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Understanding the cost of goods sold (COGS) is essential for businesses. It plays a significant role in decisions related to inventory, pricing, and more. But what does it really mean? This article explains what COGS is, how to calculate it, and other important information you should be aware of. What is Cost of Goods Sold? Cost of Goods Sold (COGS) is a critical financial metric for businesses. It directly reflects the cost of producing the goods or services a company sells. Here is an expanded explanation: Definition: The cost of goods sold (COGS) refers to the direct expenses incurred in the production of goods that a company sells. This encompasses the costs of materials and direct labor required for production. For retailers or distributors, COGS generally represents the total amount spent on the merchandise sold during a given period. Importance in Pricing and Inventory Levels: By understanding the cost to produce each unit sold, businesses can accurately price their goods to ensure they’re profitable. COGS also helps in maintaining optimal inventory levels. By tracking the costs associated with each product, businesses can decide which items to stock more or less of based on their profitability. Role in Determining Gross Margin: Gross margin is the revenue a company makes after deducting the COGS from its total revenue. It’s a key profitability metric that investors and analysts use to compare a company’s efficiency with its competitors. Relevance in Financial Performance: Understanding the cost of goods sold (COGS) and accurately calculating it for a specific accounting period helps businesses gain insights into their overall financial performance. An increase in COGS may suggest the need to seek more affordable suppliers or enhance operational efficiencies. Conversely, a decrease in COGS could indicate improved efficiency or the use of less expensive materials. Inclusion in Income Statements: COGS is typically reported in a company’s income statement. It’s deducted from the company’s gross revenue to determine its gross profit. To sum up, COGS is an important aspect of financial reporting and operational efficiency. It directly impacts a company’s bottom line and overall financial health. Thus, businesses must accurately calculate and closely monitor their COGS. Direct Costs Vs. Indirect Costs Direct costs and indirect costs are two fundamental types of expenses that businesses encounter. They serve different purposes and are accounted for in different ways in financial reporting. Let’s delve deeper: Direct Costs Definition: A direct cost is an expense that a business can specifically attribute to the manufacturing or production of goods or services. They are often variable costs, changing based on the level of production. Examples: Materials used in production and direct labor (wages for the employees who directly contribute to the production of goods) are common examples of direct costs. For instance, in a car manufacturing company, the cost of steel and wages for assembly line workers would be considered direct costs. Tracking and Accounting: Direct costs can be accurately traced and assigned to the production of specific goods or services. In financial statements, they are often included as part of the Cost of Goods Sold (COGS). Indirect Costs Definition: Indirect costs are the overhead expenses that are not directly tied to the production of a specific good or service. These costs are generally fixed and are incurred irrespective of the level of production. Examples: Rent, utilities, administrative salaries, and advertising costs are examples of indirect costs. For instance, in the same car manufacturing company, the electricity bills for the office building and the salary of the CEO would be considered indirect costs. Tracking and Accounting: Because they cannot be directly linked to any one product, indirect costs are distributed across all units produced. These costs often show up on the income statement under operating expenses. Understanding the difference between direct and indirect costs is crucial for businesses as it allows them to: Calculate Gross Profit: Gross profit is calculated by subtracting direct costs (COGS) from revenue. Determine Overhead Rate: Overhead rate, which is used to apply indirect costs to products, is determined based on total indirect costs. Price Products Accurately: By comprehending both direct and indirect costs, businesses can set their product prices accurately to guarantee profitability. Manage Costs: Recognizing which costs are direct and which are indirect can help a business identify areas where costs can be managed more effectively. How to Calculate Cost of Goods Sold COGS can provide a deeper understanding of the business’s profitability as well as help to identify areas where cost control can be improved upon. It can be calculated easily by following these steps: Calculate the opening inventory To calculate the opening inventory, simply add up the cost of any goods that were in stock at the start of your chosen period. Add up total purchases The total purchases are all the costs associated with buying goods during your chosen period, such as purchase price, freight costs, and other related expenses. Subtract closing inventory The closing inventory refers to any goods still in stock at the end of your chosen period. You need to subtract this number from your opening inventory and total purchases to get your COGS figure. Cost of Goods Sold Formula Cost Of Goods Sold = Opening Inventory + Purchases – Closing Inventory What COGS Includes COGS is an important concept in accounting firms and finance and includes four major components – direct materials, direct labor, manufacturing overhead, and selling expenses. Let’s take a look at each of these components in more detail. Direct Materials Direct materials are the raw materials used to make a product. They can include items such as lumber for furniture, leather for shoes, or fabric for clothing. The fixed costs associated with these items are considered part of the cost of goods sold. Direct Labor Direct labor refers to the time and resources needed to manufacture a product. This may include direct labor costs like employee wages or commissions, payroll taxes, and other benefits associated with employees working on the product. Manufacturing Overhead Manufacturing overhead refers to general costs associated with running a business, such as equipment repairs and maintenance, plant rent, or utilities used during production. These costs are also included in the cost of goods sold calculation. Selling Expenses Selling expenses refer to advertising and selling activities associated with selling a product. This includes things like marketing campaigns, transportation costs related to selling the product, and any commissions paid to sales representatives or agents who help with sales efforts. What Cost Of Goods Sold Does NOT Include COGS excludes four key components: research and development costs, general and administrative expenses, non-manufacturing overhead, and income taxes. Let’s examine each of these components in more detail. Research And Development Costs Research and development costs refer to the costs associated with researching new products or processes. These costs are not included in the COGS calculation since they do not directly relate to the production of a product. General And Administrative Expenses General and administrative expenses are those related to running a business, such as office rent or professional services, such as legal fees or accounting services. These expenses are considered separate from COGS. Non-Manufacturing Overhead Non-manufacturing overhead refers to expenses associated with running a business that do not directly relate to production activities, such as marketing campaigns or travel expenses for sales representatives. These costs are excluded from the cost of goods sold calculation. Income Taxes Income taxes are considered expense items that are not included in the cost of goods sold calculation, as they have already been accounted for in gross profit when determining net income. What is a Cost of Goods Sold Example? COGS is an important metric to help business owners assess the profitability of their operations. To understand this concept better, let’s look at a simple COGS example. A small business starts the fiscal year with 500 units of inventory at a cost of $4.50 each, for a total beginning inventory of $2,250. During the fiscal year, they purchase 1,500 additional units at a cost of $5 each, for a total purchase expenditure of $7,500. At the end of the fiscal year, their remaining inventory is 400 units at a cost of $5 each, bringing their total closing inventory to $2,000. Using the formula above, we can calculate that the Cost Of Goods Sold (COGS) during this period is: COGS = $2,250 + $7,500 – $2,000 = $7,750 Pros of COGS COGS has many advantages that make it the ideal choice for many businesses. Here are five of the biggest pros of COGS: Easier Inventory Management: Tracking COGS helps businesses keep a better inventory of the goods they have in stock, as well as how much they cost. This makes it easier to adjust production and sales numbers accordingly. Accurate Financial Planning: By calculating the cost of goods sold, companies can better plan their finances. This calculation considers the expenses related to acquiring materials, manufacturing products, and selling them. Better Cash Flow Management: Keeping track of COGS helps companies manage their cash flow more effectively by providing a clear picture of how much money is being spent on inventory costs, production costs, and sales expenses. Reduced Risk of Losses: Knowing exactly how much money is going into purchasing materials, producing goods, and selling them gives companies a better idea of what potential losses could be in different scenarios. This can help businesses reduce risk and make better strategic decisions. More Efficient Internal Control System: Tracking COGS provides companies with greater internal control over their operations by allowing them to monitor expenditures closely and make sure that the costs associated with producing and selling goods remain within acceptable levels. Cons of COGS While COGS offers many advantages to businesses, there are a few potential drawbacks. Here are three of the cons of using COGS: Complexity: Setting up and maintaining a system for tracking costs can be complex and time-consuming. High Initial Setup Costs: There can be a significant upfront investment in both hardware and software that is needed to track costs with COGS. Disconnect from Actual Performance: As COGS track operational costs only, they do not provide an indicator of overall performance or customer satisfaction. Pros of COGSCons of COGS Easier Inventory Management: Tracking COGS helps businesses keep a better inventory of the goods they have in stock, as well as how much they cost. This makes it easier to adjust production and sales numbers accordingly.Complexity: Setting up and maintaining a system for tracking costs can be complex and time-consuming. Accurate Financial Planning: Calculating cost of goods sold allows companies to plan their finances more accurately by taking into account the costs associated with purchasing materials, producing goods, and selling them.High Initial Setup Costs: There can be a significant upfront investment in both hardware and software that is needed to track costs with COGS. Better Cash Flow Management: Keeping track of COGS helps companies manage their cash flow more effectively by providing a clear picture of how much money is being spent on inventory costs, production costs, and sales expenses.Disconnect from Actual Performance: As COGS track operational costs only, they do not provide an indicator of overall performance or customer satisfaction. Reduced Risk of Losses: Knowing exactly how much money is going into purchasing materials, producing goods, and selling them gives companies a better idea of what potential losses could be in different scenarios. This can help businesses reduce risk and make better strategic decisions. More Efficient Internal Control System: Tracking COGS provides companies with greater internal control over their operations by allowing them to monitor expenditures closely and make sure that the costs associated with producing and selling goods remain within acceptable levels. Cost of Goods Sold Accounting Methods COGS accounting methods refer to the various ways in which businesses can account for their costs. Here are five different accounting methods to consider: Operating Expenses vs. COGS Operating expenses are those costs related to running a business, such as salaries and rent, while COGS refers only to the costs incurred in producing goods or services that are sold directly to customers. FIFO FIFO stands for First In, First Out and is an accounting method whereby inventory items purchased first are assumed to be sold first. This method is most accurate when pricing products remains relatively stable over time. Special Identification The Special Identification method is utilized when it is essential to monitor the sale of a particular item or a specific group of items from the inventory. This technique enables businesses to document the precise prices at which each item was sold. Average Cost Average Cost assigns an average cost per unit based on all the purchases made during a given period of time. It simplifies accounting for relatively low-cost items and makes calculating sales revenue easier. LIFO LIFO stands for Last In, First Out and assumes that inventories purchased last should be recorded as being sold first. This approach can be beneficial under certain circumstances, but it can also create discrepancies between actual profits and taxes owed due to inflation. MethodDescriptionProsCons Operating ExpensesCosts related to running a business, such as salaries and rent.Provides a full view of the operational expenses required to run the business.Does not specifically consider the costs associated directly with producing the goods or services sold. COGSCosts incurred in producing goods or services that are sold directly to customers.Provides a clear view of the costs directly associated with producing the goods or services sold.May not provide a full picture of the costs to run the business overall. FIFO (First In, First Out)An accounting method whereby inventory items purchased first are assumed to be sold first.Most accurate when pricing products remains relatively stable over time.Can overstate profit if prices are rising because it assumes cheaper older inventory is being sold first. Special IdentificationUsed when it's important to track the sale of a specific item or group of items from the inventory.Allows businesses to record the exact prices at which each item was sold.It is labor-intensive and more complex than other methods. Average CostAssigns an average cost per unit based on all the purchases made during a given period of time.Simplifies accounting for relatively low-cost items and makes calculating sales revenue easier.May not accurately reflect cost of items if there are wide price fluctuations within the period. LIFO (Last In, First Out)Assumes that inventories purchased last should be recorded as being sold first.Can reduce income taxes in periods of inflation because it assumes more expensive newer inventory is being sold first.It can create discrepancies between actual profits and taxes owed due to inflation, and may not accurately reflect physical flow of inventory. Strategies for Optimizing Cost of Goods Sold (COGS) Optimizing the Cost of Goods Sold (COGS) is crucial for improving a business’s profitability and efficiency. Here are several strategies that businesses can implement to effectively manage and reduce their COGS: Efficient Inventory Management Just-In-Time Inventory: Adopt a just-in-time inventory system to reduce holding costs. This approach ensures that materials are purchased and received only as they are needed in the production process, minimizing storage expenses. Regular Inventory Audits: Conduct regular inventory audits to prevent overstocking and obsolescence. Efficient inventory tracking can help identify slow-moving items that tie up capital. Streamlining Production Processes Lean Manufacturing: Implement lean manufacturing principles to eliminate waste in the production process. Streamlining operations can reduce unnecessary labor and resource costs. Process Automation: Invest in automation where feasible. Automation can lead to more consistent production quality and lower labor costs in the long term. Strategic Sourcing and Purchasing Bulk Purchasing: Consider bulk purchasing for raw materials to take advantage of volume discounts. However, balance this with the risk of overstocking. Supplier Negotiations: Regularly negotiate with suppliers for better pricing or payment terms. Building strong relationships with suppliers can also lead to cost savings. Product Design Optimization Cost-Effective Materials: Evaluate if less expensive materials can be used without compromising product quality. Sometimes, minor adjustments in design can significantly reduce costs. Product Design Efficiency: Design products for ease of manufacturing. Simplifying the design can reduce production time and material wastage. Quality Control Improvements Reduce Defects and Waste: Implement quality control systems to minimize defects and rework. Reducing errors in production can save both materials and labor costs. Continuous Improvement Culture: Foster a culture of continuous improvement that inspires employees to pinpoint inefficiencies and propose methods for lowering costs. Outsourcing Non-Core Activities Contract Manufacturing: For certain businesses, outsourcing production to contract manufacturers can be more economical than handling it in-house, particularly for specialized or low-volume products. Outsource Peripheral Activities: Consider outsourcing peripheral activities like packaging or logistics if they can be done more efficiently by third-party providers. Energy and Utility Management Energy-Efficient Practices: Adopt energy-efficient practices in production facilities. Reducing energy consumption can lower utility bills significantly. Training and Workforce Management Employee Training: Invest in employee training to improve labor efficiency. Skilled workers can produce more in less time and with fewer mistakes. Cross-Training: Cross-train employees to handle multiple job roles, especially in areas with fluctuating workloads. This flexibility can reduce labor costs by aligning the workforce with production needs. Final Words Understanding what COGS is and how to calculate it can be an essential part of being a successful business owner. Having an understanding of the basics of a balance sheet, cost accounting, tax brackets, and payroll compliance, as well as business abbreviations and acronyms is also vital for companies to be able to create a business budget that will help make them more profitable. Understanding how to hire a business accountant, avoid common accounting mistakes, ways of increasing your profit margin with available tax deductions, and ensure accuracy in your calculations is important as well. With the right level of knowledge about COGS and other related topics, you will be able to make sure that your business runs smoothly. Is cost of goods sold an expense? Yes, cost of goods sold is an expense. It refers to the costs associated with products or services that have been sold to customers. This includes direct production costs, such as raw materials, as well as indirect costs, such as labor and overhead costs related to manufacturing and distribution. Is cost of goods sold an asset? No, cost of goods sold is not an asset. It is an expense and is reported on the income statement as part of the cost of sales. COGS represents the cost of the inventory that has been sold during a period and thus reduces a company’s profits. Is cost of goods sold a debit or credit? Cost of goods sold is a debit in the accounting journal entries. It typically reduces the inventory account and increases the cost of goods sold expense account. What is beginning inventory in relation to COGS? Beginning inventory is the cost value of the merchandise or goods that a business had on hand at the beginning of a period. Beginning inventory is important to calculate COGS, as it must be subtracted from ending inventory to arrive at COGS. What is cost of sales vs cost of goods sold? Cost of sales and cost of goods sold (COGS) are both measures of the total cost associated with the production and sale of goods. Cost of sales is calculated by adding the beginning inventory to purchases and then subtracting the ending inventory. Cost of goods sold is calculated by subtracting the ending inventory from the beginning inventory. Are Salaries Included in COGS? Salaries are not typically included in COGS and only include the costs associated with all products or services sold by the business during a period, such as raw materials, labor for production, and freight charges. How Does Inventory Affect COGS? If a business has more inventory on hand, the COGS will be higher. Conversely, if there is less inventory available, the COGS will be lower. Changes in the prices of raw materials and labor can also affect the overall COGS. Image: Envato Elements This article, "What is Cost of Goods Sold and How to Calculate It" was first published on Small Business Trends View the full article

