BEWARE OF LEASE AGREEMENTS BY MERCHANT SERVICE PROVIDERS! Lease Agreements You Can Never Cancel. “Why rent when you can own?” We hear it all the time.
But here is the catch… Instead of selling you a terminal at a fair sale price, they will lock you into a 60-month leasing agreement. Not to mention a 25% buy-out clause and a high-interest rate. By the time you’re done with your lease, you paid thousands of dollars for a terminal worth a few hundred.
Why are equipment leases so common? Because those processors get a very large up-front commission from the leasing company. So leases are in their best interest, not yours. Watch the bigger bank names. These tend to happen from them in our area. If you’re stuck or considering one of these lease agreements send us a message at mepannell@gmail.com
We’re often at the mercy of the websites and apps to plan our trips in most cities. We’re taking some time over the next two weeks to talk with two locals about the ‘must-sees’ and ‘must-eats.’ Now I will warn you our friend Adam (A Kentucky Native) in New York City is going to give you a history-focused direction to see New York City. If you are looking for shopping and pop culture entertainment this may not be for you. BUT, he’s never strayed us wrong from seeing something beautiful and teaching us something. So here is his map of a great day(s) walking through Manhattan Island. Much of this is his words:
Ok, the biggest tourist mistake everyone makes is trying to go across the city for everything. Find what you want to do and make a map of where it is and time out the walking. The city is huge and you don’t want to spend all your time getting somewhere.
Koreatown
First Stop, check out Koreatown in the ’30s (street numbers). It’s just kind of cute and the food hall is a great spot for a bite. I think I would suggest either walking down Broadway from there and just feeling out the street culture. You will hit Flatiron (one of the world’s most iconic skyscrapers and a quintessential symbol of New York City)/ Madison Square Park/ Union square.
That’s about 20 blocks you will have walked. Maybe an hour or more if you look at all the cool street stuff and architecture. You can jump on the 6 at union square and get off at Broadway/Lafayette.
From there head south and you are in Soho. Known as an artists’ getaway in the 1960s and ’70s, Manhattan‘s hip SoHo neighborhood is famous for its cast-iron architecture, trendy shops, and innovative art galleries. SoHo spans the area from South Houston Street to Canal Street, and is bounded on the east by Lafayette Street.
From there keep heading south to Chinatown. I would see if you can get a tour of Lower East Side Tenement Museum, it’s actually my (Adam) favorite Museum in NYC.
Once you get to Canal you are in Chinatown. This is a great way to end the day. Explore the whole area. It’s a great way to experience not only a historical part of New York City but also to catch a great part of the city.
Now, if you have 2 days here is a great second day in Manhattan!
Make sure to take the sky tram! The Roosevelt Island Tramway provides the most modern aerial tramway in the world, running every 7-15 minutes from 59th Street and Second Avenue in Manhattan to Tramway Plaza on Roosevelt Island.
Here I made you a walking map of lower Manhattan. Click Here
That covers City Hall Park, 911 Memorial, Wall Street, Federal Hall, Southstreet seaport, Stone street, (eat at and see the meusuem at Fraunces Tavern), Bowling Green, Battery Park, The west side river walk, and the irish hunger memorial
Make sure to see the bomb damage from the famous Wall Street Bombing as well:
(Adam who created this path lived on that path for like 4 years)
Lower Manhattan is the best bang for your buck. There is something cool on every block. DO NOT GO TO THE STATUE OF LIBERTY it wastes an entire day. That is my advice with 2 days if you had more I would suggest the museum row and stuff in Brooklyn, but that’s your best bet. Oh, if you have time walk out to the first Pier on the Brooklyn bridge the views only get marginally better and it’s a long way. Also, don’t forget to get wafles (correct spelling) at Dinges at city hall park, Get something with speculoos on it!
Adam’s Editorial: “I love NYC its just too expensive.’
There is a brief look into a local’s picks for a 2-day venture into Manhattan!
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We’re looking at spots we have not been and one of those places is Seattle. It’s strange because my Grandmother was born in Washington and my family has deep silver mining roots in Northern Washington and I have yet to visit. Plus, we have friends that live there working in the tech industry. That’s why we asked for 5 Local Seattle spots to eat on a future visit. These are their picks, not ours so if you have your own, hit us in our email:
* Paseo (or Un Bien) – Paseo is/was the best sandwich in Seattle, The Caribbean Roast Sandwich. A few years back they went through some trouble and the sons of Paseo’s founder and the original owner took the recipes and started up a competitor called Un Bien. Either way, you can’t go wrong.
