When is the 2023 Deadline for Taxes? Everything You Need to Know

The deadline for taxes in the US is quickly approaching. With the 2023 tax season just around the corner, it’s important to understand when and how you need to file your returns.

This article provides an overview of the key dates and requirements associated with filing taxes in 2023, so you can be fully prepared for the deadline for taxes.

We’ll also highlight some tips for making filing easier and stress-free. Understanding the 2023 deadline for taxes can ensure that you have ample time to plan ahead and not miss any important deadlines or opportunities to save money. Let’s get started!

When is the Filing Deadline for Taxes in 2023?

The filing deadline for taxes in 2023 is April 18th. This is the last day you can submit your paperwork and make payments or request an extension from the IRS.

It’s important to note that this date applies to both federal and state taxes, so if you file in multiple jurisdictions, make sure to double-check all of their individual deadlines as well.

Every Tax Deadline in 2023 That You Need to Know About

All taxpayers need to be aware of important tax deadlines so that they can avoid any late fees or penalties.

Let’s take a look at all of the main dates you should have circled in your calendar to make sure you stay on top of the tax season:

January 16, 2023 – 4th Quarter 2022 Estimated Tax Payment Due

For anyone self-employed or who has other income without any tax withholding, and makes quarterly estimated tax payments, this is the final due date to submit payment for the 2022 tax year.

January 2023 – 2022 Tax Season Starts

The Internal Revenue Service (IRS) will be officially accepting and processing federal tax returns for the 2022 year.

January 31, 2023 – Employers Must Send W-2 Forms to Employees

The IRS mandates that all employers must send employees a W-2 no later than January 31 of the following year after the tax year ends. It is generally expected that employers will send out W-2s by this date, but employees may not necessarily receive them on or before this day.

January 31, 2023 – Certain 1099 Forms Are Sent

The 1099 forms, including 1099-NEC, 1099-MISC, and the 1099-K, are used to report payments that normally don’t come from an employer, such as those received by independent contractors, gig workers, or self-employed individuals as well as income from interest, prizes, rents, dividends, and royalties.

February 15, 2023 – Reclaim Exemption From Withholding

If you claimed an exemption from employer tax withholding on your paycheck the previous year by filing a Form W-4, you should re-file the form before this date. This request can be submitted if you expect to not have any tax obligations this year and had none in the prior year.

March 15, 2023 – Taxes Due for Some Business Types

Partnerships, multi-member LLCs, and S-Corporations must file Form 1065 or 1120S by March 15th, 2023 if their business is based on a calendar year. If a fiscal year is used, the tax return should be submitted by the 15th of the third month after the end of their tax year.

April 3, 2023 – Required Minimum Distribution Due if You Turned 72 in 2022

Individuals who turned 72 in 2022 must take their first required minimum distribution (RMD) from their retirement account by April 3rd, 2023. The SECURE Act of 2019 changed the RMD age to 72 if they were born on or after July 1st, 2019, meaning those individuals do not have to take an RMD until they reach 72 years old.

April 18, 2023 – Tax Day and Deadlines to File Federal Income Tax Return and Request Extension

Tax filing usually takes place on April 15th annually, but can be postponed if it falls on a weekend or holiday. This year, the federal tax deadline happens to be on April 18th.

Failing to file your tax return by the due date can result in penalties and extra charges. If you need an extension, submit Form 4868 by this date. This is also the deadline for individuals to make IRA and HSA contributions for 2022.

April 18, 2023 – First Quarter 2023 Estimated Tax Payments and C-Corporation Taxes Due

Estimate how much you’re likely to make this year and calculate the taxes due with IRS Form 1040-ES. C-Corporations must submit form 1120 by April 18th, 2023 if they follow a calendar year.

June 15, 2023 – Second Quarter 2023 Estimated Tax Payment Due

Payments labeled as ‘quarterly estimated taxes’ by the IRS don’t necessarily line up with quarters of the year or equate to three months of taxes. Instead, they’re an equal share of your expected tax liability paid at irregular periods.

The first payment is due 3 and a half months into the year, the second 5 and a half months in, the third 8 and a half months in, and the final payment 12 and a half months into the year.

September 15, 2023 – Third Quarter 2023 Estimated Tax Payment Due and Deadline for Some Business Type Returns

This is the last day to pay estimated taxes for the third quarter as well as the deadline for S-corporations and extended partnerships to file their returns.

October 16, 2023 – Deadline to File Extended 2022 Tax Returns

If you requested an extension on your taxes, the due date for filing your return is this same day. Extended C-Corporation returns must also be filed by this deadline.

December 31, 2023 – 2023 Required Minimum Distributions for Anyone Aged 73+

If you are age 73 or older, it is essential to take your required minimum distributions (RMD) by the end of 2023. Even if you turned 72 in 2022 and took your first RMD for this year on April 1, 2023, you still need to take your 2023 RMD by the end of the year. This deadline applies if you are otherwise obligated to take an RMD for 2023 as well.

January 15, 2024 – Fourth Quarter 2023 Estimated Tax Payment Due

The final quarterly estimated tax payment for 2023 has to be made. If you opt to pay the full amount of your taxes from the prior year, all remaining unpaid taxes must be paid by April 2024 when filing your 2023 individual tax return.

Things to do Before a Tax Deadline

As the tax deadline approaches, there are a few key things you can do to prepare and ensure a stress-free filing process. Here are 5 things to do before the tax deadline:

• Gather your documents and records. Collect all the needed documentation, including W-2 forms, 1099s, receipts, and other relevant records. Having everything in one place will make it easier to prepare your return.
• Review the tax code for changes. There may have been changes to the tax code since you last filed, so it’s important to review any updates that could impact your return.
• Choose the right filing status. There are different filing statuses available, so make sure to choose the one that best applies to your situation. This can affect your tax liability and refund amount.
• Calculate your deductions and credits. There are many deductions and credits available that can lower your tax bill. Take the time to calculate which ones you’re eligible for so you can maximize your savings.
• File electronically for a faster refund. Filing electronically is the quickest way to get your refund, so be sure to take advantage of this option if you’re expecting a refund from the IRS.

Tax Filing Resources

Tax filing can be a daunting task, especially when dealing with changing rules and regulations. Thankfully, there are a variety of resources available to help make the process simpler and less stressful. Let’s take a look at some tax filing resources that are invaluable in helping you stay informed and equipped to make the right decisions concerning your taxes…

Tax preparation services

If you’re not confident about your ability to file taxes on your own, you may want to consider using a professional tax preparation service. These services provide knowledgeable and experienced staff to help you understand the complexities of filing taxes and make sure your return is done accurately. Check out the best tax preparation services for 2023 here.

Standard deduction 2022 Information

Taking the standard deduction can be a great way to reduce your taxable income. To make sure you’re getting the best deal possible, it’s important to understand the current rules and regulations about the standard deduction. You can use this guide as a valuable resource to learn everything you need to know about the standard deduction 2022.

Free tax advice

If you’re not sure about certain aspects of tax filing, free advice is often available from certified public accountants or other qualified professionals. There are also IRS-sponsored programs that offer free tax advice. It’s important to seek out credible sources of information like this when it comes to tax filing so that you can make the right decisions.

