american made gifts to give on the holiday

Fulfill Your American Made Holiday Wishes

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Once you’ve put away those Thanksgiving leftovers, it suddenly hits you: The holidays are really underway. For most of us that means annual traditions, gift giving and keeping cozy as winter settles in.

Oh, and shopping.

According to the National Retail Federation, you’ll be spending around $1,048 this holiday season. This includes $659 on gifts, $227 on food and decorations. It leaves $162 for that little something extra for yourself or your family.

And thanks to the creativity of our neighbors across this country, an American made holiday season is just a handful of clicks away.

Annual traditions

Whether you like it real (18%, according to the American Christmas Tree Association) or artificial (82%), a big part of your Christmas tree’s charm is its ornaments. To add St. Nicholas themed metal ornaments to your boughs this Christmas, check out Wendell August Forge.

This year, Hanukkah runs from sundown on December 22 through sundown on December 30. Consider a hand-made menorah from Blackthorne Forge as the centerpiece of your family’s celebration.

Kwanzaa is celebrated each year from December 26 through January 1. To replenish your Kinara, Africa Imports offers an American-made set of three green, three red, and one black candles.

And, holiday gatherings wouldn’t be complete without some football. Wilson Sporting Goodsis an essential stop before kicking off your backyard scrimmage in American made holiday style.

Gift-giving

If a bicycle is on someone’s wish list this year, a number of American-assembled options can help you make that happen. From Dirt King USA’s tricycles to Seven Cycles’ custom mountain, racing, and endurance bikes, you’ll find a new ride for any level biker.

If you want your loved one to think of you in a pampering way all year long, consider a giving a soap subscription. The Grecian Soap Company and Dr. Squatch Soap Co . offer two different takes on the natural approach to getting clean.

We know your generosity stretches beyond your human bonds at this time of year. For the favorite canine in your life, consider a dog bedfrom West Paw Design, and if your kitty digs squeezing into small boxes—compression therapy is definitely a thing—pick up a cardboard-free cat snuggler from Whisker+Box [km12] .

And hey, if that last gift is proving incredibly elusive, we know the feeling. So head over to The White House Gift Shop to peruse an extensive assortment of products made in the USA.

Keeping cozy

Winter months mean chilly days and colder nights, even if you live in the southern reaches of the United States. Smartwool [km14] offers a variety of cozy sock styles to keep your feet warm around the clock in any time zone, .

For a layer of warmth on the sofa or in the bedroom, check out the colorful spectrum of hand- and machine-made quilts carried by QuiltBroker.

If the weather outside is frequently frightful, you’ll be hard-pressed to find footwear as reliably warm and weather resistant as L.L.Bean’s boots, one of many products manufactured in the USA by the Maine-based company.

Sometimes, you might need a little warming from the inside. For a spin on your favorite spirit, a hand-made whiskey barrel from UncommonGoods [km17] allows for some in-home aging.

The 2019 Holidays will come and go in the blink of an eye. American-made goods for an American-made holiday can help start traditions and bring festive memories that can last a lifetime.

talking about the different types of short term financing

Best Sources for Short Term Finance

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Short term finance options abound for businesses that need capital to meet immediate financial needs. Along with business loans, there are other ways to obtain working capital outside of what’s offered by traditional financial institutions. So, if you need short term business financing to improve cash flow or for another reason, consider these options.

1. Short term loan

Term loans are exactly what they sound like: a business loan repaid over a set term. These loans have fixed or variable interest rates, with varying borrowing limits.

A short term loan could help fill cash flow gaps or cover working capital needs. For instance, this type of financing could cover your payroll costs during the slow season or stock on up inventory. Short term loans are typically designed to be repaid in a year or less, though some lenders offer terms up to 36 months.

2. Merchant cash advance

Merchant cash advances offer a convenient way to acquire working capital for businesses with less than perfect credit. A merchant cash advance isn’t a traditional business loan. In fact, it’s not a loan at all. Instead, you receive an upfront sum of cash in exchange for a percentage of your future sales.

This type of financing may be appropriate for newer businesses that lack an operating history or strong credit. The caveat is that merchant cash advances can be more expensive than other types of short term business financing.

3. Accounts receivable financing

Accounts receivable financing allows businesses to leverage their outstanding receivables for a loan. There are two ways this type of financing can work. First, the accounts receivable financing company could lend you money based on the value of your outstanding invoices. You’d then pay the financing company back, along with a fee or factor rate. The other option is selling your outstanding invoices outright to the financing company. Then, it’s up to the lender to collect on those invoices from your customers.

In each case, this type of financing can be convenient for business owners. It’s possible to get funding in just a few business days. Like merchant cash advances, perfect credit isn’t required. It’s important to consider the factor rate and fees, however. This way, you understand what this short term business financing is costing you.

4. Inventory financing

Inventory financing is a short term financing avenue that product-based small businesses might consider. This type of financing offers working capital to purchase inventory. The inventory serves as collateral for the loan.

Here’s the idea: You should start repaying the loan fairly quickly as you sell the inventory you purchased. Inventory financing is interesting if you come across a great deal on inventory that you’d like to take advantage of. Alternately, you could use inventory financing to stock up for the busy season when cash flow is slower.

5. Business line of credit

A line of credit can offer flexible financing for the short term. With a business line of credit, you have a set amount of money you can borrow against. As you pay back what you borrow, you free up available credit.

