Archives for 2019

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A new infographic from Expert Market has mapped out mobile wallet usage in 36 countries around the world. In the US, only 3% of retail sales were completed through a mobile wallet.

The global penetration rate of this technology is still very low topping at 6%, except for one country. The one outlier in this report is China, which has a staggering 36% of the population using mobile wallet. This is nine times the global average of 4%.

As consumers move away from cash, businesses have to implement payment solutions capable of addressing this change. This is because they now have more ways than ever to pay for the product and services they purchase.

Businesses have to make the payment process as seamless as possible and remove any pain points for their customers. With smart mobile phones, consumers have a technology which brings most of what they need in one platform.

Lucy Crossfield of Expert Market, addressed this aspect of the technology in the emailed press release.

Crossfield said, “Mobile phones are becoming the no.1 device for everything from chatting to friends to watching TV to paying for all of our worldly possessions, and why? Because it’s just so much more convenient to have everything in one place -in today’s world, convenience is king!”

It is this convenience which will drive in more customers to your place of business. As Crossfield added, “Our study confirms it – the days of fumbling around in your wallet for your credit, debit and thousands of loyalty cards are seriously numbered.”

Businesses have to start deploying mobile wallet technology as part of their overall POS system sooner than later.

Besides China, What Countries Are Making Gains in Mobile Wallet Adoption?

The report by Expert Market says by 2022 only 17% of global payments will be made using cash. And digital wallet usage will go up to 28% during the same period, an increase of 24%.

The growth in China will be more dramatic as e-wallet users will increase by more than 140 million people every year.

One of the challenges for the rest of the world is the reliance on contactless card payment systems. The reason China has high numbers of mobile wallet users is they all but skipped credit cards in the country.

People in other countries are going to have to wean themselves out of using credit cards and get used to mobile wallets.

When it comes to Europe, the UK is the top mobile wallet user at 5%, with Spain and The Netherlands coming at 3%, and France at 1%.

In the Americas Argentina is first at 4%, with the US coming in at 3% followed by Brazil with the same amount, and Canada at 1%.

For the rest of the world India and the UAE were above average at 6%, with Australia at 2%.

Who is Using Mobile Wallets?

According to the analysis from Expert Market, millennials make up 35% of the mobile wallet users around the world.

A further break down of the group reveals 40.4% are high earners, 32.2% medium income, and 27.4% low income.

The report says businesses who renovate their payment infrastructure and adopt new technologies can seize the opportunity this lucrative demographic will provide as they grow in purchasing power.

Take a look at the rest of the data from the Expert Market infographic below.

Image: Depositphotos.com

This article, “Only 3 Percent of US Retail Sales Completed Via Mobile Wallet” was first published on Small Business Trends

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Social media has become an integral part of any modern company’s marketing strategy. However, as each platform handles content a little differently, it can be difficult to come up with a consistent strategy for multiple platforms. To find out how to make sure your message carries through, we asked the experts of Young Entrepreneur Council to weigh in on the following question:

“What is the best way to make sure your social media content stays on-brand, no matter which site you’re currently posting on?”

Brand Consistency on Social Media

Here’s what YEC community members advise:

1. Define Your Message and Brand First

“It’s important to have a consistent message and brand when engaging on social media. The messaging and branding will need to be established prior to posting social media platforms. Social media is just another channel or tool to get your message and brand across.” ~ Jean Ginzburg, JeanGinzburg.com

2. Use the Same Version of Your Logo as All Your Profile Pictures

“We have logos for a reason — to make our brand recognizable anywhere, anytime. So even if someone scrolls right past your post, your business is still getting exposure every time you post. As for staying on brand message, post content that supports your mission and vision 100 percent of the time. Give thought to the things your brand believes in and then support it with content.” ~ Joey Kercher, Air Fresh Marketing

3. Assign a Dedicated Person or Team to Handle Social Media

“It’s easier said than done, but having the right team that can handle all of your social media is the best way to make it consistent. It’s much harder to fit the pieces together later through copy or edits. Even if it means you have to hire fewer people, find at least three: One to create content, one to produce the content and one to manage the content.” ~ Patrick Barnhill, Specialist ID

