Richard

Americans aged 25 to 34 earn an average annual salary of $56,160, according to data compiled by MarketWatch Guides.

However, some young U.S. workers are making that figure several times over — and relocating to places where their money will go further.

Financial technology company SmartAsset pulled IRS data to rank states by the net inflow of “young and rich” households — those aged 26 to 35 earning more than $200,000 a year — to find out where they’re leaving and going.

Related: ‘Finances Fuel Life Goals.’ These Top Money Secrets Can Make You Happier and More Successful, According to an Expert.

California experienced the largest exit of young and wealthy households in 2022, with more than 3,000 departures, per the study. Illinois saw the second-highest loss at 1,323.

Meanwhile, young high-earners are relocating to Florida and Texas; both states attracted more than double the young, rich households as any other state, with net gains at 1,786 and 1,660, respectively, according to the data.

Half of the states witnessing an influx of young, rich households have no state income tax, SmartAsset reported.

Related: How Debt and Taxes Can Make Smart Entrepreneurs Rich

Check out SmartAsset’s full ranking of the top 10 states that gained the most young and rich households below:

1. Florida

• Net migration of young and rich households: 1,786
• Outflow of young and rich households: 2,084
• Inflow of young and rich households: 3,870
• Total young and rich tax returns filed: 33,456
• Average AGI of young and rich households in the state: $526,273

2. Texas

• Net migration of young and rich households: 1,660
• Outflow of young and rich households: 3,376
• Inflow of young and rich households: 5,036
• Total young and rich tax returns filed: 65,904
• Average AGI of young and rich households in the state: $405,215

3. Colorado

• Net migration of young and rich households: 720
• Outflow of young and rich households: 1,417
• Inflow of young and rich households: 2,137
• Total young and rich tax returns filed: 19,911
• Average AGI of young and rich households in the state: $389,859

4. North Carolina

• Net migration of young and rich households: 521
• Outflow of young and rich households: 1,294
• Inflow of young and rich households: 1,815
• Total young and rich tax returns filed: 18,817
• Average AGI of young and rich households in the state: $375,057

5. Washington

• Net migration of young and rich households: 383
• Outflow of young and rich households: 3,088
• Inflow of young and rich households: 3,471
• Total young and rich tax returns filed: 50,509
• Average AGI of young and rich households in the state: $389,713

Related: Relocating Your Business Can Be Complicated — Here’s Your Step-by-Step Guide to a Seamless Move

6. South Carolina

• Net migration of young and rich households: 372
• Outflow of young and rich households: 399
• Inflow of young and rich households: 771
• Total young and rich tax returns filed: 6,120
• Average AGI of young and rich households in the state: $370,613

7. Tennessee

• Net migration of young and rich households: 347
• Outflow of young and rich households: 704
• Inflow of young and rich households: 1,051
• Total young and rich tax returns filed: 10,438
• Average AGI of young and rich households in the state: $451,633

8. New Jersey

• Net migration of young and rich households: 300
• Outflow of young and rich households: 3,135
• Inflow of young and rich households: 3,435
• Total young and rich tax returns filed: 35,294
• Average AGI of young and rich households in the state: $388,643

9. Arizona

• Net migration of young and rich households: 192
• Outflow of young and rich households: 802
• Inflow of young and rich households: 994
• Total young and rich tax returns filed: 10,992
• Average AGI of young and rich households in the state: $518,274

10. Nevada

• Net migration of young and rich households: 162
• Outflow of young and rich households: 464
• Inflow of young and rich households: 626
• Total young and rich tax returns filed: 4,764
• Average AGI of young and rich households in the state: $731,304

A “new” TikTok trend claiming people could get free money from Chase Bank ATMs is nothing more than old-fashioned check fraud, the company says.

The trend involved depositing a check for a high amount and taking out most of the money before the check bounced. On Thursday, a post about the scam on X was viewed over 7.5 million times — and the trend eventually snowballed into lines forming at Chase Banks in New York.

A Chase spokesperson confirmed on Tuesday that the bank knows about the situation and has addressed it. Chase has now fixed the error, locked accounts that took advantage of it, and leveled negative balances with the label “DR DUE TO ATM/DEP ERROR.”