This business loan alternative is attractive if you only want to pay interest on the amount of credit you’re using. With short or long term loans, you’d pay interest on the entire amount borrowed. A business line of credit generally requires a good credit score to qualify; the better your credit, the better your interest rate.

6. Trade credit

Also called vendor or supplier credit, trade credit is another way to bolster cash flow temporarily. With trade credit, your vendors allow you time to pay for products or supplies, instead of giving them cash on delivery. For example, payment may be due on Net 30 or Net 60 terms.

An advantage of using trade credit for the short term is that your vendors may charge little or no interest. In turn, this can be a helpful way to establish your business credit score and history if you’re able to report vendor tradelines to business credit bureaus.

7. Business credit cards

A business credit card isn’t the same as a business loan, but it can work well for short term finance needs. A business credit card is similar to a line of credit. You make purchases against your credit limit; as you pay them off (with interest), you free up available credit for new charges.

Also, a business credit card may be easier to qualify for than a business loan. Credit card companies typically check your personal – not your business – credit score. Many business credit cards also offer the opportunity to earn valuable rewards in the form of miles, points or cash back.

 

When comparing short term business financing, cover the basics. Check the interest rate and fees, repayment terms, whether any collateral is needed and the minimum requirements to qualify. This way, you’ll find the best short term finance solution for your business.

a list of the types of loans for dentists

Loans for Dentists: When a Credit Card Won’t Cut It

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If you’re one of the nearly 200,000 dentists in the U.S., building and maintaining a thriving practice is certainly a key goal. You might not know where to find the best fit for financing that meets your needs when you’re exploring loans for dentists. You also might wonder if you’ll qualify for any financing, especially if you recently graduated from dental school.

Credit cards are certainly one way to close funding gaps. Over time, however, your credit score may fall victim to this strategy and might decrease. Maxed-out cards and high credit utilization rates can do a real number on your credit score. Not to mention that the interest rate on credit card debt can also cut into your practice’s profits.

There are a wide variety of loans for dentists to help your practice meet its goals, no matter the stage of your dental careers.

The type of financing you need depends on what’s best for your practice’s needs. From loans to lines of credit, here are your funding options.

Business loans for dental practices

Funding immediate business needs could be satisfied by a rewards credit card with a generous credit limit. If you max out that card, however, you’ll be removing an immediate funding option meant for emergency expenses.

If your dental practice has an established track record, solid financials, and a business plan that charts out a path to continued revenue success, business loans could be an ideal solution to preserve your available credit card buying power.

Short-term loans for dentists are ideal for bridging cash flow gaps and maybe the occasional building repair or pay raise to retain a key employee. Longer-term loans can help you achieve larger projects like upgrading your practice’s patient management and billing software or even a renovation to your waiting room.

You’ll be looking at flexible terms, loan amounts, and even repayment schedules that can flex with your revenue flow.

SBA dental practice loans

When you need capital for your dental practice, your first thought might not be for an SBA (Small Business Administration) loan. However, SBA loans can offer dental professionals favorable terms, flexible maturity dates, and wide-ranging use of funds to meet a variety of business needs.

SBA loan amounts range from $50,000 to $5.5 million. While terms vary by use of funds, a typical repayment timeline ranges from five to 25 years.

While the SBA guarantees a portion of these loans for dentists (usually around 85 percent), loans are offered through banks and credit unions in your local community and online lending partners like Kapitus.

The qualification process for an SBA loan is rigorous. Business owners need to prepare multiple months’ worth of financial statements as part of the application process. SBA lenders will also typically require collateral to back the loan. It could be equipment or real estate that you currently own. Interest rates will typically be lower than non-collateralized loans.

Dental practice equipment loans

When your goal is to provide the utmost quality in dental care, you’ll have a continuous eye on equipment that can help you deliver.

From patient chairs to cabinetry, and x-ray imaging tools to lights, equipment loans can help you set your office up for success. As your practice grows, loans can help you keep up without feeling a crunch on your cash flow.

There is also the option to finance equipment leases with an upgrade option. This means your practice can keep up with the most current technology to better serve your patients. You won’t have to worry about your financing outlasting the relevance of your equipment.

Working capital and business lines of credit for dental practices

A business line of credit could be a powerful financial tool if you want a stream of capital that can be used for any purpose. Whether you need a working capital infusion for your practice or some cash to help navigate seasonality, a line of credit gives you cash at a moment’s notice.

SBA loans and traditional business loans have more rigorous underwriting processes. But, lines of credit are more flexible in their approval process. A line of credit is also applicable when your dental practice doesn’t have an immediate need for cash. You’ll have it ready when the need arises. You won’t have to endure the approval process when time is of the essence.

An unsecured business line of credit has a higher interest rate than a traditional business loan or line secured by collateral. However, an advantage to a line of credit is only having to borrow exactly as much as you need. This can help you save interest costs long-term. You’re only paying interest on what you’ve drawn on your line.

Helix financing

Like most healthcare businesses, dental practices have specific waters to navigate. As the insurance landscape becomes more nuanced, your cash flow might slow down. Delayed insurance payouts and low premiums can take a bite out of your cash-on-hand.

Helix healthcare financing from Kapitus can help free that cash back up.

Helix financing is designed with the needs of your dental practice in mind. They have an expedited underwriting process. The process infuses anywhere from $20,000 to $500,000 into your business in as little as three days. You’ll be hard-pressed to be caught short for capital again.

