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10 Titles: Good Business Reads for Summer 2026

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The U. S. Chamber of Commerce highly recommends that owners of businesses of any size, from single owner /employee entities to chief executives of global enterprises that employees thousands, should regularly undertake the professional development activity known as reading. In particular, how-to entrepreneurial business books contain a wealth of knowledge and actionable advice that’s supported by the author’s examples of hands-on business leadership experience, along with encouragement and guidance to inspire you. Reading presents opportunities to learn from others’ successes and disappointments; however, in the age of information overload, it can be difficult to make time for reading while simultaneously juggling the demands of operating a business—sometimes on your own.

To make it easier for Freelancers and other business leaders to find books that grab your interest, I’ve curated a list of business reading possibilities. The books have been well-received in the business sector but they are only suggestions, and intended to encourage you to consider subjects that you’d like to explore. Below are recommendations for curating a reading list that will support your knowledge building objectives:

  • Choose topics that interest you. You may need to address a challenge for which you’d like to obtain some insight. A subject or author may pique your interest. There are many books to choose from within the business category; the prospect of taking a deep dive into a topic that tempts you will supply ample motivation to start reading.
  • Schedule time to read.  Similar to reserving a block of time that will be devoted to an important task, dedicating time for reading reinforces its value. Your reading sessions can be longer or shorter; for instance, you can allot mini-blocks of time to give yourself brief but focused reading sessions at the beginning and end of your day. You can create a reading habit that quickly becomes part of your routine and motivates you to find more books to read.
  • Incorporate audiobooks and podcasts. Listening to podcasts and audiobooks allows you to learn while working out, commuting, doing laundry, or tackling other routine tasks.
  • Abandon books that aren’t resonating. If the author’s message or writing style leave you flat, move on to one that captures your attention as it provides the lessons you’re looking for.
  1. Real Time Leadership (David Noble and Carol Kauffman, February 2023)

The best leaders are able to assess pivotal, potentially game-changing situations when the outcome matters most and respond in the most effective way possible to move forward—or not. Authors David Noble and Carol Kauffman are best-in-class leadership coaches; they advise that the most difficult aspect of leadership occurs when you must control the inevitable high-risk, high stakes challenge. Whether you’re faced with a split-second decision, when your business is reeling, or could be soon, and your mind is racing to determine the best strategy to navigate business-critical long-term circumstances. An effective leader must be able to step up, seize the reins and guide the organization to a successful landing. Noble and Kauffman show you how their innovative leadership development framework trains you to excel at tactics that slow down high-stakes situations before they speed you up and pull you under like a rip tide. Instead, you’ll learn to confront and master the moment, so that you can calmly generate response options and quickly evaluate those options before acting.

2. The Science of Scaling (Dr. Benjamin Hardy and Blake Erickson, July 2025)

Are you generating only modest annual growth in your business, frustrated and wondering why a pathway to scale your entity seems out of reach? Authors Blake Erickson and Dr. Benjamin Hardy deliver the outrageous truth—lackluster growth isn’t just slow, it’s a sign your business is sliding toward stagnation. Research shows that businesses that are unable to scale quickly usually fail. But why? Because most leaders are focused on the wrong priorities, operating from the wrong assumptions and setting the wrong goals.

In The Science of Scaling, organizational psychologist and bestselling author Dr. Benjamin Hardy and Blake Erickson, co-founders of Scaling .com, reveal a revolutionary framework that helps companies scale bigger and faster than they ever thought possible. In fact, companies that apply this framework routinely grow 10–100x within just three years.

If you’re satisfied with small wins and incremental gains, this book isn’t for you. But if you’re ready to stop optimizing what shouldn’t exist―and finally build a business that scales―this is your playbook. When you read this book, you’ll experience a paradigm shift that will cause you to change your perspective on how to operate a business entity. You’ll realize that you’ve been playing small and trapped by fear. Now, you’ll finally understand how to scale the right way: with bold, ambitious goals, extreme honesty and the true “focus”― defined as filtering for only the people and paths that align directly with your highest vision.

3. The Mom Test: How to Talk to Customers (Rob Fitzpatrick, September 2013)

When you decide to learn something about your customers—what you’re on a mission to figure out what they like and would like to see more of, or get the details of what isn’t working for them and why—the standard advice given to every marketing or sales leader, Freelancer or business owner, is to ask them. Talking to those who buy your services or products is considered a foundational skill of sales and marketing. We all know we’re supposed to do it, but no one wants to admit that it’s not so easy to do it right and make your customer feel comfortable enough to give you the info you need, but it can be all too easy to screw up and say the wrong thing—-or say the right thing in the wrong way.

The Mom Test: How to Talk to Customers by Rob Fitzpatrick is a practical guide that helps entrepreneurs navigate the crucial task of talking to customers in order to confirm a business idea, or ask questions about an existing service or product. Fitzpatrick illustrates how sensitive conversations can go wrong and shows you how to keep them on track, so that you’ll get the info that you need to move forward. Now you can reduce the risk of building products nobody wants and make informed decisions based on real customer behavior rather than on polite feedback.

The author is an entrepreneur who co-founded the education agency Founder Centric, taught at top universities including Harvard, MIT and University College of London (UK), co-wrote the book Workshop Survival Guide, which describes how to design and run effective and engaging workshops. He also managed to learn enterprise sales, skill that fuels his current vocation of gathering unbiased customer learning and taking an idea from nothing through to its first dozen or so paying customers.

4. Financial Intelligence: A Manager’s Guide to Knowing What the Numbers Really Mean (Karen Berman and Joe Knight, February 2013)

This is an excellent book for anyone who doesn’t have a traditional business administration background. Financial Intelligence is a comprehensive guide that’s meant to help managers at all levels understand the often intimidating world of finance and shows you how to make sense of financial data and use that knowledge to make better decisions and develop more confidence.

One of the best things about the book is how clearly authors Karen Berman and Joe Knight simplify and present complicated financial ideas into terms that are easy to understand and to the point. Even those who have never studied business before can understand the core ideas and use them in real life. Berman and Knight stress how important financial knowledge is for all managers, no matter what area they work in. The fact that financial information can be used in any situation is very interesting. It changes the way we think about financial knowledge so that it is no longer a special skill but a core skill that is essential to good management.  The book isn’t just about figuring out what the numbers mean; it’s also about how to use that knowledge to make good business choices. It is a must-read for any boss who wants to make their company successful financially.

5. Inside the Box (David Epstein, April 2026)

We live in a world that gives us seemingly infinite choices and values freedom above all else. We have an unprecedented number of options regarding what to do, who to be, and how to spend our time. All that choice is wonderful; it is also overwhelming. The irony is that total freedom can be paralyzing, and unlimited resources don’t necessarily lead to the biggest breakthroughs. In fact, overvaluing complete freedom can be disastrous for everything from starting a company to harnessing creativity to finding personal satisfaction.

Author David Epstein argues that all of us—individuals, businesses, institutions, even societies—can benefit from narrowing our options. He dives into the science and practice of constraints, exploring exactly when and how guardrails can be beneficial, whether we’re working with limited resources or using self-imposed boundaries to tap unexpected wells of focus and innovation.

6. Build Your Dream Network (J. Kelly Hoey, January 2018)

Acclaimed business columnist and networking expert J. Kelly Hoey offers a fresh new approach to mastering this timeworn skill in a world where everyone is posting, liking and friending fast and furiously, but are mostly failing to leverage their connections successfully—because they’re not really connections. Hoey’s book presents innovative strategies for developing strong and healthy relationships–the genuine, mutually beneficial, long-lasting kind–by using all of the social tools at your disposal. She also reveals creative and surprisingly simple ways to harness the power of your network to accomplish any ambition, from landing your dream job, to signing a coveted account or client, to successfully crowdfunding a new business venture.

