Category: Small Business General

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Small Business General Workers' Compensation

Best Tools For Small Business Hiring Success

The U.S. Chamber of Commerce Small Business Index has shown that the fourth quarters are essential to the profitability of small businesses. Quick hiring often ensues to support the increased demand on small business’s operations during this time. Increased growth is welcomed by these small businesses, which may come with increased anxiety. Furthermore, in this blog we will discuss some of the best tools for small business to support hiring needs and address the increased risks of a growing company.

HR Platforms

Bringing on employees is more than saying “you’re hired.” Employee onboarding and training, company policies, and labor law compliance are all a part of being a small business owner. Some examples of HR compliance platforms are Bambee or Rippling. Likewise, they provide small businesses resources and tools to automate and simplify the employee hiring and retention process.

Worker’s Compensation Insurance

It is essential to consider a workers’ compensation policy if your business is hiring employees. Worker’s compensation is a form of insurance that provides protection to small business owners and their employees when work-related injuries or illnesses arise.

Employment Practices Insurance

Employment practice liability insurance provides protection against the risks associated with hiring, firing, and employing workers and staff. Small business owners have obligations under state and federal employment as well as meeting labor laws.

Employee Spending Accounts

Offering employee benefits, through flexible or lifestyle accounts, may be what someone may need to accept your offer of employment. Organizations such as HSA Bank and Peoplekeep are developing unique solutions geared toward small businesses and the needs of their employees.

Therefore, with the right tools and resources, small businesses can leverage fast-paced growth as a winning strategy. The careful orchestration of modern tools and traditional risk mitigation processes can support potential fourth quarter growth. Certainly, this can alleviate the uncertainty of acting as an employer. Utilizing tools and resources provides the foundation for sustainable small business growth in the fourth quarter and beyond.

To learn more, check out:

Worker’s Compensation

Gild Insurance is a digitally native independent insurance agency serving small businesses nationwide. Gild’s online quote-to-bind services digitally provides the knowledge, personalization, and trustworthiness of a local agent, available 24/7/365. From the creatives on main street to the home-based business, Gild Insurance has you covered. Schedule time with a Gild Agent by clicking HERE!

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Marketing Small Business General

A Guide to Online Marketing: Small Business Edition

Most small business owners rely on traditional marketing methods to grow their business. Think print ads, community events and word of mouth. But, if you feel that your business isn’t scaling as quickly as you desire, it may be time to invest energy into online marketing. The great thing about online marketing is that you can implement most of these strategies with little to no upfront cost. Below is our guide to online marketing: small business edition. Let’s explore several different internet marketing strategies that you can use to help scale your small business.

Create an Email List

The first step is to create an email list to reach your customer base. Do you have an email list comprised of warm leads? Are you using it to reach out to prospects to drive your sales? Once you’ve created an email list, here are some strategies to leverage it to better position your business to customers.

  • Create a pop-up box on your website – have you ever gone to a retail website to start shopping and been greeted by a pop-up box promoting you to enter your email address in exchange for something? “Sign up to receive free alerts”, “be the first to know” or “join our newsletter” are commonly used phrases. Customers love to be part of something bigger. Entice them to give you their email address by providing the allure of exclusivity. Alternatively, you can offer a free PDF, downloadable guide, or video that ties in with your business.
  • Use ads to direct prospects – Similar to a pop-up box, a more elaborate version consists of using targeted ads to direct prospects to a landing page. Remember, pop up boxes hold limited amounts of information. Imagine being able to direct your potential clients to page that will hold as much material as you would like. The ability to grab the customers attention with pop ups is the start while the landing page is meant to offer more information.
  • Collect email addresses in person – Heading to a local small business networking event? This is the perfect opportunity to try and collect some email addresses. You can use low tech options like a clipboard and paper or track emails on an iPad. Including QR codes on your business card are also a popular option.

Create Email Funnels 

After you have your list of contacts, start reaching out to them with a series of email flows. You can write the emails yourself and use software, like Marketing 360 to automate the send-outs. Or you can hire a professional copywriter or agency to do it for you. Start small and see what works for you!
 
You also may be wondering what the magic number is for the amount of emails you should send. That will vary depending on your business, your preferences, your customers, and your budget. If you are an online or brick and mortar store that sells physical goods, you may want to write several emails a week detailing discounts, promotions and giveaways. Maybe you are a fitness studio and are more interested in sending biweekly or monthly newsletters to keep your clients engaged. Remember, marketing starts as trust building and educating.