Income tax brackets

Knowing the current income tax brackets can be a valuable tool when it comes to filing your taxes. It’s important to be aware of these brackets so that you can calculate your tax liability accurately and make sure you’re getting the best deal possible.

Best tax software for the self-employed

Researching the best tax software for the self-employed is a great way to make sure you’re getting the most out of your filing process. Different software programs offer a variety of features and tools to help you maximize your tax savings. Check out the Best Tax Software for Self-Employed People.

How to file self-employment taxes

Filing self-employment taxes can be a complicated process. It’s important to understand the rules and regulations so that you can learn how to file self-employment taxes accurately and on time. Make sure to research how to file taxes as a self-employed individual so that you can make the most of your deductions and credits.

Home office deductions

For those who frequently work from home, there are a variety of deductions available. It’s important to understand how to properly calculate these deductions so that you can maximize your savings. Here’s a guide on Last Minute Tax Advice for Home Office Deductions.

Small business taxes articles, tips, and resources

Small business taxes can be overwhelming, but luckily there are a variety of resources to help you get the job done correctly. Check out these articles, tips, and resources to make filing small business taxes easier. The content is updated regularly to keep up with the latest developments in tax laws and regulations.

IRS Free File

With IRS Free File, you can easily and securely prepare and file your federal individual income tax returns with the help of guided tax preparation software. The process is absolutely free of charge, convenient, and safe, and you don’t have to worry about any hidden costs.

What Happens if You Miss the Tax Deadline?

If you miss the tax deadline, you may be subject to penalties and interest fees. The IRS may also garnish your wages or seize your property to satisfy the unpaid tax debt. To avoid these consequences, it’s important to file your return and make any necessary payments as soon as possible.

What happens if you miss the tax filing deadline and are owed a refund?

If you are owed a refund, there is no penalty for filing your federal tax return late. However, if you failed to file and owe taxes, you should file a return as soon as possible and pay as much of the tax owed as possible to reduce penalties and interest. The IRS will process your return and send your tax refund once they have received your tax return.

What if I owe more than I can pay? Do Federal and State Taxes Have the Same Due Date?

If you owe more taxes than you can pay, there are payment options available from the IRS. However, you may be subject to interest and penalties. Federal and state tax due dates are not necessarily the same. Each state has its own filing deadline for taxpayers. Check your state government website for specific date information.

What’s the fastest way to file my tax return?

Electronic filing is the fastest and safest way to receive your refund. It takes only 24 hours for electronic returns to be processed, compared to weeks for paper returns. Even if you file a paper return, you can still select direct deposit as your refund method.

What happens to my tax deadlines if I live in an area impacted by a natural disaster?

The IRS may grant you extra time to file tax returns and make payments if you live in an area affected by a natural disaster, such as a hurricane or earthquake. For more information, visit the IRS website or contact your local IRS office.

What if I made a mistake and need to re-file my taxes?

To make changes to your existing tax return, use Form 1040-X (Amended U.S. Individual Income Tax Return) and follow the instructions included. It may be necessary to amend your return if you previously reported the wrong filing status, dependents, total income, deductions, or credits. Be sure to double-check all information on your amended form before submitting it to ensure accuracy.

When are the state income taxes due in 2023?

The deadline to file your federal income taxes is Tuesday, April 18, 2023, and most states usually have their tax deadlines following the same calendar. so it’s likely that your state income tax return will also be due on this date, but it’s important to check with your state government website for specific filing requirements.

What is the tax extension deadline for the 2022 tax year?

April 18, 2023 is the deadline to submit Form 4868 and request an extension on your federal taxes. If you are unable to file by this date, filing for an extension will give you until October 16, 2023 to complete and submit your tax return.

When can you file taxes for 2022 in 2023?

The IRS will typically start accepting tax returns at the end of January, with an official announcement coming sometime in the middle of the month. For example, the IRS began accepting 2021 tax filings on January 24, 2022, after announcing they would be doing so on January 10.

When does the tax season start?

Tax season usually begins during the last week of January each year. It’s important to file your taxes with the IRS during this time and claim any applicable credits or refunds you’re due. If you need more time, an extension may be requested with no penalty by filing Form 4868 by tax day at the latest.

When is tax day?

Tax Day for the 2022 tax year falls on Tuesday, April 18th, 2023. This deadline applies to any individual or small business seeking to file their taxes with the IRS. If you need an extension, make sure to file Form 4868 no later than tax day. Failing to do so will result in hefty fines and penalties by the IRS.

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This article, "When is the 2023 Deadline for Taxes? Everything You Need to Know" was first published on Small Business Trends

12 Franchises Under 10K You Can Start in 2023

A franchise model provides proven systems and trusted brand names, but still gives you the freedom to run your own business. Franchising often includes a hefty initial investment, but there are several franchises under 10k that can allow you to get started for little to no upfront capital.

How much does it cost to purchase a franchise?

The cost of buying a franchise varies widely, from franchises under 10k to those costing millions of dollars. Many franchises fall between $100,000 and $300,000. But the exact costs vary by industry and location.

Benefits of Opening a Franchise for Under $10K

If you’re thinking of starting a business, here are some reasons to consider franchises under 10k:

• Less risk: A lower upfront investment means less risk for the franchisee. You’re unlikely to need a loan or extra money from family and friends. Many of these franchises also have low operating costs.
• High chance of profitability: Since you’re starting out with a small investment, you don’t need to earn much to reach profitability.
• Access to proven systems: Instead of starting a brand new business from scratch, franchising offers access to tech, training, and support from successful businesses.
• Brand recognition: Franchising also gives you access to a successful brand name that members of your local community may already be familiar with.
• Location and time freedom: Many affordable franchises are low-cost because they do not require physical locations. You can often run them from home or while traveling and enjoying a healthy work-life balance.

Top Franchise Opportunities Under $10K

If you’re looking for low-cost franchise companies to invest in, here are several franchises under 10k to consider.

1. Social Owl

Social Owl offers a turnkey social media marketing business model. The company provides a white-label business system that you can set up with your own brand online. Then you sell social media packages to businesses and bring in recurring monthly revenue. There is no initial franchise fee. You just pay $279 monthly or buy the annual package for $1,997.

2. Cruise Planners

A Cruise Planners franchise includes a home-based network of travel advisors. The company provides training and demonstration activities, along with a full software system to allow you to run your own franchise from home. The current franchise fee is $6,995.

3. Baby Boot Camp

Baby Boot Camp is one of the top fitness franchises for new moms. Run by Momleta, the low-cost franchise provides stroller fitness classes outdoors. The initial franchise fee ranges from $5,000 to $8,000 depending on the population in your area.

4. Coffee News

A Coffee News franchise lets you create relationships with local businesses and sell advertising opportunities throughout your community. This business can be run from home and is ideal for those with existing business relationships who want to be their own boss. Franchise packages vary by location, but the initial franchise fee generally falls just under $10,000.

5. BuildingStars

The BuildingStars franchise model offers commercial cleaning services for office buildings and other local businesses. It’s a flexible model that you can scale over time. It costs as little as $795 to get started.

6. MobileStamp

MobileStamp offers a turnkey franchise option where you help local business clients build loyalty and rewards programs. Franchise owners help small and medium-sized businesses with punch card mobile apps, deals, and social rewards. MobileStamp collects a monthly fee instead of a traditional franchise fee.

