5 Small Business Owners Share the Most Important...

5 Small-Business Owners Share The Most Important Book They’ve Ever Read

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Every so often, a book transforms the way you think. It fundamentally alters the way you see your business … and the world.

One of the most powerful books I’ve read in years is Gillian Zoe Segal’s, “Getting There: A Book of Mentors.” The coffee-table book collects the stories of more than two dozen of the world’s most successful and most visionary entrepreneurs, artists and leaders. Each leader—from Warren Buffett to Sarah Blakely to Kathy Ireland — talks about the toughest moments he or she has encountered. It also includes the best pieces of advice he or she has ever received, and most proud accomplishments.

The contributors divided the stories into chapters. Makes it easy to revisit bite-sized chunks of wisdom from one leader at a time. I’ve purchased the book as a gift for more than a dozen entrepreneur friends. Each of them have found the lessons to be impactful and inspiring.

Five other small-business owners share books below. They have made the biggest impact on their lives and in their business:

1. Essentialism: The Disciplined Pursuit of Less by Greg McKeown

John Hall, CEO and co-founder of Columbia, Missouri-based content marketing agency Influence & Co., recommends every small-business owner read, “Essentialism.”

“Simply put, it helps you focus on what really matters in business and in your life,” he says. “It simplifies things in a way that makes you more effective with your time, which is an asset you don’t get back.” Hall knows a thing or two about prioritizing time. He grew his agency to nearly 100 employees over the past five years.

2. Never Split the Difference by Chris Voss and Tahl Raz

“’Never Split the Difference: Negotiating As If Your Life Depended On It,’ is one of the best books I’ve read in a long time,” says Kenny Nguyen, CEO and co-founder of Baton Rouge, Louisiana-based branding agency Three Sixty Eight. “Former FBI lead negotiator Chris Voss explains how to counter people with unreasonable requests. He uses simple sentences like ‘How am I supposed to do that?’ His tactics have helped us make the person on the other side of the table solve the problem for us—and usually in our favor.”

3. It’s Not How Good You Are, It’s How Good You Want To Be by Paul Arden

Ashleigh Hansberger, co-founder of Dallas, Texas-based agency Motto says, “Paul Arden’s book is a quick read, but it’s very inspirational.” She adds, “It’s very deep and meaningful. Riddled with wisdom, it’s the kind of book you pick up over and over again. We love it so much that we give copies to our clients.”

4. QBQ! The Question Behind the Question: Practicing Personal Accountability at Work and in Life: by John G Miller

Chris Van Dusen, CEO of digital solutions company Parcon Media, says, “’The Question Behind The Question,’ is about understanding personal accountability and how to reframe your approach when problems or issues arise.” He says the book helps entrepreneurs “stop playing the blame game and start solving.” He adds, “It has helped me personally, and I have been able to pull out pieces and apply it to our team and even partners and clients.

5. Give And Take: Why Helping Others Drives Our Success by Adam Grant

John Ruhlin, CEO and founder of gift strategy and logistics company Ruhlin Group, says “’Give and Take,’ helped me understand how to thrive as Giver in the business world but still be able to protect myself from Takers. It also helped me understand the motivation and what makes a Matcher really tick.” He adds, “It made me more confident in how I operate and gave me a roadmap on how to leverage giving as a competitive advantage and not a weakness.” Leveraging giving is something Ruhlin is known for. He’s also the author of the popular book Giftology.

University of Rhode Island Partners with the US Navy to Support Small Business

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If you’re a Rhode Island small business in the defense, undersea technology or marine industries, a new partnership between the University of Rhode Island (URI) and U.S. Navy may provide access to resources previously unavailable, such as better facilities, unique equipment, industry expertise and new research.

This partnership was made official in April by the signing of an agreement between the University of Rhode Island’s Business Engagement Center (BEC) and the Naval Undersea Warfare Center (NUWC). Together, the two entities want to collaborate with each other. The shared mission is to promote education, jobs and economic growth for businesses in Rhode Island and the surrounding region.

Photo courtesy of URI.edu. The Naval Undersea Warfare Center (NUWC) & URI Business Engagement Center meet to sign the partnership agreement. Officials include Capt. Michael Coughlin, commanding officer of the NUWC Division Newport; Donald Aker, deputy technical director at NUWC; Vic Ricci, chief technology officer at NUWC; Theresa Baus, head of the Technology Partnerships Office at NUWC; Stephen Stewart, director, Small Business Program at NUWC; URI President David M. Dooley; URI Business Engagement Center Executive Director Katharine Flynn.