Related: Jamie Dimon Says a Mild Recession Is Still on the Table: ‘There’s a Lot of Uncertainty Out There’

“Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple,” the spokesperson stated.

This run been personal pic.twitter.com/PQY9m39xa0

— Drench (@ionfeellnun) August 30, 2024

Check fraud has increased by 385% since the pandemic.

While TikTok and other social media may have played a negative part in the Chase glitch trend by spreading the word, TikTok has been the site of less fraudulent personal finance trends — like the “pay off my debt” trend, which saw viewers uniting and watching each other’s videos to help each other pay off debt.

“We have to remember that financial stability is usually a long game,” Jake Burgett, the physician assistant student behind the trend, told Entrepreneur in June. “Social media gives the illusion of a quick financial fix, and I am glad I got to put that theory into motion… But remember not to sacrifice more than you are able to along the way.”

Related: ‘Pay Off My Debt’ TikToker Explains How Much Money He Made from His Viral Video and the Inspiration for the Trend

Nearly half of the employees currently working at “buy now, pay later” startup Klarna could be replaced by AI in the next few years.

Klarna CEO Sebastian Siemiatkowski told The Financial Times last week that the company aims to almost halve its workforce within the next few years, from 3,800 people to 2,000. Instead of layoffs, the company will continue its hiring freeze that started in September and not hire replacements for people who leave the company.

“By simply not hiring, which we haven’t done since September … the company is kind of becoming smaller and smaller,” Siemiatkowski stated. He pointed out that the average revenue per Klarna employee had increased by 73% year-over-year.

The remaining employees will have AI to help with tasks, Siemiatkowski said.

Related: There Are New Rules for ‘Buy Now, Pay Later’ Programs — Here’s What to Know

“Not only can we do more with less, but we can do much more with less,” he told the Financial Times.

Klarna’s employees numbered 5,000 one year ago, but departing employees and the AI-induced hiring freeze have cut the company down to its current size.

^{Sebastian Siemiatkowski. Photo by David M. Benett/Dave Benett/Getty Images for Klarna}

Klarna claimed in February that its AI assistant did work equivalent to 700 full-time, human customer service agents. The AI assistant brought down customer inquiries to two minutes, compared to the previous 11-minute average conversation needed with human agents.

Related: Klarna Says Its AI Assistant Does the Work of 700 People. The Company Laid Off the Same Number of Employees 2 Years Ago.

Siemiatkowski wrote in a now-deleted post on X in May that Klarna’s in-house marketing team was half the size it was last year, but was producing more with AI and spent $6 million less.

Klarna’s second-quarter earnings report for 2024 showed its third consecutive quarter of growth in the U.S., with revenue and operating income up 17% and 21% year-over-year respectively.

Klarna is reportedly exploring a U.S. IPO at a valuation of $20 billion.

For many, Labor Day weekend marks the end of the summer season and one last long weekend to soak up the warm weather before getting the kids back to school and otherwise preparing for a busy fall.

Few of us pause to acknowledge the origin of Labor Day, a federal holiday created by Congress in 1894 to recognize and celebrate the social and economic achievements of American workers and remind us of the need to protect the rights, health and safety of the workforce.

The need to protect workers’ rights persists 130 years later, along with the need to re-focus on a problem that needs to be eradicated once and for all: the scourge of child labor.

It’s a crisis I’ve been working to solve for nearly 30 years, beginning when I was 12 years old and launched a small children’s charity that grew surprisingly large called Free The Children, which focussed on freeing enslaved children forced to work in factories in Pakistan and India.

Despite some progress over the years, the data on the number of children being deprived of an education and forced to put their physical and mental development at risk remains alarming.

According to the International Labour Organization (ILO), there are over 160 million children (those between 5 and 17) engaged in child labor. The numbers are highest in the least developed countries, with 23% of children in those countries forced into work.

The agriculture sector accounts for 70% of children in child labor (112 million), followed by 20% in services (31.4 million) and 10% in industry (16.5 million).

Unsurprisingly, there is a direct correlation between poverty and the prevalence of child labor. When Free the Children began its work in southeast Asia, we helped to physically remove children from the unsafe factories where they worked. But all too often, we would find the same kids back in the same factory a few weeks later because their families needed the income to survive.