Imagine, just for a second, that Post Malone and Shane Gillis are your neighbors—not in a now-you’re-rich-and-live-among-pop-stars-and-comedy-elite way, just your average suburban cul-de-sac situation. This is what Bud Light has been asking of us in its recent Super Bowl ad teasers. In one, we see Post and Gillis through a doorbell cam. In another, Gillis is outlining the rules of actually drinking in a beer ad (no bueno). These were mere sips of what was to come. Today, Bud Light decided to jam a proverbial screwdriver into the side of the can and let the world shotgun its full big game ad ahead of time. Now we know what the tucked golf shirts and jorts hype was all about. Bud Light has turned Malone and Gillis into BMOCs—“Big Men on Cul-De-Sac,” the neighbors responsible for boosting a party. Here, they come to the aid of a needy neighbor by sending out invites, bringing over the lawn-cutting smoker, as well as the biggest cooler I’ve ever seen since that Yeti x Liquid Death casket. Even Peyton Manning takes a break from FanDuel’s “Kick of Destiny” to hang out. Todd Allen, Bud Light’s senior vice president of marketing, says you’d be hard-pressed to find better BMOCs than Malone and Gillis. “Not only are they the most likeable and authentically hilarious guys around, but also longtime fans and partners of Bud Light,” says Allen. “With humor being a staple of Bud Light advertising and the Super Bowl stage, we knew this was the duo that could help us bring to life what I truly believe is one of our funniest spots in years.” https://twitter.com/budlight/status/1883590760273994123 This is Post Malone’s fourth Super Bowl with Bud Light. We’ve taken a peek inside his brain, and seen him with legends. And since he first signed on as a brand partner in 2018, he’s had a limited apparel line and a dive bar concert tour with the brand. Laugh Strategy Gillis signed on with Bud Light a year ago, in the wake of the Dylan Mulvaney fiasco, with a sponsored comedy tour, and then created two hilarious spots for the college football season. If this past year is any indication, the brand should hang on to Gillis and his comedy partner John McKeever for as long as it can. Not only have the spots been hilarious, Gillis’s team is clearly capable of more. The comedian broke down the process behind his recent Notre Dame ad for Under Armour, which he told Pat McAfee was made in just a couple of days. This is what Ryan Reynolds would call “fastvertising,” in its ability to deliver entertaining ads that tap into culture here and now. Allen says fans made it clear they loved the Gillis partnership. “It was a no-brainer for us to keep the momentum going and continue to lean into the iconic humor fans expect from us,” he says. “There’s absolutely no bigger stage to deliver a laugh than Super Bowl, and when you combine a comedic powerhouse like Shane with Bud Light, I think we have a winning formula.” Bud Light sales have not rebounded since the Mulvaney controversy, in which a small promotion with the trans influencer in early 2023 became a lightning rod for “anti-woke” right wing media. Since then, the brand has leaned harder into humor, as well as sports and music sponsorships. https://twitter.com/budlight/status/1882428502487838849 The brand is navigating an overall slowing down of beer sales, thanks to factors that include the growing popularity of ready-to-drink cocktails. It’s also in direct competition with sibling brands. AB InBev has ramped up its marketing and advertising behind Michelob Ultra in the past few years, and that’s helped it outpace Bud Light sales. In this Super Bowl alone, Bud Light is up against fellow AB brands Budweiser, Stella Artois, and Michelob Ultra. With a decrease in craft beer sales, light beer brands like the Kelce brothers-backed Garage Beer see opportunity. But for Bud Light, it’s an ideal time to invest in its brand like this to stoke and deepen its fandom. “We’re staying laser-focused on bringing the best of what fans expect from us—leaning into our iconic humor and staying consistent in how we show up through our mega-platforms throughout the year, like UFC, NFL, college sports, country music and more,” says Allen. “This spot is centered in this objective, focusing on putting fans first, leaning into humor, showcasing epic talent and cementing our role in a relatable setting—the neighborhood.” It’s not quite as epic as the Bud Knight in Westeros, but it may still get you to grab your jorts, pull up your socks, and go find the cooler. View the full article

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Is your website traffic dropping, leaving you unsure of what went wrong? Every day without action means more lost rankings, leads, and revenue. This article outlines a seven-step framework to help you analyze the causes of your traffic drop and create an SEO plan to fix it. What’s causing your traffic to decline? Some website owners hope for a quick fix to restore traffic, but our analysis shows most drops are caused by one or more of the following: Changing search intent. User experience issues. New ads or Google SERP elements. Algorithm updates. Technical issues. Content changes Backlink decay. To fix the ranking drop and regain momentum, follow these steps. Step 1: Analyze your traffic quality The first step is to determine whether the drop affects quality traffic or if Google is simply better at identifying the right audience. Many sites attract random traffic that doesn’t engage. Check if conversions have dropped along with the traffic. If conversions remain stable, the traffic drop likely affects low-quality visitors. However, if exposure to your brand or offer has decreased, a deeper analysis may be needed. Dig deeper: Why traffic declines despite solid rankings and what to do Step 2: Evaluate your content through the user’s eyes Many site owners fail to see their content from the perspective of their ideal client. Search for one of your target keywords on Google. Review the top 3 results that are similar to your page, browsing them as a typical user would – skimming and reading key sections. Then, do the same for your own page. Where are the differences? Be honest: where are competitors better at explaining, presenting, or guiding the user? Use these insights to improve your page. Step 3: Audit and strengthen your backlink profile Backlink issues can be a key factor in why your site ranks above competitors, assuming your content already meets search intent. However, changes in your backlink profile (i.e., link composition, anchor text, or whether links come from link networks) can lead to traffic decline. As search engines become better at identifying legitimate and relevant links, they may devalue existing backlinks, lowering your site’s authority and rankings. Focus on consistently creating linkable assets and distributing them through outreach. Use SEO tools to analyze the backlinks your competitors are acquiring, and look for similar opportunities. Additionally, pitch your linkable assets to journalists through digital PR platforms. This approach can be surprisingly effective. Dig deeper: 13 questions to diagnose and resolve declining organic traffic Step 4: Optimize your content layout for clarity How you present your content matters. For example, expecting users to scroll through a 3,000-word article to find the answer at the end – especially on mobile – can hurt engagement. Make it easy for visitors to find what they’re looking for early on. Include a visible table of contents or key takeaways at the top of the page to guide users. Step 5: Compare your performance against competitors Core updates often impact entire industries. For instance, in recent updates, law firms’ informational content was significantly affected by Reddit threads. While Reddit’s visibility may be declining, UGC platforms like it can still capture traffic from your informational articles. Q&A content, which had performed well for years, is now losing visibility as Google gives more weight to Q&A sites, pushing down rankings for similar content on other sites. Here’s an example of a site that lost some traffic (in blue), while a subreddit gained traffic at the same time (in green): Assess your reliance on Q&A content and monitor how sites like Reddit are impacting your traffic. If you notice this trend, consider: Actively engaging with your brand on these platforms to increase visibility. Diversifying your content to include more commercial and transactional pages, rather than relying solely on informational content. Step 6: Identify what’s still driving results A useful exercise is to analyze which pages are still performing well on your site. While a Google update might lower your site’s overall rankings, individual pages may still rank high on Page 1. Even if some backlinks have been devalued, others may still be driving authority to certain pages, allowing them to maintain strong rankings. Ask yourself: What is different about the pages that are still performing well? Did you follow a different process when writing these pages? Does the user intent differ from the pages that dropped? How do the backlinks to these pages compare to those of pages that lost traffic? Reverse-engineering these successful pages can provide valuable insights into what you can do better. Dig deeper: Get your B2B site unstuck: Top SEO tips for stagnant sites Step 7: Use AI to uncover insights and patterns AI tools can assist in analyzing drops, helping you identify which keywords, types of pages, and URLs are more likely to retain traffic. Export keyword data from tools like Semrush, Ahrefs, or Google Search Console, comparing it to a date before the drop. Upload this data to a language model like ChatGPT for analysis. This can reveal patterns, topics that have dropped, and stable keywords, offering deeper insights. This method is especially helpful for sites ranking for thousands of keywords. Assessing recovery: What to do next If you’ve been affected, follow the steps and track changes over the next 4-6 weeks. If rankings don’t recover, it may be time for a deeper forensic SEO audit and a more tailored strategy. Dig deeper: How to fix a huge traffic drop after rebranding View the full article

Capital One has launched an AI agent designed to help consumers with one of the most frustrating, time-consuming processes in life: buying a car. The banking giant’s Chat Concierge provides information, makes decisions, and takes action using multiple AI agents. Mimicking human reasoning, the product aims to assist consumers in all aspects of the research process involved in making a car purchase, from comparing vehicles to scheduling test drives. “Buying a car is a stressful experience,” says Prem Natarajan, EVP, chief scientist, and head of enterprise AI at Capital One. “The possibility that we can make this really important purchase for people a frictionless experience, a more satisfying experience, a more easy experience is important.” The company is a major provider of auto loans, and already offers Dealer Navigator, a platform that provides car buyers and dealers with resources for the research, sale, and financing processes. Capital One’s new agent comes amid a wave of buzz around agentic AI, with many experts calling it “the way of the future.” Agentic AI can be “magical” for users because it shifts the purpose of artificial intelligence from being a general tool to performing specialized tasks, Natarajan says. In recent weeks, Google and OpenAI have announced their own agentic features that can browse the web and perform tasks on behalf of users. Instacart also recently announced that it would integrate agentic AI to create grocery lists and place orders on customers’ behalf. “Our journey into agentic AI started before it was being talked about,” Natarajan says. “The only way you’re part of any trend is if you were in the early part of shaping it.” [Image: Capital One] The Chat Concierge, which users will find on participating dealers’ websites, orchestrates task completion among multiple specialized AI agents. Capital One will scale up the feature nationwide throughout the year. Customers who walk into a car dealership with lots of questions often can’t find one employee who is able to address all of them. If a customer goes the online route, a typical chatbot will likely take their name and phone number and say that someone will get back to them. Sanjiv Yajnik, president of financial services at Capital One, says Chat Concierge is different because it starts conversing with a customer immediately about any question they might have. In a single conversation, the agent can perform tasks like estimating the value of a trade-in and scheduling appointments with salespeople. “It can look at the inventory and answer a whole bunch of questions,” says Yajnik. For example, if a user tells Chat Concierge that they want a “cheaper” car, the system understands what cheaper means, what to compare it to, and what to offer the user. Chat Concierge uses Meta’s Llama AI as a base, but it’s not out of the box—Capital One has customized the model with its own data. Natarajan and Yajnik say they hope that this system will allow people to enjoy the car-buying process that many find overwhelming. The main goal of Chat Concierge is shifting some of the “cognitive burden” of the job from humans to AI, Natarajan says. And if Capital One’s agent helps more people buy vehicles—well, that will presumably be good for the company’s loan business. View the full article

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Mike Wainwright found guilty by Swiss court of paying more than €5mn in bribes in first conviction of commodity trader for corruptionView the full article

Federal officials on Thursday approved a new type of pain pill designed to eliminate the risks of addiction and overdose associated with opioid medications like Vicodin and OxyContin. The U.S. Food and Drug Administration said it approved Vertex Pharmaceuticals’ Journavx for short-term pain that often follows surgery or injuries. It’s the first new pharmaceutical approach to treating pain in more than 20 years, offering an alternative to both opioids and over-the-counter medications like ibuprofen and acetaminophen. But the medication’s modest effectiveness and lengthy development process underscore the challenges of finding new ways to manage pain. Studies in more than 870 patients with acute pain due to foot and abdominal surgeries showed Vertex’s drug provided more relief than a dummy pill but didn’t outperform a common opioid-acetaminophen combination pill. “It’s not a slam dunk on effectiveness,” said Michael Schuh of the Mayo Clinic, a pharmacist and pain medicine expert who was not involved in the research. “But it is a slam dunk in that it’s a very different pathway and mechanism of action. So, I think that shows a lot promise.” The new drug will carry a list price of $15.50 per pill, making it many times more expensive than comparable opioids, which are often available as generics for $1 or less. Vertex began researching the drug in the 2000s, when overdoses were rocketing upward, principally driven by mass prescribing of opioid painkillers for common ailments like arthritis and back pain. Prescriptions have fallen sharply in the past decade and the current wave of the opioid epidemic is mainly due to illicit fentanyl, not pharmaceutical medicines. Opioids reduce pain by binding to receptors in the brain that receive nerve signals from different parts of the body. Those chemical interactions also give rise to opioids’ addictive effects. Vertex’s drug works differently, blocking proteins that trigger pain signals that are later sent to the brain. “In trying to develop medicines that don’t have the addictive risks of opioid medicines, a key factor is working to block pain signaling before it gets to the brain,” Vertex’s Dr. David Altshuler, told the Associated Press last year. Commonly reported side effects with the drug were nausea, constipation, itching, rash, and headache. “The new medication has side effect profiles that are inherently, not only different, but don’t involve the risk of substance abuse and other key side effects associated with opioids,” said Dr. Charles Argoff of the Albany Medical Center, who consulted for Vertex on the drug’s development. The initial concept to focus on pain-signaling proteins came out of research involving people with a rare hereditary condition that causes insensitivity to pain. Vertex has attracted interest from Wall Street for its ambitious drug pipeline that involves winning FDA approval for multiple drugs across several forms of chronic pain, which generally represents a bigger financial opportunity than acute pain. But the Boston drugmaker’s share price plummeted in December when Vertex reported disappointing mid-stage results in a study of patients with chronic nerve pain affecting the lower back and legs. The drug didn’t perform significantly better than placebo, the research found. “We believe the data reflect a near worst-case scenario for this key pipeline program,” biotechnology analyst Brian Abrahams said in a research note to investors, adding that the results jeopardized estimates that Vertex’s pipeline could be worth billions across multiple forms of pain. Still, Vertex executives said they plan to move forward with a new, late-stage study of the drug, theorizing that a different trial design could yield better results and pave the way for FDA approval in chronic pain. AP video journalist Mary Conlon contributed to this story from New York. The Associated Press Health and Science Department receives support from the Howard Hughes Medical Institute’s Science and Educational Media Group and the Robert Wood Johnson Foundation. The AP is solely responsible for all content. —Matthew Perrone, AP Health Writer View the full article