Reasons Behind the Partnership

The partnership has many potential benefits for small businesses throughout Rhode Island. Specifically, these two groups will focus on matching small businesses with URI and NUW. This way they can increase, particularly, the number of business patent licenses, development agreements, cooperative research and direct contracts.

Katharine Hazard Flynn, executive director of the business center, says small- and medium- sized defense businesses will also be able to leverage the connections they make through this partnership with labs, students and similar companies.

“This agreement will connect the vast resources available at the University and NUWC Newport to better serve our state and beyond,” said URI President David M. Dooley.

Why did the U.S. Navy and University of Rhode Island enter into this partnership? They both feel that not only will it benefit small businesses in their community but grow the economic strength of their state. Also, both entities will also receive benefits from working with small businesses. Furthermore, the Navy entered into the partnership to specifically have access to new and emerging technologies and proprietary research being done by innovative small businesses. In addition, it will increase their understanding of local and regional technology needs. For URI, it increases the portfolio of services they offer small businesses in Rhode Island.

How to Take Advantage of This Partnership

Once involved with the URI’s Business Engagement Center, you can take advantage of this partnership. As activities, events and possible business perks evolve, you’ll be the first to be informed by BEC if you’re connected to their community. Additionally, they provide communication to business owners they work with.

Other business services that URI’s Business Engagement Center offers include opportunities to find workforce talent to hire and sponsor research. Moreover they help move your business ideas to market and business development for your employees. They even have access to business planning facilities such as conference rooms and specialized equipment. You can find out more information about BEC and this partnership, or how BEC can support your local Rhode Island small business, on URI.org.

New Bill Could Revitalize Providence’s Small Businesses

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Small business owners know it’s important to fully understand state tax codes. But for Rhode Island businesses, taxes can be tougher than in any other states. This is due in large part to the complexities of its tax code structure. In fact, in an annual ranking of tax codes by the Tax Foundation, Rhode Island landed at 44th of 50 states for what the Tax Foundation refers to as states with, “overly complex, burdensome tax codes.”

Hope may be on the way, though. A new bill proposed by State Rep. Robert Nardolillo III could simplify the state’s tax code while also dropping sales tax from seven to three percent. Citing the state’s poor showing in many business-friendliness surveys, Nardolillo says his “Taking Care of Business” package could attract businesses and residents to the state. It could provide a much-needed boost to the state’s economy.

Attracting Business

Small businesses are vital to Rhode Island’s economy, with 90 percent of the state’s businesses employing 20 people or fewer. Yet without relief, some of those businesses may eventually choose to relocate to other areas of New England. It’s where sales tax is lower and local economies are stronger. This bill could keep Rhode Island’s cities competitive with other states as they strive to attract businesses that bring in jobs. The good news is, business development has already improved statewide, with big firms, including Johnson & Johnson, GE and Virgin Prime bringing jobs to the state within the next year.

Increase in Tourism

A reduced sales tax may encourage visitors. Nardodillo cites Rhode Island’s struggle to keep up with tourism in other New England states.  It’s the state with the highest sales tax in the region. Providence, for example, has always been a popular tourism destination, but the state knows that attracting more events like conferences and festivals can increase tourism even further. A decrease in sales tax could encourage visitors from surrounding states and beyond to plan a vacation to the city. It may also keep residents in the state during their own vacation rather than cross state lines.

New Residents

In addition to attracting new businesses that bring employees to the area, the bill could also have a direct impact on the state’s retirement population. As Nardodillo points out, Rhode Island’s estate tax serves as a deterrent to seniors. They relocate to states like Florida in their later years to preserve their assets. In fact, Rhode Island’s estate tax puts it on lists of worst states for retirement. Rhode Island’s 16 percent estate tax could drive seniors out of the state. Moreover, it deters seniors from choosing the state as a retirement option.

The bill is still under consideration, but in the meantime, businesses can get help with their sales tax questions from the State of Rhode Island Division of Taxation. The Small Business Administration also has several development centers in the Providence area designed to provide assistance to businesses that have 500 or fewer employees. By fully understanding sales tax laws in the state and finding ways to generate excitement about their products or services, small businesses can keep revenue flowing.

It’s now Easier — and Cheaper — to Buy or Sell a Colorado Small Business

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If you’ve been thinking about selling your Colorado business, or becoming a small business owner in the state, now may be the time to take advantage of the wide selection of businesses up for sale.

