Day: April 2, 2021

Ep. #559: David Shor, Nick Gillespie, Heidi Heitkamp

Bill’s guests are David Shor, Nick Gillespie, and Heidi Heitkamp. (Originally aired 3/19/21)

The post Ep. #559: David Shor, Nick Gillespie, Heidi Heitkamp appeared first on Buy It At A Bargain – Deals And Reviews.

Ep. #558: Annabelle Gurwitch, Scott Galloway, Larry Wilmore

Bill’s guests are Annabelle Gurwitch, Scott Galloway, and Larry Wilmore. (Originally aired 3/12/21)

The post Ep. #558: Annabelle Gurwitch, Scott Galloway, Larry Wilmore appeared first on Buy It At A Bargain – Deals And Reviews.

Woke and Weak CEOs

They’re denouncing Georgia’s election law, but have they read it?

10 Small Business Examples of the Best Instagram Bios

Instagram is extremely popular. The image-heavy platform is the fifth most-used social media network in the world, with over 1.2 billion users.

If you don’t have a presence on Instagram, you’re missing out on building an audience and increasing your sales.

To get the most out of Instagram, you should create a solid Instagram bio so users can get a clear, concise idea of who you are, what you’re about, and, most importantly, what you can offer them.

Here are ten of the best Instagram bios for small businesses and explain why they’re excellent. We’ll also include tips for crafting a strong bio and what must-haves to include on your company account.

10 of the Best Instagram Bios for Small Businesses

Here are several small-business Instagram bios that hit the mark and why. We’ve also included takeaways you can use for your own company.

1. Ellevest

best Instagram bios - ellevest instagram page bio

Ellevest is a digital investing platform. CEO Sallie Lee Krawcheck co-founded the company to empower women to take greater control over their financial future.

Why This Instagram Bio Is Great

The Ellevest Instagram bio works because it clearly states who the business is for (by women, for women), the industry it’s in (financial services), and the type of business model it uses (membership-based). This gives the reader a good idea of the target audience and what they’ll achieve through the service.

The company also includes a Linktree link in its bio, a platform allowing you to showcase additional links to content you want to share with your followers. This link points users to multiple brand blog posts and membership webpages.

You can borrow this for your own small business. After all, a Linktree link isn’t just a content-sharing opportunity: You can walk people directly to your landing pages via Instagram, cutting through the noise so they can more easily buy from you.

2. Pura Vida Bracelets

best instagram bios - pure vida

Pura Vida, which translates to “Pure Life,” is more than just a bracelet retailer. The company has a community of over 800 artisans in countries such as Costa Rica, El Salvador, and India who earn money crafting homemade jewelry.

Why This Instagram Bio Is Great

First off, the Pura Vida Bracelets Instagram bio is structured with various emojis, which saves space and gives off a fun vibe. “Fun” works here because the company features tons of colorful images of smiling people modeling the products—it’s on-brand.

Second, the emojis-as-bullet-points help clearly state the bio’s main areas of focus, particularly “FREE SHIPPING.” This is good for small businesses to highlight, especially if your main competitors don’t offer it.

Lastly, the branded hashtag, #PuraVidaBracelets, is a nice touch. Small-business retailers should consider implementing a personalized hashtag as a way to social-listen and reshare UGC across social while getting their brands’ names out there.

3. The Freckled Hen Farmhouse

best instagram bios - the freckled hen farmhouse

Created by lifestyle blogger Natalie Freeman and her husband Luke, The Freckled Hen Farmhouse is both a brick-and-mortar and online shopping destination. This general store has everything from home goods to local products to garden supplies.

Why This Instagram Bio Is Great

The Freckled Hen Farmhouse Instagram bio doesn’t cater to one audience over the other. Instead, it caters to both in-person and online shoppers.

The bio includes its store hours, local delivery options, and phone number. Additionally, the company plugs its rental cottage in the bio, adding more opportunities for loyal customers to spend money on the brand. Finally, it includes a Linktree link leading to its store website, newsletter sign-up page, and seasonal and year-round category pages.

If you’re a small business with an online and offline space, it’s a smart idea to speak to all your customers in your Instagram bio.

4. Lush Cosmetics

best instagram bios - lushcosmetics

Lush is a values-driven brand. Founded in London, the cosmetics company prides itself on fresh products, no unnecessary ingredients, and cruelty-free testing.