If you enjoy snacking on chocolate-covered pretzels, you’ll want to make sure you don’t have a specific variety of the tasty snacks from Fresh Direct in your possession. That’s because the chocolate-covered pretzels in question contain an undeclared milk allergen that could cause life-threatening health consequences in some people, up to and including death. Here’s what you need to know about the recall. What’s happened? Food distributor United Natural Trading LLC of Edison, New Jersey, has announced a recall of one of its Fresh Direct Dark Chocolate Covered Pretzels products after it was found to contain an undeclared milk allergen. As a result, the company decided to issue a voluntary recall. What product is being recalled? The voluntary recall only includes one product, according to the recall notice posted on the website of the Food And Drug Administration (FDA). The details of the product involved in the recall, which has an undeclared milk allergen, are as follows: Description: Fresh Direct Dark Chocolate Covered Pretzels Lot Number: 24353 Best By Date: 06/30/2025 UPC#: 811102026276 Images of the product can be found here. Where was the recalled product sold? According to the notice on the FDA’s website, the above product was sold online “via a third-party vendor site.” The products were shipped to Connecticut, New Jersey, and New York. What is a milk allergen? A food allergen is a type of food that causes an adverse reaction in the person who consumes it. According to the FDA, there are nine major food allergens. The first one the FDA lists is the milk allergen, which is the reason for this recall. Milk allergens can cause a number of uncomfortable reactions in the body as well as lead to an acute reaction called anaphylaxis, which can be deadly. What are the symptoms of a milk allergy? Milk allergy symptoms are wide-ranging and can differ based on the individual, according to the Mayo Clinic. Symptoms can present within a few minutes to a few hours of consuming the milk product. Immediate symptoms usually include: Hives Wheezing Itching or tingling feeling around the lips or mouth Swelling of the lips, tongue or throat Coughing or shortness of breath Vomiting The Mayo Clinic says the following symptoms may take more time to appear: Loose stools or diarrhea, which may contain blood Abdominal cramps Runny nose Watery eyes Colic, in babies However, the greatest threat from a milk allergen comes from its ability to cause anaphylaxis. Anaphylaxis is a life-threatening allergic reaction that can lead to the person being unable to breathe. Anaphylaxis is a medical emergency that requires immediate treatment as it can lead to death. The Mayo Clinic says signs of anaphylaxis include: Constriction of airways, including a swollen throat that makes it difficult to breathe Facial flushing Itching Shock, with a marked drop in blood pressure What do I do if I have the recalled Fresh Direct pretzels? Do not consume them. Instead, dispose of them. According to the FDA notice, consumers can also retain the packaging for the recalled pretzels and its online receipt or other proof of purchase so they may receive a refund. Consumers can contact United Natural Trading LLC for more information at 732-650-9905 between 9 a.m. and 5 p.m. EST, Monday to Friday. View the full article

Unmasking the authenticity crisis in social media: Explore the impact of fake content and misused AI on genuine connections. The post The Rise Of Authenticity: Why Genuine Connections Will Drive Social Media In 2025 appeared first on Search Engine Journal. View the full article

We may earn a commission from links on this page. I've scoured the February releases on Amazon's Prime platform to find the best new and new-to-streaming movies and shows. This month sees the premiere of Clean Slate, a series created by Norman Lear. There's also a third season of Reacher to enjoy, and an Amazon retelling of the story of King David on tap. So February is pretty eclectic over on Prime. Clean Slate This Amazon original series was dreamed up by the late, great Norman Lear, a man who was known for spinning comedy gold from hot-button social issues with grace. Clean Slate stars actress and trans activist Laverne Cox as Desiree, who returns to her hometown after decades of living in the city. She's been gone for so long, her father, played by George Wallace, doesn't recognize her, mainly because she used to be his son. Starts streaming February 6. Reacher, season 3 Universally praised action series Reacher returns for a third season. Based on Lee Child’s seventh Reacher novel, Persuader, season 3 sees former military operative Jack Reacher going undercover for the DEA in New England and facing off against a character played by Olivier Ritchers, the seven-foot bodybuilder called “the Dutch Giant" in muscle-show circles, and Zachary Beck, played by Anthony Michael Hall, the six-foot tall American actor called "The Geek" in 16 Candles. Starts streaming February 20. House of David No matter what you think of this "God" person, the Bible contains a lot of great stories, including that of David, who, like Madonna, needs no last name. This faith-based series begins with the fall of King Saul and the anointing of his successor, David, a teenage outcast who seems to have no business being king of anything. But David embarks on a personal journey of discovery and eventually (spoiler alert) becomes the greatest king of Israel. God, as they say, works in mysterious ways. Starts streaming February 27. Invincible, season 3 Both critics and fans love superhero cartoon-for-adults Invincible; the rotten tomato scores for season 1 are 98% and 93% respectively, and one critic called it "the Game of Thrones of the Superhero genre." If you're unfamiliar, Invincible is based on Robert Kirkman’s comic and tells the story of 17-year-old Mark Grayson. Mark is just like any teenager, except his dad is Omni-Man, and he's developing super powers. Season 3 sees Mark meeting up with tons of villains, including Powerplex, voiced by Aaron Paul, The Elephant, voiced by John DiMaggio, and the merciless leader of The Order, Mr. Liu, voiced by Tzi Ma. Starts streaming February 6. My Fault: London My Fault: London is a British romantic drama based on the novel Culpa mía by Mercedes Ron. It tells the story of Noah, played by Asha Banks, whose mother marries a rich British man and drags her daughter from Florida to London (oh no!). Despite the tony Notting Hill address, things in the UK don't go great for Noah, especially when she meets Nick, played by Matthew Broome, her mother’s new husband’s privileged and snobby son. But, surprisingly, love blooms between the the extremely attractive couple, who then must navigate a chaotic life of partying in Ibiza and driving around in cars worth a million dollars each. Starts streaming February 13. Last month's picksYou're Cordially Invited Comedic icons Will Ferrell and Reese Witherspoon star in a domestic comedy in which bridal parties battle for supremacy. A terrible planner booked both Ferrell's daughter's wedding and Witherspoon's sister's weddings for the same time and place. Instead of cooperating, the families go head-to-head and try to destroy each other. You're Cordially invited was directed by Nick Stoller (Forgetting Sarah Marshall, Neighbors), so you're in good hands if you like solid comedy from solid comedy professionals. Starts streaming January 30. On Call Police procedural series have been a staple of television since Dragnet premiered in 1951 for good reason: What's more dramatic than good guys chasing bad guys? On Call makes a classic cop show set-up (a veteran Long Beach, Calif. police officer teams up with an idealistic, wet-behind-the-ears rookie) more visceral and immediate by presenting the action through footage shot on dashcams, bodycams, smartphones, and security cameras. Joe Friday probably wouldn't approve of On Call's vérité style, but it's an interesting new wrinkle in the genre. Starts streaming January 9. Unstoppable Jennifer Lopez anchors this inspiring story based on the real life of one-legged wrestler Anthony Robles, played by Jharrel Jerome. In Unstoppable, Lopez plays Anthony's mother Judy, one of those devoted movie moms who will not let her son give up on his dream of becoming a college wrestling champion, no matter how many sacrifices she has to make. Man, isn't the human spirit something? Starts streaming January 16. Harlem, season 3In season 3 of Harlem, the drama continues as four best friends in the city navigate career struggles, motherhood, singlehood, sisterhood, and more. Cast members Meagan Good, Grace Byers, Jerrie Johnson, and Shoniqua Shandai return, but there are some new faces too, including Kofi Siriboe who plays Seth, a handsome MLB player who catches one of the ladies’ attention. Starts streaming January 23. The Rig The Rig has a perfect set up for a horror-thriller: A mysterious fog rolls over an offshore oil rig, cutting off all communication. Paranoia, claustrophobia, and terror rise and the tension becomes unbearable. Then the crew learns that the fog besetting the oil rig leads to something unnatural and unspeakable, forcing desperate men to work together to survive. Starts streaming January 2. NFL Wildcard GameFor the first time ever, an NFL playoff game will not be available on broadcast television, nor will be available to subscribers to the NFL package sold on YouTube TV. I'd like to tell you who is playing and when the game will be played, but that information won't be locked in until January 5, so the best I can do is tell you that the game will be called by Al Michaels and analyst Kirk Herbstreit, and point out that Amazon's optional "alternative stream" of the game (all the action is shown from an overhead camera) can be kind of cool if you're a football nerd who wants to watch the whole play instead of just the ball carrier. Starts streaming January 11 or 12. View the full article