We realized then that we needed a holistic approach focused on the root causes of child labor – poverty. But throwing money at the problem would not solve it. Poor community health, a lack of access to clean water and food coupled with poor education options and a lack of employment opportunities for adults all contribute to situations in which children working was seen as the only solution.

To break the cycle, all the root causes must be addressed simultaneously. Economic opportunity for parents means families don’t have to rely on their children working. Direct access to healthy food and clean water means children don’t have to spend their days walking dozens of miles to obtain drinking water and food. Proper healthcare ensures a healthy community in which adults can work, and children can attend school and thrive.

Related: How Masters of Marketing (Like You!) Can Help Fight Human Trafficking

Addressing these issues on a village-by-village basis helps to mitigate child labor on a micro level within communities. However, on a global, macro level, businesses play the biggest role in removing child labor from global supply chains.

The first step is acknowledging the problem and committing publicly to eliminating it. Global brands like IKEA and Costo have taken the lead in making such commitments.

IKEA has said that as global business it has a responsibility to demonstrate leadership by ensuring its own supply chain is free from child labor.

Costco has ramped up audits in countries that form part of its supply chain to ensure compliance with its Supplier Code of Conduct, which specifically prohibits child labor and only allows workers over the age of 18 to work in potentially hazardous conditions or with heavy machinery.

But it’s not just billion-dollar companies that will be part of the solution. Companies of all sizes and sectors can do their part by taking concrete steps to help end child labor in their own operations and supply chains.

Related: 3 McDonald’s Franchisees Fined for Child Labor Law Violations

Here are a few steps you can consider for your own business or organization:

1. Become a member of the ILO’s Child Labour Platform: Join other member companies like Coca-Cola, Chanel, Samsung and IKEA in their commitment to ending child labor. Members gain access to tools, events, workshops and partnerships with other businesses to help them identify, prevent and remediate child labor in their supply chains. Even if you don’t formally join, the ILO website offers multiple resources to help educate and address child labor.
2. Conduct a due diligence audit: These audits can help you understand where to look within your supply chain and what to watch for. If you make clothes, you can work to ensure that children do not pick the cotton you use. If you are in agriculture, you can conduct age verification audits or work to verify that children are not exposed to harmful pesticides.
3. Hire young people into appropriate roles: There’s nothing wrong with a 16-year-old getting their first job. In North America, that might be serving ice cream in a retail shop or checking tickets at the movie theatre. It’s important to know the distinction between that kind of job for a younger person and child labor, which the ILO defines child labor as work that deprives children of their childhood, their potential and their dignity, and that is harmful to physical and mental development.

Try to create roles at your company, like student internships or summer jobs, that allow younger people to save for college or buy a car in a safe environment doing age-appropriate work.

While these may seem like small steps, every impact helps in the global fight against the permanent elimination of child labor. As you enjoy the Labor Day holiday, consider going into fall by making a pledge for your company to be part of the solution.

Estée Lauder chairman Leonard Lauder called it the “lipstick effect” — the growth in demand for small luxuries during times of economic uncertainty. The assumption behind this phenomenon is that when people are under more stress, beauty and self-care rituals offer a form of psychological comfort.

McKinsey even reported a surge in demand for skincare and wellness products during the pandemic. So, with fears of an economic downturn never far from the surface, might the same apply to the more affordable alternatives to surgical procedures like tummy tucks?

One of the most recognizable dermatology brands in the U.S., LaserAway, has now expanded to over 120 locations and reports the industry has been growing at over 20% annually in America. CEO Scott Heckmann says that LaserAway experienced “strong years” in 2008 and 2020 despite the recessions. He put it down, in part, to patients moving away from higher-cost providers like plastic surgeons and dermatologists.

As CMO of Vagaro, a software provider to the wellness industry, I have witnessed it myself: So many people are abandoning surgical procedures for non-invasive methods such as body contouring that advancements in beauty technology are now allowing. They are simply more accessible and less overwhelming. I want to dive deeper into LaserAway’s growth as a barometer of the industry because it has drawn out three lessons that can help other beauty brands recession-proof themselves in an unpredictable economic climate.

