Starting a business is more than just having a great idea. It’s about putting in time and effort, and, often, investing money. You might need both personal savings and external funds to bring your vision to life. Fortunately, startup business loans can provide the financial boost you need to kickstart your growth process.
What is a startup business loan?
A startup business loan is any type of loan used to launch a new business. You might use the funds to buy inventory, hire employees, lease equipment, or develop a product or service. Typically, companies in the earliest stages of business apply for startup loans in order to fuel their growth.
8 best startup business loans to consider
Standard business loans typically require business credit or high revenue. But startup loans are different—they are issued with the understanding that new ventures can take a while to develop creditworthiness. You can also use various types of financing to support your business. Below are eight popular choices:
1. Self-financing
You can choose to finance your venture with business credit cards, personal loans, or even a second mortgage. You could also consider borrowing against your 401(k) or other retirement accounts. This strategy helps you bypass the hurdles of qualifying for a business loan and allows you to maintain full ownership without involving external investors. But remember, this option could expose your personal assets and savings to risk.
2. Financing from friends or family
Raising funds from friends and family is another option. In return, you can offer them an ownership stake or a part of your business. Friends and family may skip credit checks and provide favorable loan terms. The risk here is that your personal relationships could suffer if the business fails and you struggle to repay.
3. Local business financing
Community banks, nonprofits, and local credit unions also offer traditional business loans. You may find that these smaller lenders are more open to working with you based on your industry experience than large lenders or banks. Although the requirements, terms, and rates can vary depending on the lender, they’re usually more favorable and tailored to meet the needs of local and startup businesses.
4. SBA loans
The US Small Business Administration (SBA) doesn’t provide most of its loans directly. Instead, it backs them through certain lenders. You can apply for different types of SBA loans based on your business needs and how you intend to use the funds. While approval can take a while, the SBA’s guarantee can help you secure a sizable loan on good terms, even if your credit isn’t great.
The SBA 7(a) loan program provides up to $5 million in funding and is one of the most popular choices.
The SBA microloan program gives up to $50,000 for business initiation or growth.
The SBA 504 loan program is ideal for entrepreneurs intending to buy real estate or equipment.
The Community Advantage loan program is designed to support businesses in underserved markets.
For optimal loan matches, use the SBA’s lender match tool. It allows businesses to compare loan offers and find the right lenders based on their specific needs.
5. Crowdfunding
You can use online crowdfunding sites to raise money for your startup from both familiar contacts and unknown supporters. Four primary crowdfunding methods exist: equity, debt, donation, and rewards.
In equity crowdfunding, you offer a piece of your business in return for funds. In debt crowdfunding, you receive funds you agree to pay back with added interest. Donation-based platforms, like GoFundMe, aren’t commonly chosen by startups due to the lack of tangible returns. However, in rewards-based campaigns, you can provide contributors with your business’s products or services as a token of appreciation.
6. Online business loans
With online business loans, you get the entire loan amount when you accept the loan terms. These loans often have simpler requirements and a faster application process than traditional loans. Once received, you’ll make regular payments over a predefined period until the loan is repaid.
Several online lenders offer lines of credit to startups and small businesses. For those who have only been operating for three to six months, Fundbox and BlueVine are the best choices. Small businesses, meanwhile, can get a loan via Shopify Capital without requiring a credit check.
7. Grants
You can also explore local, state, corporate, and federal grants if you’re a small business owner. One major advantage of these grants? You don’t have to pay them back. However, you’ll need to make sure that your business vision fits the grantor’s objectives—this will help you stand out from other applicants.
For federal small business grants, Grants.gov is your go-to. You can also find personalized advice on grants, financing, and running your business by connecting with a local Small Business Development Center.
8. Business lines of credit
A business line of credit offers ongoing funds for your startup. Instead of getting a lump sum like a regular loan, you pull funds as needed up to a set limit. Plus, it’s more flexible than a term loan since you only pay interest on what you use.
Get a startup business loan in 4 steps
The specifics of getting a startup business loan depend on the funding options you choose. However, a few basic steps apply to every loan application.
Assess your needs: Determine your borrowing amount and familiarize yourself with lender requirements. It’s wise to review both business and personal credit reports.
Select lenders: Explore both fintech solutions and traditional banks. Evaluate offerings based on loan amounts, interest rates, associated fees, and repayment terms. Aim to shortlist a few strong contenders.
Submit application: Adhere to your chosen lender’s application guidelines. This often involves providing documents like identification, financial records, and business plan.
Access funds: Once approved, you’ll either receive checks, a card, or direct transfers to your business account to utilize your business startup loan.
Can I get a business loan with no money down?
Most business loans don’t require you to put down money upfront. But if you’re getting an asset-backed loan, like a business auto loan or equipment financing, lenders might request a down payment. Some lenders also want to see that you’ve put efforts or funds into your business idea.
What is the minimum credit score needed for a startup business loan?
The minimum credit score you need for a startup loan can vary based on the lender and loan type. Having a personal credit score in the high 600s (out of a possible 850) can be advantageous, but don’t forget that certain options like crowdfunding don’t weigh credit that heavily.
What are some alternatives to finance a startup business?
You can finance a startup business in several ways:
Use your personal savings or assets
Borrow money from friends and family
Utilize crowdfunding and other alternative financing methods
Finding your startup’s financial match
Many startups rely on business loans to jumpstart their growth. But when you’re new to this sort of financing, the process can appear complex. Start by exploring the different loan types outlined above. Then pursue the one that best matches your risk parameters and capital needs.
If you buy something through our links, we may earn money from our affiliate partners. Learn more.
The influencer marketing industry is valued at $13.8 billion – there’s big money in social media, and for good reason. An impressive 61% of consumers told Matter Communications they are likely to trust recommendations from a social media influencer, compared to just 38% who trust the same recommendations from a brand. Meanwhile, Amazon generated more than $80 billion in sales for its third-party sellers alone in 2020. It only makes sense for the e-commerce giant to join the influencer marketing landscape.
Businesses large and small are wise to take advantage of the Amazon Influencer program to boost their marketing efforts. Whether you’re an Amazon influencer on a business website or a brand searching for an influencer to market your products, this is the ultimate guide Amazon Influencer marketing.
What is an Amazon Influencer?
What is an Amazon influencer? What is an influencer? An influencer is a person who uses their social media platform to market brands, products and services to their following. Rather than publishing or broadcasting traditional advertisements, they create content and engage with their followers while either directly or indirectly promoting their clientele.
An Amazon influencer is a person who promotes products sold on Amazon to their followers on Facebook, Instagram, YouTube and TikTok. Popular Amazon influencer include Felicia Day, Yesteryears actress who uses who social media influence to promote baby products and books andis a part of the Amazon Influencer Program’s hall of fame, and YouTube personality Justin Braun who’s Amazon storefront OvertimeGarage markets construction tools and off-road supplies. While the influencers don’t sell products themselves, they earn small commissions each time one of their followers makes a purchase based on their recommendations.
What is Amazon Influencer Marketing?
With the growing trend of influencer marketing now amounting to billions in sales each year, it only made sense for Amazon to get in on the game. Why shouldn’t brands selling on Amazon be able to leverage the power of social media influence to sell more products?
Somewhat like its Amazon Affiliates program, the influencer program allows Amazon users to promote products and services while receiving a commission on the sales. But instead of placing advertisements for products, Amazon influencers direct their social media followers to their own personalized Amazon storefronts, where they directly promote the products and services they love. When a customer purchases one of those items from the seller, the influencer gets a commission of the sale.
