Create For Cash

Is Your Brand Consistent?

Brand consistency is important because there is a reason your customers chose you. If you’re constantly changing your brand you may lose the ones who are loyal to you. A good example of this is a restaurant near where I used to live. It was a cheesy, low budget coffee shop that had been around for decades. The waiters were an average age of around 70 and would joke around with you. The food was exactly what you’d expect at a low budget coffee shop. The prices were great and they baked their own bread and muffins. You knew what their brand was and they were packed all the time.

Then one day they sold the restaurant to a new owner. Immediately they did a whole remodel, changed the menu, and got rid of the long-time waiters. The new look was fancier, with a more European style. They stopped baking their own goods and the prices went way up. The menu was no longer coffee shop fare, but more French style. The waiters were dead serious and the food actually wasn’t as good.

So, in their attempt to “improve” they ended up chasing away the regular customers, who liked it the way it was. Every time I drove by, the parking lot was empty. They ended up closing down in a few months and bulldozing the lot for an apartment building. It was sad, as we saw it as losing a neighborhood icon that could have been around for decades more and brought joy to the regular customers.

Salad bar restaurant

The same thing happened with another restaurant in my neighborhood. It was a salad bar restaurant. You could get whatever you wanted in a salad bar and the food was fresh and quick. You got exactly what you expected every time you went in. There was plenty of space to eat there, but most people got it to go.

The owner decided to close briefly to remodel, which was nice but they had fewer spaces to eat and more fancy art, which no one cared about.

And instead of a salad bar, it was a fancier restaurant with much higher prices. It had been packed before with people from local offices who just wanted a quick and affordable lunch salad. Now it took much longer, the prices were higher, and the food wasn’t the same. No more lunch deals for busy people on the run. They wanted to upgrade, but they ruined the brand consistency they had. Their regular customers soon found other places to go on their lunch break that filled the need they wanted. They lost their loyal customers by doing away with their brand consistency.

Brand consistency

Having a consistent brand offers several significant benefits for businesses, large and small. Here are some key reasons why maintaining brand consistency is valuable:

Builds Brand Recognition

Consistency in branding helps create familiarity and recognition among consumers. When your brand elements (logo, colors, fonts, tagline, etc.) remain consistent across various touchpoints such as your website, social media, packaging, advertising, and customer interactions, it becomes easier for people to recognize and remember your brand. This increased recognition can lead to improved brand recall and customer loyalty.

Establishes Trust and Credibility

Consistency in branding portrays professionalism and reliability. When consumers encounter a consistent brand experience, it builds trust and credibility. They perceive consistent brands as more reliable and dependable, which can enhance their confidence in choosing and engaging with your products or services. It doesn’t matter if the brand is highbrow or lowbrow. Customers want what they want.

This is the reason chain restaurants do so well. When you’re on the road and you see a McDonald’s you know exactly what you’re going to get. They keep up the brand consistency from store to store.

Differentiates from Competitors

A consistent brand helps you stand out from competitors in a crowded marketplace. When you have a distinct and consistent brand identity, it becomes easier for consumers to differentiate your business from others. This differentiation can lead to a competitive advantage and help you attract and retain customers who resonate with your unique brand values and offerings.

Part of your competitive advantage is your brand consistency. Build a loyal following and they will stay with you.

Supports Brand Messaging

Consistency in branding ensures that your brand messaging is coherent and aligned across various marketing channels. When your brand voice, tone, and values are consistent, it strengthens the clarity and effectiveness of your communication. This consistency helps reinforce your brand’s key messages and creates a unified brand experience for your audience.

This helps your marketing and advertising as customers will instantly recognize your brand. You don’t have to spend as much money convincing them about who you are and what you have to offer.

Enhances Brand Recall and Loyalty

When customers consistently encounter your brand across different platforms and touchpoints, it increases their exposure to your messaging and reinforces their memory of your brand. This improved recall can result in higher brand loyalty, as customers are more likely to choose a brand they are familiar with and have positive associations with.

Supports Long-Term Brand Building

Consistency is essential for long-term brand building. By consistently delivering on your brand promise, you establish a strong brand reputation over time. Consistency builds trust and fosters relationships with customers, leading to brand advocacy, repeat purchases, and positive word-of-mouth recommendations.

Facilitates Scalability and Expansion

Consistent branding is particularly crucial when scaling your business or expanding into new markets. A consistent brand identity helps maintain coherence and recognition as you reach new audiences. It enables you to leverage the equity you have built in your brand and ensures a seamless transition as you expand your products or services.

In summary, brand consistency offers numerous advantages, including increased brand recognition, trust, differentiation, and customer loyalty. By maintaining a consistent brand experience across all touchpoints, businesses can create a strong and memorable brand presence, fostering long-term relationships with customers and supporting sustainable growth.