J. Kelly Hoey cuts through the noise of traditional networking and provides strategies for creating authentic, mutually satisfying relationships. She emphasizes that real networking is not about attending dull cocktail parties or gaining a large number of connections online. The book is packed with innovative strategies to help you make the most of both in-person and digital networking opportunities. One of the standout aspects of Build Your Dream Network is its focus on turning “closed-door” conversations into solid business opportunities and personal relationships. Hoey provides advice on how to approach and follow up with contacts in an authentic and strategic way.

 7. Atomic Habits (James Clear, October 2018)

 Are you struggling to build some useful new habits that you will actually incorporate into your life? Atomic Habits by James Clear breaks down the process of developing a useful new habit and serves it up in four simple steps: make it obvious, make it attractive, make it easy and make it satisfying. If you truly want to live a “successful” life (placed in quotation marks here as success is subjective and its definition is up to you), then you need to put in the time and effort daily to build healthy habits that support your goals and productivity. James Clear shows us that habit-building can be easy and fun. It’s not as boring or arduous as you might think.

No matter your goals, Atomic Habits offers a proven framework for improving—every day. James Clear, one of the world’s leading experts on habit formation, reveals practical strategies that will teach you exactly how to form good habits, break bad ones, and master the tiny behaviors that lead to remarkable results. Clear is known for his ability to distill complex topics into simple behaviors that can be easily applied to daily life and work. Here, he draws on the most proven ideas from biology, psychology, and neuroscience to create an easy-to-understand guide for making good habits inevitable and bad habits impossible. 

The book will reshape the way you think about progress and success, and give you the tools and strategies you need to transform your habits–whether you are a team looking to win a championship, an organization hoping to redefine an industry, or simply an individual who wishes to quit smoking, lose weight, reduce stress, or achieve any other goal.

8. Rework (Jason Fried and David Heinemeier Hansson, March 2010)

Most business books give you the same old advice: Write a business plan, study the competition, seek investors, ad nauseum.
But for many aspiring entrepreneurs, you’ll be better off if you stop talking and start working; authors Jason Fried and David Heinemeier Hansson show you how its done. You’ll learn why a multi-page business plan will not necessarily help your mission, why you probably don’t need outside investors and why you could do better by ignoring the competition.

The truth is, to build a successful business entity, less than can be more. You don’t need to be a workaholic. You don’t always need to hire staff (especially not with artificial intelligence powered tools). You definitely don’t need to waste time on paperwork or meetings. You don’t even need an office. Those are all just excuses that block you from seizing the moment.

You’ll learn how to be more productive, how to get exposure without breaking the bank and the value of more counterintuitive ideas that will inspire you. It’s Keep It Simple Strategies make Rework the perfect guide for anyone who’s ever dreamed of doing it on their own. Hardcore entrepreneurs, small-business owners, people stuck in day jobs they hate, victims of downsizing—Freelancers!—will all find valuable guidance and inspiration in these pages.

9. Future Fit: How to Stay Relevant and Competitive in the Future of Work (Andrea Clarke, March 2019)

The future of work is about talent, not technology, says Andrea Clarke, author of ‘Future Fit: How to Stay Relevant and Competitive in the Future of Work. Clarke points out that if we want to outrun the algorithm to stay secure in the future of work, we need to upgrade our own capability in ways we may not have considered. As artificial intelligence is adopted into the workplace and traditional employee arrangements transform, we’re heading into a far less structured era of work.

For organizations, it means re-imagining talent models, re-skilling the workforce and re-defining business practices for a digital age. For individuals, it means the responsibility for finding, securing and delivering work lies with us more than ever before with the individual. That sounds like the Freelance sector to me! The book will equip you with eight critical human skills we’ll need to invest in for a new working environment. From Reputation Capital, Communication, Adaptability and Creativity to Networking, Leadership, Problem-Solving and Continuous Learning.

10. Start With Yourself (Emma Grede, April 2026)

Start with Yourself is a game-changing, no-nonsense guide for seeking meaningful success on your own terms. It’s an essential framework that will give you the tools and mindset to unlock your full potential in life and business—straight from a woman who defied all the odds to become a serial entrepreneur, most famously as a founding partner of SKIMS with Kim Kardashian and co-founder of Good American, a maker of denim clothing for women, with Khloe Kardashian. Ultimately, this is a book for everyone tired of feeling like a bystander or passenger in your own life. Author Emma Grede offers tangible and applicable-right-now solutions to create a mindset, an overall system of thought to manage emotions, clarify ideas and illuminate the right next step—while always staying positive.

Above all, Grede offers a new vision for work and life that encourages readers everywhere to take responsibility for their own thinking in order to achieve personal and professional success at the highest levels. It’s about gathering yourself after failure. It’s about being accountable but also forgiving yourself. It’s about not expecting shortcuts while never being bashful about grabbing them when they appear. It’s about pushing hard for wins and never apologizing for your dreams.

Thanks for reading,

Kim

Image: © Walther Firle (Germany, 1859-1929) Three Girls Reading, circa 1900

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7 AI Tools Take Your Freelance Entity To The Top

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If striking out on your own to launch a solo Freelance entity has progressed from interesting idea status to a Pinterest goal in development, you may be ready to explore a few specifics that will help you prepare to advance your plan from the Pinterest board to a functioning business entity. It is almost certain that you’ve considered how Artificial Intelligence-powered software and other digital tools can optimize your business operations. You’ll be happy to know that numerous AI-powered technological resources are readily available to help Freelance solopreneurs operate their one-person enterprise with an efficiency and impact that rivals larger organizations.

A 2026 report published by Upwork, the Freelance talent marketplace that serves both companies in search of knowledge economy workers and independent professionals whose business is to provide it and the digital communications provider Zoom, 91% of Freelance single owner business entities say that AI has reduced their routine administrative work and enabled 74% of respondents to scale without hiring full-time employees. In fact, many Freelance business owners view operating a single-person entity as an advantage that bakes in operational flexibility and strategic agility. When necessary, a Freelance solopreneur can turn to software-as-a-service AI agents and/or assistants, or hire a Freelance colleague whose expertise can be contracted on a per-project basis, to expertly manage whatever aspects of the project are outside of his/her wheelhouse. The Rise of the Solopreneur report, which surveyed nearly 3,000 respondents located in 48 states and participating in 12 industries, provides a window into how this entrepreneurial segment is building success and expanding its impact in the global labor force. For workers and companies alike, the rise of Freelance solopreneurs who strategically implement AI-powered tech resources demonstrates that the future of work may no longer be defined by the number of workers a company employs, but rather by the founder’s expertise.

The challenges once inherent in operating a business alone have steadily declined since the advent of tech advances that have become commonplace—cloud computing, e-commerce infrastructure, including secure online payment options, social media platforms and other marketing activities that promote the company and build the brand. Moreover, there are now Freelance marketplace platforms that facilitate the building of a vital client list. That’s all good, but life as a Freelance on-your-own business owner requires significant confidence and discipline, along with expertise in your field.

Being able to manage stress and stay motivated are a couple more must-have characteristics. You’ll also have to be ready to wear many hats, for example marketing, sales, customer service, accounting/finance and operations. Oh, yes, and as CEO, you are the face of the company. There’s no one else to delegate tasks to, so being incredibly resourceful, strategic in managing their time and all-around resilient are other qualities Freelance solopreneurs must live up to.