How the Amazon Influencer Program Works
Influencers can earn money through the Amazon Influencer Program in a variety of ways. They can create a storefront where they promote products and share the URL on their social media platforms. They can also share affiliate links on social media, and Amazon might even promote their storefront, further increasing their influence and social media following.
Brands can work with influencers to recommend their products and services on their social media platforms and on their Amazon Influencer storefronts. Brands also can create their own storefronts to further boost interest in their wares using their own social media influence.
The program is mutually beneficial to both brands and influencers. Amazon influencers get an opportunity to further expand their followings while earing a commission on product recommendations and bounties on services. They also often can acquire free products and services to sample and recommend.
Meanwhile, brands gain an opportunity to harness ready-made social media followings to increase awareness and boost sales. The Amazon Infuencer Program was started in 2017 as an extension of its successful affiliate program, but they are separate programs, and an influencer does not have to be an affiliate to get started. While anyone can sign up to be an affiliate, influencers must apply, and approval isn’t always easy.
Why You Should Become an Amazon Influencer
The Amazon Influencer Program offers additional monetization options for those with social media passion and skill. By promoting products to audiences on Facebook, Instagram, YouTube and TikTok, influencers can offer value to engage their followings, and get paid for their recommendations. Influencers sell products without spending a dime on inventory, creating products or incurring overhead costs, and their audiences trust their recommendations, transforming the social media relationship into profits.
The influencer market is growing rapidly, including on Amazon. At least 6% of Amazon’s third-party sellers hire influencers to promote their products, and 32% plan to grow their businesses through the power of social media, influencer marketing and other efforts. Businesses can benefit from becoming an Amazon influencer in the following ways:
By recommending products you use and love, your trusted following will seek out those same brands. When they purchase items you recommended from your Amazon storefront, you will get a commission for each products and bounty from each service promoted.
Consumers trust social media recommendations and frequently turn to the platforms for new ideas to try. Promoting products you use and enjoy offers extra value to your audience, which increases your own brand loyalty.
When brands contact successful Amazon influencers, they often will provide the influencers with sample goods and services to try, hoping for a product recommendation.
Should Amazon promote your storefront, your brand will gain instant exposure to millions of potential followers around the world.
It’s common for entrepreneurs and small business owners to seek additional revenue streams to support their primary venture. Social media influencer brands can add an additional revenue stream by recommending products and services in their other social media efforts.
Requirements to Join the Amazon Influencer Program
Amazon is particular about who becomes one of its influencers, but it doesn’t have a stringent list of requirements. An Amazon influencer can be any person or brand with a meaningful social media following and a presence on one of it’s accepted social media platforms, who meets the following requirements:
You have a profile on Facebook, YouTube, Instagram or Tiktok.
You reside or operate business in the United States, United Kingdom, India, Canada, France, Spain, Italy or Germany.
You have a substantial and engaged following. Amazon does not specify a minimum follower count, although some speculate it could be around 20,000. Amazon does not consider strictly the size of a social media following, however. The program also considers micro-influencers and even nano influencers if they demonstrate an audience with adequate and valuable engagement.
There are no restrictions on categories or niches that are accepted as Amazon Influencers. Amazon considers the size of social media audiences and the types of engagements, as well as what niche an audience best fits, but none of these factors are criteria to apply.
Applicants are not limited to a single attempt. If an influence is not accepted to the Amazon Influencer program upon initial application, they can reapply in the future when their audience has grown and engagement has increased.
Amazon influencers must have an Amazon account to promote products.
Amazon Influencer Vs. Amazon Associates Program
The Amazon affiliate program might be similar to the Amazon Influencer program, but they are separate entitites. Anyone can sign up to be an Amazon Associate and promote Amazon products using unique links, then earn commission from qualifying purchases. While the premise of the influencer program is the same, it’s not open to just anyone. Amazon influencers must apply and be accepted into the program based on their meaningful and engaged social media audiences.
While Amazon affiliates simply share links to certain Amazon product pages, Amazon influencers set up their own storefronts where they recommend products and services they personally use and enjoy. They then take to their social media platforms and guide their followers to their Amazon storefronts, where they can purchase the recommend brands. A follower might visit the storefront to view one recommended product only to also purchase another recommended brand while there.
How to Set up an Amazon Influencer Account
The first step in establishing an Amazon Influencer account is to set up an Amazon account. Amazon accepts applications from all types of influencers, provided they have a Youtube, Instragram, Facebook or TikTok account. Just click on the “Sign Up” option from the Amazon Influencer page to get started. To apply to become an Amazon influencer:
If you don’t already have an existing Amazon profile, you’ll ge asked to set one up by providing your name, email address, mailing address and a password.
Then, to apply as an influencer, you’ll be asked for social media details, a photo and a 350-character bio.
If accepted, it’s time to set up your storefront, where you can recommend products and services to your followers and other Amazon customers. Here’s you’ll add a custom logo and banner image to signify your brand and personalize your Amazon landing page.
Once the storefront is created, start adding as many product recommendations as you’d like.
Send your social media followers to your Amazon storefront by recommending they check it out directly or by showcasing products and services sold there that they’ll want to try out for themselves.
Before they can be paid any commissions or bounties, influencers must provide their payment and tax information.
How Much Could My Business Earn as an Influencer for Amazon?
Amazon influencers typically earn anywhere from a few dollars to $1,500 each month, and they can begin receiving payments as soon as they earn at least $10. Commission rates vary widely depending on their product recommendations. When their followers purchase from Amazon’s private-label fashion line, for example, influencers can earn as much as 10% commission, while they might earn just 1% for recommending certain video gaming products and groceries.
Even lower commissions can add up when thousands of followers visit the storefront based on an influencer’s recommendations. If an influencer business promotes its favorite skin crème to its 10,000 Instagram followers, for example, it might earn a 3% commission. If only 1% of those followers purchase the $99 product from the influencer’s Amazon storefront, the business just earned $297 by touting it from an Instagram post.
Other commission and bounty rates in the Amazon Influencer program include:
Toys, furniture, home goods, home improvement, lawn and garden, pets, beauty, musical instruments, office supplies, outdoors, tools, sports, baby products – 3%
PCs and components, DVD, Blu-Ray – 2.5%
TVs, digital video games – 2%
Amazon Fresh, physical video games and consoles, grocery, health and personal care – 1%
Prime Video free trial – $2.50
Amazon Baby Registry creation – $3
Amazon Home Services reservation – $3
Amazon Business registration – $15
Amazon Prime free trial – $3
Amazon Wedding Registry creation – $3
How to Maximize Your Income as an Amazon Influencer
The key to success as an Amazon influencer isn’t necessarily having the largest audience (although it doesn’t hurt). The following tips will help maximize your income as an Amazon influencer:
Engaged followers are just as important as numerous fans, and most influencers find that the secret to an engaged audience is a niche. Social media users are more likely to turn to influencers for recommendations on a specific subject. For example, a fashion influencer will have better success promoting a sweater than someone who typically creates content related to construction. Likewise, a social media influencer whose content revolves around travel will likely boast followers more interested in luggage than in video games.
Followers are also interested in products and services that influencers personally use and enjoy. If you recommend a product with which you have no experience, why should followers take your advice? In fact, influencers often find the most success when they post content depicting their own use of the product or service.
Even though Amazon requires a user to have either a YouTube, Instagram, Tiktok or Facebook account, influencers don’t have to limit themselves to a single or even to only those four platforms. Amazon influencers will find the greatest success if they diversify their social media influence and promote products and their Amazon storefront from multiple social media platforms, including others beyond the four Amazon considers in applications. Just because you can’t qualify to be an Amazon influencer using your Twitter platform or blog, for example, doesn’t mean you can’t promote your storefront there.