Why This Instagram Bio Is Great

Unlike our other examples, the Lush Cosmetics Instagram bio keeps it short and sweet, saying, “We’re creating a cosmetics revolution to save the planet,” followed by two emojis, its branded hashtag, and a Linktree link.

The message is direct, and words and phrases like “revolution” and “save the planet” feel bold and exciting coming from a makeup brand. Similarly, small brands can, and should, experiment with how they describe their company, as long as it feels relevant—otherwise, it will come off as confusing, or worse, inauthentic.

This bio is a good reminder, too, that just because you have more space doesn’t mean you need to use it. That in itself is a departure from jam-packed bios and even a bit surprising. Our brains like novelty, so don’t be afraid to do things a little differently for your business.

5. Later

best Instagram bios - later instagram page bio

Later is a leading Instagram marketing platform. The company boasts millions of users, and social media professionals, brands, and influencers can use the tool to manage content across Instagram, Pinterest, and even TikTok.

Why This Instagram Bio Is Great

There are a lot of things working for the Later Instagram bio. First, the company does a great job expanding the copy beyond its name to better reach users on the platform who may be looking for this type of service (social marketing platform).

By improving its Instagram SEO with relevant keywords, the brand increases its chances of being found. Plus, “Later” is a common word, so it’s good to add more context for searchers.

Next, the company states it’s the “#1 Marketing Platform for Instagram.” Piggy-backing off SEO, this is good to market to potential users.

Small businesses can optimize their bios with applicable keywords and feature brag-worthy accomplishments to get readers’ attention.

6. ALOHA

best Instagram bios - aloha instagram page bio

ALOHA produces USDA organic, vegan, and gluten-free protein powders, drinks, and foods. The brand shares plenty of recipes and UGC on its site and social media platforms.

Why This Instagram Bio Is Great

Taking a page out of Later’s book, the ALOHA Instagram bio asserts the company as its industry’s leader. While the brand keeps the copy to a minimum, it focuses on the keywords its customers care about, like “organic” and “plant-based.”

ALOHA also changed its profile picture to showcase it was named a Certified B Corporation. These companies must meet strict social and environmental standards, among others. If your small business has a prestigious distinction or won a big award, it’s worth highlighting it in this space.

7. Lokal

best Instagram bios - lokal hotel instagram page bio

A husband-and-wife duo created the Lokal Hotel after dreaming up ways they could improve the Airbnbs where they’d stayed and the hospitality experience in general. This home-away-from-home brand offers hyper-local lodging in the Philadelphia and Southern New Jersey regions.

Why This Instagram Bio Is Great

The Lokal Hotel Instagram bio covers a lot of ground. It includes a specific category, “boutique hotels | cabins” instead of just “hotel,” so those seeking this particular experience can find it, and expands on this with “apartment suites & homes.”

On top of the location and branded hashtag, the bio points out the Linktree where guests can book their stay, sign up for its newsletter, and more.

Other small businesses, especially those in this space, can take a few cues from this bio. By keeping all this information centralized, you could keep potential guests engaged and on your page longer.

8. GOODEE

best Instagram bios - goodee instagram page bio

GOODEE is a top online marketplace. Designers and entrepreneurs Byron and Dexter Peart founded the company to curate brands that not only looked good but sparked good too. As such, they only work with artisans who prioritize positive environmental or social impact.

Why This Instagram Bio Is Great

The GOODEE Instagram bio lays out what the business is (a curated marketplace) and its focus (good design meets good purpose). Like ALOHA, pointing to the company’s B Corp designation and 1% for the Planet certification aligns with its mission and signals to consumers what’s important to the business.

This is both sincere and savvy: 72 percent of U.S. consumers believe it’s important “to buy from companies that reflect their values,” according to Retail TouchPoints.

So, if your small business is values-driven, don’t shy away from including that in your marketing and messaging. After all, the customers you seek are also seeking you.

9. Rumpl

best Instagram bios - rumpl instagram page bio

Rumpl operates in the outdoor-industry space and helps keep campers and adventurers warm. After a successful Kickstarter launch, the company continues to grow and expand its inventory.

Why This Instagram Bio Is Great

There’s beauty in the simplicity of the Rumpl Instagram bio. It mentions its best-known item—blankets— and gives a brief, relatable description of the materials in them. The company also mentions its “Shark Tank” appearance and includes a branded hashtag and link to a current giveaway.