The Lorenzo brothers, Julian and Lucas, sons of Lorenzo Lorenzo, have opened a new place on 7302 15th Ave. NW, Seattle called Un Bien. This is their Caribbean Roast, $9.75. This is their Caribbean Roast, $9.75. Photo via www.seattletimes.com with full story.
* Top Pot Donuts – Started in Cap Hill, the donuts are huge and heavy. Unlike Voodoo Donuts where it’s all about what they can glue to the top, Top Pot puts all their flavor in the donut. (Portland we are sorry for the shade from Rob. We love your donuts.)
* Canlis – This is the $$$$$ fine dining spot. If you want a table with a view of Lake Union, the men in your party had better be wearing coats and ties. The food is incredible. During Covid, they started doing Pop-up style offerings on their property outdoors.
* Restaurant Marche – Take the ferry over to Bainbridge and it’s just a half-mile walk to a great French restaurant. It’s a bit of France in the heart of Winslow, and this upscale Bainbridge Island option offers fantastic takes on traditional Gallic dishes crafted with local sourcing; with attentive service in a colorfully charming setting. It’s a lovely little escape that’s worth a ferry ride and also can be on the somewhat “expensive” side.
* Tacos Chukis – Traditional Mexican taco spot. “They’re just perfect,” says Rob. Currently operating in Capitol Hill & South Lake Union, Beacon Hill, and the Central District. I love the back story: “A broke student who had recently graduated from UW, and who had no prospects for a job to speak of, decided to invest in a bicycle and ride it 1,700 miles down the coast to visit his hometown of Tijuana. Upon arriving, he was greeted by family and was quickly taken to eat tacos, tacos which he had so dearly missed and could not find back home in Seattle, delicious tacos which he craved during his entire trip. Once he returned to Seattle he met a friend who, upon being told of his quest for tacos, told him that he used to be a taquero (a taco artisan, if you will) in Mexico City. Tacos Chukis was born and that broke student now has a job.”
One extra not from Rob but that we’ve also had suggested. Now, this last one is going to be the fast, cheap, and local spot. When we go to a place we like to find the local option for fast food. Think Pal’s in Eastern Tennessee or Western Virginia.
*Dick’s Drive In- Dick’s Drive-In, or simply Dick’s, is a fast-food restaurant chain located in the Seattle, Washington area. It was founded in 1954 by Dick Spady and others. It currently operates seven locations in the Puget Sound region. It features fast-food staples such as hamburgers, hand-cut french fries, and individually made milkshakes. Dick’s is particularly well known for the “Dick’s Deluxe,” which includes lettuce, mayonnaise, and chopped pickles.
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Ever since COVID-19 hit the global economy like a ton of bricks, small businesses have been trying to dig out from the multifaceted challenge of navigating local and state guidelines, shifting customer preferences and concerns, staffing and scheduling worries, supply chain volatility, and a host of other issues. Depending on the industry, some have thrived, some have just managed to survive, and others, sadly, have closed their doors.
The outlook for 2021, according to various sources, is “cautiously optimistic.” No one has a crystal ball and no one can guarantee specific results. But it is true that, so far at least, the stock market in general has weathered the pandemic fairly well, even considering its precipitous slide not long after the onset of lockdowns. It is also true that we have had historic unemployment levels, and far too many people have been swept down the wrong part of the K-shaped recovery we’ve heard so much about.
As we enter this New Year, and a new era in our nation’s history, it remains important to stay the course in reviewing your operations and strategy. As we’ve said before, economic downturns impact all business, but especially small businesses. During the Great Recession of 2007-2009, where jobs in small businesses fell 39% faster than in larger companies, and the failure rate of very small businesses (fewer than 5 employees) jumped 500%.
During an economic downturn, consumers are generally more price-sensitive and tend to spend less. This is especially true if the downturn has been caused by a pandemic, which adds health and safety concerns to financial worries. Restaurants, bars, tourism, travel, and other industries where face-to-face contact is critical to transactions have been hit particularly hard. Yet, in specific market sectors, an unforeseen development—such as a global pandemic—can prove to be a revenue driver. Think of online conferencing, food takeout and delivery, online entertainment, and online shopping in general.
Let’s look at 5 areas in that one of our Clover Point of Sales from JadaPay that can help you future-proof your business against volatility and uncertainty.