Terms for repayment are also flexible and intended to keep you out of a cash crunch as time goes on. Terms range from six months to ten years. Helix can help you shake free of the financial confines related to insurance payout timelines.

Next steps

Review the wide variety of financial tools and loans for dentists available. And, think about what your upcoming financial needs might be.

It might help to organize your business goals by short-term and long-term. Then sort those projected capital needs by dollar amount. This process can help you determine which financial solution will help your practice at the most reasonable cost over the term you need the funds.

Keep in mind that collateral-backed loans will likely offer the most favorable interest rates. They typically have longer approval windows. You’ll need to do some planning if they’re part of your business financing plans. Lines of credit can have shorter approval windows and offer funds at the ready when you need them.

If you’re curious about the above loans for dentists that might be the best fit for your business, reach out to the team at Kapitus. They’ll help you find the best solution for your growing practice while leaving your credit cards out of the mix and in your wallet.

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November Monthly Must Reads

Best Books for Small Business Owners – Built to Last

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November Monthly Must-Reads: Best Books for Small Business Owners

Life-long learning is an essential ingredient to business and careers success. However, it’s easier said than done – especially for business owners with a lot on their plate. If you own and/or run a business, you may find it difficult to make time for your own learning and professional development. So, we’re here with a strategy that you can fold into your everyday life: Reading the best books for small business owners. Keep up with current innovation, management and workforce trends by reading the right business books for your situation.

Save time by staying tuned to our Monthly Must-Reads series in which we cover well-known and new business books. For each featured book, we share its main focus and key take-aways, allowing you to determine within a minute whether it’s worth your valuable time. This month, we’re sharing Built to Last by Jim Collins and Jerry Porras. For a list of past Monthly Must-Reads, see the bottom of this blog post.

Business Book:

Built to Last, by Jim Collins and Jerry Porras

Focus:

What goes into building a successful company that lasts for generations to come

Main Idea:

Visionary companies that achieved long-term success did so by identifying and staying true their purpose.

“Managers at visionary companies simply do not accept the proposition that they must choose between short-term performance or long-term success. They build first and foremost for the long term while simultaneously holding themselves to highly demanding short-term standards.” – Built to Last

Great for Small Business Owners Who:

Want to take a long-term view of success and build a strong company culture.

Synopsis:

Building upon their six-year research project at Stanford University Graduate School of Business, Collins and Porras surveyed hundreds of CEOs at leading corporations. They used these responses along with industry research to identify 18 leading organizations that they call “visionary companies.” These visionary companies have not only stood the test of time, but many have also outpaced their competitors, even ones that had formerly been industry leaders.

So, what did they have in common that helped them rise above their rivals? Collins and Porras compare these companies to their peers throughout various stages of their lifecycles. In Built to Last, the authors lay out their discovery: The practical principles—with examples—behind how visionary companies set themselves apart.

Key Take-Aways:

  • Visionary companies identify their purpose and live for it. A purpose is a meaningful reason for a company to exist. In a truly visionary company, every decision meets and must support the organization’s guiding purpose.
  • Purpose takes precedence – especially over short-term profits. The leaders of time-tested visionary companies put their purpose first every time in order to support their long-term mission.

Reviewers Say:

“As a well-researched book might indicate, the authors provide a tremendous amount of detail on what makes companies such as Coca-Cola, Citi Bank, Wal-Mart, Walt Disney, Nordstrom, stand the test of time. These companies have been active in our lives for generations, and they reveal exactly how they have endured, and how they will continue to endure for many generations to come. Whether you are an entrepreneur, owner, middle manager or a salesman, this book will undoubtedly inspire you to reach great heights.”

“Thoroughly researched and filled with great points. … after the first few chapters, it becomes incredibly redundant. I could only read about Ford and 3M’s same success stories so many times before I became saturated with it and couldn’t take another dose. For the last few chapters, I read the first few pages and then went to the chapter’s ‘Take Away’ section and still got everything I wanted out of the book.”

Check out some of our other Monthly Must-Reads Business Books:

August – Blitzscaling

September – The E-Myth Revisited

October – Influence: The Psychology of Persuasion

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Tap Into the Advantages of User Review

Tap Into the Advantages of User Reviews

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User reviews are increasing in power. More people are using reviews when deciding which products to buy, services to use or restaurants to eat at. In fact, some people go so far as to avoid restaurants and service providers who do not have high positive ratings. According to Inc. magazine, 88 percent of customers looking to buy a product are influenced by the online reviews they read. However, many small business owners do not realize the numerous advantages of user reviews. Even more don’t know how to harness them.

Increase your rank, visibility and stand out from competitors.

More reviews can help increase your Google rankings, especially in those searches that are location-based. When searching terms such as “pizza restaurants near me” or “painting contractors in Detroit”, Google provides a map with a list of firms at the top of the first page. Obtaining a position up top increases your visibility and, along with the positive reviews, helps you stand out from your competitors. With a limited marketing budget, you can capitalize on this by focusing on obtaining reviews in conjunction with search engine optimization (SEO). This you can outsource to an online marketing firm for a moderate cost. But, be sure to read their reviews or get references before you agree to a paying relationship with them.

