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President Donald Trump said Monday he is banning federal use of paper straws, saying they “don’t work” and don’t last very long. Instead he wants the government to exclusively move to plastic. “It’s a ridiculous situation. We’re going back to plastic straws,” Trump said as he signed an executive order to reverse federal purchasing policies that encourage paper straws and restrict plastic ones. The order directs federal agencies to stop buying paper straws “and otherwise ensure that paper straws are no longer provided within agency buildings.” The move by Trump — who has long railed against paper straws, and whose 2019 reelection campaign sold Trump-branded reusable plastic straws for $15 per pack of 10 — targets a Biden administration policy to phase out federal purchases of single-use plastics, including straws, from food service operations, events and packaging by 2027, and from all federal operations by 2035. Trump declared President Joe Biden’s policy “DEAD!” in a social media post over the weekend. While plastic straws have been blamed for polluting oceans and harming marine life, Trump said Monday that he thinks “it’s OK” to continue using them. “I don’t think that plastic is going to affect the shark very much as they’re eating, as they’re munching their way through the ocean,” he said at a White House announcement. Several U.S. states and cities have banned plastic straws, and some restaurants no longer automatically give them to customers. But plastic straws are only a small part of the problem. The environment is littered with single-use plastic food and beverage containers — water bottles, takeout containers, coffee lids, shopping bags and more. Around the world, the equivalent of one garbage truck of plastic enters the ocean every minute from a range of sources, including plastic bags, toothbrushes, bottles, food packaging and more, experts say. As those materials break down in the environment, microplastics are turning up in the stomachs of fish, birds and other animals, as well as in human blood and tissue. And plastic manufacturing releases planet-warming greenhouse gases and other dangerous pollutants. More than 90% of plastic products are derived from fossil fuels such as oil and natural gas, and millions of tons of plastic waste enter the world’s oceans every year. Many multinational companies have moved away from plastic straws and have made reducing plastic use across their operations central to their sustainability goals, making Trump’s decision an outlier in the business world. Trump’s order is “more about messaging than finding solutions,” said Christy Leavitt, plastics campaign director for the environmental group Oceana, noting that most U.S. voters support requiring companies to reduce single-use plastic packaging and foodware. “President Trump is moving in the wrong direction on single-use plastics,” Leavitt said. “The world is facing a plastic pollution crisis, and we can no longer ignore one of the biggest environmental threats facing our oceans and our planet today.” The plastic manufacturing industry applauded Trump’s move. “Straws are just the beginning,” Matt Seaholm, president and CEO of the Plastics Industry Association, said in a statement. “‘Back to Plastic’ is a movement we should all get behind.” More than 390 million straws are used every day in the United States, mostly for 30 minutes or less, according to advocacy group Straws Turtle Island Restoration Network. Straws take at least 200 years to decompose and pose a threat to turtles and other wildlife as they degrade into microplastics, the group says. “To prevent another sea turtle from becoming a victim to plastic, we must make personal lifestyle alterations to fight for these species,” the group said in a statement. Every year, the world produces more than 400 million tons of new plastic. About 40% of all plastics are used in packaging, according to the United Nations. Globally, nations are creating a treaty to address plastic pollution. Leaders met for a week in South Korea late last year but didn’t reach an agreement. Talks resume this year as more than 100 countries pursue a pact that limits plastic production as well as tackles cleanup and recycling. The U.S., China and Germany are the biggest players in the global plastics trade. U.S. manufacturers have asked Trump to remain at the negotiating table, and to revert to Biden’s previous position that focused on redesigning plastic products, recycling and reuse. White House staff secretary Will Scharf, who presented the executive order to Trump, told him the push for paper straws has cost the government and private industry “an absolute ton of money and left consumers all over the country wildly dissatisfied with their straws. It really is something that affects ordinary Americans in their everyday lives.” Associated Press writer Jennifer McDermott in Providence, Rhode Island, contributed to this story. —Matthew Daly, Associated Press View the full article

Wall Street bank is latest major US company to roll back DEI initiative View the full article

It happens way too often. You install a new, interesting app. The app asks you to grant it permission to your photo library, and you end up granting it full access. That is, after all, the most convenient option. Doing this for a trusted, popular app like Instagram or Slack is fine, useful even. But not all apps are built the same. In fact, researchers have recently found photo-scanning malware apps on the App Store. Yes, malware has started to make its way from Android to the iPhone. Dubbed SparkCat, this is a kind of malware framework that runs in the background, running OCR on all your photos in hopes of finding credentials to your crypto account. But any app that has access to your entire photo library can, theoretically, access text inside photos, like your credit card details, or your IDs (though you should never keep unprotected photos of important documents in your Camera Roll). In light of this news, and as a way to make sure that unnecessary or smaller apps aren't accessing all your photos, you should take some time to audit which apps have complete photos access, and revoke apps that don't really need it. Revoke photo access for iPhone appsOpen the Settings app and go to Privacy & Security. Then, choose the Photos app and go through all the apps that have access to its photos. Here, you'll see the access level for each app. Choose an app that you want to revoke permissions for and switch to None or Limited Access. When you choose Limited Access, you'll be prompted to select the photos that you do want to provide access to, rather than giving it blanket access to your whole library. Repeat for any apps you want to change permissions for, then tap Done. Credit: Khamosh Pathak If you gave an app Limited Access and attempt to access your photo library with it, your iPhone will ask you if you want to keep the current selection, or add more photos. You can choose the Select More Photos option to add more recent photos to the mix. Credit: Khamosh Pathak You can also always revise an app's photo permissions at any time from Privacy & Security > Photos > App > Done. And while you're already in your Privacy & Security settings, it might also be worth enabling the new Private Access feature that can help you automatically remove location data when you upload or share photos to the selected app. View the full article

A former Biden official called the bureau protection against another housing crisis. The current White House calls it a "weaponized arm of the bureaucracy." View the full article

It has been a tumultuous few weeks since Donald Trump took office for the second time as president of the United States, While Trump has garnered headlines for his outlandish executive orders aimed at recasting the country in his own shape, Elon Musk, the tech billionaire turned government quango-buster as the head of the Department of Government Efficiency (DOGE), has been no less busy. Musk and a small group of staff working under him have been traveling between government departments, demanding access to data they hold with the purported goal of making government operations more efficient. Serious questions—including by the U.S. Treasury itself—have been raised about whether that’s the case, with Musk and his team running roughshod over government and data access norms. (That those barriers exist, Musk and his team have argued on social media, is exactly why they need access to details of how the government works.) The immediate impact is already being felt. And plenty of alarms are being raised. But it’s not just the here and now that millions of Americans need to consider when thinking about their data integrity. The shockwaves of Musk’s shock and awe approach to accessing government data will continue for decades to come. “What we know from Musk’s model of what he did to Twitter—which, unfortunately, seems to be the model for what he’s doing with sort of orders of magnitude more complex and sensitive government systems—is really not reassuring,” says Ian Brown, a visiting professor at the Getulio Vargas Foundation Law School in Rio de Janeiro. (DOGE did not respond to Fast Company‘s request for comment.) Reports indicate that DOGE has already been granted access to highly sensitive personal information across a number of federal agencies. That sensitive data includes information such as a person’s social security number (SSNs), family income, and tax records. “It is hard to overstate how devastating any leakage of information of this level of sensitivity would be because it is high-value data to identity thieves, deeply personal, and difficult to fix as this type of information is intended to stick with you for a long time,” says Elizabeth Laird, director of equity in civic technology at the Center for Democracy and Technology, a U.S. non-profit. (SSNs are appended to you for your entire life—meaning that any breach of them could have a long-term impact.) “What Musk is reportedly doing is not just to say, ‘In order to modernize these U.S. government federal processes, we’re going to take significant parts of the data and do new things with it,’” says Brown. “He’s saying, ‘We’re going to just completely bypass all those controls, take the data wholesale out of the protected government environments, and import it into environments DOGE is running— with who knows what security and privacy controls, who knows what technical limits on what is done with that data, who gets access to it.’” There doesn’t have to be an actual breach of that data in order to have an impact on users, Laird reckons. “Just knowing that this information has been shared without your consent can inflict distress and can lead to life-impacting harms like identity theft,” she says. Ideally, the best way to mitigate the risk of a data breach would be to not collect or share that data in the first place, Laird says. “The second best thing to do is to place strict safeguards on its handling and sharing,” she adds. “Unfortunately, the public, including individuals whose data is being shared, is left in the dark about what is being done to protect them in the face of these increased security risks.” Anupam Chander, a law professor at Georgetown University, feels these concerns on a personal level. “When I filed my tax return electronically last year, I didn’t think that my data might possibly end up in the hands of people poring through files with a political agenda,” he says. “One hopes our private data is not sitting unencrypted on a 19-year-old’s laptop somewhere.” View the full article

Cryptocurrencies are rapidly changing the way we do business online. These digital currencies are driving significant changes in the trading of digital assets, physical products, and services. One of the key benefits of cryptocurrencies is their enhanced ease, security, and privacy compared to traditional currencies. If you’re an entrepreneur or a business leader exploring cryptocurrency, researching Bitcoin wallets and their role in cryptocurrency trading is key. This article will guide you in selecting the ideal cryptocurrency wallet. When finished reading, you’ll be equipped to make informed choices that align with your business objectives in the dynamic world of digital currencies. Here’s a word from Cryptocurrency Casey on how these wallets work: What is a Cryptocurrency Wallet? As the influence of cryptocurrency expands in the digital economy, an increasing number of individuals and businesses are exploring effective ways to manage their cryptocurrency holdings. A crucial aspect of this management is the secure storage of cryptocurrencies and the protection of digital assets, where a cryptocurrency wallet plays a pivotal role. It’s not just a secure repository for your cryptocurrencies but also serves as a medium for sending or receiving them and a gateway to fund purchases of crypto apps and services. Understanding the functionalities and benefits of the best cryptocurrency wallets is essential for efficient trading and asset management, especially if you’re venturing into the realm of cryptocurrency. What exactly is a cryptocurrency wallet, then? In essence, crypto wallets are tools that keep your private keys – a randomly generated string of alphanumeric characters that function like your bank PIN. For instance, a Bitcoin wallet not only stores your digital Bitcoin but also validates your transactions when using Bitcoin. These wallets grant you access to your cryptocurrencies and other crypto assets, safeguarding them from unauthorized use or third-party alterations. They come in various forms, including paper wallets, soft wallets, and hard wallets. Central to a wallet’s functionality is the private key, which is crucial for validating Bitcoin transactions and ensuring the security and integrity of your digital assets. Selecting the Best Cryptocurrency Wallet: A Guide for Small Business Owners and Entrepreneurs To help our readers choose the best cryptocurrency wallet that provides security, convenience, and functionality, we utilize the following criteria. These criteria are rated on a scale from 1 to 10, with 10 representing the highest importance and 1 the lowest. Security Features Importance Scale: 10/10 Rationale: The most crucial aspect of a cryptocurrency wallet is its security features, including encryption, two-factor authentication, and backup options. User Interface and Ease of Use Importance Scale: 8/10 Rationale: A user-friendly interface is important for both beginners and experienced users to navigate and manage their assets effectively. Support for Multiple Cryptocurrencies Importance Scale: 8/10 Rationale: Wallets that support a wide range of cryptocurrencies provide users with more flexibility and convenience. Backup and Restoration Capabilities Importance Scale: 9/10 Rationale: Reliable backup and restoration features are essential for safeguarding assets against device loss or failure. Control Over Private Keys Importance Scale: 9/10 Rationale: Wallets that give users full control over their private keys enhance security and autonomy. Compatibility and Integration Importance Scale: 7/10 Rationale: The wallet’s convenience is enhanced by its compatibility with multiple operating systems and its integration with various apps and services. Anonymity and Privacy Importance Scale: 7/10 Rationale: Features that enhance user anonymity and privacy are important for many users in the cryptocurrency space. Customer Support Importance Scale: 6/10 Rationale: Responsive customer support is vital for addressing technical issues and providing guidance. Costs and Fees Importance Scale: 7/10 Rationale: The cost structure, including any transaction fees associated with the wallet, should be transparent and reasonable. Community and Industry Reputation Importance Scale: 7/10 Rationale: A strong reputation within the community and industry indicates reliability and trustworthiness. By applying these criteria, we aim to provide a comprehensive guide to our readers for choosing cryptocurrency wallets that not only ensure the security of their digital assets but also offer ease of use and robust features. What to Look for in a Bitcoin Wallet Before settling on one particular Bitcoin wallet, look for a crypto wallet that has the following features: Offer Security: your digital wallet app should help prevent data losses and tampering from taking place. Your crypto wallet app should require you to unlock it every time you want to use it some great Bitcoin wallets come with facial or fingerprint recognition, making it easy to access your digital assets. Backup Features: The best cryptocurrency wallet should provide a reliable backup mechanism. Choose a digital wallet that includes a backup process featuring a recovery link, a password, and several passphrases to restore your access and get everything functioning again. Handles multiple cryptocurrencies: Look for a digital wallet that allows you to work with different cryptocurrencies under one roof. A good digital wallet will help you convert one cryptocurrency into another. This will help in simplify your cryptocurrency and digital assets trading. Though many digital wallets in the market can accommodate multiple cryptocurrencies, be aware of some wallets that accommodate just one cryptocurrency. For trading insights check out our articles on how to buy cryptocurrency and how to sell cryptocurrency. Ease of use: If you are new to cryptocurrency and digital trading look for a wallet that allows for easy management of your account and comes with easy-to-use features that are beginner-friendly. Types of Crypto Wallets When it comes to cryptocurrency, there is a diverse range of wallet types available, each tailored to cater to various needs and preferences. Understanding these options is crucial for selecting a wallet that aligns with your specific security and usability requirements. Here’s an overview of the common types of crypto wallets: Cold Wallet: Cold wallets are physical, often resembling USB drives, and are used for storing cryptocurrencies like Bitcoin offline. They’re ideal for long-term storage, offering enhanced security since they don’t connect to the internet. When connected to a computer or mobile device, they allow for buying, selling, and trading, providing robust protection against online hacking attempts. Hardware Wallet: Like cold wallets, hardware wallets are tangible devices designed to keep private keys offline. These devices resemble thumb drives and are considered one of the safest ways to store cryptocurrencies, thanks to their built-in encryption for enhanced security. Their physical form makes them less vulnerable to online threats, making them a popular option for significant crypto holdings. Paper Wallet: Paper wallets consist of physical paper that has your private and public keys printed, sometimes with scannable barcodes or QR codes. They act as an offline wallet and are completely detached from the internet, offering a high level of security. However, they require careful handling as physical damage or loss can result in losing access to your assets. Hot Wallet: Hot wallets are digital and always connected to the internet. They’re typically used for daily transactions and are more convenient for frequent access. These wallets include desktop and mobile versions, each with its own set of features and security measures. Additionally, there are: Desktop Wallet: Software wallets installed on PCs or laptops, desktop wallets can only be accessed from the computer where they were installed. They offer a reasonable level of security but are susceptible to risks like viruses or hacking if the computer is compromised. Mobile Wallet: Mobile wallets are apps on smartphones that facilitate on-the-go cryptocurrency transactions. They’re convenient for daily use, but it’s crucial to back up your private keys externally for added security. Their portable nature makes them popular among users who transact with cryptocurrencies regularly. Web Wallet: These wallets function in the cloud and can be accessed from multiple devices, such as PCs and smartphones. While they provide convenience and easy access, they store your private keys online, typically managed by a third party, which can heighten the risk of hacking and theft. Each type of wallet has its unique advantages and considerations, so it’s essential to select the one that best meets your individual needs and the security level you require for your cryptocurrency transactions. List of Cryptocurrency Wallets Whether you choose a hardware wallet or a soft wallet, here are some of the best cryptocurrency wallet options available to safely store your currency. There are several types of cryptocurrency wallets in the market, each with its own pros and cons. Below are our picks for the best bitcoin wallets: Trezor Wallet Trezor wallets, which are open-source crypto wallets, support over 1,600 cryptocurrencies including Bitcoin, Ethereum, Binance coin, Tether, Dogecoin, and more in their cold storage. These wallets connect to desktops via USB, enabling users to utilize them as offline cold storage. This feature allows for signing transactions without the need for an internet connection, enhancing security and anonymity. Back by strong security measures that include PIN codes and passphrases your crypto coins are secured and accessible around the clock. Ledger Nano X With a strong reputation across the industry, Ledger Nano X is widely considered the best hardware wallet that lets users buy and exchange cryptocurrencies. Combined with the Ledger Live app it offers feature-rich apps for mobile and desktop. Besides supporting Bitcoin, Ledger wallets are touted to support over 1,800 digital coins and tokens. In terms of security, the Ledger Nano comes with a Secure Element chip which is fashioned after technology used in high-end security solutions such as credit cards and passports. Exodus Wallet Exodus’ Wallet allows users to securely, manage, and exchange cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Monero (XMR), Litecoin (LTC), and more. You can use it to track your cryptocurrency portfolio and its performance over time with its intuitive charts that update in real time so that you can keep up with the fast-moving market. With it, users can buy and sell one digital asset for another without having to go through centralized exchanges. When it comes to security it encrypts your Bitcoin private keys and transaction data on your device so that no one else can access your cryptocurrency. Users also have the option to enable Face or Touch ID to further secure their wallets. Metamask Metamask is one of the most popular cryptocurrency wallets in the market today with over 21 million users, thanks to a strong industry reputation. Considered best for mobile wallet it comes with a browser extension and as a mobile app while offering you a key vault, secure login feature, token wallet, and token exchange options to manage your digital assets. If you are looking to swap currencies to buy an NFT, Metamask comes with a built-in swap feature and even lets users limit how much they pay in gas fees. Coinbase Wallet Coinbase wallet is a digital wallet developed by the people behind the Coinbase cryptocurrency exchange. With this wallet you can store all of your crypto and NFTs in one place; participate in airdrops and initial coin offering (ICO); shop at stores that accept cryptocurrency, and send crypto to anyone. It has an easy-to-use interface, especially for those who already use the Coinbase exchange. Trust Wallet Trust Wallet is an open-source, decentralized, mobile crypto wallet that supports all forms of digital assets and blockchains. This free-to-use app does not earn anything when users use it and all the gas charges accrued are paid to the validators or miners. Thanks to its user-friendly features it has seen over 25 million users Mycelium Mycelium is another popular crypto wallet for mobile users as it gives users more control over transaction fees and integrates with hardware wallets, with a big focus on Bitcoin. It is considered among the best Bitcoin wallet options for Android and iOS users, with widely positive reviews and industry support. It comes with features that allow users to set custom transaction fees and offers hardware wallet support. It also allows users to hold their Bitcoin in an offline storage device while still using Mycelium’s user interface to see their holdings. Electrum The Electrum Bitcoin Wallet is an open-source wallet and offers custom transaction fees that allow users to adjust their fees. In addition, it can integrate with hardware wallets such as KeepKey, Ledger, and Trezor to help with cold storage purposes. This wallet also offers some of the best security features available in the market. This table provides a quick overview of various cryptocurrency wallets, highlighting their types, supported cryptocurrencies, connectivity options, security features, and special features.? Table: Comparison of Top Cryptocurrency Wallets This table provides a quick overview of various cryptocurrency wallets, highlighting their types, supported cryptocurrencies, connectivity options, security features, and special features.? WalletTypeSupported CryptocurrenciesConnectivitySecurity FeaturesSpecial Features Trezor WalletHardwareOver 1,600 (incl. Bitcoin, Ethereum, Binance coin, Tether, Dogecoin)USB (Desktop)PIN codes, passphrases, offline cold storageOffline cold storage, transaction signing Ledger Nano XHardwareOver 1,800 digital coins and tokensUSB (Mobile and Desktop)Secure Element chip, Ledger Live appBuy and exchange cryptocurrencies, Ledger Live app Exodus WalletSoftwareBitcoin, Ethereum, Ripple, Monero, Litecoin, and moreN/AEncrypted private keys, transaction data, Face/Touch IDCryptocurrency portfolio tracking, real-time charts MetamaskSoftwareVarious (best for Ethereum and ERC-20 tokens)Browser extension, Mobile appKey vault, secure login, token exchangeBuilt-in swap feature, gas fee customization Coinbase WalletSoftwareVarious (incl. crypto and NFTs)Mobile appN/AStore crypto and NFTs, participate in ICOs Trust WalletSoftwareAll forms of digital assets and blockchainsMobile appOpen-source, decentralizedUser-friendly, free-to-use MyceliumSoftwareFocus on Bitcoin, supports other cryptocurrenciesMobile appCustom transaction fees, hardware wallet supportControl over transaction fees, offline storage ElectrumSoftwarePrimarily Bitcoin, supports other cryptocurrenciesN/ACustom transaction fees, hardware wallet integrationCustom transaction fees, high security What is the best cryptocurrency wallet? Considered the best crypto wallet in the market, Trezor comes with backup and regular features, great customer support, regular firmware updates, and works with various cryptocurrencies. What is the safest crypto wallet? Cold storage wallets are considered the best option in terms of security. For example, the Ledger Nano X is equipped with a Secure Element chip that is fashioned after technology used in high-end security solutions such as credit cards and passports. Do you need a cryptocurrency wallet? If you want to invest in cryptocurrency, it is best to invest in a crypto wallet as it offers you more control over your investments. You do, however, have the option to use brokerages such as Robinhood to facilitate selling and buying Bitcoin or payment services such as PayPal, though these services offer limited selections of crypto coins and trading tools. Meanwhile, when trading in cryptocurrencies, make sure you abide by state and federal tax regulations. For additional insights check out our article on do you have to pay taxes on cryptocurrency. Additionally, you can find a great selection of cryptocurrency exchanges check out our article on the best cryptocurrency apps. Is there a wallet that holds all cryptocurrency? With the continuous rolling out of cryptocurrencies into the market, each comes with its own protocols and case uses; as such, there is no universal cryptocurrency wallet. As such, there are several multi-cryptocurrency wallets in the market that can accommodate popular cryptocurrencies these include Ledger, Coinomi, Trezor, Freewallet, and Exodus. How do you create a cryptocurrency wallet? You can create a cryptocurrency wallet within a few minutes by following these simple rules: Download a wallet app based on particular requirements and needs. Create your account by following the signup instructions Record and secure your recovery phrase. Some wallet apps may allow you to add an extra layer of security, such as facial recognition or creating a passcode. Purchase and deposit some cryptocurrency into your wallet. Lastly, you can start sending, receiving, or trading cryptocurrencies when ready. Image: Depositphotos This article, "Best Cryptocurrency Wallet Options for Secure Transactions" was first published on Small Business Trends View the full article