Instagram contests are popular and can help accelerate your brand growth. This is especially true if you partner with another company and can leverage each other’s audiences. It’s something your small business should consider (and then promote in your Instagram bio, of course!).

10. Letterfolk

best Instagram bios - letterfolk instagram page bio

This home-decor biz produces letter boards, tile sets, paper goods, and more. A married couple founded Letterfolk, and the company has developed a big following thanks to its thoughtfully designed products and national press hits.

Why This Instagram Bio Is Great

Instead of using the company’s Instagram bio to direct followers to use certain hashtags, Letterfolk invites its followers to check them out, saying, “See LF products in the wild,” followed by relevant hashtags. Using this hashtag, consumers can view how other people use and display their products. By making this tweak, it feels more community-oriented right away.

Another notable distinction: It’s stated in the bio that Joanna and Johnny are not only a husband-and-wife team but also a small business.

Since some shoppers specifically look to buy from smaller companies, this is an excellent way to get in front of potential shoppers. If you don’t call-out your small-biz standing in your bio, consider adding it and see if there’s an increase in engagement.

5 Tips for Creating the Best Instagram Bio for Your Small Business

Now that you’ve seen examples of some of the best Instagram bios for businesses, let’s recap the top ways to make yours stand out.

1. Use Creative Elements

Some brands add emojis to the mix in their Instagram bios. Aside from highlighting your brand’s personality, these icons can help influence readability. This could help your messaging stand out. So, you might want to try cutting back on copy and increasing white space by including emojis.

Brands can also change up font styles in their Instagram bios. This adds variety. However, be careful to make sure the script is readable, and don’t overuse it.

2. Show Your Brand’s Personality

You want to capture your brand’s personality in your Instagram bio. Experiment with copy, emojis, and other creative ways to show it off.

Don’t be afraid to play around a bit and have fun with your followers, either. Drizly’s Instagram bio comes to mind:

best Instagram bios - drizly instagram page bio

Be careful not to mistake “social media” as an excuse to depart from your familiar brand voice, though. For example, a hospital using laughing emojis in its bio wouldn’t be a fit—and might even make patients nervous! Alternatively, seeing emojis on the BarkBox Instagram bio feels completely in-line with the company’s fun reputation.

Bottom line: Know your brand and know your audience.

3. Share User-Generated Content

You don’t need to develop a campaign to create a hashtag—though it doesn’t hurt. Creating a hashtag unique to your small business is a good way to create brand awareness and help build your community.

Craft a hashtag that includes your company name or captures your ethos. For instance, if you think #JustDoIt, chances are, your brain goes to Nike.

From there, you can encourage your customers to include your hashtag in their social posts and reshare that user-generated content (UGC) on your channels.

You can also repurpose UGC for stories and other content. Incentivize users to share posts with your hashtag for discounts, contests, or just the opportunity of possibly featuring them on your platforms.

4. Clearly State Your Brand’s Purpose

You only have so many characters to work with in your Instagram bio. Use this space to clearly state what your small company does and be direct in your ask. For example:

  • Do you want to build a community? Include your branded hashtag and ask followers to use it.
  • Are you looking for newsletter subscribers? Include a link in your bio.
  • Are you looking to increase sales? Add a Linktree pointing to multiple product pages so users can find what they’re looking for.

Whatever your goal, be clear about it.

5. Include Links, Hashtags, and More

You have a hard stop when it comes to characters within the bio itself. However, there are options to expand on more details about your business and even cross-promote your other companies or personal pages. Consider including the following:

  • intentional calls to action (CTAs)
  • Instagram handles for your other related brands
  • your location and hours of operation if you own a physical store
  • your contact information
  • your branded hashtag
  • links to current promotions or contests
  • a Linktree (or similar) link leading readers to other content

Conclusion

The best Instagram bios authentically match your brand and serves your users.

Checking out the bios of the pages we’ve listed can help you get a feel for what’s working across the board. Also, see what your competitors are doing, and don’t be afraid to experiment with different formats.

Social media is an important aspect of digital marketing. Our agency can help if you are having trouble developing a social media strategy. We also offer assistance with content marketing and SEO.

Once you’ve polished your page, Instagram can be a powerful marketing tool for your business. So don’t skimp on putting the work into it.

What do you like about your favorite brands’ Instagram bios?

How Brands are Using NFTs

Technology has been advancing at warp speed in the past few years.

