The business world is currently on the verge of a generational shift and with such a disparity in professional preferences, many older businesses owners are struggling to attract younger talent. So, what can you do to make your small business more appealing to a younger potential employee? In episode #131, Gene Marks and Elizabeth Larkin […]

The business world is currently on the verge of a generational shift and with such a disparity in professional preferences, many older businesses owners are struggling to attract younger talent. So, what can

you do to make your small business more appealing to a younger potential employee? In episode #131, Gene Marks and Elizabeth Larkin offer several recruiting strategies that can help you target a younger demographic.

Executive Summary

0:57—Today's Topic: What Can Your Small Business Do to

Attract Young Talent?

1:37—The first thing a business can do to attract young

employees is to emphasize its charity and volunteer work. This gives your potential candidates a sense of your values.

4:44—Due to the popularity of video-driven content among younger audiences, small business owners can benefit from creating their own YouTube and Facebook channel to promote their work.

9:53—Offering a competitive benefits package is another way to attract younger candidates. These benefits should include flexibility, childcare, and student loan repayments.

17:09—Small businesses should also consider partnering with local colleges so that they can offer part-time work to students while they are still in school.

20:59—Gene encourages business owners to follow the American Chemistry Council because their chemical activity barometer is an excellent predictor of the economic climate.

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Transcript

Elizabeth: Welcome back to the Small Biz Ahead podcast, this is Elizabeth Larkin from The Hartford, and I'm here with Gene Marks, who is the owner of The Marks Group.

Gene: Yes.

Elizabeth: A small business owner.

Gene: Yes.

Elizabeth: And our small business expert for The Hartford.

Gene: But I'm not young, and we're talking about recruiting young talent.

Elizabeth: We're not trying to recruit baby boomers. Or sorry, you're a Gen-Xer.

Gene: Yeah. It's kind of between, is it Gen X between baby boomers and the M-word.

Elizabeth: Yeah.

Gene: Right.

Elizabeth: The M-word. So we're not going to talk about Millennials today at all.

Gene: I don't want to even bring up the word. You brought up the word and I didn't even want to. Or Gen Z or, whatever. We want to talk about some thoughts on recruiting younger employees.

Elizabeth: Yes.

Gene: And that encompasses everybody. No labels.

Elizabeth: Okay. Great. So, after we hear from our sponsor, we are going to talk to Gene about how he goes about doing this at his small business, and I'll tell you a little bit about what The Hartford doe...

What many business owners fail to understand is that the name they pick for their small business not only sets up the overall tone for their brand, but it can also significantly impact their ranking in online search engines. In episode #130, Gene Marks and Elizabeth Larkin offer insightful advice on how to come up […]

What many business owners fail to understand is that the name they pick for their small business not only sets up the overall tone for their brand, but it can also significantly impact their ranking in online search engines. In episode #130, Gene Marks and Elizabeth Larkin offer insightful advice on how to come up with a memorable business name that will help you build a strong online presence.

Executive Summary

0:55—Today's Topic:How Do I Come Up with a Creative Name for my Small Business?

2:47—When you consider potential business names, think of ones that will give you a strong online presence. These names should reference your business's services so that they appear in searches.

4:46—You can try to reverse engineer a name by using a search engine or app to find the keywords associated with the services that your business provides.

5:55—For search purposes, you should also consider incorporating your products into your business name.

7:29–A strong business name needs to reference how it can benefit your customers.

9:04—Consider building your business's services or products into the domain name of your website to help improve your search potential.

10:45—Gene encourages small business owners to apply to government grants to help obtain initial funding.

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Transcript

Elizabeth: Welcome back to the Small Biz Ahead Podcast. This is Elizabeth Larkin from the Hartford and I'm here with Gene Marks of the Marks Group.

Gene: Yes, I'm here and happy. By the way, at some point we do have to share, like we've done before, some good TV recommendations, please, and some good book recommendations.

Elizabeth: Yes. We'll do those this week after the Word of Brilliance.

Gene: Okay.