Engagement is key to social media influence. Be sure to regularly create and post relevant content to your social media platforms, and don’t forget to interact with followers in the comments. Don’t become a promotional mouthpiece. Be sure to provide plenty of valuable content for social media users to follow, then intermingle your Amazon influencer promotions.
Don’t spend valuable social media posts and content creation on products your followers don’t want. Amazon provides its influencers with an account dashboard where they can use the reporting tab to track data such as items ordered, earnings, clicks and conversion rates. Track your progress so you can focus on the types of recommendations that your audience connects with the best.
Key Strategies
Description
Niche Audience Engagement
A niche-focused approach to content creation is vital. Engage with a specific audience interested in your chosen subject, enhancing the effectiveness of your recommendations.
Personal Experience Matters
Promote products and services you personally use and enjoy. Authenticity builds trust with your followers, making your recommendations more compelling.
Diversify Social Media Platforms
While Amazon requires specific platforms, such as YouTube or Instagram, diversify your social media presence for wider outreach. Expand beyond the required platforms to maximize your influence and promote your Amazon storefront effectively.
Foster Engagement and Interaction
Consistently create and share relevant content across platforms. Engage with followers through comments and interactions, maintaining a genuine connection rather than a purely promotional stance.
Data-Driven Insights
Utilize Amazon’s account dashboard to gain insights into performance metrics like orders, earnings, clicks, and conversion rates. Analyze this data to refine your approach and tailor your recommendations to your audience’s preferences.
What are the Benefits of using an Amazon Influencer for my Business?
Why should your business partner with Amazon influencers? For starters, Amazon’s net sales in the last quarter of 2020 alone totaled more than $125 billion – and they continue to increase. Who can afford to avoid a market that size?
Increased Brand Awareness
With the Amazon Influencer program, you don’t need thousands of followers to promote your brand on social media. Partnering with an influencer in your niche promises your products to be on display for an engaged social media audience.
Sales Boost
Increased brand awareness leads to increased product awareness and resulting sales boost. Just as the numbers add up for the influencers promoting the products, the sales add up when even a tiny percentage of a large following convert into customers.
Better SEO
Partnering with the Amazon Influencer program provides the secondary benefit of better SEO. While affiliate links are likely to be tagged as no-follow, links organically included in influencer content might not, which increases the authority of the website. Further, traffic and engagement remain important ranking factors, both of which are boosted by influencer recommendations.
Amazon is the World’s Largest Affiliate Program
Businesses and influencers want to partner with a program they can trust, and Amazon already successfully hosts the world’s largest affiliate program. It’s also the world’s largest e-commerce company. Businesses can be sure their products will be seen, and influencers can rely on their payments being received.
What are the Types of Amazon Influencers?
Just as there are a variety of social media channels, there are multiple types of influencers. Not every Amazon influencer will have an Instagram following, just as not every YouTube personality will also host a blog. Brands of different niches will find the best success partnering with certain types of Amazon influencers, including:
Amazon Live Influencers
Hoping for a live spokesperson to vouch for your brand? Amazon Live influencers are like live sales representatives, there to showcase your products to customers live from within the online store. The Amazon Live streaming platform allows influencers to host live streams where they recommend products available in their Amazon storefronts.
Amazon Storefront Influencers
The Amazon storefront sets influencers apart from other Amazon Associates. Instead of just sharing a link to a seller’s product page, they share products they like in their storefronts and direct followers to their influencer page within Amazon, where customers can purchase the products from the sellers.
Publication Amazon Influencers
Influencers don’t merely promote products they can physically showcase on each social media channel. Publication influencing, commonly referred to as Bookstagramming among the Instagram crowd, is an increasingly popular way to market books and other printed publications. Certain influencers will accept copies of books that they will then read and review for their book-loving audiences. Considering Amazon’s book-selling origins, publication influencing is only the perfect combination for the Amazon Influence Program.
Social Media Amazon Influencers
Regardless what other platforms they use to influence their audiences, all Amazon Influencer Program participants must be social media influencers since a Facebook, Instagram, YouTube or TikTok following is required to join the platform. Social media influencers create content to post to their channels, where they then interact and engage with readers, followers, friends and fans. If they include products showcased on their Amazon storefront influencer pages when creating their content, their audiences can take their recommendations and make purchases, which earns the influencer a commission.
Media Influencers
For some influencers, it’s a full-time job. Their social media precense becomes their job, as they create content to engage their growing audience and promote their personal brand. For many influencers, however, social media and programs like the Amazon Influencer Program are a side-hustle. Such “nano influencers” are defined as those with fewer than 10,000 followers on Instagram. Social media started as a hobby, but they gained a following because for a variety of reasons, including members of the media and and entertainment industries. A brand partnering with a media influencer in the right niche is as recipe for success, regarless the size of the Amazon influencer’s following.
Bloggers
Bloggers have long used the Amazon affiliate program to boost their income, promoting product pages using specialized links in their content. Therefore, it’s no surprise Amazon influencers also find success sharing product recommendations from their blogs. Remember, while a Facebook, Instagram, YouTube or Tiktok account is required to become an Amazon influencer, approved influencers can promote their storefronts from other online channels. Blog recommendations also have the dual benefit of ranking well with Google, further establishing trust among consumers.
YouTube Amazon Influencers
YouTube offers a powerful channel for influencers to reach their audiences. The social media platform is particularly beneficial for Amazon influencers who easily can create a social media post with product demonstrations that showcase precisely why they recommend the item. After all, what better place to recommend, for example, a wrench than in a video about how to unclog a sink? Likewise, is there a better way to recommend a scarf than to present oneself wearing it? Loyal viewers will almost always know to check out the video descriptions and learn where they can buy their very own.
How Much do Amazon Influencers Cost?
According to Neil Patel, every dollar spent on influencer marketing will result in a $23 return on investment. Of course, what each influencer charges can vary in normal circumstances. But the Amazon Influencer Program features standard commission rates based on purchase category, so it’s easy to know how much any influencer earns on any given sale.
Is an Amazon influencer worth their commission? It might depend on the seller’s profit margins, but chances are it’s a worthwhile investment. Consider losing a percentage of one product, but then compare that to selling 100 products at the same slightly reduced profit instead.
The true value of an influencer’s recommendation, however, cannot always be measured in the price per sale. After all, brand recognition creates customer loyalty, which leads to greater sales down the road, and that can be a gift that keeps on giving for years to come.
Amazon Influencer Campaigns
Amazon influencers earn either a commission from the sale or products they recommended or a bounty for services purchased through their promotions, but not all influencer campaigns are so cut and dry. In fact, a variety of influencer campaigns are available to benefit both sides of the partnership, including:
Brand Ambassadors
If a popular social media user loves your brand and products, they might be willing to drive sales by raising brand awareness. Sometimes brand ambassadors are paid a commission, such as through the Amazon Influencer program, but many times they are simply fans of the brand willing to mention their preference in exchange for free products.
Gifting
Not all brands are in the position to pay for influencer promotions, and many influencers – particularly micro-influencers with followings less than 10,000 – don’t yet boast a large enough following to justify a paid commission. Neither scenario means influencer marketing can’t work, and in fact the two might be a match made in heaven. A brand can work toward establishing itself through influencer marketing by offering free product to the social media personality, in hopes of scoring free online recommendations.
Competitions
Competitions are an effective way to partner with an influencer that equals almost instant engagement with their audience. Amazon influencers can host a competition on their social media pages, offering free products and discounts to winners as a way to drive brand awareness and interest in the product. The more creative the contest or giveaway, the better engagement will result.