Related: 7 Strategies to Recession Proof Your Business in 2024 and Beyond

1. A changing market is a good market

When customers trust a clinic’s practitioners with something as sensitive as their bodies and faces, being very transparent about what’s involved in a procedure is critical to credibility. LaserAway’s social media features videos with real people, real nurses, actual treatments and basic plotlines — at their heart, these procedures are about helping people find their self-confidence.

Providing people with a realistic picture of likely outcomes also ensures they are more likely to end up satisfied with the treatment. Internal data from our marketplace shows increasing demand for these non-invasive aesthetic treatments. Over the last five years, we have seen an average annual growth of new medspa businesses on our platform of 24%.

Technology has been a key factor. While cosmetic surgeons have a very limited audience at a high price point, medspa clinics offer myriad services that open the door to a large market — including an increasing number of men. In fact, skincare makes up 45.6% of the global men’s grooming market (worth $85.2 billion in 2023) as old masculine stereotypes give way to self-care among younger generations.

Related: 5 Recession-Proof Businesses to Start in a Turbulent Economy

2. Diversification builds resilience

In many industries, brands must be niche with their products or services. But medspa chains like LaserAway, Sculpt MD and Sono Bello can on-sell a range of services while still maintaining expertise in each area. That diversification is really important because it drives repeat customers and more revenue. When people get body contouring once, they are likely to come back. It’s the same with Botox.

On our platform, we’ve found that medspa businesses offer an average of 47 services. Having a balance of higher and lower-value offerings like this is a great strategy to maintain steady income through economic fluctuations as people regard treatments as an ongoing investment in their well-being.

Technology with embedded payments is also a key feature in helping people afford all types of treatments. A lot of consumers are choosing non-invasive procedures because they get the same results as surgery but don’t have to deal with the long recovery time.

However, the pay-later option can make these treatments financially viable. Getting people through the door, however, does not require the hard sell because consumers are savvier than ever about what they want and expect.

3. The power of referrals

All beauty businesses need to be aware that the traditional sales model has evolved after first engaging customers through their different digital and marketing channels. The pandemic was the big impetus for digital influence, but people now want to be impacted through the use of real-life case studies instead of feeling like they are being “sold to.” Hence, the role of influencers.

We can now assume that once people have sought out a product or service online and done their own research, they are already warm. For me, it is only once I have satisfied myself that a company has authority and integrity that I am ready to talk to a salesperson. The demand for more authenticity only reinforces the idea that the biggest point of sale in the beauty and wellness space should be referrals.

It will be interesting to watch companies shift to this new expectation of how consumers want to be influenced through sales. This is especially the case since they are already doing so much right, such as their onboarding process that leads patients to choose their treatment, their body target areas, number of treatments already received, and their age. This kind of data can inform the appropriate regime and be leveraged to anticipate consumer trends and continue to build credibility.

Related: How Small Businesses Can Survive and Thrive in a Recession

With more than 1 billion users in 200 countries worldwide, LinkedIn is currently the largest professional networking platform. So, whether for professional networking or job search purposes, it’s more important than ever to customize and optimize your LinkedIn profile. Similar to advertising, visitors to your profile page will likely spend just a few precious seconds to form an opinion, so it’s imperative that everything is clear, concise and on-message. Fortunately, LinkedIn has a robust feature set that enables a lot of customization. Unfortunately, many on the platform overlook key parts of their profile, in some cases not including them at all and often not optimizing what’s there.

As you craft your LinkedIn profile, the fundamental objective to keep in mind is that you want to clearly articulate four things in a concise and quick-to-digest manner: who you are, what you are doing professionally, what you have done and what you are looking for — especially for those who are job hunting. You should remove anything that does not contribute to any of these points.

Related: Learn How to Optimize Your LinkedIn Profile and Score Your Dream Job

Below are six key considerations and configurations in terms of optimizing your LinkedIn profile:

1. Your profile image

When you see a person’s profile on LinkedIn, at the very top is a background cover image. It’s shocking how often that critical piece of real estate is left blank. It’s easy to customize, so be sure to upload a cover. Anything is better than nothing, but I strongly encourage you to make the most of that space; don’t simply put a solid image or pattern there. Take advantage of that key spot by selecting an image that provides some sense of understanding and, ideally, even validation for you (check out mine, for example, showing an interview taking place) or, at the very least, conveys some kind of feeling about something important to you.

