The Side Hustle Dilemma: Is It Ruining Small Businesses?

Over the past decade, side hustles have become a dominant force in the economy. From freelance gigs to e-commerce shops run during off-hours, the side hustle culture has inspired millions to explore entrepreneurial ventures. Promoted as a way to achieve financial freedom and independence, side hustles are often seen as empowering tools for the modern worker.

Managing small business growth

However, as the gig economy grows, a troubling question arises: are side hustles undermining small businesses? While the movement to hustle has its merits, its unintended consequences on traditional small businesses and the economy at large deserve scrutiny. In this article, we’ll examine the side hustle phenomenon, its impact on small businesses, and what can be done to create a balanced entrepreneurial ecosystem.…

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Secrets Top Companies Use to Thrive in New Markets

Key Takeaways:

  • Expanding into new markets offers significant growth potential for small businesses but requires a strategic approach to navigate unfamiliar challenges and establish a strong presence.
  • Conduct thorough market research to understand customer behavior, competitors, and regulatory requirements.
  • Focus on high-value customer segments rather than a generalized approach to optimize resources and better meet local demands.
  • Partner with established local businesses to gain valuable insights, enhance credibility, and navigate logistical challenges.
  • Stay adaptable by closely monitoring feedback, adjusting strategies as needed, and implementing localized branding to resonate with new audiences.

Business expansion

Expanding into a new market is more than just a growth strategy — it’s a calculated move that, when done right, can skyrocket a company’s reach and revenue.…

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The Price War Problem: How Small Businesses Destroy Each Other

Price wars often begin innocently enough—one business lowers its prices to attract more customers, and competitors quickly follow suit. However, what starts as a strategy to gain market share often spirals into a destructive cycle where everyone loses.

Price wars

photo credit: Karolina Grabowska / Pexels

In this article, we’ll explore how price wars undermine small businesses, why they occur, and how businesses can escape this self-destructive cycle.

The Anatomy of a Price War

Price wars are not just about competition; they’re about desperation. When small businesses lack differentiation, pricing becomes the battleground. Here’s how it usually unfolds:

  1. The First Shot: One business lowers prices to attract more customers, believing they can absorb the reduced margins.
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Consider These Improvement Projects to Take Your Business to the Next Level

Your business’s physical location is critical to its overall success. Regular maintenance and upgrades can ensure the space remains both functional and safe. Investing in your property’s structural integrity is an excellent way to increase its value over time.

Business premise improvement

One essential maintenance task is roof inspection, which should be conducted at least every 12 months, according to Allstate. Routine inspections help identify potential problems before they become costly repairs, thus protecting your investment. According to This Old House, in 2023, there are over 253,000 roofing contractors in the US, and finding reliable help for roof inspections is more accessible than ever.…

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Upgrading Your Truck’s Suspension System? Here’s What You Need To Know

Driving or riding in a truck should be a pleasant experience, one that makes you feel capable, comfortable, and in control. If your truck has a poor suspension system, you can’t enjoy any of these things. A bad suspension system or one that’s in need of an upgrade typically means a bumpy ride, difficult handling, and the potential for danger on the road.

Trucking business opportunities

Fortunately, a simple upgrade can make a world of difference. But, before you upgrade your truck’s suspension system, there are a few things to know and consider.

Understand The Benefits Of Upgrading Your Suspension System

First things first, don’t make the mistake of thinking that a suspension system doesn’t make a big difference, especially for commercial trucks.…

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5 Deadly Sins of Marketing a Small Business and What to Do Instead

If you own a small business, then you probably know that marketing is crucial. You need to let your customers know that you exist. The first step toward getting them to buy your products or utilize your services is to get your name out there.

Promoting business using megaphone.

Milwaukee advertising agency might be the answer. You may also handle your own marketing if you have the time, money, and necessary skill set.

Whichever option you choose, you’ll want to avoid some of the worst marketing mistakes that it is possible for a small business owner to make. Let’s run through five of those right now.…

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How New Entrepreneurs Can Use Connections to Build an Early Client Base

In the early days of entrepreneurship, every client gained is a step toward momentum. For new entrepreneurs, established connections offer a unique advantage that’s often overlooked.

New entrepreneur

photo credit: Freepik

Friends, former colleagues, and acquaintances aren’t just passive contacts; they can be a springboard for building trust, credibility, and a foundation of loyal clients. By strategically tapping into these relationships, you can gain your first ten clients more easily than you’d expect, setting the stage for sustainable growth and an expanding network.

Partner with a Local Business

Collaborating with a nearby business can significantly increase your local visibility, as it allows you to tap into an established audience that’s already engaged in the area.…

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Entrepreneurs: Are You a Realist or Delusional?

The journey of entrepreneurship is often glorified for its promise of freedom, financial success, and personal fulfillment. But underneath these glamorized perceptions lies a critical distinction in the mindset that can dictate the path an entrepreneur takes.

Are you a realist who grounds every move in practicality and analysis, or are you more delusional, following big dreams with unshakable optimism? While both traits have their merits and pitfalls, finding the right balance can define success or failure.

Entrepreneur

This article delves deep into the pros and cons of realism and delusion in entrepreneurship, and how these opposing mindsets influence decision-making, problem-solving, risk tolerance, and business longevity.…

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How to Choose the Right Power of Attorney When You Run a Business

In the complex landscape of running a business, making informed decisions is paramount. One critical aspect that often gets overlooked is the designation of a Power of Attorney (POA).

Power of Attorney (POA)

A Power of Attorney gives one or more persons the authority to act on your behalf in legal and financial matters, ensuring that your interests are represented even when you’re not able to do so yourself. This can be especially vital in situations like health emergencies or business incapacitation.

Understanding how to choose the right person or people for this role is crucial for the continued operation and success of your business.…

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7 Reasons Why High Growth Founders Fail to Scale Without the Right Support

The world of building businesses is a battlefield, where high growth-minded founders step into the ring with dreams of changing the world and building extreme wealth off of their ideas. Yet, for all the ambition and grit that fuels these journeys, a staggering number of founders find themselves stuck, unable to scale their businesses. Why? Because they underestimate the importance of support. Relying solely on their own hustle – ugh, that word! – without the right strategic backup is a recipe for burnout and failure.

High growth founder and support team

Let’s break down why high growth-minded founders falter without adequate support and explore how you can avoid these pitfalls.…

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