your bookkeeper and accountant (or whoever pays the bills) knows you don’t pay a bill in the mail for a domain renewal. Below is a picture of a fake bill I got for a domain renewal that inspired me to write this post! I could have them do it and pay 5 -10 times more than necessary, right?

* IRS Scams – If you get a phone call from the “IRS” telling you that you owe back taxes and you know that you don’t (and even if you do), this is not how they’ll contact you. The IRS sends letters, and you call them. Not the other way around. Just hang up and don’t get into it with them.

* Fake Loan Scam – You’ll get a phone call that you’ve been awarded the opportunity due to the government or the president or some other nonsense to get a special loan for your business at a very low interest rate. These people really only want your personal information; you’ll never get the loan.

* Fake Computer Virus Scam – You get a phone call from someone claiming to be Microsoft Support. They will say they are getting messages in their office from your computer and it needs to be fixed. They want to get you to log into a website and download a virus that they can then charge you to remove. Microsoft does not have a system where it gets messages from computers about viruses. Hang up and don’t even talk to them.

These scams and more are quite common, but unfortunately many people fall for them every single day. This is why they are common – they work. If you don’t want to be a victim of a scam, be sure to stay educated on the current scams, research anything that seems too good to be true, and do your due diligence to ensure that information is correct. Make sure your staff knows to let you know if they get one of these calls as well.

September 24, 2016 by Mathea

Successful Fashion Businesses Have These 10 Things in Common

Many local business owners have a lot of trouble getting off the ground or keeping their business afloat. What makes one business thrive while another flounders? What makes two people who are running the same business so vastly different? The truth is, if you have a good idea, there is no reason why you cannot be successful. You simply need to know what the traits of a successful small business owner are, and then develop them within yourself. It’s sometimes difficult to go from being an employee to an employer, so listen to these words of wisdom and your fashion boutique will be well on it’s way to being a great shop.

1. They Don’t Listen to Naysayers – There is always going to be people in your life who will tell you that your ideas suck or won’t work. They’ll put road blocks in your way. They’ll make comments like “how are you going to do that and take care of the kids?” or, “How are you going to do that and be a good mom?” You have to ignore them and move along with the knowledge that you know how to research and do your due diligence before you act. Other people aren’t like you – they don’t have the drive to make the change happen that needs to happen.

2. They Offer Something Consumers Want – It’s much easier to offer your audience what they already want than to create something that you have to convince them that they need. To do this you have to know who your audience is, what their pain points are, and how to solve at least one of those pain points. Or quite a few fashion points if you have a boutique. Look, you know your audience because they are you, right? You opened a shop because you love fashion, so find the things that people want to buy or are looking for and get started! If you need a place to find your own products instead of always looking for wholesalers, check out my guide at matheaford.com/top6.

3. They Conduct Research – Stop guessing about who your audience is and what they want. Know. You can know by conducting proper research into your audience. Then once you know what their pain points are, you can also know how to solve them. If you want to succeed, you will spend time talking to your customers and going to sites or places where they hang out. Find out what the latest fashion trends are and be knowledgeable about them. Do webcasts (https://www.linkedin.com/post/edit/10-reasons-why-webcasts-can-huge-success-make-you-popular-mathea-ford) on them.

4. They Use Technology – There is a lot of online technology that you need to implement to ensure success. Autoresponders, automated bookkeeping, project management and more all exist now at reasonable prices to help your small business work just like a big business with numerous employees. You can do this online or in your store with staff, but there are ways to make it easier and give you more information. Using google analytics to the best of your ability to understand your audience will help too!

5. They Build Their Lists – To be successful in business for the long term, the best thing you can do is focus on list building. When you build a list full of your targeted audience, you don’t have to worry as much about social networks going under, websites crashing, or algorithms changing. Instead, you can market directly to your audience whenever you want to. You get people to sign up for your store’s specials or give them an extra discount for getting your emails then you can send them a message directly whenever you are having a sale or get in new products. Don’t delay in getting your email list started.

6. They Use Mixed Media Marketing – You need to use a mixture of types and forms of content. Use video, podcasts, articles, white papers, blog posts, infographics, memes, webinars, teleseminars and so forth to inform, engage, and teach your audience about your niche and your offerings. You can bring more people into your realm and into your store by offering more information online to your audience. Let them into your life and your knowledge will draw them to you.

7. They Provide Value – One of the things you must do for your audience, customers and even the public in general is to provide value to them. A lot of what you provide may be free to everyone who can access it. But, then you will also have a call to action to ensure that they get more of what you’re offering. It’s easy to find information to share and relate to your audience to get them to interact and learn from you. Then you offer them ways to get more information and education from you. That is what your autoresponder is for.