It can be successfully done if that is the way you want it! Below are a few technological resources that will help you stay on top of things and maintain a positive mindset while you do.

1. Financial Reporting and Analysis: AI-powered financial tools are foundational for sound decision-making that is informed by your company’s key performance metrics. AI powered financial tools can deliver timely, relevant perspectives to financial analysis and give eye-opening insights into what drives revenue and profit. However, AI financial tools are not one-size-fits-all and the service you choose must align with the your reporting and analysis needs. Predictive analytics for financial forecasting might be a priority.

2. Customer Relations Management: CRM integrates your marketing strategies with AI-powered technology and brings highly useful capabilities by using advanced analytics, market research and automation to deliver personalized customer experiences that increase sales conversions, increase customer loyalty, encourage repeat business and reduce churn. AI can enhance customer acquisition by facilitating targeted marketing campaigns, improving conversion through predictive analytics and making recommendations that help you optimize sales strategies. As well, CRM will ensure comprehensive customer service and a pleasantly memorable customer experience, by tracking and managing all customer touch points—for example, purchases and inquiries—to deliver consistent support.

3. Operations and Workflow Management: AI software systems are powerful tools that can, among other capabilities, streamline work processes and improve operational efficiency by mapping, automating and tracking your workflows to monitor your output and progress. An AI agent can also provide actionable recommendations to address critical operational issues and even augment or correct incomplete or inconsistent data, to help you obtain accurate insights and achieve informed decision-making. By training on historical data, AI models can quickly identify unusual patterns and outliers that might signal quality control issues. 

4. Sales/Marketing Funnel & Leadgen: AI-driven leadgen marketing/sales funnels are able to adjust timing, marketing or sales channels and personalized messages that respond to the behavior of prospective buyers In Real Time. Responsiveness is valuable to you because a lost lead is lost revenue. According to research by Mc Kinsey, adaptive AI-powered marketing/sales funnels reduce prospect drop-off and make a sale more likely. AI can manage customer relations management entries, qualify leads and even handle initial sales interactions via your AI-powered chatbot. AI lead qualification can ask the initial questions, score intent, tag high-quality leads and push the most promising prospects into your pipeline automatically.

Be sure to add a Follow-Up Agent, a software tool that automates the process of staying in touch so that promising leads are not lost due to insufficient follow-up. Instead of relying on manual reminders sent by you, the follow-up agent uses AI to “read” ongoing conversations and determine when and how to reach out, adapting the timing of follow-up and conversational tone depending on how the lead interacts. The system is designed to track engagement signals such as email opens, clicks, or unanswered messages. Based on this information, the follow-up agent does exactly that by composing personalized messages that reflect the context of the conversation and even the role of the recipient.

5. Content Strategy and Creation: AI can draft newsletters, blog posts, social media updates, marketing emails for campaigns and advertising copy, all tailored to specific audience segments and optimized for Search Engine Optimization. AI software can also analyze customer data to segment audiences and automate personalized marketing messages. A Content Repurposing Agent– will transform long-form content (blogs, YouTube, newsletters) into short clips that enable you to extract the full value of your strategies and messages and reinforce their impact by recycling it to the other platforms. Now you can produce social media posts, marketing emails—or even videos that feature you discussing key points of your message and what it means to customers—and using a script that’s inspired by the repurposing agent.

6. Graphic Design: AI is revolutionizing the design industry, making it possible for those who are not design professionals to produce credible graphic designs for your marketing materials that enhance personalization and improve engagement that promotes sales conversations. In a recent McKinsey Global Survey, 65% of participants noted their company regularly use generative AI—nearly double the percentage recorded 10 months before and 69% of marketing and other creative professionals believe AI-enhanced tools boost their team’s creativity. AI can generate numerous ideas and variations based on initial input, helping graphic designers break through creative blocks and explore directions they might not have considered otherwise. AI is also lowering the barrier to entry for non-designers who need to produce visual content. User-friendly design assistants can guide novices through the creative process, offering suggestions and automating complex tasks. Take a look at some highly favored design software.

7. Cybersecurity & Data Privacy: Managing a primarily AI-driven business presents significant cybersecurity precautions. Small and medium-sized businesses, a category that includes Freelance solopreneurs, are more frequent targets of cybercrime than larger companies, industry research shows. The good news is agentic AI and AI agents are beefing up cybersecurity by automating decision-making. Not only will an AI-powered cybersecurity system enable dynamic access management by adjusting user access based on behavior and risk, in that way aligning with zero trust principles, but also agentic AI will continuously monitor activities, and reveal atypical patterns to identify and mitigate insider threats before they escalate.  Furthermore, agentic AI enhances workflow efficiency by automating tasks like alert triage and incident response, with applications in cybersecurity for autonomous threat detection and response (Lisowski, 2024). Organizations adopting agentic AI for security and governance are reporting significant benefits, including faster decision-making and improved risk management (Chiodi, 2025).

Thanks for reading,

Kim

Image: Freepik

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How to Scale Your B2B Services Company

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Independent and ambitious Freelancers, like other business owners, are inclined to brainstorm strategies and tactics that may have the potential to increase their company’s revenue and profit. Central to the entrepreneurial dream is building an entity that attains success as you define it and that often entails making money. But as with all business decisions, it’s necessary to determine which strategy and tactics have the greatest likelihood to reach the pot of gold. As always, the most reliable way to answer that question is to conduct comprehensive marketplace research and examine your company’s key performance indicators.

Grow, scale, or expand?

It is imperative that you recognize which KPIs point to a particular revenue and profit boosting strategy and give you the confidence to follow that solution. To earn more revenue and become more profitable, there are three options—expand, grow, or scale. Each strategy requires certain marketplace conditions and financial and other resources and carries its own kind of risk.

Expansion is a much bigger investment, especially for Freelance professionals, who typically operate a service business, work alone and deliver the service yourself. Launching your operation in a new location typically places a significant demand on financial and logistical capabilities, making growth or scaling, which both entail relatively fewer demands on resources, more accessible to Freelancers.

OK, so how can you recognize which option makes more sense for you? First, let’s know what we’re talking about. Many business owners and Freelancers misunderstand the meanings of growth and scale, so let’s take a sidebar and examine their definitions. Growth means adding more projects, new services and/or signing additional clients as the engine of your strategy to boost revenue and profit—activities that mostly entail more expenses. Scale focuses on increasing revenue and profit without significantly increasing the associated production costs. Essentially, scaling means working smarter, not just harder, and aligns well with the financial and logistical capabilities of the typical Freelance professional.

Nevertheless, scaling a business, particularly a small, service-based company, will require extensive preparation and a well-designed strategy to make it work. To evaluate the possibility of scaling your operation, you’ll dive into company KPIs and conduct an extensive financial analysis, marketplace research and strategic planning. Data-driven decision-making will yield the most trustworthy information and outcomes.

Furthermore, when contemplating your scale, or any other significant business investment, as you study the data, contact your business accountant, who is familiar with your financial situation and is positioned to be your Sherpa and guide you as you climb (scale!) the mountain. There are a couple of obvious questions that you should address before calling the accountant.

