Richard

When was the last time you entered an establishment, looked around, and thought, “This place is a real mom-and-pop shop!”

Historically, “mom-and-pop stores” were just that: small stores run by someone’s parents as a business that brought in just enough to raise their kids. Looking back a hundred years ago, you might think of a corner grocery, or a little bakery on a back street in town. These days, though, “mom and pop” can apply to any small business — though “small business” itself has expanded drastically to include businesses with up to hundreds of employees. That’s certainly not what most would think of with a mom-and-pop-type store.

At its core, a “mom and pop” endeavor is small, independent, and often family-owned and operated, hence the name. They tend to be local, with a limited audience. Though small stores can flourish in big cities, the mental image that most of us get is that of a small town, with a general store providing goods to loyal customers – many of whom don’t have much choice in where to shop. And while this may be true in small-town America, there are plenty of family-run independents everywhere you go.

But if you know that your little store has a limited audience, to begin with, it begs the question – is branding important for a mom-and-pop store?

The answer is yes. Here’s why.

Related: What Big Brands Can Learn From Mom-and-Pop Stores to Connect with Customers

Fighting the competition

By their very nature, mom-and-pop shops don’t have a lot of resources to draw on. In the era of globalization, this can make it even more difficult for small businesses to keep up.

It’s a fact that the financial state of the average citizen tends to be unstable. Jobs come and go, and the economy seems to be rocking more and more every year. With the rising cost of living, consumers are increasingly searching out cheaper products—and big businesses, outsourcing to other countries for manufacturing, are eager to oblige. If you can get a product online for a fraction of the cost of buying it at a local store, it seems like an obvious choice to make.

Luckily, there are some initiatives that are giving mom-and-pop shops an edge on ecommerce and big business. Small Business Saturday was founded in 2010 to encourage shopping locally; in its wake, hundreds of variations on the theme have popped up in communities across the U.S. Spending money in small local stores has become a point of pride for many, even if they spend more there than they would online.

However, branding still makes a difference for small local businesses, even if they have a limited audience. Part of that is due to the brand personality.

Make it easy to shop local

“Branding” as a whole incorporates a lot of things. It has visual aspects, such as a well-designed logo. Advertisements and campaigns fall under branding, too. However, a mom-and-pop store’s branding strategy emphasizes elements that are more important than your logo.

Think of it this way: branding is the process of introducing your business to your neighbors. Your logo is like telling them your name. But your brand personality is who you really are — not just what a shopper can find at your store, but why they would want to shop there.

A consumer might go to a big-box store for a certain product, but if you offer excellent customer service, they’ll come to your business for you. Customer service as a big part of branding can never be overrated, especially for a localized business that survives and thrives based on connections and loyalty.

Related: How Local Mom and Pop Shops Are Conquering Big Box and E-commerce

Establish your aesthetic with a local touch

This is not to dismiss the visual aspects of branding or imply that these don’t matter. Your logo, as I said, is like telling your neighbors your name. It puts a label, a mental image, in their mind. Every time they see that logo afterward, your business’s reputation will come to the fore — and if it’s associated with a pleasant workforce and a shopping experience they can feel good about, then your branding is working hand in hand.

Investing in your community and participating in local events is an excellent way to market your brand and network with your target audience: your neighbors. Your visual branding works along with your brand personality at these events, too – make sure that your presence, whether at a booth or as a sponsor, is marked with your logo and your company colors to make it clearly identifiable. When your audience sees a logo they recognize, they’re more likely to come looking for faces they recognize, too.

One key point to remember when designing your visual branding is to avoid taking a page out of the big box playbook. While big businesses tend towards more generic marketing to “play it safe” with a broad audience, you have the gift of knowing your audience well. Do what you can to personalize your visual branding to your local area. Logos that include local landmarks or features, business names that include the name of the town or the family who runs the store — anything that ties your business to your area and lets everyone know that you’re at home there will help your store engender loyalty in your community.

A small business like a mom-and-pop store can be challenging to run in today’s environment and economy. But with careful attention to branding—in customer service, in your branded visuals, and in your brand personality—a small store can grow into something truly successful.