2. Get a verified checkmark

Below the cover photo, you want a verification check next to your name. This is a free service from LinkedIn and ensures potential employers and partners (as well as recruiters for those job hunting) that you are who you say you are. Fraudulent profiles are frequently created, so this verification gives your visitors additional confidence that your profile is legitimate. If you don’t currently have your profile verified, find a way to verify if possible (or the next time you can, do it; it’s important for the future, even if you cannot have it now). Understandably, you may have privacy concerns, and those same privacy concerns are, in reality, relevant to everything you do online via your desktop and mobile phone. Just keep in mind this is a vital verification for your career.

3. Craft your headline

Almost everyone on the platform has a headline entered. Many of them badly need improvement. This is a small amount of space to communicate some highly critical information. Avoid any extra words that don’t contribute to your definition. Avoid using lots of symbols. Avoid using broad, general language. Be concise, be specific and use this spot to clearly convey what you are, do, and/or want.

4. Showcase your work on your “personal billboard”

LinkedIn has a featured section you can add, yet many people don’t use it at all. Featured items can include posts, newsletters, articles, links, media or spotlighted content from your profile. You also can sort the list, which is essential as visitors will typically only see the first two to four of your featured items (depending on the viewing platform) without scrolling.

5. List your skills — and endorse your colleagues’ skills

LinkedIn allows you to list your top skills, and others can endorse you for those individual skills. Often, people have 50-plus skills associated with their profile and endorsements on some number of them. Are you aware that visitors to your profile page only see the top two in the list (unless they click to see more, which most don’t)? And, did you know that you have the ability to sort the list? Be sure to sort your skills so that the top two reflect the most important things a business partner or potential employer would want to see.

Related: Learn How to Optimize Your LinkedIn Profile and Score Your Dream Job

6. Showcase your experiences

Of vital importance is your experiences section, where you list out each of the companies you have worked for. The first mistake people make is using the description to describe the company. Think of this page as your CV; this space is where you should describe your role at the company. A line or two about the company is fine, of course, but consider also using bullets to highlight critical functions and accomplishments you’ve made while working there. This is especially important for your most recent experience or last couple if the most recent is a short duration. Often overlooked is that you can associate skills with each experience definition. You can also add media, such as press releases, white papers, interviews or other media related to your involvement with that company.

Incidentally, if you happen to subscribe to LinkedIn Sales Navigator, there is a tool available on the platform called the “Social Selling Index,” which measures your social selling efforts. This tool assesses your overall brand, relationships, people and insights. The brand portion of your index relates to your profile.

Some say LinkedIn is the CV replacement. I wouldn’t necessarily go that far, but it is unquestionably a vital professional tool for networking and worthwhile your time to configure and optimize. In some cases, it literally is used in place of a resume. In some cases, you’ll never make it to even being asked for your resume unless your LinkedIn page tells the right story up front. I encourage you to explore every section, try every configuration, arrange each arrangeable list to highlight what’s most important and be thoughtful with the images you use.

I never considered the importance of app accessibility until I found myself struggling to zoom in on every app I was using. Whether I was reading the fine print in my banking app or verifying my identity for a flight, the lack of accessible design was a constant frustration.

This personal experience reassured me of the critical nature of user interface and user experience. I started investigating how we can improve our customers’ journeys during the identity verification process.

Mobile applications now allow users to check in for a flight, access a bank account, apply for a visa, and much more. The user interface (UI) and user experience (UX) determine the smoothness of these processes.

Although UI and UX are crucial, they still need improvement, especially in identity verification. Enhancing these aspects is essential for businesses aiming to optimize user experience and operational efficiency.

The remote identity verification (IDV) process now serves as the starting point for many critical activities, making it essential that these systems — from completing financial transactions to interacting with government services – are accessible to everyone.

Remote verification from home helps people with special needs stay involved in many activities. However, this is only achievable if the interface and design of IDV systems are truly inclusive. What does it mean in practice?

Related: How to Navigate the Digital Identity Landscape

Working with customer frustration

A poor identity-proofing experience can significantly heighten customer frustration, leading to abandonment. It’s intuitive: prolonged, complex verification processes that demand extensive user engagement are more likely to discourage participation.