Elizabeth: Or at the beginning of the Word of Brilliance we'll share some TV-

Gene: I've got a few good TV ones, I've got a few good books to recommend as well, all big pop culture stuff. Music, not as much because I listen to ... Yeah. Anyway, TV and books.

Elizabeth: Okay. This week's topic is all about how to come up with a creative name for your small business.

Gene: Creative name for your small business. Listen, as the owner of The Marks Group, I can think of no one better than to talk about coming up with a creative name for your business. I can't wait to have that discussion.

Elizabeth: All right. We're going to have that discussion as soon as we hear from our sponsor.

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The decision to terminate an employee is never an easy one and with the various professional details that need to be settled prior to letting them go, the process is bound to take an extensive toll on you as the owner of your small business. So, how do you protect yourself on a professional and […]

The decision to terminate an employee is never an easy one and with the various professional details that need to be settled prior to letting them go, the process is bound to take an extensive toll on you as the owner of your small business. So, how do you protect yourself on a professional and emotional level while navigating this tricky situation? In episode #129, Gene Marks and Elizabeth Larkin offer the most effective strategies for coping with the challenges of firing an employee.

Executive Summary

0:34—Today's Topic: How Can Small Business Owners Cope With Letting an Employee Go?

2:07—The first step you need to take when firing an employee is to consult an attorney and make sure that you've covered all your grounds legally.

2:34—Always take the high road when you terminate someone's employment; not only do you need to protect your professional reputation, but you'll never know when you need to utilize that particular business connection.

3:39—It's ultimately up to you whether you want to provide them with a professional reference. (This decision will most likely depend on your reasons for firing them.)

5:52—If you are firing the family member of another employee, you need to be aware of how this might affect your relationship with that particular employee.

8:24—Do not let a problematic employee's popularity deter you from letting them go because chances are your other staff members recognize his poor performance. Also, do not let your emotions affect your decision because too many people depend on your business for their livelihood.

10:49—Gene discusses how Windows '95 is now available in app form for anyone who feels nostalgic for the original program.

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How Do I Decide Who To Lay Off in My Business?

Transcript

Elizabeth: Welcome back to the Small Biz Ahead podcast. This episode is gonna touch on a sticky subject for a lot of small business owners, so I'm pretty much gonna let Gene do all the talking here today.

Gene: This is like letting people go.

Elizabeth: This is all about how to cope as a small business owner when you have to let an employee go. I would think it's harder for the employee than the small business owner, but since we actually do this podcast for small business owners, we're gonna focus on what it's like for you to have to let someone go. And you'll get some tips from Gene along the way. We'll be right back after we hear from our sponsor.

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This podcast is brought to you by The Hartford. When the unexpected strikes, The Hartford strikes back for over 1 million small business customers with property, liability and worker's compensation insurance, check out The Hartford's small business insurance at TheHartford.com.

Inspiration for a new business can come from virtually anywhere. However, if you as a small business owner decide to draw your inspiration from another recently closed startup, you might inadvertently be setting yourself up for a serious lawsuit. In episode #128, Gene Marks and Elizabeth Larkin discuss all the legal components that you’ll need […]

Inspiration for a new business can come from virtually anywhere. However, if you as a small business owner decide to draw your inspiration from another recently closed startup, you might inadvertently be setting yourself up for a serious lawsuit. In episode #128, Gene Marks and Elizabeth Larkin discuss all the legal components that you'll need to examine prior to using another business's idea for your own.

Executive Summary

0:38—Today's Topic: Is it Legal to Copy Another Business's Idea After It Closes?

1:37—It's alright to “steal" ideas from other businesses as long as they didn't file for any patents or their idea isn't recognized as intellectual property.

2:35—Before you use another business's idea, you need to determine whether it had any proprietary technology or whether you would require any licensing to open up a similar business. If you need additional help, consult with an attorney.

4:57—You should also examine why a previous startup failed prior to using their idea. Perhaps, there are some pitfalls you need to avoid or preventative measures that you'll need to take.

5:13—Lastly, don't be afraid to approach the owners of that other business. They might even be able to offer some much needed insight and assistance.