Cryptocurrencies are rapidly changing the way we do business online. These digital currencies are driving significant changes in the trading of digital assets, physical products, and services. One of the key benefits of cryptocurrencies is their enhanced ease, security, and privacy compared to traditional currencies. If you’re an entrepreneur or a business leader exploring cryptocurrency, researching Bitcoin wallets and their role in cryptocurrency trading is key. This article will guide you in selecting the ideal cryptocurrency wallet. When finished reading, you’ll be equipped to make informed choices that align with your business objectives in the dynamic world of digital currencies. Here’s a word from Cryptocurrency Casey on how these wallets work: What is a Cryptocurrency Wallet? As the influence of cryptocurrency expands in the digital economy, an increasing number of individuals and businesses are exploring effective ways to manage their cryptocurrency holdings. A crucial aspect of this management is the secure storage of cryptocurrencies and the protection of digital assets, where a cryptocurrency wallet plays a pivotal role. It’s not just a secure repository for your cryptocurrencies but also serves as a medium for sending or receiving them and a gateway to fund purchases of crypto apps and services. Understanding the functionalities and benefits of the best cryptocurrency wallets is essential for efficient trading and asset management, especially if you’re venturing into the realm of cryptocurrency. What exactly is a cryptocurrency wallet, then? In essence, crypto wallets are tools that keep your private keys – a randomly generated string of alphanumeric characters that function like your bank PIN. For instance, a Bitcoin wallet not only stores your digital Bitcoin but also validates your transactions when using Bitcoin. These wallets grant you access to your cryptocurrencies and other crypto assets, safeguarding them from unauthorized use or third-party alterations. They come in various forms, including paper wallets, soft wallets, and hard wallets. Central to a wallet’s functionality is the private key, which is crucial for validating Bitcoin transactions and ensuring the security and integrity of your digital assets. Selecting the Best Cryptocurrency Wallet: A Guide for Small Business Owners and Entrepreneurs To help our readers choose the best cryptocurrency wallet that provides security, convenience, and functionality, we utilize the following criteria. These criteria are rated on a scale from 1 to 10, with 10 representing the highest importance and 1 the lowest. Security Features Importance Scale: 10/10 Rationale: The most crucial aspect of a cryptocurrency wallet is its security features, including encryption, two-factor authentication, and backup options. User Interface and Ease of Use Importance Scale: 8/10 Rationale: A user-friendly interface is important for both beginners and experienced users to navigate and manage their assets effectively. Support for Multiple Cryptocurrencies Importance Scale: 8/10 Rationale: Wallets that support a wide range of cryptocurrencies provide users with more flexibility and convenience. Backup and Restoration Capabilities Importance Scale: 9/10 Rationale: Reliable backup and restoration features are essential for safeguarding assets against device loss or failure. Control Over Private Keys Importance Scale: 9/10 Rationale: Wallets that give users full control over their private keys enhance security and autonomy. Compatibility and Integration Importance Scale: 7/10 Rationale: The wallet’s convenience is enhanced by its compatibility with multiple operating systems and its integration with various apps and services. Anonymity and Privacy Importance Scale: 7/10 Rationale: Features that enhance user anonymity and privacy are important for many users in the cryptocurrency space. Customer Support Importance Scale: 6/10 Rationale: Responsive customer support is vital for addressing technical issues and providing guidance. Costs and Fees Importance Scale: 7/10 Rationale: The cost structure, including any transaction fees associated with the wallet, should be transparent and reasonable. Community and Industry Reputation Importance Scale: 7/10 Rationale: A strong reputation within the community and industry indicates reliability and trustworthiness. By applying these criteria, we aim to provide a comprehensive guide to our readers for choosing cryptocurrency wallets that not only ensure the security of their digital assets but also offer ease of use and robust features. What to Look for in a Bitcoin Wallet Before settling on one particular Bitcoin wallet, look for a crypto wallet that has the following features: Offer Security: your digital wallet app should help prevent data losses and tampering from taking place. Your crypto wallet app should require you to unlock it every time you want to use it some great Bitcoin wallets come with facial or fingerprint recognition, making it easy to access your digital assets. Backup Features: The best cryptocurrency wallet should provide a reliable backup mechanism. Choose a digital wallet that includes a backup process featuring a recovery link, a password, and several passphrases to restore your access and get everything functioning again. Handles multiple cryptocurrencies: Look for a digital wallet that allows you to work with different cryptocurrencies under one roof. A good digital wallet will help you convert one cryptocurrency into another. This will help in simplify your cryptocurrency and digital assets trading. Though many digital wallets in the market can accommodate multiple cryptocurrencies, be aware of some wallets that accommodate just one cryptocurrency. For trading insights check out our articles on how to buy cryptocurrency and how to sell cryptocurrency. Ease of use: If you are new to cryptocurrency and digital trading look for a wallet that allows for easy management of your account and comes with easy-to-use features that are beginner-friendly. Types of Crypto Wallets When it comes to cryptocurrency, there is a diverse range of wallet types available, each tailored to cater to various needs and preferences. Understanding these options is crucial for selecting a wallet that aligns with your specific security and usability requirements. Here’s an overview of the common types of crypto wallets: Cold Wallet: Cold wallets are physical, often resembling USB drives, and are used for storing cryptocurrencies like Bitcoin offline. They’re ideal for long-term storage, offering enhanced security since they don’t connect to the internet. When connected to a computer or mobile device, they allow for buying, selling, and trading, providing robust protection against online hacking attempts. Hardware Wallet: Like cold wallets, hardware wallets are tangible devices designed to keep private keys offline. These devices resemble thumb drives and are considered one of the safest ways to store cryptocurrencies, thanks to their built-in encryption for enhanced security. Their physical form makes them less vulnerable to online threats, making them a popular option for significant crypto holdings. Paper Wallet: Paper wallets consist of physical paper that has your private and public keys printed, sometimes with scannable barcodes or QR codes. They act as an offline wallet and are completely detached from the internet, offering a high level of security. However, they require careful handling as physical damage or loss can result in losing access to your assets. Hot Wallet: Hot wallets are digital and always connected to the internet. They’re typically used for daily transactions and are more convenient for frequent access. These wallets include desktop and mobile versions, each with its own set of features and security measures. Additionally, there are: Desktop Wallet: Software wallets installed on PCs or laptops, desktop wallets can only be accessed from the computer where they were installed. They offer a reasonable level of security but are susceptible to risks like viruses or hacking if the computer is compromised. Mobile Wallet: Mobile wallets are apps on smartphones that facilitate on-the-go cryptocurrency transactions. They’re convenient for daily use, but it’s crucial to back up your private keys externally for added security. Their portable nature makes them popular among users who transact with cryptocurrencies regularly. Web Wallet: These wallets function in the cloud and can be accessed from multiple devices, such as PCs and smartphones. While they provide convenience and easy access, they store your private keys online, typically managed by a third party, which can heighten the risk of hacking and theft. Each type of wallet has its unique advantages and considerations, so it’s essential to select the one that best meets your individual needs and the security level you require for your cryptocurrency transactions. List of Cryptocurrency Wallets Whether you choose a hardware wallet or a soft wallet, here are some of the best cryptocurrency wallet options available to safely store your currency. There are several types of cryptocurrency wallets in the market, each with its own pros and cons. Below are our picks for the best bitcoin wallets: Trezor Wallet Trezor wallets, which are open-source crypto wallets, support over 1,600 cryptocurrencies including Bitcoin, Ethereum, Binance coin, Tether, Dogecoin, and more in their cold storage. These wallets connect to desktops via USB, enabling users to utilize them as offline cold storage. This feature allows for signing transactions without the need for an internet connection, enhancing security and anonymity. Back by strong security measures that include PIN codes and passphrases your crypto coins are secured and accessible around the clock. Ledger Nano X With a strong reputation across the industry, Ledger Nano X is widely considered the best hardware wallet that lets users buy and exchange cryptocurrencies. Combined with the Ledger Live app it offers feature-rich apps for mobile and desktop. Besides supporting Bitcoin, Ledger wallets are touted to support over 1,800 digital coins and tokens. In terms of security, the Ledger Nano comes with a Secure Element chip which is fashioned after technology used in high-end security solutions such as credit cards and passports. Exodus Wallet Exodus’ Wallet allows users to securely, manage, and exchange cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Monero (XMR), Litecoin (LTC), and more. You can use it to track your cryptocurrency portfolio and its performance over time with its intuitive charts that update in real time so that you can keep up with the fast-moving market. With it, users can buy and sell one digital asset for another without having to go through centralized exchanges. When it comes to security it encrypts your Bitcoin private keys and transaction data on your device so that no one else can access your cryptocurrency. Users also have the option to enable Face or Touch ID to further secure their wallets. Metamask Metamask is one of the most popular cryptocurrency wallets in the market today with over 21 million users, thanks to a strong industry reputation. Considered best for mobile wallet it comes with a browser extension and as a mobile app while offering you a key vault, secure login feature, token wallet, and token exchange options to manage your digital assets. If you are looking to swap currencies to buy an NFT, Metamask comes with a built-in swap feature and even lets users limit how much they pay in gas fees. Coinbase Wallet Coinbase wallet is a digital wallet developed by the people behind the Coinbase cryptocurrency exchange. With this wallet you can store all of your crypto and NFTs in one place; participate in airdrops and initial coin offering (ICO); shop at stores that accept cryptocurrency, and send crypto to anyone. It has an easy-to-use interface, especially for those who already use the Coinbase exchange. Trust Wallet Trust Wallet is an open-source, decentralized, mobile crypto wallet that supports all forms of digital assets and blockchains. This free-to-use app does not earn anything when users use it and all the gas charges accrued are paid to the validators or miners. Thanks to its user-friendly features it has seen over 25 million users Mycelium Mycelium is another popular crypto wallet for mobile users as it gives users more control over transaction fees and integrates with hardware wallets, with a big focus on Bitcoin. It is considered among the best Bitcoin wallet options for Android and iOS users, with widely positive reviews and industry support. It comes with features that allow users to set custom transaction fees and offers hardware wallet support. It also allows users to hold their Bitcoin in an offline storage device while still using Mycelium’s user interface to see their holdings. Electrum The Electrum Bitcoin Wallet is an open-source wallet and offers custom transaction fees that allow users to adjust their fees. In addition, it can integrate with hardware wallets such as KeepKey, Ledger, and Trezor to help with cold storage purposes. This wallet also offers some of the best security features available in the market. This table provides a quick overview of various cryptocurrency wallets, highlighting their types, supported cryptocurrencies, connectivity options, security features, and special features.? Table: Comparison of Top Cryptocurrency Wallets This table provides a quick overview of various cryptocurrency wallets, highlighting their types, supported cryptocurrencies, connectivity options, security features, and special features.? WalletTypeSupported CryptocurrenciesConnectivitySecurity FeaturesSpecial Features Trezor WalletHardwareOver 1,600 (incl. Bitcoin, Ethereum, Binance coin, Tether, Dogecoin)USB (Desktop)PIN codes, passphrases, offline cold storageOffline cold storage, transaction signing Ledger Nano XHardwareOver 1,800 digital coins and tokensUSB (Mobile and Desktop)Secure Element chip, Ledger Live appBuy and exchange cryptocurrencies, Ledger Live app Exodus WalletSoftwareBitcoin, Ethereum, Ripple, Monero, Litecoin, and moreN/AEncrypted private keys, transaction data, Face/Touch IDCryptocurrency portfolio tracking, real-time charts MetamaskSoftwareVarious (best for Ethereum and ERC-20 tokens)Browser extension, Mobile appKey vault, secure login, token exchangeBuilt-in swap feature, gas fee customization Coinbase WalletSoftwareVarious (incl. crypto and NFTs)Mobile appN/AStore crypto and NFTs, participate in ICOs Trust WalletSoftwareAll forms of digital assets and blockchainsMobile appOpen-source, decentralizedUser-friendly, free-to-use MyceliumSoftwareFocus on Bitcoin, supports other cryptocurrenciesMobile appCustom transaction fees, hardware wallet supportControl over transaction fees, offline storage ElectrumSoftwarePrimarily Bitcoin, supports other cryptocurrenciesN/ACustom transaction fees, hardware wallet integrationCustom transaction fees, high security What is the best cryptocurrency wallet? Considered the best crypto wallet in the market, Trezor comes with backup and regular features, great customer support, regular firmware updates, and works with various cryptocurrencies. What is the safest crypto wallet? Cold storage wallets are considered the best option in terms of security. For example, the Ledger Nano X is equipped with a Secure Element chip that is fashioned after technology used in high-end security solutions such as credit cards and passports. Do you need a cryptocurrency wallet? If you want to invest in cryptocurrency, it is best to invest in a crypto wallet as it offers you more control over your investments. You do, however, have the option to use brokerages such as Robinhood to facilitate selling and buying Bitcoin or payment services such as PayPal, though these services offer limited selections of crypto coins and trading tools. Meanwhile, when trading in cryptocurrencies, make sure you abide by state and federal tax regulations. For additional insights check out our article on do you have to pay taxes on cryptocurrency. Additionally, you can find a great selection of cryptocurrency exchanges check out our article on the best cryptocurrency apps. Is there a wallet that holds all cryptocurrency? With the continuous rolling out of cryptocurrencies into the market, each comes with its own protocols and case uses; as such, there is no universal cryptocurrency wallet. As such, there are several multi-cryptocurrency wallets in the market that can accommodate popular cryptocurrencies these include Ledger, Coinomi, Trezor, Freewallet, and Exodus. How do you create a cryptocurrency wallet? You can create a cryptocurrency wallet within a few minutes by following these simple rules: Download a wallet app based on particular requirements and needs. Create your account by following the signup instructions Record and secure your recovery phrase. Some wallet apps may allow you to add an extra layer of security, such as facial recognition or creating a passcode. Purchase and deposit some cryptocurrency into your wallet. Lastly, you can start sending, receiving, or trading cryptocurrencies when ready. Image: Depositphotos This article, "Best Cryptocurrency Wallet Options for Secure Transactions" was first published on Small Business Trends View the full article