7. Jazzercise

Jazzercise is a dance workout franchise that offers two different franchise opportunities. The class owner franchisee is responsible for facility costs and the business side. And the instructor franchisee is mainly responsible for teaching classes. For the latter option, the initial investment just includes a one-time franchise fee of $1,250, plus a few ongoing costs like music royalties and equipment.

8. Octoclean

Octoclean is one of the top janitorial franchises serving small business owners and medical facilities. You get your very own exclusive territory and can determine how many hours and resources you want to put into the business. Initial costs vary but may be as low as $8,000.

9. SiteSwan Website Builder

SiteSwan Website Builder offers a reseller opportunity for its web services and business-in-a-box solution. You can build your entire business around this white-label solution or add it to your other offerings like marketing support and social media services. Plans range from $149 to $300 per month.

10. Fit4Mom

Fit4Mom offers a lower-cost franchise than many fitness brands. The company specializes in workout classes for moms. The monthly fee varies, and estimated costs start at about $5,500.

11. Card My Yard

Card My Yard offers yard greeting cards and signs and is one of the top birthday and holiday franchises that can be run largely from home. So upfront costs start at around $3,725.

12. RugbyTots

RugbyTots is a global franchise that offers rugby play for kids. You can start without a dedicated location or lots of expensive equipment. The estimated initial cost starts at around $6,500.

How to Choose the Best Franchise for Under $10K

If you’re ready to start a successful business, there are plenty of low-cost franchise opportunities available. Here are tips for choosing your best match:

• Research available territories: Many franchises under 10k offer exclusive territories. So make sure your area is available first.
• Consider ongoing costs: The initial franchise fee is only one part of the expense. Consider monthly fees, equipment, and marketing tools in your budget as well.
• Look for opportunities that fit your lifestyle: Do you want a full-time business or one you can run in your free time? Different franchises have varying levels of commitment.
• Analyze competitors: Are there similar businesses in your area, or are there opportunities to set your offering apart?
• Find opportunities that fit with your skills: If you’re a skilled marketer, it may make sense to look for franchises that offer related services. But others may excel at other tasks like cleaning or planning dream vacations.

What are the cheapest franchises to buy?

The cheapest franchises to buy can usually be run from home and require little to no equipment. These include SiteSwan, MobileStamp, SocialOwl, and BuildingStars.

Which franchise has the lowest initial franchise fee?

There are several franchise or licensing programs that include a monthly fee instead of expensive franchise fees. These include SiteSwan, MobileStamp, SocialOwl, and BuildingStars.

How much does it cost to start a commercial cleaning franchise business?

Costs vary based on what franchise you choose and your location. The BuildingStars franchise model costs just $795. And Octoclean franchises start at around $8,000.

Can you buy digital marketing franchises for under $10K?

Yes, there are several digital marketing business and franchise programs you can buy for under $10k, including SocialOwl, MobileStamp, and SiteSwan.

What inexpensive franchise is the most profitable to own?

Profitability varies widely by type of business and location. The list above includes several potentially profitable opportunities, including Cruise Planners, Card My Yard, and Fit4Mom.

READ MORE: 

• franchises under 50K
• free money to start a small business
• home based franchises

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This article, "12 Franchises Under 10K You Can Start in 2023" was first published on Small Business Trends

Only 1 Month Left to Win a $60K Small Business Grant from Barclays

Barclays is offering up to $60,000 to small businesses willing to share their story. The Barclays Small Business Big Wins 2023 Contest is accepting applications online through February 28.

How to Enter the Barclays Small Business Big Wins 2023 Contest

Barclays is offering 60 cash prizes to businesses, starting at $2,000. The Grand Prize is worth $60,000. The company is offering a total of $255,000.

To qualify, businesses must meet the following criteria:

• Be located in the U.S. and be owned by a U.S. resident who is at least 18 years of age.
• Be currently open and in operation since at least January 2022.
• Have fewer than 100 employees.
• Have annual revenue of $5 million or less.
• Must not have won any previous Barclays Small Business Contests.

To enter, eligible businesses simply fill out the form on Barclays’ website and tell the story of their small business in 500 words or less. The contest theme focuses on how small business ownership can be rewarding. So entrants should craft their stories around how business ownership allows them to live their dreams or play an important role in their communities.

Past and current entries are available to view on Barclays website. By entering, you agree to allow the company to share your story on their platforms.

Barclays Small Business Big Wins 2023 Contest Selection Process

After the February 28 deadline, a panel of judges will score all the eligible entries. Scores are based on the following criteria:

• Relation to the contest theme
• Responsiveness to the questions posed
• Enthusiasm and passion for small business
• Positive impact on other businesses or communities
• Clarity

The top ten finalists then move onto a public voting period, which runs from April 1 through 10. People can vote once per day for their favorite small business entry. At the end of that period, the top vote getter receives a $60,000 cash prize. There’s also a second place prize of $40,000, a third place prize of $20,000, and seven runner up prizes of $5,000 each.

Small businesses that applied but were not awarded contest prizes may also be entered in a sweepstakes to earn smaller prizes. Around the middle of March, after the top ten finalists have been determined, all other eligible entries will be entered into a random drawing. Barclays will award 50 businesses with $2,000 cash prizes as a thanks for entering the contest.

About the Barclays Small Business Big Wins Contest

Barclays hosts the Small Business Big Wins Contest to call attention to how rewarding and impactful entrepreneurship can be.

Jill Neilson, Director of US Business Cards, Barclays US Consumer Bank said in a statement, “The current economic climate continues to create challenges for small businesses, and we recognize that innovation and capital help provide opportunities for employment and increase our quality of life. As with the past two years, we’re excited to amplify the stories told by these wonderful small businesses and provide the winners with much needed funds.”

The promotion began in 2020. And this is the third round of funding the company has offered. Past grand prize winners include the Ashland Birth Center in Ashland, Wisconsin in 2022 and Frank’s Gourmet Hot Dogs of Buffalo, New York in 2020.

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This article, "Only 1 Month Left to Win a $60K Small Business Grant from Barclays" was first published on Small Business Trends

Keep Your Tech Safe and Clutter Free with an Electronics Travel Organizer

We typically have a lot of electronics to take with us to work. Phones, tablets, and other devices, plus their chargers, are often thrown in a purse or bag when we’re on the go, only to find our cords and devices a tangled mess when we get to our destination.

Whether it’s the commute to work or traveling by plane or bus, we need a way to keep our electronics and accessories organized and protected. This is why electronics travel organizers are so popular. They’re a way to keep your things secure while being easy to carry around.

Electronics travel organizers are pouches or bags that contain different compartments, pockets, and elastic straps to carry things like SD cards, flash drives, mice, and cords. Many have a compartment for more oversized items like tablets or personal gaming systems. They are typically made from waterproof and shockproof material too, so your items inside don’t get damaged.

Besides electronics, they’re also a great place to keep pens, batteries, credit cards, and other necessities. Electronics travel organizers are a convenient and inexpensive way to store and organize your electronics when you’re on the go.