  • So, how’s business? Are clients lining up to do business with you? Are you meeting, if not exceeding, your revenue targets? How many clients are on your roster? If business is off the chain, then get your accountant on the phone and share the good news. However, if you’re merely pleased with your performance metrics, set higher goals and observe what happens during the next two or three quarters. if you surpass those metrics by an impressive margin, it may be time to call the accountant and discuss next steps.
  • Client feedback Listening to what clients observe or experience can steer your business toward success and it’s good business to invite them to give their perspective. Invite clients to share their thoughts and suggestions regarding your services. Client insights may open your eyes to add-ons, upgrades and/or new services you can provide and what they tell you could contribute substantially to your scale. Make giving feedback convenient by occasionally including surveys in marketing emails, soliciting online reviews, maintaining an active presence on social media, or making yourself available for in-person conversations. Your objective is to hear and assess what clients say about your services, company and the customer experience you provide. You can use their feedback to better understand what clients like, what you can do better and get early warnings of emerging trends and how your clients feel about what’s on the horizon. With this knowledge, you can tailor your services to meet this demand and strengthen your positioning as a go-to provider in the industry, whether or not you decide to scale.

Use data to evaluate a potential scale

Analyzing and interpreting company performance data will do more than answer the expand, grow, or scale question. KPIs will also spotlight company strengths and weaknesses, help you recognize competitive advantages and call your attention to gaps that limit progress and need fixing. With the help of your accountant, your KPI data analysis will also indicate the overhead expenses, staffing and other resources, so that a realistic budget can be developed.

Moreover, your analytics tools can build reliable data-driven sales forecasts for the proposed scale that will include the number of new clients needed, average billable hours/ hourly rate and sales revenue you must generate within a particular time frame. BTW, if you were wondering when and how to incorporate AI into business operations, evaluating a potential scale could be your motivation.

Find your money-making niche

Turn to marketplace and industry data to point you to a niche you might enter. You might also consider how you to diversify your current service line? In either scenario, consult your data projections to suggest whether client price tolerance will allow you to achieve a profit margin that covers the expense of delivering at scale. Competitive intel is also likely to be useful; for example, there may be few competitors in certain market segments because there’s no money to be made. Once you’ve learned where the opportunities are, you can start making changes to scale successfully.

Upgrade marketing and branding

Build up company visibility and reputation with robust marketing and branding. Sharpen your marketing messages and establish a presence on inbound and outbound marketing channels that are a fit for your services. Search Engine Optimization, social media and content marketing should be especially useful. Nearly half of all clicks on search engines come from organic searches, which suggests that prospects are more likely to trust the results they find naturally.

Your marketing and branding strategies will also be more impactful when guided by data. By analyzing metrics such as website traffic, conversion rates and client engagement, you’ll be likely to discover actionable insights that may shape marketing strategies and campaigns that produce the results you need.

Standardize service delivery, invest in automation

Scaling a service-based business requires being able to deliver those services in the same way, every time. A strategy that will both save time and ensure that your profit margin is sufficient to cover the expense of delivering at scale is to package your services as a menu of products and eliminate the need for you to customize every order. Next, create standard operating procedures to ensure quality, efficiency and consistency in how your services are delivered. Map the step-by-step workflow, provide written or video instructions for clients and if applicable, ensure that your team is trained on best practices, so that clients will receive the same excellent results every time.

With a service-based business it is you, Freelancer friend, perhaps assisted by a team member, who will provide your services. In order to scale, you must develop and perfect turn-key, streamlined processes that allow you to work with the number of clients necessary to realize the scale. From your client onboarding procedure to billing and invoicing, automation will make your organization more efficient, appear more professional, inspire trust and build your brand at every touch point. Not only that, you’ll have more time to focus on improving your business and optimizing the scale.

Thanks for reading,

Kim

Image: Jack’s First Beanstalk, illustration from Jack and the Beanstalk, a circa 1734 English fairy tale. Author and illustrator unknown.

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Build A Budget, Build A Business

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Fact of life—if you run a company, even as a Freelance solopreneur, you’re going to have to suck it up and put together a business budget every year. If you fall into avoidance behavior and tell yourself that you’ll do it “next month,” it is almost certain that 1) you won’t do the budget anytime soon; and 2) your business could eventually slide into financial chaos, taking with it the money and time you invested. Failure to mind business finances is business sabotage.

For many people the mere thought of budgeting brings a sour feeling to their stomach, but the fact remains—budgeting supports business success and your organization is unlikely to thrive, and may not survive, unless you do it. You may find budgeting to be an onerous task, but there is a silver lining—a budget is empowering!

Budgeting is integral to effective financial management and allows you to make informed decisions and take calculated risks that can move your company into a stronger position. Budgeting brings to light the reality of your company’s fiscal health and performance. Problem areas will be recognized and you’ll be able to propose and implement remedies designed to rectify the lapse. You will be positioned to develop reasonable, reachable, goals.

The budget is your buddy

While budgeting often brings to mind thoughts of scarcity and sacrifice, saying no when you want to say yes, you’ll feel much better when you reframe your thinking about budgets; budgeting need not always result in cutbacks. Instead of focusing on limitations, why not flip the script and think about growth? It is reasonable to view budgeting as a pathway to business success, a tactic that enables your entrepreneurial ambitions. Rather than obsessing over cutting expenses, utilize your budget as an element of your strategy to manage expenses and drive growth and profitability.

In fact, only when finances are in order can you operate from a position of strength and make good decisions. When the cash-flow and business reserve fund are healthy, you can demonstrate business savvy—you might hire one or more employees, whose productivity will positively impact sales revenue; you might move the company into a larger space; you might upgrade office or manufacturing equipment that introduce operational efficiencies that benefit anything from your marketing campaigns to the customer service and customer experience your company offers, enhancements that reward your business with loyalty, good word of mouth and returning customers.

Build the budget

Your primary goal will be to ensure that there will be enough money to operate the business, from covering selling and marketing expenses that generate revenue to meeting fixed expenses such as payroll, rent, utilities and insurance. Among the projected expenses you’ll calculate will be those specific to acquiring or creating your product or service, that is, the cost of materials or the time involved in crafting what you sell. You’ll budget for the year, so it will be necessary to make reasonable projections of future expenses and sales revenue. You also want to set aside funds you can invest in business growth, whether to carry out specific initiatives or maybe take advantage of an unexpected opportunity as well.

You will be wise to structure your budget to predict somewhat modest sales revenue and anticipate expenses that are somewhat higher than the previous year. Planning for a less than rosy scenario is the safest strategy, giving budgetary wiggle room by encouraging you to trim expenses where possible to help you build up the business growth fund.

Once you make revenue and expense projections, you can run different potential scenarios and refine your estimates of likely cash-flow and sales revenue income, to enhance your trust in your estimate of how much will be available to finance marketing and business growth.

Create a spreadsheet

A spreadsheet is one of the most powerful tools available to create a budget, not only to make it easy to view and analyze your data, but also to make it easy to change your projected data and evaluate different business scenarios. You can do the same when reviewing projected costs and sales revenue associated with carrying out a proposed business goal.

Get comfortable with the Microsoft Excel spreadsheet and learn to call up different combinations of projected revenues and fixed and variable expenses that will enable prudent decisions in every aspect of your business, from pricing to hiring additional employees. Take a Microsoft Excel for Beginners tutorial .

Monthly budget reviews

Your budget will be useful only if you review it regularly, to assess your company’s performance. Get ready for the big reveal when you discover whether (or not) actual spending aligns with the amount budgeted. If certain expenses are consistently higher than anticipated, you may need to revise the budget to reflect reality, or find ways to reduce those costs. Likewise, your budget will also reveal if sales revenue projections are either too optimistic or too conservative.

Responding to changes in your business environment ensures that your budget functions as a useful tool for financial planning. Finally, the budgeting process will, over time, become a repository of company performance data and provide an important historical overview that could be useful when anticipating seasonal fluctuations or other patterns that support your projections of future business performance.