Consider Paid Advertising

Though commonly expensive, paid advertising can be the single most effective way to attract new customers to your business. The average cost for small to medium size business is approximately $2500 to $12,00 a month. It’s important to note that paid advertising isn’t the same as using a social media page to promote your business. While you can certainly post content on your business’s Facebook or Instagram to help promote your business, paids ads can extend your business’ reach!

Conclusion

The above guide to online marketing: small business edition, is just a sample of the many ways you can generate revenue through internet marketing. Many business owners find the rabbit hole of internet marketing is actually quite deep, and the rewards can be profound.

At Gild Insurance we always like to say that having insurance is the best way to prepare your business for future scalability, and in many ways, internet marketing is very similar.  After all, that’s one of the great things about the internet era: the next best thing is never more than a click away!  

To learn more about the tools and resources available to the Gild Community, check out Gildhall!

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Business Credit Small Business General

Building Business Credit Fast: A Friendly Guide to Financial Success

Let’s dive in to the exciting world of building your business credit. It’s like giving your business a financial high-five and opening doors to new opportunities. Here’s the nitty-gritty of how you can build a stellar business credit score!

How To Build Business Credit

Register Your Business: like planting a seed, you need to have a solid foundation. Make it official – register your business. Get the necessary licenses. And create a separate business bank account. This step is like setting up the roots for your financial tree.

Get An EIN (Employee Identification Number): think of this as your business’s social security number. It’s unique to your business. It is crucial for separating your personal and business finances. It’s your business’s way of saying, “I’m independent!”

Open A Business Bank Account: this is where the magic happens. Having a dedicated business bank account makes you look professional. It helps keep your business finances organized. It’s like having a tidy room – everything is in its place.

Buy Business Insurance: Credited by Gild Insurance helps build your business credit score with on-time business insurance premium payments.

Pay Your Bills On Time: this one’s a golden rule. Just like meeting deadlines, paying your bills on time boosts your business credit score. It shows that you’re reliable and trustworthy – qualities everyone loves in a business partner.

Apply For A Business Credit Card: a business credit card is your financial sidekick! It can help make necessary purchases and establish credit for your business. Remember, responsible credit card use is the key here – it’s like having a trusty sidekick who always has your back.

Building A Business Credit Score Fast

Building your business credit is a journey, not a sprint. Stay consistent, be responsible, and watch your business credit score soar. Remember, it’s not just about the numbers; it’s about creating a financial legacy.

To learn more about business credit, check out:

“Credited by Gild Insurance”

“Exploring the World of Business Credit and Your Business Credit Score”!

If you need help with your business, your friends at Gild Insurance are only a click away! We combine the latest technology with experience to provide business options that fit your business!

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Business Credit Small Business General

How to Build Business Credit Without Using Personal Credit

Let’s chat about something essential in the business realm: business credit and the often confusing business credit score. Additionally, you may be wondering, how can I build business credit without using personal credit? It’s a question many small business owners ask as they seek to keep their business and personal finances separate.

What Is A Credit Score?

A personal credit score helps lenders determine what products to offer you and on what terms. Personal credit scores consider factors like credit card balances, timely payments, and length of credit history. Therefore, the higher your score, the better credit opportunities you’ll have—on a personal level.

But when it comes to your business, think of your business credit score as your company’s financial reputation. Unlike personal credit, your business credit score shows how reliably your business makes payments and manages credit. This score gives lenders a quick snapshot of your business’s financial health.

How to Build Business Credit Without Using Personal Credit

The good news is, you can establish and grow your business credit without relying on your personal credit. Here’s how:

  1. Incorporate Your Business: The first step is to legally separate your business from yourself. Subsequently, incorporating your business or forming an LLC can help you create a distinct credit profile for your business.
  2. Get an EIN (Employer Identification Number): This is essentially a Social Security number for your business. It’s used for tax filings and to establish business credit accounts without using your personal SSN.
  3. Open a Business Bank Account: Separate your personal and business finances. Start by opening a business bank account and using it for all business-related transactions.
  4. Apply for a Business Credit Card: Once your business is set up, apply for a business credit card. Make sure the card is only tied to your business and not to your personal credit. Use it regularly and pay it off on time to build a strong business credit score.
  5. Establish Trade Credit: Many suppliers will offer your business trade credit, allowing you to purchase products or services on credit and pay later. Make sure these accounts report to business credit bureaus, which helps grow your business credit profile.