Keep Your Tech Safe and Clutter-Free with an Electronics Travel Organizer

There are lots of options available for cord and electronic travel organizers. Check out our picks below of the 10 best we found on Amazon:

• Top Pick: TRIPPED Travel Gear Electronics Organizer Pouch
• Runner Up: MATEIN Electronics Travel Organizer
• Best Value: BAGSMART Small Travel Cable Organizer

Travel Tech Organizers on Amazon

TRIPPED Travel Gear Electronics Organizer Pouch

Top Pick: Our number 1 pick is by small business Tripped Travel Gear. They make high-quality and durable travel cases of all kinds, like this electronics travel organizer. Its minimalist design allows it to fit just about anywhere, while still being able to hold all of your things. Its 5.5″ interior height and 8.5″ interior width allow it to store about 2 large items, such as an iPad mini, large headphones, a personal gaming console, and a laptop charger. There is also a special pouch for SD cards.

This travel electronics organizer is made from quality polyester and has weatherproof YKK zippers and genuine leather accents. It is available in several colors.

TRIPPED Travel Gear Electronics Organizer Pouch

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MATEIN Electronics Travel Organizer

Runner Up: Our runner up pick has 3 removable padded dividers, so you can organize it how you want. It has lots of elastic straps and zippered pockets of varying sizes to keep your cables, pens, batteries, etc. nice and neat.

This cable organizer is 10.5″L x 3.5″W x 7.75″H and is made from waterproof and shockproof nylon material. It is lined with padded foam to protect everything inside and is available in several different colors.

MATEIN Electronics Travel Organizer

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BAGSMART Small Travel Cable Organizer

Best Value: Our best value choice is BAGSMART’s small travel cord organizer. It’s made from water-repellant nylon material, and its zippered mesh pockets and elastic straps will keep everything secure and untangled.

This bag is 9.4″L x 6.7″ W x 1.4″H, making it easy to fit into a purse, briefcase, or backpack. It has a lot of positive reviews and is an inexpensive choice for a cord organizer. You can choose from black, gray, or teal.

BAGSMART Small Travel Cable Organizer

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ProCase Electronic Organizer Cord Pouch

This organizer has a roll-up style and plenty of storage space. It’s 17″×9″ while open and 4.5”×9″ rolled up and features 6 elastic loops, 3 small zippered mesh pockets, 2 open pockets, and more. It is made from durable, water-resistant polyester and is secured by an elastic strap, which can also be used to hang it up.

ProCase Electronic Organizer Cord Pouch

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CILLA Travel Electronics Organizer

Two layers allow you to organize small electronics and cables on one side and larger items on the other side. There are 3 removable padded dividers too, so you can customize the size. This bag measures 10.63″ X 7.87″ X 3.54″ and is made from a waterproof material with a padded lining. It comes in 6 different colors.

CILLA Travel Electronics Organizer

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Genuine Leather Electronics Cable Organizer Travel Case

For an upscale option, this cable organizer is made from genuine full-grain crazy horse leather. It’s a fold-up style tech travel organizer measuring 9 x 4.5 inches when rolled up in 4 folds or 9 x18 inches when opened flat. It has several different-sized straps and compartments to hold your supplies.

Genuine Leather Electronics Cable Organizer Travel Case

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ProCase Hard Travel Electronic Organizer Case

This hard shell option measures 9.84 x 6.3 x 2.56 inches and is made from water-resistant hard EVA material. It has mesh pockets and elastic bands, as well as 2 cable ties and 3 padded removable dividers.

ProCase Hard Travel Electronic Organizer Case

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Amazon Basics Travel Electronics Organizer

Amazon Basics makes reliable products, just like their travel cord organizer. It’s smaller than some of the others, at 9.75 x 6.25 x 2.13 inches, but still has enough pockets, straps, and zippers to store and protect small electronics and accessories. The molded EVA plastic outer shell keeps everything inside protected from damage.

Amazon Basics Travel Electronics Organizer

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Native Union Stow Tech Organizer

This minimalist travel cable organizer is made from a blend of 100% recycled materials on the outside and soft cotton on the inside. It has pockets and elastic straps for organizing, and an outer pocket for quick access. The organizer is 4.52″ X 7.87″ X 2.16.”

Native Union Stow Tech Organizer

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SIDE BY SIDE – Premium Pouch Organizer for Tech

Last up is this uniquely designed electronics organizer travel case.  Unlike most of the cases, this one has an oval shape and measures 10.82 x 1.77 x 4.13 inches. It’s made from an elastic spandex blend that makes the pouch flexible yet strong. It also features a military-grade #8 zipper and a stretchable outer layer that expands.

SIDE BY SIDE – Premium Pouch Organizer for Tech

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Qualify for discounts, special offers and more with a Business Prime account from Amazon. You can create a FREE account to get started today.

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This article, "Keep Your Tech Safe and Clutter Free with an Electronics Travel Organizer" was first published on Small Business Trends

What is an EIN Number, and Does Your Small Business Need One?

If you’re a small business owner, you’ve probably heard of an EIN number but may not know what it is or if your business even needs one.

In this article, we will examine what is an EIN number and discuss whether your business needs one in order to stay compliant with the IRS and other legal requirements. Let’s get started!

What is an EIN Number?

An EIN, or employer identification number, is a unique nine-digit number that is solely issued to businesses and organizations by the Internal Revenue Service (IRS) for tax filing purposes. This number serves as a secure identifier for your business.

It can be used for a variety of legal tasks such as opening banking accounts, obtaining credit cards and loans, and filing business taxes. The IRS also requires employers to include their EIN on all forms related to employee wages such as 1099s, and other tax information returns.

So it’s important to be aware of the 1099 rules and the importance of filing taxes correctly and to simplify hiring. Obtaining an EIN is quick and easy and you can simply apply online in just a few minutes.

Who Needs an EIN Number?

The Internal Revenue Service requires businesses and organizations to obtain an EIN or federal tax ID number for tax reporting purposes.

However, not all businesses are required to have one. So who needs an EIN number? Here’s a list of business types that may need an EIN in order to stay compliant with the IRS:

• Sole proprietorships: What is a sole proprietor? Entrepreneurs who own their own business without formally creating a separate legal entity such as a corporation or LLC.
• Partnerships: This includes general partnerships, limited liability partnerships (LLPs), and limited partnerships.
• Corporations: Business entities that are legally separate from their owners, such as C-corps, S-corps, and professional corporations.
• Non-profit organizations: A specialized legal business structure created for charitable, religious, or educational purposes.
• Trusts and Estates: Wealthy individuals usually establish complex legal arrangements for tax or estate planning purposes. A trust or estate must obtain an EIN if they pay taxes, have employees, or operate a business.

When does the IRS require an EIN number?

Any business entity needs to understand when it’s necessary to get an EIN in order to accurately report taxes, properly manage its finances, and comply with IRS regulations. Let’s take a look at when the IRS requires an EIN number…

Sole Proprietorship

As a sole proprietor, you don’t need to obtain an EIN unless you have employees, operate your business as a corporation or partnership, file excise tax returns, or withhold taxes on income paid to a non-resident alien. This includes hiring seasonal employees.

Single-Member LLC

Single-member LLCs are not required to obtain an EIN from the IRS, though it’s a good idea to get one if you plan to open a business bank account or hire employees. Make sure to research what is an LLC to determine if it’s the right business entity for your needs.

Multi-Member LLC or Partnerships

Multi-member LLCs and partnerships must obtain an EIN in most cases. The IRS also requires businesses to obtain a new EIN if there has been a change in the composition of the LLC or partnership that affects its federal tax status.