1. Manage inventory wisely
Research shows one powerful way small businesses manage fluctuations in sales is to reduce inventory. Certainly, selling off slow-moving inventory can help with cash flow, but that’s just the beginning. Simply putting things on clearance until they are gone won’t get you the biggest bang for your buck. Managing inventory is as much about taking advantage of upswings and introducing new products as it is getting rid of the old.
First, consider what led to slower sales in previous cycles, or imagine factors that could impact you down the road.
Is your pricing model competitive?
Are your top-selling products tied to a particular fad or trend that might become obsolete?
Do you need to attract new customers?
Inventory management apps can help you track inventory real time and show you trends over time, so you can make informed choices about your pricing and marketing based on your existing sales data.
Ask questions that can give you the insights you need:
When did sales slow down?
Who is still buying specific products?
Who is more likely to buy if you have a promotion?
Which product sales bring in the highest return?
These questions give you insight into what kinds of promotions to run and how to help stabilize your cash flow even when your best customers become price-sensitive.
Inventory management software can also help you adapt to changing preferences. For example, you can easily set up a new product or add modifiers so that customers can get exactly what they want. Adapt your best dishes to be dairy free, Keto friendly or vegan. Break up services like a haircut and blow out. You want to keep customers moving through your doors—whether those doors are physical or virtual—even if they aren’t spending at the levels they used to. Modifiers can help customers who are watching every penny stay engaged with your business even if they have to scale back.
If you’re holding a sale to get rid of excess inventory, take the opportunity to entice folks to buy other things as well. (Psst… here are some tips for running a successful promotion.) You may want to offer people who buy the overstock a discount on other products that will bring you a bigger return, or possibly a discount on a future visit (whether in-person or virtual) in a specified time frame. Bundling products together helps the customer rationalize their spending (after all, they’re getting more for their money). Inventory management software helps you bundle things easily, and will keep track of your inventory so you don’t run out of stock.
2. Give new life to your products with creative bundles
Speaking of bundling, there’s no reason you have to stick to overstock. You can take two popular products and bundle them together to make them more attractive. Even popular products can get more mileage if you repackage them.
If you run a coffee shop, offer a morning special by bundling a baked scone with your customer’s morning coffee at a slight discount. If you run a beauty salon, you can bundle together makeup and a mani-pedi. If you run a bookstore, make gift basket bundles that represent your local history, combine useful cookbooks, or pull together puzzle and activity books to keep people busy and entertained while sheltering at home.
Gift cards can be another great way to offer more value and keep the income streaming in. Offering a $5 gift card with your overstocked items can entice people to spend more. Even better, instead of training them to expect lower prices, you’re offering them just enough value to rationalize buying something else without eating too much into your profits. Use Clover’s small-business CRM to design a promotion that will keep customers coming back.
3. Partner with other local businesses
Can you partner with another nearby business to bundle your products with theirs, especially during a pandemic? It depends in part on what type of business you run, and what type of business you’re thinking about collaborating with. If you run a coffee shop that’s been hit by a decrease in foot traffic because of lockdowns, and you’re across the street from a restaurant that seems to be doing well with its takeout and delivery, you might consider offering your coffee and baked goods through them—and letting your customers know via email and social channels. Not only do your customers get to continue supporting you, you are now also visible to new people—customers of the restaurant you’re now working with.
Another option is to work with complementary businesses, even if they aren’t in your immediate vicinity. For example, If you’re an antique shop, you could partner with a local hardware store to offer a “remodeling” bundle. You can offer them advice on what pieces fit in with the style home or local history, and the hardware store can offer advice on how to restore the home itself.
You can set up a reciprocal relationship by offering a 10% coupon to the other store on your receipts. You can also redistribute the discounts for a more equitable profit share. Alternately, you can offer a gift card on a reciprocal basis.
4. Rethink your space
Pre-pandemic, we would have suggested myriad ways you can rethink your physical space. But with social distancing and other health and safety precautions now in place, we need to rethink the rethink. So what is a small business owner to do when your shop, studio, or restaurant is no longer humming with foot traffic?
Many business owners have gotten quite creative in re-imagining their space. Retail shops are offering private in-person shopping experiences. Restaurants are converting a portion of their operations to grocery sales. Changing the purpose and function of a physical location requires that you take a number of factors into consideration:
Your business model—Does the new purpose or function of your space fit your current business model, or is it part of a complete overhaul of your business?
Cash flow—If you switch gears, will you be able to generate enough revenue to turn at least a modest profit?
