Have you ever stayed in a relationship longer than you should have? Forced yourself to go to an event you were dreading because the tickets had already been paid for? Held onto clothes you don’t wear because they were expensive? All of these are examples of the “sunk cost effect.” Also known as the sunk…
The explosion of the e-commerce industry in recent years has given rise to a number of Amazon agencies that claim to help sellers grow their online businesses. But is there any merit to this claim? To find out, we spoke to Chris Yeakey, founder of Black Caiman Media, a full-service Amazon agency and consultancy. His…
With lots of money pouring into the Amazon FBA market, more and more sellers are thinking about selling their business. If you’re also eyeing your big payday, follow these steps for a hassle-free exit and to guarantee that your business fetches the highest possible selling price. 1. Get Your Trademark Registration, IP Rights, & Patents…
It’s every entrepreneur’s worst nightmare: a failed business. Unfortunately, that “nightmare” is all-too-common a reality for new business owners, as evidenced by a 2019 study showing that 11 out of 12 startups fail. Put another way, your chances of succeeding as an entrepreneur are a little less than one in 10. Ouch! Of course, a…
Generally speaking, entrepreneurs do NOT like competition! And can you really blame them? As a business owner, competition makes things a lot more… let’s just say… challenging. But what if that’s not necessarily a bad thing? In fact, what if (bear with us here) the challenges brought on by competition lead to better products and…
Every so often, a new tool comes along that revolutionizes the way we do business. Right now, that new tool is augmented reality (AR), and it is taking the retail industry by storm. “We are expecting a lot more businesses to utilize AR for their products and businesses—so much so that it will become more…
Have you ever purchased something—whether that be a car, a TV, or a computer—only for it to turn out to be a total dud? That regrettable outcome could have very well been avoided had you practiced what is known as “due diligence.” In a general sense, due diligence refers to the process of exercising great…
FOMO. If you haven’t seen the acronym before, it stands for “fear of missing out.” And when it comes to e-commerce, every brick and mortar store should have FOMO. That’s because, as the latest statistics show, e-commerce accounts for approximately 18% of all retail sales worldwide. In other words, if you operate a brick and…
Right now in the e-commerce sphere, there’s something akin to a modern gold rush happening, and it’s being fueled by Amazon aggregators. “This is the largest movement you will see in the next two years,” said Steven Pope, founder of My Amazon Guy. “I’m very bullish. I believe we’re going to see massive amounts of…
They say that knowledge is power, but in the world of taxes, it’s more like knowledge is money! Take it from us. As professional accountants, we’ve seen small business owners lose out on thousands of dollars in tax breaks because they didn’t know they could deduct certain expenses. We don’t want to see that happen…