Starting a hotel can be both a thrilling and daunting venture. From boutique havens to franchising giants, this guide sheds light on the myriad pathways and decisions in crafting your dream establishment. Whether you’re seeking to revolutionize guest experiences or pondering how to start a hotel business on a shoestring budget, get on this journey with us as we unveil the essentials of the trade. Understanding the Hotel Industry Before diving into the nuts and bolts of starting a hotel, it’s vital to familiarize oneself with the industry’s landscape. The hospitality world is vast, dynamic, and ever-evolving. Let’s get you acquainted. Current State of the Hospitality Industry Trends: With the rise of technology, many travelers prefer booking their stays online, giving birth to the significance of online travel agencies (OTAs) like Booking.com and Airbnb. Sustainability has also become a key concern, leading to a surge in eco-friendly hotels and practices. The Hotelchamp also provides some additional trends that hoteliers need to keep an eye on: Challenges: While promising, the hotel industry has its hurdles. Seasonal fluctuations can impact revenue, and there’s always stiff competition from other hotels and alternative accommodation options like vacation rentals. Opportunities: The digital age has brought a world of possibilities. Direct bookings through hotel websites, partnership opportunities with local businesses, and experiential packages like wellness retreats or cultural excursions are drawing guests. Many hotels may also serve as a wedding venue. Before starting, consider the different opportunities you may explore so you can include those in your plans. For example, you may research a wedding venue business plan instead of simply writing one for a basic hotel. How Much Does it Cost to Start a Hotel Every entrepreneurial journey starts with understanding the financial landscape. Starting a new hotel is no exception. Costs can vary greatly depending on location, scale, and type. Here’s a range to help you gauge your investment: Low-end Hotels: $60,000 – $500,000 Typically, it includes budget accommodations, smaller guest capacities, and basic amenities. Mid-range Hotels: $1 million – $5 million Offers additional features like pools, restaurants, and larger room capacities. High-end Hotels & Resorts: $10 million – $50 million (or more) Think luxury. Spas, gourmet dining, prime locations, and top-tier services. Converting an Existing Building Repurposing an old building can be a brilliant move. Here’s a breakdown of the costs: Purchase Prices: $100,000 – $5 million. It greatly varies based on location and the building’s size and condition. Renovation Costs: $50,000 to $2 million. This encompasses structural modifications, aesthetic enhancements, and the incorporation of amenities. Compliance with Regulations: $10,000 – $100,000. Ensuring that your building adheres to safety, health, and other local regulations is crucial. Buying a Building to Convert Seeking a building with potential? Keep these in mind: Initial Purchase Prices: $250,000 – $10 million. The price tag is influenced by factors like location, building potential, and market demand. Renovation Costs: Similar to the above, expect to pay between $50,000 and $2 million. Compliance with Regulations: Anticipate spending between $10,000 and $100,000 to meet standards. Buying an Existing Hotel Sometimes, stepping into an already functioning hotel is the best move: Costs: This ranges significantly from $1 million to $100 million based on the hotel’s reputation, location, and profitability. Benefits: Faster start, as the groundwork is already laid. Immediate cash flow. Drawbacks: Potential legacy issues. Less room for personalization. Crafting Your Own Hotel Business Plan Crafting a hotel business plan is more than just paperwork; it’s about mapping out your vision, setting clear goals, and understanding how to achieve them. Here’s how you can create a plan that speaks volumes: ComponentDescription Executive SummaryA snapshot of your hotel's overview, including its mission, vision, and basic details. Business ObjectivesDefine what you aim to achieve in the short-term and long-term. Market AnalysisInsights into the current market, trends, competition, and potential customer segments. Marketing StrategiesTactics to attract guests, from online campaigns to partnerships with travel agencies. Operations PlanDay-to-day management, staffing, and hotel procedures. Financial ProjectionsEstimated earnings, costs, break-even analysis, and profit and loss predictions for the upcoming years. AppendixAny additional data or resources supporting your plan like market research findings, legal documents, or resumes of key team members. Executive Summary: Description: Provide a snapshot of your business. Example: “Sunset Inn is a 30-room hotel in San Diego that strives to offer travelers a combination of luxury and comfort while prioritizing eco-friendly practices.” Market Analysis: Description: Dive deep into the current market scenario. How-To: Conduct surveys to understand what guests value most in a hotel. Study market trends using tools like Google Trends or Statista. Example: “In San Diego, there’s been a 20% rise in eco-conscious travelers in the last two years. Our hotel will appeal to this demographic by ensuring sustainable practices.” Competitive Analysis: Description: Understand your competition. How-To: Visit competitor hotels or their websites. Analyze guest reviews on platforms like TripAdvisor. Example: “Although Beachfront Luxe has sea-view rooms, they lack eco-friendly amenities. Sunset Inn can address this shortcoming.” Marketing & Sales Strategy: Description: Detail how you’ll attract and retain guests. How-To: Engage in social media marketing targeting travel enthusiasts. Collaborate with travel bloggers for reviews. Example: “Launching a ‘Stay 3, Pay for 2’ nights promotion for the first two months.” Financial Projections: Description: A clear picture of expected revenues, expenses, and profit. How-To: Use past financial data if available. Forecast based on market trends and expected occupancy rates. Example: “Predicting an average occupancy rate of 75%, with room rates at $200 per night, we project a gross revenue of $1.6 million.” Operational Plan: Description: Describe day-to-day operations. Example: “Housekeeping will operate on two shifts, ensuring rooms are always clean. The front desk will be manned 24/7 to cater to guest inquiries.” Management & Organization: Description: Detail your team and their roles. Example: “Jane Doe, our general manager, brings ten years of hotel management experience, previously working with The Ritz.” Your business plan serves as your compass. It needs to be clear and detailed, guiding every decision you make in your hotel venture. Keep in mind that the more research and preparation you invest in it, the more confident you will feel with each step you take. Steps to Launching Your New Hotel Business Starting a hotel involves a series of intentional and interconnected steps. Each phase builds upon the previous one, laying the groundwork for the success of your establishment. Here’s your roadmap: Research & Feasibility Study: Before any concrete plans, gauge the feasibility of your hotel idea. Survey your target area, analyze demographics, and assess the competition. Business Plan Development: This step is all about detailed planning, as we covered earlier. A strong business plan acts as your roadmap, outlining your goals, budget, and operational strategies. Location & Property Selection: In the hotel industry, the mantra is ‘Location, Location, Location’. It is crucial to select a site that matches your target market and reflects your brand. Legalities & Licensing: Make sure to address all legal requirements, including obtaining building permits, securing a liquor license, and acquiring zoning permissions. Design & Construction: If building from scratch or renovating, this is where your hotel starts taking shape. Collaborate with architects and interior designers to bring your vision to life. Hiring & Training: A hotel is only as good as its staff. Recruit wisely and invest in their training. Soft Launch: Before the opening, have a trial run. Invite friends or industry partners to experience your hotel and provide feedback. Grand Opening: Roll out the red carpet and make your official debut in the hospitality world! Building a Strong Team for Your New Hotel Its guests’ experiences define a hotel’s success, and your hotel employees craft those experiences. Hiring Process: Prioritize attitude over skills. Skills can be taught, but attitude often can’t. Use role-specific tests or simulations during interviews. Training: Implement an orientation program that instills the hotel’s values, mission, and service standards. Team Building: Organize regular team-building activities to foster camaraderie and morale. Continuous Feedback: Regular performance reviews and feedback sessions help staff grow and address concerns. Empowerment: Empower your employees to make decisions. When they feel ownership, they’re more likely to deliver top-notch service. Hotel Pre-launch Marketing Creating a buzz even before you open your doors is essential. Digital Presence: Launch a user-friendly website with SEO optimization. Also, create engaging profiles on popular social media platforms. Collaborations: Partner with influencers or travel bloggers. A shoutout or a blog post can introduce your hotel to a wide audience. Email Marketing: Gather emails through your website or contests and send newsletters about opening offers, sneak peeks, or behind-the-scenes content. Press Releases: Send out a press release to local newspapers, magazines, and travel sites. Loyalty Programs: Introduce early bird loyalty programs to incentivize bookings. The Grand Opening Your hotel’s opening is more than just a ribbon-cutting ceremony. It sets the stage for future operations and creates a lasting impression. Local Collaboration: Partner with local businesses for mutual promotions. Maybe a wine tasting from a local vineyard? Event Marketing: Host a theme-based event. For instance, how about a beach-themed party if you’re near the coast? Local Celebrities: Invite local influencers or celebrities. Their presence can attract media attention and generate buzz. Guided Tours: Offer guided hotel tours showcasing unique features and rooms. Feedback Collection: Set up feedback stations or provide cards. Initial feedback is golden for improving services swiftly. How to Start a Boutique Hotel The allure of boutique hotels lies in their intimate, unique, and personalized environments. Unlike mainstream hotels, boutique hotels are typically smaller, offer tailored experiences, and often have a distinct personality. Distinguishing Factors: Size: Typically, boutique hotels range from 10 to 100 rooms. Personalized Service: With fewer rooms, staff can offer personalized services. Unique Theme or Style: Boutique hotels often boast distinctive atmospheres, whether it’s an Art Deco design or a literary theme. Unique Challenges: Brand Recognition: Unlike chain hotels, boutique hotels don’t have instant brand recognition, which can be a challenge in attracting initial customers. Economies of Scale: Their smaller size means they might not benefit from bulk purchasing or operational efficiencies that larger hotels do. Opportunities: Niche Market: Consider targeting a specific audience, such as art lovers or environmentally conscious travelers. Local Experiences: Integrate local art, cuisine, and traditions to offer a unique, immersive experience. Exploring Franchising in the Hotel Business Franchising allows you to get a head start. You’re leveraging an established brand’s name, operational methods, and support. Marriott, Hilton, and InterContinental Hotels Group (IHG) all offer popular hotel franchise models. Pros: Brand Recognition: You’ll benefit from immediate brand trust and loyalty. Operational Support: Many franchises offer training, marketing support, and operational guidelines. Supplier Discounts: Bulk purchasing agreements can reduce supplies and services costs. Cons: Initial Franchise Fee: This can be hefty and doesn’t include operational costs. Royalty Payments: A percentage of your gross revenue will typically go to the franchisor. Less Flexibility: You must adhere to the brand’s standards, limiting creativity. How to Start a Hotel Business with No Money Starting a hotel with no money might sound like a dream, but it’s achievable with determination, creativity, and resourcefulness. Crowdfunding: Platforms like Kickstarter and GoFundMe can be used to raise capital by showcasing your unique hotel concept to the public. Vendor Financing: Negotiate with suppliers to provide goods and services upfront with deferred payments. Property Lease: Instead of purchasing, consider leasing a property and converting it into a hotel. Leveraging Partnerships and Investments Partnerships and investments can be the lifeline for aspiring hoteliers with limited capital. Joint Ventures: Partner with someone with the capital or resources you lack. For instance, if you have hotel management expertise but lack funds, find a partner looking for operational expertise. Angel Investors: Individuals who provide capital for a business start-up, usually in exchange for convertible debt or ownership equity. Venture Capitalists: Professional groups that manage pooled funds from many investors to invest in startups. They usually come in when you have a proven business model and want to scale. Strategic Partnerships: Collaborate with travel agencies, local businesses, or even established brands to co-run or promote the hotel. Starting a hotel business, especially with limited capital, requires innovation, tenacity, and smart strategies. Frequently Asked Questions How long do hotel businesses typically take to start? Starting a hotel business can range from 8 months to several years, depending on factors such as property construction or renovation, licensing, and market research. A turnkey operation or purchasing an existing hotel can be quicker while building from scratch is more time-intensive. Additionally, those who already know how to start a business may save time on the paperwork and logistics, while new entrepreneurs may need to dedicate additional time and resources to education. How can a hotel owner create a successful hotel business? Success in the hotel business hinges on thorough market research, an effective business plan, a prime location, exceptional customer service, and continuous marketing efforts. Regularly updating offerings and staying tuned to industry trends also play pivotal roles. As you get started, find or create a comprehensive business startup checklist to stay organized and reach your goals. What are some trends in the current hotel market that potential hotel owners should be aware of? Some current trends include: Eco-friendly Operations: Green practices and sustainability are in demand. Local Experiences: Guests seek authentic local experiences, from food to activities. Tech Integration: Smart rooms, touchless check-ins, and integrated apps are becoming standard. Health & Wellness: Hotels are focusing on wellness amenities, including spas, fitness centers, and healthier menu options. What are the common characteristics of successful hotel owners? Successful hotel owners are forward-thinking, flexible, focused on customer satisfaction, and knowledgeable about finances. They typically exhibit strong leadership abilities, excel at relationship building, and have a comprehensive grasp of the intricacies of the hospitality industry. What are the typical responsibilities of a hotel manager in a successful hotel business? Hotel managers are responsible for overseeing daily operations, ensuring guest satisfaction, managing staff, handling budgets, and collaborating on marketing strategies. They troubleshoot problems, interact with vendors, and are crucial in establishing the tone and service standards of the hotel. Additionally, they recognize the significance of online reviews and strive to ensure that customer service and every aspect of each visitor’s experience meet five-star standards. Image: Envato Elements This article, "How to Start a Hotel Business: Your Ultimate Guide" was first published on Small Business Trends View the full article

