In this episode of the Rich Habits Podcast, the hosts discuss various topics related to small business ownership, marketing strategies, funding options, and investment tips. Listeners will gain valuable insights into tax loopholes for children, funding their small businesses, and selling losing stocks. The episode offers actionable advice for small business owners and individuals looking to optimize their finances.
Small business owners often make the mistake of relying on interns or untrained staff to handle their marketing strategy. However, a thorough macro approach is necessary, even for the smallest businesses, to attract more customers and increase conversions. Hiring a marketing agency, even with a limited budget, can significantly boost sales and offset additional expenses. It’s crucial to have a well-defined social media strategy with clear calls to action. Additionally, the hosts discuss the new shopping tool on TikTok, which allows direct sales of products through the app, providing a unique opportunity for small businesses to reach a wider audience.
For small business owners, having a strategic approach to website building and search engine optimization (SEO) is vital. Implementing effective SEO techniques helps businesses gain more visibility and conversions. It’s recommended to seek the assistance of local SEO professionals or conduct competitor research to identify successful SEO strategies. The hosts also emphasize the importance of optimizing TikTok content for SEO, utilizing elements such as text on screen, captions, and spoken words during videos to improve discoverability for service-based businesses.
Lack of funding poses a significant challenge for small businesses, potentially hindering their growth and success. However, small business owners should proactively explore various funding options, including business lines of credit, credit cards, local credit unions, and SBA loans. Seeking proper funding and developing a strategic plan for marketing and services can accelerate growth and increase profitability. The hosts recommend listening to the “Mind the Business Small Business Success Stories” podcast episode for valuable insights on securing funding through grants, business credit, and angel investors.
The episode also provides investment tips to help individuals build wealth. NEOS’ ETFs are highlighted as an attractive income-focused alternative or complement to existing investment portfolios, offering exposure to equities, fixed income, and cash alternatives like T-bills. The hosts suggest utilizing a Custodial Roth IRA as a wealth-building strategy for parents to secure their children’s financial future. Additionally, parking funds in the CSI ETF, managed by Neos Investments, can optimize earnings. The hosts further discuss high-yield savings accounts like Wealthfront and Marcus, along with Treasury bills through public.com, as viable options for conservative investors seeking above 5% returns while avoiding taxes on city and state earnings. They also stress the importance of not getting emotionally attached to investments and considering cutting losses to offset future gains on taxes. Finally, the hosts recommend starting with index funds managed by professionals to build wealth before venturing into individual stock investments.
The “Rich Habits Podcast” episode covers a wide range of topics, providing actionable advice for small business owners and individuals aiming to optimize their finances. Listeners gain insights into effective marketing strategies, the importance of SEO for small businesses, funding options, and investment tips for wealth building. By implementing these strategies and tips, individuals can enhance their business success and achieve financial growth.