4. Schedule Posts in Advance

“Use a simple tool like Hootsuite to plan all of your social content in advance. When you are able to look at a 30-day picture, it can help you organize and plan, keeping everything on-brand. If you are just posting on the fly, it can result in a mix of content that drifts off into other lanes. Take the time to map everything out in advance for the most consistent content.” ~ Jonathan Long, Uber Brands

5. Get the Right Processes in Place

“There’s no one silver bullet. It is the combination of processes in place from how you hire to whether you have a social media strategy. If you don’t have your brand voice, tone and imagery examples documented, you can’t expect a new person to be able to meet unclear expectations. From creation to approval, if you have good processes in place it will make it easier for your people to succeed.” ~ Kevin Getch, Webfor

6. Assign Someone to Approve Content

“All content must go through a two- to three-step approval process prior to being published. Those approving content must have a strong understanding of the brand and its identity. This will ensure that your content is always on-brand, regardless of where the content is being published.” ~ Duran Inci, Optimum7

7. Establish Brand Guidelines

“Having a document that explains your brand and lays out clear guidelines for what to do and what not to do is crucial to ensure compliance. Brand books or brand guidelines can be extremely detailed, but you can also keep it simple and come up with a playbook on how your visual and content assets are to be used. This provides a great reference if you have any turnover in who is handling it for you.” ~ Joel Mathew, Fortress Consulting

8. Set Your Tone and Voice

“I have multiple businesses and the best way I ensure that all social media content stays on brand is by ensuring all content posted — whether it’s on Instagram, Facebook, Twitter or Pinterest — has the same tone and voice. I also ensure that all messaging is consistent across all platforms.” ~ Kristin Kimberly Marquet, Fem Founder

9. Keep Every Post Brand-Focused

“Know what your brand stands for and include that in every post. Think about that before you post anything, including sharing content from others like users. Always include some context that ties it back to your brand.” ~ Angela Ruth, Calendar

10. Don’t Rely on Automation

“Even beyond the brand, the end goal has to be in mind. Our team members start off with a brand abstract to help them understand who the audience is, what the goals are, as well as color scheme, tone, messaging and visuals. This keeps the brand consistent without having a robotic feel to it. We try to stay away from automation, as we don’t want to ruin the brand and what it stands for.” ~ Sweta Patel, Startup Growth Mode

11. Make a Checklist

“Uniformity cannot happen without guidelines, and a simple brand guide can easily be overlooked and forgotten after a first glance. By making a checklist regarding the look, voice and value of a social media post, consistency will be hard to avoid.” ~ Stanley Meytin, True Film Production

Image: Depositphotos.com

This article, “Keeping your Social Media Content On Brand Isn’t Hard, Read These 11 Tips” was first published on Small Business Trends

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Veem recently unveiled a program designed to help companies affected by the U.S. China trade war.  The company operates a financing and payments platform for businesses. The Veem Tariff Relief program offers users up to $1,000 in rebates to cover the cost of tariffs. This helps businesses when purchasing supplies or goods from overseas.

How the Veem Tariff Relief Program Works

So how to do small businesses qualify? They simply need to sign up for Veem’s payment platform. And then begin sending and receiving payments through it. The platform works much like Venmo on the consumer side. But there are many different codes. And small businesses need to organize their payments.

So basically, you enter in the code most closely meeting with what you’re purchasing from China or elsewhere. And if you’re required to pay extra due to tariffs, you can submit your invoice to Veem. Them the company reimburses your business up to $1,000. It’s also an annual program. So theoretically, you could receive another tariff reimbursement of up to $1,000 each year. This depends on your needs and how the trade situation evolves over time.

Small Businesses Lack Control

Of course, small businesses don’t have much control over the ultimate outcome of these trade policies. And the situation could change quickly. So plans need to adjust or cover the cost of items in case it does continue to be an issue.