Starting a hotel can be both a thrilling and daunting venture. From boutique havens to franchising giants, this guide sheds light on the myriad pathways and decisions in crafting your dream establishment. Whether you’re seeking to revolutionize guest experiences or pondering how to start a hotel business on a shoestring budget, get on this journey with us as we unveil the essentials of the trade. Understanding the Hotel Industry Before diving into the nuts and bolts of starting a hotel, it’s vital to familiarize oneself with the industry’s landscape. The hospitality world is vast, dynamic, and ever-evolving. Let’s get you acquainted. Current State of the Hospitality Industry Trends: With the rise of technology, many travelers prefer booking their stays online, giving birth to the significance of online travel agencies (OTAs) like Booking.com and Airbnb. Sustainability has also become a key concern, leading to a surge in eco-friendly hotels and practices. The Hotelchamp also provides some additional trends that hoteliers need to keep an eye on: Challenges: While promising, the hotel industry has its hurdles. Seasonal fluctuations can impact revenue, and there’s always stiff competition from other hotels and alternative accommodation options like vacation rentals. Opportunities: The digital age has brought a world of possibilities. Direct bookings through hotel websites, partnership opportunities with local businesses, and experiential packages like wellness retreats or cultural excursions are drawing guests. Many hotels may also serve as a wedding venue. Before starting, consider the different opportunities you may explore so you can include those in your plans. For example, you may research a wedding venue business plan instead of simply writing one for a basic hotel. How Much Does it Cost to Start a Hotel Every entrepreneurial journey starts with understanding the financial landscape. Starting a new hotel is no exception. Costs can vary greatly depending on location, scale, and type. Here’s a range to help you gauge your investment: Low-end Hotels: $60,000 – $500,000 Typically, it includes budget accommodations, smaller guest capacities, and basic amenities. Mid-range Hotels: $1 million – $5 million Offers additional features like pools, restaurants, and larger room capacities. High-end Hotels & Resorts: $10 million – $50 million (or more) Think luxury. Spas, gourmet dining, prime locations, and top-tier services. Converting an Existing Building Repurposing an old building can be a brilliant move. Here’s a breakdown of the costs: Purchase Prices: $100,000 – $5 million. It greatly varies based on location and the building’s size and condition. Renovation Costs: $50,000 to $2 million. This encompasses structural modifications, aesthetic enhancements, and the incorporation of amenities. Compliance with Regulations: $10,000 – $100,000. Ensuring that your building adheres to safety, health, and other local regulations is crucial. Buying a Building to Convert Seeking a building with potential? Keep these in mind: Initial Purchase Prices: $250,000 – $10 million. The price tag is influenced by factors like location, building potential, and market demand. Renovation Costs: Similar to the above, expect to pay between $50,000 and $2 million. Compliance with Regulations: Anticipate spending between $10,000 and $100,000 to meet standards. Buying an Existing Hotel Sometimes, stepping into an already functioning hotel is the best move: Costs: This ranges significantly from $1 million to $100 million based on the hotel’s reputation, location, and profitability. Benefits: Faster start, as the groundwork is already laid. Immediate cash flow. Drawbacks: Potential legacy issues. Less room for personalization. Crafting Your Own Hotel Business Plan Crafting a hotel business plan is more than just paperwork; it’s about mapping out your vision, setting clear goals, and understanding how to achieve them. Here’s how you can create a plan that speaks volumes: ComponentDescription Executive SummaryA snapshot of your hotel's overview, including its mission, vision, and basic details. Business ObjectivesDefine what you aim to achieve in the short-term and long-term. Market AnalysisInsights into the current market, trends, competition, and potential customer segments. Marketing StrategiesTactics to attract guests, from online campaigns to partnerships with travel agencies. Operations PlanDay-to-day management, staffing, and hotel procedures. Financial ProjectionsEstimated earnings, costs, break-even analysis, and profit and loss predictions for the upcoming years. AppendixAny additional data or resources supporting your plan like market research findings, legal documents, or resumes of key team members. Executive Summary: Description: Provide a snapshot of your business. Example: “Sunset Inn is a 30-room hotel in San Diego that strives to offer travelers a combination of luxury and comfort while prioritizing eco-friendly practices.” Market Analysis: Description: Dive deep into the current market scenario. How-To: Conduct surveys to understand what guests value most in a hotel. Study market trends using tools like Google Trends or Statista. Example: “In San Diego, there’s been a 20% rise in eco-conscious travelers in the last two years. Our hotel will appeal to this demographic by ensuring sustainable practices.” Competitive Analysis: Description: Understand your competition. How-To: Visit competitor hotels or their websites. Analyze guest reviews on platforms like TripAdvisor. Example: “Although Beachfront Luxe has sea-view rooms, they lack eco-friendly amenities. Sunset Inn can address this shortcoming.” Marketing & Sales Strategy: Description: Detail how you’ll attract and retain guests. How-To: Engage in social media marketing targeting travel enthusiasts. Collaborate with travel bloggers for reviews. Example: “Launching a ‘Stay 3, Pay for 2’ nights promotion for the first two months.” Financial Projections: Description: A clear picture of expected revenues, expenses, and profit. How-To: Use past financial data if available. Forecast based on market trends and expected occupancy rates. Example: “Predicting an average occupancy rate of 75%, with room rates at $200 per night, we project a gross revenue of $1.6 million.” Operational Plan: Description: Describe day-to-day operations. Example: “Housekeeping will operate on two shifts, ensuring rooms are always clean. The front desk will be manned 24/7 to cater to guest inquiries.” Management & Organization: Description: Detail your team and their roles. Example: “Jane Doe, our general manager, brings ten years of hotel management experience, previously working with The Ritz.” Your business plan serves as your compass. It needs to be clear and detailed, guiding every decision you make in your hotel venture. Keep in mind that the more research and preparation you invest in it, the more confident you will feel with each step you take. Steps to Launching Your New Hotel Business Starting a hotel involves a series of intentional and interconnected steps. Each phase builds upon the previous one, laying the groundwork for the success of your establishment. Here’s your roadmap: Research & Feasibility Study: Before any concrete plans, gauge the feasibility of your hotel idea. Survey your target area, analyze demographics, and assess the competition. Business Plan Development: This step is all about detailed planning, as we covered earlier. A strong business plan acts as your roadmap, outlining your goals, budget, and operational strategies. Location & Property Selection: In the hotel industry, the mantra is ‘Location, Location, Location’. It is crucial to select a site that matches your target market and reflects your brand. Legalities & Licensing: Make sure to address all legal requirements, including obtaining building permits, securing a liquor license, and acquiring zoning permissions. Design & Construction: If building from scratch or renovating, this is where your hotel starts taking shape. Collaborate with architects and interior designers to bring your vision to life. Hiring & Training: A hotel is only as good as its staff. Recruit wisely and invest in their training. Soft Launch: Before the opening, have a trial run. Invite friends or industry partners to experience your hotel and provide feedback. Grand Opening: Roll out the red carpet and make your official debut in the hospitality world! Building a Strong Team for Your New Hotel Its guests’ experiences define a hotel’s success, and your hotel employees craft those experiences. Hiring Process: Prioritize attitude over skills. Skills can be taught, but attitude often can’t. Use role-specific tests or simulations during interviews. Training: Implement an orientation program that instills the hotel’s values, mission, and service standards. Team Building: Organize regular team-building activities to foster camaraderie and morale. Continuous Feedback: Regular performance reviews and feedback sessions help staff grow and address concerns. Empowerment: Empower your employees to make decisions. When they feel ownership, they’re more likely to deliver top-notch service. Hotel Pre-launch Marketing Creating a buzz even before you open your doors is essential. Digital Presence: Launch a user-friendly website with SEO optimization. Also, create engaging profiles on popular social media platforms. Collaborations: Partner with influencers or travel bloggers. A shoutout or a blog post can introduce your hotel to a wide audience. Email Marketing: Gather emails through your website or contests and send newsletters about opening offers, sneak peeks, or behind-the-scenes content. Press Releases: Send out a press release to local newspapers, magazines, and travel sites. Loyalty Programs: Introduce early bird loyalty programs to incentivize bookings. The Grand Opening Your hotel’s opening is more than just a ribbon-cutting ceremony. It sets the stage for future operations and creates a lasting impression. Local Collaboration: Partner with local businesses for mutual promotions. Maybe a wine tasting from a local vineyard? Event Marketing: Host a theme-based event. For instance, how about a beach-themed party if you’re near the coast? Local Celebrities: Invite local influencers or celebrities. Their presence can attract media attention and generate buzz. Guided Tours: Offer guided hotel tours showcasing unique features and rooms. Feedback Collection: Set up feedback stations or provide cards. Initial feedback is golden for improving services swiftly. How to Start a Boutique Hotel The allure of boutique hotels lies in their intimate, unique, and personalized environments. Unlike mainstream hotels, boutique hotels are typically smaller, offer tailored experiences, and often have a distinct personality. Distinguishing Factors: Size: Typically, boutique hotels range from 10 to 100 rooms. Personalized Service: With fewer rooms, staff can offer personalized services. Unique Theme or Style: Boutique hotels often boast distinctive atmospheres, whether it’s an Art Deco design or a literary theme. Unique Challenges: Brand Recognition: Unlike chain hotels, boutique hotels don’t have instant brand recognition, which can be a challenge in attracting initial customers. Economies of Scale: Their smaller size means they might not benefit from bulk purchasing or operational efficiencies that larger hotels do. Opportunities: Niche Market: Consider targeting a specific audience, such as art lovers or environmentally conscious travelers. Local Experiences: Integrate local art, cuisine, and traditions to offer a unique, immersive experience. Exploring Franchising in the Hotel Business Franchising allows you to get a head start. You’re leveraging an established brand’s name, operational methods, and support. Marriott, Hilton, and InterContinental Hotels Group (IHG) all offer popular hotel franchise models. Pros: Brand Recognition: You’ll benefit from immediate brand trust and loyalty. Operational Support: Many franchises offer training, marketing support, and operational guidelines. Supplier Discounts: Bulk purchasing agreements can reduce supplies and services costs. Cons: Initial Franchise Fee: This can be hefty and doesn’t include operational costs. Royalty Payments: A percentage of your gross revenue will typically go to the franchisor. Less Flexibility: You must adhere to the brand’s standards, limiting creativity. How to Start a Hotel Business with No Money Starting a hotel with no money might sound like a dream, but it’s achievable with determination, creativity, and resourcefulness. Crowdfunding: Platforms like Kickstarter and GoFundMe can be used to raise capital by showcasing your unique hotel concept to the public. Vendor Financing: Negotiate with suppliers to provide goods and services upfront with deferred payments. Property Lease: Instead of purchasing, consider leasing a property and converting it into a hotel. Leveraging Partnerships and Investments Partnerships and investments can be the lifeline for aspiring hoteliers with limited capital. Joint Ventures: Partner with someone with the capital or resources you lack. For instance, if you have hotel management expertise but lack funds, find a partner looking for operational expertise. Angel Investors: Individuals who provide capital for a business start-up, usually in exchange for convertible debt or ownership equity. Venture Capitalists: Professional groups that manage pooled funds from many investors to invest in startups. They usually come in when you have a proven business model and want to scale. Strategic Partnerships: Collaborate with travel agencies, local businesses, or even established brands to co-run or promote the hotel. Starting a hotel business, especially with limited capital, requires innovation, tenacity, and smart strategies. Frequently Asked Questions How long do hotel businesses typically take to start? Starting a hotel business can range from 8 months to several years, depending on factors such as property construction or renovation, licensing, and market research. A turnkey operation or purchasing an existing hotel can be quicker while building from scratch is more time-intensive. Additionally, those who already know how to start a business may save time on the paperwork and logistics, while new entrepreneurs may need to dedicate additional time and resources to education. How can a hotel owner create a successful hotel business? Success in the hotel business hinges on thorough market research, an effective business plan, a prime location, exceptional customer service, and continuous marketing efforts. Regularly updating offerings and staying tuned to industry trends also play pivotal roles. As you get started, find or create a comprehensive business startup checklist to stay organized and reach your goals. What are some trends in the current hotel market that potential hotel owners should be aware of? Some current trends include: Eco-friendly Operations: Green practices and sustainability are in demand. Local Experiences: Guests seek authentic local experiences, from food to activities. Tech Integration: Smart rooms, touchless check-ins, and integrated apps are becoming standard. Health & Wellness: Hotels are focusing on wellness amenities, including spas, fitness centers, and healthier menu options. What are the common characteristics of successful hotel owners? Successful hotel owners are forward-thinking, flexible, focused on customer satisfaction, and knowledgeable about finances. They typically exhibit strong leadership abilities, excel at relationship building, and have a comprehensive grasp of the intricacies of the hospitality industry. What are the typical responsibilities of a hotel manager in a successful hotel business? Hotel managers are responsible for overseeing daily operations, ensuring guest satisfaction, managing staff, handling budgets, and collaborating on marketing strategies. They troubleshoot problems, interact with vendors, and are crucial in establishing the tone and service standards of the hotel. Additionally, they recognize the significance of online reviews and strive to ensure that customer service and every aspect of each visitor’s experience meet five-star standards. Image: Envato Elements This article, "How to Start a Hotel Business: Your Ultimate Guide" was first published on Small Business Trends View the full article

Don't just check the boxes. Provide benefits. The Disruptors With Liz Farr Go PRO for members-only access to more Liz Farr. View the full article

Don't just check the boxes. Provide benefits. The Disruptors With Liz Farr Go PRO for members-only access to more Liz Farr. View the full article

