9 - 2021 - NuvoDesk Coworking
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6 Major Digital Advertising Benefits for Small Businesses

6 Major Digital Advertising Benefits for Small Businesses

In this Article –

 

Reach your target market

Flexible cross-promotion

Mobile engagement

Get faster results

Easy to track metrics

Stay top-of-mind

 

Digital advertising is a new weapon in the struggle of small businesses for survival. If you’re not promoting your goods and services online, you might be missing a huge audience that could benefit from your business.

Ways of promoting are diverse and give different results, depending on the type of activity you go with. The growth or decline in your sales directly depends on the types of advertising you use on the Internet. There are many platforms to choose from, but sometimes it’s a trial-and-error sort of thing to see what works best for you. And you don’t have to spend a ton of money to try different advertising techniques. Moreover, small businesses earn an average of $3 in revenue for every $1.60 they spend on Google AdWords.

Let’s take a look at why you should be advertising digitally:

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Digital Advertising is Targeted

You can create ads that are seen by qualified prospects and target audience members. Because you can be specific about who sees your ad, you’ll know you’ll be piquing their interest and can probably convert them.

Traditional advertising is hit-or-miss, but digital platforms are changing the game. SEO and PPC can put your brand name and your content marketing in front of customers at every stage of the buying cycle. Social media channels like Facebook, Twitter, or LinkedIn offer flexible ad options that allow you to segment by geographic location, demographics, interests, and more.

Digital Advertising Provides Flexibility Across Channels

The keyword for success in digital advertising is “multi-channel.” With digital advertising, a piece of content can be shared across a variety of platforms, which means that you are no longer confined to one page, 30 seconds, or whatever format your traditional ad was designed for.

Videos are a great way to promote in a way that your buyers want to listen. And they’re sharable which means you can reach more potential customers on various platforms. According to Forbes, videos are shared 1,200% more than text and links combined.

Digital Advertising Invites Mobile Engagement

Digital and mobile marketing go hand-in-hand. Digital advertising allows you to reach your audience on the go, wherever they are, whenever they are online. It’s an especially great place to reach Gen Z and Millennial customers. According to a study conducted by the Interactive Advertising Bureau (IAB), mobile phones are the place Gen Z and Millennials are most likely to see relevant ads. Nearly half of all typical smartphone users have taken action based on seeing relevant ads on their mobile phones.

Digital Advertising is Faster to Market

Market conditions and trends change quickly, and that requires agile marketing. Digital campaigns can be executed much more quickly than traditional advertising, and they can be modified on the fly if needed. 

Digital Advertising is Easily Measurable

Digital campaigns metrics are built-in. You know exactly who clicked on your content, opened it, referred it, shared it, etc. You also can trace the source of your traffic from entry to the shopping cart and eventual purchase. This will help you determine which platforms and strategies yield the best results, and which deserve more investment.

man analyzing digital marketing efforts

Digital Advertising Maintains Top-of-Mind Awareness

A study by Baymard Institute revealed that the average online shopping cart abandonment rate is 68.53%. And that’s where digital advertising has a major advantage. Through remarketing and retargeting, you can stay in front of the customer to suggest one more time that they liked your product, so go ahead and purchase it. Abandoned shopping carts can be recoverable by retailers who use marketing automation software to offer a sweet deal, like a discount or free shipping. Digital advertising can keep that sale from slipping away.

Digital Advertising is the New Norm

When you consider the myriad of benefits digital advertising provides compared with traditional advertising, it’s easy to see why big brands continue to utilize all forms of digital advertising platforms as an integral part of their strategies. But it isn’t just for big brands, it’s for your small business, too.

How to Write a Professional Job Description

How to Write a Professional Job Description

In this Article –

 

Job description definition

How to write a job description

Job description essentials

 

Your business is growing and you need extra hands. How do you write a job description that will get a qualified person in the position you’re seeking to hire?

Here are some things to consider when writing up a job description.

job description typewriter

What Is a Job Description?

A job description is a medium by which hiring managers communicate their needs to both external and internal candidates. 

For the employer, the job description lays out essential information about the role, the candidate’s experience, skills, and readiness.

For the employee, the job description describes the responsibilities, tasks, and related duties of a position. It will often include additional information such as education, qualifications, and skills required for the role. You can also expect important details like working conditions, compensation offering, physical demands, and tools or equipment required.

 

How to Write a Job Description

It can be as short or as long as you like. As descriptive or vague as you want. It can also have hidden instructions to gauge people’s attention to detail. Most importantly, it should be clear and concise. You can use it briefly when posting a job offering and give the candidate more details during an interview.

Ideas to Get You Started

1. Jot Down the Position’s Responsibilities and Duties

Some critical questions to ask yourself as you write this are:

  • What does their day-to-day look like?
  • What tasks do you expect they own and complete in a timely manner?
  • Who else do they interact with day-to-day and how are they accountable to those people?
  • If they were to provide reports or updates to someone what metrics are included?