Corporations

All corporations, including S-corporations and C-corporations, must obtain an EIN in order to file taxes and for other business-related activities.

Non-Profit Organizations

Non-profit organizations are required to obtain an EIN in order to file taxes and other legal documents.

Trusts and Estates

A trust or estate must obtain an EIN if they pay taxes, have employees, or operate a business.

Why Can’t I Just Use My Social Security Number?

Social Security numbers are issued to individuals and are not meant to be used for business or commercial purposes, so the IRS requires businesses to obtain a separate employer identification number (EIN).

Using a social security number for business activities could leave you vulnerable to identity theft since your Social Security Number is sensitive private information.

Using a Social Security Number would also make it difficult to accurately report taxes and other financial information related to your business.

An EIN is considered an official identifier and provides a secure way of managing your business’s finances and complying with IRS regulations.

How to Get an Employer Identification Number

Getting an EIN is free, easy, and can be done quickly online. Here are the simple steps needed to get yourself and EIN:

Step 1: Visit the IRS Website

The first step is to visit the IRS website and start the application process by clicking on the “Apply for an Employer ID Number (EIN)” link.

You’ll need to provide basic information about your business, such as its legal name, structure (sole proprietorship, LLC, etc.), address, and the type of business you’re conducting.

Step 2: Verify Your Identity

The IRS will then ask you to verify your identity by providing a valid driver’s license or other government-issued ID.

You can also provide a copy of your Social Security card if you don’t have a valid driver’s license.

Step 3: Submit Your Application

Once you’ve provided all of the necessary information and verified your identity, submit your application. The IRS will issue you an EIN within minutes.

Step 4: Recieve your EIN and Open a Business Bank Account

Once the IRS has issued your EIN, you can use it to open a business bank account. This is an important step in setting up your business and managing its finances.

International EIN Applicants

As an international applicant, you may need an EIN in order to open a business bank account or file taxes in the U.S.

The application process is similar to that of domestic applicants, but you may need to provide additional documents such as a passport, visa, or alien registration card.

Benefits of Having an EIN

Having an EIN can provide a range of benefits to businesses and other entities. The following are five key benefits of having an EIN:

• Improved credit rating. An EIN can help to establish a business’s credit ratings, making it easier to get loans and leases.
• Separate identity. Having an EIN allows a business or entity to separate its identity from its owner’s personal taxes.
• Deductible expenses. With an EIN, businesses can take advantage of certain tax deductions, such as employee salaries and business equipment purchase costs.
• Open bank accounts. Many banks will require an EIN in order to open a business account.
• File taxes. An EIN is necessary for filing state and federal taxes each year.

Are there any disadvantages of having an EIN?

While having an Employer Identification Number (EIN) can provide a range of benefits to businesses and other entities, there are also some potential drawbacks.

These include additional administrative costs such as filing fees, the complexity of tracking multiple EINs associated with the entity, and changes made to the company must be reported promptly in order for the EIN to remain valid.

EIN Vs. DUNS Number

It’s important to know what is a DUNS number and how it can be beneficial to a business. An EIN and a DUNS number both provide unique identification numbers to their owners.

However, the two are not interchangeable and serve different purposes as shown in the table below.

EIN	D-U-N-S Number
In order to obtain an EIN, the IRS requires business information from the responsible party, which is usually based on their social security number or existing EIN.	A D-U-N-S Number will be issued by Dun & Bradstreet once multiple sources confirm a business's existence
The number does not necessarily represent a one-to-one relationship with a business, as any business can have multiple numbers.	Numbers are associated with business entities one-to-one
Isn't required for sole proprietorships or other business entities	Can be assigned to business entities including certain sole proprietorships
Changeable, which means that it isn't consistent or persistent over time	Maintains persistence, consistency, and uniqueness over the lifetime of that entity
Tax IDs are for the United States only (other countries have their own tax IDs)	Provides global coverage

Employee Identification Number vs. Federal Tax Identification Number (TIN)

An Employee Identification Number and an Individual Taxpayer Identification Number (TIN) are different types of unique identification numbers issued by the IRS. Let’s take a look at both in the table below…

Employee Identification Number	Federal Tax Identification Number (TIN)
Employer ID number	General tax ID number
A type of TIN	This term can be used to describe a number other than an EIN, such as an SSN, ITIN, ATIN, and PTIN.
U.S. residents may use it only for filing their business taxes	Can be used in various ways

EIN Vs Federal Employee Identification Number (FEIN)

An EIN and Federal Employee Identification Number (FEIN) are both issued by the IRS and provide unique identification numbers to their owners. Let’s take a look at how they’re different in the table below…

EIN	Federal Employee Identification Number (FEIN)
Used to identify employers and sole proprietors who need to report business income or pay employment taxes	Assigned to corporations that have employees or file an employment tax return.
Used by certain trusts, estates, nonprofits, and other organizations.	Identifies a given business entity for federal tax reporting purposes

Do I need an EIN if I’m self-employed?

Yes, even if you’re not formally creating a business entity such as a corporation or LLC, self-employed individuals, or the “responsible party” as the IRS calls it, may still need an employer identification number (EIN).

The IRS requires all businesses to obtain an EIN in order to accurately report taxes and other financial information related to the business.

It’s also a more secure way of protecting your sensitive personal information since the number is only used for your business activities.

Does a DBA need an EIN?

Yes, if you’re starting a business under a Doing Business As (DBA) name, you are required to obtain an Employer Identification Number (EIN) from the Internal Revenue Service.

Using a separate EIN helps protect your personal information since the number is associated with your DBA and not with your Social Security Number.

What is a federal employer identification number?

A Federal Employer Identification Number (FEIN) is a unique nine-digit identification number assigned by the Internal Revenue Service (IRS).

This number is used to identify and track the finances of a business or other entity for tax purposes.

A FEIN is required for many legal transactions, such as filing taxes or opening a business bank account. Having a FEIN also provides businesses with protection from identity theft and fraud.

Do I need an EIN before or after I form my LLC?

Generally, the best time to obtain your EIN and file for tax-exempt status is after you’ve formed your LLC. This way, you have all of the information needed to properly fill out the form and avoid any delays.

After you form your LLC, you can apply for an EIN online or by printing and mailing Form SS-4 to the IRS.

How do I look up my EIN?

Unfortunately, the IRS does not have a public database for looking up EIN numbers. You can find your EIN on the EIN confirmation letter the IRS sent you when your application for the number was approved.

If you do not have this letter, you can also check documents like tax returns or forms filed with the IRS.

If you don’t have access to these documents, you can call the IRS Business & Specialty Tax Line for assistance in finding your EIN at 800-829-4933.

How do I look up another business’s EIN?

Looking up another business’s EIN doesn’t have to be complicated. You can start by simply asking the company directly for their EIN.

Alternatively, if you are looking for a publicly traded company, check out their SEC filings which often contain the necessary information.

Additionally, inquiring with a credit bureau may also provide insight into the business’s EIN.

Lastly, there are numerous paid EIN databases available so you can quickly and easily look up the requested information.

How do I recover my EIN if I forget or lose it?

It’s important to put your EIN confirmation letter in a safe place to avoid losing your EIN in the first place.