Driving a car in 2024 and being unable to stream music and podcasts from your favorite apps through your car speakers can be super annoying. To help users overcome this limitation, the PlayAIBox Apple CarPlay and an Android Auto Wireless Adapter with streaming service support can bring your car up to speed with those that have Bluetooth-playing functionality and beyond.

The best part: It’s on sale for only $79.97 (reg. $129). This deal runs through 11:59 p.m. PT on July 21 only.

It comes designed with an Allwinner A133 chip, which lets you use multiple apps at a time without sacrificing speed or quality. It supports more than 800 vehicle models, and its compatibility with Apple and Android phones, plus its navigation apps, makes it a home run for consumers of all backgrounds.

The high-performance adapter is also well-designed for adventurers. It has a robust performance build and can withstand and operate in temperatures ranging from -30°C to 75°C.

Make sure to add this highly capable adapter to your car before this price drop ends. It can also make a world of difference when traveling for business.

Don’t miss your chance to save on this PlayAIBox Apple CarPlay and an Android Auto Wireless Adapter with streaming service support while it’s on sale for only $79.97 (reg. $129). This deal runs through 11:59 p.m. PT on July 21st only.

StackSocial prices subject to change.

Waste less time charging phones. During a special price drop that runs through 11:59 p.m. PT on July 21, this blue Speedy Mag Wireless Charger for iPhone is on sale for only $34.97 (reg. $119).

Having a dead iPhone can be a detriment to business and get in the way of costly opportunities during conversations, meetings, or even presentations. To avoid such scenarios and keep yourself or your team members connected as often as possible, consider grabbing a reliable, fast-working charger for the iPhone.

To save on faster charging for a while, consider jumping on this extraordinary price drop that runs through 11:59 p.m. PT on July 21, during which time this blue Speedy Mag Wireless Charger for iPhone is on sale for only $34.97 (reg. $119).

The wireless charger comes with a built-in magnetic plate designed to stick securely to your phone so that it stays on while charging. This can be great for use in a car or airplane where the surface might change during turns. It also comes with fast-charging capabilities, promising to get an iPhone up to full juice faster than its own typical charging accessory. It’s worth noting that the Speedy Mag is designed for use with iPhone models 12 and newer.

To learn more about this charger, you can check out its reviews in the Entrepreneur Store. One 4/5-star review there reads, “Works as expected, nice to have these in coat pockets or in my bag on the go so there’s always juice to top off the phone. Doesn’t last as long with the 15pro as other phones but gets job done.”

Don’t miss out on this special price drop that runs through 11:59 p.m. PT on July 21st, during which this blue Speedy Mag Wireless Charger for iPhone is on sale for only $34.97 (reg. $119).

StackSocial prices subject to change.

This Side Hustle Spotlight Q&A features 27-year-old Valentina Zapata, a Las Vegas-based entrepreneur behind The Shoe Game Co. Zapata’s side hustle turned full-time gig reselling sneakers sees more than $500,000 revenue a month. Responses have been edited for length and clarity.

What was your day job (or other sources of income) when you started your side hustle?
I was a life insurance broker.

When did you start your side hustle, and where did you find the inspiration for it?
It was the post-pandemic era; my girlfriend actually encouraged me to pick it back up as something positive to do on the side.

Related: This Former Flight Attendant and Her Roommate Started a Side Hustle With Just $2,000 Each. Then It Earned Them Nearly $600,000 — and Counting.

What were some of the first steps you took to get your side hustle off the ground?
We started with Instagram, then we went to Facebook Marketplace and drove almost an hour for our first “flip.” And we just kept rinsing and repeating.

What were some of the biggest challenges you faced while building your side hustle, and how did you navigate them?
Learning what not to buy — what sits — and that all “good deals” are not all good deals. And the biggest lesson we learned early on: spotting fakes! This cost us the most money; however, we watched videos, learned, took the Ls on the chin and kept pushing. Lastly, as resellers, we’re always struggling with sitting inventory. This was something we wanted to solve — how could we sell and sell fast?

Related: She Grew Her Side Hustle Sales From $0 to Over $6 Million in Just 6 Months — and an ‘Old-School’ Mindset Helped Her Do It

How long did it take you to see consistent monthly revenue? How much did the side hustle earn?
We saw consistent income at $7,000 a month, but it wasn’t until we got on the live-selling platform Whatnot that things exploded for us. That’s when we shifted our operation to full-time.

