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A recent study by Wharton’s Jay H. Baker Retailing Center and WisePlum suggests rising consumer frustration with retail as shopping shifts online. The survey-based study, “The New Reality: Understanding the Retail Consumer Experience During a Pandemic,” finds mounting customer impatience and decreased loyalty. In a Knowledge@Wharton interview, the study's co-author, Marketing Professor Thomas Robertson, says these findings are related to underprepared online shopping and loyalty program customer experience and the tech that underpins it. The Challenge We...

Once again, Teya Vitu has written a thoughtful and timely piece for Santa Fe's small business community in today's Santa Fe New Mexican.This is the year just about every business owner is wondering, how long can I last?The coronavirus drags on with no sense of when a mask-free, mass-gathering-restored normal will resume.Businesses have failed. More businesses will fail. But do businesses with a fuzzy horizon need to shut down forever?Not at all, insists...

Each franchise has its own process for qualifying and onboarding a prospective franchisee. Sometimes it's rigorous with multiple interviews, steps, forms to be filled out, and documents to be provided. Other times, it's comparatively relaxed. The degree of scrutiny a candidate undergoes largely depends on the type of business. Nonetheless, many will follow a format similar to the steps presented below. STEP #1: Initial CallDuring the first call with the franchise’s corporate representative, the buyer candidate...

Franchises are popular choice among budding entrepreneurs for a variety of reasons. Established franchises even more so. The reasons behind their appeal are numerous. Name RecognitionTopping the list is the ability to take advantage of the name recognition of brand that is already out there, known and trusted in the community. Take home healthcare, for instance. How comfortable would a prospective customer feel entrusting the care of their mother to a start-up agency without much...

This month, Albuquerque is hosting the 2020 ESHIP Summit, a gathering of "entrepreneurial ecosystem builders – leaders connecting communities together to accelerate entrepreneurship – who seek to build more inclusive, sustainable local economies." This systems approach to fostering economic vibrancy connects people, resources, and institutions to foster collaborative growth and innovation. “During the ESHIP Summit, we are featuring a round table of five ecosystem leaders from Albuquerque to tell the story of the development of the...

Major congratulations to the Santa Fean, the Essential Guide, and Kelly and Martin Haug, who acquired both publications this Spring. We are so thrilled to have facilitated the transfer of ownership of these wonderful publications! We are confident that both will continue their legacies of value for Santa Fe and Northern New Mexico and thrive under the Haugs' stewardship. The Essential Guide spotlights Northern New Mexico art, shopping, recreation, entertainment, and lifestyle options for locals...

An old saying in negotiating the sale of a business goes like this: The buyer says to the seller, “You name the price, and I get to name the terms.” Another saying used to explain the actual value of the term full price: “If we could find you a business that nets you $250,000 a year after debt service, and you could buy it for $100 down, would you really care what the full price...

Congratulations to Albuquerque small businesses! According to a recent study conducted by e-commerce company Square, Albuquerque's Main Street businesses ranked Number 1 in increased rate of e-commerce adoption following the COVID-19 outbreak. The ranking signals Albuquerque businesses' agility and grit. "We’re inspired every day by the ingenuity of small businesses in the face of a rapidly evolving environment," writes Square. "They’re pivoting business models, building online operations in days, and even selling completely new products to...

By: Elena Stewart If you run a small business, chances are you’ve been put in a very uncertain position since COVID-19 reared its ugly head. But despite the obvious and many challenges that the current situation has put forth, the fact is, there’s still more than one way to keep your business going and even thriving during this dark time and whatever will come after. Let’s take a closer look at the measures you can take. Take...

Can you make money and follow your dreams? Yes! A recent article at Entrepreneur posits a framework for deciding if you might be able to turn your hobby into a business. The piece (very reasonably) revolves around the potential for monetization. "Even if you’re pursuing this mostly because of your passion," writes SEO.co CRO Timothy Carter, "you’ll still need a stream of income to offset your costs and keep the business running." Uncontroversial! Carter suggests the following...

When you are buying or selling a business, you might very well end up making a deal with someone from another generation.  Therefore, it only makes sense to take the time to understand that individual’s background and how that might cause behavioral differences.  It is important to understand and reflect upon where many of them are coming from and the collective experiences and trends that shaped their identities and perspectives.  At the same time, you...

The most up-to-date economic information for the State of New Mexico, including all 33 counties, is now available on the Economic Development Department website. The County Reports project is an initiative by the EDD to offer more comprehensive data about spending, unemployment, and wages to local communities, Cabinet Secretary Alicia J. Keyes said. The most recent data covers the last three months of fiscal year 2020 – April, May, and June. The reports are available here. “We know this...

When you are selling a business, your business broker or M&A Advisor will likely create a Comprehensive Business Review, or CBR.  This comprehensive document can then be presented to prospective buyers once they have signed all necessary confidentiality documentation.  It is essential that this document builds trust between both parties, as this will go a long way towards achieving a successful deal.  Be Honest The bottom line is that your CBR will be 95% positive.  The majority...

As businesses re-open offices and welcome employees back from working from home, office safety is a huge concern for many business owners and HR leaders. The U.S. Chamber of Commerce suggests these 10 practical and actionable ideas on how offices can adapt to the coronavirus era. Capacity signage Social distancing can be challenging in offices that previously packed in workers. Custom-made capacity signs can help control how many people are in various spaces. Offices may have had...

"With the idea that essential businesses can be recession-proof and even boom during a public crisis, buying one is becoming a more attractive prospect," says franchise expert Chris Buitron in a recent Milwaukee Community Journal article. The thought piece, “4 Factors To Consider Before Buying An Essential Business In COVID Times,” discusses a rising interest among buyers in essential businesses. The COVID-19 pandemic has many buyers rethinking what type of business they might want to own, often...