Why You Won’t Learn How to be an Entrepreneur in College

While a college education can provide valuable knowledge and skills, there are several reasons why it may not be the most effective way to learn how to be an entrepreneur in college. As an entrepreneur who never went to college and started multiple businesses on my own with no knowledge, money or mentorship, I can say that college would never have taught me what I learned first-hand. It also would have taken up 4 years of my time on top of tens of thousands of dollars of student loan debt. Instead, I just started with what I had and learned from trial and error.

Entrepreneur in college

Practical Experience:

Entrepreneurship is primarily learned through practical experience and real-world challenges. While colleges can offer theoretical knowledge and case studies, they often lack the hands-on experience of starting and running a business. Entrepreneurship requires learning from failures, adapting to market dynamics, and making quick decisions. These are better acquired through direct involvement in the business world.

I made a million mistakes when I started my first business, which was a cash-intensive manufacturing business based on my invention, the wrist water bottle.

Dynamic Nature of Entrepreneurship:

The entrepreneurial landscape is constantly evolving, with new technologies, market trends, and business models emerging rapidly. College curricula, on the other hand, can be slow to adapt to these changes. By the time a course is developed, approved, and taught, the information may already be outdated. Staying ahead as an entrepreneur often involves learning on the fly and staying updated with the latest trends, which can be difficult within the rigid structures of a college program.

Nothing beats learning on the job. There are so many things about running a business that you simply find out by doing them and making mistakes along the way.

Interdisciplinary Skills:

Successful entrepreneurship requires a wide range of skills, including marketing, finance, sales, networking, leadership, and problem-solving. While colleges typically offer specialized courses, they often lack an integrated curriculum that combines these interdisciplinary skills. Entrepreneurial success often comes from the ability to navigate different areas of business seamlessly. And this holistic perspective is challenging to develop solely through traditional college education.

When you start out as a solopreneur you learn how to do every job in your business. This will become valuable when you need to hire employees down the road to help you.

Networking Opportunities:

Building a strong network is crucial for entrepreneurs. College can provide opportunities to connect with like-minded individuals, professors, and guest speakers who may have entrepreneurial experience. However, networking within the college environment may be limited compared to the broader entrepreneurial ecosystem. Industry events, conferences, meetups, and startup communities offer a more diverse range of connections and potential mentors. This can be difficult to replicate within the confines of a college campus.

Some of my best networking has been at trade shows. I met a guy who got me into the promotional products industry at a really bad trade show, which would have been a disaster. But he completely turned my business into a very profitable one by introducing me to an industry I didn’t even know about. I also found my first manufacturer at a trade show, that ironically was also a disaster! Those are not the kinds of business connections you meet on a college campus.

Risk Aversion and Structure:

Colleges typically prioritize stability, conformity, and risk aversion. While these qualities may be suitable for some career paths, entrepreneurship often requires taking calculated risks, thinking outside the box, and challenging conventional wisdom. The structured environment of college may not foster the risk-taking mentality and creativity that entrepreneurs need to succeed.

I took a HUGE number of risks to start my business. And I worked 2 jobs for years to pay for it. Putting that money into a college education to be an entrepreneur would have been a waste of money. And I was able to get up and running while many of my peers were still reading books about business.

It’s worth noting that while college may not be the ideal route to learn how to be an entrepreneur, it can still offer valuable resources and opportunities, such as business courses, mentorship programs, and access to research and libraries. However, many successful entrepreneurs have found that hands-on experience, networking, and continuous self-education outside of formal education play a significant role in their journey.

How to Market Products Globally

For anyone who is a product entrepreneur the Internet has opened up a whole wide world of new customers who are anxious to buy your product. When I first started my business (swiggies, wrist water bottles) I never thought about selling internationally. It was overwhelming enough just selling my product in my own neighborhood. But now 90% of my business is international. The Internet has made international business more accessible for a small manufacturer, and easier to market your products globally. There are multiple ways to sell overseas with the click of a mouse.

How to market products globally

Being in the U.S. I always thought I’d manufacture my product in the U.S. But after trying it once and barely breaking even, I realized I would have to move my manufacturing to China, like most of the rest of the world. It took a few tries to find a good, honest factory, but I finally found the right one. (now I manufacture in 3 countries)

Find a middleman

Dealing with China has its own challenges, like the language barrier. This is why it’s a good idea to have someone there who can act as a middleman. Pay them a percentage. It’s worth it. They have a better understanding of the local culture and can help iron out any problems that arise. They will also be in a better position to negotiate prices for you.