Consider the experience of Mr. Wise Electric, an electrical contractor serving both residential and commercial customers in the Atlanta metro area south of Buckhead. Owner and manager, AJ Nelson, noticed unsolicited positive customer reviews six to seven years ago and has seen an impact on business since. “I get feedback from customers and potential customers that they read the reviews. That puts them in a position to trust Mr. Wise Electric.”

Proactively solicit user reviews.

Should you ask customers for reviews? This really depends on your situation.

Nelson said that, while they may occasionally request a review, “I think it’s more genuine if they do it without my request”. However, he acknowledged that his firm has used Square as its merchant services provider since 2012. Square has been actively soliciting reviews on behalf of its customers since 2015-2016. Nelson knows that some of his customers have read these. Furthermore, Square offers a rewards program that the reviews are tied to, and this may incentivize customers to complete a review.

Wingler Construction, based in Whitehall, OH, outsources their website ranking and review solicitation to one firm. Vice president, Jessie Kemmerling, notifies the firm when a job is complete. The firm sends the customer an email requesting feedback and a user review. This automation takes the stress out of following up.

Manage your online reputation.

Proactively managing your user reviews helps you to maintain your online reputation. According to Inc., one one-star review needs four five-star reviews to maintain a four-star average. Regularly requesting reviews from satisfied customers more proactively counteracts that bad review.

Beginning in late 2018, Kemmerling made a concerted effort to get reviews. She realized that years old bad reviews on Yelp were negatively impacting business. An internet marketing firm reached out to the company and made their case and she bought in. That firm launched a combined effort to get existing and recent former customers posted on Google. Their efforts worked and the firm now has a 4.7-star ranking on Google and a five-star ranking on a related site. Kemmerling believes that some of the advantages of user reviews are how they help build trust and shorten sales cycles.

Increase revenues and profitability with user reviews.

Mr. Wise Electric wants to capture significant market share in their target area. Nelson noted, “I don’t think we’d have the impact on the market or be as known as we are [without the reviews].” Why? Because they’re experiencing unexpected benefits. “The reviews help make the customer willing to pay more to get quality”. Reviews also help attract target customers. “When you get reviews, you get the customers who are looking for a particular type of contractor”. The reviews tell them whether or not their firm is that contractor. Finally, user reviews reduce their advertising costs. Therefore, reviews are very valuable.

His firm uses Next Door, Nelson notes. Just as with user reviews, this app captures word-of-mouth experiences. If someone shares their positive experience with their neighbors, it increases the level of familiarity for others. “If a lot of people are familiar with the contractor, then that helps,” he stated.

The advantages of user reviews are significant. Tap into them to rev up your marketing, shorten your sales cycle and increase your profits.

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discussing different ways to decrease medical practice overhead

Decrease Medical Practice Overhead In These 7 Areas

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As an independent practitioner, you focus on providing high quality healthcare to your patients. But, you’re also a business owner with a wide range of expenses. All business owners want to reduce costs, but as a medical professional you want to be sure that your service doesn’t suffer in the process. The average medical practice has overhead between 60% and 70% of its revenue. This includes everything from staff salary and benefits to medical supplies, insurance premiums, rent, technology and more. To decrease medical practice overhead, focus on items that won’t negatively impact your patient or employee experience. Here are seven areas to consider when you want to decrease medical practice overhead.

1. Insurance

One of your largest annual expenditures is likely your malpractice insurance. Depending on your practice type and state, premiums start at about $4,000 a year and can go up to the tens of thousands. The typical practitioner pays about $10,000. To avoid overpaying, make a habit of reviewing your policy and getting new quotes each year. Make sure you’re also taking advantage of available discounts. You may qualify for a lower rate by being a member of an association or for taking a course on reducing your malpractice risk that some insurers offer.

2. Office Lease

Another way to cut costs is to review your office lease and compare it to available properties. If you’re not using your entire space, consider a smaller space or subleasing an office to another provider. Or, use the information you’ve gathered on market rates to negotiate with your landlord. While moving your practice could be inconvenient, it might save you money in the long run.

3. Supplies

Take inventory of your supplies on a regular basis as to not order too much. If you have a contract with a supply vendor, review the terms and renegotiate where possible. And, check prices with competitors with a quick internet search. You may be able to save money by ordering supplies in bulk. If this is the case, make sure you’re only doing this for the things you use most frequently. Also, take advantage of sales. Contact your rep to ask about deals they’re offering this month. Check if you can combine vendors and qualify for a volume discount. You may be surprised at the number of overlapping products your vendors offer, allowing you to streamline your ordering and decrease medical practice overhead.

4. Outside Services

Review the outside services you use each year, like your patient linens supplier or document shredding. You may find providers that are less expensive or that offer multiple services so you can combine and save. Or you may be able to team up with other healthcare providers in your building and request a discount if you agree to use the same service on the same delivery schedule.

5. Paper Usage

Find ways to cut back on your paper usage. In place of paper, a growing online program is HIPAA-compliant digital tools. For example, you could send new patients links to forms that they can download and fill out at home before coming to your office. You can also look into services that allow your patients to complete and securely submit forms online. An added benefit of using online forms is that it speeds up your check-in process. This can improve patient waiting times.

6. Billing

Sending paper bills can be costly. You run the risk that patient payments are delinquent or overlooked and must go into collections. Instead, start asking all patients to keep a credit or debit card on file. This step eliminates the patients’ need to mail in payment and helps you keep costs down by reducing your own billing charges. If a patient doesn’t want to provide a card, require prepayment.