According to the 2017 Q1 Insight report by BizBuySell.com, more Colorado businesses are for sale now than in 2016. That’s an increase of 11 percent, and they’re cheaper than a year ago too (down 19 percent from 2016).

For example, in the surrounding Denver metropolitan area, these are metrics from the first quarter of 2017:

  • Businesses listed for sale: 496
  • Median asking price: $275,000
  • Median revenue: $500,000
  • Asking price to revenue average: .72
  • Median cash flow: $102,658

Why Small Business Sales are Increasing in Colorado & Nationwide

According to the year-end Insight Report from BizBuySell.com, 2016 was the healthiest year for business sales since they started recording this data in 2007. There were 7,842 businesses were sold last year. The 2017 Colorado business data shows 2017 is on track to outpace and beat 2016. In the first quarter of 2017, 2,368 small businesses were sold, which is an increase of 29 percent year over year.

But why is this happening?

BizBuySell attributes the growth in business sales to a healthy economy, strong business financials and access to financing. Demographically, the research suggests Baby Boomers are looking to exit small business ownership by capitalizing on the favorable market conditions. Younger buyers looking to purchase a small business are seeing healthy businesses with strong financials. Then are able to easily access the capital they need to purchase the business.

In addition, the data suggests the state of the small business sales industry is becoming more balanced in terms of fair market value. The median sale price for the first quarter of 2017 was $220,000 with the median asking price at $250,000. This means the average-sale-to-asking-price ratio is .92. It’s a very strong ratio that speaks to how both buyers and sellers are close to their assessment in what is fair market value for a United States small business.

How You Can Take Advantage of the Positive Small Business Sales Market

Buying a Business:

Determine the best type of business to buy: You should evaluate your background, education, experience, and personal passions. Don’t forget to keep in mind how much time you want to spend at your business and where you want it to be located. Then research your chosen market and business type to see what’s available and the asking price.

 

Figure out the value of the business you want to buy: Do a thorough research into business history and financials, in addition to business assets. It may be wise to hire a professional appraiser to help you.

 

Review the legal status, location and permits for the business: Make sure the owner has the legal rights to sell the business. And carefully comb through any issues that might crop up before your business can be operational.

Selling Your Business:

Prepare far in advance: It can take a while to gather documents, financials and everything you need to determine the price of your business. Then you will have to wait for the right buyer.

 

Increase profits: While you’re preparing to sell your business, do additional marketing or anything you can do to increase profits and customers. This can add value to your business.

 

Realistically price your business: Use online tools to understand what other businesses similar to yours in your area are selling for. It can be best to have a professional do an evaluation to determine your business’ value.

Welcome to a New Silicon Beach: A Tech Boom Takes Over South Florida

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The Sunshine State is becoming another Silicon Beach.

The amount of Florida real estate leased by technology companies doubled between 2013 and 2015, according to a 2016 report by commercial real estate firm CBRE. Technology companies accounted for 848,000 feet of new office space. This is an 83 percent jump from the year before and more than double from two years prior.

Throughout South Florida, dozens of incubators and accelerators have appeared. The just-formed Palm Beach Technology Association is another testament to the growing technology scene. eMerge Americas, a conference founded by tech entrepreneur Manny Medina, hopes to turn Miami into a technology hub for the Americas. It could allow the area to draw from the brightest talent in both the U.S. and Latin America.

“When smaller cities play to their strengths while simultaneously working to shore up their deficiencies, they can attract talented entrepreneurs and provide them with the necessary tools to succeed,” Medina wrote in an opinion piece for CNBC. “Simply put, Miami is at an inflection point. A once-secondary player on the global technology scene, Miami is finding its niche as an indispensable player.”

The Miami-Fort Lauderdale metro area ranked as No. 2 for startup activity in the U.S., according to a 2016 report by the Kauffman Foundation. CompTia, a trade group for the technology industry, says technology jobs have increased steadily in the region throughout the decade.

“If you compare Florida and the Miami metropolitan area to the national findings, it does indicate Florida had a very strong year for tech sector employment growth,” Tim Herbert, senior vice president of research and market intelligence at CompTIA, told the Miami Herald. “If you drill down into specific areas, one of the primary growth drivers has been the IT services category.”

High Life. Low Taxes.