However, if you forget or lose your EIN, the process of recovering it is fairly straightforward. You can find your EIN on forms such as tax returns or other forms you filed with the IRS.

If you don’t have those, give the IRS Business & Specialty Tax Line a call and ask them to search for your EIN at 800-829-4933.

Image: Depositphotos

This article, "What is an EIN Number, and Does Your Small Business Need One?" was first published on Small Business Trends

FedEx Small Business Grant Contest Now Accepting Applications

From today, small businesses have a chance to win a $30,000 grant through the FedEx Small Business Grant Contest, with the deadline for applications on February 21.

FedEx Small Business Grant Contest

The FedEx Small Business Grant Contest began in 2012 and is an annual grant program provided by FedEx. It awards U.S.-based small businesses with grants to improve their businesses, with the $30K grand prize to be awarded to ten winners.

In addition, one U.S. veteran winner from the ten grand prize winners will receive an additional $20,000 from USAA Small Business Insurance.

People’s Choice Voting

FedEx are also running a daily ‘People’s Choice’ contest which will reward a different daily winner throughout the voting period which runs from February 27 to March 8. Each winner will be determined by the number of likes they receive on their social media post announcing their entry into the contest. Daily winners will receive a $1,000 cash gift card.

To keep the People’s Choice voting honest, FedEx have forbidden entrants from obtaining likes by fraudulent or inappropriate means. FedEx explain: “Fraudulent or inappropriate means include, but are not limited to, the following: (a) Buying or knowingly receiving purchased votes in any manner from anyone, (b) Offering prizes or other inducements for votes to members of the public, (c) The use of any automated, robotic, repetitive, programmed, or similar registration or voting methods. (d) Any questionable activity that increases votes for an entry, including without limitation any attempts to artificially increase vote totals or trade votes.”

Once the voting period ends, the top 100 businesses will then be announced on April 12, with the grand prize winners announced on May 11.

Contest Eligibility Criteria

There is quite a lot of eligibility criteria which every business owner should read in detail before applying to enter the FedEx Small Business Grant Contest. Some basic elements include the owner of the business being a legal resident of one of the fifty United States or the District of Columbia, as well as being at least 18 years old. The owner of the business must also be an authorized agent of the registered business.

To be considered a small business, applicant firms must have no more than 99 employees on its payroll at the time of entry, with both owners and part-time employees included in the employee count.

Eligible businesses must also have a shipping need and a printing need, as well as a FedEx business shipping account number.

How to Enter and Vote

When entering your business into the contest, you will need to explain what sets your business apart from the competition and why you deserve to be one of the 10 grand prize winners. To get started, first create a FedEx account or have your account number to hand when you go to the contest website linked above.

Entrants must then provide responses to various prompts in less than 1,000 characters, which include describing your business and how you would use the FedEx Small Business Grant money to enhance your business.

Image: Depositphotos

This article, "FedEx Small Business Grant Contest Now Accepting Applications" was first published on Small Business Trends

Spotlight: Humanity Communications Collective Puts a Unique Spin on Communications Consulting

There are many communications agencies that help businesses convey important messaging. However, Humanity Communications Collective goes even deeper. The company focuses specifically on groups and causes that support social justice initiatives and served underrepresented groups. Read about the company’s mission and journey in this week’s Small Business Spotlight.

What the Business Does

Provides communications services to historically underserved groups and causes.

CEO Yanira Castro told Small Business Trends, “Humanity Communications Collective is a social justice-driven, strategic communications consulting group. We work with historically under-resourced communities facilitating storytelling and amplification of these stories both digitally and in real life.”

Business Niche

Getting fully involved with clients and their causes.

Castro says, “Due to our team’s diverse backgrounds and perspectives, we are the people our clients are working to reach. I’m a woman of color who understands the critical importance of seeing work through different lenses.

“Additionally, we dig in with our clients and go deep into our relationships with clients. Many communications agencies sit on the sidelines and count on the client to feed them tasks or activities or serve in an ancillary capacity. We’re different: we are fully in the game with our clients, leveraging our strengths and skills to complement theirs.”

How the Business Got Started

After a life-changing trip in 2017.

Castro explains, “After a life-shifting trip to the Arctic National Wildlife Refuge, I knew there was more I could do to tell stories of those who typically don’t have a voice. I tailored my work towards issues and causes I felt strongly about but could not pursue with vigor while tethered to the corporate world.”

Biggest Win

Scoring a victory for a prominent client and crossing a major milestone.

Castro says, “Two wins stood out in 2022. First, one of our clients this year was the Bring Sundiata Acoli Home Alliance. Acoli, 85, had been incarcerated since 1973 and was repeatedly denied parole, violating New Jersey law. Our team dove in and worked to amplify key legal proceedings and tell the story of who Acoli was as a man to the world. In January, a state Supreme Court hearing was held, and in May, we found out he would be granted parole and released. I’ll never forget the moment we found out: we were in a Zoom meeting with our client and everyone burst into tears. Acoli came home a few weeks later and is enjoying his first holidays with his family this year since 1973.

“Second, our business officially became a $1 million in revenue business! Only 4.2% of women-owned businesses reach this milestone, and achieving it in only five years of business is such a sweet victory. The truth is the average earned revenue per women-owned business is $142,900, and only $50,900 for Latina-owned businesses. The disparity, rooted in systemic racism, has not stopped this Afro-Latina woman from thriving!”

Biggest Risk

Hiring contractors as official employees.

Castro adds, “By hiring full-time employees, I took on the additional responsibility of maintaining people’s livelihood, something I don’t take lightly. It took faith in knowing I could bring in consistent business and keep our clients happy so people could keep their jobs.”

How They’d Spend an Extra $100,000

Saving and rewarding the team.

Castro says, “Honestly, I would put it aside as a safety net to have a buffer if a client paid an invoice late. Meeting payroll twice a month is my most significant stressor as a service-based business. I would also provide a small bonus to my leadership team.”

Team Traditions

Virtual and in-person gatherings.

Castro explains, “We are an entirely remote team that grew the most over the pandemic. To foster relationships and a great culture, we’ve created several ways to keep everyone engaged and connected. We have monthly post-work virtual events, where one team member leads us in something fun, like trivia night.

“We gather in person when we can or tack on extra time to a client visit to ensure we’re creating that time to just be with one another and continue to solidify relationships. In January, for the second time, we will gather for a retreat to map out our goals for the year and continue to build this company together. Social justice work is not for the weak-willed. It requires empathy and unwavering conviction to advance causes, and there are days when the work feels heavy. It’s so important that we have fun, laugh and honor that part of our humanity.”

Favorite Quote

“If you don’t stand for something, you’ll fall for anything.”

* * * * *

Find out more about the Small Biz Spotlight program

Image: Humanity Communications Collective, Yanira Castro

This article, "Spotlight: Humanity Communications Collective Puts a Unique Spin on Communications Consulting" was first published on Small Business Trends

50 Small Business Advertising Ideas to Consider in 2023

Advertising and marketing campaigns help businesses in nearly every location and industry spread the word about their offerings. The marketing strategy of a local business is likely to look different from a company that sells mainly online. Luckily, there are tons of different advertising avenues for each business to consider. Read on for a guide.

How Do You Advertise for a Small Business?