Event organizers are in high demand as more and more people want to celebrate life’s special moments. The planning process for an event can be a challenge, but with careful organization, a good event planning checklist, and a few key event planning tips, you can pull off a spectacular event that your guests will never forget. Amazing Event Planning Tips There’s a lot that goes into event planning. Anything from choosing the right space to arranging food and beverages needs to be considered. Additionally, everything needs to go off without a hitch if your event is to be a success. That being said, you can get caught up in the fine details and stress yourself out if you’re not careful, but don’t worry, we’re here to help. We’ve put together a list of amazing event-planning tips that will help take your event-planning skills to the next level. Learn About Event Management If you want to know how to start an event planning business, there are plenty of excellent resources out there. Event management is a specific field of study that can teach you the ins and outs of planning an event. It covers topics such as venue selection, logistics, marketing, budgeting, and more. If you’re serious about becoming an event planner, consider pursuing a degree in event management or even taking some online courses to give yourself a head start. There are also specialized certification programs you can pursue. There are plenty of skills you can learn from programs like these. For example, you’re going to be dealing with budgeting throughout your career as an event planner, and learning about finance is important for any business owner. Additionally, it’s helpful to know how to market an event so that more people will attend. Learning about marketing is also a good idea if you want to start your own event-planning business. There are many other courses available, including those focused on catering and hospitality. These courses will enhance your overall understanding of the industry and teach you how to effectively work with various types of clients. Gaining knowledge in event management is pivotal for any event planner looking to elevate their skills and services. Beyond formal education and certification, engaging in continuous learning and staying abreast of industry trends can significantly enhance your event-planning prowess. Consider the following actions to deepen your event management knowledge: Join Professional Associations: Becoming a member of professional event planning associations such as the Meeting Professionals International (MPI) or the International Live Events Association (ILEA) can provide access to exclusive resources, webinars, and networking opportunities. Attend Industry Conferences: Regular attendance at industry conferences not only offers learning opportunities from seasoned professionals but also keeps you updated on the latest event technologies, trends, and best practices. Subscribe to Event Planning Publications: Keep your knowledge current by subscribing to leading event planning magazines and online publications. These resources are treasure troves of case studies, expert advice, and innovative ideas. Network with Peers: Building a strong network with fellow event planners can lead to knowledge exchange and collaboration opportunities. Peer discussions often reveal practical solutions to common challenges and creative ideas for event planning. No matter what type of education or training you pursue, always remember that experience is the best teacher. Try to get as much hands-on experience as possible by planning small events for your family and friends or volunteering with a local charity. Have a Comprehensive Event Plan Having a detailed event plan is essential when organizing any event. Think of it as your event’s blueprint, covering everything from your main objectives to all the small details that will make your event unique. Not only does it help you stay organized and focused, but it also gives a clear picture to everyone involved. The primary benefit of a good plan is that it keeps things on track. When there’s a lot to juggle, having a checklist can save time and reduce stress. Moreover, when you’re working with a team, this plan ensures everyone knows their role and what’s expected of them. For the organization or group you’re serving, your plan shows your preparation and professionalism. It provides a clear overview of what they can expect from the event and allows for feedback or adjustments as needed. In short, a comprehensive event plan is your guide to ensuring a successful event that meets everyone’s expectations. Make sure to include the following in your event plan: Vision and objectives Event Timeline Venue information Guestlist including contact information Menu and catering details Audio/visual requirements Transportation and parking information To make your event plan truly comprehensive, incorporate the following elements: Risk Management Plan: Identify potential risks that could impact your event, such as weather conditions, security concerns, or vendor failures. Develop strategies to mitigate these risks and include emergency response plans. Sustainability Practices: Describe the sustainable practices your event will implement, including reducing waste, opting for digital materials instead of physical ones, and choosing eco-friendly vendors. These actions not only support the environment but also improve your brand’s reputation. Inclusive Practices: Ensure your event is accessible and welcoming to all attendees by incorporating inclusive practices. This includes considering physical accessibility, providing diverse food options, and being mindful of cultural sensitivities. Technology Integration Plan: Detail how technology will be used to enhance the event experience. This might involve event apps, social media engagement strategies, live streaming options, and digital registration processes. Post-Event Evaluation Plan: Define how you will evaluate the success of your event. Include methods for collecting attendee feedback, measuring engagement levels, and assessing the achievement of your event objectives. If you’re a new event planner, look online or in your local library for an example of what an event plan should contain and how it should be formatted. Keep your own copy of this document so you can use it as a template when planning events for others. Additionally, there are many templates available online. You should also have a promotional plan that outlines how you will market your event. The event program is also a critical document that should be included in your event plan. This document will list the order of events and who is participating in each one. In addition, the event schedule should include the times of key events and who is responsible for each task. An event checklist is also an essential part of your event plan. This is a list of things you need to do before, during, and after the event. Make sure that your checklist includes tasks such as sending out invitations two months in advance (at least), negotiating contracts with vendors six weeks in advance (at least), confirming all details one month in advance (one week if possible), and reviewing all event details two weeks in advance (one day if possible). Just as you do with your event planner, put your checklist into a template after you’ve created it. Additionally, before you start planning an event, think about who your target audience is. This will help you decide on the type of venue, menu, entertainment and more. For example, a corporate event might require more formal attire than a birthday party would. Keep in mind that your event plan is not set in stone and can be amended as needed. The more comprehensive you are, the easier it will be to plan your next event. Your target audience will also appreciate having all of this information in one place. Choose Your Event Space Carefully When planning the perfect venue, choosing your event space is one of the most important decisions you will make. If it’s a corporate function, then location and size are critical, but if it’s a wedding or other personal event, things such as ambiance might be more important than location. Start by making a list of the features you need for each type of event in order to get an idea of what you’re looking for. Then, make a list of potential event spaces in your area and set up appointments to visit them. When you meet with the venue manager, bring along your list of requirements as well as a few ideas on how you might use their space if they do not have any event packages. Don’t forget to ask if they have a preferred list of vendors and what their policies are regarding alcohol, decorations, and other potential event details. Try not to contract with the venue until after you know how many people will be attending your event since this might affect your choice of location. Also, find out if there are technology perks like Wi-Fi and on-site IT at the venue location, as they can simplify your planning and help guests connect. Put Effort into Event Branding and Design Your event branding and design will be the first thing people see when they arrive at your event. It’s also something that you can use to help promote your event through social media, print materials, or even on a website. When you’re ready to take care of these important details, start by creating an overall theme for your event. This might be something as simple as using the same color scheme throughout all of your branding materials, or it could be a more specific theme, such as a vintage circus for a carnival-themed event. Once you have your theme in place, start designing logos, fonts and other graphics that will help to communicate your brand. If you’re not a designer, hire someone to do this for you. A professional will be able to create something that is cohesive and visually appealing. Next, start designing your event branding materials, including invitations, gift bags, and promotional items such as pens or lanyards with your logo on them. If you have the budget for it, consider hiring an event designer to help you with these details so that they are cohesive and professional-looking. When designing your event’s website, choose a theme that matches or complements your other branding materials. You can also use the same colors for each page of your site as well as include graphics from previous events on this new one if applicable. Besides the event design, you want to have an event name. The name of the event should be unique, but it also needs to fit your brand’s image. For example, if you’re hosting a Halloween party at a nightclub called “Club Purple”, then calling it something like “Purple Party” would work well because both names are related to each other and they match in color scheme as well. Don’t forget to create signage for your event that will help direct people where to go. This could be something as simple as a large banner at the entrance or directional signs throughout the venue. Creating a cohesive design for your event is an important way to make a good first impression and helps promote your event long before it actually takes place. Work Out an Event Budget Before you start planning your event, it’s important to have a realistic idea of how much money you’re willing to spend. This includes the cost of the venue, catering, decorations, entertainment and any other miscellaneous expenses that might come up. If you’re not sure where to start, try using a worksheet to help estimate the cost of your event. Once you have a ballpark number, start finding ways to reduce the cost so that you stay within your budget. One way to save money is by doing some of the work yourself, such as designing and printing invitations, creating signage, or making centerpieces. You can also find affordable catering options or look for discounts on decorations and supplies from local stores like Michaels or Hobby Lobby. If you’re working within a budget, it’s also important to consider the cost of staff for your event. While you might not be able to hire full-time employees, there are many freelance companies that offer part-time workers at an hourly rate which is much more affordable when compared to a salary. When working out your event budget, consider the following detailed steps and tips: Break Down Categories: List every possible expense category, including venue, food and beverages, entertainment, decor, technology, marketing, and unexpected costs. This granularity helps in not overlooking any potential expenses. Research and Compare Quotes: For each category, obtain multiple quotes to ensure you’re getting the best value for your money. This can significantly impact your overall budget and possibly allow for upgrades in other areas. Monitor All Expenses: Use budget tracking tools or software to keep an eye on your expenses as they occur. This allows you to make quick adjustments if some costs exceed your expectations. Include Contingency Funds: A common best practice is to allocate 5-10% of your total budget to a contingency fund. This fund is crucial for covering unforeseen expenses without derailing your event plans. Evaluate ROI for Corporate Events: For business-related events, outline how you will measure the return on investment (ROI). This could involve lead generation, sales, or brand exposure metrics, helping to justify the event’s cost. By creating a budget and sticking to it, you can avoid any last-minute surprises that might affect the overall success of your event. Design a Strong Marketing Plan When you’re planning an event, it’s important to create a strong marketing strategy in order to get the word out about your event and drive attendance. The first step is choosing which platform(s) will be most effective for reaching your target audience. For example, if you’re hosting a networking mixer at a local restaurant, then Facebook might be your best bet because most people who use social media are Millennials and Gen Xers, which means that’s where their attention is focused. If you decide to host an outdoor concert, promoting it through Instagram stories would be more effective, as they are mobile-friendly and visually appealing. Once you’ve decided which platform(s) to use, it’s time to start creating content. This should include a mix of teaser images or videos, quotes from speakers or attendees, and information about the event, such as the date, time, and location. You can also create a custom hashtag for people to use when they post about your event so that it’s easy for others to find it on social media. Media relations are also an important part of marketing an event. This includes reaching out to local publications and bloggers to see if they’re interested in writing about your event. You can also offer them free tickets or a complimentary meal in exchange for coverage. If you’re planning an in-person event, consider including a QR code on the invitation that links to more information about your organization and what attendees can expect from attending this particular gathering. This is also helpful if there are any changes that need to be made last minute, as people will always have access to the most up-to-date information about your event. Also, hiring a professional photographer is always a good idea when planning an event. Not only will they help capture all the important moments for your attendees, but it is also important to have high-quality images on hand that you can use in future marketing materials or promotional campaigns. Lastly, don’t forget about email marketing! You can use tools like MailChimp or Constant Contact which allow you to design beautiful newsletters and send them out for free (up to a certain number of subscribers). These tools also allow you to track how many people open and click through your email so you can see which messages are resonating with your audience. Consider Having an Event App If you’re planning an event, it might be worth looking into creating a mobile app for your attendees. There are many benefits to having an event app, such as: Easy access to important information like maps and schedules makes navigating the venue easier than ever before. You can send push notifications with updates or reminders about upcoming talks or events. Interactive features like a voting ballot or Q&A session can keep attendees engaged and entertained. The ability to sell tickets and merchandise right from the app makes it easy for guests to purchase what they need without having to leave the event. While there are many different event apps on the market, most of them are fairly affordable, which makes them a great investment for any type of event. If you’re not sure where to start, try contacting a local app development company to see what they can do for you. Hire Amazing Staff One of the most important aspects of any successful event is the staff that you hire. Not only do they need to be professional and courteous, but they also need to be knowledgeable about the event itself and what’s going on so that they can answer any questions that guests might have. When hiring staff for your event, always make sure to have them fill out an application and provide references. This will allow you to see what kind of experience they’ve had in similar situations before making a final decision on who gets hired. You’ll also want someone who is going over everything that needs finishing before the event starts so that everyone is on the same page and that there are no surprises on the day itself. If you’re hosting an event at an outdoor venue, it’s advisable to hire security guards to monitor for any troublemakers or potential issues, such as fights among guests or intoxicated individuals wandering around. The success of your event heavily relies on the performance and professionalism of your staff. To ensure you hire a team that will elevate your event, consider these strategies: Define Roles Clearly: Before hiring, outline clear job descriptions for each role. This helps in attracting candidates who are a good fit and sets clear expectations from the outset. Leverage Networking and Referrals: Use your professional network to find reliable staff. Recommendations from trusted colleagues or industry connections can lead to discovering outstanding talent. Conduct Thorough Interviews: Go beyond the resume in interviews. Ask situational questions that reveal how candidates might handle specific challenges during events. Invest in Training: Even experienced event staff can benefit from training specific to your event’s requirements. This could include customer service, safety protocols, or technology used during the event. Build a Team Spirit: Foster a positive work environment and team spirit through team-building activities or briefings before the event starts. A team that works well together can significantly enhance the event experience for guests. Have a Backup Plan No matter how well you plan an event, there’s always the possibility that something will go wrong. That’s why it’s important to have a backup plan in place for every possible scenario so that you’re not caught off guard if something unexpected happens. For example, what if the venue is double-booked and you have to move the event at the last minute? Or what if half of your guest list doesn’t show up because of a snowstorm? Or do you need to move everything under tents because of rain? Having a backup plan means that you’re always prepared for the worst-case scenario and can handle anything that comes your way. It might not be easy, but it’s definitely better than being caught off guard and having to deal with unhappy guests or a ruined event. By having a backup plan, you’ll be able to handle any situation that comes up and keep your event running smoothly. Pamper Your Sponsors Sponsors are an important part of any event, and it’s important to make sure that they feel appreciated. After all, they’re investing money in your event, so you want to make sure that they get the most out of it. One way to do this is by pampering them with exclusive benefits like early access to the venue or seating in a special area reserved just for them (and their guests). You can also offer them discounts on food, drinks and other things that might interest them. Decor and theme are also key to an event’s success, and they are very important to your sponsors. As such, you should always make sure to keep them in the loop about any changes or updates that you make. This will ensure that their branding and logo are prominently displayed throughout the event and that they get the most exposure possible. Create an Event Hashtag One of the biggest mistakes people make when planning events is not having an event hashtag. A hashtag lets attendees know what’s going on with your event, and it helps them to connect with other people who are attending. This also allows you to track conversations about the event on social media platforms like Twitter so that you can see what kind of buzz is being generated by attendees before they even arrive at your venue! This can help make sure that everything goes smoothly without any unexpected surprises because everyone already knows what’s going on. Include a Separate Cloud Storage Drive Having cloud storage is great for events because it allows you to store photos, videos and other files on the internet instead of your computer’s hard drive. This means that if anything happens during an event (like power outages), then there will still be access to important information such as guest lists or registration forms. It also allows you to keep track of how many people have RSVP’d so far, which will help ensure that they arrive at the correct time and place on day one! If there are any changes made throughout the planning process—such as adding new sponsors or vendors – then this will all be reflected accurately within your cloud storage system. Have a Transportation Plan Make sure that everyone can get to and from the event without any trouble. It’s important to have transportation plans in place for attendees who are coming from out of town or traveling by plane or train so they don’t miss out on anything! This is especially true if there will be alcohol served at your event as well since people might need a safe way to get home. Good resources to use for transportation include Uber, Lyft, and taxi services like Yellow Cab Co. Putting a Google Map with a marker on the event website is also helpful so people can see the address and directions to where they need to go before making their way to the event. Make the Food & Beverages Count Food and beverages play a crucial role in any event. It’s essential to ensure your guests are well taken care of, but you also want to avoid exhausting your entire budget on catering. So, how can you strike the right balance? One option would be hiring food trucks or having some local restaurants cater to different parts of the day (breakfast, lunch, dinner). This will keep costs down while also providing guests with a more personalized experience. If you’re having an outdoor event and know that rain is likely to fall, then bring umbrellas or tents for everyone so they can still enjoy their meal without getting soaked in the process! It’s all about thinking ahead of time and being prepared for any situation. Have an Entertainment Plan Make sure that there is always something for your guests to do. It’s important to have entertainment plans in place during events so people aren’t bored or left standing around waiting for the next thing to happen. This could be anything from live music performances to games and contests. Interim entertainment can include activities such as photo booths and relaxation and guest engagement areas. Entertainment is a vital aspect of any event, setting the tone and creating memorable experiences for attendees. To craft a stellar entertainment plan, consider the following: Know Your Audience: Tailor your entertainment choices to the preferences and demographics of your attendees. Whether it’s a live band, DJ, speakers, or interactive experiences, understanding your audience ensures the entertainment resonates. Diversify Entertainment Options: Offer a variety of entertainment to cater to different tastes and keep guests engaged throughout the event. This could include musical acts, magicians, photo booths, or interactive workshops. Schedule Wisely: Plan the timing of entertainment to maintain energy and flow. For example, a keynote speaker might be best positioned to captivate guests at the start, while a band can elevate the mood during a gala dinner. Consider Technical Needs: Ensure you have the necessary technical support for your entertainment choices. This includes sound systems, lighting, and staging. Coordination with your venue and technical team is essential. Feedback Loop: Engage with attendees post-event to gather feedback on the entertainment. This can guide future entertainment decisions and highlight what resonated most with your audience. Keep Your Guests Informed It’s important to keep your guests informed about any changes or updates so they know what’s going on at all times. This could be done in person by sending them an email with the latest news from you or including updates in a printed program. You can also keep everyone updated by posting updates on social media platforms like Twitter and Instagram. Make sure to use the right hashtag so people can find all of your posts related to the event easily! Invest in New Event Technology Events have evolved significantly, now encompassing interactive virtual events, hybrid formats, and webinars alongside traditional in-person gatherings. Innovative technology can elevate any event from ordinary to extraordinary, so be sure to leverage these advancements to enhance the overall experience! You’ll want to invest in things such as lighting systems, speakers, and microphones for in-person speeches and presentations. Some virtual event ideas include: Drones with cameras attached so you can capture aerial views at heights not possible by humans. Virtual reality headsets allow attendees to experience immersive worlds from the comfort of their own homes. Augmented reality glasses that superimpose digital images onto real-world objects. Virtual live concerts that include video performances from musical artists. Collect Staff and Attendee Feedback After the event is over, it’s important to collect feedback from both your staff and attendees to measure success and other key details. You should ask them what they liked best about the event so that you can do more of those things at future events. Ask where improvements could be made to elevate the event experience or if there were any problems during planning or execution that need addressing soon after everything has settled down a bit. This will allow you to learn more about what went well and where improvements can be made for future events to make the attendee experience a positive one. Taking notes during the event is beneficial, as it allows you to make necessary adjustments for future events, such as altering the venue or switching catering companies. To effectively collect and utilize feedback, implement these strategies: Surveys: Develop post-event surveys for both attendees and staff. Use a mix of rating scales and open-ended questions to gather comprehensive insights. Feedback Stations: For larger events, consider setting up feedback stations where attendees can share their thoughts in real time. Social Media Monitoring: Utilize social media platforms to gather informal feedback. Attendees often share their experiences online, providing candid insights. Staff Debriefs: Organize a debrief session with your event team. This is an opportunity to discuss what went well and identify areas for improvement from the staff’s perspective. Action Plan: Compile the feedback into an actionable plan. Identify common themes and prioritize adjustments for future events based on this feedback. For a quick recap and to ensure you’ve covered all essential aspects of event planning, refer to the checklist table below. You can print it out and tick off tasks as you complete them for your event. Event Planning TaskDetails/RemarksDone Learn About Event ManagementAccess online resources, courses[ ] Comprehensive Event PlanVision, timeline, guestlist, etc.[ ] Choose Event SpaceLocation, ambiance, size[ ] Event Branding & DesignTheme, logos, website, name[ ] Set Event BudgetVenue, catering, decor, staff[ ] Design Marketing PlanChoose platform, content, media[ ] Consider an Event AppFeatures like schedules, maps[ ] Hire StaffApplication, references[ ] Backup PlanContingency measures[ ] Pamper SponsorsExclusive benefits, decor updates[ ] Event HashtagUnique and relevant[ ] Cloud Storage DriveFor event materials[ ] Transportation PlanFor out-of-town attendees[ ] Food & BeveragesCatering, outdoor precautions[ ] Entertainment PlanEngaging activities for guests[ ] Keep Guests InformedUpdates, changes[ ] Invest in Event TechLighting, sound systems[ ] Collect FeedbackFrom staff and attendees[ ] Use Our Event Planning Tips to Make Your Next Event Fantastic Planning an event can seem like a daunting task. But with these tips, you’ll be able to plan your next event in no time! And remember: don’t forget about the little things that make any party memorable—from decorations and food right down to seating arrangements. Best of luck to you! Image: Shutterstock This article, "Amazing Event Planning Tips" was first published on Small Business Trends View the full article