One area that has been enjoying some of the most rapid advancements is blockchain.

That doesn’t mean solely cryptocurrencies like Bitcoin, Ethereum, and the slew of other cryptos being peddled on the crypto market.

Let’s look at non-fungible tokens (NFTs) and how brands can use NFTs in their marketing campaigns.

What Are NFTs?

While they’ve been around for a couple of years, NFTs have recently become a hot topic (and even hotter investment).

What are they, and how do they work?

To understand non-fungible tokens (NFTs), we must first define the word “fungible.”

If something is fungible, it can be exchanged for something of equal or similar value. A typical example would be fiat currency (and even cryptocurrency). It’s fungible because you can trade it for goods of an equal value. You can also trade it for another currency if need be.

On the other hand, something that’s non-fungible is unique and therefore can’t be exchanged at equivalency. For example, a diamond is non-fungible as no two diamonds in the world are alike, and thus each has its unique value. You can’t trade one for another at equivalency.

A non-fungible token is a cryptographic asset created using blockchain technology.

What sets NFTs apart from cryptocurrencies (which are fungible tokens as they are identical to each other) is that they have unique identification codes and metadata to distinguish one NFT from another.

Because each NFT is unique, it cannot be traded or exchanged at equivalency with another NFT. The result is that each NFT is a digital collectible, a one-of-a-kind asset that can’t be replicated.

That’s where the craze for NFTs started. In 2017, CryptoKitties, a blend between Tamagotchi and trading cards, exploded onto the scene. Each kitten is unique and can be raised, reproduced, be traded— some for as much as $140,000.

NFT mania was born, and today, the interest in NFTs is only increasing.

Why Are Non-Fungible Tokens (NFTs) Important to Brands?

One of the main reasons NFTs are important to brands is that they can be used to represent digital files, such as art, audio, and video. They are so versatile, they can be used to represent other forms of creative work like virtual real estate, virtual worlds, fashion, and much more.

What does this have to with your brand and marketing strategy?

Thanks to the global interest they’ve generated, NFTs have opened up new ways of brand storytelling and consumer interaction, which, as you know, are the two main pillars of an effective marketing strategy.

With NFTs, you can:

  • create unique brand experiences
  • increase brand awareness
  • encourage interaction
  • create interest in your brand and product

Ultimately, NFTs can help you increase conversions and drive revenue.

Here are ways brands are using NFTs to power their marketing.

6 Ways Brands Are Using NFTs

The concept of NFTs in marketing may be a bit difficult to grasp. Like most things that are difficult to understand, the best way is to look at examples.

Here are some nifty ways brands are using NFTs. Hopefully, you’ll get some inspiration from them.

1. Taco Bell GIFs

Research shows that 83 percent of millennials prefer to do business with brands that align with their values. That’s why brands need to support causes they believe in openly (and genuinely).

While Taco Bell has been doing this for years through their foundation, they took it to a whole new level by selling taco-themed NFT GIFs to support the Live Más Scholarship.

Ways Brands Are Using NFTs - Taco Bell GIFs

Within 30 minutes of putting their 25 NFTs (dubbed NFTacoBells) up for sale on Rarible (an NFT marketplace), all the GIFs were gone. Each GIF started at a bidding price of $1. However, they all sold for thousands of dollars each, with one going for as much as $3,646.

Creating and selling NFTs was a clever move on Taco Bell’s part as it generated a lot of buzz on mainstream media and social media; that’s always good for business.

Like Taco Bell, you can use NFTs to kill two birds with one stone:

  1. drive brand awareness
  2. support a good cause

Both are potent factors that can help drum up business for your brand.

2. RTFKT Digital Sneakers

Looking for a way to disrupt the market and make a name for yourself?

NFTs can help you do that.

That’s what happened when a little-known Chinese virtual sneaker brand called RTFKT designed an NFT sneaker for the Chinese New Year and put it up for auction.

The sneaker sold for a whopping $28,000.

Ways Brands Are Using NFTs - RTFKT Digital Sneakers

That’s quite impressive for a brand that’s barely two years old, especially considering they sold a sneaker that can’t be touched, let alone worn. Impressive as this was, it was still way behind the $3 million they generated from another NFT sneaker they designed in collaboration with the 18-year-old artist, FEWOCiOUS.

With NFTs still in their infancy, this is the right time for marketers to join the bandwagon. It’s a great way to grab attention and build a tribe of followers.