Thanks for reading,

Kim

Image: © Mee Ko Dong for Shutterstock

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Close- Up: Revenue and Profit

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Does the thought of managing finances more complicated than your household budget fill you with fear and loathing? You are not alone! Many share that sentiment but in the world of Freelancing, getting your arms around the management of company finances comes with the territory. Outsourcing your bookkeeping and accounting functions can be a smart move that allows you to focus on client acquisition and retention or other things that only you can do, for example, but you cannot afford to be in the dark about what’s happening with your money. You can’t plan and execute a marketing campaign or an expansion strategy until you know how much money will be available to carry it through.

You can ask your bookkeeper or accountant to suggest a reasonable budget for your plan, but it’s better if you have the answer before you ask the question. In order to know how much money you’ve got, you’ll need to get comfortable with reading your Income Statement, also known as the Profit and Loss (P&L) Statement. The P&L details all the money that is earned (sales revenue) and expenses paid, e.g., rent, utilities, professional association dues, or payroll.

Financial management is a big topic so today we’ll limit our focus to money that comes into the business—revenue—and the money that remains after expenses are paid—profit. The two categories are very similar and are frequently used interchangeably by those of us who are not accountants or bookkeepers, but there is a subtle difference between the two and it makes sense for Freelancers to grasp what each term says about your entity.

Revenue

Revenue is money generated through the sale of products and services plus other money-making activities that take place within the business. The initial tally of revenue indicates what’s been generated before expenses are deducted. Calculate revenue by using this equation:

Revenue = Price x Quantity sold

Sales generated when clients pay for your products and services, along with other income streams if applicable, is classified as revenue derived from normal business operations. However, since a business may generate revenue from different sources (income streams) it’s useful to consider each line of business separately, so that you can scrutinize how each performs. When you separate revenue by source and type you’ll quickly see which is lucrative and which is lagging—and you’ll be positioned to make smart business decisions.

So if you begin to regularly teach a class in addition to your Freelance consulting work, you can record that revenue separately, as it’s own income stream. If you also sell a tangible physical product in addition to your intangible B2B services, you can record revenue from your tangible products and intangible services separately. Or maybe you own a restaurant? If so, you’ll separate and analyze each revenue source by categorizing your menu offerings: side dishes, main dishes, appetizers, nonalcoholic and alcoholic beverages.

As well, you can separate your revenue into operating and non-operating sources. Operating revenue represents sales from a company’s core business. For instance, in a restaurant, operating revenue is derived from the sale of food and beverages to customers.

  • Annual Recurring Revenue

Another category of revenue that you would be wise to record and examine separately is known as annual recurring revenue (ARR). ARR is revenue that is associated with subscription agreements or other contractually dependable, expected revenue streams. Documenting ARR is critical because it provides companies with a predictable revenue stream. There is nothing sweeter than money you can depend on!

  • Non-operating Revenue

Non-operating revenue is sort of like selling an add-on—it’s revenue earned from sources outside of the primary (core) function. So in your hypothetical restaurant, non-operating revenue might represent sales of loyalty program cards, gift cards, branded T-shirts, or mugs, for example. Non-operating revenue might be unpredictable or mostly seasonable (associated with Valentine’s Day, or whatever) and is considered nonrecurring. Selling an asset is also categorized as non-operating revenue. Maybe you bought a non-fungible token (NFT) art work that’s now worth big money and you’ve decided to sell?

Revenue vs. Income

For an intermezzo we can also consider income, which in the world of accounting is distinct from revenue, despite the obvious similarities—-both categories mean money in your pocket. Recall that revenue represents money earned from core business operations, that is, the sale of your products and services and also ARR and money classified as non-operating revenue. Income is the money that (thankfully!) remains after all fixed (operating) and variable (sales, marketing, professional development, etc.) expenses have been paid. Income has more in common with net profit, or earnings, than with revenue.

Profit

Profit describes the total gain (or loss) of money that a business has at the close of the period (e.g., month). As is the case with revenue, there are various aspects of profit to calculate and consider. Gross profit, operating profit and net profit are three metrics recorded on your P&L Statement. In general, profit is calculated by subtracting the total fixed and variable expenses, taxes and calculated amortization and depreciation values from total revenue. Calculate profit by using this basic equation:

Profit = Revenue – Expenses

  • Gross profit

The amount of money brought in from the sales of products and services, minus the acquisition or manufacturing costs of the products or services that were sold, is known as gross profit. The number reflects the Cost of Goods Sold (product or service acquisition or production costs, including direct labor) but does not reflect the impact of fixed or variable expenses. Calculate gross profit by using this equation:

Gross Profit = Revenue – Cost of Goods Sold (COGS)

The interim assessments of profit, in addition to gross sales revenue (also called the top line) allow you to scrutinize the numerous expenses incurred between the top line (gross sales revenue) and the bottom line (net profit) and expose points of profitability weakness (i.e., worrisome expenses) in the acquisition or production of the solutions you sell, all of your fixed and variable costs and even taxation, of your business. In fact, if your top line number is strong but your bottom line number disappoints, an adjustment of COGS or fixed or variable expenses could remedy the problem.

  • Operating profit

Operating profit is the next step in the P&L progression toward the big reveal that is net profit, the bottom line. It’s similar to gross profit but includes three more categories of expenses. Calculate operating profit by using this equation:

Operating Profit = Revenue – COGS – Operating Expenses – Depreciation – Amortization

Depreciation and amortization are also values you’ll want to understand as one who manages money, even if you outsource to a bookkeeper and/ or an accountant. Depreciation reduces the actual value of equipment or vehicles due to time or use—wear, tear and age. This calculation puts a numerical value on the asset’s cost versus its operating and residual value.

Amortization refers to the value of intangible assets, such as patents or trademarks and is calculated in the same way that depreciation is calculated. Both of these accounting methods exist to spread out the cost of assets over their useful lives and provide a more accurate picture of a company’s expenses and profits.

  • Net profit

Net profit is the final assessment of actual profit and it’s calculated by subtracting all fixed and variable expenses, plus taxes, amortization and depreciation, from your total revenue. Net profit illustrates the overall health and profitability of the entity. It is the final word and is found on the bottom line of your P&L Statement. You can calculate net profit by using this equation:

Net Profit = Gross Profit – Total Expenses – Taxes– Depreciation – Amortization

Differences between revenue and profit

These very similar values are calculated in different ways and each tells a somewhat different story. Revenue reflects your company’s sales and market share growth. Profit is the company’s indicator of financial health. Another difference between these two values is the potential for fluctuation throughout the year. Revenue is prone to fluctuate from month to month because it is subject to marketplace demand which, for example, can be seasonal. In contrast, profit tends to remain more stable over time.

Finally, net profit earnings may also be known as net income or net earnings. Net earnings may be the most important number on your P&L Statement not only because it comprehensively shows the company’s total earnings performance but also, the value is carried over to your company’s Balance Sheet and Cash-Flow Statement.

Thanks for reading,

Kim

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6 Digital Trends to Make Doing Business Faster and Easier

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Maybe you and I are alike when it comes to technology—-neither in love with tech-based products and services, nor afraid of them. I’ve never played a video game in my life but when fax machines were still a new thing, I bought a (Panasonic) combination phone and fax. You may remember that first wave fax machines required special paper that was sold in rolls. When plain paper fax machines became available, it was a big thing.

When a new product or service brings a significant improvement to my life or business, I’m happy to be an Early Majority Adaptor, in marketing parlance. I do not rush forward with my arms wide open when a big media rollout announces that a flashy new product or service has come to market but before too long, I’ll investigate. Might this new arrival be useful for my life and business? Will it help me to make money, save money, save time, or enable me to do business more efficiently or amplify my impact somehow? Can I afford to buy it? Can I afford not to?

