Five Things To Know This Week:
1) Michaels Invites Small Businesses to Its Marketplace
2) Read This Before Buying a Franchise
3) When Going Negative is a Positive
4) Hot Colors for Fall & Winter
5) Well Said: Words to Live By
Happy Tuesday, March 7th,
While speaking with a business owner last week about a big project he’s been working on for over a month, I asked, “Are you backing up your work to the cloud?” Crickets.
I asked him the same question again—more crickets. I then asked him, “Do you back up any of your work?” He finally muttered, “no.” I wasn’t shocked, but admittedly I was surprised. I didn’t have to tell him the risky game he was playing leaving all his work and critical information only on his laptop. I then said, “You know what happens if your laptop crashes, right?” That got through and it took us less than 10 minutes to upload his work to the cloud, where he now has access to it from all of his devices.
So, here’s my tip for you this week, play the “What If” game to protect yourself and your business from potential calamities. Write down 8-10 questions starting with “What if…” and then answer them. For example, “What if…my computer crashes?” “What if…I become disabled?” “What if…my home, office, or store burns down?”
When you’re finished, review your answers, and back the document up to the cloud. This is now your “Emergency Response Plan.” If or when something happens, refer to it, and instead of making a bad decision when life is upside down, you will know what to do. Whatever happens may knock you and/or your business down, but it won’t knock you out.
And mark your calendar to review and update your Emergency Response Plan every six months.
In the meantime, enjoy today!
Brian Moran, CEO
Small Business Edge
Brian Moran & Associates
Michaels Invites Small Businesses to Its Marketplace
Retail Dive reports that Michaels just launched an online marketplace, inviting a curated group of third-party businesses to add their product to its roster. Michaels will now offer consumers over 1 million SKUs, up from 250,000.
Michaels is accepting applications from businesses in various categories, including arts and crafts supplies, candle and soap making, leather and woodwork, baking, tools and tech, yarn, stitchery, kids, toys, education, journaling, seasonal products, and more.
Michaels isn’t charging businesses subscription or listing fees. Instead, they’ll pay a standard commission rate.
The nation’s largest crafts retailer has built t created a service portal for sellers to manage their businesses on Michaels.com.
Read more about this new opportunity for small businesses.
Read This Before Buying a Franchise
Buying a franchise is a smart way to start a business, especially if you don’t know much about the industry you’re entering. But there are so many choices, with so many options, including startup costs, franchise fees, marketing assistance, ongoing support, and more.
So, how do you choose the right one? Well, you should never buy a franchise without calling current (and former) franchisees to ask them about their experiences. But it still helps to have an expert’s insight.
That’s where the “Franchise King” comes in. He’s selected his top 21 franchises to invest in now.
Learn more about 21 excellent franchise opportunities.
When Going Negative is a Positive
The Stacked Marketer newsletter reports on a new announcement from Google where you can assign negative keywords (meaning you’re telling Google “which words not to target and bid for display ads”) at the account level.
Being at the account level is a big time-saver since “you can add that keyword [you want to exclude] once and apply them to each of your campaigns at the same time.”
Stacked Marketer says the process is simple:
- Go to Account settings in your Ad Manager.
- Navigate to Negative keywords.
- Click the + button and add them.
Google is currently rolling this out to customers. So if you don’t yet see the option, you will soon.
Learn more about negative keywords in this short guide from WordStream.
Hot Colors for Fall & Winter
Now that spring is right around the corner, retailers may be wondering what colors will be hot this coming fall and next winter. Pantone, the global color authority just released its fashion color trend report for Autumn/Winter 2023-2024.
Pantone’s color experts say the color range serves “as a vehicle for vitality and enthusiasm.” The collection features 10 hues and five classic colors, including Tender Peach, Viva Magenta (Pantone’s 2023 Color of the Year), Red Orange, and Red Dahlia.
Learn more and see the colors at Apartment Therapy.