As a marketer thinking of ways to leverage NFT technology, you can take a cue from RTFKT. Create limited memorabilia to celebrate special milestones and holidays, and use them in your marketing campaigns around those holiday seasons. You can give them away to the first X number of customers or even auction them off as stand-alone products.

3. Grimes Videos

Six million dollars in 20 minutes.

That’s how much Grimes made from a collection of 10 NFTs auctioned on Nifty Gateway.

Artist, Grimes, sold an NFT collection featuring 10 pieces for $6 million.

It’s clear that people are interested in NFTs, and brands can leverage that interest to market their products. For example, you can:

  • Partner with artists or auction sites and have your brand present in the auction.
  • Create an NFT and auction it for charity.
  • Run a contest (for lead generation) with NFTs being the prize.

Marketing is all about riding current trends and using your creativity to harness the excitement around them to draw attention to your brand.

4. Kings of Leon ‘When You See Yourself’ Album Launch

With so many musicians and bands around, the music industry has become very competitive. Building and keeping a loyal fanbase isn’t as easy as it used to be.

The Kings of Leon found a way to get around that.

They released their album, “When You See Yourself” in the form of an NFT.

The Kings of Leon are using three types of tokens for this first-of-its-kind album release. One type features a special album package, while the second offers live show perks. The third type of token features exclusive audiovisual art.

While the album is available on all music platforms, the NFT version was only available on YellowHeart, priced at $50.

The Kings of Leon are the first band to release an NFT album.

The sale of the NFTs was only open for two weeks, after which no more album tokens were created. This move made the tokens a tradeable collectible.

Being the first band to release an NFT version of an album put the Kings of Leon in the history books.

More than that, it put them in the hearts of their fans by allowing them to own a digital collectible. Now that’s an excellent way of fostering brand loyalty.

5. Beeple Artwork

Virtually unknown in mainstream art circles, Mike Winkelmann has become something of a legend.

He sold a JPG file for $69.3 million, making him the third-most-expensive living artist at the time of the auction.

The file is a piece of art sold as a non-fungible token and is the first digital-only NFT auctioned by Christie’s.

A piece of NFT artwork sold by Beeple for over $69 million.

The two-week timed auction had to be extended by 90 seconds as a flurry of bids came in when the auction was about to close.

What lessons can brands learn from this?

Be quick to embrace new technologies and ideas. With the competition becoming more fierce with each passing day, you must be willing to take risks and be disruptive to outperform.

6. Nyan Cat GIF

A decade ago, the Nyan Cat GIF burst onto the digital scene with a colorful bang. Creator Chris Torres made an NFT version of the GIF that sold for over $500,000 on the crypto auction site, Foundation.

Nyan cat is a GIF turned NFT that sold for close to $500,000.

That’s right. An animated GIF from the past sold for over half a million dollars.

Chris, however, didn’t stop there. He organized an auction where classic memes are being auctioned off as NFTs. One of the memes, Bad Luck Brian, sold for over $34,000 on Foundation.

What can brands take away from this?

The lesson here is that your customers are willing to pay for great experiences. Capitalize on this by turning some of your best ads into NFTs. Create an event where you auction them off and make sure to publicize the event well.

Not only will this boost your brand awareness, but it will also help you reach new audiences in the tech space.

The Future of NFTs

Sure, NFTs are still relatively new, and their practical use is still limited. However, people love them and are willing to spend on them. These are sure indicators that they’re here to stay.

Like blockchain technology powering them, NFTs could play a significant role in the digital landscape of the future. That’s particularly true for marketers as non-fungible tokens have opened up new avenues for interacting with your audience and creating memorable experiences for them.

Remember, most common technologies we use today (like social media) seemed like fads when they started.

Yet today, we depend on them for so many things in life. NFTs may seem like a craze today, but they bring to the table a lot of beneficial features (like transparency coupled with security) that break the limitations of current technologies we’re using.

Conclusion

NFTs are fantastic in creating memorable experiences for your customers. They’re also an excellent way of engaging with and interacting with your target audience.

While the technology is still in its infancy, brands need to pay close attention to it. More specifically, you need to research ways you can leverage NFTs in your marketing strategies. For example, you can mint luxury designs of your product, create memorable ad campaigns, or collaborate with NFT creators.