8. They Keep Learning – Because technology changes so quickly, it’s imperative that if you want a successful fashion business then you need to keep learning about the things that may change everything. There is killer technology right on the horizon that could help or hurt your business. By learning about it and using what you learn you can make it work to your advantage.

9. They Get Help – No one is truly successful on their own. Everyone who is truly successful has surrounded themselves with smart business people who can help them with the things they are weak on or simply do not want to do. You can find contractors and even employees who will work virtually or in your shop and make your work successful. If you need help with getting your products online, you can contact me directly at mathea@matheaford.com and I can assist you in selling and being successful with your products on Amazon.

10. They Work Every Day – Well, maybe not every single day, but every work day, and during the time they’ve set aside to work on their business they do actions that make money. You have to do money-making actions every work day to ensure that you make money. Set aside time to do each action that you know you need to do – reorder, find new products, stock the shelves, check out customers, do your social media, and perform weekly webcasts in addition to whatever else comes up.

If you want to be successful in running a business, you need to learn to develop these skills. Identify what you’re missing and focus on making that one of your good features. If you’re a procrastinator, learn why and do something to stop it. If you have a good idea, conduct research before you launch and you won’t regret it. You can have a presence in social media and drive your customers to the shop to keep people coming in the front doors.

September 20, 2016 by Mathea

Is Your Fashion Business Not Profiting Like It Should? Check These 8 Things Now

As a business owner, you sometimes discover that even though you think you’re doing everything you should, you’re just not making the kind of profit you thought you would. This is not that uncommon and there are things you can check to improve your profit with just a few tweaks. The key is to keep up with them and do them on a regular basis to help you business stay on track.

1. Know Your Gross Profit Margin – The first thing you should always know at the drop of a hat is what your basic gross profit margin is and then how that compares to the industry average. The formula to figure out your profit margin is calculated as follows: Profit Margin = Net Income / Net Sales. Once you figure that out, you can check it with industry standards. Check with a national organization that covers your industry to find the benchmark for your type of business. Or your local chamber of commerce might have the same type of resources.

2. Dig Deeper and Review All Your Prices – It’s also important to look at the prices of your products or services together and individually. Look at whether you’re making a profit off every single product or service you offer. If the profit is lower on certain items than others, or even at a loss, note that so that you can fix this problem. Make sure that you have a standard markup that covers your overhead and cost – maybe 100 – 120% over the wholesale cost so you can cover your product cost and your store costs. Do this calculation when you are buying so you can determine if items seem to need to be priced too high to cover your costs. That will keep you from making too many buying mistakes.

3. Have A Plan When You Give Discounts – It’s very important as a small business owner that you learn that you should not compete on price. You can compete on service and satisfied customers, but you can’t always have the lowest price. It’s also important that you stop offering discounts without a strategic means to increase profit. For example, it’s okay to offer two or three items for sale in a groupon type app, with a means to get those customers on an email list or otherwise keep in contact with them. Don’t just blindly give someone a discount without a plan to market to them later.

4. Analyze Your Expenses – Sometimes expenses can get out of control in any type of business. Take a look at each expense and determine whether or not you really need it. For example, are you paying for a special solution for your business but you’re not using it? Even five or ten dollars can add up over time and really cut into profits. These expenses should be reviewed on a regular basis to keep them in check. While you won’t notice them because they are just small amounts, they do add a significant amount over time.

5. Test Your Advertising and Marketing – Often, the biggest problem with profits is poor (or lack of) advertising and marketing. Remember that advertising is paid, such as running a Facebook advertisement; marketing is something you do organically, such as content marketing. Make sure you know how much return you are getting for the different types of advertising and marketing that you do. Use special coupon codes in your advertising so you can track them, and ask your customers when they come into the store how they found out about you. Stop doing the ones with no return and add more to the ones that are giving you the best outcomes.

6. Push Sales Harder – Once you realize what’s going wrong, you can push sales harder by making better sales ads, running more advertisements, focusing on content marketing more and so forth. If you’re not asking for the sale, you’re not going to get the sale. Focus on better customer service in your store and be more active in your community to bring in more customers. Try new ways to advertise but make sure you are doing #5.

7. Redesign Your Website – If it’s been a while since you looked at your website objectively, you may want to check it out. Sometimes changing just one thing such as a drop-down menu or pop-under or slide can make a huge difference in sales. Add your name, face, address, and customer service number to the top of the main page if it’s not there. If you need an in-depth no-cost review of your website analytics, contact me at mathea@matheaford.com to hear about where you can improve your tracking and marketing.