Event organizers are in high demand as more and more people want to celebrate life’s special moments. The planning process for an event can be a challenge, but with careful organization, a good event planning checklist, and a few key event planning tips, you can pull off a spectacular event that your guests will never forget. Amazing Event Planning Tips There’s a lot that goes into event planning. Anything from choosing the right space to arranging food and beverages needs to be considered. Additionally, everything needs to go off without a hitch if your event is to be a success. That being said, you can get caught up in the fine details and stress yourself out if you’re not careful, but don’t worry, we’re here to help. We’ve put together a list of amazing event-planning tips that will help take your event-planning skills to the next level. Learn About Event Management If you want to know how to start an event planning business, there are plenty of excellent resources out there. Event management is a specific field of study that can teach you the ins and outs of planning an event. It covers topics such as venue selection, logistics, marketing, budgeting, and more. If you’re serious about becoming an event planner, consider pursuing a degree in event management or even taking some online courses to give yourself a head start. There are also specialized certification programs you can pursue. There are plenty of skills you can learn from programs like these. For example, you’re going to be dealing with budgeting throughout your career as an event planner, and learning about finance is important for any business owner. Additionally, it’s helpful to know how to market an event so that more people will attend. Learning about marketing is also a good idea if you want to start your own event-planning business. There are many other courses available, including those focused on catering and hospitality. These courses will enhance your overall understanding of the industry and teach you how to effectively work with various types of clients. Gaining knowledge in event management is pivotal for any event planner looking to elevate their skills and services. Beyond formal education and certification, engaging in continuous learning and staying abreast of industry trends can significantly enhance your event-planning prowess. Consider the following actions to deepen your event management knowledge: Join Professional Associations: Becoming a member of professional event planning associations such as the Meeting Professionals International (MPI) or the International Live Events Association (ILEA) can provide access to exclusive resources, webinars, and networking opportunities. Attend Industry Conferences: Regular attendance at industry conferences not only offers learning opportunities from seasoned professionals but also keeps you updated on the latest event technologies, trends, and best practices. Subscribe to Event Planning Publications: Keep your knowledge current by subscribing to leading event planning magazines and online publications. These resources are treasure troves of case studies, expert advice, and innovative ideas. Network with Peers: Building a strong network with fellow event planners can lead to knowledge exchange and collaboration opportunities. Peer discussions often reveal practical solutions to common challenges and creative ideas for event planning. No matter what type of education or training you pursue, always remember that experience is the best teacher. Try to get as much hands-on experience as possible by planning small events for your family and friends or volunteering with a local charity. Have a Comprehensive Event Plan Having a detailed event plan is essential when organizing any event. Think of it as your event’s blueprint, covering everything from your main objectives to all the small details that will make your event unique. Not only does it help you stay organized and focused, but it also gives a clear picture to everyone involved. The primary benefit of a good plan is that it keeps things on track. When there’s a lot to juggle, having a checklist can save time and reduce stress. Moreover, when you’re working with a team, this plan ensures everyone knows their role and what’s expected of them. For the organization or group you’re serving, your plan shows your preparation and professionalism. It provides a clear overview of what they can expect from the event and allows for feedback or adjustments as needed. In short, a comprehensive event plan is your guide to ensuring a successful event that meets everyone’s expectations. Make sure to include the following in your event plan: Vision and objectives Event Timeline Venue information Guestlist including contact information Menu and catering details Audio/visual requirements Transportation and parking information To make your event plan truly comprehensive, incorporate the following elements: Risk Management Plan: Identify potential risks that could impact your event, such as weather conditions, security concerns, or vendor failures. Develop strategies to mitigate these risks and include emergency response plans. Sustainability Practices: Describe the sustainable practices your event will implement, including reducing waste, opting for digital materials instead of physical ones, and choosing eco-friendly vendors. These actions not only support the environment but also improve your brand’s reputation. Inclusive Practices: Ensure your event is accessible and welcoming to all attendees by incorporating inclusive practices. This includes considering physical accessibility, providing diverse food options, and being mindful of cultural sensitivities. Technology Integration Plan: Detail how technology will be used to enhance the event experience. This might involve event apps, social media engagement strategies, live streaming options, and digital registration processes. Post-Event Evaluation Plan: Define how you will evaluate the success of your event. Include methods for collecting attendee feedback, measuring engagement levels, and assessing the achievement of your event objectives. If you’re a new event planner, look online or in your local library for an example of what an event plan should contain and how it should be formatted. Keep your own copy of this document so you can use it as a template when planning events for others. Additionally, there are many templates available online. You should also have a promotional plan that outlines how you will market your event. The event program is also a critical document that should be included in your event plan. This document will list the order of events and who is participating in each one. In addition, the event schedule should include the times of key events and who is responsible for each task. An event checklist is also an essential part of your event plan. This is a list of things you need to do before, during, and after the event. Make sure that your checklist includes tasks such as sending out invitations two months in advance (at least), negotiating contracts with vendors six weeks in advance (at least), confirming all details one month in advance (one week if possible), and reviewing all event details two weeks in advance (one day if possible). Just as you do with your event planner, put your checklist into a template after you’ve created it. Additionally, before you start planning an event, think about who your target audience is. This will help you decide on the type of venue, menu, entertainment and more. For example, a corporate event might require more formal attire than a birthday party would. Keep in mind that your event plan is not set in stone and can be amended as needed. The more comprehensive you are, the easier it will be to plan your next event. Your target audience will also appreciate having all of this information in one place. Choose Your Event Space Carefully When planning the perfect venue, choosing your event space is one of the most important decisions you will make. If it’s a corporate function, then location and size are critical, but if it’s a wedding or other personal event, things such as ambiance might be more important than location. Start by making a list of the features you need for each type of event in order to get an idea of what you’re looking for. Then, make a list of potential event spaces in your area and set up appointments to visit them. When you meet with the venue manager, bring along your list of requirements as well as a few ideas on how you might use their space if they do not have any event packages. Don’t forget to ask if they have a preferred list of vendors and what their policies are regarding alcohol, decorations, and other potential event details. Try not to contract with the venue until after you know how many people will be attending your event since this might affect your choice of location. Also, find out if there are technology perks like Wi-Fi and on-site IT at the venue location, as they can simplify your planning and help guests connect. Put Effort into Event Branding and Design Your event branding and design will be the first thing people see when they arrive at your event. It’s also something that you can use to help promote your event through social media, print materials, or even on a website. When you’re ready to take care of these important details, start by creating an overall theme for your event. This might be something as simple as using the same color scheme throughout all of your branding materials, or it could be a more specific theme, such as a vintage circus for a carnival-themed event. Once you have your theme in place, start designing logos, fonts and other graphics that will help to communicate your brand. If you’re not a designer, hire someone to do this for you. A professional will be able to create something that is cohesive and visually appealing. Next, start designing your event branding materials, including invitations, gift bags, and promotional items such as pens or lanyards with your logo on them. If you have the budget for it, consider hiring an event designer to help you with these details so that they are cohesive and professional-looking. When designing your event’s website, choose a theme that matches or complements your other branding materials. You can also use the same colors for each page of your site as well as include graphics from previous events on this new one if applicable. Besides the event design, you want to have an event name. The name of the event should be unique, but it also needs to fit your brand’s image. For example, if you’re hosting a Halloween party at a nightclub called “Club Purple”, then calling it something like “Purple Party” would work well because both names are related to each other and they match in color scheme as well. Don’t forget to create signage for your event that will help direct people where to go. This could be something as simple as a large banner at the entrance or directional signs throughout the venue. Creating a cohesive design for your event is an important way to make a good first impression and helps promote your event long before it actually takes place. Work Out an Event Budget Before you start planning your event, it’s important to have a realistic idea of how much money you’re willing to spend. This includes the cost of the venue, catering, decorations, entertainment and any other miscellaneous expenses that might come up. If you’re not sure where to start, try using a worksheet to help estimate the cost of your event. Once you have a ballpark number, start finding ways to reduce the cost so that you stay within your budget. One way to save money is by doing some of the work yourself, such as designing and printing invitations, creating signage, or making centerpieces. You can also find affordable catering options or look for discounts on decorations and supplies from local stores like Michaels or Hobby Lobby. If you’re working within a budget, it’s also important to consider the cost of staff for your event. While you might not be able to hire full-time employees, there are many freelance companies that offer part-time workers at an hourly rate which is much more affordable when compared to a salary. When working out your event budget, consider the following detailed steps and tips: Break Down Categories: List every possible expense category, including venue, food and beverages, entertainment, decor, technology, marketing, and unexpected costs. This granularity helps in not overlooking any potential expenses. Research and Compare Quotes: For each category, obtain multiple quotes to ensure you’re getting the best value for your money. This can significantly impact your overall budget and possibly allow for upgrades in other areas. Monitor All Expenses: Use budget tracking tools or software to keep an eye on your expenses as they occur. This allows you to make quick adjustments if some costs exceed your expectations. Include Contingency Funds: A common best practice is to allocate 5-10% of your total budget to a contingency fund. This fund is crucial for covering unforeseen expenses without derailing your event plans. Evaluate ROI for Corporate Events: For business-related events, outline how you will measure the return on investment (ROI). This could involve lead generation, sales, or brand exposure metrics, helping to justify the event’s cost. By creating a budget and sticking to it, you can avoid any last-minute surprises that might affect the overall success of your event. Design a Strong Marketing Plan When you’re planning an event, it’s important to create a strong marketing strategy in order to get the word out about your event and drive attendance. The first step is choosing which platform(s) will be most effective for reaching your target audience. For example, if you’re hosting a networking mixer at a local restaurant, then Facebook might be your best bet because most people who use social media are Millennials and Gen Xers, which means that’s where their attention is focused. If you decide to host an outdoor concert, promoting it through Instagram stories would be more effective, as they are mobile-friendly and visually appealing. Once you’ve decided which platform(s) to use, it’s time to start creating content. This should include a mix of teaser images or videos, quotes from speakers or attendees, and information about the event, such as the date, time, and location. You can also create a custom hashtag for people to use when they post about your event so that it’s easy for others to find it on social media. Media relations are also an important part of marketing an event. This includes reaching out to local publications and bloggers to see if they’re interested in writing about your event. You can also offer them free tickets or a complimentary meal in exchange for coverage. If you’re planning an in-person event, consider including a QR code on the invitation that links to more information about your organization and what attendees can expect from attending this particular gathering. This is also helpful if there are any changes that need to be made last minute, as people will always have access to the most up-to-date information about your event. Also, hiring a professional photographer is always a good idea when planning an event. Not only will they help capture all the important moments for your attendees, but it is also important to have high-quality images on hand that you can use in future marketing materials or promotional campaigns. Lastly, don’t forget about email marketing! You can use tools like MailChimp or Constant Contact which allow you to design beautiful newsletters and send them out for free (up to a certain number of subscribers). These tools also allow you to track how many people open and click through your email so you can see which messages are resonating with your audience. Consider Having an Event App If you’re planning an event, it might be worth looking into creating a mobile app for your attendees. There are many benefits to having an event app, such as: Easy access to important information like maps and schedules makes navigating the venue easier than ever before. You can send push notifications with updates or reminders about upcoming talks or events. Interactive features like a voting ballot or Q&A session can keep attendees engaged and entertained. The ability to sell tickets and merchandise right from the app makes it easy for guests to purchase what they need without having to leave the event. While there are many different event apps on the market, most of them are fairly affordable, which makes them a great investment for any type of event. If you’re not sure where to start, try contacting a local app development company to see what they can do for you. Hire Amazing Staff One of the most important aspects of any successful event is the staff that you hire. Not only do they need to be professional and courteous, but they also need to be knowledgeable about the event itself and what’s going on so that they can answer any questions that guests might have. When hiring staff for your event, always make sure to have them fill out an application and provide references. This will allow you to see what kind of experience they’ve had in similar situations before making a final decision on who gets hired. You’ll also want someone who is going over everything that needs finishing before the event starts so that everyone is on the same page and that there are no surprises on the day itself. If you’re hosting an event at an outdoor venue, it’s advisable to hire security guards to monitor for any troublemakers or potential issues, such as fights among guests or intoxicated individuals wandering around. The success of your event heavily relies on the performance and professionalism of your staff. To ensure you hire a team that will elevate your event, consider these strategies: Define Roles Clearly: Before hiring, outline clear job descriptions for each role. This helps in attracting candidates who are a good fit and sets clear expectations from the outset. Leverage Networking and Referrals: Use your professional network to find reliable staff. Recommendations from trusted colleagues or industry connections can lead to discovering outstanding talent. Conduct Thorough Interviews: Go beyond the resume in interviews. Ask situational questions that reveal how candidates might handle specific challenges during events. Invest in Training: Even experienced event staff can benefit from training specific to your event’s requirements. This could include customer service, safety protocols, or technology used during the event. Build a Team Spirit: Foster a positive work environment and team spirit through team-building activities or briefings before the event starts. A team that works well together can significantly enhance the event experience for guests. Have a Backup Plan No matter how well you plan an event, there’s always the possibility that something will go wrong. That’s why it’s important to have a backup plan in place for every possible scenario so that you’re not caught off guard if something unexpected happens. For example, what if the venue is double-booked and you have to move the event at the last minute? Or what if half of your guest list doesn’t show up because of a snowstorm? Or do you need to move everything under tents because of rain? Having a backup plan means that you’re always prepared for the worst-case scenario and can handle anything that comes your way. It might not be easy, but it’s definitely better than being caught off guard and having to deal with unhappy guests or a ruined event. By having a backup plan, you’ll be able to handle any situation that comes up and keep your event running smoothly. Pamper Your Sponsors Sponsors are an important part of any event, and it’s important to make sure that they feel appreciated. After all, they’re investing money in your event, so you want to make sure that they get the most out of it. One way to do this is by pampering them with exclusive benefits like early access to the venue or seating in a special area reserved just for them (and their guests). You can also offer them discounts on food, drinks and other things that might interest them. Decor and theme are also key to an event’s success, and they are very important to your sponsors. As such, you should always make sure to keep them in the loop about any changes or updates that you make. This will ensure that their branding and logo are prominently displayed throughout the event and that they get the most exposure possible. Create an Event Hashtag One of the biggest mistakes people make when planning events is not having an event hashtag. A hashtag lets attendees know what’s going on with your event, and it helps them to connect with other people who are attending. This also allows you to track conversations about the event on social media platforms like Twitter so that you can see what kind of buzz is being generated by attendees before they even arrive at your venue! This can help make sure that everything goes smoothly without any unexpected surprises because everyone already knows what’s going on. Include a Separate Cloud Storage Drive Having cloud storage is great for events because it allows you to store photos, videos and other files on the internet instead of your computer’s hard drive. This means that if anything happens during an event (like power outages), then there will still be access to important information such as guest lists or registration forms. It also allows you to keep track of how many people have RSVP’d so far, which will help ensure that they arrive at the correct time and place on day one! If there are any changes made throughout the planning process—such as adding new sponsors or vendors – then this will all be reflected accurately within your cloud storage system. Have a Transportation Plan Make sure that everyone can get to and from the event without any trouble. It’s important to have transportation plans in place for attendees who are coming from out of town or traveling by plane or train so they don’t miss out on anything! This is especially true if there will be alcohol served at your event as well since people might need a safe way to get home. Good resources to use for transportation include Uber, Lyft, and taxi services like Yellow Cab Co. Putting a Google Map with a marker on the event website is also helpful so people can see the address and directions to where they need to go before making their way to the event. Make the Food & Beverages Count Food and beverages play a crucial role in any event. It’s essential to ensure your guests are well taken care of, but you also want to avoid exhausting your entire budget on catering. So, how can you strike the right balance? One option would be hiring food trucks or having some local restaurants cater to different parts of the day (breakfast, lunch, dinner). This will keep costs down while also providing guests with a more personalized experience. If you’re having an outdoor event and know that rain is likely to fall, then bring umbrellas or tents for everyone so they can still enjoy their meal without getting soaked in the process! It’s all about thinking ahead of time and being prepared for any situation. Have an Entertainment Plan Make sure that there is always something for your guests to do. It’s important to have entertainment plans in place during events so people aren’t bored or left standing around waiting for the next thing to happen. This could be anything from live music performances to games and contests. Interim entertainment can include activities such as photo booths and relaxation and guest engagement areas. Entertainment is a vital aspect of any event, setting the tone and creating memorable experiences for attendees. To craft a stellar entertainment plan, consider the following: Know Your Audience: Tailor your entertainment choices to the preferences and demographics of your attendees. Whether it’s a live band, DJ, speakers, or interactive experiences, understanding your audience ensures the entertainment resonates. Diversify Entertainment Options: Offer a variety of entertainment to cater to different tastes and keep guests engaged throughout the event. This could include musical acts, magicians, photo booths, or interactive workshops. Schedule Wisely: Plan the timing of entertainment to maintain energy and flow. For example, a keynote speaker might be best positioned to captivate guests at the start, while a band can elevate the mood during a gala dinner. Consider Technical Needs: Ensure you have the necessary technical support for your entertainment choices. This includes sound systems, lighting, and staging. Coordination with your venue and technical team is essential. Feedback Loop: Engage with attendees post-event to gather feedback on the entertainment. This can guide future entertainment decisions and highlight what resonated most with your audience. Keep Your Guests Informed It’s important to keep your guests informed about any changes or updates so they know what’s going on at all times. This could be done in person by sending them an email with the latest news from you or including updates in a printed program. You can also keep everyone updated by posting updates on social media platforms like Twitter and Instagram. Make sure to use the right hashtag so people can find all of your posts related to the event easily! Invest in New Event Technology Events have evolved significantly, now encompassing interactive virtual events, hybrid formats, and webinars alongside traditional in-person gatherings. Innovative technology can elevate any event from ordinary to extraordinary, so be sure to leverage these advancements to enhance the overall experience! You’ll want to invest in things such as lighting systems, speakers, and microphones for in-person speeches and presentations. Some virtual event ideas include: Drones with cameras attached so you can capture aerial views at heights not possible by humans. Virtual reality headsets allow attendees to experience immersive worlds from the comfort of their own homes. Augmented reality glasses that superimpose digital images onto real-world objects. Virtual live concerts that include video performances from musical artists. Collect Staff and Attendee Feedback After the event is over, it’s important to collect feedback from both your staff and attendees to measure success and other key details. You should ask them what they liked best about the event so that you can do more of those things at future events. Ask where improvements could be made to elevate the event experience or if there were any problems during planning or execution that need addressing soon after everything has settled down a bit. This will allow you to learn more about what went well and where improvements can be made for future events to make the attendee experience a positive one. Taking notes during the event is beneficial, as it allows you to make necessary adjustments for future events, such as altering the venue or switching catering companies. To effectively collect and utilize feedback, implement these strategies: Surveys: Develop post-event surveys for both attendees and staff. Use a mix of rating scales and open-ended questions to gather comprehensive insights. Feedback Stations: For larger events, consider setting up feedback stations where attendees can share their thoughts in real time. Social Media Monitoring: Utilize social media platforms to gather informal feedback. Attendees often share their experiences online, providing candid insights. Staff Debriefs: Organize a debrief session with your event team. This is an opportunity to discuss what went well and identify areas for improvement from the staff’s perspective. Action Plan: Compile the feedback into an actionable plan. Identify common themes and prioritize adjustments for future events based on this feedback. For a quick recap and to ensure you’ve covered all essential aspects of event planning, refer to the checklist table below. You can print it out and tick off tasks as you complete them for your event. Event Planning TaskDetails/RemarksDone Learn About Event ManagementAccess online resources, courses[ ] Comprehensive Event PlanVision, timeline, guestlist, etc.[ ] Choose Event SpaceLocation, ambiance, size[ ] Event Branding & DesignTheme, logos, website, name[ ] Set Event BudgetVenue, catering, decor, staff[ ] Design Marketing PlanChoose platform, content, media[ ] Consider an Event AppFeatures like schedules, maps[ ] Hire StaffApplication, references[ ] Backup PlanContingency measures[ ] Pamper SponsorsExclusive benefits, decor updates[ ] Event HashtagUnique and relevant[ ] Cloud Storage DriveFor event materials[ ] Transportation PlanFor out-of-town attendees[ ] Food & BeveragesCatering, outdoor precautions[ ] Entertainment PlanEngaging activities for guests[ ] Keep Guests InformedUpdates, changes[ ] Invest in Event TechLighting, sound systems[ ] Collect FeedbackFrom staff and attendees[ ] Use Our Event Planning Tips to Make Your Next Event Fantastic Planning an event can seem like a daunting task. But with these tips, you’ll be able to plan your next event in no time! And remember: don’t forget about the little things that make any party memorable—from decorations and food right down to seating arrangements. Best of luck to you! Image: Shutterstock This article, "Amazing Event Planning Tips" was first published on Small Business Trends View the full article