The bottom line is that NFT technology is here to stay, and it’s undoubtedly set to be a part of digital marketing.

Are NFTs a fad? Or are they here to stay?

Top 10 WAN-IFRA RSS Feeds

Top WAN-IFRA RSS Feeds Contents [show] ⋅About this list & ranking WAN-IFRA RSS Feeds WAN-IFRA » Business RSS Feed WAN-IFRA » Press Corner RSS Feed WAN-IFRA » Media Innovation RSS Feed WAN-IFRA » Media Policy RSS Feed WAN-IFRA » Awards RSS Feed WAN-IFRA » Editorial RSS Feed WAN-IFRA » Press Freedom RSS Feed WAN-IFRA » Digital Media […]

The post Top 10 WAN-IFRA RSS Feeds appeared first on Feedspot Blog.

Top 60 Gastroenterology and Hepatology Journals To Follow In 2021

Top 60 Gastroenterology and Hepatology Blogs Contents [show] ⋅About this list & ranking Gastroenterology and Hepatology Journals European Journal of Gastroenterology & Hepatology Hepatitis Monthly Diseases of the Colon & Rectum – Current Issue Journal of Clinical Gastroenterology Journal of Haematology and Clinical Therapeutics Case Reports in Gastroenterology Alimentary Pharmacology & Therapeutics Helicobacter Colorectal Disease Liver Transplantation […]

The post Top 60 Gastroenterology and Hepatology Journals To Follow In 2021 appeared first on Feedspot Blog.

High Risk NAICS Codes

What are High Risk NAICS Codes?

High risk NAICS codes can be the difference between getting business funding … or not. But what are they?

What Do High Risk NAICS Codes and Names Have to Do with Funding Denials?

There are certain industries that are perceived by lenders as extra risky. If your business appears to be part of one of these industries, you could be looking at automatic denial. At the least, you may be subject to stricter underwriting, as well as higher rates and less favorable terms.

Lenders make a judgement of what industry your business is in based on a couple of things. First, they look at your business name. Then, they look at your business code. This could be either SIC or NAICS codes

So, your job becomes finding a way to keep from getting a denial automatically, based on your industry code or business name. Yet, you still have to be honest. Integrity is of the utmost importance and lack of it could cause future denials and even criminal charges.

What are High Risk NAICS Codes?

The North American Industry Classification System (NAICS) is a somewhat recently instituted business classification system. It is used to classify business establishments, and collect , analyze, and publish statistical information related to the economy of the United States.

High Risk SIC Codes vs High Risk NAICS Codes

For each NAICS Code there may be multiple SIC codes, as SIC codes break down more specifically.

For example, there are over 30 SIC codes under the Engineering Services code of 8711. The NAICS code for Engineering Services is 541330. While the plan is to fully switch to the NAICS system, many industries still have the old SIC system deeply ingrained. For this reason, the switch hasn’t happened exactly as planned, and currently both systems are in place.

What are SIC Codes?

SIC (Standard Industrial Classification) is a part of a business classification system. It’s a four digit number that the US government assigns to businesses. It makes it easier to identify the primary activity of the business. Lenders and others use it as an indicator of the kind of business a company is in.

The Securities and Exchange Commission (SEC) developed the SIC Code system. The first four digits signify the general industry of a business. For example, 8711 refers to Engineering Services. Then, numbers add to the end of this 4 digit chain to add specificity.

For example, 817701 is Naval Architects, while 871103 is Engineers-Agriculture. And 871105 is Contractors- Engineering General. There are over 30 individual codes under the 8711 Engineering services code.

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

Key Differences Between SIC and NAICS Codes

  • SIC Codes: Developed solely by the U.S. government
  • NAICS: Developed in conjunction with the U.S., Canadian, and Mexican governments
  • SIC Codes: Groups together establishments in terms of either demand or production
  • NAICS: Groups together establishments that use the same or similar processes to produce goods or services
  • SIC Codes: Active use for business targeting in the private sector
  • NAICS: Active use for government statistical purposes

High Risk NAICS Codes and the IRS

You choose a SIC code to report to the IRS. They will use it to determine if your business tax returns are comparable to other businesses in your industry. If your deductions aren’t reasonable when compared to other businesses in your industry, as determined by SIC code, you could be audited. Therefore, choosing the right SIC code with the IRS is essential. NAICS codes are going to replace this system soon.