Affiliate Links
Affiliate marketing predates influencer marketing but follows a similar concept. Knowing how to become an Amazon affiliate and being part of the best affiliate programs, therefore, can help your overall earning capability. Anyone can be an Amazon Associate, and as an affiliate can share custom links to product pages, earning a small commission rate from each qualifying sale. Influencers also use these trackable links, known as affiliate links, in their storefronts to track how many purchases were made by their followers.
Guest Posts
Influencers offer preferred guest blog posts because of the following they bring with them. In fact, guest posting to blogs is mutually beneficial to the influencer and the publisher since the content also adds credibility and brand awareness for the influencer. Product reviews are a popular form of guest post that boost sales and reputations.
Discounts
Providing influencers a discount code to share with their followers is practically guaranteed to boost sales. Who doesn’t love a deal? Plus, a unique coupon code for each influencer offers a business a simple and effective way to track how much revenue each personality generates.
Takeovers
Want to partner with an influencer who doesn’t have the time to promote your campaign? Perhaps the influencer has the right following, but not the right personal expertise to market your product or brand. A takeover occurs when one brand allows another social media user to post to their feed for a short period of time. These short bursts of unique activity can include photos, stories, videos and other updates that offer an exciting change of pace to attract the eyes of an existing following.
How to Find an Amazon Influencer
Of course, when it comes to influencers, not just any personality or brand will do. There are a variety of ways to find an Amazon influencer, including:
Search Through Relevant Hashtags
As with much online content, hashtags serve as a solid starting point in searching for influencers. Social media users typically use hashtags as a way of building their communities and lead conversations about certain topics. So, for example, if a fashion influencer draws followers using the hashtag, “#lovecardigans,” a brand selling cardigans might find relevant influencers searching for the same.
Know Your Niche and Find a Relevant Influencer
It’s important to find an influencer whose following is interested in the product’s and brand’s niche. A camping enthusiast is unlikely to care about a product recommendation for a tooth whitener. Know your target customers’ primary interests, and seek out influencer’s whose content relates to it.
Explore Amazon Creators
Niche hashtags aren’t the only ones that can help find influencers, however. Another good starting point is the #FoundItOnAmazon page, where participants in the Amazon Influencer Program are listed. Users can click on any influencer’s public profile and view their social media details. From there, it’s easy to see what types of content the influencer shares with their community and how they engage with their audience.
To find Amazon Live influencers, just check out Amazon Live to see who is live-streaming on the platform. At any given time, you can browse through a variety of livestreams sorted by topic. Each livestream displays how many viewers it has and who is commenting on it, as well as a links to the Amazon Live influencer’s social media profiles.
Find an Influencer that Knows Your Audience
Amazon influencers do much more than post their favorite products on the e-commerce giant. The entire reason they have an Amazon storefront is because they already promote themselves and their content on YouTube, Instagram, Tiktok and Facebook. The best influencer for a brand is one who shares a similar following. If the people follow an influencer because of their autotmotive knowledge, those same people will be interested in unique car parts sold on Amazon. On the other hand, social media users who follow a fashion influencer are not going to be the same group who flock to Amazon to buy carpentry tools.
Track Your Results
Because Amazon influencers recommend products using unique URLs, sellers can track the success of their campaigns. Is the influencer referring enough sales to justify their commission rates or other perks offered to them? Likewise, engagement metrics are key. Are Amazon influencers adequately engaging with their followings, so businesses can be sure their investments is being well spent building their brand? Brands will enjoy the greatest success by continuing campaigns with influencers who generate a positive return, and changing course away from those who don’t.
Use software to Find Amazon Influencers
You don’t need special skill or expertise to search for and select the perfect Amazon influencer for your brand. Plenty of online tools and software options are available to do the legwork for you, including:
ReferAzon is an Amazon Influencer marketing software platform where brands quickly and easily can locate relevant influencers and manage their camapaigns. Referazon features its own Amazon Influencer Search and Amazon Influencer CRM, and it’s available to try for a 14 free trial.
Influence.co works with more than 35,000 brands, 10,000 agencies and 170,000 influencers to create a mutually beneficial community. It offers a single-solution platform that allows users to discover, engage with and connect with influencers from all over the planet.
Awario allows users to monitor social media and other websites. The software tracks brand and keyword mentions and awards influencers points based on their reach and follower counts. Likewise, it rates bloggers based on their reach and daily traffic. Influencer search is included in the free trial.
Klear offers a free platform for influencer marketing, which lists online personalities in 60,000 different topic categories. In addition to categorizing Amazon influencers, Klear details their demographics and even psychographics. Users an filter their results further by social media networks, audience sizes, locations, keywords, engagement metrics and other audience demographics.
Traackr is single app that takes care of entire influencer marketing campaigns from start to finish. Not only is Traackr an influencer database with plenty of ways to search and filter results, but users also can organize and track their entire campaigns from the same location.
How to Contact an Amazon Influencer
The easiest part of establishing an Amazon influencer campaign might be contacting the influencer. This can be accomplished as simply as following the influencers on social media and engaging with their content. Once contact is made, just follow it up with a DM or an email. Many influencers – particularly micro-influencers and nano influencers with smaller yet still meaningful followings – will be all to eager for the additional earning opportunity.
Influencer Outreach Tips
Contacting an influencer might be simple enough, but that doesn’t mean you can say just anything. When contacting an Amazon influencer, be clear when describing your campaign. Be sure to include the following details:
What is your brand, and what products are you hoping to promote
What are your campaign goals?
What can the influencer offer your brand, and what can you offer them in return.
What are your expectations for content?
Stay in touch. Follow up on your original email or DM if you don’t initially receive a reply. Then, continue to communicate with the influencer, reaching out periodically with thanks, updates and new opportunities from your brand.
How much do Amazon influencers make?
Amazon influencers can earn from a few dollars to $1,500 a month, depending on how many of their followers, viewers and readers make qualifying purchases from their storefronts. Commission rates vary based on purchase category, rating from 1-10%, while bounties for recommending services start at $2.50 per qualified registration.
How much commission do Amazon make per sale?
Amazon influencers earn commission on the sales they recommend, but the rates widely vary. Certain purchases like groceries and personal care items earn 1% commission, while other luxury brands garner influencers as much as 10% commission. Influencers must earn a minimum of $10 to be paid for their commissions.
What does an Amazon influencer need from me?
Amazon influencers need mutually beneficial offers from brands they represent. A business should develop an influencer marketing campaign that not only boosts their own brand recognition and sales, but also provides ample benefit to the influencer to make the arrangement worthwhile.
Save money on shipping costs for your Amazon purchases. Plus, enjoy thousands of titles from Amazons video library with an Amazon Prime membership. Learn more and sign up for a free trial today.
Starting a new business? Congratulations! You’re probably wrapped up in all kinds of to-do’s to get your company up and running. And since you’re here,one of those to-do’s is probably whether you should register your company as a sole proprietorship vs. LLC.
There’s no straight answer to this question, as it depends on each unique business and business owner’s situation, needs, and goals. In this article, we’ll look at what a sole proprietorship and an LLC really are, their pros and cons, and the key differences for you to consider as you decide which one is right for you.
What is a sole proprietorship?
A sole proprietorship is the simplest type of business structure. In a sole proprietorship, there’s no legal separation between a business owner and their business entity. Essentially, you act as an extension of your company.
This business structure is the least complicated to set up and manage, so it may be best for small businesses that are just starting out. But, like any new endeavor, it’s important that you weigh out the advantages and disadvantages before you make your decision.