6:21—Gene advises distribution businesses to look into 3D printers that manufacture steel products because this technology could potentially save them a lot of time and money.

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Transcript

Elizabeth: Okay. Welcome back to the Small Biz Ahead podcast, this is Elizabeth Larkin from The Hartford and I'm here with Gene Marks of The Marks Group-

Gene: Soon to be in jail once we talk about this topic (laughs).

Elizabeth: (laughs) Yeah, this is a legal topic, but we're going to tackle it anyway. Today we're going to be talking about, if you have a small business near you, and they have a great idea, but then they shut down, can you just slide in and take their idea and open your own business?

Gene: Who is asking this question?

Elizabeth: Is this legal?

Gene: I want to know, right?

Elizabeth: This was an anonymous question.

Gene: Yes.

Elizabeth: So we're going to answer this question for our listeners after we hear from our sponsor.

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This podcast is brought to you by The Hartford. When the unexpected strikes, The Hartford strikes back for over 1 million small business customers with property, liability and worker's compensation insurance, check out The Hartford's small business insurance at TheHartford.com.

Question: If A Startup With a Great Idea Shuts Down, Can You Legally Take Their Idea?

Elizabeth: So Gene, I think a couple episode ago- actually, it was probably more than a couple episodes ago, but you were talking about two different ice cream stores in Philadelp...

Have you ever fantasized about quitting your day job to pursue your side hustle full time? You’re not alone. In fact, for many aspiring small business owners, being able to leave their current 9-5 job is their ultimate goal. This being said, if you’re hoping to transform your side business into your primary source of […]

Have you ever fantasized about quitting your day job to pursue your side hustle full time? You're not alone. In fact, for many aspiring small business owners, being able to leave their current 9-5 job is their ultimate goal. This being said, if you're hoping to transform your side business into your primary source of income, there are several steps that you'll need to take before you hand in your resignation. In episode #127, Gene Marks and Elizabeth Larkin offer a practical guide on how to successfully transition from working a 9-5 job to running a small business.

Executive Summary

0:34—Today's Topic: How Do I Transition from Working a 9-5 Job to Running a Small Business?

2:21—Before you make such an important decision, be sure to discuss it with all your family members because this transition will affect them too. It's important to warn them about all the changes you will need to make and how these adjustments will impact them.

3:36—You need to know exactly when you want to quit your current job. Having a specific date will not only tell you how much money you'll need to save up, but also how much time you'll have to generate that necessary capital and client base.

5:45—Your next step will be to create a forecast or business plan that will give you a clear sense of what your finances will be like, once you leave your current job.

8:06—When calculating how much money you'll need to save, examine how much you spend on your current lifestyle. The savings you generate should be enough to sustain your desired lifestyle.

10:08—Gene encourages small business owners to accept cash so that they don't miss out on any potential clients or transactions.

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Transcript

Elizabeth: Okay. Welcome back to the Small Biz Ahead podcast. This is Elizabeth Larkin from The Hartford and I'm here with our small business expert Gene Marks. Welcome Gene.

Gene: I am happy to be here Elizabeth.

Elizabeth: Good.

Gene: Thank you.

Elizabeth: I'm so glad. So today we're going to talk about side hustles. What I mean by that is let's say you're working a full-time job ... Hopefully you're working a full-time job, and you decide you're going to start your own business but you're a 9-5 employee so how-

Gene: You're not using this business to replace your job, it's just a side hustle. Is that right?

Elizabeth: Well for now, it's a side hustle but you want to transition from being a 9-5 employee to making your side hustle a successful small business.

Gene: So ultimately, you're running your side hustle with the objective of leaving your job one day-

Elizabeth: Exactly.

Gene: ... and running this new business. Okay.

Elizabeth: So we're going to talk through the time frame, savings, what you need to ... how you need to financially prepare yourself. We're going to get to all of that after we hear from our sponsor.

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This podcast is brought to you by The Hartford. When the unexpected strikes, The Hartford strikes back for over 1 million small business customers with property,