The reasons for the technology boom are multi-faceted. Low taxes and low cost of living is attracting both entrepreneurs and tech workers. The area has numerous universities that, owning to the lack of established technology firms, are more willing to work with startups.

Moreover, the variety of languages that residents speak include English, Spanish, Dutch, German, Italian and more. It is beneficial to companies with an eye toward global expansion. “One reason Miami continues to see such strong growth in its start-up community is because of its diverse population,” says Matt Haggman, Miami program director for the Knight Foundation.

The region is becoming more diverse as well. In addition to world-renowned beaches, there are developments like Art Basel Miami Beach and the Wynwood Design District. They show that Miami itself is reaching a new maturity appealing to tech workers at all stages of their lives.

Next Great Economic Engine

The burgeoning technology ecosystem is having an impact on small businesses across industries. Most of the tech firms are small businesses themselves. However they are also forging partnerships across industries, with new business, like tech training schools, sprouting up to serve them. They are attracting new workers, which is causing retailers and other small businesses to spring up to serve them.

So, in essence, it’s the beginning of a transformation like in Silicon Valley or Massachusetts. It is transforming an entire area, radiating out through many industries and small businesses.

“Technology is the next great economic engine [in the area],” Alan Murphy Jr., general manager of Pioneer Linens in West Palm Beach and chairman of Palm Beach Tech said on the organization’s web page. “Our company has been around for 100 years, and adopting technology into our business will be keeping us here for 100 more.”

9 Steps to Boost Your Personal Brand in 2 Hours or...

9 Steps to Boost Your Personal Brand in 2 Hours or Less

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As a small business owner, you’ve likely heard a lot of talk about your “personal brand.” Entrepreneur defines a personal brand as“how you appear to the world,” noting that “a strong brand is preferable to one that is unpolished and uninteresting.”

Why does this matter? Because the way the world views you will inform the way the world views your businesses. Make no mistake, your potential employees, customers, clients, and partners WILL Google you—that’s simply a fact of today’s world that’s beyond your control. What is in your control, however, is what they find when they look you up. Set aside two hours to tackle the 9 steps below in one sitting. Before you know it, you’ll be so proud of how you look online that you’ll want everyone to Google you and your business. Here’s how to get started:

1. Know Your Personal Brand

Imagine yourself as a product. What would you tell someone about yourself? Your personal brand is sort of like an elevator pitch for how you want the world to see you. This step is the most important, and perhaps the most time consuming. Think about the things that are important to you. Your business will be part of it, but other things might, too — your involvement at your church, a club, civic organizations, your kid’s school, etc. Once you’ve keyed in on what’s important, write a 75-word biography, or personal brand statement, about yourself. Think: if there were going to be a story about me in the newspaper, what would the “about” blurb look like? Then, shorten it to a 15-word version (think Twitter bio). Don’t be afraid to share with those around you for feedback. These bios are important and will be used in many of the following steps.

2. Know Your Business Brand

This step is similar to the one above, but it’s for your business instead of yourself. What sets you apart from competitors? How are you unique? It could be your core values, mission statement, or a unique approach to customer service. Put these points of differentiation into words. Aim for a 30-word version and a 75-word version. This will be important as you talk about your business on your personal pages.

3. Google Yourself

If you aren’t currently Googling yourself on a regular basis, now is the time to start. Use Incognito Mode (or a similar disguised search feature in your favorite web browser) to ensure results appear as they will for a stranger. Make a note of the top 10 results. Note anything you don’t like, or any returns that come back for someone who shares your name but isn’t you. Next, filter results by “News” and “Images.” Again, note the top results and anything you see that you don’t like.

4. Update Your LinkedIn Profile

If you aren’t already on LinkedIn, sign up. The professional networking site is one of the first places people will look for information about you and your business. Choose a professional photo of yourself, and use the 75-word bio you wrote about yourself to help get your page started. If your small business doesn’t have a page already, it’s worth considering setting one up to share updates and communicate information. New to LinkedIn? This article offers 30 tips to help you reach pro status in no time.

5. Tune Up Your Personal Facebook Page

If you haven’t checked the privacy settings on your Facebook page in a while, now is a good time to do so. Regardless of if you think your Facebook is “personal” and separate from your business, it isn’t. Being a small business owner means having your business judged on YOU, the owner — including things you post online. Your Facebook profile should be a reflection of the personal brand you defined in Step #2. Consider deleting any posts that don’t fit within that description. You may also want to consider un-following pages that have the potential to alienate potential customers, including political pages.