Veem CEO Marwan Forzley explains the company’s approach in an interview with Small Business Trends:

“Business owners in general need to be open to the idea of using the latest tools available to them to source and find supplies from different markets. This could go on for a long time, and what is happening with China could potentially happen with other countries down the road as well. Global trade policies come and go, so it may or may not be something that is solved tomorrow. But overall, I think it’s smart for businesses to plan as if this isn’t going away anytime soon and find solutions and new technology that may be able to help them.”

Veem Serves More than 100,000 Businesses

Currently, Veem has more than 100,000 businesses on their platform from 110 countries around the world. The idea for this Tariff Relief program came from conversations with those customers. And it involved the uncertainty they were facing due to trade issues between the U.S. and China.

Forzley says, “We were doing general research and asking our customers about how they find and source products. While we were asking those questions, we found out that a number of them were being affected by the tariffs from China and were very worried about what would happen. It was giving them a lot of uncertainty since they didn’t know when the trade war would come to an end. And if they had to pass along the cost of those tariffs to customers, they would no longer be competitive in the market.”

Veem Designed to Solve Pain Points

Veem was actually built specifically to help solve some of the pain points for small businesses working in a global economy. Forzley pointed to the difficulty and fees associated with traditional bank wire transfers, which can make sending payments internationally a major pain for small businesses that don’t have all the resources and extra cash of their larger competitors. So issues like tariffs that impact international business agreements are especially relevant to Veem’s customer base. That’s why Forzley and the rest of the team found it so important to offer some kind of relief for their users.

Of course, this is just one solution and may not completely solve the cost issues for businesses that purchase a lot of supplies or goods from China. However, it is one example of an option that’s available to small businesses. You may be able to find other tools or resources as well that help you cover some of the added cost or make your business more efficient so you can afford to dedicate more time and resources to improving your company in other ways.

Trade issues and other large scale policies can of course have a major impact on small businesses, even when you don’t have much say in the overall outcome. However, you do still have control over many of the other factors that go into running your business. So it’s always important to be adaptable and try to come up with acceptable solutions to whatever issue you’re facing, whether it’s using a tool like Veem or stringing together another set of solutions.

Image: Depositphotos.com

This article, “Veem Unveils Tariff Relief Program to Ease Small Business Trade Concerns” was first published on Small Business Trends

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Some entrepreneurs are naturally creative. Others are mostly data driven. But you need both approaches in your marketing efforts if you want to be successful over a long period of time. Especially in today’s online business environment, you need to work hard to find ways to stand apart from the millions of other businesses out there.

Boutique Marketing Agency is a firm that specializes in mixing those two different approaches in a really unique way. The London-based company grew from a one-person operation into a full agency over time. Now, the team offers a full array of services aimed at helping all types of businesses. Read more about the company and its digital marketing philosophy in this week’s Small Business Spotlight.

What the Business Does

Offers a full service digital creative agency.

Founder Felix Garcia told Small Business Trends, “We deliver bespoke marketing plans across different platforms in PR, digital and media strategy.”

Business Niche

Mixing data and creativity.

Garcia says, “Our sophisticated approach to marketing is enhanced by creativity and data analysis. We have a fantastic reputation for creating unique and tailored strategies that transform brands, exceed expectations and deliver results across the metrics.”

How the Business Got Started

As a freelance business.

Garcia first got started simply freelancing in the industry. Over time, the company grew into a full service agency. But Garcia’s initial efforts were fairly small and focused. So it took some time for the company to grow from a one-man operation into a larger undertaking.

Biggest Win

Landing their first big client.

This initial opportunity came for the company back in 2016. It gave the team some extra credibility as well as a sizable financial boost.

Biggest Risk

Taking out a business loan.

At one point, the company needed extra resources to cope with a large workload. So they took out a loan to help manage those extra needs. Ultimately, this could have put additional financial strain on the company if the extra work didn’t lead to increased cash flow. However, the risk ended up paying off for the company.

Lesson Learned

You need to spend money to make money.

Garcia says that if he could start his business journey all over again, he would have invested more money into the company at the beginning, rather than trying to stay lean in the early years.

Team Tradition

Table tennis.

The team hosts an annual table tennis championship tournament every year at the office, since it offers a little team building and friendly competition.