Let’s look at some of the top perks of a sole proprietorship.
It’s simple. There isn’t actually any work required to establish a sole proprietorship. If you’ve received business income for anything you’ve done on your own, whether that’s selling a product or providing a service to a client, you’re automatically considered a sole proprietor.
There’s less legal red tape. Because you’re automatically a sole proprietorship when you do business on your own, you won’t need to file any complicated paperwork or follow any legal guidelines.
Taxes are easier. Since they’re operating as an unincorporated business, sole proprietors will only file a personal tax return. This means you don’t have to worry about filing multiple tax documents, or filing out complex or complicated forms. This may be the same for a single-member LLC, but if there are multiple owners, you’ll need to look into things like a partnership tax return.
Disadvantages of sole proprietorship
And now for the drawbacks.
More risk from personal liability. In an LLC, you’re separate from your business entity. This means that if you find yourself in a lawsuit for business debts or other problems, it’s less likely that someone can come for your personal assets like your money or property. But in a sole proprietorship, you don’t have personal liability protection—meaning you could lose it all in a worst case scenario.
You’re on your own. Running a business alone can be tough, especially when you don’t have partners or investors. This is one reason that business owners opt for another business structure or setup.
Trouble getting funding. Generally speaking, a sole proprietorship is viewed as less “official” and therefore less credible in the eyes of investors, banks, and other partners who can provide business loans or funding.
What is an LLC?
An LLC, which stands for limited liability company, is a business structure category that mixes elements of a sole proprietorship and a corporation. There are many types, each with its own set of rules and considerations.
We’re going to focus on a single-member LLC, which is the closest to a sole proprietorship. In this type of LLC, there’s one person who owns 100% of the company (that’s you).
You have personal liability protection. While you’re not 100% protected in every single scenario, an LLC will give you a base level of liability protection. This means that your business is separate from your, so you’re less likely to lose your personal assets like money or property if your business gets sued.
Flexibility with your taxes. As a single-member LLC, you have a choice in how to pay taxes. You can be taxed as a sole proprietor and file a personal tax return, or you can file as an S corporation or C corporation. Many choose to file as a corporation for “pass-through” tax benefits, meaning that business income “passes through” to the personal tax returns of owners and shareholders.
Less setup than other business types. Single-member LLCs require some paperwork to set up, but it’s simpler than other types of business structures like multi-member LLCs or corporations. After you file your articles of corporation with the state, the paperwork is done.
Disadvantages of LLCs
And here are some LLC drawbacks.
Higher costs. You’ll have to pay some fees as an LLC, which might include a state filing fee, registered agent fee, and state annual report fee. These could total several hundred dollars or more per year.
More bureaucracy. There are more rules and regulations and more paperwork. You’ll need to regularly deal with entities like federal and state governments and possibly more, depending on the nature of your business.
Starting a sole proprietorship usually costs less than an LLC because there’s no need for formal paperwork. Some sole proprietors might choose to register a doing business as (DBA) name, and the cost for this varies by location.
For an LLC, the setup cost depends on the business location since each state has its own requirements. For example, many states require the LLC owner to register a unique name with the secretary of state. The US Small Business Administration mentions that this registration generally costs less than $300, but the exact amount can vary depending on the location and type of business.
Liability
Liability is one of the main reasons that any business owner opts for a limited liability company over a sole proprietorship. That’s because limited liability companies offer more protection to business owners, as their business is a separate legal entity from them.
With an LLC, the personal assets of a business owner are more protected. Say for example that you’ve taken out a business loan that you can’t repay. Because your personal assets are separated from your business assets, you’re less likely to lose any of your personal assets if your lender takes legal action against your business.
Whereas with a sole proprietorship, you might be at risk to lose your personal assets because you don’t have that personal liability protection.
Funding
When raising capital, LLCs often have an advantage over sole proprietorships. Investors typically view an LLC as more secure because it’s a distinct business entity. This perspective is consistent among investors, as well as for business loans and lines of credit.
Banks also favor LLCs, providing them with business loans. In contrast, they might only offer personal loans to sole proprietorship owners, which have more limits. Moreover, an LLC can invite more partners to invest, while a sole proprietorship remains a one-person show.
Taxes
When you run a sole proprietorship, your personal assets can be in danger if your business owes money, especially if you’ve made big investments.
In contrast, an LLC owner bears responsibility for the amount they’ve invested in the business. If the business experiences financial issues, the owner’s personal assets remain protected. Still, it’s vital to keep business and personal transactions separate. Always talk to a tax adviser for guidance.
Comparing the two, an LLC provides stronger protection for personal assets than a sole proprietorship. This protection is a prime reason many choose the LLC route.
Management and control
In a sole proprietorship, one person shoulders all business operations and management tasks. This means the owner enjoys full control. However, this also might curb the business’s growth potential, placing a substantial weight on a single individual.
On the other hand, LLCs offer greater management flexibility. A single-member LLC can function much like a sole proprietorship, but there’s also the choice to add more members or hire employees. While the owner retains primary control, they must consider the preferences and requirements of other participants.
Time to start your business
Registering your business is a strategic move: you’ll be able to take advantage of certain things like tax considerations and have the ability to control your image to future partners and customers. Ultimately, the decision is yours to make—what do you envision for your brand, and will an LLC or sole proprietorship be the best fit for that vision? If you’re still on the fence, consider consulting a lawyer or tax professional for their sage advice and tips.
Sole proprietorship vs. LLC FAQ
Why is a company better than sole proprietorship?
In a sole proprietorship, one person makes all the decisions and faces all the risks. A company, on the other hand, can have investors. These investors provide funds and aren’t liable for the company’s debts. This benefit often makes companies a preferred choice for many.
What is the biggest difference between a sole proprietorship and LLC?
Liability. LLCs offer enhanced protection against personal risks.
Funding. An LLC typically finds it easier to obtain external finance than a sole proprietorship.
Taxes. The tax structure of a one-member LLC can change based on specific circumstances.
Costs. Setting up a sole proprietorship is free, whereas LLCs have registration and ongoing expenses.
Management and control. Sole proprietorships grant more control than LLCs.
When should a sole proprietor become an LLC?
A sole proprietor should think about becoming an LLC for two main reasons. First, if they plan to bring in more owners. Second, to protect their personal assets from legal and financial issues. Given these points, moving to an LLC can be a wise step for many entrepreneurs.
There’s an old saying in sales, that “you eat what you kill.” This line of thinking is typical in the traditional sales mindset — the job of being a salesperson is supposed to be like being a hunter — you’re supposed to be aggressive, proactive and competitive. You’re supposed to get out there and make things happen and win people over and triumph. This mentality has served sales people well for many generations — but what if there is another way of doing sales? What if the new rules of sales are slightly different, and requiring a new approach?
The truth is, in B2B sales, in the new era of digital marketing and social media lead generation and content marketing, when customers are more informed than ever before, the role of the sales person has changed. Successful sales people now are less like “hunters,” and more like “gardeners.”
Sales Mindset Tips
Here are a few reasons why your sales approach might require a change in mindset — and why the best sales people are more like gardeners than hunters.
Sales is a Long-Term Effort
B2B sales success requires steady, incremental effort — like planting and tending a garden, instead of a one-time “kill” from a successful hunt. Just like a good gardener knows how to be patient and stay in it for the long haul, good sales people today need to conduct long-term lead nurturing of their sales prospects. You can’t just expect to go out and make a big sale immediately; these things take time. Especially for major account B2B sales, it might take 12-18 months (or longer) to close a sale, start to finish.