6. Audit Your Other Social Network Choices

Now is a good time to decide which other social networks, if any, you’ll participate in personally. Remember that each is a reflection of you and, as an extension, a reflection of your business. There’s no right answer to which networks to participate in, but pay attention to the privacy settings on each to ensure you know what you’re sharing with whom. If you haven’t been active on a network in at least a year, consider deleting your profile or using it to direct people to a network where you are active.

7. Make Sure Your Email Address is Professional

Even if you only occasionally use email for your business, it’s important that it be professional. If you’re still rocking something that sounded cute in college, or a once-popular free email site, it’s time for an upgrade. If you have a business website that you use for email, [email protected] is always a strong choice. Otherwise, [email protected] is always a solid option.

8. Decide if You Need a Personal Website

While some small business owners choose to have a personal website (like firstlastname.com), it’s really a matter of personal choice. Some feel that for the $10-12 per year it costs to secure the URL, it’s a safety net against someone else scooping up the domain. Others like to build out a simple site with a photo, personal brand statement, business information, and clippings from any press. Still others choose to buy their names and redirect to the business website. The choice is yours — but it’s one to make now, while it’s top of mind.

9. Make a Date

Congrats, you’ve made it through the list! Now, set a calendar reminder once every month to Google yourself and check for updates. Do an incognito Google search every month to make sure no unwanted results appear on your front page. This can help ensure you remain in control of your personal brand.

Camden Mayor Hopes to Encourage Partnerships Between Small and Large Businesses

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The past three years have seen an economic regrowth for Camden, New Jersey, as numerous large corporations began to eye the city as a potential location as part of a $1.3 billion incentive program. Additionally, Camden has attracted startup businesses and smaller firms to the area.

A Commitment to Camden

Dana Redd, Camden’s Mayor, knows incentives are only part of building and growing the city’s economy. Along with other city officials, Mayor Redd launched the Committed to Camden initiative, dedicated to economic improvements in the former industrial town. Working through the Chamber of Commerce, Mayor Redd encourages Camden businesses of all sizes to work together.

One company that has embraced the initiative is Holtec International, a supplier of equipment and systems for the energy industry. The company plans a new campus which will span 50 acres in South Camden. This includes two manufacturing plants and a corporate engineering center. Holtec is using local subcontractors as well as other local businesses during the construction process. Accordingly, on its website, the company details ongoing measures it is taking to support the local community.

How Small Businesses Can Prepare

Whenever regions provide incentives or tax breaks to firms to attract new businesses to the area, smaller firms can position themselves to work with these larger companies.  Thus by starting early, smaller firms may be ahead of the competition, and give themselves entry into ongoing income opportunities. So here are a few things businesses can do to prepare for the changing ecosystem, in Camden and beyond.

– Join the Chamber of Commerce:

Camden’s initiatives work in cooperation with the Southern New Jersey Chamber of Commerce. Therefore small businesses that hold membership may be at an advantage in terms of receiving news about potential opportunities.

– Join Specialized Groups:

Beyond the Chamber, most cities provide multiple professional organizations and groups for education and networking opportunities. You may be able to learn of opportunities through these organizations. Camden has its fair share of specialized associations; local businesses may consider joining the Professional Women’s Network or registering with the Eastern Minority Supplier Development Council (EMSDC).

– Use the Summer Slowdown:

If your business usually experiences a slowdown in the summer, you can use this time to prepare for upcoming opportunities. Tasks like upgrading your website and doing competitive research can enhance your position in your local market. Here are ways to use the summer slowdown constructively.

– Network:

In addition to monitoring the local Chamber of Commerce’s calendar and taking advantage of business networking events in the area, social media sites like LinkedIn, MeetUp and Facebook can provide potential leads as larger firms move to your area. For example, a business group on LinkedIn for your area may become active with new members. MeetUp can help you find groups for newcomers to the area, both casual and business.

 

For new and existing small businesses, the incentivized growth in Camden may bring opportunities for partnerships that boost sales. So take measures now to target large businesses that may be relocating to your area.  Small businesses can get an early jump on building new and potentially long-lasting business relationships.

Who is footing the bill for minimum wage hike in New York?

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New minimum wages were implemented across New York State at the turn of the new year. It’s part of the nationwide $15 minimum wage movement. In New York, wages are staged to increase to a minimum of $15. This is across all industries on an indexed schedule over four years. While an estimated 2.3 million New Yorkers will benefit from the new legislation, many small businesses are already feeling the effects and struggling to rebalance costs in the first year of the plan.