Be as specific as possible here to make their day-to-day and your performance evaluations easier.

2. List Experience and Skills Required

Now that you’ve specified responsibilities and daily activities it is time to create your wishlist of skills, experience, and education. Who is your ideal candidate? 

Take another stab at your wishlist and order it from most important to least important. Finally, add in what’s required and what’s optional.

3. Include Desired Soft Skills and Personality Traits

Describe their education and experience that fit your culture. Do they have the soft skills to pull off their job function? Here are a few questions to consider when dreaming up the right candidate:

  • Do you need a self-starter or someone who can simply follow directions?
  • Will they work independently or as part of a team?
  • How flexible is the role? Do they follow checklists or is a lot of it creativity?

Describe the current team’s personality or the company’s culture. Jot down what you want and what you don’t want.

4. Determine Compensation

How much would you have to pay that ideal person and how likely it is to find that person? Decide if it’s an entry-level position or a higher tier that requires more experience and a higher starting salary.

A fair salary is a must, but how else can you entice a candidate to apply?

Consider adding monetary and non-monetary benefits besides salary. Sometimes people will take a lower-paying role if the health, dental, and retirement benefits are excellent. Or if they know there’s a lot of opportunity for growth at the company.

Determine ahead of time if there’s a salary cap or a merit increase schedule and what you’re comfortable paying year over year.

5. Write the Job Description

You now have everything you need to write your job description.

Start by writing the job title and a brief introduction to the company. Explain what the company does, how many employees you have, and your overall mission.

Next, add position details, including job requirements and day-to-day responsibilities. Ensure that they understand both the opportunities and the challenges of the role. The more transparent the better so nobody wastes their time.

Add in miscellaneous details like work hours, location, compensation, and start details.

Finally, list out the attributes that the ideal candidate would possess, ranging from education to prior work experience and soft skills. Ensure that they know what’s required and what’s optional.

 

Job Description Essentials

We’ll leave you with some best practices for writing an effective job description:

  • Transparency is key – Glassdoor and job review sites are widely used so it’s better to disclose any and all rough aspects of the job or the company upfront.
  • Limit industry jargon – It will only discourage candidates from applying.
  • Help them do research – Link your website, social media pages, and relevant press releases so they can easily do more research on your company and its values.
  • Talk about your customers – Give them industry insights so they have a better understanding of what they’re signing up for.

The last and best piece of advice on writing job descriptions is don’t start from scratch. There are countless jobs out there just like the one you’re posting. Use them as inspiration and adapt them to your needs.

coworking space

Top 6 Tips to Consider When Choosing a Coworking Space

Top 6 Tips to Consider When Choosing a Coworking Space

 

Key Points

 

Location

Budget

Work Environment 

Community

Duration

Amenities

 

With 2022 around the corner and coworking spaces projected to exceed 23,000 worldwide, how do you choose the best coworking space that fits your needs? 

Before making your selection, you should consider these top 6 tips when selecting a coworking space: 

 

1 Location

Location is the most important element when choosing your perfect office space. You’ll want your new office that is within a reasonable commuting distance from your home. Consider local conveniences such as restaurants, availability of parking, shops, and public transit that make it easy to access and entertain clients. 

Nuvodesk location

2 Budget 

Make sure the space you choose offers an affordable and long-term solution for you and your team. If you are going to outgrow the space within a few months, you may want to use a swing space. Determining what your budget is in advance will help you filter out spaces that are much too expensive from an early stage, saving you time and money. 

3 Work Environment 

Determine if you need a dedicated office or if you can work from a hot desk with the use of meeting rooms. See if you can visit the space to work for a day or two to make sure that wherever you choose to work, you can fulfill your foundational business needs. 

nuvodesk floorplan

4 Community 

Once you have determined if a space meets your needs and budget, you can look into some of the more fun aspects to the space. Each coworking space fosters and attracts different members from local neighborhoods. Besides the “business” reasons for joining a community, you want to be encouraged to come to work every day, network, and make new friends. 

5 Short-Term or Long-Term

Planning for the future is a fundamental business strategy. How long do you plan on staying at your chosen coworking space? Are you planning on expanding nationally or globally? Does the coworking space you choose offer access to a network of locations? These are important elements that you should have the answer to prior to picking a space. 

6 Amenities 

Choosing a coworking space that boasts unique amenities is always a plus. Aside from the typical free coffee, wifi, and printing, finding a space that can offer above and beyond will make your work life much better. 

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Selecting a Coworking Space

If you are looking for a coworking space, consider NuvoDesk. We are conveniently located off Highway 360 in Arlington, have various workspace options, and amazing amenities. You’ll love the community we have and will make new connections.

 

Try us out for a day for free!