Creating an advertising plan to reach potential customers starts with outlining your target audience. Once you know who you’re trying to reach, consider where those individuals are likely to gather, either in person or online. And think about the type of content and messaging you can share at local events, online directories, or on social media.

Best Traditional Advertising Ideas for Small Businesses

If you’re trying to reach a local audience or one that doesn’t spend all day online, there are still plenty of traditional and local advertising ideas to utilize.

1. Print Ads

Print ads can include photos, text, or editorial partnerships with newspapers, magazines, or print publications.

2. Trade Show or Event Sponsorships

Rent a booth at a trade show or another special event that’s relevant to your industry. Some events also post signage or distribute marketing materials for sponsors.

3. Flyers or Handouts

Small businesses trying to increase foot traffic or market within a specific area may benefit from posting flyers or passing out ads in person.

4. Cold Calling

Cold calling involves placing phone calls to consumers. This is especially common for B2B businesses and those selling high-value products.

5. Business Cards

Purchase business cards and pass them out or display them in areas where interested customers can easily take them.

6. Promotional Products

Purchase promotional products like bags, hats, and mugs with your company’s logo to use as advertising. Offer them as prizes or hand them out at special events to increase brand visibility.

7. Referral Program

Create a referral marketing program to incentivize customers to refer others to your business. This may involve offering discounts, cash, or free products to those who send new customers your way.

Top Ideas for Online Advertising

Both local and online businesses can benefit from online advertising. There are tons of options to help you attract new customers with paid ads and sponsorships.

8. Search Engine Optimization

SEO involves updating your website to make it more visible on search engines. This can include adding relevant keywords, updating useful content, and improving back-end code to improve your site’s accessibility.

9. Google Ads

You can also purchase ads through Google to increase website traffic. When people perform a Google search relevant to your business, your site may appear as a sponsored listing at the top of the page.

10. Online Business Directories

Update your Google business profile and other business directories like Yelp. These platforms are generally free, but you can also pay for sponsored listings.

11. Retargeting Ads

Retargeting ads allow you to target customers who have already purchased or engaged with your website in some way.

12. Sponsored ECommerce Listings

On eCommerce marketplaces like Amazon and Etsy, you can purchase sponsored listings to help your products appear high in search results.

13. Sponsored Blog Content

Partner with bloggers relevant to your industry to have them create content around your industry or offering.

14. Podcast Sponsorships

Many popular podcasts also offer audio ads for products and services that may appeal to their listeners.

15. Online Contests or Giveaways

You can also host giveaways or contests on your own site or social media channels, or in partnerships with bloggers or influencers related to your industry.

16. Email Marketing

Email marketing involves sending messages to people who have signed up to receive updates. You can even reach extra customers and raise brand awareness by partnering with other brands or newsletters.

17. Display Ads

Display ads usually include photos and text, and appear at the top or sidebar of popular websites.

18. Native Ads

Native ads are made specifically to match the form of the content on a particular site or app.

Ideas for Advertising Through Social Media Channels

Social media offers even more opportunities for advertising online. Each platform has its own specific ad formats, but here are some of the main categories that businesses should know.

19. Image Ads

Image ads may include an Instagram post or Facebook photo that is pushed out to a specific group based on who you want to target.

20. Video Ads

Video ads are also available on many social media apps and sites, including Facebook, Instagram, and YouTube.

21. Carousel Ads

Carousels are social media ads that include multiple photos or videos that people can scroll through.

22. Sponsored Posts

Sponsored posts usually start as organic social media posts. But you can pay to push them out to extra people. Each platform has its own process and rules for this type of ad.

23. Slideshow Ads

Platforms like Facebook allow advertisers to display slideshow ads that tell a longer story than a simple photo.

24. Collection Ads

Collection ads allow businesses to showcase their offerings in a seamless and immersive way. Followers can easily scroll or swipe through to see various products and purchase or sign up for updates within the platform.

25. Messenger Ads

Messenger apps like Facebook Messenger allow businesses to advertise by sending messages directly to consumers.

26. Interactive Ads

Interactive ads are designed to increase social media engagement by providing something fun and usable within their feed. For example, you may provide a small game or quiz that people can interact with to learn more about your offerings.

27. Influencer Campaigns

Influencer campaigns involve sending sponsored messages out to the followers of a prominent influencer in your industry. Terms vary based on who you work with. And there are several platforms and agencies that connect people with influential social media accounts with relevant brands.

Local Business Advertising Ideas

When creating a local advertising strategy to reach people in your geographic area, these paid and free marketing ideas may help.

28. Local Print Ads

Local print ads may include a small banner or handout in your local newspaper, or a paid feature in a magazine distributed to your community.

29. Local Event Sponsorships

Consider the events in your town that your target audience may attend, from golf outings to parades. Sponsorship may include signage, booth space, or placement in gift bags or favors.

30. Yellow Pages Ads

Many local consumers still use the Yellow Pages to find local businesses related to their needs. Buy prominent placement in the book or online to increase calls or visits.

31. Local Coupon or Deal Books

Many local communities distribute coupon books full of deals from local small businesses. Offer discounts to price-conscious consumers in these formats.

32. Direct Mail

Direct mail is still a popular local advertising option for small business owners who want to target people in a specific community or neighborhood. Send flyers, envelopes, or brochures directly to their addresses.

33. Community Newsletters

Find small newsletters or even church or organizational bulletins to promote your offerings. This is most effective for a local business with some connection to the organization or community, like a small business owner who attends a particular church.

34. Local Sports Sponsorships

If you’re looking for local advertising ideas to reach families in your community, consider sponsoring a youth sports team. This shows your community involvement and philanthropy and displays your company name on jerseys and other marketing materials.

35. Local Cable Ads

Purchase air time on a local cable channel to share video messages within your community.

36. Local Radio Ads

If you prefer audio messages, work with your local radio stations instead.

37. Community Bulletin Boards

Reach prospective customers by posting flyers on bulletin boards around your community. These often provide free local advertising to attract customers looking for specific products or services.

38. Classified Ads

Purchase classified ad space from your local newspaper or on sites like Craigslist. These online and classified newspaper ads generally should promote a specific product or service, or a limited-time offer.

39. Local Website Advertising

There are several websites that specifically target local audiences, like Nextdoor and ioby. There may also be a locally run option in your community. These sites often provide paid and free tools for reaching people in your neighborhood.

40. Chamber of Commerce Advertising

Your local chamber of commerce may offer advertising and marketing ideas to help you reach area customers. These could include event partnerships, coop ads, and help with Google business search ads.

41. Event Partnerships

Event partnerships involve teaming up with other area businesses to put on special promotions to attract customers. Many downtown business organizations facilitate these partnerships to increase foot traffic and spread the word about offerings in their downtown areas.

42. Parade Floats

If your community hosts and large events like holiday parades, you may be able to sponsor or create a float or display to increase brand awareness around town.

43. Local Event Booths

If you sell products directly to consumers, purchase booth space at local fairs or festivals to reach attendees. For example, a small fashion boutique may purchase space to sell clothing at discounted prices. This can increase brand recognition and create a positive customer experience and lead to heightened word-of-mouth marketing.

Marketing Strategy Ideas for Outdoor Advertising

There are also outdoor ad formats that can help you reach people in your community and beyond. Here are some creative marketing ideas that fall into this category.