This article is posted with permission from our partner MacPaw. MacPaw makes Mac + iOS apps that have been installed on over 30 million devices worldwide. Freelancers Union members receive 30 days of free unlimited access to CleanMyMacX and Setapp: https://freelancersunion.org/resources/perks/macpaw/ If you’ve ever bought something from Best Buy, you’re probably familiar with Geek Squad. For those who pick up their freelance gadgets elsewhere, Geek Squad is Best Buy’s trusted tech support service. It’s well-known and reliable, which makes it a prime target for scammers. Some Geek Squad scams trick people into visiting fake websites where they’ll unknowingly enter sensitive details. Others take it a step further, aiming to install malicious software or gain remote access to your device. But the endgame is always to steal your money, your identity, or both. Moonlock, the cybersecurity division of MacPaw, will break down how Geek Squad scams work, how to spot the warning signs, and what you can do if you’ve been targeted. How do Geek Squad scams work?Geek Squad scams are a classic form of phishing. Scammers disguise themselves as Geek Squad employees, whether pretending to be tech support agents or members of the billing department. Their goal is to get you to hand over personal information, send them money, or install malware on your device. Attackers send out generic emails to hundreds or even thousands of people, hoping that a few will take the bait. Sometimes, they pose as payment services sending invoices from Geek Squad. Other times, they’ll claim to be Geek Squad technicians offering to fix issues with your device. They might even call you directly, spinning elaborate lies to gain your trust. The core tactic is always the same: create a sense of urgency and trick you into acting without thinking. If you don’t recognize their game, you risk giving away your information, your money, and peace of mind. Moonlock has collected here a few of the most common ways Geek Squad scams play out. Geek Squad auto-renewal scamThis one’s a favorite among scammers. You get an email claiming that your Geek Squad subscription is about to auto-renew, and a big charge is headed for your bank account. The email is designed to make you panic. Did you accidentally sign up for this? How do you cancel it before they take your money? The scammers provide a convenient link or phone number for “canceling” the payment. If you follow the link or call, you’ll be asked for personal information like your bank account details or Social Security number. Of course, there’s no subscription. Just a scammer eager to use your information to clean out your account or steal your identity. Hardware fix scamsIn this version of the scam, someone pretending to be a Geek Squad technician contacts you, claiming your device has malware or another serious problem that only they can fix. They’ll ask you to download software to give them remote access to your computer. What you’re actually downloading is malware, often designed to steal sensitive information like passwords, files, or banking details. Fake invoicesScammers send fake invoices via email, claiming you’ve been billed for Geek Squad services. The invoice might reference a Best Buy membership, a device warranty, or even antivirus software. The email usually contains a link to “dispute” the charge or a phone number to call for support. If you engage, you’ll be directed to share personal information or download malicious software. In some cases, the invoice itself may contain malware (if it’s a downloadable attachment). How to spot a Geek Squad scamThankfully, Geek Squad scams aren’t hard to spot once you know what to look for. These red flags can help you identify phishing attempts: You don’t remember buying anything from Best Buy: If you’ve never purchased anything at Best Buy, how would they get your contact details? Bad spelling or grammar: Legitimate messages from companies like Best Buy won’t be riddled with typos and clunky sentences. If the message looks like it was written in a hurry (or poorly translated), it’s a scam.Unofficial email address: Always check the sender’s email address. Real Geek Squad emails will come from @bestbuy.com. Anything from Gmail or other random domains is a red flag.Generic greeting: If the message starts with “Dear Valued Customer” instead of your name, it’s likely a mass email phishing attempt. Legitimate companies usually personalize their communications.Sketchy links: Hover over links in the email or use a URL checker to see where they’ll take you. If the URL looks suspicious or doesn’t match Best Buy’s official website, don’t click.Scare tactics and urgency: Scammers thrive on creating panic. If a message or call makes you feel rushed or scared, it’s probably a ploy to get you to act without thinking.Asking for remote device access: If someone wants you to download remote access software or share your device, treat it as a major red flag.Unsolicited calls: Best Buy doesn’t make random calls to customers. If you receive one, treat it with caution and contact the company directly through their official website BestBuy.com or phone number 1-888-BEST BUY (1-888-237-8289).What to do if you fall victim to a Geek Squad scamFalling for a scam is never a good feeling. But before you sink into a spiral of regret, remember this: acting quickly can save you from further trouble. 1. Scan your device for malwareIf you’ve clicked on a suspicious link or downloaded something sketchy, run a malware scan on your device immediately. Think of it as a digital detox, scrubbing away any harmful software that scammers may have planted. On a Mac, tools like CleanMyMac’s Protection module, powered by Moonlock Engine, can make quick work of these nasty intrusions. 2. Call your bank If you’ve shared your bank account or credit card details, tell your bank or credit card company without delay. Explain what happened and see if they can reverse any unauthorized charges or set up fraud alerts on your account. They’ve dealt with this sort of thing before and are well-equipped to help. 3. Freeze your creditIf there’s even a hint that your Social Security number may have been compromised, freezing your credit is your best bet. Contact the three major credit bureaus – TransUnion, Experian, and Equifax – to lock down your credit and prevent anyone from opening accounts in your name. 4. Change your passwordsOnce your financial and personal data are secured, it’s time to update your passwords. Start with the ones that matter most, like your email and bank accounts. Even if you’re not sure whether these accounts were breached, changing passwords is a simple but effective safeguard. And if you don’t already use a password manager to create and store strong, unique passwords, now is an excellent time to start. 5. Report the scamLet Best Buy know what happened by calling their official Geek Squad support line at 1-888-BEST-BUY. Reporting fraudulent calls and emails to the Federal Trade Commission (FTC) at reportfraud.ftc.gov is also a smart move. Not only does this help protect others, but it also gives law enforcement the information they need to track down and stop scammers. Also, flag phishing emails in your inbox to help your provider identify and block similar messages in the future. How to prevent Geek Squad scamsAvoiding Geek Squad scams is all about staying vigilant and practicing good digital hygiene. A great first step is to reduce your digital footprint. The less personal information about you floating around online, the harder it is for scammers to target you. Delete old, unused accounts, say no to unnecessary cookies, and consider using a VPN to keep your online activity private. Another way to protect yourself is to use a temporary email address to sign up for accounts or services you’re less invested in. For instance, Google seems to soon come up with an email forwarding alias system called “Shielded Email.” With burner email addresses and aliases, you can keep your main inbox private and limit the number of phishing attempts that land in it. And when scammy emails do appear, report them as spam. Many email providers learn from your reports and will filter similar messages in the future, keeping your inbox cleaner and safer. Ultimately, staying safe comes down to awareness. If something feels off, like a message asking for money, personal information, or access to your devices, pause and think before you act. Scammers rely on panic and urgency to trick their victims, so staying calm and skeptical is your best defense. With a little effort, you can outsmart even the craftiest phishing schemes. View the full article

This article is posted with permission from our partner MacPaw. MacPaw makes Mac + iOS apps that have been installed on over 30 million devices worldwide. Freelancers Union members receive 30 days of free unlimited access to CleanMyMacX and Setapp: https://freelancersunion.org/resources/perks/macpaw/ If you’ve ever bought something from Best Buy, you’re probably familiar with Geek Squad. For those who pick up their freelance gadgets elsewhere, Geek Squad is Best Buy’s trusted tech support service. It’s well-known and reliable, which makes it a prime target for scammers. Some Geek Squad scams trick people into visiting fake websites where they’ll unknowingly enter sensitive details. Others take it a step further, aiming to install malicious software or gain remote access to your device. But the endgame is always to steal your money, your identity, or both. Moonlock, the cybersecurity division of MacPaw, will break down how Geek Squad scams work, how to spot the warning signs, and what you can do if you’ve been targeted. How do Geek Squad scams work?Geek Squad scams are a classic form of phishing. Scammers disguise themselves as Geek Squad employees, whether pretending to be tech support agents or members of the billing department. Their goal is to get you to hand over personal information, send them money, or install malware on your device. Attackers send out generic emails to hundreds or even thousands of people, hoping that a few will take the bait. Sometimes, they pose as payment services sending invoices from Geek Squad. Other times, they’ll claim to be Geek Squad technicians offering to fix issues with your device. They might even call you directly, spinning elaborate lies to gain your trust. The core tactic is always the same: create a sense of urgency and trick you into acting without thinking. If you don’t recognize their game, you risk giving away your information, your money, and peace of mind. Moonlock has collected here a few of the most common ways Geek Squad scams play out. Geek Squad auto-renewal scamThis one’s a favorite among scammers. You get an email claiming that your Geek Squad subscription is about to auto-renew, and a big charge is headed for your bank account. The email is designed to make you panic. Did you accidentally sign up for this? How do you cancel it before they take your money? The scammers provide a convenient link or phone number for “canceling” the payment. If you follow the link or call, you’ll be asked for personal information like your bank account details or Social Security number. Of course, there’s no subscription. Just a scammer eager to use your information to clean out your account or steal your identity. Hardware fix scamsIn this version of the scam, someone pretending to be a Geek Squad technician contacts you, claiming your device has malware or another serious problem that only they can fix. They’ll ask you to download software to give them remote access to your computer. What you’re actually downloading is malware, often designed to steal sensitive information like passwords, files, or banking details. Fake invoicesScammers send fake invoices via email, claiming you’ve been billed for Geek Squad services. The invoice might reference a Best Buy membership, a device warranty, or even antivirus software. The email usually contains a link to “dispute” the charge or a phone number to call for support. If you engage, you’ll be directed to share personal information or download malicious software. In some cases, the invoice itself may contain malware (if it’s a downloadable attachment). How to spot a Geek Squad scamThankfully, Geek Squad scams aren’t hard to spot once you know what to look for. These red flags can help you identify phishing attempts: You don’t remember buying anything from Best Buy: If you’ve never purchased anything at Best Buy, how would they get your contact details? Bad spelling or grammar: Legitimate messages from companies like Best Buy won’t be riddled with typos and clunky sentences. If the message looks like it was written in a hurry (or poorly translated), it’s a scam.Unofficial email address: Always check the sender’s email address. Real Geek Squad emails will come from @bestbuy.com. Anything from Gmail or other random domains is a red flag.Generic greeting: If the message starts with “Dear Valued Customer” instead of your name, it’s likely a mass email phishing attempt. Legitimate companies usually personalize their communications.Sketchy links: Hover over links in the email or use a URL checker to see where they’ll take you. If the URL looks suspicious or doesn’t match Best Buy’s official website, don’t click.Scare tactics and urgency: Scammers thrive on creating panic. If a message or call makes you feel rushed or scared, it’s probably a ploy to get you to act without thinking.Asking for remote device access: If someone wants you to download remote access software or share your device, treat it as a major red flag.Unsolicited calls: Best Buy doesn’t make random calls to customers. If you receive one, treat it with caution and contact the company directly through their official website BestBuy.com or phone number 1-888-BEST BUY (1-888-237-8289).What to do if you fall victim to a Geek Squad scamFalling for a scam is never a good feeling. But before you sink into a spiral of regret, remember this: acting quickly can save you from further trouble. 1. Scan your device for malwareIf you’ve clicked on a suspicious link or downloaded something sketchy, run a malware scan on your device immediately. Think of it as a digital detox, scrubbing away any harmful software that scammers may have planted. On a Mac, tools like CleanMyMac’s Protection module, powered by Moonlock Engine, can make quick work of these nasty intrusions. 2. Call your bank If you’ve shared your bank account or credit card details, tell your bank or credit card company without delay. Explain what happened and see if they can reverse any unauthorized charges or set up fraud alerts on your account. They’ve dealt with this sort of thing before and are well-equipped to help. 3. Freeze your creditIf there’s even a hint that your Social Security number may have been compromised, freezing your credit is your best bet. Contact the three major credit bureaus – TransUnion, Experian, and Equifax – to lock down your credit and prevent anyone from opening accounts in your name. 4. Change your passwordsOnce your financial and personal data are secured, it’s time to update your passwords. Start with the ones that matter most, like your email and bank accounts. Even if you’re not sure whether these accounts were breached, changing passwords is a simple but effective safeguard. And if you don’t already use a password manager to create and store strong, unique passwords, now is an excellent time to start. 5. Report the scamLet Best Buy know what happened by calling their official Geek Squad support line at 1-888-BEST-BUY. Reporting fraudulent calls and emails to the Federal Trade Commission (FTC) at reportfraud.ftc.gov is also a smart move. Not only does this help protect others, but it also gives law enforcement the information they need to track down and stop scammers. Also, flag phishing emails in your inbox to help your provider identify and block similar messages in the future. How to prevent Geek Squad scamsAvoiding Geek Squad scams is all about staying vigilant and practicing good digital hygiene. A great first step is to reduce your digital footprint. The less personal information about you floating around online, the harder it is for scammers to target you. Delete old, unused accounts, say no to unnecessary cookies, and consider using a VPN to keep your online activity private. Another way to protect yourself is to use a temporary email address to sign up for accounts or services you’re less invested in. For instance, Google seems to soon come up with an email forwarding alias system called “Shielded Email.” With burner email addresses and aliases, you can keep your main inbox private and limit the number of phishing attempts that land in it. And when scammy emails do appear, report them as spam. Many email providers learn from your reports and will filter similar messages in the future, keeping your inbox cleaner and safer. Ultimately, staying safe comes down to awareness. If something feels off, like a message asking for money, personal information, or access to your devices, pause and think before you act. Scammers rely on panic and urgency to trick their victims, so staying calm and skeptical is your best defense. With a little effort, you can outsmart even the craftiest phishing schemes. View the full article

Lately, you may have noticed headlines about anti-DEI executive orders. While these orders are aimed at the federal government and don’t directly affect companies, they can make anyone who cares about inclusion feel uneasy. If your organization is serious about creating a fair and welcoming workplace, now is a good time to review and refresh your strategy. Let’s chat about some practical ways to stay focused on your values and navigate these challenging headlines. Reassure your team that inclusion is legal First things first, it’s important to remind everyone that diversity, equity, and inclusion work is completely legal. In an email interview, Working IDEAL’s Jenny Yang and Pamela Coukos shared with me that no executive order can stop private employers from advancing equal opportunity under Title VII of the Civil Rights Act of 1964. In simple terms, if your DEI strategy is about creating a fair workplace without giving tangible preferences to one group over another, you’re in the clear. Take a moment to review your programs with your legal counsel. This will help you adjust any practices that might seem risky, like hiring quotas or mandatory training that could be misinterpreted. A quick check can reassure your team and help you move forward confidently. Be clear about your DEI intentions Your employees look to you for guidance. In today’s fast-paced world, assumptions fill in the gaps when information is missing. That’s why it’s a good idea to make a clear statement about your organization’s commitment to inclusion. For example, you might say, “At our organization, we care deeply about creating a workplace where everyone feels valued and can thrive.” No need for jargon—simple, honest language goes a long way. Leaders at companies like Costco and Cisco have already set the tone by speaking openly about why inclusion matters, and that kind of clarity builds trust both inside and outside the company. Prepare talking points for your leaders In a time when DEI is often in the spotlight, it helps to be ready with a few friendly, clear talking points. Equip your managers and team leaders with simple responses that highlight your organization’s commitment. For instance, they might say: “We are committed to inclusion because it helps us attract the best talent and better serve our community.” “Our focus on fairness and belonging drives innovation and strengthens our team.” By having these talking points at the ready, your leaders can confidently address questions from employees, the media, or even casual conversation. This preparedness shows that you are proud of your commitment and ready to discuss it openly. Reset the narrative around DEI A lot of the current debate around DEI comes from misunderstandings. It’s not about setting quotas or forcing anyone into a box—it’s about educating our teams and creating an environment where everyone can succeed. Instead of getting tangled in polarizing language, consider framing your approach around ideas like fairness, belonging, and the value of diverse perspectives. When you do this, it’s easier for people to see that DEI work benefits everyone, not just a select group. Show the cost of exclusion It might sound a bit business-like, but sometimes numbers speak louder than words. Studies show that companies can boost global profits by billions of dollars when they have more inclusive work cultures. Think of it this way: Excluding great talent because of outdated practices costs more in turnover, lawsuits, and missed opportunities than investing in a fair workplace ever could. The return on investment for DEI can be hard to measure but it is not impossible. By showing the tangible benefits of inclusion, you can make a strong case that your DEI efforts are not only the right thing to do but also smart for business. Take a proactive approach According to a recent study by Resume.org, 87% of companies are committed to including DEI initiatives in their workplaces. Instead of waiting for critics to question your commitment, why not take charge of the conversation? Consider hosting an event, writing a blog post, or issuing a press release that shares your organization’s success stories around inclusion. When you speak first, you set the tone and frame the narrative on your own terms. It’s a chance to show that you’re not just reacting to anti-DEI headlines, but actively building a better future for your team. Use your voice for change Many people trust businesses to lead social change. If inclusion is a priority for you, use your influence to push for policies that support fairness in the broader community. Whether it’s by lobbying local lawmakers or partnering with other organizations, standing up for what you believe in can make a difference beyond your own company. For instance, Salsforce recently threatened to leave Indiana over legislation that would harm the LGBTQ+ community. Thanks in part to the company’s involvement, the law didn’t pass. In the end, anti-DEI executive orders are just one piece of the bigger picture. They do not directly impact your organization if you’re committed to doing the right thing. By reassuring your team, communicating clearly, preparing thoughtful responses, and taking proactive steps, you can keep your focus on building a truly inclusive workplace. Remember, saying no to outdated practices isn’t a rejection—it’s a redirection toward a future where fairness, respect, and inclusion guide every decision. View the full article

Here is a recap of what happened in the search forums today...View the full article