We are seeing more Google search ranking volatility hit both over the weekend and also mid-week. Google expanded its site reputation abuse enforcement to Germany. Google AI Overviews powered by Gemini 2.0 can go insanely deep. Google launched a new labs experiment named Ask for me...View the full article

Google recently gathered influential voices in the food industry to unveil the latest trends shaping restaurant search and digital marketing. From skyrocketing search terms to drone deliveries and the power of YouTube Shorts, here’s everything you need to know from the Restaurant Industry Influencer Summit. Sizzling search trends: What’s cooking in 2025? Google’s latest search data offers a glimpse into what today’s diners are craving – both in terms of food and digital experiences. Here are some of the hottest trends shaping restaurant searches right now: “Hot honey pizza” is up 232% year-over-year (YoY). And if that doesn’t give you insight into the modern diet, I don’t know what will. It’s right up there with “food near me” and “food near me open now.” “Food near me” has seen an impressive 99% YoY growth. “Food near me open now” skyrocketed by a jaw-dropping 875% YoY, which is basically Google screaming at you to update your business hours. “Restaurants cerca de mí” (restaurants near me in Spanish) emerged as a breakout search. This really highlights the growing demand for businesses to cater to Spanish-speaking audiences. Speak their language – literally There’s been a noticeable rise in Spanish-language searches for terms like “restaurants near me” and “fast food near me.” Businesses that translate their menus and ads into Spanish (and other languages) will attract more customers and spend less money bidding on keywords. Wendy’s and DoorDash take flight: The future of fast food delivery DoorDash and Wendy’s are expanding drone delivery. Testing is underway in Christiansburg, Virginia, and Dallas, with plans to launch in Charlotte. These drones reduce delivery times from 30 minutes to 15, flying up to 70 mph. Show, don’t tell Search is becoming increasingly visual as Google doubles down on images and videos. No surprise there. But here’s why it matters: restaurant-related searches have grown 33% year over year, and Google’s AI prioritizes high-quality visuals. If your business still has blurry food photos, it’s time for an upgrade. Professional photography can make all the difference. Let’s be honest, no one is clicking on a pixelated burger. If your Google Business Profile could talk… Lisa Landsman, Google’s head of global partnerships for the restaurants and travel verticals, posed a thought-provoking question: “If your Google Business Profile could talk, what story would it tell?” For many, it would likely be a tale of missed opportunities. Michael Gnagy, product manager at Google, emphasized that “no one is better at telling your story than you.” Keeping your profile updated with menus, photos, and accurate business hours helps Google’s AI deliver better results because it thrives on fresh data. When I asked Gnagy whether adding attributes like Vegan or Vegetarian contributes to the “Ask Maps About This Place” feature, he confirmed that, theoretically, it should. Google’s AI reviews all available data. Even small menu updates can shape how your business appears in search results. While AI models aren’t perfect, they work best when given more data – so make sure your profile tells the right story. Dig deeper: Google expands AI organized search results to restaurants Get the newsletter search marketers rely on. Business email address Sign me up! Processing... See terms. For restaurants, the future is Shorts YouTube for restaurants is about to be a real thing. If you’re not already creating YouTube Shorts and linking your account to your Google Business Profile, you’re leaving money on the table. YouTube Shorts is a unique feed experience centered around vertical, full-screen videos up to three minutes long. Here’s why your restaurant needs to jump on this trend: Over 70% of YouTube channels now upload Shorts regularly. Shorts outperform competitors like TikTok and Instagram Reels in terms of monthly usage. The format is designed for continuous engagement with swipeable, looped playback and algorithm-driven discovery. Initially popular with Gen Z, YouTube Shorts has expanded its reach to all age groups, now appealing to audiences aged 13-54. By optimizing your Shorts with geotags, relevant titles, and descriptions, your content has the potential to be featured in search results. “According to a survey by Material, screened respondents in the US reported using YouTube Shorts the most among short-form video providers on a monthly basis.” – “How brands can get the most out of YouTube Shorts ads,” Google Ads & Commerce Blog Farah Shirzadi, stressed the importance of establishing a solid presence on YouTube. At a minimum, she recommended: Creating a channel. Linking to your website. Adding your location and business type. Uploading your logo. Linking your menu. Connecting your YouTube handle to your Google Business Profile ensures your channel is recognized as the official page. Introducing Place Pivot Pages: A new way to showcase your business on YouTube To help your business stand out, Google offers a new feature called Place Pivot Pages, which centralizes all videos and Shorts related to a specific location or business. By linking your YouTube handle to your Google Business Profile, you can make your business’s official videos more discoverable alongside user-generated content tagged to the same location. This integration offers an opportunity to showcase your business through both official content and community-driven media. Building your brand on YouTube Shorts SEO experts are increasingly focusing on branding, a shift highlighted by last year’s Google API leak, which confirmed Google’s preference for recognized and trusted brands. YouTube Shorts isn’t just about short-form videos. It’s a powerful branding tool. Here’s how to use it to strengthen your restaurant or local business: Showcase your personality: Share behind-the-scenes moments, tell your story, and highlight what makes your brand unique. Collaborate with local creators: Partner with influencers to expand your reach and connect with new audiences. Engage your community: Use comments, polls, and live streams to foster a strong connection with your audience. Shawn P. Walchef of Cali BBQ Media shared success stories during a recent event, which he live-streamed on his YouTube channel. His key takeaway? Go live. Even if a stream starts with just 20 viewers, the real power lies in its simplicity. No post-production, just authentic engagement. “We started going all in on YouTube Shorts in October 2024,” he shared. Bottom line? YouTube Shorts isn’t just a trend – it’s a branding powerhouse. Local Promotions in Maps: Boosting foot traffic with Performance Max Launched in January 2025, the Local Promotions in Maps ad format – available through Performance Max for Store Goals – helps drive in-store traffic and boost sales with highly engaging, actionable promotions. This feature allows businesses to attach in-store redeemable coupons to their campaigns, making them prominently visible on Google Maps. These promotions are: Viewable: Shown directly on a store’s location pin. Sharable: Customers can save and share offers. Actionable: Redeemable in-store or online for a seamless experience. Note: Promotion assets must be added to the Performance Max for Store Goals campaign. Account-level promotion assets won’t automatically serve in Maps. Learn more from Google’s help resources: “Create a Performance Max for store goals.” “About promotion assets.” Justin Huang, Google’s global product lead, shared a key tip: use Performance Max bids to target local actions or store visits and enhance engagement by adding an offer code. The results speak for themselves: Advertisers in the pilot saw a +42% increase in CTR by appending redeemable coupons. Nearly 45% of surveyed shoppers identified deals and promotions as the most helpful brand communication when considering a purchase. Final thoughts One thing is clear: Google wants more content. They’re “motivated and excited” (their words, not mine) to create new features with AI, but they need businesses to step up. Text messaging is making a comeback, and dynamic updates are the new normal. My advice? Log in, update your profile, and give Google’s AI something to work with. It’s 2025. Your menu, videos, and photos should reflect it. Dig deeper: Google Business Profile’s AI-transcribed menu upload just got better View the full article

Ginny Marvin, the Google Ads Liaison, has confirmed that demographic exclusions will apply to Shopping inventory in Performance Max campaigns. Marvin added that the reporting on how this is shown to advertisers is still to be determined, but the goal is to let advertisers control which age groups can or cannot see the ads.View the full article

Mutual group that owns Waitrose and department store blames subdued pre-Christmas consumer confidenceView the full article

Google is testing (I think again) review carousels and block units in its search results for product queries. A number of SEOs spotted these coming up over the past week or two, and they basically show product review content in a separate section within Google Search.View the full article

Google Search is now sometimes showing the ability to filter products in its search results by product rating. I am not sure if this is new or not, but I cannot replicate this but some are seeing the product rating filter/refinement option when searching.View the full article

Google is testing a new filter for its shopping results in the mobile search results. Instead of showing a single filter menu, Google is showing a product image carousel line first and then a filter menu for additional search filters.View the full article