Small businesses in New York City, for example, are grappling with an increase to a minimum wage of $10.50 if they have fewer than 10 employees, or $11 if they have more. And those figures will jump to $12 and $13 respectively in 2018. Across the state, there are 18 minimum wage levels set for different workers in different regions.

A minimum wage increase leads to more expenses than just having to pay higher wages. Employers will have to pay higher payroll taxes. Also, they will potentially have to put more money into 401k matches or other benefit plans.

Some business owners reason that higher wages will lead to an increase in disposable income to spend at local establishments. Thus, potentially stimulating small business margins. Others argue that higher wages might force businesses to lay off staff. It will hamper their ability to turn a profit. Increased costs associated with higher wages may also push up prices or lead several businesses to find other ways to reallocate the costs to consumers.

Restaurants in NYC

The restaurant industry in New York city is particularly hard hit by the wage hikes. They’re subject to the highest increases. They’re also most susceptible to those who pay workers off the books and can undercut the competition — as well as price-sensitive consumers.

Many restaurant owners have added surcharges to balance these dynamics. For example, if someone is used to getting a chicken entrée for $12 and suddenly that increases to $14, they may trade down and order a cheaper sandwich instead or skip the beverage order. The bill will end up costing the same for the consumer, but the restaurant owner will still have to manage higher costs. In turn, that might lead to staff layoffs or even force certain establishments to close.

Ultimately, it’s too soon to tell whether the increase in minimum wages will have a net positive or net negative effect on the economy, or on the financial stability of workers and small businesses alike.

How to Deal

For now, small businesses can consider a few practical steps to prepare for the ongoing effects of the minimum wage increase:

  • Cut back on your hours of operation or set overtime limits for your employees to reduce the wages you’re paying.
  • You may need to reduce staff or find ways to automate certain parts of your operations.
  • Look for ways to reduce any unnecessary costs. Make sure any investments you make are in areas with the greatest potential to generate a positive ROI.
  • Keep a close eye on the competition to determine optimal pricing. If everyone around you is raising their prices and you’re struggling financially, you might have to raise yours too.
  • Try to find new revenue streams or ways to expand your business that won’t require more staff. On the flip side, discontinue any services or products that aren’t generating enough return.

Illinois and Internet Privacy Bills: What Businesses Need to Know

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Companies are pushing for more customer data.  This information serves for making decisions on product development, crafting marketing campaigns, and deciding the overall direction of operations moving forward.

For customers, though, the popularity of data collection has brought concerns. A report from the TRUSTe/National Cyber Security Alliance (NCSA) reveals that 68 percent of customers are concerned about how their personal information is being used. Meanwhile only 57 percent say they’re concerned about losing their principal income. Perhaps acknowledging these concerns, legislators in Illinois are taking action to keep customers safe.

Right to Know

Among the bills working their way through the Illinois legislature is the Right to Know Act, which passed in the Illinois Senate Judiciary Committee recently. If approved across the board, the bill will require apps and websites to notify Illinois consumers of the information they’re collecting. If they sell or give the information to third parties, businesses will also have to disclose the names of those third parties to customers.

The act only provides a broad definition of the type of information it covers. Mostly it relates to personal data like names, addresses, birth dates, race, and gender. The law would not only apply to Illinois businesses. It also applies to any company that collects data on Illinois customers. These companies could be responsible for disclosing data collection efforts to the state’s residents.

What It Means

If you do business with Illinois customers, it’s important to follow the path of this bill. The good news is, if it’s passed, businesses will not have to proactively disclose data collection activities. A customer would have to request the information following a transaction with a business. Once requested, businesses would have up to 30 days to provide it. This means that companies should be ready to disclose their data collection practices quickly. If businesses aren’t already tracking the information they collect and what they do with that data, they will likely need to begin creating that paper trail once the bill is in place.

If the Illinois bill goes through, it could serve as a model for other states. These are states considering setting local privacy restrictions in light of the possible federal regulation rollback. For businesses that serve multiple states, this could create additional work. Companies will be required to set separate policies for data collection and tracking based on where customers live. The current federal rule requires internet providers to ask permission before collecting data on the online habits of their customers.

Opponents are concerned that the bill could stifle the state’s booming data analytics industry, especially in Chicago. However, many businesses will likely only need to ensure they’re tracking their information collection and usage efforts to prepare for a possible disclosure request. For businesses collecting and using information meeting customer approval, the bill may have few negative repercussions.