Be aware of foreign holidays

I’ve found that there is a different sense of urgency there, so you want to make sure you allow plenty of time to get your merchandise. Don’t cut things too close. They also seem to have an awful lot of holidays, and some can last weeks, like Chinese New Year’s. So plan accordingly. You never know how many orders they have ahead of yours. Get your order in as early as possible to avoid delays.

Allow for time zone differences

Allow extra time for time zone differences. If you’re dealing with a distributor in South Africa and a factory in China, everyone will be in different time zones. You’ll always have a few days here and there arranging wire transfers and getting art work in. When banks are open in one country, they’re closed in another.

Factor in extra expenses

Factor in all extra expenses and adjust your prices so you don’t get the short end of the stick. I learned the hard way that an extra nickel is a lot of money when the order is 100,000 units. Make sure everything is discussed beforehand and you negotiate for the best pricing possible.

Don’t forget about taxes and duties

When quoting your customer’s prices take everything into account, like the taxes and duties they will have to pay once it gets to them and what kind of certifications you will need, if any, for their country. I always get 50% up front and 50% before they leave the port. Collecting money from a foreign country is a nightmare legal hassle. Make sure it’s all in your bank account before inventory leaves the port.

Use distributors

I’ve found the easiest way to sell internationally is through distributors. They buy in volume and basically run their own business. I just help them with marketing and publicity. They hire their own employees and do their own advertising.

A good way to get the word out about your product is by getting listed in online wholesale directories. There is also plenty of international PR that you can do to call attention to your brand.

There’s a great big world out there waiting to buy your products. They just need to know how to find you. And you need to know how to navigate the international waters.

How to Avoid Risk in Starting a Business

There is always a risk when you start a new business, but there are also many rewards to being a business owner and controlling your own destiny. Many people avoid starting their own businesses because of the risk. But you can start minimizing risk in small business by being prepared and knowing where the landmines are. You don’t have to be overly cautious, just know that a certain amount of risk is to be expected with a new venture. So, how do you avoid risk in starting a business?

Look into the future and try to predict what could possibly happen. You can’t predict everything, but cover as much as possible. There are a few things to consider before you open your doors for business.

How to avoid risk in starting a business

Get everything in writing

Even if you are working with your family or best friend, you need to have it in writing. This isn’t to say that they will turn on you, but it will help everyone sleep at night knowing it’s formal. Just the act of writing a contract and putting down on paper what you expect from the arrangement is helpful to clarify who does what. It avoids misunderstandings later. If you stand to lose a large amount of money in the future, then a contract is necessary.

Make sure you are properly insured

Anticipate what could go wrong and prepare accordingly. You at least need to have general liability insurance and product liability insurance if you sell a product. Disability insurance will cover part of your income should you lose the ability to work.

Set up the correct business entity from the beginning

Get the advice of a qualified attorney and accountant and do it right to start with. Use separate entities to protect your assets.

Manage cash flow

It’s easy to underestimate how much you will need. It seems like it will always keep coming in when times are good, but you need to prepare for downturns in the economy, the loss of a key customer, changes in technology or your industry or any other event that could cause your cash flow to dry up. Figure out how much money you have now and how much you would need to have coming in if anything changed. Have a backup plan and make sure to keep at least three to six months of money in the bank just in case you need it.

You can’t eliminate all risk, but if these things are in order you will at least have a good chance of minimizing risk in small business.

Cause Marketing for Small Business

Aligning your business with a social cause and cause marketing builds goodwill and improves your image. Corporate philanthropy isn’t a new idea. It’s been going on since the late 1880s when titans of business such as Andrew Carnegie and John D. Rockefeller gave large donations to charity. And some of our terminology isn’t new, either. The term ‘Corporate Social Responsibility’ was officially first used in 1953 in the book “Social Responsibilities of the Businessman” by Howard Bowen.

Cause marketing for small business

Being a good corporate citizen (or a caring small business) is a smart move. Because a significant number of consumers will choose to do business with a company over a similarly priced competitor largely because of their involvement in certain social causes.

Cause marketing as competitive advantage

In fact, 70 percent of consumers say they’re willing to pay more for products and services from businesses that support worthwhile social causes, according to research from the PR firm Edelman. And more than half would even help promote them through social media. You can also use a social cause as your company’s competitive advantage. Ideally, you want customers to think about your brand whenever they think about the social cause. And if that cause is something they strongly support and believe in. Provide them good value, and you may have a loyal customer for life.

Competing with causes

Here are some companies who are using causes as a competitive advantage:

Duracell

It makes sense that a company that makes reliable batteries would support areas hit by floods, hurricanes, and tornadoes. Their social program is called Duracell PowerForward, which has trucks that can reach any U.S. destination within 24 hours. Duracell builds trust within communities by providing assistance in the face of events. Like the recent devastating hurricane in Puerto Rico. Now, when customers think of the Duracell, brand they think of them in a positive light. And they think of them as a durable battery.

