Kirsten Barker – Page 4 – More from the Institute for Women's Entrepreneurship at Cornell

New thing? Subscription Models For Restaurants

Restaurants, including large chains like Panera and P.F. Chang’s, but also local eateries and coffee shops are increasingly adopting subscription models to secure steady revenue and customer loyalty. These subscriptions can offer perks like free delivery, favorite dish selections or free beverages. According to this online piece on AP News, this model is capitalizing on the growing trend of Americans who subscribe to various services like streaming and groceries. While it hasn’t become a dominant aspect of the restaurant marketplace, it is something that small businesses might want to consider to stay engaged and competititve.

Avoid These Pitfalls If You Are A Small Business Owner

This post from LegalZoom which was recently updated in September 2023 highlights the top ten mistakes made by new business owners. The list includes:

Not having a business plan
Not having a marketing plan
Impatience
Overspending
Underpricing
Not forming the right business entity
Thinking you don’t need insurance
Not having a written agreement with your business partners
Failing to protect intellectual property
Thinking you can do it all yourself

Check out the link to read more detail about what to do if you think you are falling short in that area as the post goes into depth on each item in the list.

Thinking About Your Company Footprint

Even if you are a small business, you can still be thinking about ways in which you can reduce your environmental impact. This article posted in Entrepreneur shares 8 items to consider when determining practical ways to reduce your company’s impact on the planet. From energy efficiency in the office to flex scheduling to rethinking the office supplies you purchase, every change we make helps to make a difference.

Balancing Entrepreneurship and Motherhood

In this recorded webinar from May 2023, Andrea Ippolito, founder and CEO of SimpliFed and Director of Women Entrepreneurs in STEM at Cornell University discusses the opportunities and challenges women entrepreneurs face when launching a business while raising young children. With two small children of her own, Ms. Ippolito is an expert on starting a company and watching it grow while concurrently ensuring that her children thrive.

Advice for Black Women Entrepreneurs

This article from Entrepreneur highlights the unique challenges faced by Black women entrepreneurs and offers three key strategies for success. It emphasizes the importance of bringing one’s own perspective and authenticity to drive change, advocating for diversity and oneself, and staying informed and committed to making a difference in underrepresented communities. The article underscores the significance of resilience, a clear vision, and unwavering commitment in achieving success and positively impacting the world as a Black woman entrepreneur.

What You Need To Know if You Use Venmo or Paypal for Business Payments

Lawmakers are debating changes to tax reporting for business transactions on payment apps like Venmo and PayPal, as well as e-commerce platforms such as eBay, Etsy, and Poshmark. The American Rescue Plan Act of 2021 lowered the threshold for Form 1099-K, which reports third-party business payments. Previously, individuals received this form if they had over 200 transactions totaling more than $20,000. Now, the threshold is just $600, causing concern that many taxpayers might mistakenly receive a 1099-K, even for small, one-time sales. Bipartisan efforts are underway to raise the reporting threshold back to 2022 levels, with some proposals suggesting an increase to $10,000. If you are a small business that receives revenue via these payment apps, it’s essential for to stay organized and be prepared for tax reporting. Read more about the issue in this article posted on CNBC.

Navigating the World of Tipping

In this article from Nerd Wallet, the author explores the new challenges faced by small businesses as they shift from traditional tip jars to digital tipping screens for in-person purchases. Specifically, the article discusses the importance of finding the right balance with preset tipping options so that tipping can be encouraged without upsetting customers. The article also mentions that these screens have led to increased tips, and using a point-of-sale system to track tipping data can provide valuable insights for business management.

Beating Big Businesses For Top Talent When You Are A Small Business

Small businesses and startups struggle to attract top talent due to competition and a lack of qualified applicants. According to this article in Entrepreneur, to address this, they can focus on flexibility in work arrangements, foster a sense of community, create accurate job descriptions, nurture a strong company culture, offer comprehensive benefits, consider remote workers, and emphasize agility and uniqueness. A well-designed recruitment strategy helps small businesses stand out from big corporations and compete effectively in the job market.

Barbie’s Lessons on Resilience and Leadership

This article in Fast Company looks at the summer blockbuster “Barbie” movie and explores some of the film’s inspirational messages of resilience and strength. Specifically, it lists the importance of never giving up, knowing that any goal is possible, dreaming big and embracing that you are enough. Check out the article to read more about how those themes are woven through the movie!

Remote Work Best Practices

Whether you run a small business that relies on remote and/or hybrid workers, you are part of a large organization navigating how the post-COVID workplace looks or you are a remote worker yourself, figuring out best practices to support this work arrangement is critical for corporate success.

This post on Business.com discusses critical best practices to consider to ensure that remote work is a success including technology adaptations, work scheduling and IT security concerns to name a few. The piece also discusses the important of outlining a remote work policy and provides tips on how to navigate that process.