7. Utilities

Finally, watch your utility bills and take steps to reduce them. For example, you can turn off all devices at the end of the day. Take it a step further by unplugging electronics or using power strips that can be turned off at the end of the day. Computers, scanners, copiers, medical devices and other electronic equipment use electricity even when they’re sitting idle or turned off. Also consider the kind of equipment you’re using. Switching from desktop to laptop computers can save 80-90% in electric usage. Whether you lease or purchase equipment, be sure to choose ENERGY STAR devices that automatically power down when inactive. This can help you save as much as 50% on your energy bill.

The Bottom Line

Reducing your costs can free up money to use in other ways. You can possibly provide your staff with higher salaries or more benefits, or invest in new equipment to expand the services you offer. Be sure to share your goals and ideas to decrease medical practice overhead with your staff. Your team probably knows what can be eliminated. Asking for employee input gives your staff ownership over the outcome and increases the chance of implementing these suggestions. And remember, minimizing costs requires everyone’s cooperation.

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How to negotiate a commercial lease to help your business prosper

How to Negotiate a Commercial Lease to Help Your Business Prosper

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A key factor in the success of your business is how effectively you negotiate a commercial lease. This impacts your cash outlays over several years, your operational efficiency and, depending upon your type of enterprise, your revenue as well. Thererfore, it’s essential to take a comprehensive and methodical approach before signing a lease agreement.

Here’s how the way you negotiate a commercial lease impacts you in those three areas:

  • Cash outlays: It’s not just the rent payment itself. It’s also the financial obligations you might also incur through the lease agreement, depending upon the lease type.
  • Operational efficiency: If you quickly outgrow the space you rent and can’t do anything about it, your operations can become bogged down due to overcrowding, or the inability to add more staff or equipment to meet the increased demand for your products or services.
  • Revenue: You might depend upon the convenience or visibility of your location to keep customers and draw in new ones. So, remember the old adage about the three most important criteria in real estate—location, location, location.

With those considerations and your business plan for the next few years, you can determine how much you can actually afford. Without some kind of multi-year rent budget in mind, you can’t make many other decisions. You don’t want to waste your time looking at places you can’t afford. And, you certainly don’t want to settle for barely adequate space without realizing you can afford more.

Assess Your Needs

Before you enter lease negotiations, make sure you take into account all the important considerations about the physical space itself. The hardest part involves making predictions. Consider, for example, local growth patterns in the community and any known big development projects (including infrastructure) in the works. Is the property you’re considering likely to be a more or less desirable location a few years from now?

Also, think about the tax and regulatory environment. Can you anticipate any changes that might make that jurisdiction become a more costly place to do business?

Once the location you like cleared that initial test, it’s time to focus on lease terms. Before you obtain a filled-in lease, it could be beneficial to ask the landlord for a blank one. That makes it easier to focus on all the variables and fine print you might overlook while going over the numbers.

What’s Covered in the Lease

Property-related costs addressed in the contract are the most basic thing to understand about a lease. For example, with a “triple net lease” – in addition to paying for the space itself – you’re responsible for the utilities, real estate taxes, insurance, routine upkeep and simple repairs. You’re on your own for everything except for major structural repairs (i.e. a collapsed roof).

With a “double net lease”, you pay for all of those items except maintenance and repairs. With a “single net lease”, you pay only for utilities and property tax. You might also find another kind of lease with a different cost-allocation formula.

None of these lease types is necessarily good or bad. When you negotiate a commercial lease, the more cost elements covered in the contract, the more exposed you are to cost increases – whether it’s in taxes, insurance or utilities. You can try to reduce that risk by negotiating limits on how much of a cost increase you’ll be obligated to absorb over the lease term. The more risk you take with these, the better the deal you’ll need to negotiate on the base rent.

Equally, or perhaps more importantly, is the length of the lease. How long are you willing to commit to staying at that location? Even if your lease allows you to sublet the property to someone else, you’re still on the hook for the rent. You’d assume the risk that whoever you sublet to will default.

Long Lease or Short?

Landlords generally prefer longer leases. It allows them to lock in a constant income for more time without trying to find a new tenant. Contrarily, the landlord might be willing to give you a better deal on the initial base rent. But, they might insist on having you responsible for the items you get in a triple net lease.

Still, what you want in regards to the length of the lease depends on the commercial real estate market environment. In a hot market, a landlord could push for a shorter term to raise the rent substantially.

Ten Lease Negotiation Tips

Here are ten more items to keep in mind when it’s time to negotiate a commercial lease:

Useable space

The number relates to space you can actually use when rent is by a per-square-foot basis. Things like elevator shafts, emergency stairwells and structural columns take up useable space. Measure the useable space and compare it to the number advertised. Minor discrepancies might be acceptable, but not big ones.

Sublease clauses

Insist upon finding another tenant to replace you to finish out the lease term if you need to move early.

Termination penalties

Perhaps you’ll want to break the lease without finding a tenant to complete the lease term. Try to keep the penalty reasonable.

Protection from competitors

If the landlord owns additional space nearby, include a provision that prevents the landlord from renting such space to a direct competitor.

Co-tenancy clause

This is the opposite of protection from competitors. If you chose to lease space adjacent to a “big box” store or a similar “anchor” tenant and you expect to draw foot traffic to your location, and that tenant leaves, you could suffer greatly. A co-tenancy clause allows you to break your lease in such a scenario.