High Risk NAICS Codes and Your Business

Certain codes are associated with industries posing more risk than others. If you happen to choose one of these high risk codes unnecessarily. You may get a funding denial. If you understand how the system works, you can choose the best code the first time.

Some examples of high risk industries include:

  • casinos
  • pawn shops
  • liquor stores
  • automotive dealers
  • even restaurants

As with any business aspect, risk must be taken into consideration. Each industry code has its own inherent issues. Still, some industries are thought to be riskier than others by their very nature.

An industry may be seen as risky if there is a high chance of injury, either to workers or to customers. Or it may be considered risky if there is a high chance of theft. This is true despite how the business is doing, and despite its safety record or the accuracy and dependability of its security system. Even if a business is doing great, it could be seen as risky simply due to the nature of the industry.

High Risk NAICS Codes and Funding

So, if your SIC code or NAICS code indicates your business is part of a risky industry, what does that mean? The main issue is that it could make it difficult to get funding for your business. There are several industries that lenders are hesitant to lend to. Some of these industries are subject to stricter underwriting guidelines. And some cannot get funding at all.

In these cases, the business must seek out other funding options. These options could include:

  • Angel Investors
  • Venture capital
  • Crowdfunding
  • Business credit building and more

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

What’s the Solution for Getting Funding with a Risky NAICS Codes?

It’s key to remember, you get to choose your SIC code. While you want to be honest, you can be general. You do not have to be more specific than necessary. For example, restaurants are risky, but if you also sell boutique items, you can use a SIC code related to that. If more than one SIC code can apply, be sure to choose the one that is the least risky in the eyes of lenders. There is nothing underhanded or unethical about doing so.

Bonus: Business Names and Risk

As already mentioned, your business name can indicate risk. That is, if it indicates you are part of a high risk industry. For example, auto sales is considered a risky industry. You do not have to name your business “Joe’s Used Auto Sales”. You can just name it “Joe’s” and be done. There is nothing unethical or underhanded in doing this, either.

Codes and Names Are Not the End Game

Of course, choosing a SIC code and name that does not indicate risk isn’t a guarantee of funding. There are many other factors that go into a lender’s funding decision including fundability. However, if you choose the wrong code or business name, the lender may never see how fundable your business really is.

What are Some High Risk Industries?

    •  Auto, RV or boat sales
    • Computer and software related services including programming
    • Dry cleaners
    • Gas stations or convenience stores
    • Long distance or “over-the-road” trucking
    • Mobile or manufactured home sales
    • Phone sales and direct selling establishments
    • Real estate agents/brokers
    • Real estate developers or land subdividers
    • Restaurants or drinking establishments
    • Taxi cabs
      • This includes the purchase of cab medallions
    •  Travel agencies

Learn more here and get started with building business credit with your company’s EIN and not your SSN.

How Else are SIC and High Risk NAICS Codes Used?

Currently, both codes are in use. Not by banks just to determine whether or not to lend. Other ways agencies use these codes include:

    • The Department of Revenue may use them for legislative purposes
    • They can be used to extend government offered incentives
    • To keep taxpayers within a specific industry aware of changes to laws. These codes are used by the IRS for multiple purposes:
    • To determine product classes in retention to exchanges of property or depreciation
    • For comparative purposes, for example, if your information doesn’t track with others under your code, it could flag you for an audit
    • These are just examples, there are too many to list

And they can be used by the SBA categorize your business. This is especially true when it comes to applying for government contracts. You must meet size standards for contracts, and the SBA assigns a specific size standard to each NAICS code. The SBA also uses NAICS codes to determine eligibility for the Women-Owned Small Business Federal Contracting program. They keep a list of qualifying codes.

High Risk NAICS Codes: Takeaways

Businesses need funding, but if your business is perceived to be a part of a risky industry, you may get a denial. SIC Codes, NAICS Codes, and Business Name all contribute to the risk perception of lenders. Choosing the wrong code or name for your business could get you an unnecessary automatic denial for funding.

The post High Risk NAICS Codes appeared first on Credit Suite.

How to Do Niche Marketing For Tiny Audiences

Are you in a crowded industry and can’t seem to stand out? Does your brand operate in a niche with a small audience? If you answered yes to one of those questions, then you know reaching your target audience is no walk in the park. That’s exactly why you must leverage niche marketing. What Is …

The post How to Do Niche Marketing For Tiny Audiences first appeared on Online Web Store Site.