When and why did you decide to take the side hustle full-time? What does growth and revenue look like now?
We decided to take this side hustle full-time within two months of being on Whatnot. We saw the reach and community, and more importantly, we knew the sneaker category on Whatnot was relatively new, just as live-selling was, and we didn’t want to miss it. We’re doing over $500,000 a month in revenue — and just signed and moved into our new 6,000-square-foot warehouse. We now have seven employees in less than two years and have no plans to slow down.

Related: ‘The Work Just Fills My Soul’: She Turned Her Creative Side Hustle Into a 6-Figure ‘Dream’ Business

What do you enjoy most about running this business?
I love seeing the team grow and their lives change around me as we work hard, and it pays off. In addition to our team winning, our community is so beautiful — it’s so much more than just selling.

What’s your advice for others hoping to start successful side hustles or businesses of their own?
Build and drive community — everything else will follow. The only way to stand out in a digital era is building a strong brand reach.

This article is part of our ongoing Young Entrepreneur® series highlighting the stories, challenges and triumphs of being a young business owner.

Looking for your next side hustle? Become a member of Entrepreneur+ and get access to the most profitable ways to earn extra cash today. Subscribe now during our 4th of July Sale and you’ll save 33%.

We all look forward to taking a dip in the pool during the summer when the sun is shining, but the inevitable dip in sales from June to August can leave business owners in a bind.

According to one 2023 study, two-thirds of B2B businesses experience a sales slump over the summer, and of the businesses affected, nearly 75% reported a drop in sales of 20% or more. Also, one in five claimed dips of 40% or more.

If you are in one of the industries that anticipate a summer sales slump, there are ways to confront it head-on and walk out of August victorious. These three tactics have been tested by my team over the years and have resulted in us reaching $100 million in annual revenue.

Related: 3 Great Ways to Beat the Summer Slowdown and Get More Clients

1. Mail postcards every week; they achieve 600% more revenue per lead

I’ve built my business on the pure fact that direct mail marketing works. Postcards may not seem as enticing as a flashy social media ad, but they leave a lasting impression nonetheless. Individuals can hold a tangible card in their hands and save it for a rainy day. Research shows direct mail has an average engagement rate of 95% and is interacted with at least four times at home.

But the efficacy of postcards really is no surprise due to rising digital fatigue. One study that surveyed 10,250 consumers found that 49% said they spend too much time online and want to reduce that time.

The very nature of direct mail forces an individual to stop and take time to read the advertisement. This gives you a bigger opportunity to hook your prospect and close a sale. Business owners also have far more targeting options with direct mail than digital advertisements, so the campaign will be more effective and deliver better results.

Sixty-five percent of households with incomes of $100,000 or more made a purchase in the past 30 days because of direct mail advertising, research shows. So not only do prospects pay more attention to mailers, but they also are more likely to purchase a product or service from you as a result.

My company mails 232,000 postcards a week exclusively promoting our own products and services like clockwork. Last year, we analyzed 114,373 leads that converted to sales in 2023 and found that we achieve 600% more revenue per lead from postcards than digital ads. Specifically, $229.41 in revenue for every postcard lead versus $37.09 in revenue per lead from pay-per-click. You may receive more leads from other marketing channels, but they won’t be as high quality as the ones you get from mailers.

2. Increase your marketing budget in the 4-6 weeks leading up to summer to have more leads in the pipeline

My most effective marketing principle is to market like crazy — market more than you think is sane. The reason for this is because the amount of effort you put into your marketing will determine your results. The more you invest into your advertising, the more revenue you’ll generate.

So right before summer starts, about 4-6 weeks before, increase your marketing budget to increase leads. Whether that means you mail thousands of more postcards, create more video advertisements for Instagram or YouTube, or hire another sales professional to do outbound phone calls, text messages and follow-ups, just give it 1,000%. We hire five high school students on summer break to help make additional phone calls to past prospects and customers every summer.

Even if you don’t have the additional money to do this, come up with low-cost or no-cost ways to reach out to prospects more and spread awareness of your brand. This could be public relations, more posts on social media, email blasts or higher phone call quotas for sales reps if business is slower and they have more free time.

By the time summer is in full swing, you should have loads of leads to pursue and even more sales to close. This will get you through the lull until October comes along with the normal flow of purchases.