Presented below are six relatively recent technological inventions or developments that are reshaping how we work and live. Nearly everyone on Earth is almost guaranteed to utilize at least four of these six tech- based services, whether or not you realize it. The presence of these resources—-and that is what they are—-will only become more entrenched over time. It’s up to you to be proactive and figure out how to harness the power and tap into benefits that these resources can deliver to you.

  1. Artificial Intelligence

I’ll bet you’ve used a chat bot —-an AI-powered service— when you visited a website and wanted your basic questions answered quickly. No? We’ll, does the keypad on your tablet, desktop, or smartphone have autocorrect typing? I thought so! AI has seeped into so many routine functions that we take for granted.

A common use of artificial intelligence is for what’s called machine learning, algorithms that through repetition appear to “learn” over time. Artificial intelligence is also making inroads into Customer Relations Management (CRM) systems. With the introduction of AI, CRM systems transform into self-updating functions that allow business owners, marketers and accounts payable specialists, for example, to set up AI generated order confirmations, customer birthday greetings, or subscription renewal notices.

Artificial intelligence is also a mechanism for detecting gaps in computer network hacking defenses. AI systems can recognize a cyberattack, as well as other cyberthreats, by monitoring patterns from data input. If a threat is detected, it can backtrack through your data to find the source and help to prevent a future cybersecurity threat.

2. Automation

Routine administrative tasks are unavoidable in most jobs and getting it done is often time-consuming. The practical benefits of intelligent automation companies increasingly enable the automating of many repetitive tasks so they do not require manual input from you or other team members. Today, payroll, invoicing, event registrations and numerous data entry functions are handled by automated services.

Expect more business solutions to be powered by AI for analytics, data protection, security and search algorithms. As a result, many businesses will run leaner as business owners find ways to employ automation.

3. Hybrid workplace

We turned on a dime and responded most efficiently to the reconfigured workplace (and classroom) environment brought about by the coronavirus shutdown. The pandemic proved a virtual workplace is possible.

But also, it has shown that a work-from-home setup is not ideal for everyone. The solution is to design your hybrid workplace to fit the needs of your workers, as directed by their functions and deliverables they produce.

Workflow development specialists will be especially useful for helping hybrid teams, some that may even work across national boundaries, decide how to approach decisions about how the work can be efficiently executed, how to promote good communication and camaraderie and even who should work from home and who should work in the office.

4. Cybersecurity and privacy

As of July 1, 2022, 4.95 billion of the 7.95 billion global population are internet users (source: United Nations). That about 62% of the world is online has all sorts of implications, for better—-more opportunities for communication and exchanging information!—and worse—an urgent need for user data protection, to protect privacy and promote security.

Online business owners should already have encryption security measures in place, to safeguard financial transactions and customer information. Online customers are becoming more concerned about the security of their personal data that by necessity is in the hands of many organizations, including banks, employers, insurance companies, retailers and social media platforms. Freelancers and small business owners are expected to guarantee security measures to protect their customer data just like global enterprise companies.

Data breaches are embarrassing and expensive. They’re bad for business, especially for smaller companies, that don’t have the budget to engineer a reputation rescue executed by a crisis communication marketing team. To ensure the data integrity at your organization enact all of the standard data protection protocols. Verify the security of your cloud-based software systems, cloud data storage service and your online and mobile payment providers. Protect all company internet devices, as well as personal devices, by using two-factor sign-in and strong passwords.

5. 5G

In 2021, I took my sweet time to trade in my 3G smartphone for a 5G smartphone and my cellphone provider was unhappy with me for a while. We’ve been hearing about the 5G revolution for, what, 5 years now? More networks and devices have moved—-more like been pushed—-to 5G in response to increased demand for faster connectivity, but 5G is more than just faster downloads.

Speed of data transmission on all of your mobile devices is a huge plus. Online meetings, streaming movies, listening to music and watching live TV are so much more seamless and satisfying with 5G bandwidth. You may not have noticed, but your phone and tablet are already faster now and they’ll soon become faster still with successive 5G upgrades and rollouts. Expect to see very soon expansions of fast, powerful and more reliable wireless internet service at home and at the office.

5G will also impact your car. Automobiles coming to the market this year will offer 5G capabilities. In the not-too-distant future, expect high-speed cloud connectivity to bring AI powered smart mirrors, super premium audio systems and self-driving trucks and other delivery vehicles—-yikes!

6. Digital payments

We’ve witnessed an expansion of digital payments and related banking options courtesy of the of pandemic shutdown. But the need for secure and fast mobile and online payment systems was already in a slow boil. The steady rise of e-commerce demanded secure online payments. Outdoor festivals, flea markets, farmers markets, art festivals and every imaginable business conference found someone. with a self-published book to sell or motivational videos to buy, enabled by remote payments.

Banks and other consumer financial institutions such as Venmo, Square, Wallet and PayPal, continue to invest more in online solutions for their customers.

  • Online payment channels.
  • Online loan applications and approvals.
  • Cashless payment transactions.
  • Online personal identification.
  • Faster and user-friendly online banking apps

Thanks for reading,

Kim

Image: “Digital rain” computer code in The Matrix (1999)

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KPI Spotlight

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Good data supports good decision-making and good decisions lead to success in your endeavors. Trusting your gut and following intuition have their place but when evaluating the efficacy of business strategy, as you work to drive results in the near and long term, it’s imperative that you listen to the story the data tells. Why waste time and money on guess work?

The biggest question is, which metrics should you follow? Dozens of data points can be generated and examined, but which metrics will adequately address your questions and guide you? The ability to select KPI (Key Performance Indicator) metrics that reveal your company’s performance against objectives you’ve determined are relevant is the most critical factor of analysis. Tracking only the most important KPIs is meant to narrow your focus to those metrics that impact the objectives you want to achieve.

Your company business model and the industry in which you operate will largely determine the KPIs that make sense for you to monitor. As usual, you’ll need to give the matter some thought. Ask yourself—what company goals should you pursue? Have you identified major areas in need of improvement? What are the top priorities? Answering those questions will bring you a step closer to identifying the right KPIs for your organization. Choose metrics that help you further understand and achieve company goals.

Below are a sampling of KPIs that give potentially useful insights into any business. Maybe you’ll find two or three that you’d like to include in your monthly review of business operations?

Overall company performance KPI metrics

Gross revenue (top line)

  • Total income generated from the sale of company goods and services. This value matters because it tells the unvarnished truth of what the company is selling. Gross revenue reporting excludes the cost of goods sold and includes only the money earned from sales. On the Income (Profit and Loss) Statement it is the first entry, the top line.

Net income (Bottom line)

  • Net income indicates a company’s profit after all of its expenses have been deducted from revenues. Net income is the uber metric for profitability and provides insight into how well all aspects of the business. Net income is often referred to as the “bottom line” due to its positioning at the bottom of the income statement.

Number of clients

  • The number of active (within the last three years) clients on your roster.

Lead conversion rate

  • This helpful metric points to the power of your leadgen marketing strategy and tactics, including your website landing page. For example, if your Call-to-Action invites visitors to register for a webinar or complete an online survey, learning the percentage of visitors who respond to the CTA, that is, those who were converted from a mere website browser to an actual lead by taking an action that signals engagement, is highly instructive.

Financial KPI metrics

Gross revenue

  • The sum total of the sales of all products and services, within a given period (day, week, month, quarter, year)

Net Income

  • After all fixed (operating) and variable (selling) expenses have been deducted, inventory has been added (if applicable) and interest, taxes, depreciation and amortization have been calculated and deducted, the net profit (income) or loss is revealed in the bottom line of the Income Statement.