As my boys become older, they become savvier at working their way around the parental controls on our devices. Time limits are tampered with, and apps I thought were deleted from our iPad suddenly reappear. I know they're not accessing dangerous content, but it's only a matter of time until they do. Most routers have parental controls included, allowing concerned parents to put controls over all the devices that rely on wifi to ensure they don't go to dangerous sites. If you're looking for a way to control what your family can access on the internet and how long, below are instructions for the three of the most popular router brands. How to set up parental controls on a TP-Link routerTP-Link has slightly different steps depending on your particular router type. The following applies to a wide range of their routers, but if you have a newer router, particularly an Archer model, you may need to follow these steps instead, or try the app. Start by logging into the router's configuration page by entering your web browser and typing in the IP address (192.168.1.1 or 192.168.0.1) or http://tplinkwifi.net in the address bar. When prompted, enter the router's username and password. The default for both is admin. A menu will appear on the left side of the screen. Click on Parental Controls, then choose Enable to turn on the setting. You'll need to type in the 12-digit MAC address of your primary home device. See steps five (Mac) and six (PC) for locating your device's MAC address. To find the MAC address on an Apple device, go to System Settings, then Network, then Wi-Fi or Ethernet, then Advanced. For a Windows computer, open the command prompt, type ipconfig /all, then scroll down to your network adapter and look for the physical address. Click Add New to create a rule that will affect what websites and domains you want to allow and when. Press Time settings, highlighted in red on the top right corner, to set the router time. Then click Save and return to the previous page. On the bottom right corner, click Schedule, highlighted in red, to control when your children can surf the web. Afterward, click Save and return to the previous page. From here, you'll need to enter the MAC address of your child's device (refer to steps five and six), then enter the sites you'll allow them to visit. Choose the scheduled time you set up in step nine. Check Enable to make the setting take effect, then click Save. You'll return to the Parental Control page and see a list of settings you've created. How to set up parental controls on a NETGEAR routerA NETGEAR router has two tiers of parental controls. Their free tier allows you to pause internet use across multiple devices and assign devices your kids can use to access the internet. The paid tier, Smart Parental Controls Premium, allows you to set daily bedtimes, filter content, view browsing history, restrict websites, and more across multiple devices. There is a 30-day free trial; plans range between $7.99 a month and $69.99 a year. You must download and launch the Orbi or Nighthawk app to get started. Press the Parental Controls tile, then Add New Profile > Set Up. You can set up a profile for each child in your household. Type the name of the child for whom you want to set up the profile and tap Continue. A list of devices connected to your router, both online and offline, will appear. Choose which devices the child you are setting up the profile for can use to go online. For example, if you want them to use only their tablet to surf the web, select it from the list. Tap Continue, and a confirmation will appear. Then tap START 30 DAY TRIAL. You won't have to enter any payment information. How to set up parental controls on an ASUS routerLike NETGEAR routers, ASUS offers two tiers of parental controls: AiProtection Classic and AiProtection Pro. Both tiers are free for the life of the router, but the protection tier varies depending on the ASUS router model you purchase. Generally, routers on the lower price points come with the Classic tier, and since each tier is designed for the specific model you've bought, you can't upgrade to Pro. You must update the router's firmware and download the ASUS Router App to your smartphone. Once in the ASUS Router app, you want to go to Settings, then Family. Here, you can create a profile for each family member. Start by choosing the appropriate level of protection. Write the name of your family member's name and click Next. Select the name of the device you are protecting and click Next. You'll be asked to select Setup Offline Schedule (setup schedule when the internet is off) or Setup Online Schedule (setup schedule when the internet is on). Select one, create your schedule, and click Next. You'll then be asked to select which content to block, such as pornography or video streaming. Choose what you'd want to restrict and allow, and click Apply in the top right corner. The parental controls should do the rest. ASUS also offers a Reward Time feature, which allows you to give your kid extra screen time for good behavior. You'll see the feature when their profile is set up on the ASUS Router app. View the full article

The government-sponsored enterprises were not meant to remain in conservatorship permanently, but privatizing them once again must include a new set of rules that minimize market disruptions and maximize their focus on making homeownership affordable. View the full article

California-based seafood manufacturer Tri-Union Seafoods has issued a voluntary recall of select canned tuna products due to a potential contamination risk from Clostridium botulinum, a bacteria that can cause serious and potentially fatal food poisoning. The recall follows a supplier notification that a manufacturing defect in the “easy open” pull-tab lids may compromise the product’s seal, leading to leaks or contamination over time. While no illnesses have been reported, Tri-Union say it’s taking precautionary measures to ensure consumer safety. Which products were impacted? The recalled tuna products were distributed across multiple retailers nationwide under the Genova, Van Camp’s, HEB, and Trader Joe’s brands. The affected brands and locations include: H-E-B label Texas Trader Joe’s label Delaware Illinois Indiana Iowa Kansas Kentucky Maryland Michigan Minnesota Missouri Nebraska New Jersey New York North Carolina Ohio Pennsylvania Virginia Washington, D.C. Wisconsin Genova 7 oz Costco in Florida and Georgia Genova 5 oz Harris Teeter Publix H-E-B Kroger Safeway Walmart Genova 5 oz (independent retailers) Alabama Arkansas Arizona California Florida Georgia North Carolina New Jersey Tennessee Texas Van Camp’s label Walmart and independent retailers in Pennsylvania, Florida, and New Jersey Tri-Union Seafoods has confirmed that no other products are affected by this recall. What Is Botulism? Botulism is a rare but serious illness caused by a toxin produced by Clostridium botulinum. According to the Centers for Disease Control and Prevention (CDC), the toxin affects the nervous system, potentially leading to paralysis and breathing difficulties, and can be fatal if untreated. What are the symptoms of Botulism? Difficulty swallowing Muscle weakness Double or blurry vision Drooping eyelids Slurred speech Difficulty breathing Difficulty moving the eyes Nausea, vomiting, diarrhea, or stomach pain (foodborne cases) In infants: Weak crying, poor feeding, drooping eyelids Anyone experiencing these symptoms should seek immediate medical attention. What if I have a recalled tuna product? Consumers are urged not to eat the recalled tuna, even if it looks or smells normal, and to return the recalled cans to the store for a full refund. Contact Tri-Union Seafoods for a retrieval kit and a replacement coupon. You can also read the recall notice on the website of the Food and Drug Administration (FDA). View the full article

California-based seafood manufacturer Tri-Union Seafoods has issued a voluntary recall of select canned tuna products due to a potential contamination risk from Clostridium botulinum, a bacteria that can cause serious and potentially fatal food poisoning. The recall follows a supplier notification that a manufacturing defect in the “easy open” pull-tab lids may compromise the product’s seal, leading to leaks or contamination over time. While no illnesses have been reported, Tri-Union say it’s taking precautionary measures to ensure consumer safety. Which products were impacted? The recalled tuna products were distributed across multiple retailers nationwide under the Genova, Van Camp’s, HEB, and Trader Joe’s brands. The affected brands and locations include: H-E-B label Texas Trader Joe’s label Delaware Illinois Indiana Iowa Kansas Kentucky Maryland Michigan Minnesota Missouri Nebraska New Jersey New York North Carolina Ohio Pennsylvania Virginia Washington, D.C. Wisconsin Genova 7 oz Costco in Florida and Georgia Genova 5 oz Harris Teeter Publix H-E-B Kroger Safeway Walmart Genova 5 oz (independent retailers) Alabama Arkansas Arizona California Florida Georgia North Carolina New Jersey Tennessee Texas Van Camp’s label Walmart and independent retailers in Pennsylvania, Florida, and New Jersey Tri-Union Seafoods has confirmed that no other products are affected by this recall. What Is Botulism? Botulism is a rare but serious illness caused by a toxin produced by Clostridium botulinum. According to the Centers for Disease Control and Prevention (CDC), the toxin affects the nervous system, potentially leading to paralysis and breathing difficulties, and can be fatal if untreated. What are the symptoms of Botulism? Difficulty swallowing Muscle weakness Double or blurry vision Drooping eyelids Slurred speech Difficulty breathing Difficulty moving the eyes Nausea, vomiting, diarrhea, or stomach pain (foodborne cases) In infants: Weak crying, poor feeding, drooping eyelids Anyone experiencing these symptoms should seek immediate medical attention. What if I have a recalled tuna product? Consumers are urged not to eat the recalled tuna, even if it looks or smells normal, and to return the recalled cans to the store for a full refund. Contact Tri-Union Seafoods for a retrieval kit and a replacement coupon. You can also read the recall notice on the website of the Food and Drug Administration (FDA). View the full article

U.S. Vice President JD Vance on Tuesday warned global leaders and tech industry executives that “excessive regulation” could cripple the rapidly growing artificial intelligence industry in a rebuke to European efforts to curb AI’s risks. The speech underscored a widening, three-way rift over AI. The United States, under President Donald Trump, champions a hands-off approach to fuel innovation, while Europe is tightening the reins with strict regulations to ensure safety and accountability. Meanwhile, China is rapidly expanding AI through state-backed tech giants, vying for dominance in the global race. The U.S. was noticeably absent from a joint statement signed by more than 60 nations, pledging to “promote AI accessibility to reduce digital divides” and “ensure AI is open, inclusive, transparent, ethical, safe, secure and trustworthy.” The agreement also called for “making AI sustainable for people and the planet” and protecting “human rights, gender equality, linguistic diversity, protection of consumers and of intellectual property rights.” In a surprise, China — long criticized for its human rights record — signed the declaration, leaving the U.S. as the outlier. Vance’s debut At the summit, Vance made his first major policy speech since becoming vice president last month, framing AI as an economic turning point but cautioning that “at this moment, we face the extraordinary prospect of a new industrial revolution, one on par with the invention of the steam engine.” “But it will never come to pass if overregulation deters innovators from taking the risks necessary to advance the ball,” Vance added. The 40-year-old vice president, leveraging the AI summit and a security conference in Munich later this week, is seeking to project Trump’s forceful new style of diplomacy. The Trump administration will “ensure that AI systems developed in America are free from ideological bias,” Vance said and pledged the U.S. would “never restrict our citizens’ right to free speech.” A growing divide Vance also took aim at foreign governments for “tightening the screws” on U.S. tech firms, saying such moves were troubling. His remarks underscored the growing divide between Washington and its European allies on AI governance. European Commission President Ursula von der Leyen stressed that, “AI needs the confidence of the people and has to be safe” and detailed EU guidelines intended to standardize the bloc’s AI Act but acknowledged concerns over regulatory burden. “At the same time, I know that we have to make it easier and we have to cut red tape and we will,” she added. She also announced that the “InvestAI” initiative had reached a total of €200 billion in AI investments across Europe, including €20 billion dedicated to AI gigafactories. A race for AI dominance The summit laid bare competing global AI strategies — Europe pushing to regulate and invest, China expanding AI through state-backed giants, and the U.S. doubling down on an unregulated, free-market approach. French President Emmanuel Macron positioned Europe as a “third way” in the AI race, one that avoids dependence on major powers like the U.S. and China. “We want a fair and open access to these innovations for the whole planet,” he said in his closing speech, arguing that the AI sector “needs rules” on a global scale to build public trust and urging greater “international governance.” Macron also hailed newly announced investments in France and across Europe, underscoring the continent’s ambitions in AI. “We’re in the race,” he said. Chinese Vice Premier Zhang Guoqing, special envoy of Xi Jinping, reinforced Beijing’s intent to shape global AI standards. Vance, a vocal critic of European content moderation policies, has suggested the U.S. should reconsider its NATO commitments if European governments impose restrictions on Elon Musk’s social media platform, X. His Paris visit was also expected to include candid discussions on Ukraine, AI’s role in global power shifts, and U.S.-China tensions. How to regulate AI? Concerns over AI’s potential dangers have loomed over the summit, particularly as nations grapple with how to regulate a technology that is increasingly entwined with defense and warfare. “I think one day we will have to find ways to control AI or else we will lose control of everything,” said Admiral Pierre Vandier, NATO’s commander who oversees the alliance’s modernization efforts. Beyond diplomatic tensions, a global public-private partnership is being launched called “Current AI,” aimed at supporting large-scale AI initiatives for the public good. Analysts see this as an opportunity to counterbalance the dominance of private companies in AI development. However, it remains unclear whether the U.S. will support such efforts. Separately, a high-stakes battle over AI power is escalating in the private sector. A group of investors led by Musk — who now heads Trump’s Department of Government Efficiency — has made a $97.4 billion bid to acquire the nonprofit behind OpenAI. OpenAI CEO Sam Altman, attending the Paris summit, swiftly rejected the offer on X. The US-China rivalry In Beijing, officials on Monday condemned Western efforts to restrict access to AI tools, while Chinese company DeepSeek’s new AI chatbot has prompted calls in the U.S. Congress to limit its use over security concerns. China promotes open-source AI, arguing that accessibility will ensure global AI benefits. French organizers hope the summit will boost investment in Europe’s AI sector, positioning the region as a credible contender in an industry shaped by U.S.-China competition. French President Emmanuel Macron, addressing the energy demands of AI, contrasted France’s nuclear-powered approach with the U.S.’s reliance on fossil fuels, quipping: France won’t “drill, baby, drill,” but “plug, baby, plug.” Vance’s diplomatic tour will continue in Germany, where he will attend the Munich Security Conference and press European allies to increase commitments to NATO and Ukraine. He may also meet with Ukrainian President Volodymyr Zelenskyy. Talking Ukraine and Middle East with Macron Vance will discuss Ukraine and the Middle East over a working lunch with Macron. Like Trump, he has questioned U.S. aid to Kyiv and the broader Western strategy toward Russia. Trump has pledged to end the war in Ukraine within six months of taking office. Vance is also set to meet separately with Indian Prime Minister Narendra Modi and European Commission President Ursula von der Leyen. Associated Press writers Sylvie Corbet and Kelvin Chan in Paris contributed to this report. —Aamer Madhani and Thomas Adamson, Associated Press View the full article

A study shows AI chatbot referrals outperform search in engagement and conversions. Here’s what 7 million sessions reveal about the future of transactional traffic. The post Transactional AI Traffic: A Study Of Over 7 Million Sessions appeared first on Search Engine Journal. View the full article

There are times when blocking someone on Discord just seems downright harsh. Plus, when you block someone, they'll know that you've done so, which might lead to unwanted drama. Perhaps you simply want to ignore that they exist. You can go on with your merry life, and they can do their own thing. No hard feelings. Well, Discord has now added a feature appropriately called Ignore, so you can do just that. What does it mean to Ignore someone on Discord?Ignore is basically a mute feature. It lets you mute someone who's annoying or downright abusive. All without the added drama that comes with outright blocking someone. You can even use it to take a temporary break from someone, since they won't know when you've ignored them. Ignored users will still be able to see your profile, and they can still send you messages, it's just that you'll remain blissfully unaware of these interactions unless you choose to peak at them. When an ignored user send a message in group chats, DMs, or anywhere across the server, their messages will be hidden by default, but you'll have an option to view them using the Show button. You also won't get notifications about their activity. And when you visit the profile of someone you've ignored, you'll see a full-screen page reminding you that you're supposed to be ignoring this person. But, of course, you can view their profile if you must. The Ignore feature carries on to voice chat as well. You'll receive a warning telling you when you're about to join a voice chat with an ignored user. Here, too, you can ignore the warning if you'd like, but you will be able to hear the ignored user—there's no mute function in voice calls. How to Ignore a user in DiscordThere are two main ways you can Ignore a user. You can do so from the person's profile, or right from your Direct Messages if you've already got a conversation going with them. Visit their profile, or click their name in a group chat, then click the three-dotted Menu icon, and click the Ignore button. Credit: Khamosh Pathak From the popup, click the Ignore button to confirm. Credit: Khamosh Pathak To do this from a Direct Message with the user you want to ignore, right-click on the profile name and choose the Ignore option. At first, you'll still see their name in your Direct Messages list, though. Right-click and choose the Close DM feature to remove them from the list. You can always access their DMs or profile again but going to the Friends > All section. You can also easily reverse ignoring someone. Go back to their profile and click the Unignore button next to the You ignored them notice. View the full article