What Affects Your Business Credit Score?

To grow your business credit without using personal credit, it’s important to understand what factors affect your score:

  • Your Bills: Timely payments build a strong business credit profile.
  • Credit Utilization: Keep your business credit card balances low compared to your credit limits.
  • Credit History: The more financial transactions on your credit profile, the more reliable you appear to lenders.
  • Public Records: Legal issues, liens, or bankruptcies related to your business can negatively impact your business credit score.

Where Can You Check Your Business Credit Score?

Just like with personal credit, there are business credit bureaus that track your business’s financial health. Comparatively, these bureaus aggregate data about businesses to determine their creditworthiness. Here are the main business credit bureaus:

Why is Business Credit Important?

Your business credit score allows your business to secure loans, lines of credit, or trade accounts. Creditors or trade partners may check your business credit to determine if you are creditworthy. A higher business credit score can lead to lower interest rates and better terms, helping your business save money in the long run.

How Gild Insurance Can Help You Build Business Credit

One unique way to build business credit without using personal credit is through Gild Insurance. Gild Insurance is the first insurance agency to use business insurance premiums to help build your business credit score! With Credited by Gild Insurance, your business can use on-time insurance premium payments to help improve its credit profile.

To learn more about business credit, check out our guide: Building Business Credit Fast: A Friendly Guide to Financial Success.

If you need help with your business, your friends at Gild Insurance are only a click away! We combine the latest technology with experience to provide business insurance options that fit your business.

Categories
Small Business General

Concussion Protocol for Small Businesses

Concussion Protocol

Did you know that concussions are a common result of liability claims for fitness businesses? Additionally, head injuries happen in sports and fitness studios, making it crucial for fitness businesses to be prepared. In fact, many of Gild Insurance’s partners now require business owners to have a concussion protocol in place. Without one, you might not be able to get insurance.

According to the University of Pittsburgh Medical Center, between 1.7 and 3 million sports-related concussions happen each year. Shockingly, 5 out of 10 of these concussions go unreported or undetected. Certainly, as a fitness business owner, it’s important to understand the risks of concussions.

What is a Concussion?

The CDC defines a concussion as, “a type of traumatic brain injury “or TBI. A TBI is caused by a bump, blow, or jolt to the head. It is a sudden movement causing the brain to bounce around or twist in the skull. Basically, this movement creates chemical changes in the brain and sometimes stretches and damages brain cells.[2] A forceful impact to your face, neck, or even other parts of your body can be involved. Therefore, this broad definition makes more understandable why concussions may be likely in a studio or fitness facility!

Concussion Protocol for Small Businesses

So, what can you do to protect your business and your clients? A concussion protocol is a set of rules and tools used to care for someone who might have a concussion. Comparatively, it includes assessments and guidelines to ensure proper care. For example, the NCAA offers a detailed concussion protocol that fitness businesses can use as a model. is an actual concussion protocol from the NCAA for a real-world example.

Additional Resources

Furthermore, here is more information on concussion protocols for small businesses, prevention, and care:

  • DC’s Heads Up – The Centers for Disease Control comprehensive list of the signs, symptoms, and dangers of a concussion. Undoubtedly, an excellent resource to use while establishing your own protocol.
  • American Academy of Neurology – The world’s largest associated of neurologists is a trusted authority on concussions. Markedly, a concussion checklist is available to evaluate the possibility of a concussion and the need for a doctor.

To learn more about the risks of fitness businesses, check out: “The Most Common Liability Claims for Fitness Studio Owners“. “Professional Liability And The Fitness Studio Owner”.

Certainly, it is best to have an end-to-end insurance plan in place. Take steps to cover your business or organization in a worst-case scenario. At Gild Insurance, get the right insurance for your business’s unique needs!

Fitness instructor, studio owner, or personal trainer, we help fitness professionals like yourself find the insurance products you need!

Sources:

  • [2] Heads Up. Safe Brain. Strong Future.” Center for Disease Control, 25 Feb 2022, https://www.cdc.gov/headsup/index.html
  • Disclaimer: The content in this article is informational and educational. It is not medical or legal advice. All information provided in this article is for general purposes only.