8. Rein in Time Suckers – This is something that can get in the way of profits for many types of businesses. If you’re spending a lot of time on social media without a plan, you are eating into your profits. Set a time limit and only use social media when you’re done with your managerial work. Other things that take up your time are meetings that do not have a purpose. Or going to meet-ups or networking meetings that you don’t learn or meet any prospects at. Make sure you know the reason you are going.

If your business isn’t profiting as it should, even though you have good sales and are working hard, checking these things and tweaking them can make a big difference. It will just take a little extra effort to ensure that everything is working well together. Doing what you need to keep your business finances and profit in order keeps your store in the black.

September 16, 2016 by Mathea

8 Common Analytics Mistakes Store Owners Make – And How To Avoid Doing Them Yourself

When you first start out building a business, everything is so overwhelming that the last thing you want to think about is data, metrics and numbers. In fact it probably scares you to even consider that type of work needing to be done so you can have a successful business. But, in reality, analyzing what is working and what’s not working helps you move forward – faster. These common mistakes can be avoided so that you don’t waste any more time than you have to.

1. Not Knowing What Data to Track – Before you even get started looking at the data, you need to know what you want to track. Remember that just because there is data doesn’t mean you need to track it. Some of the data that Google Analytics collects just isn’t going to help you. You have to figure out what will help you and what won’t. Focus only on the data that will help you improve. Does your business need to know how many people came to a certain page? Or what your average sale is? Do you want to know what sites are referring people to you? Knowing your questions helps you find the right data to give you the answer.

2. Not Knowing When to Track Data – When you look at the data is very important, because you have to look at it at the right time in order to know what the data affects. For example, if you have a big seasonal launch on the 1st of July, you probably want to look at some data you’ve identified before the launch and then after the launch. Looking at things like how much traffic came to your pre-launch page from different sources (like social media) and how your email marketing is working (yes, you can track it) helps you know which sources to give more attention to because they are producing results.

3. Not Understanding Your Objectives and Goals – It’s very important to know how to turn all your business objectives into workable goals. Remember a goal needs to be SMART. That means: specific, measurable, attainable, relevant and timely. If you want to drive 3000 people to a page through social media, you can work backwards from that goal based on how much time you have to complete your goal. If you want 3000 people over 30 days, you need to send about 100 people a day – which means you need to post to social channels enough that you will get that kind of traffic. And you need to encourage shares so that you benefit more than once from the posting that you do.

4. Not Realizing What Problems You Want to Solve – Tracking data should be for a reason, such as fixing a problem. For example, let’s say you have a sales page that is getting a lot of traffic but there are no or low conversions. Do you know what data to look at so that you can fix the problem? This goes back to knowing what questions you are trying to answer.

5. Not Understanding the Business You’re Analyzing – If you are looking at data for a business you’re unfamiliar with, you can run into problems. You will need to do some research to understand industry averages so that you know where the business you’re looking at stands. If you can join a facebook group or find forums where people in that industry hang out, you can ask about benchmarks. Sometimes industry groups track that information and by being a member you can get a good idea what you should aim for. Find the industry group for your area and start researching.

6. Not Testing Different Methods – Whenever you are checking data up against the industry standards, it’s important that you test different methods to find out what works best. For example, you might test two or three different sales pages for one product or service at the same time. This is easy to do with google analytics – and you only need to make a slight change to the document like a different headline or a different picture. You want to try to see if you can improve your results, and the only way you can is by testing.

7. Not Setting Up Analytics Correctly – If you’ve never set up Google Analytics, it would be a good idea to get some help with that from an expert. Once it’s set up it’s going to be a lot easier to track your work, because it’s set up right. It’s a waste of time to do it wrong. If you don’t set it up at all, it’s hard to make important decisions about what’s working and what’s not working because you don’t know for sure. Analytics dashboards are easy to read and give you only the data you need to make a decision. You can also get them emailed to you automatically every week or every day. Data at your fingertips.

8. Not Choosing the Right Software and Tools – There is a lot of software out there that isn’t worth anything, but that people try to use. Remember that sometimes free is good, and sometimes free is not so good. If you hire an expert, they’ll help you ensure that you start out right. You can add to your information without going overboard and make better decisions and improve your bottom line with analytics.

Don’t let analytics scare you away from doing business. As they say, nothing is done until the paperwork is done, and that includes online business or in your brick and mortar store. You need these numbers to make good choices about what to do next in your business. Knowing the numbers will help you avoid other types of mistakes that can be very costly. Analytics provides a resource that is free to you and can show you where you need to improve and where you are doing things right.

Mathea Ford is an online e-commerce expert and understands both websites and local business. She helps business owners get the most out of their time and for their money to improve their results. Contact her at her website – www.matheaford.com for more information.