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Find out more about the Small Biz Spotlight program

Images: Boutique Marketing Agency, Felix Garcia

This article, “In the Spotlight: Boutique Marketing Agency Creates Big Impression with Small Shop Feel” was first published on Small Business Trends

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U.S. nail salons bring in more than $5 billion in revenue annually. These specialty beauty salons have been around for years. But the industry is still growing, meaning there are plenty of opportunities for new entrepreneurs to break in and offer unique services and experiences. If you’re interested in getting started with your very own nail salon, here’s a breakdown of the steps involved.

How to Start a Nail Salon

Create a Plan for Your Business

Meg King, salon and spa consultant for Empowering You Consulting said in an email to Small Business Trends, “The first step is to spend time creating a clear vision of your business. Yes, it should include how many stations, your menu of services, a detailed list of what you need along with what it will cost you to open. But another important step in creating a clear vision… one that is often overlooked, includes answers to these questions. What do you really want? How would do you define the culture you want to have in your business? What type of team members do you want to hire? Who’s your ideal client? The clearer we are on all the details the better we can manage our business plan for success.”

If you’re not sure where to start with your nail salon business plan, you might check out the Professional Beauty Association’s business blueprints, which are customizable plan templates available to association members.

Make Industry Connections

Ideally, some form of state-approved education and experience in a successful salon before jumping into your own business. You might also consider connecting with an industry consultant or finding a mentor who can help you understand what the day-to-day operations of a functioning nail salon look like. Groups or trade organizations like PBA can also help you gain valuable insights about the industry as a whole.

Obtain Permits and Licenses

The legal requirements for nail salons vary by location. But you’re likely to need a building permit, business license and state-approved training in order to officially open your business. If you’re not sure what is required in your area, connect with a local business attorney or check with your local government.

Analyze Your Finances

PBA Brand Manager Erin Walter said in an email interview with Small Business Trends, “There are numerous financial considerations to take in to account when looking at opening a business and it can be helpful to meet with a financial planner to navigate through some potential obstacles.”

Specifically, you’ll need to determine what you can afford in startup costs, what your business expenses will be and how much you think you can earn on an ongoing basis. Some of PBA’s business blueprints also offer insights into financial considerations like budgeting, compensation and credit card policies.

Find a Suitable Location

Before you can put many of the other aspects of your business into place, you’ll need to find a location for your shop. Ideally, it should be someplace centrally located and easily accessible for your target customers. However, this will also depend on your budget and space requirements.

Create a Service and Price List

Nail salon prices and services can vary widely. You might stick with just the basic manicure and pedicure, but you could also offer artificial nails, gel manicures, arm massages or various other spa services to your menu. Carefully consider what you and your staff will be able to provide and do some research on pricing to help you create a full menu of services.

Source Supplies

For a nail salon, you’ll likely need chairs, tables, nail polish, sanitation equipment, and various spa supplies. You may also want to carry a small inventory of nail products that customers can purchase. Shop around with various brands for your nail salon equipment and inventory so you can get the best possible value, while also considering the items that are likely to be most popular with your target customers.

Set Up Administration Processes

The day-to-day operations of your business will be significantly easier if you put processes into place early. Determine how you’ll schedule appointments, collect payments, manage payroll and nurture relationships with customers. Put software and other tools in place to make these things easier so when you get up and running, you can easily show your team how everything should be run.

Hire Nail Techs

Most nail salons have multiple nail technicians or other specialists on staff so they can offer services to multiple customers at once. You’ll want to find people who are trained and skilled in their area of expertise. But don’t forget to take personality into account as well. The conversations that take place during manicure and pedicure services are often a huge part of the customer experience. So you’ll need to look for people who are able to provide exceptional service to your target customers.

Promote Your Services Locally

When all those items are in place, you need to start actually promoting your business around your local community so potential customers can find you. Place local ads online or in print. You might also consider getting on social media and using some special events or promotions to build buzz early on.

Image: Depositphotos.com

This article, “How to Start a Nail Salon Business” was first published on Small Business Trends

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