This is reflected in both business and customer expectations from IDV processes. According to Regula’s survey, 28% of respondents that represent digital nomads, people who deal with probably the most versatile range of various ID verification procedures, experience frustration because of poorly designed user interfaces. At the same time, every third company participating in the survey prioritizes a user-friendly interface and clear instructions in their IDV workflows.

Related: 7 Ways All Dating Apps Are Lying To You

What can be done right now

Everything, from UI’s logic and usability to the speed of response, as well as the choice of fonts and colors, significantly impacts the user’s perception and their willingness to continue using the solution.

As an IDV vendor, we’ve tried different approaches to creating an inclusive interface. Over time, as we got feedback from our customers and started to understand use cases better, we’ve come to pinpoint key principles that we adhere to in our solutions:

• Stick to minimal clutter. Keep the interface clean and straightforward, and refrain from adding too many elements, long instructions, tiny icons, etc. Nothing should overwhelm or confuse users.
• Consider color perception. People see colors differently, and some can’t differentiate them at all. So, it’s vital to ensure that essential cues are not color-dependent alone. Use geometric shapes or other indicators alongside colors to convey information.
• Rely on other sense organs, too. Activate tactile feedback, such as vibrations, or auditory signals, like jingles, to confirm user actions. This is crucial for providing reassurance and guiding users through the process.
• Don’t prioritize text over visuals and vice versa. There are always those who prefer text instructions and those who prefer images. The split is around 50-50, as we got it from our experience. Therefore, it is important to incorporate both text and visual support.
• Make the interface adapt to user settings. Always. For example, if a person has increased the font size in their phone settings, the IDV application should automatically display the text in the same larger size.

Ideally, IDV solutions should not need any instructions at all. The interface should be intuitively clear, and every step of the identity verification process should be smooth, logical, and instantly recognizable. However, if an instruction is required and it’s rather elaborate, it’s better to split it into several consecutive screens rather than fitting everything into one screen in a small font.

Ultimately, implementing automation in the ID verification process significantly enhances everyone’s user experience by simplifying complex steps and reducing the need for manual input. For example, automated document scanning and optical character recognition (OCR) simplify data extraction from identity documents, reducing the need for manual input. Facial recognition technology further streamlines the process by matching a user’s face with their ID photo. Automated error detection and real-time feedback help prevent and correct mistakes, while integration with existing databases enables quick validation of information. These advancements collectively make the ID verification process more accessible and less intimidating for those who may not be as tech-savvy.

Related: Why Business Leaders Need to Learn About about Digital IDs

Benefits for business

One billion people, or 15% of the world’s population, experience some form of disability. Making digital services, including IDV, accessible for them becomes a legal and ethical obligation for companies, and there are already policies that regulate web or mobile accessibility.

However, caring about accessibility in IDV also expands market opportunities for businesses and enhances the user experience for everyone. Designed to include users with various needs, from visual impairments to cognitive disabilities, online IDV systems provide numerous benefits that extend beyond accessibility.

First and foremost, such well-planned, inclusive interfaces broaden audience reach by creating equal access to IDV for everyone. Consequently, businesses benefit from greater market differentiation, attracting new customers.

Secondly, simplifying navigation, providing clear instructions and making it possible to adjust settings easily create a more straightforward, frictionless and enjoyable user experience, with minimum frustrations and errors during critical IDV steps. As a result, users tend to demonstrate higher trust and loyalty to the brand as they feel that their needs and preferences are considered.

Finally, by focusing on designing accessible and user-centric interfaces, businesses are inevitably encouraged to foster continuous improvement and innovation. Such companies become more agile in adapting to user feedback and evolving needs, which results in better products and services.

Inclusive UI on brand

Let’s not forget that IDV solutions are rarely used standalone (if it’s not a case of border crossing, of course). Now that so many services are done digitally, IDV has become an integral part of a wide range of scenarios, from banking to flight check-in to e-marketplaces and so on. In terms of interface, this means that an IDV vendor should make efforts to align with the UI requirements of a business that employs their solution.

IDV vendors should be flexible about modifying graphics and text elements and incorporating customer branding within the camera view interface used for ID verification, maintaining consistency with their brand identity and enhancing user familiarity. For those preferring a default UI, options should exist to customize basic elements such as colors and fonts.