Sales is Collaborative, Not Adversarial
Too many companies seem to think that they are at war with their customers. “You eat what you kill” sounds strange when you really think about it — after all, you shouldn’t want to “kill” your customers, you should want to help them! Ultimately, your job as a sales person or small business owner talking with customers should be to approach the conversation as a collaborative effort. “How can I help you and your business? How can I make your life better? We are on the same team here!” Look for opportunities for your customers’ interests to align with your own.
Ideally, what you are selling should improve your customer’s condition. You’re selling something to the customer, it’s true – but what you’re selling should add so much value to your customer’s life that it is worth more than it costs: in terms of time savings, efficiency gains, productivity boosts, cost reductions, and intangible emotional benefits. Just like gardeners often exchange gardening tips with their friends and neighbors — in a spirit of collaboration — you as a sales person need to be generous and helpful, not aggressive and overbearing.
Sales is About Mutually Beneficial Relationships, Not Zero-Sum “Wins”
Another problem with the traditional “hunter” mentality in sales is that it tends to treat sales as a zero-sum game: “I win, you lose.” If you treat your customers as just points on a scoreboard, they will start to feel that you don’t really care about them. Don’t treat your customers as means to an end. You’re not just there to rack up sales and run up the score; you should be there to create a mutually beneficial sales relationship.
This is not just “the right thing to do,” it’s also smart business. Because in today’s highly networked economy, customers’ word of mouth spreads faster than ever. If customers feel well treated and respected by you, they’ll be likely to tell their friends and give you referrals. If customers feel disrespected or shortchanged or deceived by you, they will shout it from the rooftops on social media and beyond. It can be hard to recover from a damaged reputation and today’s sales business is all about trust. Make sure you are sincerely, earnestly adding value and bringing a spirit of care and connectedness to your sales conversations. Customers aren’t there to give you a sale — you are there to help the customer.
Think about it in terms of gardening: do most gardeners hoard their vegetables and brag about how great their tomatoes are? No! They tend to share the bounty at harvest time. At its best, gardening has a sense of abundance. People don’t garden because they want glory and trophies, they do it because they want to learn and share and grow. Successful sales people today should have this same attitude — it’s about growing relationships and having a rich bounty of sales opportunities over time.
You are not fighting your customers, you’re trying to help them. You’re not enemies, you’re on the same team. If you can bring a spirit of generosity and cooperation to your sales process — thinking less like a “trophy hunter” and more like a “gardener” — your sales success is likely to blossom.
The Principles of Gardener-Like Sales Success
As businesses evolve in the digital age, sales strategies are undergoing a profound transformation. The outdated hunter mentality, where salespeople aggressively pursued leads for quick wins, is being replaced by a more nurturing and collaborative approach inspired by gardeners. This shift is driven by the recognition that lasting success requires cultivating relationships, fostering trust, and tending to prospects over time. Here are key principles that define the gardener-like sales success of today:
1. Cultivate Long-Term Growth
Hunter Mindset: Focuses on immediate gains through one-time deals.
Gardener Approach: Prioritizes steady, incremental growth by nurturing prospects.
2. Planting Seeds of Value
Hunter Mindset: Views customers as targets to conquer.
Gardener Approach: Regards customers as partners, seeking to deliver value and mutual benefit.
3. Nurturing Relationships
Hunter Mindset: Seeks quick transactions, often overlooking relationship-building.
Gardener Approach: Values cultivating genuine connections and building rapport.
4. Tending to Growth
Hunter Mindset: Celebrates individual victories and trophies.
Gardener Approach: Recognizes the importance of nurturing relationships for collective success.
5. Fostering Trust
Hunter Mindset: May overlook customer concerns for the sake of closing deals.
Gardener Approach: Builds trust through transparent communication and genuine care.
6. Providing Value Over Time
Hunter Mindset: Emphasizes closing the sale regardless of customer readiness.
Gardener Approach: Prioritizes understanding customer needs and providing tailored solutions.
7. Collaborative Partnerships
Hunter Mindset: May consider customer interests secondary to sales goals.
Gardener Approach: Seeks to align customer interests with business offerings, fostering collaboration.
8. Patience and Persistence
Hunter Mindset: Expects quick results and may lose interest if not achieved.
Gardener Approach: Understands that nurturing leads takes time and continuous effort.
9. Harvesting Mutual Success
Hunter Mindset: Celebrates individual victories and trophies.
Gardener Approach: Recognizes the importance of nurturing relationships for collective success.
10. Positive Reputation and Referrals
Hunter Mindset: May disregard the potential impact of customer sentiment.
Gardener Approach: Prioritizes customer satisfaction and values referrals from happy customers.
11. Adapting to Changing Seasons
Hunter Mindset: May resist adapting strategies based on market changes.
Gardener Approach: Recognizes the need to evolve strategies to meet shifting market dynamics.
12. Continuous Learning and Growth
Hunter Mindset: May prioritize immediate results over personal development.
Gardener Approach: Embraces learning, adapting, and growing along with the industry.
Principle
Hunter Mindset
Gardener Approach
Cultivate Long-Term Growth
Focuses on immediate gains through one-time deals.
Prioritizes steady, incremental growth by nurturing prospects.
Planting Seeds of Value
Views customers as targets to conquer.
Regards customers as partners, seeking to deliver value and mutual benefit.
Nurturing Relationships
Seeks quick transactions, often overlooking relationships.
Values cultivating genuine connections and building rapport.
Tending to Growth
Celebrates individual victories and trophies.
Recognizes the importance of nurturing relationships for collective success.
Fostering Trust
May overlook customer concerns for the sake of closing.
Builds trust through transparent communication and genuine care.
Providing Value Over Time
Emphasizes closing the sale regardless of readiness.
Prioritizes understanding customer needs and providing tailored solutions.
Collaborative Partnerships
Considers customer interests secondary to goals.
Seeks to align customer interests with business offerings, fostering collaboration.
Patience and Persistence
Expects quick results, may lose interest if not achieved.
Understands that nurturing leads takes time and continuous effort.
Harvesting Mutual Success
Celebrates individual victories and trophies.
Recognizes the importance of nurturing relationships for collective success.
Positive Reputation & Referrals
May disregard customer sentiment’s impact.
Prioritizes customer satisfaction and values referrals from happy customers.
Adapting to Changing Seasons
May resist adapting strategies to market changes.
Recognizes the need to evolve strategies to meet shifting market dynamics.
Continuous Learning & Growth
Prioritizes immediate results over personal development.
Embraces learning, adapting, and growing along with the industry.
In the realm of modern sales, the gardener-like approach emphasizes collaboration, value creation, and cultivating relationships that stand the test of time. By embracing these principles, salespeople can sow the seeds of lasting success, nurturing an abundant harvest of satisfied customers and sustainable growth. Just as gardeners tend to their plots with care and dedication, successful salespeople tend to their prospects with a commitment to value and mutual benefit.
Conclusion
The evolution of sales in the digital age brings forth a fundamental shift from the traditional hunter mentality to a more nurturing and collaborative approach inspired by gardeners. While the hunter mindset of aggressive pursuit and quick victories has its merits, the changing dynamics of B2B sales demand a new perspective. Today’s successful salespeople are akin to gardeners, recognizing that the cultivation of relationships, trust, and mutual benefit holds the key to sustained success.
In the contemporary landscape, the principles of gardener-like sales success shine brightly:
Cultivating Long-Term Growth: Just as a garden thrives over time, sales success is rooted in patient and persistent effort, nurturing prospects for incremental growth.
Planting Seeds of Value: Rather than viewing customers as targets, salespeople embrace a partnership approach, aiming to deliver value and foster mutual benefits.