Warby Parker

Warby Parker isn’t just known as a company that sells fashionable glasses in an innovative way. They’re also known as a company that gives back, thanks to their buy-a-pair / give-a-pair program. Working with their non-profit partner, Vision Spring, they give away glasses to people in developing countries.

Wells Fargo

Up to 1.5% of Wells Fargo’s revenue each year goes to charitable causes such as food banks and startup incubators. They also give 2 paid days each year for their employees to volunteer for charities.

TOMS

Like Warby Parker, TOMS shoe company is well known for their buy-a-pair / give-a-pair program. They also provide safe drinking water and medical treatments for people in third world countries.

Ben and Jerry’s

They’ve always incorporated a social cause into the culture of their business model. According to Ben Cohen, “Business has the responsibility to give back to its community”. He’s also used the phrase “caring capitalism” since the 1980’s. Like many companies today, Ben and Jerry’s started their own foundation which began with a commitment to give 7.5% of its annual pre-tax profits to community organizations across the US. Today, the foundation typically awards about 2.5 million dollars a year in grants. Do people buy Ben and Jerry’s because of their social causes? Or because they make really delicious ice cream? I’d imagine it’s both.

Seattle Kitchen

Seattle Kitchen is committed to giving something back to the community. And not just a little. According to owner Tom Douglas’s Seattle Kitchen website: “Tom has long maintained that, as food people, we need to feed people whether they can afford to eat in our restaurants or not. This principle has inspired his long-term leadership with organizations such as Share Our Strength and Food Lifeline, where Tom has dedicated over 30 years and millions of dollars towards ending hunger. Along with Tom, our family of coworkers also share in the priority towards giving back.

Volunteering

They do this by volunteering time and skillset to organizations such as Teen Feed, FareStart, Midsound Fisheries Enchancement Group, Mary’s Place and more. “We believe that a community is made richer by supporting the arts. We work closely with the Seattle Theater Group to help fund the programming at the Paramount and Moore theaters as well as music epicenters like KEXP and Seattle Opera. Our environmental work is focused on local wild salmon habitat preservation and raising awareness around the threat of Pebble Mine in Alaska.

The PCC Farmland Trust is another important beneficiary since without farmland, there is no food. Lastly, education and nutrition programs for K-12 public schools receive support from our teams. We continue to work closely with the Seattle Public School’s culinary programs and Career and Technical Education classes to inspire potential job paths within the restaurant industry.”

Charitable Agents

Charitable Agents is changing the real estate industry by donating a fixed commission to a charity of the pre-or-existing homeowner’s choice. Brothers David and Avi Tal founded MyAgentFinder.com back in 2011. It’s an online platform connecting home sellers with vetted real estate agents. Then they created “Charitable Agents” – something that sets those who participate apart from other realtors.

According to their online press release: “After three years of growing its database of REALTORS and reaching over $100 million in real estate transactions, the two designed the Charitable Agents model to extend their tried-and-tested system into the realm of social responsibility. In a typical real estate transaction, real estate agents are paid a commission for representing either the buyer or the seller.

Charitable Agents’ network of more than 20,000 top-rated REALTORS, from all major domestic brokerages, have pledged to give 10% of their commission on a transaction to non-profit organizations affiliated with the site, as part of the agreement. With Charitable Agents, REALTORS go through the same process as they would with any lead-generation system. But with the added benefit of offering their clients the opportunity to donate funds to a specific charitable organization, following the close of any deal.”

Pride, Inc.

Businesses in Bismarck, North Dakota have gathered together for a charitable cause which helps the community and also promotes their businesses in a good light: Pride, Inc. Pride, Inc. provides quality services for adults and children with disabilities, and has helped thousands experience life to its fullest. In 2001 Pride started the Celebration of Trees event.

According to their website: “The trees are sponsored by local businesses and with the help of organizations that can connect us to members in the community. Such as: Burleigh and Morton County Social Services, Abused Adult Resource Center, Pride Youth Mentor Program, Bismarck- Mandan Public Schools, Community Action, Carrie’s Kids, Pride Manchester, and Make-A-Wish Foundation. The trees are donated to families who may not have a tree to decorate their home. All proceeds from the sponsorships of the Celebration of Trees are kept in the community. They’re used to help meet the needs of the individuals receiving services from Pride, Inc.”

Corporate social responsibility

Corporate social responsibility can help your business through customer and employee engagement. And by being a brand that your customers trust and remain loyal to. Even in the face of disruption.