Reasonable “cure” period

A “cure” period is the amount of time you’re given to catch up on rent if you’re behind – before incurring massive penalties or losing the lease entirely.

Certificate of occupancy

When space is used for something other than that for which the original building permit was issued, the landlord needs to obtain this document from local government. If you can’t move in until that document is obtained, protect yourself from paying rent during the time the landlord is waiting to get that certificate.

“Fixturization” period

Try to avoid paying rent during the time it takes you to modify the property so that it meets the needs of your business.

Utility costs

In the likely event that you pay the electricity, water, waste disposal and other utility bills, find out what you’re getting into. Ask to see a year’s worth of those bills from the prior tenant.

Parking rights

Does the landlord own or have access to a parking lot? If so, make sure you have enough spaces for employees and customers.

 

Finally, there are factors that can’t be pinpointed when you negotiate a commercial lease – whether it’s the responsiveness of the landlord when problems arise or possible issues involving neighboring tenants and their customers. For insights on those, you’ll need to do some research by talking to other tenants and spending time in the area observing its goings on.

When it comes to haggling over specific lease terms, you can get ahead by engaging a real estate attorney familiar with not only lease contract provisions, but local market conditions as well. That way, you reduce your chances of paying more than you have to. But as in any negotiation, expect to make some compromises to ensure not only that you end with an agreement, but set the tone for a positive long-term relationship with the landlord.

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woman listening to the ultimate small business playllist

The Ultimate Small Business Owner Playlist

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It’s important to make your own soundtrack that will take you through your good days and your bad when you’re a small business owner. Certain songs encourage, motivate, and inspire. Though there isn’t one ultimate small business owner playlist that is universal, each individual business owner needs to choose songs that mentally prepare them to lead their business every day.

To get you started, we asked ten professionals what they’re currently listening to, and they chose the number one song that would make it on their personal ultimate small business owner playlist. Here is what they had to say.

10 Songs that May Find Their Way To Your Ultimate Small Business Owner Playlist

“Lose Yourself” by Eminem

Cristin Downs, co-founder of Much More Media, says, “Lose Yourself, in my opinion, is the perfect come-from-behind song. When you feel down and out, or [if] someone else has counted you out, it’s the perfect song to buckle down and work hard to.”

“Good Riddance (Time of Your Life)” by Green Day

“I definitely listen to songs from when I was in college,” says Robin Walker, owner of Women’s business Workshop. “It reminds me of when I was young, energetic, and carefree, and after listening to it, I feel like I can take on anything. ‘Good Riddance’, reminds me to live in the moment because this is the time of our lives!”

“You Say” by Lauren Daigle

Life coach Jenni Schubring says, “Sometimes it’s easy to lose myself in my work, whether it is from someone’s difficult story or recognizing where I am lacking in my business. ‘You Say’ reminds me of the truth of who I am and why I do what I do.”

“Good Life” by Zhu

When you’re choosing your ultimate small business owner playlist, think about what you like more — the beat or the lyrics. Some songs have both. “I love listening to “Good Life” by Zhu,” says Greta Reid, owner and operator of Layerfied Designs. The beat is catchy and the lyrics are upbeat and empowering.”

“Play That Song” by Train

Here’s another song with lyrics and a beat. “When I work, fun music motivates and de-stresses me,” says Carrie Sharpe, communications consultant and speaker. “Train’s ‘Play That Song’ is upbeat and light, which helps me not get bogged down by tasks and heavy projects.”

“Better When I’m Dancing” by Meghan Trainor

Need a tune to liven up your day? Melissa Droegemueller, former early-childhood educator and founder of Rolling Prairie Readers, says, “When I need a bit of energy, I like to play “Better When I’m Dancing’ and have an impromptu dance party with my kids. It never fails to improve my mood!”

“Try Everything” from the Zootopia soundtrack by Shakira

Suzanne Brown, author and marketing consultant, says, “I heard ‘Try Everything’ while watching Zootopia with my young boys and thought the words spoke to entrepreneurs. So often, we need to continue to try and make effort without giving up. And, let’s be honest, it’s Shakira!”

“I’m Coming Out” by Diana Ross

Downs says, “I’m Coming Out” is the perfect song for when you’re feeling like you’re riding high. In my head, I see a montage of me walking down the street with an entourage and back-up singers. I want the world to know I crushed it, and this song does that for me.”

“Days Like This” by Van Morrison

Every day isn’t perfect as a small business owner, so sometimes, you need a song that will get you out of a funk. “Days Like This” does just that. Attorney and Realtor, Kate Berard says, This song’s perfect. It gets you out of a downward frame of mind so you can start feeling better and accomplish what you need to get done. It reminds me that if you’re struggling, it’s only temporary.”

“September” by Earth Wind and Fire

Mallika Malhotra, brand mentor and photographer says, “Every time I listen to “September”, it instantly puts me in a better mood! The music, the beat, the lyrics never get old and always has my body moving and shaking off any stress or fatigue.”

How Far I’ll Go from the Moana Soundtrack by Auli’i Cravalho

As for me, one of the top songs on my playlist is “How Far I’ll Go” from the Moana soundtrack. It reminds me of my calling as an entrepreneur — something that I toyed with until I jumped in! I remind myself of this when I’m starting a new project or upleveling my business.