Are you considering a new business venture and wondering how to start a farm? It’s an ambitious goal. And you’re not alone in your thinking. In fact, a staggering 90% of all US farms fall under the small farm business category. Ready to get your hands dirty? If the answer is yes, start exploring our How to Start a Farm guide, which will help you make your small farm dreams a reality. How to Start a Farm: A Step-by-Step Guide There are various types of farms that aspiring entrepreneurs can establish. While each type may have its unique characteristics, several essential steps are common to most new farming ventures. Here are the key tips that aspiring farmers should be aware of. We will guide you through exactly how to start a farm. Identify Your Farming Niche Choosing the right farming niche is a critical step for farmers just starting out, as it sets the foundation for their agricultural journey. Begin by assessing your interests, skills, and resources, such as land, water, and capital. Research the market demand, focusing on local food preferences and trends in your area to identify potential sales opportunities. For your target market, niche markets can often command higher prices but may also require more specialized knowledge or marketing efforts. Evaluate how the environmental and economic sustainability of the niche corresponds with your values and objectives. Gain Farming Experience Starting to get experience in your chosen field is equally important for any aspiring farmer. Start small to manage risks and learn the ins and outs of your niche. A good way to start getting experience is through apprenticeships or working directly with large-scale producers or under-experienced farmers and ranchers in your chosen field. Practical experience is invaluable, so consider internships, volunteer opportunities, or working on a farm that specializes in your area of interest. Make sure you prioritize networking and collaborating with other farmers and industry professionals face-to-face and via social media or mailing lists. This will provide insights and expert advice and help you stay connected to the farming community. Educational resources like agricultural courses, workshops, and online forums can enhance your understanding. Keep in mind that farming is a lifelong learning journey, and being adaptable is essential for managing the challenges and changes in the agricultural landscape. Find Suitable Land for Your Farm Consider a few key things when looking for the perfect spot for starting a farming business. First, the soil is super important; it needs to be rich and ready to grow your crops. You’ll want a place with just the right climate, too. The area’s conservation needs are equally important. Additionally, start your market research before you begin farming. Look at how close you are to farmers’ markets, where you can sell your farm goodies like fruit, livestock, and dairy farm products. Being too far away could make getting your products to customers tough and expensive. And don’t forget about water! Your farm will need plenty of it to keep everything green and growing. So, take your time to check out the land, test the soil, and maybe even chat with some nearby farmers to get more insights into the surrounding area. Make sure you also look at zoning laws and property tax implications. For those interested in farming with livestock, the USDA has specific guidelines for the amount of space required for certain farm animals – mostly hoofed animals and poultry. So make sure there’s enough space to meet those requirements while allowing room for your farm to grow over time. Make a Farming Business Plan Creating a farm business plan is akin to crafting a roadmap for your farming journey. It provides clarity on your destination and the steps needed to reach it. Here’s what to include: Executive Summary: This is a quick snapshot of your farm’s mission, business name, and what you plan to grow or raise. Company Description: Dive into what makes your farm special and the kind of farming you’re into, like organic veggies or free-range chickens. Market Analysis: Show what you’ve learned about what people want to buy and who else is farming in your area. Organization and Management: Outline who’s running the farm and how it’s structured. If it’s just you, that’s cool, but if you’ve got a team, let everyone know who does what. Products and Services: List what you’ll sell, like fresh carrots or honey, and any extra services you might offer. Marketing Plan: Outline how you plan to promote your farm products and highlight what sets them apart from existing options. Financial Plan and Projections: Talk about how much revenue you think you’ll make and where it’ll come from. Be honest about the costs, too, like seeds and farm start equipment. This plan isn’t just a one-time thing; it’s something you’ll come back to and tweak as your farm grows and changes. It’s your farm’s story, with numbers and goals to aim for. Decide on a Business Structure Picking the right business structure is a big deal for any startup farm. It shapes everything from how you pay taxes to how much paperwork you have to deal with. Here’s how to consider your business structure before starting a farming business: Sole Proprietorship: This is the simplest way to go. It’s just you running the show, which means less paperwork and full control, but it also means you’re personally on the hook for any debts or issues. Partnership: If you’re teaming up with someone else, this might be the way to go. You share the responsibilities and the profits, but remember, you also share any problems that come up. Limited Liability Company (LLC): An LLC can give you the best of both worlds. You get some protection from personal liability, like in a corporation, but with the tax benefits and flexibility of a smaller operation. Corporation (C-Corp or S-Corp): Going this route means your farm is a totally separate entity from you, which is great for protecting your personal assets. But it also means more rules, more taxes, and more paperwork. Think about what makes sense for your farm’s size, your goals, and how much personal risk you’re willing to take. It’s a good idea to chat with a financial advisor or lawyer to help you make the best choice. Look into Financing Options Getting the cash to start or grow your farm business through loans, government grants, or private investment options is a big step in starting a farming business. You’ve got a few options to consider. Traditional bank loans are one route, but they often require collateral or a track record. Government programs, especially those geared towards agriculture, can be a great help, offering loans with better terms for new farmers or specific projects like conservation. Don’t overlook grants, which are like free money for specific farming activities or research. Many programs and services offer grants to people starting farming businesses. Another path is reaching out to investors or even trying crowdfunding, where lots of people chip in a little bit to support your dream. Remember, each option has its pros and cons, so it’s important to think about what makes the most sense for your farm’s needs and your financial situation. Consider Farm Insurance When you dive into the details of how to start farming, getting the right insurance can safeguard your hard work and investment from unexpected events. Here’s what you should think about: Property Insurance: This covers buildings and equipment. Whether a storm damages your barn or a fire takes out a tractor, you’re protected. Crop Insurance: Mother Nature can be unpredictable. Crop insurance helps you recover financially if your harvest is hit by drought, floods, or pests. Liability Insurance: If someone gets hurt on your farm or something goes wrong with your products, liability insurance has your back. Livestock Insurance: For those raising animals, this insurance can cover losses from things like disease or accidents. Workers’ Compensation: If you’ve got people working for you, this is a must. It covers them if they’re injured on the job. Choosing the right mix of insurance means looking at your farm’s specific needs and risks. It’s worth chatting with an insurance agent who knows the ins and outs of farming to tailor coverage that fits just right. Source Equipment, Seeds, or Livestock Starting a farming business, you’ll need the right tools, seeds, and maybe even animals to get things rolling. For equipment, look for deals on both new and used items; sometimes, local farm auctions or online marketplaces can be gold mines for good finds. When it comes to seeds, choose reputable suppliers who offer high-quality, climate-appropriate varieties. If your vision includes livestock, research breeders, or farms with a strong reputation for healthy, well-cared-for animals. Don’t forget that networking with other farmers can lead you to insider tips on where to get the best deals and products. Building relationships with suppliers and fellow farmers can also provide valuable support as your farm grows. Start Farming Kicking off the growing process on your new farm is an exciting moment. Begin by prepping your land, ensuring the soil is fertile and ready to prepare it for planting. You can do this by testing it and adding any needed nutrients. Next, carefully select your seeds or young plants, considering what thrives in your local climate and soil type. Planting should follow the natural rhythms of the seasons, with attention to optimal planting times for each crop. Research and plan this before starting a farming business. As your plants start to grow, keep a close eye on them, watering as needed and keeping weeds and pests at bay. Then, patiently wait for your crops to grow so you can reap the rewards of your first harvest. Consider hiring employees for your farm, especially a farmhand if you’re just starting out. Start to Sell Your Products Selling your crops for the first time is a thrilling step in your farming journey. It’s all about finding the right places where your fresh produce will shine and attract buyers. Here are some effective ways to sell your crops: Farmers Markets: This traditional option allows you to engage directly with customers who appreciate fresh, local produce. It’s also an excellent place to gather feedback and cultivate a loyal customer base. Community Supported Agriculture (CSA): Start a CSA program where people pay upfront for a share of your harvest throughout the season. It’s a win-win; you get early cash to help run the farm, and members enjoy regular fresh goods. Local Restaurants and Grocers: Partner with chefs and store owners looking for quality, locally sourced ingredients. It can be a steady outlet for your produce and boost your farm’s reputation. Online Sales: Set up an online store or join a digital marketplace for local foods. This can broaden your reach beyond the local community. Remember, successful selling starts with quality products and building strong relationships with your buyers. Keep them informed about what’s growing and ready for sale, and always listen to their needs and feedback. Market Your Farm Business Marketing your small farm business is all about telling your farm’s unique story and connecting with people who love fresh, local food. Start by creating a catchy name and logo that captures the essence of your farm. Use social media platforms like Instagram and Facebook to share beautiful photos of your crops, updates from the farm, and special events. Don’t underestimate the power of word-of-mouth; happy customers will spread the word faster than you think. Consider setting up a website where people can learn more about your farm, what you grow, and how to buy your products. Make sure you learn about search engine optimization and make sure your website has things like https. Participating in local farmers’ markets and community events is also a great way to get your name out there and meet your customers face-to-face. Remember, the goal is to build a community around your farm that supports and values the hard work you put into growing healthy, sustainable food. Understanding Small Farm Classification The term “small farm” often evokes images of modest plots of land teeming with crops and livestock. However, the official designation of a small farm goes beyond mere acreage to consider financial metrics. Specifically, a farm is classified as “small” based on its Gross Cash Farm Income (GCFI), not the size of its land. If a farm’s GCFI is below $350,000, it falls into the small farm category. This criterion is crucial for understanding and categorizing agriculture’s vast and varied landscape. It ensures that support, resources, and policies are tailored to meet small farm operators’ unique needs and challenges, who play a pivotal role in the agricultural industry. This classification underscores the economic dimensions of farming operations, highlighting the importance of financial performance in defining the scale and scope of a farm’s activities. The Current State of Small Farming in The US Although 90% of all farm businesses are defined as small, their numbers have gradually declined since the 1980s. According to the United States Department of Agriculture statistics, there are about 2 million small farms in the US, with an average size of 450 acres. But it’s important to know that although their numbers have declined, their output has tripled. That’s because of technological improvements in many aspects of farm work. Small farmers contribute about 20% towards the US agricultural products (crops) output. Want to know how your state fares? The USDA has information specific to each state and is a great resource to learn the best states to start a farm. Why Do You Want to Start a Small Farm Business? Beginning farmers in all types of farm product businesses share certain characteristics. Like other farmers, they enjoy outdoor work. They are self-starters, self-sufficient, and not adverse to working seven days a week. Many farmers, including teens interested in agribusiness, who started their own operations grew up in a farm environment, though many others did not. Many want a change in lifestyle. Farming Niches to Consider for a Successful Farm Business Here are a number of farm ideas to spark your interest: Organic Produce Farming: Specializes in growing fruits and vegetables without synthetic fertilizers or pesticides. Aspiring farmers should research organic certification requirements and sustainable soil management practices. Dairy Farming: Involves raising cattle for milk production. New farmers must understand animal husbandry, dairy production cycles, and regulations regarding milk quality and safety. Poultry Farming: Focuses on chicken farming or raising ducks or turkeys for eggs or meat. Beginners should learn about bird health, housing, nutrition, and local poultry farming regulations. Aquaculture: The farming of aquatic organisms like fish, shrimp, or oysters. Prospective farmers need to grasp water quality management, species-specific care, and the technical aspects of aquaculture systems. Hydroponic Farming: This method involves cultivating plants in nutrient-rich water solutions rather than soil. Those interested in how to start a farm using hydroponics should familiarize themselves with the fundamentals of hydroponic systems, plant nutrition, and controlled environment agriculture. Beekeeping: Involves raising bees for honey, wax, and pollination services. Newcomers to beekeeping should study bee biology, hive management, and the role of bees in ecosystem services. Vineyard Management: The cultivation of grapes for wine or table consumption. Aspiring vintners need to know about grape varieties, pruning techniques, and the wine-making process. Potato Farming: A staple with constant demand, potatoes have relatively low production costs. New farmers should consider soil health and crop rotation to maintain productivity. Butterfly Farming: Suitable for small-scale operations, it can serve educational, conservational, and ornamental purposes. Knowledge about butterfly species and habitat requirements is essential. Free-Range Chicken Farming: Raising chickens in a natural environment can set you apart. Familiarize yourself with organic standards and humane practices to appeal to a niche market. Organic Egg Production: Similar to chicken farming, but with a focus on eggs. Ethical treatment and organic feed can command premium prices. Game Bird Farming: Breeding birds like quail, pheasant, and chukar for gourmet markets or hunting preserves. Requires knowledge of specific bird care and licensing. Floriculture: Cultivating flowers can diversify farm offerings and attract a different customer base. Conduct market research on popular varieties and bouquet arrangements can add value. Alligator Farming: Ideal for warmer climates, alligator farming for meat and hides requires specific habitat conditions and regulatory compliance. Dairy Goat Farming: A viable option for those sensitive to cow’s milk, with a growing market for goat cheese and milk products. Understanding goat care and milking routines is key. Strawberry Cultivation: Highly seasonal with intense labor demands during the harvest period. Site selection and pest management are critical for a successful crop. Sunflower Cultivation: Not just visually appealing, but also useful for seed and oil production. Requires knowledge of soil fertility and spacing for optimal growth. Beekeeping: In demand for both honey production and pollination services. Understanding bee behavior and hive management is crucial for success. Hay Production: Specializes in grass cultivation for animal feed, avoiding typical chemical treatments. A comprehensive weed management strategy prior to sowing is essential. Deer Husbandry: Deer farming offers opportunities in the market for venison and antlers, but it requires ample space and secure fencing. Understanding deer biology and breeding techniques is essential. Aquaculture: Includes farming of crawfish, shrimp, oysters, and catfish, primarily in warmer regions. Water quality and species-specific care are paramount. Rabbit Farming: Known for rapid reproduction, with opportunities in meat production or luxury fibers like angora. Understanding breeding and care protocols is important. Sod Production: Involves growing and harvesting turf grass. Requires large-scale equipment and expertise in turf management and installation. Lawn care knowledge is equally beneficial. Specialty Tomato Farming: Focus on niche markets by growing rare or low-acid tomato varieties. Understanding tomato breeding, disease management, and effective marketing strategies can give you a competitive edge. How Much Does it Cost to Start a Farm? Venturing into the world of starting a farming business can be both exciting and daunting, especially when considering the financial implications. The costs associated with starting a farm can vary significantly based on a number of factors. Here’s a breakdown: Land Acquisition: Buying Land: If you’re starting from scratch and purchasing land, this will be your most significant cost. Prices per acre can vary dramatically based on location, accessibility, and fertility. Renting or Leasing: An alternative to buying is renting or leasing farmland. This can be more cost-effective in the short term but does not provide the long-term security of land ownership. Equipment and Machinery: Depending on the type of farming you’re interested in, you may need tractors, plows, seeders, irrigation systems, and more. Second-hand equipment can sometimes be a more affordable option for beginners. Seeds and Livestock: Whether you’re growing crops and plants or raising animals, there’s an initial investment in seeds or livestock. Organic seeds can be pricier than non-organic, and the breed or type of livestock can also influence costs. Infrastructure: Think barns, fences, storage facilities, and possibly a storefront or roadside stand. These structures can be significant expenses, especially if they need to be built from scratch. Operational Costs: Utilities, insurance, licenses, and labor (if you’re hiring help) all contribute to the recurring expenses of running a farm. Marketing and Distribution: If you’re planning to sell your produce or products, you may need to invest in marketing, transportation, and distribution channels to get your products to consumers. It’s crucial to recognize the value of diversified income streams. The majority of successful small farms often rely on a mix of farm income and “off-farm” income. For many beginner farmers, maintaining a regular job can be a strategic move, providing additional financial support during the initial stages of their farming venture. This can help mitigate risks and ensure stability as the farm grows and becomes more established. Why Small Farms Can Sometimes Fail There are a number of reasons why small farms can sometimes fail: Natural disasters Expensive machinery breakdowns Crop disease loss or animal/poultry disease loss – crop insurance can help, and livestock insurance is available from the USDA. Operating costs are higher than estimated. The Bottom Line The hardest choice may be the type of venture to start. It won’t be easy, but making a living from natural resources and hands-on work on your own farm can be very rewarding. Image: Envato Elements This article, "How to Start a Farm Successfully: From Backyard to Barnyard" was first published on Small Business Trends View the full article