From Targeting Parents to Becoming One: Sarah Schupp’s Journey From Entrepreneur to Mompreneur

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Sarah Schupp has only been a mother for a few years, but she’s been in the parenting business since college. While at the University of Colorado at Boulder, she founded UniversityParent. It’s a publishing and web empire that helps parents of students across the country better navigate the college landscape.

“Whenever my parents visited me at college, I noticed that they were eager to learn more about the school and the local area. But there weren’t any resources really just meant for them,” she explains. “Most of the school’s information was geared towards students.” And — as Schupp has noted to Inc. and other outlets — she didn’t feel qualified to give her own parents much advice. As a student, for example, she had never stayed in hotels and frequented cheap pizza places for dinner. Not quite the experience her parents had in mind when they visited.

That first visit from Schupp’s parents sparked the idea for UniversityParent, a guidebook to help parents navigate all the new things involved with sending a kid off to school in another city. “I decided to pursue the business full-time after our team won the school’s business plan competition; and once I had several other schools that were interested in partnering with us,” she says.

As a student, Schupp had lots of passion, but not much experience targeting the university parent demographic she was chasing. “I think the hardest part about reaching a generation that I wasn’t a part of was trying to reach them in the same way that I wanted to be reached, or the same way that I accessed information,” she says. That disconnect made it harder for Schupp to gain momentum early on. “I had to guess what the audience wanted, and it was difficult to be taken seriously by our partners — both schools and advertisers,” Schupp says.

Schupp eventually found her way, collecting entrepreneurship accolades from the White House and the United Nations as well as being named one of Inc. magazine’s “30 under 30.” Her advice for other entrepreneurs or aspiring entrepreneurs targeting customers outside their own experience? “Be honest that you’re not part of their demographic. Don’t fake your way in, but instead, explain why you care about them. Explain why you’re trying to solve the problem you’re after,” she says. “For me, I would share that while I wasn’t a parent myself. I had experienced the problem from my parent’s perspective — and as a student. I knew there was a way to make it easier for parents to access information about the school, and the local community,” she says.

Over time, Schupp grew the business into a multi-million dollar publishing and digital enterprise. She has more than a dozen employees servicing hundreds of thousands of parents from hundreds of schools across the country. In 2016, she sold the print division of her company to allow her to focus more on the digital side — and spend time with her own growing family.

Q&A with Sarah Schupp: Transitioning from founder to working mom.

The ways in which people consume information have changed since 2004. What are the biggest ways technology has impacted your business?

One of the big reasons we sold the print division of the business was so that we could focus on growing the digital assets, especially UniversityParent.com. One of the biggest changes I’ve seen is that when we first started, we really relied on the universities to provide access to the parent audience. But because of our website, over time, we were reaching parents all over the world, regardless of a school partnership. It is so much easier now to reach your customer directly, just by providing the information they’re searching for online.

Now that you’re a parent yourself, how has the way you think about your business changed?

The way I think about my business has changed significantly. When I found out that I was pregnant, I downloaded an app called Babycenter. The app provides weekly reminders and updates about your pregnancy, and future child. When I started using it regularly, it connected the dots for me. I figured out how we could help parents better support their son or daughter through their college experience. While everyone has somewhat of a different experience, there are common themes and stages that most will face that we can help with, just by sharing the right content at the right time.

What was the hardest part of juggling your company with raising your daughters?

While it is not necessarily “hard,” the hardest thing about parenting and working for me is just navigating the logistics. Whether it is trying to fit in everything you need to do at work, or everything you need to at home, or for yourself, there is just so much less time. If I need to travel for work, it means covering a ton of logistics. It includes who can handle school drop-off, pick-up, making lunches, getting to swim team, etc. And then still feeling guilty about what I might be missing at home, or conversely at work because I didn’t go on the trip. There is a lot of FOMO (fear of missing out), and guilt about how I’m spending my time.

Besides your two girls, what else keeps you busy these days?

I’m currently involved in a few companies, mostly focused on digital marketing. I also teach in the entrepreneurship program at my alma mater, the University of Colorado at Boulder. This semester I’m teaching the Business Plan Class to graduating seniors who are non-business majors.

What’s the number-one lesson you hope your daughters learn from watching you build a company?

I want them to believe that they can create a job, a team, a product or a company that truly leverages what they do best.

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