 

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jeff neal with his critter fam

How this Online Pet Store Built a Community of Reptile Owners…With Free Crickets!

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Business owners are always brainstorming fresh, unique marketing strategies for their companies. In the social media age, it feels like everyone is bombarded with advertisements from brands. How do you cut through the clutter? The answer is simple: give away free crickets.

Perhaps that strategy sounds strange. But if you’re in the business of selling pet food to exotic reptile owners, “free crickets” can be a game-changer. That’s what Jeff Neal, owner of The Critter Depot, discovered when he was testing a new marketing plan. The Critter Depot is a specialty online retailer for reptile owners, shipping millions of live feeder insects every month. They sell crickets, mealworms, fly larvae, roaches and other tasty treats reptiles love to eat.

For the Love of Critters

The Critter Depot is also a supportive and informative resource for reptile pet owners. In addition to supporting reptile enthusiasts, Jeff Neal started a new online community for people who love their scaly, spiky creatures: a reptile network called CritterFam.com.

“CritterFam.com is our recently launched reptile network, where owners can post pics of their beautiful pets, and comment and support each other,” Jeff Neal said.

It’s very challenging, setting up a new online community. There’s already Facebook and Instagram and other social networks. What if you build a new site but no one uses it? No one likes being the only person at a party, even if they have a lovable pet lizard to keep them company. Would Critter Fam turn out successful, or would it end up being “Friendster for Lizard-lovers?”

“We struggled with the challenge of starting a new network and trying to attract users,” Jeff said. “People want to participate in a thriving and engaging community, and most newly-created networks just don’t have that level of engagement. We needed to figure out a way to quickly generate interest and build engagement on our site, especially in a way that would have a positive network effect and get more people involved.”

But how can you motivate reptile owners to participate in an online social network? What do reptiles love most, other than “heat lamps” and “comfortable rocks to rest upon?” It turns out the answer is: crickets!

“After some brainstorming, we decided that we would incentivize users to participate in Critter Fam by giving away a Year Supply of Free Crickets,” Jeff said. “This is how the Cricket Contest was born.”

Incentivization Increases Brand Traction

Held monthly, the Cricket Contest is a photo competition encouraging reptile owners to share snapshots of their most photogenic lizards, snakes and skinks, with the prize each month being a year’s supply of crickets. Reptile owners get a chance to win free crickets by sharing photos of their pets and participating in Critter Fam. So far, it’s been a big success!

“The network has only been active for about 8 months, but we already have about 2,000 members, who post pictures and share topics about reptiles and amphibians,” Jeff said.

But how does Critter Fam select a winner? After all, reptile beauty is in the eye of the beholder. To decide which bearded dragon pics are truly cricket-worthy each month, Critter Fam uses old-fashioned crowdsourcing – a.k.a. democracy.

“The photos that people share on our site are all wonderful, but unfortunately we can’t give free product to everyone,” Jeff Neal said. “To choose a winner each month, we came up with the concept of ‘Critter Gold,’ a voting system where users award points by upvoting people’s posts. Each post has an icon in the upper right corner, and when users click that icon, they give that post Critter Gold. At the end of each month, the post with the most Critter Gold wins a year supply of free crickets.”

The Critter Fam Cricket Contest has been a big success. The site is full of fun photos of lizards lounging in their well-furnished terrariums, cuddling with their owners and even enjoying a car ride in a windshield “hammock” or wearing a “wizard lizard” costume. It’s fun to see the different ways that people engage with their pets and share joy with a community.

There are a few key marketing lessons that your business can take away from Jeff Neal’s Critter Fam success story.

Go Deeper Into Niche Marketing

It can be hard to strike the right balance between growing your brand and rewarding your most loyal customers; Critter Fam is successful because they built a fun community for a niche audience who cares deeply about the subject.

Your business probably can’t compete with a mainstream social site – but you don’t have to. You can set up your own niche version of “Facebook for reptile lovers” or whatever your niche may be.

“People want to see really engaging content that they can relate to,” Jeff said. “And I think that’s why our reptile network has done well so far, because it’s pulling together like-minded people who have the same questions and interests. Social media sites are popular, and forums are essentially social media sites for niches.”

Be a Community Builder

The new frontier of small business marketing goes beyond making sales to your customers, and moves toward building a larger community where your customers can make connections with each other and get additional value from your business.

“There are already reptile forums that have been around for a long time,” Jeff said. “But they aren’t connected with an eCommerce store, so this gives our experience a little bit of a twist. And it could become a trend.”

Think about the ways you can generate a larger sense of community surrounding your business. If you own a brick-and-mortar retail store, look to share your space with local artists or nonprofit organizations after hours. If you’re a business consultant, start a discussion group on LinkedIn. Give people a reason to stay in touch with your business and keep coming back — be generous and connect people with each other.

Adopt a Guerrilla Marketing Mindset

Jeff Neal could have taken the easy way out and just bought more Google ads to sell more crickets. But instead, he got creative and built something much bigger.

“My advice for other business owners is that you really need to be creative,” Jeff said. “Don’t just post on Facebook or buy Google ads, because everyone else is doing that. Instead, you need to embrace the mindset of a guerrilla marketer, and figure out ways to get your product or service in front of thousands of people.”

Congratulations to Jeff Neal and the Critter Depot on the success of your marketing strategy and new Critter Fam site. Hopefully you’ll be giving away crickets (and selling even more crickets) for many years to come!