Cash-flow

  • Operating cash-flow is the amount of cash generated by a company’s normal business operations and it indicates whether a company can generate sufficient positive money to stay in business. If making upgrades of some sort, scale or grow are a goal, operating cash-flow reveals whether borrowed financing will be needed. This figure confirms whether or not accounts receivable are paid to service providers.

Cost of Goods Sold

  • The sum total of all costs used to create a product or service that your company sells. This number is often a challenge for service providers to calculate. We sometimes forget that our time has a price tag attached. How many hours were devoted to revamping a client’s social media campaign? How many hours did you spend creating Power Point slides for a workshop that you’ll teach? This figure should be accurately reflected in the prices you charge. Along with being aware of the time spent on providing a service, there is also the matter of the wholesale value of your hourly rate. Basically, it is wise to consider the value your client will derive from the work you do, in addition to the hourly rate for your labor.

Client KPI

Client churn rate

  • The opposite of retaining clients is losing them through the process known as churn. It’s a disturbing metric but one that every business owner must confront and diminish. For many B2B service providers, as well as other business owners, a client will do business with an organization only once and it is not a negative judgment against the business. Some projects are one-off by nature. Still, it’s important to understand why certain clients are not returning. What can you do better? Along with your final project invoice, a brief client survey could yield valuable and actionable follow-up information.

Number of clients

  • How many active (within the past three years) names are on your list? Also, how many give you repeat business and how well known are they?

Client acquisition cost

  •  Assess the cost effectiveness of your marketing campaigns when you calculate the total sales and marketing cost needed to land a new client. Divide your marketing and other client courting activities contained in total acquisition costs by the number of new customers, in the time frame you’re examining.

Client retention rate

  •  The number, or percentage, of clients who return to do business with you. This is an indication of client satisfaction and a great compliment to you and your team.

Marketing KPI

Website traffic

  • Measuring the number of people who visit your website is one of the more basic KPI metrics, but it’s still important. Your website is home base home to everything that’s needed to inform, convert and close a sale with your buyer. If your marketing campaign isn’t getting people to visit your website, then you must rev up your marketing strategy and execution. Hubspot, Google Analytics and a few other can report the total traffic numbers, tell you how many new visitors are browsing and also show you where those visitors are coming from. If you operate marketing campaigns on different social media platforms, you can learn which ones send the most traffic to your website and which ones are failing to stir up any interest.

Marketing ROI

  • Return on Investment metric reveals if the money spent on marketing activities is generating the desired sales revenue. Keeping track of your marketing ROI will make it easier for you to justify marketing budgets, calculate marketing efficiency and ultimately help you plan future marketing strategies. 

Referral traffic

  • Discover where website visitors are coming from, how potential prospects find your company. Learn which social media platforms bring in the most and the highest-quality leads. Does voice search show potential and should you invest time in long-tail phrases to grow this segment? Does your newsletter bring leads? This could be useful information when building your overall marketing strategy.

Thanks for reading,

Kim

Image: © Nick Bassett (2014)

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Pandemic Era Businesses to Launch in 2020 – 2021

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It appears that the pandemic era is settling in to become our nightmare new normal. Working from home will continue in many companies. Public schools and universities will not open their classrooms and will offer virtual instruction once again. Musicians, dancers, actors and singers cannot take to the stage and perform. Baseball teams are competing in empty stadiums, with no fans to cheer them on.

Billions of dollars have been lost and there’s no end in sight. Yet parallel to the turmoil, business continues to be done where permitted and plenty of money is being made, admittedly by a much smaller cohort than in pre- pandemic times. Whether the economy is expanding or shrinking; whether the stock market is up or the bond market is down; no matter if war breaks out or peace reigns, someone will make money. Maybe this time it will be you?

Please look over the short list of new business opportunities that I’ve put together. Business experts have identified these ventures as being able to either largely escape losses associated with the pandemic or directly benefit from its presence. The barriers to entry for these businesses are comparatively low, aside from the time and money invested to attain the necessary educational and certification requirements. Just one option requires a significant financial outlay to start the business.

Should you decide to open a business or become a Freelance independent expert, make the most of your entrepreneurial aspirations by writing a business plan. Include in your plan a business model, to give yourself hyper-focus on how to find customers and make sales.

The U.S. Bureau of Labor Statistics reports that when a business fails, 82% of the time it is because of inadequate financial resources. Examine your expenses and spending habits and take steps to pay off debts and accumulate savings, to prepare for either self-financing or bank financing. Be advised that customer acquisition and pricing are the top two elements a business owner or Freelancer must get right. Making sales and pricing correctly are the principal money-making enablers. Create a thorough and realistic financial plan for your business, with the guidance of a business accountant.

Skilled trades

The skilled trades have long been a professional path that paid off, in particular if there are a good deal of building and infrastructure projects planned in your area. Home renovations can also be a very lucrative avenue, spurred on by popular television shows.

Most college educated people are unfamiliar with the depth of training that blue collar tradesmen must earn. They may earn a 2-year degree in mechanical, electrical, or civil engineering, for example, in addition to completing the intensive training/ apprenticeship and certification/ licensing required to enter their particular field.

Many in the trades will eventually launch a business that may be small or grow to employ dozens. Other tradesmen prefer to be Freelance solopreneurs. Start-up costs are relatively low: the tools of the trade, business cards, website and a small truck or van.

Among the lucrative specialties are plumbing, welding, carpentry/ general construction (the profession of both of my grandfathers), electrician, masonry, HVACR (heating, ventilation, air conditioning, refrigeration) and steel working.

Bicycle sales, services, rental

The League of American Bicyclists reported that in the period 2010-2017, commuting by bicycle grew by 43%. The health benefits derived from the vigorous exercise involved, the incremental lowering of air pollution and the modest easing of rush hour traffic has inspired numerous city and state officials to invest in bike lanes to make the practice safer for peddlers, pedestrians and drivers.

If you, or you and a friend or two, are cycling enthusiasts and at least one of you knows bike repair basics and maintenance servicing, then owning a bike shop will allow you to monetize your passion. Online bike sales are robust, so be sure to budget for a well-designed and high- functioning e-commerce website.

In terms of product diversification, there is a niche market for electronic bikes (good for those who live in a hilly geography), which have a small battery powered motor that makes pedaling much easier. E-bikes are also useful for those who’d like to bike to work but face a long commute. Bike rentals are also popular.

Self storage units

As real estate prices escalated, the ability to afford a home that could house all of our treasured possessions became a challenge, if not impossible. In the mid-1980s, the basement storage space that nearly every apartment building provided as a standard benefit disappeared, as landlords began to create basement apartments. With increasing frequency, people who lose a job also, tragically, lose their home. They may be forced to give up their apartment and move in with family.

The growing demand for storage space has outstripped supply in some locations and prices per square foot are rising in many metro areas. The start-up costs for this venture are hefty because storage space entrepreneurs must either construct a new building or rehab an existing structure, and parking is a must (except in very high- density cities). But there is money to be made.

If the high-end appeals to you, then build a high-security, climate controlled facility that customers will use for fine furniture and art. Otherwise, minimal temperature control and a bring your own padlock system will suffice (and that is the norm). Commercial enterprises also rent storage units to hold merchandise and supplies. Tradesmen sometimes keep their tools in a self-storage unit. Whatever you can afford to invest, the rental income you’ll be able to command will quickly guide this enterprise to break-even and into robust profitability.

