Since 1973, Gallup has measured Americans’ confidence in our core institutions annually. TL;DR and no shock to anyone with the internet: Americans don’t trust in much these days. The media, organized religion, the government, the Supreme Court, corporations -- Gallup continues to report falling levels of trust.

One institution stands out, year after year: small business. That’s right, your little company tops America’s most trusted institutions. 

Unfortunately, our beliefs aren’t always aligned with our spending. We all make price compromises, popping into big box stores where we can find glee-inspiring deals on ice cream cone-scented erasers, six heads of lettuce, and cotton sundresses. (Yes, even I have a Costco membership. Growing children and voracious guinea pigs need a lot of organic produce.)

Small businesses cannot compete on price. It just doesn’t work.

It’s your job to find the folks with willingness to pay for what you offer, at the prices you need to sustain your company. You also need to hold that boundary and not feel bad about it. The market pressure is real, as is the structural exploitation, especially when you work with larger corporations. At some point, you will be offered a big opportunity with no profit potential. You might be told it’s a “marketing investment.” That’s up to you - but don’t do it out of a desire to play somebody else’s game. 

So how do you support your price? It’s fair to remind your potential buyers that you are a small business owner and local employer. Be transparent about the realities of running a small business, paying fair wages, using ethical suppliers, and providing benefits. (Things that many price-based competitors don’t do.) Many people share these values and will be reminded to consider you.

Beyond transparency, build your brand. Be visible in your community. Share something for free or at a low price that builds trust and supports folks who aspire to work with you eventually. Develop an inbound lead nurturing strategy. Do what you say you will do. 

Finally, be supportive of each other. We all have different budgets and financial goals. It’s certainly okay to acknowledge when a product or service is out of your budget or validate that you’ll get the value you expect for the price. But let’s not accuse one another of overstating our worth. It’s demoralizing and also telling on yourself to say things like, “Wow, I can’t believe you charge that much” or “I would never pay that.” Don’t one-down a fellow small business owner. 

Stick together. Share support, knowledge, and resources. After all, we’re all out here holding up the American dream.

Along with your questions, August’s AMA will be all about strategic planning. Mark your calendar for Thursday, August 8th at 10 am PT. Submit your questions and use the link below to add the August AMA to your calendar.

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In my recent newsletter about remote business operations, I mentioned the concept of nexus. If you’re still not sure whether you have economic or physical nexus outside of your home state, check out this state-by-state guide from CorpNet. (No login required.) If you need to register, CorpNet can help you set up a foreign LLC and establish a registered agent. While some states are lax on enforcement, don’t sleep on California. We will find you, get our money, and assess all the late penalties. 

Unrecognized nexus is a profitability killer. If you were supposed to collect sales or use tax and you did not, you still have to pay it. And that comes straight out of your profits. If you’re not sure, set up a conversation with your tax accountant.

Media Kit 

USA Today: Georgia has a new law that challenges existing voter eligibility. Along with Georgia, several states are challenging and purging existing voter registrations. Please check your registration right now, and mark your calendar to do it again around September 28. (Twenty-two states close voter registration 25-30 days before an election. Current deadlines here.) Rest assured, I’ll keep reminding you now through November 5.

WSJ: Google has decided to keep cookies in Chrome. Good for paid search advertising and SEO, less good for personal privacy. 

The 19th: What if we just gave folks $1,000 per month, no strings attached? A basic income experiment with households earning about $30,000 over three years showed that people first improved their food quality and living conditions, then supported children and elderly parents. With their families covered, they went back to school or started businesses. My favorite finding: “It gave them head space to dream, to believe, to hope, to imagine a future they couldn’t imagine before.” 

Inc Magazine: I do not abide the statement that nothing bad happens when women have more money. See: current PAC donations for destruction of voting and reproductive rights by billionaire women named Uihlein and Adelson. However, studies of women around the world have shown that most use their extra money to invest in others. Private investing studies show nearly half of angel investors are now women. And our investments are wildly diverse. I make my angel investments through Play Money (not an ad, I’m an enthusiastic early adopter). 

US Census: Are you enjoying the Olympics? It’s the first Games with equal representation between male and female athletes, although Team USA is 53% female. Curious how one becomes elite in an obscure sport? Click for a lot of fun facts about Team USA.