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Robert W Stolz and his wife Faiza

A veteran’s journey from the Marine Corp to international Loden coat and jacket merchant

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The journey from Marine desert sand uniforms to stylish European apparel might seem like an improbable one. Not for Robert W. Stolz. Robert served four years with the Marine Corps following 9/11. This journey yielded lessons that brought success to his growing sustainable clothing brand of men’s and women’s Loden wool coats.

This careers transition includes a crucial intermediate stop and marrying a woman from Austria. Austria happens to be home to the centuries-old tradition of durable Loden clothing. His wife presented Stolz with a traditional Loden jacket. When wearing it in the U.S., he often received compliments for its distinctive design. Later while living in Austria, he visited the traditional Loden mills. He was impressed by the environmental and social benefits of wearing high-quality sustainable clothing. This sparked an innate entrepreneurial streak that was absent from his years in the Marine Corps.

The Perfect Opportunity

Stolz learned German in order to pursue a degree in business strategy at the University of Vienna. While living with his wife in Austria, his studies coincided with his efforts to ramp up RobertWStolz.com. He focused on strategy, business intelligence and e-commerce. “It was the perfect opportunity to tailor my education to what I needed to know to build my business,” he says.

But “book learning” only takes you so far. Experiences during his military service from boot camp through his leadership duties as a sergeant played a vital role as well. “In the military,” he says, “I had to learn how to work with and motivate people from very diverse backgrounds. Part of that entailed learning how to be trusted and respected by subordinate Marines.”

Stolz formed relationships with mills and manufacturers in the Austrian clothing industry. Showing respect and kindness went a long way. “They had to take me seriously if I was to get what I needed, despite my lack of experience,” he says.

He needed breathing room in payment terms from his suppliers. But, it’s no small feat for a new retailer with no prior relationship with suppliers to receive credit for branded goods, but Stolz pulled it off.

Confidence Booster

Meeting the demands of military service in high-pressure situations bolstered Stolz’s confidence in making his ability to make his business a success. “It empowered me to think big and take on a huge, vaguely defined project like starting a company from scratch,” he adds.

The scope of the project stems partly from his need to acquire expertise in many areas Stolz had little or no background in. Those included wool fabric manufacturing, content development, web design, social media marketing, e-commerce financial administration and order processing, managing foreign currency exposure, international shipping logistics and customs regulations, to name a few.

The “project,” as Stolz calls his business launch, was “vaguely defined” . There was no precedent to use as an example. No American created a fashion label based on the unique qualities of Loden. He knew the products were exceptional and not readily available in the United States. There had to be a way to make it work.

Competitive Advantages

Stolz believes he has some valuable competitive advantages that are applicable to other kinds of small business ventures. Those include:

  • A small size with the owner focused on all facets of operations “enables prompt decision-making and the ability to pivot quickly when necessary.”
  • Low overhead costs, without the need to lease real estate or purchase expensive equipment.
  • No fixed contracts with marketing/advertising agencies, which provides flexibility in managing cash flow.
  • A lean cost structure that allows him to price his products competitively.
  • Being launched as an e-commerce business, he doesn’t have “any legacy issues transitioning to the digital economy and digital marketing channels.”
  • Being “born global” with European suppliers and a U.S. market, the company is well-positioned to expand into other global markets.

Even though there have been setbacks, Stolz did not assume that long-term success was inevitable. “I knew that the risk of failure was very high, and was prepared to accept failure and move on if it didn’t work out. It would be a great complement to my business, even if it didn’t take off.”

He didn’t anticipate experiencing an extended murky period of not knowing whether success will be achieved. Stolz says he expected to determine within a year or two whether the business would fly, or not. He thought it would either crash and burn right away, or take off. Things have not worked out that way.

Finding Your Product Market Fit

Instead, he experienced success in some areas, and not in others. For example, the market segment he originally assumed would be his strongest—”younger people concerned with ethical fashion”—turned out to be a disappointment. He found greater success with “an older demographic who appreciate the high quality of Loden and its sophisticated European style.”

And then, there are the usual problems that plague any business. Suppliers, service providers and logistics companies sometimes blow deadlines or fail to deliver.

“I guess the tenacity I acquired in the Marines has helped see me through the emotional ups and downs of the entrepreneurship roller coaster.”

What keeps Stolz going is a strong interest in almost all of the facets of the business. He says tasks like bookkeeping can be tedious. Even bookkeeping can become interesting, if not actually fun, “when the financial picture is positive,” he says.

He shares four lessons he has learned from running his business thus far:

  1. Running a business is an emotional roller coaster. When a business is your own creation, it’s hard not to take the inevitable ups and downs to heart.
  2. Make sure you aren’t financially dependent on the business until it’s well underway.
  3. Every product idea or business model should be tested to validate that it solves a problem, and if somebody is willing to pay for your solution.
  4. Don’t start your business in a vacuum with a “go it alone” mindset. Look for resources (including those uniquely available to veterans) and “become part of the ecosystem your business belongs to, with a network of people who can give you advice or introduce you to others who can.”

A “go it alone” approach could spell disaster in the military. “Lives might not be at stake if your business stumbles,” Stolz says. “But a collaborative, proactive approach will help you to avoid the business equivalent of a military defeat, and boost your prospects for a victory.”

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