Additionally, a solution that supports localization in multiple languages simplifies global deployment, making identity verification more accessible and convenient for users worldwide. As technology and user expectations evolve, ongoing refinement of these solutions may ensure that identity verification remains efficient and reliable across various applications.

Jersey Mike’s, the fast-growing sandwich chain that ranked #2 in the 2024 Franchise 500, has embarked on its first major international expansion, marking a significant milestone in its history. The company, which began with one location at the Jersey Shore in 1956, has been steadily growing its footprint across the U.S. and is now setting its sights on Canada, where it plans to open 300 new locations over the next several years.

“The opportunities are there,” Jersey Mike’s founder and CEO Peter Cancro told Entrepreneur in January while insisting the company’s philosophy won’t change. “We’ll expand internationally, but it’s got to be with the right groups, the right people.”

Jersey Mike’s chose Redberry Restaurants, a master franchisor that also owns Burger King and Taco Bell locations in Canada, to lead its expansion north of the border.

Related: Considering franchise ownership? Get started now to find your personalized list of franchises that match your lifestyle, interests and budget.

The decision to enter the Canadian market comes as Jersey Mike’s continues to see strong growth domestically — the brand has opened 1,000 new stores in the past five years. The Canadian expansion represents the next logical step for Jersey Mike’s, which has become a dominant player in the U.S. fast-casual dining space.

In addition to the international expansion, Cancro told Entrepreneur the company plans to open 1,000 additional stores in the U.S. over the next three years, with an eventual goal of 10,000 overall locations. However, the CEO was adamant about keeping the company’s expansion at 13% to 15% unit growth per year.

Related: How Entrepreneur Ranked This Year’s Franchise 500, and the Big Trends We Saw

“You don’t want to open up so many stores you’ll start closing them,” he told Entrepreneur. To bolster this steady growth, the company built an infrastructure of area managers to work in the field with franchisees from the time they open. “There’s a lot of weeks we’ll open 15 stores, and 1725269362 it’s not an issue or problem.”

Expanding into Canada also reflects the growing demand for Jersey Mike’s unique product offering. The brand has built a loyal customer base in the U.S. by offering a higher-quality alternative to traditional fast food. Jersey Mike’s emphasis on community involvement, including its annual Month of Giving, has further made it one of the most popular sub chains in the country.

Related: Don’t Have Time to Start a Business? This Doctor, Lawyer and Now Part-Time Franchisee Would Disagree.

Read More: QSR Magazine

Technology companies excelled during the early years of the coronavirus pandemic as businesses scrambled to adapt to remote and hybrid working. However, over the past couple of years, the industry has faced challenges including layoffs and global, macroeconomic uncertainties. While the sector appears to be recovering in 2024, having a strong brand continues to be essential to stand out from your competition.

Follow this guide to build a brand that secures your tech company’s future.

The importance of branding in the tech industry

Too often, branding is reduced to the visual appearance of a company. However, building a successful brand involves more than developing a logo and a strapline. Those elements are part of successful branding, but a strong brand gives meaning to an organization in the audience’s mind.

Branding creates an identity of a company in potential clients’ minds, helping differentiate the company and its products from competitors through an emotional connection. Think about Apple, for example: Over the past few decades, the company has built a reputation for innovation and quality, creating fiercely loyal customers in the process.

Strong brands inspire loyalty and trust, leading to repeat business and word-of-mouth referrals. Building those connections takes time, although brand teams can encourage these connections through loyalty programs.

Leading brand strategists understand their competitors’ branding strategies as well as their own and use their insights to differentiate their brands. If you’re representing a tech startup, for example, you may be looking at other startups and analyzing how they pitch themselves against industry giants.

Related: 3 Branding Strategies That Will Make Any Brand Stand Out

Defining your brand identity

Defining your brand identity starts by establishing a clear, compelling value proposition that communicates what distinguishes your tech brand from others. Zoom, the video conferencing software, excelled at this at the beginning of the pandemic. The brands addressed customer pain points by focusing on being user-friendly and reliable in a time of great uncertainty.