Videoconference and webinar tech support

The newest tech support career has arrived, born of the COVID-19 work from home craze. Many thousands of organizations have switched over to virtual communication to maintain contact with their team and with their clients. Videoconferences are mostly straightforward, but webinars and classroom instruction are more complicated.

Organization leaders, including school administrators, are mostly out of their depth with the technology and know that they have only one chance to make a good first impression now that they’ve persuaded a client or prospect to participate in a video sales call. A knowledgeable video tech support professional can be much in demand.

IT pros who pursue this avenue must be proficient in cloud computing, Windows (including Power Point), IoT and Linux (CentOS).

Videoconference and webinar support is part technology, part show biz. In advance, an assessment of the client’s tech equipment, including the webcam, audio quality (headset mic, or lavalier [mini-mic] could be needed). Identifying flattering lighting for the speaker’s face is another critical duty, as is recommending the right visual scene behind the speaker: the company logo or a bookcase are good choices. The lighting behind the speaker is another important aspect when setting the webinar or videoconference stage.

Private Tutor

If you are a certified teacher with classroom experience and hold at least a master’s degree in the subject that you’d like to teach, your services will be much in demand right now in the affluent communities of America for the duration of pandemic-related school closings and perhaps beyond. Zoom may be helpful to keep education going in a crisis, but it is not equivalent to face2face instruction.

There is at present a free-for-all patchwork of teaching solutions that worried parents are exploring, including home schooling and “pods,” which are small group training. Parents may hire a tutor to buttress the child’s understanding of what the school lessons cover, or add subjects that have been dropped in the transition from classroom to video.

Tutoring can cover any subject taught in a classroom—-geometry, English grammar, American history, biology—-and enrichment subjects—-music lessons, physical fitness, art, foreign language. There are tutors for special needs children as well.

Requests for tutors are trending on social media and educators will find many opportunities to evaluate, from becoming part of a pandemic pod teaching team to traditional private tutoring.

Thanks for reading,

Kim

Photograph: Kim Clark. Bike shop on Tremont Street in Boston’s South End neighborhood.

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Guiding Light: Your Business Plan

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Business plans and email marketing have something in common. The two stalwarts have often been declared dead by so-called experts, yet both continue to demonstrate value to current and aspiring business owners. Despite the naysayers, business plans are the foundation of business success, for the unavoidable reason that many new businesses fail.

Of the 400,000 companies started in 2014, 44% had failed by year four and just 18% of first-time Entrepreneurs were able to launch and sustain a successful entity. As the saying goes, “No one plans to fail. They just fail to plan.” Don’t let that be you, Dear.

The primary reason for aspiring Freelance consultants and Entrepreneurs to write a business plan is to test assumptions about the viability of the business idea against credible information that reveals the likely demand for the product or service and customer groups that have the money and possible motive to buy those products and services. The potential viability of a business is revealed in factors such as the size of the market (i.e., those with money and motive to buy), the founder’s access to potential customers (a big factor in B2B and B2G sales), competitors who sell an identical or similar product or service (are they thriving or just hanging on?) and the amount of money required to set up shop and start doing business.

A second compelling reason to write a business plan is to develop strategies that provide a roadmap, or blueprint, that will guide the founder as s/he builds and launches the venture. Confirming target customers, identifying possible niche markets, choosing the pricing strategy and the sales strategy; creating the financial plan, the operations plan, a realistic business model and selecting the most advantageous legal structure will also be thought through in advance of the company launch.

During the process, the founder will make discoveries that may persuade him/her to refine certain aspects of the products and services intended to be sold, or adjust perceptions of who the ideal customers will be. This information may have the power to substantively improve the venture’s chances of success and sustainability.

A third reason that motivates aspiring Freelance consultants and Entrepreneurs to write a business plan is the need to seek financing for their venture, whether the funds will be used to launch or scale the company. The financing source may be a bank or credit union, a micro financing organization, private investment (friends and family), or even self-financing. Those holding money will use the business plan to make funding decisions, so founders would be wise to develop a realistic financial blueprint that projects three years into the future, as well as a credible marketing plan that accurately defines target customer groups and identifies key competitors.

In sum, a powerful business plan needs to be three-dimensional, so it distills lessons from the real world and allows the founder(s) to test and when necessary revise assumptions. This ongoing process will give the business the highest chance of success while also increasing your credibility with investors, your team and most of all, yourself.

Thanks for reading,

Kim

Image: © Ubisoft Entertainment SA, artist’s rendering of the Lighthouse of Alexandria. The lighthouse stood on the island of Pharos, guiding ships as they entered the harbors of Alexandria, Egypt on the Mediterranean coast. The structure was built during the reigns of Ptolemy I and II, c. 300 – 280 BC. With a height of over 330 feet, the lighthouse was so impressive that it was named one of the Seven Wonders of the Ancient World. Now lost, the lighthouse was a welcomed navigational aid for over 1600 years.

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Is Your Idea a Business or a Dead End?

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Ha! So you think you have an idea that you can parlay into a good business, whether it’s a cutting edge technology or a tried and true formula, like a car wash.

Regardless of the industry that you’d like to enter, there is a more or less standard checklist of factors you should consider before investing your money, time and hopes. Before fantasies of entrepreneurship carry you away, do yourself a favor and answer these questions first. You’ll know how to proceed from here, whether it means that you meet with the Branch Manager at your bank to learn about business financing options, or you take a trip back to the drawing board.

1. Who are the target customers and what is the size of the market?

Define your market demographic. Who will pay to buy what you plan to sell? Is this a product or service that is growing in popularity, or maintaining its broad appeal, or is there a shift in customer preference on the horizon as those who would be your customers learn about a new choice that may persuade them to switch to The Next Big Thing?

In addition to demand for your intended product or service, are there enough customers in your location to support the business? By the way, how are your competitors doing? Do they appear to be thriving?

2. What is the problem that target customers want to solve or avoid when they do business with companies like your proposed venture?

Understand the back story of why customers would buy the solutions that you plan to sell. What is it that they’d like to achieve or avoid? One calls a window washer when the windows are dirty because clean windows demonstrate the owner’s desire to protect and enhance the value of his/her home.

3. How are target customers meeting their need today?

What businesses would be your primary three or four competitors? What factors persuade their customers to do business with them—a convenient location, exceptional product variety, discount pricing, the right relationships?

What advantage can you offer that customers might be drawn to—more convenient hours of operation, for example? Can you provide a product or service that meets a need that is valued but not currently addressed?

4. What is your solution (product or service)?

Describe your proposed product or service. You should be able to easily and clearly describe (and sell) your product. Develop an off-the-cuff sales pitch, record your delivery of it, then listen and evaluate. Would you buy this product or service?

5. How will you reach your customers?

If your business is B2C and requires a physical location, can you afford to set up shop in an area that potential customers will visit? If your business idea is B2B, do you have a plan to access customers and referrals? If your plan is for e-commerce, how will potential customers learn about your website?

6. Do you have the credibility and credentials to do business in this industry?

Especially if you plan to enter the B2B sector, be certain that your education and experience will command respect and trust. If obtaining certain licensing, certifications, or an educational degree is vital (even if not required), investigate the process, plus the time and money involved.

7. Do you have the funding to launch the business?

Research the expected business start-up costs and think objectively about how long it might take you to start making sales you can live on.

Pay your bills and get your credit score. Build up your savings. Whether you expect to self-finance, ask to borrow from friends, family, or your retirement account or apply for outside funding, you will need a lump sum of cash on hand when you launch a business.

Thanks for reading,
Kim

Photograph: Financial District, Boston, MA. Kim Clark, September 23, 2018