Brand—Does the new purpose or function of your space still fit your brand, or would it confuse, and potentially drive away, customers?
Customer experience—How does the repurposing of your space improve or redefine the customer experience?
Staffing and supply chains—Make sure you have the resources and logistics necessary to support the shift in your location’s usage.
If it no longer makes financial sense to maintain your physical location, you might consider either shifting your business to a smaller location with lower rent, or letting the space go entirely—assuming you can operate your business from another location, such as your home.
5. Offer bulk sales
Got a lot of stock you need to move quickly? Think about who might be interested in buying in bulk and how you can market to them. Tougher financial times can make bulk discounts appealing for individuals, organizations, and businesses alike.
Schools—Include teachers, parent-teacher organizations, and student clubs.
Businesses—Would your products make good gifts? If so, you might consider offering them as appreciation gifts for employees who’ve had to work from home throughout the pandemic—especially working mothers.
Event planners—While many event planners went out of business during the pandemic, the most innovative and entrepreneurial have found ways to thrive. You can too… market your inventory as items for virtual holiday parties, online off-sites, and other special events.
Care centers—Hospitals, senior centers, and other care centers may be interested in offering your products or services to patients.
If none of the above is a possibility, ask your accountant if you can donate excess stock to a charitable organization and take a loss against your taxes.
Resilience, insight, and perseverance
You might not need to shift gears entirely to survive these volatile times. Even a minor shift in a key area of your business can prove critical in the long term. While there is no golden key to future-proofing your business, planning for multiple scenarios is a critical strategic approach that can help you prepare for both periods of growth and for economic downturns. Small businesses that have a solid plan for the things they can control, as well as a flexible approach to address the things they cannot, have a stronger chance of surviving.
Above all, know that you are far from alone; thousands of other small business owners are tackling the same challenges, asking the same questions, probing the same potential answers. Make sure to email me directly at MEPannell@gmail.com to get started.
Minnesota, The Land of 10,000 lakes, is a place of natural beauty that will take your breath away. The lake calls to you in a way that our nation’s nature often can do. It doesn’t matter if you are a camper, a hiker or like us and want to spend more time comfortably in your car and staying in a hotel. We spent some time in Duluth and the surrounding area and have compiled some of our favorite, must-do’s of Northern Minnesota.
Duluth as a city has lots to offer and if you love nature, this is the place for you. A focal point of the city is The Aerial Bridge. This is a movable lift bridge constructed in 1901 and is a rare type of bridge engineering that is a must-see. The loud alarm bell will inform you when the bridge will raise followed by the bottom part rising to let a ship pass through. This bridge is certainly impressive and a symbol of the city. Near the bridge is Park Point. This park is a 22-acre recreational area that has family-friendly sand beaches complete with lifeguards. Another popular spot is The Lakewalk, which boasts scenic views of the town and lake. This is perfect for taking a leisurely stroll or you can rent bikes for a lovely ride.
You can visit the Lake Superior Maritime Visitor Center and get a touristy picture with the steering wheel of a ship or check out The Duluth Depot Train Museum and Train Rides. Their most popular train rides are a 90-minute scenic ride and a day trip to Two Harbors.
Canal Park
We skipped the train and drove the scenic highway up to Two Harbors. Whatever your activities for the day is filled with, you’ll want to visit Canal Park. This area is filled with local shops, local and chain restaurants, and a local distillery. It’s also filled with tourists, so pack your patience.
The drive is beautiful. Lake Superior on one side, woods on the other, dotted with log cabins. There are many memorable spots to stop on your way up the scenic ride from Duluth all the way up to the Canadian border. Some must-see spots include Iona’s Beach Scientific and Natural Area. This hidden gem is a beach full of smooth pink rocks. The pink rocks are formed from fallen pieces of a nearby rhyolite cliff.
Just down the road is the Black Beach that’s part of Black Beach Park. This beach is known for its distinctive charcoal-colored sands that is a result of tacit waste rock dumped into Lake Superior decades ago.
Betty’s Pies
Another must is getting your pie fix at The World Famous Betty’s Pies. That’s right, to add to the beautiful scenery, Minnesota gives us beyond delicious, home-made pie to complete your Lake Superior experience. Of course, you can also take in the sights with boat tours, fishing trips, kayaking and hiking trails. The winter season also gives different reasons to visit including cold and LOTS of snow, over 80 inches annually. Perfect for skiing, snowboarding, sledding, ice fishing and snowmobiles.
