Today’s roundup starts with news that—starting Jan. 1—eight states will experience mandatory minimum wage increases and includes a story on how to overcome career anxiety and why your business should expand into the mobile space.
SBOs brace for Jan. 1 minimum wage increases
New Year’s Day will mean one thing for small business owners in eight states: a decrease in profits. Why? As Sarah E. Needleman of The Wall Street Journal reports, Ohio, Florida and Arizona, among other states, will increase minimum wage requirements for non-salaried workers starting Jan. 1. These increases are striking fear into small business owners, many of whom plan to cut hours and employees as a result.
Small business borrowing on the rise
Here’s some good news for your Friday: small business borrowing among U.S. companies surged 20 percent in October, up from 12 percent in September. As Ann Saphir of Reuters writes, the borrowing index is holding at 98.1—still lower than 100 in 2005—but a significant increase and a good sign of economic recovery. So, what double dip?
Online sales tax debate heats up in Senate hearing
What if online retailers had to pay the same sales tax as brick-and-mortar retailers? Would that be fair? An Amazon executive said yes in a recent U.S. Senate hearing, but others aren’t so sure. As Heather Clancy of allBusiness reports, officials from eBay claim the potential legislation will hurt small companies, causing them to outlay additional costs. What do you think?
Three ways to overcome career anxiety
Here’s the truth: more money and more career responsibility do not equal happiness. As Daniel Gulati of Harvard Business Review writes, young entrepreneurs are learning this lesson: they are experiencing anxiety when comparing themselves to others on Facebook, they are worried about job security at big companies and they are daunted by the sheer number of career choices. If you fall into this category, consider spending an hour a day defining your passions and try to take monetary compensation off its pedestal—you’ll feel much healthier and happier for it.
How to prepare for your ‘one shot’ persuasion
You need funding, so you approach a venture capitalist. They accept the meeting, you begin to prepare and then you freeze with fear. What if it doesn’t work out? As Kaihan Krippendorff of Fast Company writes, there are a few tactics that can help you prepare, such as presenting a one-sided argument, leaving a few things to the imagination and establishing yourself as a highly credible expert.
Why it’s important to talk pricing
If talking about your prices gives you the heebie-jeebies, you aren’t alone. But, as Susan Payton of Small Business Trends writes, small business owners are smart to lead with their pricing foot. Yes, you want to stress the value of your product or service, but if your customer simply can’t afford it, the value won’t matter. So try listing prices on your website and see what happens. The outcome may be better than you think.
From aeronautical engineer to Willy Wonka: how one entrepreneur made the switch
Talk about a second act. As Bloomberg Businessweek’s Jonathan Keehner reports, Dan Preston sold his $22 million Atair Aerospace in 2009 and, thanks to a defense industry noncompete clause, launched a chocolate and rum company a few years later. His key to success: both industries are recession-proof.
How expanding into the mobile space can boost your business
The numbers tell the story: the mobile retail market is expected to exceed $12 billion by 2014 and 48 percent of customers prefer to visit a retailer’s mobile website. As Simon Salt of Small Business Bonfire writes, SBOs are smart to only invest in online ads if they have a mobile site—that’s where you’ll get the most views.