Related: The Growth Hack My Clients Hate the Most Is the One That Promises the Biggest Financial Rewards — Here’s What You Should Know

3. Re-ignite past customers and old leads with new offers and retargeting

Obtaining new leads to get you through the summer slump is important, but don’t forget about other opportunities to increase revenue, like bringing back customers for a second purchase and revisiting old leads that never purchased from you.

For the contacts who have been sitting in your CRM for years and have still never bought a service or product, create a list and send them a special offer in the mail to encourage a response. These mailings can be automated through a direct mail API connection. Whether you use SalesForce, Zoho or other CRM platform, an API connection that automates these mailings will save you time and money.

Don’t assume these old contacts are a waste of resources. I’ve had prospects in my database that didn’t respond to our postcards and emails for years and then they finally made the decision to reach out and start marketing services with us. I’m glad we never gave up!

For the customers who haven’t bought anything in a while, segment them into separate lists, such as: haven’t bought in one month, six months or a year. Then, add them to specific email funnels and mail them postcards with an exclusive discount code only available to current customers. If you are an ecommerce business, do another marketing campaign that targets people who abandoned their online shopping carts. A QR code on the mailer will make it easy for them to hop back into your website and complete the purchase.

Related: How to Boost Your Business With Direct Mail Automation and Retargeting — a Detailed Beginner’s Guide

Besides implementing all of these tactics, you can also use the extra time during the summer slowdown to plan out the marketing for the rest of the year. The last quarter, much like a football game, is always the most intense, so invest some attention on how to end the year strong. With all that extra cash coming in, you may just end up rewarding yourself with a margarita poolside.

TL;DR: Keep your personal and business data secure while traveling with the Deeper Connect Air Portable VPN Travel Router, now $60 off when you use promo code CONNECT.

Every entrepreneur has a host of important data that they don’t want falling into the wrong hands. When you connect to public Wi-Fi, you put that data at least a little at risk. So, when you’re traveling and connecting to Wi-Fi at the airport, on the plane, and at the hotel, it’s important to give yourself the protection you need. With the Deeper Connect Air Portable VPN Travel Router, you’ll be covered, and you can get it on sale during our version of Prime Day.

This plug-and-play security solution is fully loaded with a Decentralized VPN (DPN), ad blocker, and cybersecurity features to keep your device and data safe without any subscription fees. When you plug it in, you’ll connect to a decentralized, military-grade encrypted network that lets you access your work files and bypass geographic restrictions no matter where you are in the world.

The travel router can connect to more than 80,000 nodes worldwide, allowing you to reach speeds of up to 300Mbps when connected to a powerful enough network. The intelligent software switches nodes automatically according to your internet usage to optimize speeds and always blocks ads—even YouTube ones. It’s also set up to support more than 80 Web3 features.

Whether you’re a remote worker getting online at a coffee shop or traveling abroad and need safe internet access, this travel router has you covered.

Enjoy a better, safer internet experience while traveling or working remotely.

For a limited time only, you can get the Deeper Connect Air Portable VPN Travel Router for $159 (reg. $219) when you use the promo code CONNECT.

StackSocial prices subject to change.

Save on everything you need to run your business (and your personal life) when you lock in a one-year Sam’s Club Membership for just $20 through July 7.

Life is expensive, especially for entrepreneurs. When you’re juggling the expenses of your personal life and the ones needed to run your business, it can become a significant drag on your budget. You need to find ways to save, and that doesn’t just mean cutting back on staff or opting for a lesser software subscription. Locking in daily savings is possible when you have a Sam’s Club Membership.

At Sam’s Club, members can access savings on everything they need for their business and personal lives. From office supplies and equipment to groceries, clothing, and much more, Sam’s Club members can peruse the aisles for wholesale prices unmatched by traditional retail. During our version of Prime Day, you can sign up for a one-year membership with auto-renew for just $20.

With this limited-time deal, you’ll get access to the exceptional variety at Sam’s Club, allowing you to save on a variety of products to help your business grow. Not only that, but you’ll also be able to access extra perks like savings on hotels, car rentals, live events, movies, and more.

Need to travel to a new city for a conference? Sam’s Club can help you save. Want to entertain a potential client at an event? You might be able to find a discounted price. No matter what you need, a membership grants you access to quality, convenience, and affordability in a single place. It’s a one-stop solution that simplifies your life and business.