Nurturing Relationships: True success lies in the cultivation of genuine connections and rapport, valuing the bonds that extend beyond mere transactions.
Tending to Growth: Recognizing that collective success is paramount, successful salespeople prioritize nurturing relationships over individual victories.
Fostering Trust: The gardener-like approach builds trust through transparent communication and genuine care, fostering a foundation of lasting relationships.
Providing Value Over Time: Understanding customer needs and providing tailored solutions over time takes precedence over immediate closure.
Collaborative Partnerships: Seeking alignment of customer interests with business offerings cultivates a spirit of collaboration and shared objectives.
Patience and Persistence: Just as gardens require time to flourish, successful salespeople understand the patience and continuous effort required for nurturing leads.
Harvesting Mutual Success: Collective achievements are celebrated, highlighting the role of mutually beneficial relationships in sales growth.
Positive Reputation and Referrals: Prioritizing customer satisfaction and valuing referrals underscore the interconnectedness of modern sales.
Adapting to Changing Seasons: Acknowledging the need for flexibility and adaptability, sales strategies evolve to meet the shifting dynamics of the market.
Continuous Learning and Growth: Embracing ongoing learning and growth parallels the iterative nature of successful gardening.
As salespeople transition from being mere hunters to becoming adept gardeners, they sow the seeds of sustainable success. Just as gardeners cultivate their plots with dedication, successful salespeople tend to their prospects with unwavering commitment to value and partnership. The garden of sales success flourishes not through aggressive pursuit but through collaborative nurturing, resulting in an abundant harvest of satisfied customers, enduring relationships, and a thriving business ecosystem.
Choosing the right accounting software for your business isn’t easy. With so many options out there, it’s tough to spot the differences. If you pick one and realize it’s not right for you, switching can be a headache—a good reason to get it right from the start. Ahead, find a list of the best accounting software for small businesses in 2023.
7 best small-business accounting software to consider
For new and independent businesses just starting out, managing expenses is crucial. While many accounting tools come with a cost, Wave stands out by offering a robust solution that won’t touch your wallet—it’s completely free.
Wave is highly versatile. Whether you’re on a desktop using Windows or the latest Mac OS, or on the move with an Android or iOS device, it has you covered. Plus, its cloud-based web application ensures you can access your accounts from anywhere. Wave Accounting comes packed with all the essential features, including banking reconciliation, expense management, invoicing, and payroll. This means it can do nearly everything premium accounting tools can do (without adding any cost).
Pros:
Free to use
Double-entry reports
Customizable invoice templates
Dedicated mobile invoicing
Unlimited users and permissions
Cons:
Live chat only for paid add-ons
No planned feature updates
Lacks advanced options
No phone support
Price: Free
Free trial length: n/a
Mobile app: iOS, Android
Shopify app/integration: No
2. FreshBooks: Best accounting software for service-based businesses
FreshBooks is a well-known small business accounting tool that offers automated functions and smart features to minimize manual work. For instance, you can configure it to automatically reconcile debit and credit amounts, as well as import data from varying sources.
Additionally, the tool makes it simple to access key statements like: cash flow statements, income statements, and balance sheets.
Moreover, you can tailor access for different team members. While employees might have restricted access to financial statements, accountants can be given broader administrative rights.
Another popular accounting solution is Intuit’s QuickBooks Online. This tool offers a straightforward interface, making it easy for even novices to navigate their bookkeeping tasks.
At its core, every package includes tools for tracking mileage, income, and expenses, as well as detailed sales and tax reports. Additionally, it provides resources for managing 1099 contractors.
If you want additional features such as inventory tracking or a dedicated customer support manager, consider upgrading to one of QuickBooks Online’s premium plans.
Pros:
Double-entry accounting system
Third-party app compatibility
Abundant learning resources
Cons:
Steep learning for advanced features
Costlier monthly plans
Limited user accounts
Price: Plans start at $15/month
Free trial length: 30 days
Mobile app: iOS, Android
Shopify app/integration: Yes
4. Zoho Books: Best accounting software for beginners
Seeking a robust online accounting service? Zoho Books is your answer. It offers invoicing, tracks inventory, and handles accounts payable—all at a low price. You also get helpful data on your finances. With all these accounting features, Zoho stands as a cost-effective alternative to pricier options like FreshBooks and QuickBooks Online.
Pros:
Effective free version
Comprehensive mobile app
Competitively priced
Top-tier multicurrency support
Cons:
Extra cost for advanced tools
Restricted user count per tier
No fixed asset tracking
Price: Free for businesses with an annual revenue of less than $50,000; paid plans start at $15/month
Free trial length: 14 days
Mobile app: iOS, Android
Shopify app/integration: Yes
5. Xero: Accounting software for growing businesses
For small business owners on the move, Xero could be the ideal accounting solution.
Xero offers smart accounting tailored for small businesses, prioritizing simplicity and mobile accessibility. It seamlessly connects across devices, delivering real-time data, so business leaders have the freshest insights, no matter their location.
With a straightforward design, Xero manages tasks like payroll (through a Gusto link), bill management, expense logging, sales tax estimations, and invoicing.
Pros:
Efficient project tracking
Fixed asset management
Hubdoc (automatic receipt and bills capturing function) in every tier
Unlimited users in all plans
Cons:
PayPal transaction delays
Lacks phone support
No auto reminders for invoices
Price: Plans start at $13/month
Free trial length: 30 days
Mobile app: iOS, Android
Shopify app/integration: Yes; integrates via third-party apps
6. Kashoo: Best accounting software for process automation
Kashoo’s accounting software works to ease the bookkeeping grind for small businesses.
Utilizing machine learning, Kashoo adapts and learns from your business operations. It efficiently handles tasks, from sorting receipts to monitoring sales tax, and provides tailored advice to enhance savings, reduce expenses, and boost operational fluidity.
While Kashoo’s smart hands-off accounting may not suit everyone, those intrigued by its unique features can test it through a free trial. Pros:
Sage 50 Accounting offers cloud-based software specifically for small businesses, enhanced by detailed customization and innovative features.
Sage makes daily tasks easier by addressing everything from expense tracking to invoice creation. The software also showcases efficient inventory tracking. An added perk? It integrates seamlessly with Microsoft Office.
Pros:
Cons:
Clunky UI
No time tracking options
No mobile app
Price: Plans start at $59.50/month
Free trial length: n/a live demo available
Mobile app: iOS, Android
Shopify app/integration: No
Which accounting software is best for small businesses?
The best accounting software for your small business is one that fulfills your specific requirements. Most businesses choose cloud-based accounting solutions for enhanced security, accessibility, and scalability.
Which online accounting software is the cheapest?
Wave offers online accounting services at no cost. However, it may not have all the features your business requires. That’s why you should always base your decision on your company’s specific needs rather than just the price tag.
Why is QuickBooks recommended for small businesses?
QuickBooks stands out as a multifaceted accounting solution for small businesses, providing essential features like expense monitoring, inventory oversight, and sales tax tracking, to name a few.
Accounting precision drives business success
Each business has its unique accounting needs. What serves one business effectively might not suit another.
While many of these accounting software programs share common features, the ultimate choice rests with you. Some entrepreneurs might value detailed accounting reports, while others could favor automated reconciliation.
Before investing funds into small business accounting software, consider exploring several free trials to make an informed choice.
As the holiday shopping season approaches, are you getting discouraged by visions of shoppers heading to Walmart on Black Friday and ignoring your store? Well, cheer up. According to a study by Spong, reported in MediaPost, 30 percent of shoppers say if all things were equal, they would choose local over national brands “always” or “most of the time.”