Define your brand’s core values, and draft a mission statement that aligns with your business goals and resonates with your audience. For modern tech brands, functionality is not enough. Emphasizing transparency and social responsibility are just as important.

With a value proposition, brand values and a mission established, you can start creating the visual and verbal elements of your brand identity. Logos, color schemes, typography and imagery form part of that. Once decided, use these elements consistently to increase brand recognition across all your communication channels.

Building brand awareness

Content marketing is one of the most impactful strategies tech brands can leverage to establish themselves as thought leaders in their industry. The customer relationship management platform, Hubspot, is a great example of a brand that built awareness through content marketing using blogs, case studies and other forms of content. The team shared valuable insights that helped connect with and engage its audience.

Social media posts and influencer collaborations are two more options to allow you to build brand awareness. Both amplify your branding and let you build connections with industry experts who can maximize your brand’s reach and grow your credibility.

Engage with tech journalists and media outlets to share your brand’s story and secure coverage for your brand’s milestones, product launches and innovations. Compelling press releases and pitches is often the first step in building media relations and keeping your brand and its founders in the spotlight.

Related: 2 Key Marketing Tactics to Increase Brand Awareness and Credibility

Creating a brand experience

Building a strong and resilient tech brand wouldn’t be possible without creating a user-centered experience. For your product and your brand to excel, customers should enjoy a seamless, intuitive user experience (UX) across all touchpoints. Customer feedback will help you refine your product’s and brand’s UX.

Foster a sense of community among your users through social media groups, events and online forums. Brands like WordPress have long encouraged users to exchange insights and expertise through user-generated content and code. Testimonials and reviews are also powerful when it comes to building trust and brand loyalty.

Exceptional customer support is the anchor of a great brand experience. Your commitment to customer service needs to be reflected in every interaction, from pre-sales inquiries to post-purchase support. Your team needs to understand that every customer service interaction is a branding opportunity that can enhance customer satisfaction and help you differentiate yourself from competitors.

Measuring brand performance and iterating

Building a strong tech brand is impossible without monitoring brand performance and adapting your approach. Define your most relevant key performance indicators (KPIs) to measure brand health, such as brand awareness, customer loyalty and market share. Analytics tools like tracking surveys and social listening will allow you to assess brand visibility and sentiment.

Don’t be afraid to solicit customer feedback through surveys, focus groups and online reviews to understand their perceptions of your brand. Being proactive about asking for feedback makes it easier to identify areas for improvement and opportunities to strengthen your brand.

Brand-building strategies aren’t static. While consistency in brand voice, appearance and other factors is important, leading brands iterate their strategy on an ongoing basis. To build a successful tech brand, your team needs to be prepared to refine and adapt your brand strategy based on market trends, competitive pressures and changing customer needs.

In most cases, changing logos and brand visuals are the most easily visible evidence of changing tech branding strategies. However, iterating a brand can go further than that. IBM, for example, transformed itself from a hardware brand to cloud computing and artificial intelligence (AI).

Related: Here’s How You Differentiate Yourself in a Crowded Market

Strong tech brands stand out in a competitive market and lay the foundations for a successful future. By following the strategies outlined in this guide, you’ll be well-equipped to build a solid brand that connects to customers in the long term. Branding is an ongoing process that requires a thorough understanding of your audience, consistent engagement and adaptability. With a clear brand identity, effective communication and a commitment to delivering exceptional experiences, your tech brand can achieve lasting success and recognition.

You have to be reachable while running your business. Staying connected is non-negotiable for everyone, whether you’re hopping from one meeting to the next or navigating through airports. But with all the hustle, the last thing you need is to be weighed down by bulky gadgets.

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Traveling with a smartphone doesn’t have to mean carrying around a cumbersome device. The NanoPhone offers a streamlined solution that focuses on what truly matters: staying connected and productive on the go.

Whether you’re attending a conference, a wedding, exploring a new city, or just need a reliable backup phone, the NanoPhone is your go-to tool for simplifying your tech while keeping all the essential features you rely on. It even has built-in cameras (front and back) to capture your important moments.

Downsizing your smartphone doesn’t mean downsizing your capabilities. The NanoPhone is the perfect example of how less can truly be more—offering all the essential functions you need in a portable, easy-to-carry design.

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StackSocial prices subject to change.