It’s time to elevate your savings strategy with the help of Sam’s Club.

Now through 11:59 p.m. PT on July 7, you can get a one-year Sam’s Club Membership with auto-renew for just $20.

StackSocial prices subject to change.

Judy Garland passed away 55 years ago — but put any document, e-book, or file into a new AI app, and her voice will be what you hear reading to you.

Text-to-speech AI startup ElevenLabs announced on Tuesday that its free Reader App uses AI cloning to replicate the unique voices of Garland, James Dean, Burt Reynolds and Sir Laurence Olivier.

The app, which came out last week on iOS (with preregistration open for Android), takes any PDF file, article or text and transforms it into a voiceover that sounds like one of the iconic voices — complete with emotion and contextual understanding.

“It’s exciting to see our mother’s voice available to the countless millions of people who love her,” Liza Minnelli, daughter of Judy Garland and representative of the Garland Estate, said in the press release. Minnelli added, “Our family believes that this will bring new fans to Mama.”

ElevenLabs worked with the estates of the late stars to develop the technology.

The startup envisions users listening to Sherlock Homes in Olivier’s voice or The Wonderful Wizard of Oz in Garland’s voice.

^{Judy Garland in the 1939 movie The Wizard of Oz directed by Victor Fleming. Credit: Getty Images}

Voice-cloning isn’t a new application of AI, and some of its use cases can be problematic. For example, audio cloning has been used to attempt to scam people out of money and personal information.

Related: Scammers Are Using AI to Clone Your Loved One’s Voice

ElevenLabs users can easily create audio deepfakes, or realistic-sounding impersonations of someone’s voice. In January 2023, the startup acknowledged that its technology had been used “for malicious purposes” and decided to put voice-cloning behind a paywall.

ElevenLabs’ safety page, as of this writing, discloses that the company moderates all content through automated and human review, traces content back to anyone misusing it and reports illegal activity to law enforcement.

Outside of ElevenLabs, the ethicality of voice-cloning has recently come under scrutiny. Scarlett Johanssen took legal action against ChatGPT-maker OpenAI in May when the voice of its newest ChatGPT model was “so eerily similar” to hers that her “closest friends and news outlets could not tell the difference.”

Related: Scarlett Johansson, OpenAI Controversy Just Starting: Lawyer

If you’ve invested in AI chip maker Nvidia, how do you know when to sell?

Nvidia CEO Jensen Huang made his first share sale of the year in June, cashing in 1.3 million shares to net $169 million, the most he’s gained so far in one month, Bloomberg reported on Wednesday.

Factoring in June’s sale, Huang has gained close to $1.1 billion from selling stock since January 2020. He’s not done yet, with U.S. Securities and Exchange Commission filings showing that he intends to keep cashing in this month.

As of June, Huang had a 3.8% stake in Nvidia, or over 934 million shares, making him the company’s largest individual stockholder. ^{Nvidia CEO Jensen Huang in March 2024. (Photo by Justin Sullivan/Getty Images)}

From the start of this year, Nvidia executives and directors have sold shares collectively worth more than $700 million, per Bloomberg.

Nvidia has seen over 3,000% stock growth in the past five years, which may have elevated more than one long-term employee to “semi-retired” status based on stock grants alone.

Related: Employees Who Worked at This Company for the Past 5 Years Are Now Multi-Millionaires in ‘Semi-Retirement’

Nvidia briefly became the most valuable company in the world in mid-June, with a market cap higher than $3 trillion.

Nvidia’s stock isn’t always stable, though. Last week, shares dropped 16%, and the company lost more than $500 billion in market cap over three trading days. The loss was more than the entire market cap of Samsung or Costco.

Nvidia stock rebounded, and its valuation, still over $3 trillion at the time of writing, is now only surpassed by Microsoft and Apple.

“The big question people have on this stock right now is just sustainability,” Bernstein Research senior analyst Stacy Rasgon told The Hill on Friday. “It’s just the numbers have gotten so big, so quickly, that you’ve got to wonder, can they continue?”