Everything has to start somewhere! Did you know this is the area of the top of the Mississippi River? To see it, take a short, dirt road in Itasca State Park. This is a great spot for wading or just enjoying the tranquil surroundings.
If nature is not your thing, there’s still plenty to enjoy. Take a tour of the SS. William A. Irwin ship. This ship museum was once an active lake freighter and is a well-maintained example of Duluth’s maritime history. If you visit during the fall, it becomes a “haunted house” ship, and we understand they go all out to get you in the Halloween mood.
Duluth is Bob’s Town!
Also, go see the childhood home of Robert Allen Zimmerman better known as Bob Dylan. For those interested in seeing some big spots from his life click here.
You can also follow the yellow brick road, all the way to The Judy Garland Museum. Home of The Wizard of Oz festival, this museum includes the world’s largest collection of Judy Garland and The Wizard of Oz Collectibles. You can also visit the 1892 House where Judy grew up. This museum is a must-see for any Wizard of Oz fan.
Another feast for the eyes is the Glensheen Historic Estate. Take a mansion tour and gaze upon the family home of Chester Adgate Congdon. With 12 acres of waterfront property on Lake Superior, there’s plenty of rich architectural design, craftsmanship, and landscaping to excite your senses.
There is so much to see and do in Northern Minnesota and we’ve still not told you about the lakeside town we loved most Grand Marais or the Native History you will find at Grand Portage National Monument and more. We will have to tell you more about that in a second installment. But for now, get planning a trip to one of our favorite socially distanced trips from 2020.
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If it weren’t for a wish by our daughter to see the 50 states we probably would have never thought to have visited Delaware to start with. A state that is really a “Locals” state in that visitors tends to be from the DC area and not from our region. This is sad really. It’s a wonderful state that is rich with farming like ours but also boasts a wonderful shoreline on the Atlantic with one of our new favorite vacation spots for a beach vacation, Rehoboth Beach.
Just to the north, Cape Henlopen State Park we have some fun things you must-do in this town we’ve grown to love.
1. The Beach! This one square mile community is located in the mid-Atlantic and is the largest beach resort in the State of Delaware. This beach is known as the “Nation’s Summer Capital” due to it’s close proximity to and visitors from Washington D.C. The sand is soft and clean and perfect for sandcastle creations. We enjoyed watching wildlife from the beach including dolphins playing in the distance, watching ducks swim in the ocean (new to us!), and digging up sand crabs. The temperature was mild (usually never leaving the 80s in July) and absolutely perfect!
2. The Boardwalk. This charming one-mile long boardwalk has been named as one of the nations top 10 great coastal boardwalks by Coastal Living Magazine. It is one of the cities best attractions. It boasts a multitude of eclectic local shops, restaurants, snacks, and games. Our favorite part was the family-owned (since 1962) amusement park, Funland, which is right on the boardwalk. This amusement park is full of nostalgic rides from the past as well as several newer thrill rides and exciting carnival games. There is something for everyone here!
3. Dog Fish Head Brewings & Eats. This popular brewery opened in 1995 and remains committed to world-class beer, food, spirits, and music. Their food and libations are scratch-made. Stop in for a quick bite or for a whole evening of tasty eats, drinks, and original music.
4. Stay at the Hotel Rehoboth. This is a luxury, boutique hotel in the town of Rehoboth. It was possibly the cleanest hotel I’ve ever stayed in and was spacious and comfortable. If you want to feel spoiled on your beach vacation, stay here! This hotel offers complimentary amenities including Aveda body products, turn down service with chocolates on your pillow, complimentary towels for the beach. They even offer to drop off/pick up service to and from the beach. The continental breakfast was great and the service was even better.
5. Biden Park at Cape Henlopen State Park. Visit this piece of history. When the current lands of the state of Delaware were granted to William Penn sometime after 1682, Penn proclaimed that Cape Henlopen and its natural resources were to be for the common usage of the citizens of Lewes and Sussex County, thus establishing some of the nation’s first “public lands.” It has remained in the public domain ever since, playing a major role in local shipping and in the nation’s military history. The historic Henlopen Lighthouse no longer helps to guide vessels through the treacherous bay waters, but the two stone “breakwaters” barriers off the point of the Cape, completed in 1869 and 1901, still form a safe harbor for boats during rough seas. You can climb the steps in this lighthouse for an unbelievable view. You can also visit a portion of the Beach Plum Island Nature Reserve to explore this wild beach and shoreline and to view those stone barriers.