Are you considering a new business venture and wondering how to start a farm? It’s an ambitious goal. And you’re not alone in your thinking. In fact, a staggering 90% of all US farms fall under the small farm business category. Ready to get your hands dirty? If the answer is yes, start exploring our How to Start a Farm guide, which will help you make your small farm dreams a reality. How to Start a Farm: A Step-by-Step Guide There are various types of farms that aspiring entrepreneurs can establish. While each type may have its unique characteristics, several essential steps are common to most new farming ventures. Here are the key tips that aspiring farmers should be aware of. We will guide you through exactly how to start a farm. Identify Your Farming Niche Choosing the right farming niche is a critical step for farmers just starting out, as it sets the foundation for their agricultural journey. Begin by assessing your interests, skills, and resources, such as land, water, and capital. Research the market demand, focusing on local food preferences and trends in your area to identify potential sales opportunities. For your target market, niche markets can often command higher prices but may also require more specialized knowledge or marketing efforts. Evaluate how the environmental and economic sustainability of the niche corresponds with your values and objectives. Gain Farming Experience Starting to get experience in your chosen field is equally important for any aspiring farmer. Start small to manage risks and learn the ins and outs of your niche. A good way to start getting experience is through apprenticeships or working directly with large-scale producers or under-experienced farmers and ranchers in your chosen field. Practical experience is invaluable, so consider internships, volunteer opportunities, or working on a farm that specializes in your area of interest. Make sure you prioritize networking and collaborating with other farmers and industry professionals face-to-face and via social media or mailing lists. This will provide insights and expert advice and help you stay connected to the farming community. Educational resources like agricultural courses, workshops, and online forums can enhance your understanding. Keep in mind that farming is a lifelong learning journey, and being adaptable is essential for managing the challenges and changes in the agricultural landscape. Find Suitable Land for Your Farm Consider a few key things when looking for the perfect spot for starting a farming business. First, the soil is super important; it needs to be rich and ready to grow your crops. You’ll want a place with just the right climate, too. The area’s conservation needs are equally important. Additionally, start your market research before you begin farming. Look at how close you are to farmers’ markets, where you can sell your farm goodies like fruit, livestock, and dairy farm products. Being too far away could make getting your products to customers tough and expensive. And don’t forget about water! Your farm will need plenty of it to keep everything green and growing. So, take your time to check out the land, test the soil, and maybe even chat with some nearby farmers to get more insights into the surrounding area. Make sure you also look at zoning laws and property tax implications. For those interested in farming with livestock, the USDA has specific guidelines for the amount of space required for certain farm animals – mostly hoofed animals and poultry. So make sure there’s enough space to meet those requirements while allowing room for your farm to grow over time. Make a Farming Business Plan Creating a farm business plan is akin to crafting a roadmap for your farming journey. It provides clarity on your destination and the steps needed to reach it. Here’s what to include: Executive Summary: This is a quick snapshot of your farm’s mission, business name, and what you plan to grow or raise. Company Description: Dive into what makes your farm special and the kind of farming you’re into, like organic veggies or free-range chickens. Market Analysis: Show what you’ve learned about what people want to buy and who else is farming in your area. Organization and Management: Outline who’s running the farm and how it’s structured. If it’s just you, that’s cool, but if you’ve got a team, let everyone know who does what. Products and Services: List what you’ll sell, like fresh carrots or honey, and any extra services you might offer. Marketing Plan: Outline how you plan to promote your farm products and highlight what sets them apart from existing options. Financial Plan and Projections: Talk about how much revenue you think you’ll make and where it’ll come from. Be honest about the costs, too, like seeds and farm start equipment. This plan isn’t just a one-time thing; it’s something you’ll come back to and tweak as your farm grows and changes. It’s your farm’s story, with numbers and goals to aim for. Decide on a Business Structure Picking the right business structure is a big deal for any startup farm. It shapes everything from how you pay taxes to how much paperwork you have to deal with. Here’s how to consider your business structure before starting a farming business: Sole Proprietorship: This is the simplest way to go. It’s just you running the show, which means less paperwork and full control, but it also means you’re personally on the hook for any debts or issues. Partnership: If you’re teaming up with someone else, this might be the way to go. You share the responsibilities and the profits, but remember, you also share any problems that come up. Limited Liability Company (LLC): An LLC can give you the best of both worlds. You get some protection from personal liability, like in a corporation, but with the tax benefits and flexibility of a smaller operation. Corporation (C-Corp or S-Corp): Going this route means your farm is a totally separate entity from you, which is great for protecting your personal assets. But it also means more rules, more taxes, and more paperwork. Think about what makes sense for your farm’s size, your goals, and how much personal risk you’re willing to take. It’s a good idea to chat with a financial advisor or lawyer to help you make the best choice. Look into Financing Options Getting the cash to start or grow your farm business through loans, government grants, or private investment options is a big step in starting a farming business. You’ve got a few options to consider. Traditional bank loans are one route, but they often require collateral or a track record. Government programs, especially those geared towards agriculture, can be a great help, offering loans with better terms for new farmers or specific projects like conservation. Don’t overlook grants, which are like free money for specific farming activities or research. Many programs and services offer grants to people starting farming businesses. Another path is reaching out to investors or even trying crowdfunding, where lots of people chip in a little bit to support your dream. Remember, each option has its pros and cons, so it’s important to think about what makes the most sense for your farm’s needs and your financial situation. Consider Farm Insurance When you dive into the details of how to start farming, getting the right insurance can safeguard your hard work and investment from unexpected events. Here’s what you should think about: Property Insurance: This covers buildings and equipment. Whether a storm damages your barn or a fire takes out a tractor, you’re protected. Crop Insurance: Mother Nature can be unpredictable. Crop insurance helps you recover financially if your harvest is hit by drought, floods, or pests. Liability Insurance: If someone gets hurt on your farm or something goes wrong with your products, liability insurance has your back. Livestock Insurance: For those raising animals, this insurance can cover losses from things like disease or accidents. Workers’ Compensation: If you’ve got people working for you, this is a must. It covers them if they’re injured on the job. Choosing the right mix of insurance means looking at your farm’s specific needs and risks. It’s worth chatting with an insurance agent who knows the ins and outs of farming to tailor coverage that fits just right. Source Equipment, Seeds, or Livestock Starting a farming business, you’ll need the right tools, seeds, and maybe even animals to get things rolling. For equipment, look for deals on both new and used items; sometimes, local farm auctions or online marketplaces can be gold mines for good finds. When it comes to seeds, choose reputable suppliers who offer high-quality, climate-appropriate varieties. If your vision includes livestock, research breeders, or farms with a strong reputation for healthy, well-cared-for animals. Don’t forget that networking with other farmers can lead you to insider tips on where to get the best deals and products. Building relationships with suppliers and fellow farmers can also provide valuable support as your farm grows. Start Farming Kicking off the growing process on your new farm is an exciting moment. Begin by prepping your land, ensuring the soil is fertile and ready to prepare it for planting. You can do this by testing it and adding any needed nutrients. Next, carefully select your seeds or young plants, considering what thrives in your local climate and soil type. Planting should follow the natural rhythms of the seasons, with attention to optimal planting times for each crop. Research and plan this before starting a farming business. As your plants start to grow, keep a close eye on them, watering as needed and keeping weeds and pests at bay. Then, patiently wait for your crops to grow so you can reap the rewards of your first harvest. Consider hiring employees for your farm, especially a farmhand if you’re just starting out. Start to Sell Your Products Selling your crops for the first time is a thrilling step in your farming journey. It’s all about finding the right places where your fresh produce will shine and attract buyers. Here are some effective ways to sell your crops: Farmers Markets: This traditional option allows you to engage directly with customers who appreciate fresh, local produce. It’s also an excellent place to gather feedback and cultivate a loyal customer base. Community Supported Agriculture (CSA): Start a CSA program where people pay upfront for a share of your harvest throughout the season. It’s a win-win; you get early cash to help run the farm, and members enjoy regular fresh goods. Local Restaurants and Grocers: Partner with chefs and store owners looking for quality, locally sourced ingredients. It can be a steady outlet for your produce and boost your farm’s reputation. Online Sales: Set up an online store or join a digital marketplace for local foods. This can broaden your reach beyond the local community. Remember, successful selling starts with quality products and building strong relationships with your buyers. Keep them informed about what’s growing and ready for sale, and always listen to their needs and feedback. Market Your Farm Business Marketing your small farm business is all about telling your farm’s unique story and connecting with people who love fresh, local food. Start by creating a catchy name and logo that captures the essence of your farm. Use social media platforms like Instagram and Facebook to share beautiful photos of your crops, updates from the farm, and special events. Don’t underestimate the power of word-of-mouth; happy customers will spread the word faster than you think. Consider setting up a website where people can learn more about your farm, what you grow, and how to buy your products. Make sure you learn about search engine optimization and make sure your website has things like https. Participating in local farmers’ markets and community events is also a great way to get your name out there and meet your customers face-to-face. Remember, the goal is to build a community around your farm that supports and values the hard work you put into growing healthy, sustainable food. Understanding Small Farm Classification The term “small farm” often evokes images of modest plots of land teeming with crops and livestock. However, the official designation of a small farm goes beyond mere acreage to consider financial metrics. Specifically, a farm is classified as “small” based on its Gross Cash Farm Income (GCFI), not the size of its land. If a farm’s GCFI is below $350,000, it falls into the small farm category. This criterion is crucial for understanding and categorizing agriculture’s vast and varied landscape. It ensures that support, resources, and policies are tailored to meet small farm operators’ unique needs and challenges, who play a pivotal role in the agricultural industry. This classification underscores the economic dimensions of farming operations, highlighting the importance of financial performance in defining the scale and scope of a farm’s activities. The Current State of Small Farming in The US Although 90% of all farm businesses are defined as small, their numbers have gradually declined since the 1980s. According to the United States Department of Agriculture statistics, there are about 2 million small farms in the US, with an average size of 450 acres. But it’s important to know that although their numbers have declined, their output has tripled. That’s because of technological improvements in many aspects of farm work. Small farmers contribute about 20% towards the US agricultural products (crops) output. Want to know how your state fares? The USDA has information specific to each state and is a great resource to learn the best states to start a farm. Why Do You Want to Start a Small Farm Business? Beginning farmers in all types of farm product businesses share certain characteristics. Like other farmers, they enjoy outdoor work. They are self-starters, self-sufficient, and not adverse to working seven days a week. Many farmers, including teens interested in agribusiness, who started their own operations grew up in a farm environment, though many others did not. Many want a change in lifestyle. Farming Niches to Consider for a Successful Farm Business Here are a number of farm ideas to spark your interest: Organic Produce Farming: Specializes in growing fruits and vegetables without synthetic fertilizers or pesticides. Aspiring farmers should research organic certification requirements and sustainable soil management practices. Dairy Farming: Involves raising cattle for milk production. New farmers must understand animal husbandry, dairy production cycles, and regulations regarding milk quality and safety. Poultry Farming: Focuses on chicken farming or raising ducks or turkeys for eggs or meat. Beginners should learn about bird health, housing, nutrition, and local poultry farming regulations. Aquaculture: The farming of aquatic organisms like fish, shrimp, or oysters. Prospective farmers need to grasp water quality management, species-specific care, and the technical aspects of aquaculture systems. Hydroponic Farming: This method involves cultivating plants in nutrient-rich water solutions rather than soil. Those interested in how to start a farm using hydroponics should familiarize themselves with the fundamentals of hydroponic systems, plant nutrition, and controlled environment agriculture. Beekeeping: Involves raising bees for honey, wax, and pollination services. Newcomers to beekeeping should study bee biology, hive management, and the role of bees in ecosystem services. Vineyard Management: The cultivation of grapes for wine or table consumption. Aspiring vintners need to know about grape varieties, pruning techniques, and the wine-making process. Potato Farming: A staple with constant demand, potatoes have relatively low production costs. New farmers should consider soil health and crop rotation to maintain productivity. Butterfly Farming: Suitable for small-scale operations, it can serve educational, conservational, and ornamental purposes. Knowledge about butterfly species and habitat requirements is essential. Free-Range Chicken Farming: Raising chickens in a natural environment can set you apart. Familiarize yourself with organic standards and humane practices to appeal to a niche market. Organic Egg Production: Similar to chicken farming, but with a focus on eggs. Ethical treatment and organic feed can command premium prices. Game Bird Farming: Breeding birds like quail, pheasant, and chukar for gourmet markets or hunting preserves. Requires knowledge of specific bird care and licensing. Floriculture: Cultivating flowers can diversify farm offerings and attract a different customer base. Conduct market research on popular varieties and bouquet arrangements can add value. Alligator Farming: Ideal for warmer climates, alligator farming for meat and hides requires specific habitat conditions and regulatory compliance. Dairy Goat Farming: A viable option for those sensitive to cow’s milk, with a growing market for goat cheese and milk products. Understanding goat care and milking routines is key. Strawberry Cultivation: Highly seasonal with intense labor demands during the harvest period. Site selection and pest management are critical for a successful crop. Sunflower Cultivation: Not just visually appealing, but also useful for seed and oil production. Requires knowledge of soil fertility and spacing for optimal growth. Beekeeping: In demand for both honey production and pollination services. Understanding bee behavior and hive management is crucial for success. Hay Production: Specializes in grass cultivation for animal feed, avoiding typical chemical treatments. A comprehensive weed management strategy prior to sowing is essential. Deer Husbandry: Deer farming offers opportunities in the market for venison and antlers, but it requires ample space and secure fencing. Understanding deer biology and breeding techniques is essential. Aquaculture: Includes farming of crawfish, shrimp, oysters, and catfish, primarily in warmer regions. Water quality and species-specific care are paramount. Rabbit Farming: Known for rapid reproduction, with opportunities in meat production or luxury fibers like angora. Understanding breeding and care protocols is important. Sod Production: Involves growing and harvesting turf grass. Requires large-scale equipment and expertise in turf management and installation. Lawn care knowledge is equally beneficial. Specialty Tomato Farming: Focus on niche markets by growing rare or low-acid tomato varieties. Understanding tomato breeding, disease management, and effective marketing strategies can give you a competitive edge. How Much Does it Cost to Start a Farm? Venturing into the world of starting a farming business can be both exciting and daunting, especially when considering the financial implications. The costs associated with starting a farm can vary significantly based on a number of factors. Here’s a breakdown: Land Acquisition: Buying Land: If you’re starting from scratch and purchasing land, this will be your most significant cost. Prices per acre can vary dramatically based on location, accessibility, and fertility. Renting or Leasing: An alternative to buying is renting or leasing farmland. This can be more cost-effective in the short term but does not provide the long-term security of land ownership. Equipment and Machinery: Depending on the type of farming you’re interested in, you may need tractors, plows, seeders, irrigation systems, and more. Second-hand equipment can sometimes be a more affordable option for beginners. Seeds and Livestock: Whether you’re growing crops and plants or raising animals, there’s an initial investment in seeds or livestock. Organic seeds can be pricier than non-organic, and the breed or type of livestock can also influence costs. Infrastructure: Think barns, fences, storage facilities, and possibly a storefront or roadside stand. These structures can be significant expenses, especially if they need to be built from scratch. Operational Costs: Utilities, insurance, licenses, and labor (if you’re hiring help) all contribute to the recurring expenses of running a farm. Marketing and Distribution: If you’re planning to sell your produce or products, you may need to invest in marketing, transportation, and distribution channels to get your products to consumers. It’s crucial to recognize the value of diversified income streams. The majority of successful small farms often rely on a mix of farm income and “off-farm” income. For many beginner farmers, maintaining a regular job can be a strategic move, providing additional financial support during the initial stages of their farming venture. This can help mitigate risks and ensure stability as the farm grows and becomes more established. Why Small Farms Can Sometimes Fail There are a number of reasons why small farms can sometimes fail: Natural disasters Expensive machinery breakdowns Crop disease loss or animal/poultry disease loss – crop insurance can help, and livestock insurance is available from the USDA. Operating costs are higher than estimated. The Bottom Line The hardest choice may be the type of venture to start. It won’t be easy, but making a living from natural resources and hands-on work on your own farm can be very rewarding. Image: Envato Elements This article, "How to Start a Farm Successfully: From Backyard to Barnyard" was first published on Small Business Trends View the full article

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