Related: Nvidia CEO Jensen Huang Reveals His Competition Strategy

Partnerships in business are a dynamic and powerful way to propel a venture forward. They combine the strengths and resources of individuals to achieve shared goals. However, the success of a partnership hinges on careful planning and establishing a strong foundation.

Drawing from my experiences in both successful and challenging partnerships, I’ve come to appreciate the importance of making informed decisions from the outset to avoid potential pitfalls. In this review, we’ll examine key considerations that can shape a partnership’s trajectory, ensuring its longevity and success.

1. Sign a comprehensive partnership agreement

One cannot overstate the critical importance of a well-crafted partnership agreement. This document serves as the backbone of the partnership, delineating the terms, conditions and expectations that guide the relationship between partners. Prepared by a competent attorney, a solid partnership agreement is not just a formality but a strategic tool to preemptively address potential areas of contention. Without such an agreement, businesses may be entangled in legal disputes when critical decisions, such as selling the business or operational control. The cost of rectifying such issues far exceeds the investment in a robust partnership agreement.

Related: Most Business Partnerships Fail — 5 Hacks to Make Sure Yours Stays Intact

2. Distribute ownership

In the realm of partnerships, the distribution of ownership often dictates decision-making authority. In a 50/50 partnership, achieving equilibrium is crucial, but challenges can arise. It becomes imperative to establish mechanisms for resolving disputes in daily operations. If one partner holds the majority, safeguards must be in place to protect the interests of the minority owner. This protection extends to critical aspects such as owner compensation, business sale decisions, the inclusion of new partners and the exercise of daily operational control.

3. Establish financial contributions and equity distribution

Clarity in financial matters is paramount to a partnership’s success. Outlining how capital is contributed on day one sets the tone for a transparent and fair collaboration. In cases where one partner injects capital, and the other contributes expertise, a clear understanding of each party’s role is necessary. The controversial concept of “sweat equity” is challenged here, suggesting that equity should be commensurate with the financial risks undertaken rather than the sheer effort put into the business. It is crucial to establish not only the initial financial commitment but also a shared responsibility for future financial needs.

4. Delegate control and ensure transparency

The control of finances is often a sensitive matter in partnerships. Deciding who has authority over financial matters and ensuring transparency to all parties involved are critical steps in fostering trust. As the company begins to generate profits, disagreements may arise on the timing and distribution of these earnings. The potential for contention is especially pronounced during tax seasons. To avert such conflicts, partners should agree on the optimal amount of capital the company should retain and establish clear spending limits that require explicit permission.

5. Establish responsibilities and compensation

Defining roles and responsibilities from the outset is essential for harmonious collaboration. Each partner’s duties and the corresponding compensation should be clearly outlined, with a preference for role-based remuneration rather than ownership-based rewards. This approach reinforces the principle that work merits compensation, irrespective of the ownership stake. If the financial health of the company allows, compensating partners based on their roles fosters a sense of fairness and equality.

Related: Want to Grow Your Business? Here’s Why You Need Strategic Partnerships to Succeed.

6. Ensure your visions align

The partners’ vision for the company’s growth trajectory is pivotal. Unanimous agreement on the pace and nature of expansion prevents future conflicts. The strategy for growth, whether rapid expansion with potential financial strains or slow, steady growth with sustained profitability, requires alignment. In cases where expansion involves acquisitions, discussions on bringing in additional partners or securing external funding become paramount.

7. Planning for inevitability

While partnerships are born with optimism and shared aspirations, it is crucial to acknowledge that they will eventually end. Planning for the exit is as crucial as planning for the partnership’s inception. Agreements on a potential sale or partial sale should require unanimous consent from all partners to avoid impeding the process. In instances of unforeseen events, such as a partner’s death or disability, a well-defined buyout mechanism should be in place. This mechanism should safeguard the company’s financial stability, ensuring a smooth transition and a fair valuation process.

In conclusion, partnerships in business offer a potent means of scaling operations, sharing responsibilities and mitigating risks. However, the success of such collaborations hinges on meticulous planning and establishing clear agreements. A robust partnership agreement, addressing critical considerations ranging from financial contributions to responsibilities and exit strategies, lays the groundwork for a resilient and prosperous partnership. By prioritizing transparency, effective communication and fairness, partners can navigate challenges with confidence, transforming their collaborative efforts into a mutually beneficial opportunity that stands the test of time.