Whether you’re a musician looking for more control over the publication of your art or an entrepreneur who enjoys working with talent, you can get any small music business ideas off the ground by starting your own record label. And it’s easier than you might think. Read on for everything you need to start your own independent record label. What is a Record Label? A record label is a brand that represents the music of one or more artists. It conducts the business of music, including signing contracts with and promoting musicians, as well as recording, publishing, and distributing their music in physical and electronic formats. While all of these functions are typically carried out in-house at a major record label, tasks like publication and distribution often are outsourced to other companies by independent record labels. How Much Does it Cost to Start a Record Label? You don’t necessarily need any capital to start a small independent record label. In fact, you can establish a label with no money by naming it and creating a social media presence. Once you start working with artists, you can seek an investor to financially support your business venture. Are Record Labels Profitable? Publishing records isn’t without its costs, and a record label must pay its artists, pay for recording costs and pay for publication before it can ever sell a record. These costs must then be recouped from music sales before the small business begins to turn a profit. While a record label ultimately can become a profitable business, don’t expect to start seeing those gains immediately. How to Start a Record Label: 21 Simple Steps to Get Started in the Music Industry Have you always wanted to try your hand at a music career? Are you a music lover who has always dreamed of becoming a label owner? Check out the following 21 simple steps to get started in the music industry and start a record label: Name Your Record Label Business and Register What will you call your record label? It’s vital that your label has a unique business name, so be sure to research your options before choosing. Check for other businesses with the same name using sources including state registries, the federal trademark database and even Google. You might also want to be sure the name is available as a website domain, even if that organization does business under another brand. You want to protect your brand once you’ve chosen your record label’s name. Registering for a trademark ensures your brand name remains unique among the competition. What is a trademark? In the United States, a registered trademark provides the exclusive right to use your business name nationwide in connection with the goods and services you identify when you register. It also allows you to enforce your trademark by filing a lawsuit in federal court if a competitor infringes on it and uses your name. Brand Your Indie Label Your indie label brand might start with your name, but it doesn’t end there. Audiences also identify brands visually, so it’s important to create a logo to represent your record label. Your logo will visually represent your record company to the market, so it should signify your label’s music, values, and vision. If you are artistically inclined, you can design your own logo, or you can choose from a variety of logo design tools and services. Choose a Business Structure How will you structure your record label? Will you be the sole owner of your small business, or will your indie label be a partnership? Who is legally responsible for the brand? When establishing the structure of your record company, you can choose from a variety of business entities, but the following three will be most commonly used by small indie labels: Sole proprietorship – This is the easiest type of business structure to set up. A sole proprietorship can be created without any formalities, as the business and the individual owner are considered the same legal entity. In this arrangement, the owner receives all business profits but is also fully responsible for any liabilities incurred by the business. Partnership – A partnership is a business owned by more than one person. Each partner contributes to the business, although not necessarily equally. For example, one partner might provide capital while another provides talent and skill. Each partner then shares in the profits and losses of the business. While not legally required, it’s beneficial to establish a legal partnership agreement, which is a basic business agreement that determines roles and responsibilities. LLC – LLCs combine the characteristics of a sole proprietorship and a corporation. A limited liability company is a business structure that protects its owners’ personal assets and personal responsibility for the company’s debts or liabilities. Unlike shareholders in a corporation, however, LLCs aren’t taxed as separate business entities. Research the Competition of Major Labels It’s important for any small business owner to understand their competition. In the record industry, brands will be competing against major record labels and other independent record labels. Research the competition and see what other labels are doing that you want to emulate and in what ways you can make your indie label unique and stand apart from the competition. Pick a Niche and Understand Your Target Market If you want your indie record label to stand apart from the sea of competition, choosing a business niche and target market is important. The music industry is vast, and your small business will easily get lost in the crowd of independent labels if you try to cater to the entire market. In what type of music will you specialize? Will you sign blues singers, hip-hop artists or folk musicians? Will you cater to casual listeners, teenage music lovers, or international fans? Set Up a Business Bank Account Before your business starts sending or receiving money, be sure to open a business bank account. A business bank account offers a level of professionalism to your small business, and it helps keep your record label legally compliant by separating your business and personal finances. Purchase Necessary Equipment What equipment will you need to start your own record label? You can outsource the publishing and distribution of your music, and you can rent time in a studio to record an album. Some musicians also have their own equipment. You can establish a basic recording outfit using standard software and computer equipment for as little as $150. Ultimately, however, you will want to purchase professional-quality recording equipment and establish your own recording studio, which can cost $15,000 or more. Equipment includes acoustic drum kits, audio interfaces, microphones, monitors, mixers, cables, and tables and chairs. Create an Online Presence for Your Music Label Every successful business needs to establish an online presence, and your music label is no exception. It costs nothing to create an online presence. Start by opening an email account for your indie label and establishing a social media presence with profiles on platforms like Facebook, Twitter, and Instagram. You also can create a professional website by registering a domain that ties back into your brand. While you can upgrade to an engaging and even interactive web page, you don’t have to start with a fancy website to create an effective online presence. Get Licenses and Permits Will you need any permits and licenses to operate your record label? Requirements for businesses to obtain various types of permits and licenses vary by state and locality, so the answer requires each small business owner to do some research. Be sure to check on the business requirements in your locality and apply for any applicable permits and licenses for your indie record company. Choose a Location From where will your record label operate? While you can establish your own independent studio in a rented space, you can save money for your small business by operating out of your home office. You can rent studio time and arrange professional meetings at external locations while running your business from home or a shared workspace. Get Business Insurance Getting the right types of insurance for your small business is always important. Insurance policies help protect your company in the event of a fire, theft, natural disaster, crisis, or even a loss of sales. To purchase the right types of insurance for your small business, it’s important to identify your needs. The following business insurance types might be purchased by a small business owner starting a record label: Property insurance – Regardless of the type of business, any company that owns and holds physical property should invest in property insurance. This coverage will safeguard your record label’s assets and equipment, no matter where they are located. Liability insurance – To protect your record label from certain financial losses and even devastation, liability insurance covers medical expenses and legal fees for which your business may be legally responsible. Cyber insurance – Small businesses that conduct any business online should protect themselves with cyber insurance, which protects them from malware, cyber-attacks, and data loss. If you promote your record label on a website or if you engage in digital distribution, you will want to protect your interests with cyber insurance. Sort Out Your Record Label Taxes Like any small business, your record label will be subject to a variety of local, state, and federal taxes. You might owe property taxes, state and federal income taxes, sales taxes, and even employment taxes. Be sure to register for a Federal Tax ID and any needed state tax IDs, and protect your business by researching the applicable taxes in your region. Join Trade Bodies and Societies To help further the success of your new music label, you should enhance your networking opportunities by joining relevant trade bodies and societies. Members not only boost their networking but they are often invited to free industry events where you can learn more about the music business. For example, members of the British Phonographic Industry are considered parts of the “Brit Awards Voting Academy,” which means they vote on the annual winners. Other trade bodies an indie record label might join include the American Association of Independent Music, the Association of Independent Music Publishers and the International Alliance for Women in Music. Set Up a Business Phone System Your next client might be just a phone call away. Therefore, it’s crucial for every small business owner to set up a business phone system for their company. You never know when the next rising independent artist could be reaching out to you. What features will you need in your record label’s phone system? You might not think you need more than basic phone service features, including caller ID, hold, and voice mail. When choosing business phone system features, however, remember that your phone service presentation can represent your level of professionalism. Build a Team Nobody achieves success alone, and even a sole proprietor should build a team of experts to help launch their independent record label. You don’t need your team to assemble to be effective physically. You can surround yourself with professionals around the world and work together virtually. When starting a record label, you will want to work with professionals, including a music lawyer, music producers, accountants, radio personalities, public relations representatives, and music video directors. You also will want to make important contacts with talent scouts and entertainment managers who can help you sign contracts with musicians. Market Your Label If you want the world to know about your record company, it’s vital you market your label. You can hire a marketing agency to promote your business, or you can concentrate on promotion in-house. Without marketing, your small label might flounder and fail to grow. Even after you sign artists and record albums and digital music, the promotion will remain an integral part of your record business. Get Groups to Sign Up How do you convince talent they can trust their music careers to your label? Without artists and groups to record music for you, there is no product, and you don’t have a functioning label. Even a new label will likely need to work with artists’ managers and lawyers when signing legal contracts and a recording agreement, so you’ll also want representation and legal advice. Look for Investors How will you finance your record label? Launching your brand might not take much, but running a record label takes money. You will need to pay artists, pay for recording costs, and pay for publication, marketing, and distribution, among many other costs involved with running a small business. Many small business owners find it challenging to cover all of these expenses on their own, leading them to seek at least one individual to invest in their business. Release Music Distribution used to be a headache for anyone not affiliated with a major label, but thanks to online music and streaming services like Apple Music and Spotify, releasing music is now an option for practically anyone. Any indie record label or independent artist can sell their music in the world’s largest online music stores by choosing a digital distributor. Even a first release can become a big seller and make a profit without recouping all the manufacturing costs associated with physical album sales. Collect Your Royalties As your music begins to be streamed and purchased, you will start receiving royalty payments from your distributor, which are based on your sales. Additionally, you may receive other types of payments, such as mechanical royalties, public performance royalties, and SoundExchange royalties. Be the Owner of a Successful Independent Record Label Owning a successful independent record label is not just about releasing music; it’s about creating a sustainable, influential presence in the music industry. Here are key factors to focus on: Foster Artist Development: One of the key roles of a record label is to help artists develop their talent and reach their full potential. Invest time in identifying and nurturing promising artists, helping them refine their style, and guiding them in their career paths. Successful artist development can lead to long-term relationships and a strong roster of talent for your label. Build Strong Industry Relationships: Networking is crucial in the music business. Establish and maintain relationships with music producers, distributors, promoters, venue owners, and other record labels. These connections can lead to collaborative opportunities, better distribution deals, and increased visibility for your label and artists. Effective Marketing and Promotion: Develop innovative marketing strategies for your artists and their music. This might include digital marketing, social media campaigns, music videos, and live events. It’s important to adapt your marketing approach to each artist’s style and audience. Diversify Revenue Streams: Look for multiple revenue streams beyond just selling music. This can include merchandise sales, live performance bookings, licensing deals, and collaborations with other brands or artists. Diversification helps stabilize your income and can open new opportunities for growth. Stay on Top of Industry Trends: The music industry is constantly evolving, with new genres emerging and consumer preferences changing. Stay informed about current trends, emerging technologies in music production and distribution, and shifts in the way people consume music. Invest in Technology: Utilize the latest technology for music production, distribution, and marketing. This includes high-quality recording equipment, digital distribution platforms, and data analytics tools to track sales and streaming numbers. Encourage Creative Freedom: Provide artists with the opportunity to explore and express their creativity. This approach can result in distinctive, innovative music that differentiates your label from the competition. Manage Finances Wisely: Keep a close eye on your finances, including budgeting for productions, marketing, and artist advances. Use financial data to make informed decisions about investments and expansions. Prioritize Quality Over Quantity: Releasing a smaller number of high-quality, well-promoted albums is more beneficial than putting out a large volume of poorly produced ones. High-quality releases enhance your label’s reputation and credibility. Plan for Long-Term Growth: Always keep an eye on the future. Plan for the long-term growth of your label, setting realistic goals and adapting your strategy as the industry changes. Stay Passionate and Committed: Finally, your passion for music and commitment to your artists and their work is what will drive your label’s success. Stay enthusiastic and dedicated, and your passion will resonate in every aspect of your business. By focusing on these aspects, you can build a successful and reputable independent record label that not only thrives in the competitive music industry but also contributes positively to the artistic community. Once you start earning money, you are well on your way to being the owner of a successful independent record label. Like any small business, you’ll want to look ahead toward further growth and maximize your earnings where possible. Scaling the business will be your next major step. How to Start a Record Label with No Money Anyone can start a record label, even if they don’t have any money. Eventually, you’ll need capital to expand your business, but it’s possible to find significant savings when you start your indie label. By the time you’ve chosen a name and established a social media presence, both of which are free, your label can be called official. Networking with artists also costs nothing, and you might be able to score your first contract before you’ve spent a dime. If you still have no money when it’s time to record music, you can seek an angel investor to help your company grow. Pros and Cons of Starting Your Own Record Label Starting Your Own Record LabelGoing with a Company Creative freedomLess creative freedom Financial freedomLess financial freedom Helping artists achieve their dreamsLess involvement in artist development Building a brandLess control over brand identity Learning the business side of musicLess hands-on experience Networking opportunitiesLess networking opportunities Sense of accomplishmentLess sense of ownership RiskLess risk Time commitmentLess time commitment Whether you start your own record label or go with an established company, both have pros and cons. Here are the pros and cons of starting your own label. Creative freedom: When you start your record label, you have complete control over the music you release. You can sign the artists you want, produce the music you want, and release it how you want. This can be a great advantage if you have a clear vision for your label and want to execute it exactly the way you want. However, it can also be a disadvantage if you don’t have much experience in the music industry and don’t know how to market and promote your music effectively. Financial freedom: When you start your own record label, you keep a larger share of the profits from your music sales than you would if you were signed to a company. This can be a great advantage if your label is successful. However, it’s important to remember that starting your own record label is a risky business venture, and there is no guarantee of success. You could lose a lot of money if you are not careful. Helping artists achieve their dreams: When you start your own record label, you can help talented artists achieve their dreams of becoming successful musicians. This can be a very rewarding experience, and it can also be a great way to build your own reputation in the music industry. However, it’s important to remember that not all artists are successful, and you could end up investing a lot of time and money into artists who never achieve mainstream success. Building a brand: When you start your own record label, you can build a unique brand that reflects your music taste and vision for the future. This can be a great way to connect with music fans and build a loyal following for your label. However, it’s important to remember that building a brand takes time and effort, and success is not guaranteed. Learning the business side of music: When you start your own record label, you will learn a lot about the business side of music. This includes things like marketing, promotion, distribution, and finance. This knowledge can be invaluable if you ever decide to sell your label or if you want to work in the music industry in another capacity. Networking opportunities: When you start your own record label, you will meet a lot of interesting people in the music industry, including artists, managers, promoters, and other label owners. These networking opportunities can be very helpful if you want to promote your label and its artists. However, it’s important to remember that not all the people you meet will be helpful, and you must be careful who you trust. Sense of accomplishment: When you start your own record label, and it is successful, you will feel great accomplishment. You will know that you have achieved something that is very difficult to do, and you will have helped to create something that will have a lasting impact on the music industry. Risk: Starting your own record label is a risky business venture. There is no guarantee of success, and you could lose a lot of money if you are not careful. You need to be prepared to put in a lot of hard work and make a lot of sacrifices. Time commitment: Starting your own record label is a very time-consuming venture. You will need to be prepared to put in long hours and make a lot of personal sacrifices. If you are unwilling to commit the time and effort, you will not likely be successful. FAQs What is a Record Label, and Why Should I Start One? A record label is a company that markets and promotes music and artists. Starting a record label allows you to have control over the production, distribution, and promotion of the music, providing a platform for new and existing talent. What Are the Legal Requirements for Starting a Record Label? Legal requirements can differ depending on the location, but they typically involve registering the business, acquiring the necessary licenses and permits, and ensuring adherence to copyright laws. How Much Capital is Required to Start a Record Label? The initial capital required can vary widely depending on the scale of the label. It can start from a few thousand dollars for a small independent label to millions for a large-scale operation. How Can I Find Artists to Sign to My Label? Finding artists can be done through networking, attending live shows, social media scouting, and collaboration with other industry professionals. Building relationships with musicians and understanding their needs is key to attracting talent. What Kind of Business Model Should I Choose for My Record Label? The business model varies based on the label’s objectives and available resources. Some labels prioritize digital distribution, whereas others may concentrate on physical sales. Additionally, hybrid models are prevalent, addressing diverse market needs. How Do I Market and Promote the Music on My Label? Marketing strategies can encompass social media promotion, press releases, music videos, live performances, and collaborations with influencers. It’s essential to understand the target audience to ensure effective promotion. What Are the Common Challenges in Running a Record Label, and How Can I Overcome Them? Common challenges include financial management, legal compliance, artist relations, and staying current with industry trends. Continuous learning, careful planning, and collaboration with experienced professionals can help in overcoming these challenges. Image: Depositphotos, Envato Elements This article, "How to Start a Record Label" was first published on Small Business Trends View the full article