By contrast, only 12 percent of marketers in the study thought whether a brand was local or not mattered to consumers. In other words, you’ve got more of a local advantage than you think — good news as we head into the critical holiday retail shopping season.
So how can you give your retail store local advantage and make the most of consumers’ inherent desire to patronize local brands? Read on for a guide.
Why Consumers Prefer Local Retailers Over National Chains
Many consumers are increasingly drawn to the charm, authenticity, and community-centric ethos of small, local retailers as opposed to the often impersonal feel of national chains. One of the fundamental reasons behind this preference is the unique, personal shopping experience that small businesses provide, allowing them to build stronger, more personal connections with their patrons. Unlike large chains that often standardize their offerings and shopping experiences across the country, local retailers often have the flexibility to tailor their products and services to the specific needs and preferences of the community they serve.
Additionally, supporting local businesses frequently aligns with consumers’ values related to economic sustainability. When people shop locally, they are directly contributing to the prosperity of their own community. The money spent in local stores tends to remain within the community, helping to support other local businesses, services, and job creation. Furthermore, local retailers often carry unique, handcrafted, or specialized products that aren’t available in national chains, appealing to those looking for distinctive items.
Here are some key reasons consumers prefer small, local retailers:
Personalized Service: Local businesses often offer a more personalized and attentive customer service experience.
Unique Offerings: They often stock items that are unique, artisanal, or catered to local tastes.
Community Connection: Shopping locally allows consumers to feel a stronger connection to their community.
Economic Impact: Money spent at local businesses is more likely to stay within the community, supporting other local ventures and job creation.
Ethical Considerations: Many local businesses follow sustainable practices and support local artisans, resonating with ethically-minded consumers.
Authenticity: Local retailers often have authentic stories, histories, and connections to the community that can’t be replicated by larger chains.
Environmentally Friendly: Shopping locally can reduce the environmental impact due to reduced transportation and shipping.
In essence, the shift towards local shopping is not just a trend, but a reflection of consumers’ desires for more genuine interactions, ethical considerations, and the longing to feel part of a larger community-centric narrative.
Challenges of Running a Local Retail Business
Local retailers face a myriad of challenges when competing with national chains, which often have vastly superior resources and economies of scale. National chains, with their expansive budgets, can often out-price, out-advertise, and outpace smaller retailers in several arenas. Furthermore, their established brand recognition often means that they are the first port of call for many customers.
One significant challenge for local retailers is the limited budget for marketing and promotions. Unlike national chains that have vast marketing departments and budgets, local retailers often must rely on grassroots methods or word-of-mouth advertising. This can make it difficult for them to reach a larger audience and draw in new customers.
Another challenge comes in the form of purchasing power. National chains can buy in bulk, leading to significant discounts from suppliers. This bulk purchasing allows them to price their products more competitively, which local retailers often find hard to match. Moreover, national chains benefit from sophisticated supply chain and inventory management systems, ensuring optimized stock levels and reduced overhead costs.
Additionally, national chains can provide a consistent experience across all their locations, which is appealing to many customers. On the other hand, local retailers, with their individualized approach, may struggle to guarantee the same level of consistency, which some customers might perceive as a risk.
Here are some specific challenges faced by local retailers:
Limited Marketing Budgets: Less money for advertising and promotions compared to national chains.
Reduced Purchasing Power: Inability to buy in bulk and secure hefty supplier discounts.
Lack of Brand Recognition: National chains often have established brand trust and recognition.
Limited Resources: Fewer funds for store upgrades, technology, and employee training.
Consistency Challenges: Struggling to provide a consistent shopping experience due to localized operations.
Competitive Pricing: Difficulty in matching the low prices offered by larger chains due to higher costs.
Reduced Operating Hours: Unlike chains, local retailers may not be able to stay open for extended hours or every day of the week.
Despite these challenges, many local retailers leverage their unique strengths, such as personalized service, community ties, and niche offerings, to carve out a space for themselves in the retail landscape. However, the competition with national chains remains a significant hurdle that requires innovative strategies and continuous adaptation.
Gain the Local Advantage
If you’re ready to call attention to your local retail business, here are some effective tactics to try.
Think Local When it Comes to SEO
Incorporate local keywords, such as your city, neighborhood, shopping center name or even street name when doing your SEO, as well as into any online advertising that you do.
Try Geo-targeting
This mobile marketing method uses GPS information about where consumers are at any given moment to send marketing messages to them in certain geographic areas. Geo-targeting is an option for Bing Ads or Google AdWords, as well as Facebook ads. It lets you do things like send offers to people who are near your store — or near your competition’s store so you can lure them away.
Get Involved in Community Business Organizations
If you think your local Chamber of Commerce and similar business organizations are corny, think again. By attending these groups and really getting involved, you can make valuable connections and discover new ideas, resources and partnerships for marketing your business.
Give Back to Your Community
The holidays are a natural time for doing good, and consumers especially love it when businesses participate in their community and local organizations that customers care about. (Check out my recent article for more holiday charity marketing tips.)
Selling By Walking Around
Don’t hide away in the back of your retail store working on inventory or doing the books. Save that for after hours and spend the valuable time when your store’s open out on the sales floor, mingling with customers. People love to buy from real people who live in their communities, rather than from faceless corporations. When they get to know you as a person, they’ll be more inclined to come back again and again. (Bonus: By really being present in your store, you’ll be better able to guide your salespeople and ensure they’re performing the way you want.)
Partner with Other Independent Business Owners
Is your business located in a busy downtown shopping area? A suburban mall? A hip, trendy neighborhood? Wherever you are, there are other retailers and small, independent businesses nearby that could all benefit from working together. Does your community have a Buy Local program? Ask around, and if there isn’t a program in your area, consider starting one. The American Independent Business Alliance has lots of resources to help.
Take Advantage of Small Business Saturday
Held on the Saturday after Thanksgiving, Small Business Saturday is sponsored and supported by a wide variety of organizations, including American Express and the SBA. The event encourages shoppers to purchase from local, independent businesses instead of national chains when doing their holiday shopping on this day and throughout the holiday season. You can learn more and access tons of marketing materials and resources at the Small Business Saturday website.
Tactic
Description
Benefits
Possible Limitations
Think Local When it Comes to SEO
Incorporate local keywords into your SEO and online advertising.
Improved online visibility in local searches.
Keyword stuffing can hurt SEO if not done properly.
Try Geo-targeting
Send marketing messages based on consumers’ GPS location.
May require more sophisticated technology and could be seen as intrusive.
Get Involved in Community Business Organizations
Participate in local business groups, such as the Chamber of Commerce.
Networking, discover new marketing ideas, partnerships.
Can be time-consuming; not all meetings/events may be beneficial.
Give Back to Your Community
Participate in local charities and organizations, especially during holidays.
Enhances brand image; fosters trust and goodwill.
May require financial or time investment.
Selling By Walking Around
Mingle with customers on the sales floor instead of staying in the back.
Builds personal relationships, which can foster loyalty and repeat business.
May be challenging for large stores or during peak times.
Partner with Other Independent Business Owners
Collaborate with nearby retailers and businesses for joint promotions.
Shared customer base; cost-effective marketing.
Conflicts of interest might arise; collaboration requires effort.
Take Advantage of Small Business Saturday
Participate in the post-Thanksgiving event promoting local businesses.
Increased foot traffic; access to promotional materials.
Only once a year; larger retailers may overshadow smaller businesses.
By taking these simple steps to gain the local advantage, you’ll help give your small retail store the full benefits of the local advantage. How do you “think local”?