 

By Leslie Radford
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Sole Proprietorship vs. LLC: How to Choose

Sole Proprietorship vs. LLC: How to Choose

Key Points

 

Define Sole Proprietorship

Define LLC

Pros/Cons of Both Entities

Making a Decision

 

So, you’ve started a small business. You know what you’re going to do and how to do it. But have you determined your business entity structure? Not sure what to register? 

New business owners are often confused about the difference between a limited liability company (LLC) and a sole proprietorship. Both have advantages and disadvantages. Let’s explore the differences.

What is a Sole Proprietorship?

A sole proprietorship is an unincorporated business with one owner, and it’s the simplest and least expensive type of business to form. 

As a sole proprietorship, the owner’s name is the business’s name, though sole proprietorships can also operate under a brand name or trade name. The main characteristic of a sole proprietorship is that there’s no legal separation between the business and business owner, so the owner is personally responsible for the business’s debts.

Here are some key takeaways to think about when considering a sole proprietorship:

  • No required paperwork apart from industry-specific licenses 
  • No annual state filings
  • Simplified tax filing
  • No liability protection
  • Difficult to obtain financing in the business name
  • Harder to build business credit

What is an LLC?

An LLC (limited liability company) is a legally separate business entity that’s created under state law. It combines elements of a sole proprietorship, partnership, and corporation, and offers a lot of flexibility for owners. This structure is popular with many business owners due to the ease of setting it up, its cost-effectiveness, it’s also easier to maintain than other business structures such as S corps or C corps, and it can provide asset protection. One person can form a single-member LLC, or multiple people can form a multi-member LLC.

Here are some key takeaways to consider when forming an LLC:

  • More market credibility
  • Liability protection in the case of certain lawsuits and commercial debts
  • More financing options
  • Some paperwork
  • Annual state filings
  • Tax advantages and disadvantages

Advantages and Disadvantages of a Sole Proprietorship

Benefits:

  • No required state paperwork, unless there’s specific licensing such as an occupational license and/or business license. 
  • No required annual state filings to complete, unless there are specific industry filings required by your industry.
  • All profits/losses are passed through to the owner’s personal tax return. These are typically reported on a Schedule C tax form that is filed with the owner’s personal tax return. 
  • May enjoy the tax benefits of being self-employed, from deducting certain business expenses to utilizing self-employed retirement plans.

Drawbacks:

  • There’s no liability protection against commercial debts, lawsuits, and other obligations. This means you can be sued personally for commercial activities, putting your personal assets at risk.
  • Many investors choose not to invest in a Sole Proprietorship, making it difficult to secure financing.
  • Many financial institutions will refuse to establish business credit and will categorize loan requests as a “personal loan” rather than a “business loan.” 
  • You will have a lower amount of market credibility by not operating under a trade name. You can create a “Doing Business As” name (DBA) with your state’s department of revenue or the secretary of state, but this will require fees for the establishment and ongoing fees to continue to use the DBA name.

sole proprietor takeaways

 

Advantages and Disadvantages of an LLC

Benefits:

  • When you form an LLC, you are creating a business entity separate from yourself; you are not your LLC and your LLC is not you. 
  • You will have a higher level of market credibility.
  • Liability protection against commercial debts, lawsuits, and other obligations as long as you set up and maintain your LLC properly, do not commingle personal and commercial assets, and avoid personal guarantees.
  • It’s much easier to obtain equity and debt financing if you have a separate business entity as well as an established business credit score. 
  • You can combine the “best” of the incorporation worlds, by electing your single-member LLC to be taxed as a Sole Proprietor (which is the standard election), an S-Corporation, or a C-Corporation. Electing tax treatment as a sole proprietor just means all profits/losses flow to the owner’s personal tax return. Electing to be taxed as an S-Corporation means the profits/losses flow to the owner’s individual return, but you have the chance to reduce FICA taxes by establishing a “reasonable salary” and receiving the remaining profit amounts as dividends, with only the “reasonable salary” being subject to FICA (Social Security and  Medicare) withholding.
  • You can enjoy the tax benefits of being self-employed. 

Drawbacks:

  • State-related paperwork will be required, including any specific industry licensing.
  • Annual state filings (and the associated fees) will be required as well, including any specific industry licensing fees that are required. 
  • Besides paying personal federal, state, local, and the self-employed version of FICA taxes, you might also be required to pay State Business Taxes and Unemployment Taxes.
  • Costs for completing the tax return of an LLC may be higher than that of a sole proprietorship.

llc takeaways

LLC vs. Sole Proprietorship: Which Should You Choose?

Many business owners, particularly freelancers or consultants, start as sole proprietors because it’s easy and it’s attractive for new entrepreneurs, particularly those testing a business idea. 

The best business structure for you will depend on many factors, and it’s best to consult a business lawyer and tax advisors before making this important decision. Make sure you take the right steps to establish your business.

 

By Leslie Radford
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