Whether you’re a musician looking for more control over the publication of your art or an entrepreneur who enjoys working with talent, you can get any small music business ideas off the ground by starting your own record label. And it’s easier than you might think. Read on for everything you need to start your own independent record label. What is a Record Label? A record label is a brand that represents the music of one or more artists. It conducts the business of music, including signing contracts with and promoting musicians, as well as recording, publishing, and distributing their music in physical and electronic formats. While all of these functions are typically carried out in-house at a major record label, tasks like publication and distribution often are outsourced to other companies by independent record labels. How Much Does it Cost to Start a Record Label? You don’t necessarily need any capital to start a small independent record label. In fact, you can establish a label with no money by naming it and creating a social media presence. Once you start working with artists, you can seek an investor to financially support your business venture. Are Record Labels Profitable? Publishing records isn’t without its costs, and a record label must pay its artists, pay for recording costs and pay for publication before it can ever sell a record. These costs must then be recouped from music sales before the small business begins to turn a profit. While a record label ultimately can become a profitable business, don’t expect to start seeing those gains immediately. How to Start a Record Label: 21 Simple Steps to Get Started in the Music Industry Have you always wanted to try your hand at a music career? Are you a music lover who has always dreamed of becoming a label owner? Check out the following 21 simple steps to get started in the music industry and start a record label: Name Your Record Label Business and Register What will you call your record label? It’s vital that your label has a unique business name, so be sure to research your options before choosing. Check for other businesses with the same name using sources including state registries, the federal trademark database and even Google. You might also want to be sure the name is available as a website domain, even if that organization does business under another brand. You want to protect your brand once you’ve chosen your record label’s name. Registering for a trademark ensures your brand name remains unique among the competition. What is a trademark? In the United States, a registered trademark provides the exclusive right to use your business name nationwide in connection with the goods and services you identify when you register. It also allows you to enforce your trademark by filing a lawsuit in federal court if a competitor infringes on it and uses your name. Brand Your Indie Label Your indie label brand might start with your name, but it doesn’t end there. Audiences also identify brands visually, so it’s important to create a logo to represent your record label. Your logo will visually represent your record company to the market, so it should signify your label’s music, values, and vision. If you are artistically inclined, you can design your own logo, or you can choose from a variety of logo design tools and services. Choose a Business Structure How will you structure your record label? Will you be the sole owner of your small business, or will your indie label be a partnership? Who is legally responsible for the brand? When establishing the structure of your record company, you can choose from a variety of business entities, but the following three will be most commonly used by small indie labels: Sole proprietorship – This is the easiest type of business structure to set up. A sole proprietorship can be created without any formalities, as the business and the individual owner are considered the same legal entity. In this arrangement, the owner receives all business profits but is also fully responsible for any liabilities incurred by the business. Partnership – A partnership is a business owned by more than one person. Each partner contributes to the business, although not necessarily equally. For example, one partner might provide capital while another provides talent and skill. Each partner then shares in the profits and losses of the business. While not legally required, it’s beneficial to establish a legal partnership agreement, which is a basic business agreement that determines roles and responsibilities. LLC – LLCs combine the characteristics of a sole proprietorship and a corporation. A limited liability company is a business structure that protects its owners’ personal assets and personal responsibility for the company’s debts or liabilities. Unlike shareholders in a corporation, however, LLCs aren’t taxed as separate business entities. Research the Competition of Major Labels It’s important for any small business owner to understand their competition. In the record industry, brands will be competing against major record labels and other independent record labels. Research the competition and see what other labels are doing that you want to emulate and in what ways you can make your indie label unique and stand apart from the competition. Pick a Niche and Understand Your Target Market If you want your indie record label to stand apart from the sea of competition, choosing a business niche and target market is important. The music industry is vast, and your small business will easily get lost in the crowd of independent labels if you try to cater to the entire market. In what type of music will you specialize? Will you sign blues singers, hip-hop artists or folk musicians? Will you cater to casual listeners, teenage music lovers, or international fans? Set Up a Business Bank Account Before your business starts sending or receiving money, be sure to open a business bank account. A business bank account offers a level of professionalism to your small business, and it helps keep your record label legally compliant by separating your business and personal finances. Purchase Necessary Equipment What equipment will you need to start your own record label? You can outsource the publishing and distribution of your music, and you can rent time in a studio to record an album. Some musicians also have their own equipment. You can establish a basic recording outfit using standard software and computer equipment for as little as $150. Ultimately, however, you will want to purchase professional-quality recording equipment and establish your own recording studio, which can cost $15,000 or more. Equipment includes acoustic drum kits, audio interfaces, microphones, monitors, mixers, cables, and tables and chairs. Create an Online Presence for Your Music Label Every successful business needs to establish an online presence, and your music label is no exception. It costs nothing to create an online presence. Start by opening an email account for your indie label and establishing a social media presence with profiles on platforms like Facebook, Twitter, and Instagram. You also can create a professional website by registering a domain that ties back into your brand. While you can upgrade to an engaging and even interactive web page, you don’t have to start with a fancy website to create an effective online presence. Get Licenses and Permits Will you need any permits and licenses to operate your record label? Requirements for businesses to obtain various types of permits and licenses vary by state and locality, so the answer requires each small business owner to do some research. Be sure to check on the business requirements in your locality and apply for any applicable permits and licenses for your indie record company. Choose a Location From where will your record label operate? While you can establish your own independent studio in a rented space, you can save money for your small business by operating out of your home office. You can rent studio time and arrange professional meetings at external locations while running your business from home or a shared workspace. Get Business Insurance Getting the right types of insurance for your small business is always important. Insurance policies help protect your company in the event of a fire, theft, natural disaster, crisis, or even a loss of sales. To purchase the right types of insurance for your small business, it’s important to identify your needs. The following business insurance types might be purchased by a small business owner starting a record label: Property insurance – Regardless of the type of business, any company that owns and holds physical property should invest in property insurance. This coverage will safeguard your record label’s assets and equipment, no matter where they are located. Liability insurance – To protect your record label from certain financial losses and even devastation, liability insurance covers medical expenses and legal fees for which your business may be legally responsible. Cyber insurance – Small businesses that conduct any business online should protect themselves with cyber insurance, which protects them from malware, cyber-attacks, and data loss. If you promote your record label on a website or if you engage in digital distribution, you will want to protect your interests with cyber insurance. Sort Out Your Record Label Taxes Like any small business, your record label will be subject to a variety of local, state, and federal taxes. You might owe property taxes, state and federal income taxes, sales taxes, and even employment taxes. Be sure to register for a Federal Tax ID and any needed state tax IDs, and protect your business by researching the applicable taxes in your region. Join Trade Bodies and Societies To help further the success of your new music label, you should enhance your networking opportunities by joining relevant trade bodies and societies. Members not only boost their networking but they are often invited to free industry events where you can learn more about the music business. For example, members of the British Phonographic Industry are considered parts of the “Brit Awards Voting Academy,” which means they vote on the annual winners. Other trade bodies an indie record label might join include the American Association of Independent Music, the Association of Independent Music Publishers and the International Alliance for Women in Music. Set Up a Business Phone System Your next client might be just a phone call away. Therefore, it’s crucial for every small business owner to set up a business phone system for their company. You never know when the next rising independent artist could be reaching out to you. What features will you need in your record label’s phone system? You might not think you need more than basic phone service features, including caller ID, hold, and voice mail. When choosing business phone system features, however, remember that your phone service presentation can represent your level of professionalism. Build a Team Nobody achieves success alone, and even a sole proprietor should build a team of experts to help launch their independent record label. You don’t need your team to assemble to be effective physically. You can surround yourself with professionals around the world and work together virtually. When starting a record label, you will want to work with professionals, including a music lawyer, music producers, accountants, radio personalities, public relations representatives, and music video directors. You also will want to make important contacts with talent scouts and entertainment managers who can help you sign contracts with musicians. Market Your Label If you want the world to know about your record company, it’s vital you market your label. You can hire a marketing agency to promote your business, or you can concentrate on promotion in-house. Without marketing, your small label might flounder and fail to grow. Even after you sign artists and record albums and digital music, the promotion will remain an integral part of your record business. Get Groups to Sign Up How do you convince talent they can trust their music careers to your label? Without artists and groups to record music for you, there is no product, and you don’t have a functioning label. Even a new label will likely need to work with artists’ managers and lawyers when signing legal contracts and a recording agreement, so you’ll also want representation and legal advice. Look for Investors How will you finance your record label? Launching your brand might not take much, but running a record label takes money. You will need to pay artists, pay for recording costs, and pay for publication, marketing, and distribution, among many other costs involved with running a small business. Many small business owners find it challenging to cover all of these expenses on their own, leading them to seek at least one individual to invest in their business. Release Music Distribution used to be a headache for anyone not affiliated with a major label, but thanks to online music and streaming services like Apple Music and Spotify, releasing music is now an option for practically anyone. Any indie record label or independent artist can sell their music in the world’s largest online music stores by choosing a digital distributor. Even a first release can become a big seller and make a profit without recouping all the manufacturing costs associated with physical album sales. Collect Your Royalties As your music begins to be streamed and purchased, you will start receiving royalty payments from your distributor, which are based on your sales. Additionally, you may receive other types of payments, such as mechanical royalties, public performance royalties, and SoundExchange royalties. Be the Owner of a Successful Independent Record Label Owning a successful independent record label is not just about releasing music; it’s about creating a sustainable, influential presence in the music industry. Here are key factors to focus on: Foster Artist Development: One of the key roles of a record label is to help artists develop their talent and reach their full potential. Invest time in identifying and nurturing promising artists, helping them refine their style, and guiding them in their career paths. Successful artist development can lead to long-term relationships and a strong roster of talent for your label. Build Strong Industry Relationships: Networking is crucial in the music business. Establish and maintain relationships with music producers, distributors, promoters, venue owners, and other record labels. These connections can lead to collaborative opportunities, better distribution deals, and increased visibility for your label and artists. Effective Marketing and Promotion: Develop innovative marketing strategies for your artists and their music. This might include digital marketing, social media campaigns, music videos, and live events. It’s important to adapt your marketing approach to each artist’s style and audience. Diversify Revenue Streams: Look for multiple revenue streams beyond just selling music. This can include merchandise sales, live performance bookings, licensing deals, and collaborations with other brands or artists. Diversification helps stabilize your income and can open new opportunities for growth. Stay on Top of Industry Trends: The music industry is constantly evolving, with new genres emerging and consumer preferences changing. Stay informed about current trends, emerging technologies in music production and distribution, and shifts in the way people consume music. Invest in Technology: Utilize the latest technology for music production, distribution, and marketing. This includes high-quality recording equipment, digital distribution platforms, and data analytics tools to track sales and streaming numbers. Encourage Creative Freedom: Provide artists with the opportunity to explore and express their creativity. This approach can result in distinctive, innovative music that differentiates your label from the competition. Manage Finances Wisely: Keep a close eye on your finances, including budgeting for productions, marketing, and artist advances. Use financial data to make informed decisions about investments and expansions. Prioritize Quality Over Quantity: Releasing a smaller number of high-quality, well-promoted albums is more beneficial than putting out a large volume of poorly produced ones. High-quality releases enhance your label’s reputation and credibility. Plan for Long-Term Growth: Always keep an eye on the future. Plan for the long-term growth of your label, setting realistic goals and adapting your strategy as the industry changes. Stay Passionate and Committed: Finally, your passion for music and commitment to your artists and their work is what will drive your label’s success. Stay enthusiastic and dedicated, and your passion will resonate in every aspect of your business. By focusing on these aspects, you can build a successful and reputable independent record label that not only thrives in the competitive music industry but also contributes positively to the artistic community. Once you start earning money, you are well on your way to being the owner of a successful independent record label. Like any small business, you’ll want to look ahead toward further growth and maximize your earnings where possible. Scaling the business will be your next major step. How to Start a Record Label with No Money Anyone can start a record label, even if they don’t have any money. Eventually, you’ll need capital to expand your business, but it’s possible to find significant savings when you start your indie label. By the time you’ve chosen a name and established a social media presence, both of which are free, your label can be called official. Networking with artists also costs nothing, and you might be able to score your first contract before you’ve spent a dime. If you still have no money when it’s time to record music, you can seek an angel investor to help your company grow. Pros and Cons of Starting Your Own Record Label Starting Your Own Record LabelGoing with a Company Creative freedomLess creative freedom Financial freedomLess financial freedom Helping artists achieve their dreamsLess involvement in artist development Building a brandLess control over brand identity Learning the business side of musicLess hands-on experience Networking opportunitiesLess networking opportunities Sense of accomplishmentLess sense of ownership RiskLess risk Time commitmentLess time commitment Whether you start your own record label or go with an established company, both have pros and cons. Here are the pros and cons of starting your own label. Creative freedom: When you start your record label, you have complete control over the music you release. You can sign the artists you want, produce the music you want, and release it how you want. This can be a great advantage if you have a clear vision for your label and want to execute it exactly the way you want. However, it can also be a disadvantage if you don’t have much experience in the music industry and don’t know how to market and promote your music effectively. Financial freedom: When you start your own record label, you keep a larger share of the profits from your music sales than you would if you were signed to a company. This can be a great advantage if your label is successful. However, it’s important to remember that starting your own record label is a risky business venture, and there is no guarantee of success. You could lose a lot of money if you are not careful. Helping artists achieve their dreams: When you start your own record label, you can help talented artists achieve their dreams of becoming successful musicians. This can be a very rewarding experience, and it can also be a great way to build your own reputation in the music industry. However, it’s important to remember that not all artists are successful, and you could end up investing a lot of time and money into artists who never achieve mainstream success. Building a brand: When you start your own record label, you can build a unique brand that reflects your music taste and vision for the future. This can be a great way to connect with music fans and build a loyal following for your label. However, it’s important to remember that building a brand takes time and effort, and success is not guaranteed. Learning the business side of music: When you start your own record label, you will learn a lot about the business side of music. This includes things like marketing, promotion, distribution, and finance. This knowledge can be invaluable if you ever decide to sell your label or if you want to work in the music industry in another capacity. Networking opportunities: When you start your own record label, you will meet a lot of interesting people in the music industry, including artists, managers, promoters, and other label owners. These networking opportunities can be very helpful if you want to promote your label and its artists. However, it’s important to remember that not all the people you meet will be helpful, and you must be careful who you trust. Sense of accomplishment: When you start your own record label, and it is successful, you will feel great accomplishment. You will know that you have achieved something that is very difficult to do, and you will have helped to create something that will have a lasting impact on the music industry. Risk: Starting your own record label is a risky business venture. There is no guarantee of success, and you could lose a lot of money if you are not careful. You need to be prepared to put in a lot of hard work and make a lot of sacrifices. Time commitment: Starting your own record label is a very time-consuming venture. You will need to be prepared to put in long hours and make a lot of personal sacrifices. If you are unwilling to commit the time and effort, you will not likely be successful. FAQs What is a Record Label, and Why Should I Start One? A record label is a company that markets and promotes music and artists. Starting a record label allows you to have control over the production, distribution, and promotion of the music, providing a platform for new and existing talent. What Are the Legal Requirements for Starting a Record Label? Legal requirements can differ depending on the location, but they typically involve registering the business, acquiring the necessary licenses and permits, and ensuring adherence to copyright laws. How Much Capital is Required to Start a Record Label? The initial capital required can vary widely depending on the scale of the label. It can start from a few thousand dollars for a small independent label to millions for a large-scale operation. How Can I Find Artists to Sign to My Label? Finding artists can be done through networking, attending live shows, social media scouting, and collaboration with other industry professionals. Building relationships with musicians and understanding their needs is key to attracting talent. What Kind of Business Model Should I Choose for My Record Label? The business model varies based on the label’s objectives and available resources. Some labels prioritize digital distribution, whereas others may concentrate on physical sales. Additionally, hybrid models are prevalent, addressing diverse market needs. How Do I Market and Promote the Music on My Label? Marketing strategies can encompass social media promotion, press releases, music videos, live performances, and collaborations with influencers. It’s essential to understand the target audience to ensure effective promotion. What Are the Common Challenges in Running a Record Label, and How Can I Overcome Them? Common challenges include financial management, legal compliance, artist relations, and staying current with industry trends. Continuous learning, careful planning, and collaboration with experienced professionals can help in overcoming these challenges. Image: Depositphotos, Envato Elements This article, "How to Start a Record Label" was first published on Small Business Trends View the full article

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