45. Billboard Ads

Billboards are large outdoor signs designed to grab attention for something that drivers or pedestrians may want or need in the immediate future. These are often most effective for restaurants, convenience stores, or businesses selling impulse purchases. However, they can also increase brand awareness for other products and services around town.

46. Vehicle Ads

Purchase ad space on taxis or other vehicles, or add vehicle wraps to your own fleet to advertise your products and services while performing work around town.

47. Digital Signage

Purchasing space on a digital billboard allows you to quickly get your messages out to consumers and control your advertising in real-time.

48. Yard Signs

Print small signs to put in front of your business or to distribute to existing customers. These are often inexpensive and can spread the word about a special event or promotion.

49. Human Billboards

Hire someone to stand outside your business with a large sign or banner promoting a sale or offering. These can often grab more attention than static signs, especially if you’re in a busy area with lots of other signs and businesses to compete with.

50. Bench or Bus Stop Ads

Purchase signage on a bench or the side of a bus stop to promote your products or services throughout town. These local advertising ideas are often most effective if your target customer uses public transit or if these ads are distributed throughout a busy area with lots of foot traffic.

What Is the Cheapest Way to Advertise a Small Business?

The cheapest small business marketing and advertising ideas are those that utilize resources you already have. For example, businesses with a physical space may make signage to post outside or host an event on their storefront. Online marketing and advertising ideas that promote your site on local searches and social media can also be affordable.

What Is the Best Method of Advertising for Small Local Businesses?

The best advertising strategies for attracting local customers often involve search engines. If your business appears at the top of relevant search pages for your product or service categories, more paying customers are likely to contact you.

How Can You Advertise Your Small Business for Free?

You can advertise a small business for free by trading with other businesses or providing something of value to build brand awareness. For example, you could guest post on other industry blogs or publish helpful content on YouTube. You can also get free local advertising by creating business listings on sites like Google, Yelp, and Facebook.

YOU MIGHT ALSO LIKE:

• How to Make the Most of Social Media Advertising
• How to Get Started with TikTok Advertising
• Advertising Statistics You Must Know
• Tips to Help You Make the Most of Your Small Business Advertising
• Content Marketing Course Options for You

Image: Depositphotos

This article, "50 Small Business Advertising Ideas to Consider in 2023" was first published on Small Business Trends

Steve Chou on Launching Your First E-Commerce Business

Many small businesses are completing sales and reaching customers like never before thanks to ecommerce technology.

In this latest episode of Small Biz in :15, Steve Chou, the founder of MyWifeQuitHerJob.com, sits down with Small Business Trends Executive Editor and tells the truth about ecommerce and small business.

Check out this edited transcript of their discussion:

Shawn Hessinger: When we’re talking about ecommerce, what kind of businesses are we specifically talking about?

Steve Chou: I mean, technically, ecommerce is really just a sale of things online, but the specific type of ecommerce that I refer to as ecommerce is the act of selling physical products online.

The 4 Main Ecommerce Business Models

During the show, Chou discusses 4 common ecommerce business models.

Shawn Hessinger: There are all kinds of ecommerce businesses. Could you give us just a broad overview of what you’ve seen?

Steve Chou: At the core, it’s about selling physical products, but that’s the sourcing. And the delivery mechanism will change. There’re different models for that one.

For one, there is drop shipping. Drop shipping is when you take orders in your store, and you have this agreement with the supplier when an order comes in. The supplier stores the inventory and ships it to the end customer.

And a good drop shipper will actually include your brand in the packaging so that it appears to be coming from your store. And the drop shipper is really just a supplier. Essentially, this is the cheapest way to get started in e-commerce because you don’t have to worry about inventory. You basically take the sale and perform customer service.

The second type is the one that most people are familiar with. This is where you buy someone else’s product. Let’s say I want to carry iPhones, and I buy them at the wholesale price, which is usually 50%. Then, I store it.

Afterward, when a sale comes in, I deliver it to the end customer. That has a much higher margin than drop shipping. But obviously, you are responsible for and have to deal with the inventory.

The next business model is called private label. This is where you create your own branded product. Like, you’re literally working with the factory. You create something that you call your own, you put your brand on it, you have to buy in large quantities, and then you sell them.

But the margins are infinitely higher in this business model, and you have full control over the entire process, including sales, customer service, and the entire supply chain. Incidentally, private label is probably the best way to start a long-term business because you’re building your own brand at this point.

And then the final business model is what I would call selling on Amazon or relying on a marketplace. So I categorize it like Etsy, eBay, Amazon, Walmart, etc. They are all in this category. This is where you’re basically outsourcing your customer base.

Here, I’m taking advantage of Amazon’s traffic, right? So, I list something on Amazon. Amazon already gets a ton of traffic. I get a sale, they take a big cut – and in the case of Amazon, they’ll actually handle your fulfillment for you as well.

I would say those are the four main business models of e-commerce.

How to Start Your E-Commerce Business

Shawn Hessinger: If you were going to give advice to somebody who is just starting out, what would you tell them to start?

Steve Chou: For starters, the kind of e-commerce model is going to depend on what your starting budget is going to be.

One, if you have less than a hundred bucks, you’re pretty much limited to drop shipping. Two, if you have $1,000, then go with wholesale. In the US, the minimum orders are on the order of like 100 or 200 bucks for the product. Three, if you have $3,000, it’s a good idea to go with private label. I think private label should be everyone’s end goal because you want your own brand.

Now, that’s not to say that you can’t do all three, right?

Shawn Hessinger: When somebody asks you, “What are the best products to sell online,” what do you say?

Steve Chou: I think it just depends on your skill set. I would say that the best way to get started is thinking about a product you need yourself.

I can think of a bunch of things I could potentially want to sell. Like, right now it’s cold in California. I like to play Ultimate Frisbee, but when I play, my hands get really cold and numb.

If I go out and buy football gloves or soccer gloves for it, they’re too thick. So, I lose the feel of the disc. I don’t know if anyone’s selling these ultimate Frisbee gloves. And that’s something that I might pursue.

So, scratch your own itch. That’s one way to do it.

Another way to do it is to use tools. There are tools out there like Jungle Scout that scrape all the Amazon listings and will tell you approximately how much money they’re generating in a given month.

And what you can do if you want to do your research on Amazon is to look at a couple of products. You can look at the sales numbers, and you can look at the number of reviews. The number of reviews reflects how mature a particular Amazon listing is. And what you want to see in general is listings that have like less than 100 reviews that indicate that that product isn’t that mature.

You also want to see an even distribution of revenue. And most importantly, you want to make sure that if you see a product that’s selling pretty well, that you can put your own spin on it. And again, this all kind of leads to the private label realm. You want to sell something better than everyone else or different. You have to stand out. And by doing that and using a tool, you can make the research process much faster.

Be sure to catch the entire episode where Steve Chou gives listeners more secrets on how to start an e-commerce business, including:

• Where to find a supplier if you have an original idea for a product and want to go the private label route.
• How to find a good drop shipper or where to get inventory if you’re not getting it manufactured.
• Why it’s a good idea to validate your product on e-commerce platforms like eBay and Amazon before building your own e-commerce website.

 

This article, "Steve Chou on Launching Your First E-Commerce Business" was first published on Small Business Trends